An EV manufacturing veteran who has managed 45 factories in 15 countries across multiple industries, Ensign will scale manufacturing operations at Moxion’s first two production facilities in the US.

RICHMOND, Calif.--(BUSINESS WIRE)--Moxion Power, the leading manufacturer of mobile battery technology, announced today that Josh Ensign will join its management team as Chief Operating Officer effective March 1st. A military veteran and former executive of Honeywell International, Tesla Motors, and Proterra, Ensign has developed an impressive track record of building and scaling manufacturing capacity and managing the associated supply chains for some of the leading innovators in the electric vehicle industry. His experience spans 45 factories in 15 countries, including 2 dedicated module and battery pack manufacturing facilities for Proterra over the last 5 years.

“Josh’s operational and manufacturing expertise in the EV industry is second to none,” said Alex Meek, President of Moxion Power. “We’re thrilled to have him join our leadership team as we enter one of the most exciting phases of growth for our business.”

Ensign will oversee production activities at Moxion’s Richmond facility and its 2^nd production facility at a soon-to-be-announced location in the US, which is expected to be commissioned in 2024. Ensign’s extensive experience across supply chain, procurement, and manufacturing will support Moxion’s rapid growth. Under his leadership, Moxion expects to increase domestic production volumes by a factor of 10x to become the largest battery module manufacturing company outside of the automotive industry.

“I love leveraging my background in manufacturing to disrupt industries that pollute the environment, making Moxion the perfect opportunity for me. They have a category-defining product and an impressive sales backlog, and I’m excited to help them scale their manufacturing plan to capitalize on the opportunity,” added Josh Ensign.

While serving as COO and more recently as the President of Proterra, Ensign helped build the Silicon Valley electric transit bus pioneer into the largest electric bus manufacturer in the US. As the VP of Manufacturing at Tesla, Ensign was responsible for all manufacturing activities at the Fremont production facility, including powertrain and battery module manufacturing. During his tenure at Tesla, he oversaw the installation of the current Model S high-volume production line, the launch of both the dual-motor platform and the Model X, and the establishment of Tesla’s new seat manufacturing facility. Prior to his distinguished career leading some of the most innovative EV companies in Silicon Valley, Ensign led global operations across the automotive and aerospace business units of Honeywell International. He has extensive functional experience in supply chain, logistics, purchasing, and manufacturing operations and has lived and operated abroad in Europe and China.

“Electrification is one of the most important forces of our lifetime,” said Paul Huelskamp, CEO of Moxion. “At the heart of this paradigm shift is the ability to choose a cleaner, more sustainable way to move energy through society. Moxion is uniquely positioned to address this opportunity, and with Josh on board, we’ll be addressing this opportunity at scale.”

For more information about Moxion Power, please visit https://www.moxionpower.com/.

About Moxion Power:

Moxion Power manufacturers mobile battery technology, enabling last-mile electrification for customers in industries such as construction, transportation, events & entertainment, film production and telecommunications. Moxion is backed by Energy Impact Partners, Tamarack Global, Liquid 2 Ventures, and Y Combinator. Moxion’s founding team members have backgrounds in vehicle electrification, battery systems, automotive manufacturing, and renewable energy project finance.

Alex Autry, Silverline Communications; This email address is being protected from spambots. You need JavaScript enabled to view it.

ABERDEEN, Scotland--(BUSINESS WIRE)--KNOT Offshore Partners LP (NYSE:KNOP) (“the Partnership”) plans to release its financial results for the Fourth Quarter of 2021 before opening of the market on Thursday, March 10, 2022.

The Partnership also plans to host a conference call on Thursday, March 10, 2022 at 11:00 AM (Eastern Time) to discuss the results for the Fourth Quarter of 2021. All unitholders and interested parties are invited to listen to the live conference call by choosing from the following options:

• By dialing 1-844-200-6205 from the US, dialing 1-833-950-0062 from Canada or 1-929-526-1599 if outside North America – please join the KNOT Offshore Partners LP call using access code 684862.
• By accessing the webcast, which will be available through the Partnership’s website: www.knotoffshorepartners.com.

Our Fourth Quarter 2021 Earnings Presentation will also be available at www.knotoffshorepartners.com prior to the conference call start time.

The conference call will be recorded and remain available until March 17, 2022. This recording can be accessed following the live call by dialing 1-866-813-9403 from the US, dialing 1-226-828-7578 from Canada, or 44-204-525-0658 if outside North America, and entering the replay access code 043519.

About KNOT Offshore Partners LP

KNOT Offshore Partners LP owns, operates and acquires shuttle tankers primarily under long-term charters in the offshore oil production regions of the North Sea and Brazil. KNOT Offshore Partners LP is structured as a publicly traded master limited partnership but is classified as a corporation for U.S. federal income tax purposes, and thus issues a Form 1099 to its unitholders, rather than a Form K-1. KNOT Offshore Partners LP’s common units trade on the New York Stock Exchange under the symbol “KNOP”.

Source: KNOT Offshore Partners

KNOT Offshore Partners LP

Gary Chapman
Chief Executive Officer and Chief Financial Officer
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: +44 1224 618 420

Migdal Insurance, Israel’s leading insurance company, has committed to invest up to $75 million into Phase II of Doral LLC’s Mammoth Solar project (known as Mammoth South) in Northwest Indiana, as part of its ESG Policy. The new investment will expand Migdal’s investment in the entire Mammoth Solar project to up to $175 million.

PHILADELPHIA--(BUSINESS WIRE)--Migdal Insurance, Israel’s largest insurance company, with assets under management of $90 billion, has expanded its strategic partnership with Doral Renewables LLC (dba Doral LLC) by committing to an investment of up to $75 million in the second phase of the company’s Mammoth Solar project (which phase is known as the 300 MW Mammoth South project) in Northwest Indiana. Migdal has committed to contribute up to $75 million of the project’s capital cost in exchange for a 22.5% ownership stake in the project. The new agreement will result in Migdal increasing its direct investment in the Mammoth Solar project, one of the largest solar projects in the country, to up to $175 million. The Mammoth Solar project is one of the country’s largest solar farms with over 13,000 acres across Starke and Pulaski Counties in Northwest Indiana. The project is expected to generate 1.3GWac of clean energy, enough to meet the needs of over 230,000 households in the Midwest annually. The project is further projected to encompass an economic investment of approximately $1.5 billion. In October 2021, the company held a ribbon cutting ceremony, featuring the Governor of Indiana, the Honorable Mr. Eric Holcomb and the Israeli Ambassador to the US, Mr. Gilad Erdan.

“Midgal’s investment supports our achievement of becoming a market leader with the best people and a rapidly expanding project portfolio with over $6 billion in construction value. Mammoth Solar, Doral LLC and the renewables market are transforming the world. Indiana is a leader in the energy sector and their efforts to form the strongest industry cluster are working. Doral is creating jobs and revitalizing communities across America.” says Nick Cohen, President and CEO of Doral LLC.

Yaki Noyman, CEO of the Doral Group: “Migdal increasing its investment is a direct expression of the trust offered by Israel’s institutional entities in the renewable energy sector and in Doral in particular. We have chosen partners that are not only interested in generating returns from their investments, but also in its impact on the public and the environment. We continue to initiate and develop more projects in Israel, Europe, and the US”.

Erez Migdali, Deputy CIO and Head of Private Assets at Migdal Insurance: “We are delighted to deepen our investment in Doral LLC’s activities. This significant, growing partnership is an indication of our trust in the renewables industry and in Doral. This investment is in correlation with our ongoing ESG policy, in which we have developed an investment framework of over NIS 3 billion in net positive investments, annually. I have no doubts that this deal, signed in the first days of 2022, is the first among many new investments we intend to promote in the upcoming year."

Doral

Doral LLC was founded in 2019 as a joint venture between Doral Group and Clean Air Generation. Doral LLC currently has approximately 6 gigawatts of projects under development and over 40,000 acres of land control in the U.S. The management team of Doral LLC includes experienced multidisciplinary individuals who worked together for many years in the renewables industry in the US.

Doral Group is a publicly traded company on the Tel Aviv Stock Exchange in Israel (DORL) and is a global renewable energy leader, holding hundreds of long-term revenue generating renewable energy assets. Doral Group is active, inter alia, in Israel, Europe, and the United States. Doral Group is also emerging as a worldwide leader in the field of solar + storage solutions, following its win of Israel’s biggest solar + storage tenders to build approximately 750MW(dc) + 1,400MWh of storage facilities in Israel.

Migdal Insurance

Migdal Insurance is Israel’s largest insurance company and pension manager with AUM of 90 billion dollars, 2.3 million customers and more than 4,900 employees. Migdal has a local corporate rating of Aa1. Migdal was Israel’s first institutional body to announce the adoption of an ESG (Environmental Social and Governance) investment policy over six months ago. Migdal has already made several investments in the field, including a NIS 1 Billion investment in Copenhagen Infrastructure Partners IV, a Danish Fund which is active in renewable energy projects; a $100 Million investment in BayWa Renewable Energy, an international growth company operating in renewable energies and a unique investment of $60 Million in the AMUNDI PLANET Fund which was established in partnership with large global institutional entities to develop “green” bond markets in emerging countries.

Media Contact:
Maya Ziv Wolf
Corporate Media Relations
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• H&P's North America Solutions segment exited the first quarter of fiscal year 2022 with 154 active rigs, up over 20% during the quarter

• Quarterly North America Solutions operating gross margins⁽¹⁾ increased $15 million to $84 million sequentially, as revenues increased by $48 million to $341 million and expenses increased by $32 million to $257 million

• The Company reported a fiscal first quarter net loss of $(0.48) per diluted share; including select items⁽²⁾ of $(0.03) per diluted share

• On October 27, 2021, the Company redeemed all of its outstanding 2025 Notes, which resulted in a make-whole premium and write-off of unamortized discount and debt issuance costs of approximately $60 million

• During the fiscal first quarter H&P repurchased 2.5⁽³⁾ million shares for approximately $60⁽³⁾ million with an additional 0.6⁽³⁾ million shares repurchased so far in the fiscal second quarter for approximately $16⁽³⁾ million

• In December 2021, the Company published its inaugural sustainability report

• On December 10, 2021, the Board of Directors of the Company declared a quarterly cash dividend of $0.25 per share, payable on February 28, 2022 to stockholders of record at the close of business on February 11, 2022

TULSA, Okla.--(BUSINESS WIRE)--Helmerich & Payne, Inc. (NYSE: HP) reported a net loss of $51 million, or $(0.48) per diluted share, from operating revenues of $410 million for the quarter ended December 31, 2021, compared to a net loss of $79 million, or $(0.74) per diluted share, on revenues of $344 million for the quarter ended September 30, 2021. The net losses per diluted share for first quarter of fiscal year 2022 and the fourth quarter of fiscal year 2021 include $(0.03) and $(0.12), respectively, of after-tax gains and losses comprised of select items⁽²⁾. For the first quarter of fiscal year 2022, select items⁽²⁾ were comprised of:

• $0.51 of after-tax gains pertaining to a non-cash fair market adjustment to our equity investments and a settlement of a previous contractual dispute with an international customer

• $(0.54) of after-tax losses pertaining to a debt make-whole premium and write-off of debt discount and issuance costs, a non-cash impairment for fair market adjustments to decommissioned rigs and equipment that are held for sale, losses on sale of assets, and restructuring charges

Net cash used by operating activities was $4 million for the first quarter of fiscal year 2022 compared to net cash provided by operating activities of $47 million in the prior quarter.

President and CEO John Lindsay commented, "I am encouraged by the progress the industry has made on its path to recovery from the market collapse in 2020. Increasing demand for super-spec rigs has predictably led to a very tight market in 2022. As expected this demand increase resulted in a significant uptick in our rig count during the first fiscal quarter, which we anticipate will likely be followed by a more moderate, yet still healthy increase in the second fiscal quarter. H&P's ability to provide superior rigs, people, and digital technologies culminates in a compelling value proposition for customers in this environment. Our position as a leading drilling solutions provider is strengthening as evidenced by our market share growth.

"The rig demand experienced thus far, combined with costs associated with reactivating idle super-spec rigs and other general operating cost inflation, has led to an increase in leading-edge pricing. However, higher pricing is required, not only due to the near-term scarcity of readily available super-spec rigs and the long-term supply constraints of the industry, but also for the value creation of a well-placed, high-quality wellbore. Additional pricing momentum is warranted to recoup reactivation costs and inflationary adjustments we have experienced over the past decade and as a return for the value proposition H&P offers the customer. Notwithstanding the activity improvements and higher commodity prices that have benefited the industry, from an oilfield service provider perspective, substantially higher pricing is still required in order to generate the returns necessary to attract and retain investors and for this business to be vibrant and sustainable.

"The activity outlook for international markets is positive, however in the near term our rig count in the Middle East is expected to decline due to two unexpected rig releases. We are excited about our strategic alliance and the investment we have made with ADNOC Drilling and we look forward to further expanding that relationship as well as developing additional opportunities in the Middle East region. Our activity in South America is improving slowly and we remain encouraged by the prospects for additional growth in the coming quarters and beyond."

Senior Vice President and CFO Mark Smith also commented, "The strength of our balance sheet underpins our ability to focus on the long-term and execute across different capital allocation opportunities. Our attractive debt refinance, at a low 2.90% coupon rate and extended 10-year maturity, and our $100 million investment in ADNOC Drilling's IPO, now with a market value in excess of $140 million, are recent examples. This strength also enables H&P to respond to specific customer needs as well as to generate additional returns and garner market share by converting some of our skidding rigs to walking rigs. Similar to our E&P customers we will maintain our strong capex budget discipline when it comes to allocating capital.

"These various return-enhancing allocations of capital are being accomplished simultaneously as we provide a return of cash to our shareholders, something we have done uninterrupted for more than 60 years with our dividend. More recently, we augmented our dividend returns with share repurchases that encompassed buying back approximately 3.1⁽³⁾ million shares for roughly $76⁽³⁾ million."

John Lindsay concluded, “Despite the industry challenges faced during the past couple of years we remain focused on our long-term opportunities with a strong disciplined approach of allocating capital to return-accretive endeavors for the long-term benefit of our shareholders. This would not be possible without the hard work and dedication of H&P employees, both past and present, who continually set the standard in the industry. Over one hundred years of drilling experience combined with our uniform FlexRig® fleet and industry leading automation solutions puts us in a great position as we move forward. Our rigs, automation solutions, and digital portfolio have compelling value propositions for both North America and international markets. The momentum we built during fiscal 2021 carries into fiscal 2022 with a fresh sense of optimism. We look forward to strengthening our partnerships with new and existing customers, and developing drilling solutions that contribute to our mutual successes."

Operating Segment Results for the First Quarter of Fiscal Year 2022

North America Solutions:

This segment had an operating loss of $28.9 million compared to an operating loss of $60.7 million during the previous quarter. The decrease in the operating loss was primarily due to higher activity levels and the prior quarter being adversely impacted by an impairment for fair market adjustments for equipment held for sale. Absent the select item⁽²⁾ negative impacts of the fair market impairments and restructuring charges for the quarters, this segment's operating loss improved by $16.9 million on a sequential basis.

Operating gross margins⁽¹⁾ increased by $15.3 million to $84.5 million as both revenues and expenses increased sequentially. Operating results were still negatively impacted by the costs associated with reactivating rigs; $20.5 million in the first fiscal quarter compared to $6.6 million in the previous quarter.

International Solutions:

This segment had operating income of $8.0 million compared to an operating loss of $5.7 million during the previous quarter. The increase in operating income was twofold - there was a settlement related to a previous contractual dispute with a customer resulting in $16.4 million in revenue during the first fiscal quarter and the previous quarter was adversely impacted by $2.6 million of expenses associated with the closing of the ADNOC Drilling transactions. Absent the select items⁽²⁾ for the quarters, this segment's operating loss increased $3.0 million on a sequential basis primarily due to rig start-up costs and other transitory expenses.

Operating gross margins⁽¹⁾ during the first fiscal quarter were a positive $13.0 million, benefiting from the aforementioned $16.4 million settlement related to a previous contractual dispute with a customer. Excluding the settlement, operating gross margins⁽¹⁾ were a negative $3.4 million compared to a negative $0.4 million in the previous quarter. Current quarter results included a $1.0 million foreign currency loss primarily related to our South American operations compared to a $0.7 million foreign currency loss in the fourth quarter of fiscal year 2021.

Offshore Gulf of Mexico:

This segment had operating income of $5.5 million compared to operating income of $4.5 million during the previous quarter. Operating gross margins⁽¹⁾ for the quarter were $8.6 million compared to $7.7 million in the prior quarter.

Operational Outlook for the Second Quarter of Fiscal Year 2022

North America Solutions:

• We expect North America Solutions operating gross margins⁽¹⁾ to be between $100-$115 million, which includes approximately $11 million in estimated reactivation costs

• We expect to exit the quarter at between 165-175 contracted rigs

International Solutions:

• We expect International Solutions operating gross margins⁽¹⁾ to be between $(2)-$0 million, exclusive of any foreign exchange gains or losses

Offshore Gulf of Mexico:

• We expect Offshore Gulf of Mexico operating gross margins⁽¹⁾ to be between $6-$8 million

Other Estimates for Fiscal Year 2021

• Gross capital expenditures are still expected to be approximately $250 to $270 million; approximately 50% expected for maintenance, including tubular purchases, roughly 35% expected for skidding to walking conversions and approximately 15% for corporate and information technology. Ongoing asset sales include reimbursements for lost and damaged tubulars and sales of other used drilling equipment that offset a portion of the gross capital expenditures and are now expected to total approximately $45 million in fiscal year 2022.

• Depreciation and amortization expenses are still expected to be approximately $405 million

• Research and development expenses for fiscal year 2022 are now expected to be roughly $27 million

• Selling, general and administrative expenses for fiscal year 2022 are still expected to be approximately $170 million

Select Items Included in Net Income per Diluted Share

First quarter of fiscal year 2022 net loss of $(0.48) per diluted share included $(0.03) in after-tax losses comprised of the following:

• $0.13 of after-tax gains related to a settlement of a previous contractual dispute with an international customer

• $0.38 of non-cash after-tax gains related to fair market value adjustments to equity investments

• $(0.01) of after-tax losses related to restructuring charges

• $(0.03) of after-tax losses related to the sale of assets

• $(0.03) of non-cash after-tax losses for impairments related to fair market value adjustments to decommissioned rigs and equipment that are held for sale

• $(0.47) of after-tax losses related to a debt make-whole premium and write-off of debt discount and issuance costs

Fourth quarter of fiscal year 2021 net loss of $(0.74) per diluted share included $(0.12) in after-tax losses comprised of the following:

• $0.03 of after-tax gains related to the sale of equipment

• $(0.01) of non-cash after-tax losses related to fair market value adjustments to equity investments

• $(0.01) of non-cash after-tax losses related to an inventory write-down

• $(0.01) of after-tax losses related to restructuring charges

• $(0.02) of after-tax losses related to closing costs associated with the ADNOC Drilling transactions

• $(0.10) of after-tax losses related to the non-cash impairment for fair market value adjustments to equipment that is held for sale

Conference Call

A conference call will be held on Tuesday, February 1, 2022, at 11:00 a.m. (ET) with John Lindsay, President and CEO, Mark Smith, Senior Vice President and CFO, and Dave Wilson, Vice President of Investor Relations, to discuss the Company’s first quarter fiscal year 2022 results. Dial-in information for the conference call is (800) 895-3361 for domestic callers or (785) 424-1062 for international callers. The call access code is ‘Helmerich’. You may also listen to the conference call that will be broadcast live over the internet by logging on to the Company’s website at http://www.helmerichpayne.com and accessing the corresponding link through the investor relations section by clicking on “Investors” and then clicking on “News and Events - Events & Presentations” to find the event and the link to the webcast.

About Helmerich & Payne, Inc.

Founded in 1920, Helmerich & Payne, Inc. (H&P) (NYSE: HP) is committed to delivering industry leading levels of drilling productivity and reliability. H&P strives to operate with the highest level of integrity, safety and innovation to deliver superior results for its customers and returns for shareholders. Through its subsidiaries, the Company designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world. H&P also develops and implements advanced automation, directional drilling and survey management technologies. As of December 31, 2021, H&P's fleet included 236 land rigs in the U.S., 28 international land rigs and seven offshore platform rigs. For more information, see H&P online at www.helmerichpayne.com.

Forward-Looking Statements

This release includes “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and such statements are based on current expectations and assumptions that are subject to risks and uncertainties. All statements other than statements of historical facts included in this release, including, without limitation, statements regarding our future financial position, operations outlook, business strategy, dividends, share repurchases, budgets, projected costs and plans, objectives of management for future operations, contract terms, financing and funding, and the ongoing effect of the COVID-19 pandemic and actions we or others may take in response to the COVID-19 pandemic are forward-looking statements. For information regarding risks and uncertainties associated with the Company’s business, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s SEC filings, including but not limited to its annual report on Form 10‑K and quarterly reports on Form 10‑Q. As a result of these factors, Helmerich & Payne, Inc.’s actual results may differ materially from those indicated or implied by such forward-looking statements. We undertake no duty to publicly update or revise any forward-looking statements, whether as a result of new information changes in internal estimates, expectations or otherwise, except as required under applicable securities laws.

We use our Investor Relations website as a channel of distribution for material company information. Such information is routinely posted and accessible on our Investor Relations website at www.helmerichpayne.com.

Note Regarding Trademarks. Helmerich & Payne, Inc. owns or has rights to the use of trademarks, service marks and trade names that it uses in conjunction with the operation of its business. Some of the trademarks that appear in this release or otherwise used by H&P include FlexRig, which may be registered or trademarked in the U.S. and other jurisdictions.

(1) Operating gross margin is defined as operating revenues less direct operating expenses.

(2) See the corresponding section of this release for details regarding the select items. The Company believes identifying and excluding select items is useful in assessing and understanding current operational performance, especially in making comparisons over time involving previous and subsequent periods and/or forecasting future periods results. Select items are excluded as they are deemed to be outside of the Company's core business operations.

(3) During our first fiscal quarter of 2022 we repurchased 2,547,750 shares for $60,358,000. During our second fiscal quarter through January 28, 2022 we repurchased an additional 598,677 shares for $16,391,000.

Dave Wilson, Vice President of Investor Relations
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(918) 588‑5190

• Regulatory filings have been made
• Offeror will mail and file a notice of variation and extension varying certain conditions to the Offer
• Time for acceptance of the Offer has been extended to February 28, 2022
• Petroteq shareholders are encouraged to tender their shares to the Offer today

TORONTO--(BUSINESS WIRE)--Viston United Swiss AG (“Viston”), together with its indirect, wholly-owned subsidiary, 2869889 Ontario Inc. (the “Offeror”) is providing an update with respect to certain regulatory filings made in connection with its all-cash offer (the “Offer”) to acquire all of the issued and outstanding common shares (“Common Shares”) of Petroteq Energy Inc. (“Petroteq”) (TSX-V: PQE; OTC: PQEFF; FSE: PQCF), and is announcing that it will mail a notice of variation and extension dated February 1, 2022 (the “Notice of Variation and Extension”) to the registered shareholders of Petroteq, varying certain conditions to the Offer and extending the time for acceptance of the Offer to 5:00 p.m. (Toronto time) on February 28, 2022. The Notice of Variation and Extension will also be filed on Petroteq’s SEDAR profile at www.sedar.com.

Regulatory Update

The Offeror filed its notification under the Investment Canada Act (Canada) (the “ICA”) on December 20, 2021, which has been certified as complete as of that date. The Minister under the ICA has until the end of day (Toronto time) on February 3, 2022, to notify the Offeror that the Offer is or may be subject to a national security review under the ICA. Completion of the Offer is conditional on obtaining ICA Clearance, which means that: (i) the Offeror has not been notified on or before February 3, 2022 that the Offer is or may be subject to a national security review, or (ii) if the Offeror receives notice that the Offer is or may be subject to a national security review, the Offeror has subsequently received approval from the Minister or the Governor-in-Council, as the case may be, that the Offeror is authorized to proceed with the Offer.

On January 20, 2022, the Offeror completed its filing as required under the United States Hart-Scott-Rodino Antitrust Improvements Act of 1976 (“HSR Act”) with the U.S. Federal Trade Commission (the “FTC”) and the Antitrust Division of the Department of Justice (the “DOJ”). The obligation of the Offeror to complete the Offer is, among other things, subject to the condition that any waiting period (including any extension thereof) applicable to the transactions contemplated by the Offer under the HSR Act shall have expired or been terminated and that neither the FTC nor the DOJ shall have commenced proceedings under an applicable antitrust statute to prevent the consummation of the transaction contemplated by the Offer under the HSR Act that have not been resolved. Unless it is extended by the FTC and DOJ, the waiting period will expire at 11:59 p.m. (Toronto time) on February 4, 2022.

On January 5, 2022, the Offeror made a voluntary filing with the Committee on Foreign Investment in the United States (“CFIUS”). CFIUS is a group of Cabinet-level officials in the U.S. government who are authorized to review certain transactions involving foreign investment in the United States, in order to determine the effect of such transactions on the national security of the United States. U.S. counsel to the Offeror was advised by CFIUS that January 13, 2022 would be the first day of the assessment period, which would conclude no later than February 11, 2022. During this period, the Offeror may be requested to provide additional information to CFIUS which may result in the extension of the period.

Notice of Variation and Extension

The Offeror will mail and file the Notice of Variation and Extension to the registered shareholders of Petroteq, varying certain conditions to the Offer and extending the time for acceptance of the Offer to 5:00 p.m. (Toronto time) on February 28, 2022.

The changes to the conditions to the Offer arise from (i) comments received by the Offeror in a comment letter from the United States Securities and Exchange Commission (the “SEC”), and (ii) changes made by Petroteq to the capitalization of Petroteq other than pursuant to the exercise or conversion of the Options, Warrants or the principal amount of the Convertible Debentures (each as defined in the Offer), in contravention of one of the Offeror’s conditions to the Offer. According to Petroteq’s quarterly report on Form 10-Q for the quarter ended November 30, 2021, as filed with the SEC and on SEDAR on January 19, 2022, there were, as of November 30, 2021, a total of 793,577,564 Common Shares on a fully-diluted basis.

While the Offeror is prepared to waive the condition in the Offer in respect of changes to the capitalization of Petroteq up to February 1, 2022 (the date of the Notice of Variation and Extension), the Offeror is asserting that this condition continues to apply with respect to any further changes to the capitalization of Petroteq from and after such date, including without limitation any determination by the Offeror (acting in its reasonable discretion) that, immediately prior to the Expiry Time, there are more than 795,000,000 Common Shares, on a fully-diluted basis.

Offer Remains Open for Acceptance by Petroteq Shareholders; Directors and Officers of Petroteq are Expected to Tender Shares to Offer

The Offeror reminds Shareholders that its significant premium, all cash Offer remains open and, with the deadline to tender approaching, now is the time to tender. Shareholders are also reminded that the board of directors of Petroteq (the “Petroteq Board”) has unanimously recommended that Shareholders accept and deposit their shares to the Offer in Petroteq’s recent Supplement dated December 29, 2021 to the Directors’ Circular dated November 6, 2021 (the “Supplement”). The reasons for the Petroteq Board’s recommendations that holders of Common Shares tender to the Offer are detailed in the Supplement, and are consistent with the reasons stated by the Offeror as to why holders of Common Shares should tender to the Offer. The Offeror also notes that, as disclosed by Petroteq in its press release dated January 26, 2022, the directors of the Petroteq Board intend to tender their Common Shares to the Offer.

Kingsdale Advisors (“Kingsdale”), the Depositary and Information Agent in respect of the Offer, has advised the Offeror that, as of 5:00 p.m. (Toronto time) on January 31, 2022, a total of approximately 144,606,386 Common Shares had been validly tendered and not properly withdrawn. Holders of Common Shares who have previously validly tendered and not withdrawn their shares to the Offer do not need to re-tender their shares or take any other action in response to the extension of the Offer.

Summary of Offer Details

Viston reminds Shareholders of the following key terms and conditions of the Offer:

• Shareholders will receive C$0.74 in cash for each Common Share. The Offer represents a significant premium of approximately 279% based on the closing price of C$0.195 per Common Share on the TSX-V on August 6, 2021, being the last trading day prior to the issuance of a cease trade order by the Ontario Securities Commission at which time the TSX-V halted trading in the Common Shares. The Offer also represents a premium of approximately 1,032% to the volume weighted average trading price of C$0.065 per Common Share on the TSX-V for the 52-weeks preceding the German voluntary public purchase offer in April 2021.
• The Offer is expressed in Canadian dollars but Shareholders may elect to receive their consideration in the U.S. dollar equivalent amount.
• The Offer is open for acceptance until 5:00 p.m. (Toronto time) on February 28, 2022, unless the Offer is extended, accelerated or withdrawn by the Offeror in accordance with its terms.
• Registered Shareholders may tender by sending their completed Letter of Transmittal, share certificates or DRS statements and any other required documents to Kingsdale, as Depositary and Information Agent. Registered Shareholders are encouraged to contact Kingsdale promptly to receive guidance on the requirements and assistance with tendering.
• Beneficial Shareholders should provide tender instructions and currency elections to their financial intermediary. Beneficial Shareholders may also contact Kingsdale for assistance.
• The Offer is subject to specified conditions being satisfied or waived by the Offeror. These conditions include, without limitation: the Canadian statutory minimum tender condition of at least 50% +1 of the outstanding Common Shares being validly deposited under the Offer and not withdrawn (this condition cannot be waived); at least 50% +1 of the outstanding Common Shares on a fully diluted basis being validly deposited under the Offer and not withdrawn; the Offeror having determined, in its reasonable judgment, that no Material Adverse Effect exists; and receipt of all necessary regulatory approvals. Assuming that the statutory minimum tender condition is met and all other conditions are met or waived, the Depositary will pay Shareholders promptly following the public announcement of take-up and pay.

For More Information and How to Tender Shares to the Offer

Shareholders who hold Common Shares through a broker or intermediary should promptly contact them directly and provide their instructions to tender to the Offer, including any U.S. dollar currency election. Taking no action and not accepting the Offer comes with significant risks of shareholder dilution and constrained share prices. The deadline for Shareholders to tender their shares is February 28, 2022.

For assistance or to ask any questions, Shareholders should visit www.petroteqoffer.com or contact Kingsdale Advisors, the Information Agent and Depositary in connection with the Offer, within North America toll-free at 1-866-581-1024, outside North America at 1-416-867-2272 or by e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..

Advisors

The Offeror has engaged Gowling WLG (Canada) LLP to advise on certain Canadian legal matters and Dorsey & Whitney LLP to advise on certain U.S. legal matters. Kingsdale Advisors is acting as Information Agent and Depositary.

About the Offeror

The Offeror is an indirect, wholly-owned subsidiary of Viston, a Swiss company limited by shares (AG) established in 2008 under the laws of Switzerland. The Offeror was established on September 28, 2021 under the laws of the Province of Ontario. The Offeror’s registered office is located at 100 King Street West, Suite 1600, 1 First Canadian Place, Toronto, Ontario, Canada M5X 1G5. The registered and head office of Viston is located at Haggenstreet 9, 9014 St. Gallen, Switzerland.

Viston was created to invest in renewable energies and clean technologies, as well as in the environmental protection industry. Viston aims to foster innovative technologies, environmentally-friendly and clean fossil fuels and to help shape the future of energy. Since October 2008, Viston has undertaken its research, development and transfer initiatives in Saint Gallen, Switzerland. Viston has been working to optimize and adapt these technologies to current market requirements to create well-engineered products. Viston’s work also includes the determination of technical and economic risks, as well as the search for financing opportunities.

Caution Regarding Forward-Looking Statements

Certain statements contained in this news release contain “forward-looking information” and are prospective in nature. Forward-looking information is not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties that could cause actual results to differ materially from the future results expressed or implied by the forward-looking information. Often, but not always, forward-looking information can be identified by the use of forward-looking words such as “plans”, “expects”, “intends”, “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information contained in this news release includes, but is not limited to, statements relating to the expectations regarding the process for, and timing of, obtaining regulatory approvals; expectations relating to the Offer; and the satisfaction or waiver of the conditions to consummate the Offer.

Although the Offeror and Viston believe that the expectations reflected in such forward-looking information are reasonable, such statements involve risks and uncertainties, and undue reliance should not be placed on such statements. Certain material factors or assumptions are applied in making forward-looking information, and actual results may differ materially from those expressed or implied in such statements. Important factors that could cause actual results, performance or achievements of the Offeror or the completion of the Offer to differ materially from any future results, performance or achievements expressed or implied by such forward-looking information include, among other things, the ultimate outcome of any possible transaction between Viston and Petroteq, including the possibility that Petroteq will not accept a transaction with Viston or enter into discussions regarding a possible transaction, actions taken by Petroteq, actions taken by security holders of Petroteq in respect of the Offer, that the conditions of the Offer may not be satisfied or waived by Viston at the expiry of the Offer period, the ability of the Offeror to acquire 100% of the Common Shares through the Offer, the ability to obtain regulatory approvals and meet other closing conditions to any possible transaction, including any necessary shareholder approvals, potential adverse reactions or changes to business relationships resulting from the announcement, pendency or completion of the Offer transaction or any subsequent transaction, competitive responses to the announcement or completion of the Offer, unexpected costs, liabilities, charges or expenses resulting from the proposed transaction, exchange rate risk related to the financing arrangements, litigation relating to the proposed transaction, the inability to engage or retain key personnel, any changes in general economic and/or industry-specific conditions, industry risk, risks inherent in the running of the business of the Offeror or its affiliates, legislative or regulatory changes, Petroteq’s structure and its tax treatment, competition in the oil & gas industry, obtaining necessary approvals, financial leverage for additional funding requirements, capital requirements for growth, interest rates, dependence on skilled staff, labour disruptions, geographical concentration, credit risk, liquidity risk, changes in capital or securities markets and that there are no inaccuracies or material omissions in Petroteq’s publicly available information, and that Petroteq has not disclosed events which may have occurred or which may affect the significance or accuracy of such information. These are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of the Offeror’s forward-looking information. Other unknown and unpredictable factors could also impact its results. Many of these risks and uncertainties relate to factors beyond the Offeror’s ability to control or estimate precisely. Consequently, there can be no assurance that the actual results or developments anticipated by the Offeror will be realized or, even if substantially realized, that they will have the expected consequences for, or effects on, the Offeror, its future results and performance.

Forward-looking information in this news release is based on the Offeror and Viston’s beliefs and opinions at the time the information is given, and there should be no expectation that this forward-looking information will be updated or supplemented as a result of new information, estimates or opinions, future events or results or otherwise, and each of the Offeror and Viston disavows and disclaims any obligation to do so except as required by applicable Law. Nothing contained herein shall be deemed to be a forecast, projection or estimate of the future financial performance of the Offeror or any of its affiliates or Petroteq.

Unless otherwise indicated, the information concerning Petroteq contained herein has been taken from or is based upon Petroteq’s and other publicly available documents and records on file with the Securities Regulatory Authorities and other public sources at the time of the Offer. Although the Offeror and Viston have no knowledge that would indicate that any statements contained herein relating to Petroteq, taken from or based on such documents and records are untrue or incomplete, neither the Offeror, Viston nor any of their respective officers or directors assumes any responsibility for the accuracy or completeness of such information, or for any failure by Petroteq to disclose events or facts that may have occurred or which may affect the significance or accuracy of any such information, but which are unknown to the Offeror and Viston.

Additional Information

This news release relates to a tender offer which Viston, through the Offeror, has made to Shareholders. The Offer is being made pursuant to a tender offer statement on Schedule TO (including the Offer to Purchase and Circular, the Notice of Variation and Extension, the letter of transmittal and other related offer documents) initially filed by Viston on October 25, 2021, and as subsequently amended. These materials, as may be amended from time to time, contain important information, including the terms and conditions of the Offer. Subject to future developments, Viston (and, if applicable, Petroteq) may file additional documents with the SEC. This press release is not a substitute for any tender offer statement, recommendation statement or other document Viston and/or Petroteq may file with the SEC in connection with the proposed transaction.

This communication does not constitute an offer to buy or solicitation of an offer to sell any securities. Investors and security holders of Petroteq are urged to read the tender offer statement (including the Offer to Purchase and Circular, the Notice of Variation and Extension, the letter of transmittal and other related offer documents) and any other documents filed with the SEC carefully in their entirety if and when they become available as they will contain important information about the proposed transaction. Any investors and security holders may obtain free copies of these documents (if and when available) and other documents filed with the SEC by Viston through the web site maintained by the SEC at www.sec.gov or by contacting Kingsdale Advisors, the Information Agent and Depositary in connection with the offer, within North America toll-free at 1-866-581-1024, outside North America at 1-416-867-2272 or by e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..

Media inquiries:
Hyunjoo Kim
Director, Communications, Marketing & Digital Strategy
Kingsdale Advisors
416-867-2357
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For assistance in depositing Petroteq Common Shares to the Offer:
Kingsdale Advisors
North American Toll Free: 1-866-581-1024
Outside North America: 1-416-867-2272
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.petroteqoffer.com

LEAWOOD, KS--(BUSINESS WIRE)--This notice provides stockholders of Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) with information regarding the distribution paid on January 31, 2022 and cumulative distribution paid fiscal year-to-date.

The following table sets forth the estimated amounts of the current distribution, payable January 31, 2022 and the cumulative distribution paid this fiscal year to date from the following sources: net investment income, net realized short-term capital gains, net realized long-term capital gains and return of capital. All amounts are expressed per common share.

Tortoise Power and Energy Infrastructure Fund, Inc.

You should not draw any conclusions about TPZ’s investment performance from the amount of this distribution or from the terms of TPZ’s distribution policies.

TPZ estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in TPZ is paid back to you. A return of capital distribution does not necessarily reflect TPZ’s investment performance and should not be confused with "yield" or "income."

The amounts and sources of distributions reported are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon TPZ's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. TPZ will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

Tortoise Capital Advisors is the Adviser to the Tortoise Power and Energy Infrastructure Fund, Inc.

For additional information on these funds, please visit cef.tortoiseecofin.com.

About Tortoise

Tortoise focuses on energy & power infrastructure and the transition to cleaner energy. Tortoise’s solid track record of energy value chain investment experience and research dates back more than 20 years. As one of the earliest investors in midstream energy, Tortoise believes it is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. To learn more, please visit www.TortoiseEcofin.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain statements that may include “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. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.

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.

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 "Nigeria Gas Genset Market Research Report: By Power Rating and Application - Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

From an estimated $259.8 million in 2021, the Nigerian gas genset market revenue is set to rise to $514.4 million by 2030, witnessing a CAGR of 7.9% between 2021 and 2030.

The biggest reason behind it will be the rising population and rapid industrialization and urbanization, which are all driving the demand for electricity. Thus, to keep operations running, individuals and commercial and industrial entities are turning to gas gensets.

The need for generators has been strengthened by the inadequate production of electricity at Nigeria's power plants. Moreover, not all of the power that is produced is delivered to users, as the grid infrastructure of the country is rather poor, which results in large transmission losses. Hence, since electricity cuts are a regular feature in the nation, gas gensets continue to witness high sales.

Key Findings of Nigeria Gas Genset Market Report

Gas gensets of power ratings of 1,000 kilovolt-Amperes (kVA) and above witness the highest sales in the nation because of their importance in the energy, manufacturing, and commercial sectors. Commercial applications will witness the fastest growth in the Nigerian gas genset market on account of the high sales of these machines to entities in the telecom and real estate industries.

The growing construction and oil and gas sectors are a key reason for the rising demand for gas gensets. Construction sites, even those that are located in cities, often lack a grid connection, while most oilfields are located at remote places. Therefore, both these sectors require an alternate source of electricity for keeping the machines and operations running nonstop.

The increasing air pollution levels are another key factor behind the high sale of gas gensets in Nigeria. Although gas gensets do emit greenhouse gases (GHGs), the emissions are a lot lower than those of diesel gensets. Thus, with the implementation of strict emission regulations on diesel engines, people in the country are turning to gas gensets, which are, additionally, cheaper to operate because of their high fuel efficiency.

During the COVID-19 pandemic, the Nigerian gas genset market was negatively impacted, as the lockdowns led to the closing of factories and commercial spaces, thereby leading to a reduction in the demand for electricity. Moreover, the restrictions on imports led to a low availability of components with generator manufacturers.

Market Dynamics

Trends

• Rising carbon emission

Drivers

• Booming industrial and commercial development amidst long-standing energy crisis

Restraints

• Lack of gas grid connectivity via pipeline

Opportunities

• Sustainable energy goals

Impact of COVID-19

Regulatory Framework Analysis

• Regulation on the Import of Gensets
• Regulation on Gas Gensets

Overview of the Power Sector in Nigeria

• Generation
• Prime Energy
• Transmission
• Distribution
• Key Players in Nigerian Power Sector
• Policies and Laws Concerning Power Sector in Nigeria

Import-Export Analysis

Porter's Five Forces Analysis

In the Nigerian gas genset market, the biggest players include

• YorPower Ltd.
• Honda Manufacturing (Nigeria) Limited
• Jubaili Bros
• Cummins Inc.
• Caterpillar Inc.
• General Electric Company
• Siemens AG
• John Holt Plc
• Atlas Copco AB
• Mitsubishi Heavy Industries Ltd.
• Mikano International Limited
• JMG Limited

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

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

HIGHLIGHTS

• NOVONIX to be exclusive supplier of graphite anode material to KORE Power
• Five-year supply agreement initially 3,000 tonnes per annum beginning 2024
• Subject to customer requirements, supply can ramp to 12,000 tonnes per annum
• NOVONIX takes an approximate 5% stake in KORE Power with consideration 50% cash and 50% NVX shares
• Partnership will advance the North American electrification economy and strengthen the domestic lithium-ion battery supply chain in North America

BRISBANE, Australia & COEUR D'ALENE, Idaho--(BUSINESS WIRE)--NOVONIX Limited (ASX: NVX, OTC: NVNXF) (“NOVONIX”), an advanced battery materials and technology company, today announced the execution of definitive transaction agreements and closing of its investment and supply agreements with KORE Power, Inc. (“KORE Power”) to advance and strengthen the domestic lithium-ion battery supply chain.

The execution of the binding and definitive transaction agreements, including a Securities Purchase Agreement and Supply Agreement, closed in accordance with the terms set forth in a non-binding letter of intent entered into between NOVONIX and KORE Power, as announced by NOVONIX on January 24, 2022. Under the terms of a Securities Purchase Agreement entered into between NOVONIX and KORE, NOVONIX has purchased 3,333,333 shares of KORE Power common stock ("Shares") at an issue price of USD $7.50 per share, representing approximately 5% of the common equity of KORE Power. The aggregate offering price for the Shares of USD $25,000,000 has been paid in a combination of 50% cash, funded through NOVONIX's existing cash holdings, and 50% through the issue of 1,974,723 of ordinary shares in NOVONIX (“NOVONIX Shares”) calculated at a price using a 5% discount to the 20-day VWAP ending three trading days prior to closing date.

“The completion of this transaction with KORE Power marks an important step towards establishing the domestic battery supply chain as the first large-volume contract of battery-grade synthetic graphite from a US-based supplier,” said Dr. Chris Burns, NOVONIX Co-Founder and CEO. “More than ever, the United States and its neighbors are realizing the importance of building a sustainable and energy-secure future. Our partnership with KORE Power is a testament to our commitment on executing on our phased growth plan and bringing large-scale production of high-performance battery synthetic graphite to the United States.”

“Our relationship with NOVONIX helps us secure the leading U.S. domestic supply of synthetic graphite anode materials and related technology for our ‎U.S. manufacturing facility, which is positioned to operate at 12 GWh per year with net-zero carbon emissions due to this strategic partnership,” said KORE Power Co-Founder & CEO Lindsay Gorrill.

An Appendix 2A has been lodged with ASX today with respect to the NOVONIX Shares issued to KORE Power. The NOVONIX Shares have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States, until such time as the Novonix Shares have been registered under the Securities Act of 1933 or pursuant to an applicable exemption from registration, which is expected to be for a period of six months. KORE Power has agreed to the application of a holding lock under the listing rules of the ASX until such time as the Novonix Shares have been registered under the United States Securities Act of 1933 or may otherwise be sold in the United States.

As part of the transaction, NOVONIX and KORE Power have also entered into a binding Supply Agreement, under which NOVONIX will become the exclusive supplier to KORE Power’s U.S. large scale battery cell manufacturing facility. NOVONIX will begin supplying graphite anode material at a rate of 3,000 tonnes per annum (“tpa”) beginning in 2024, and ramping up to approximately 12,000 tpa in 2027, subject to customer requirement. The Supply Agreement is for an initial term of five years, with automatic renewal for a subsequent five-year term. This is NOVONIX’s first significant volume offtake agreement as the company expands its production capacity at the new Riverside facility towards the target of 10,000 tpa of production capacity in 2023.

About NOVONIX

NOVONIX Limited is an integrated developer and supplier of high-performance materials, equipment and services for the global lithium-ion battery industry with operations in the U.S. and Canada and sales in more than 14 countries.

NOVONIX is a leading producer of synthetic graphite anode materials used in the making of lithium-ion batteries that power electric vehicles, personal electronics, medical devices and energy storage units. NOVONIX’s anode materials business is based in Chattanooga, Tennessee, where its goal is to increase capacity to produce 10,000 metric tons per year of synthetic graphite by 2023, with further targets of 40,000 tpa by 2025 and 150,000 tpa by 2030. NOVONIX, which has operations in the U.S. and Canada, is also a global supplier of advanced battery-testing services.

NOVONIX's mission is to enable a clean energy future by producing longer-life and lower-cost battery materials and technologies.

About KORE Power

KORE Power, Inc., is the leading U.S.-based developer of battery cell technology for the clean energy industry. With clients in energy storage, e-mobility, utility, industrial and mission-critical markets, KORE Power provides the backbone for decarbonization across the globe. Optimized by its battery management system, KORE Power designs and manufactures its proprietary NMC and LFP cells, VDA modules and packs. Through the construction and operations of its large-scale battery cell manufacturing facility in the U.S., KORE is positioned to operate at 12 GWh per year capacity. The facility (the “KOREPlex”) will operate with net-zero carbon emissions through strategic partnerships and solar and storage co-generation.

KORE Power’s differentiated approach provides customers with direct access, unparalleled service, superior technology and Tier 1 product availability. Focused on building sustainable communities, clean energy jobs and green economic expansion, KORE Power is proud to offer a functional solution to real-world problems and fulfill market demand to deliver a zero-carbon future. The KOREPlex is expected to come to Buckeye Arizona and be the anchor to the development of the Sustainable Valley by the end 2023

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This communication contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. This press release contains forward-looking statements about NOVONIX and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this press release, including statements that relate to the expected benefits of the potential transaction (including future opportunities) and any other statements regarding our future results of operations, financial condition, business strategy and plans and objectives of management for future operations. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would," or the negative of these words or other similar terms or expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements are subject to a number of known and unknown risks, uncertainties, other factors and assumptions. We undertake no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.

For NOVONIX Limited:

Stefan Norbom (Investors)
This email address is being protected from spambots. You need JavaScript enabled to view it.

Kiki O'Keeffe (Media)
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For KORE Power:

Aleysha Newton
Director of Marketing
Phone: +1 208 758 9392
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

PALO ALTO, Calif.--(BUSINESS WIRE)--Sitetracker, the global standard for deployment operations management software for critical infrastructure owners and operators like Chargepoint, EVgo, and Volta, is proud to announce its cloud platform has been selected by Evie Networks, a leading electric vehicle ultrafast charging provider in Australia. Evie will utilize Sitetracker to manage everything from network planning, candidate evaluation, and site deployment through to ongoing network operations and site maintenance.

Evie Networks was founded in 2017 with a mission to provide electric vehicle owners across Australia the freedom to travel anywhere. Vital to achieving their mission is creating a nationwide network of fast EV charging stations. Evie will use Sitetracker to quickly scale EV charging station deployments and facilitate the ongoing management of existing charging sites.

“Initially, we were focused on a tool to oversee the network rollout and ongoing management of our sites; however, we came to appreciate Sitetracker’s added ability to present data in a way that is easily digested by the user,” said Karleen Mckenna, Head of Finance of Evie Networks. “We’ve invested a lot of ourselves into Sitetracker. Gaining easy access to our data will be critical to accomplishing our deployment goals.”

Sitetracker will provide Evie Networks with a cloud foundation for their rapidly scaling business, managing their increasing volume of sites and ultrafast chargers with intelligent project templates, access to real-time data from the field, and financial data and asset management in a single platform. With Sitetracker, Evie Networks will have the ability to support Australia’s ever-expanding use of electric vehicles.

“Our new partnership with Evie Networks is a great example of our continued work with leaders in the EV space across the globe,” said Sitetracker CEO, Giuseppe Incitti. “Sitetracker is a necessity for EV companies looking to have a single source of truth that makes scaling faster and data more accessible, enabling them to meet the goal of a zero-emission future. We look forward to being a part of Evie Network’s rapid growth across Australia.”

To learn more about how Sitetracker can help manage EV installs, go here.

About Sitetracker

Sitetracker powers the rapid deployment of tomorrow’s infrastructure. The global leader in deployment operations management software, Sitetracker helps innovative companies like British Telecom, KPN, Segra, and Chargepoint manage millions of sites and assets representing over $25 billion in portfolio holdings. By giving telecommunications, utility, smart cities, and energy teams a delightful cloud-based solution they love, we are working to accelerate the path to digital equity and a more sustainable future. Sitetracker, deploy what’s next.

Evie Networks was the only ARENA awardee to win all eight capital cities, with a further 316 new chargers to be launched in the next two years.

Evie Networks is backed by the St Baker Energy Innovation Fund’s commitment of $100 million, which is accompanied by a $15 million recoupable grant from the Australian Renewable Energy Agency (ARENA) in 2019. This is in addition to the $8.85 million committed under the Future Fuels Fund in 2021.

Randy Reynolds, VP Marketing, 408-406-8849, This email address is being protected from spambots. You need JavaScript enabled to view it.

MGE commits to at least 80% carbon reduction by 2030 as part of path to net-zero carbon by 2050.

MADISON, Wis.--(BUSINESS WIRE)--Consistent with its commitment to sustainable energy and to global climate science, Madison Gas and Electric (MGE) is committing to reducing carbon at least 80% by 2030 as it works toward achieving net-zero carbon electricity by 2050. Under its Energy 2030 framework, announced in 2015, the company set a goal of 40% carbon reduction by 2030, one of the first such goals set by a utility and in alignment with the Paris Agreement on climate change.

Since then, the company has said it fully expects to achieve carbon reductions of at least 65% by 2030. In 2019, MGE established its goal of net-zero carbon electricity by mid-century, consistent with climate science from the Intergovernmental Panel on Climate Change (IPCC) and analysis of the company's goal by the University of Wisconsin-Madison's Nelson Institute for Environmental Studies.

"In 2019, MGE was one of the first utilities in the nation to commit to net-zero carbon by 2050. Since announcing our carbon reduction goals, we have said that if we can move further faster by working with our customers, we will," said MGE Chairman, President and CEO Jeff Keebler. "Today's announcement of our goal to reduce carbon at least 80% by 2030 reflects our commitment to working together to move further faster. We're committed to doing everything we can do today to advance our deep decarbonization strategies as quickly and as cost-effectively as we can while maintaining our top-ranked electric reliability and our responsibility to those we serve."

Ongoing transition away from coal-fired generation

In the last year, we have announced the planned early retirement of the Columbia Energy Center by 2025, about 15 years ahead of schedule. MGE is a minority owner of Columbia, which currently provides MGE with about 200 megawatts (MW) of capacity. Columbia provides MGE customers with about one-third of their energy use.

While we are replacing much of the coal-fired generation to be retired from Columbia with investments in renewable generation, MGE also plans to purchase 25 MW from the West Riverside Energy Center, with an option to purchase an additional 25 MW. A 50-MW share of this new, state-of-the-art and highly efficient gas plant is expected to produce about 10% of the emissions of MGE's share of the Columbia plant.

The West Riverside facility has much lower emission rates compared to coal-fired generation and other older natural gas plants. Investment in West Riverside helps MGE meet the energy needs of our customers with the retirement of Columbia and to dramatically increase the amount of clean energy in our generating mix.

Natural gas is a bridge fuel on our path toward a net-zero carbon future. Natural gas plants are an especially efficient backup to renewable energy because they can be dispatched quickly and at times when it's more challenging for wind or solar generation.

Additionally, by working with our partners to transition to natural gas as the primary fuel source at the coal-fired Elm Road Generating Station, MGE expects to substantially reduce our use of coal by 2030 and to have no ownership of coal-fired generation by 2035.

Growing our use of cost-effective, clean energy

Investment in renewable generation will replace much of the capacity needed due to the early retirement of the Columbia plant. We continue to grow our use of renewable energy with the anticipated addition of nearly 400 MW of wind, solar and battery storage between 2015 and 2024. We expect to invest in additional renewable generation beyond what is currently planned.

MGE also purchases a portion of the energy it uses to serve our customers from the market. With the retirement of a significant amount of coal generation and the growth of utility-scale renewable projects in the Midwest, we expect market emissions to continue to decrease, which also will help to decrease MGE's overall carbon footprint.

Strategies to achieve net‐zero carbon electricity

MGE's net‐zero carbon goal is consistent with climate science from the IPCC October 2018 Special Report on limiting global warming to 1.5 degrees Celsius. To achieve deep decarbonization, MGE is growing its use of renewable energy, engaging customers around energy efficiency and working to electrify transportation, all of which are key strategies identified by the IPCC.

About MGE

MGE generates and distributes electricity to 157,000 customers in Dane County, Wis., and purchases and distributes natural gas to 166,000 customers in seven south‐central and western Wisconsin counties. MGE's parent company is MGE Energy, Inc. The company's roots in the Madison area date back more than 150 years.

Kaya Freiman - Corporate Communications Manager
Madison Gas and Electric
608-252-7276 | This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Floating Solar Market" report has been added to ResearchAndMarkets.com's offering.

The latest study collated and published by the publisher analyzes the historical and present-day scenario of the global floating solar market to accurately gauge its potential development.

The study presents detailed information about the important growth factors, restraints, and key trends that are creating the landscape for the future growth of the floating solar market, to identify the opportunistic avenues of the business potential for stakeholders. The report also provides insightful information about how the floating solar market will progress during the forecast period of 2021 to 2031.

The report offers intricate dynamics about the different aspects of the floating solar market that aid companies operating in the market in making strategic development decisions. The publisher's study also elaborates on the significant changes that are highly anticipated to configure the growth of the floating solar market during the forecast period. It also includes a key indicator assessment to highlight the growth prospects of the floating solar market. The report estimates statistics related to the market progress in terms of volume (MW) and value (US$ Mn).

This study covers a detailed segmentation of the floating solar market, along with key information and a competitive outlook. The report mentions the company profiles of key players that are currently dominating the floating solar market, wherein various development, expansion, and winning strategies practiced and executed by leading players have been presented in detail.

Companies Mentioned

• Solarvest Holdings Berhad
• KYOCERA Corporation
• Konca Solar Cell Co., Ltd (Konca Solar)
• Sharp Energy Solutions Corporation (Sharp Corporation)
• JA SOLAR Technology Co., Ltd.
• Yingli Solar
• Ciel & Terre International
• GreenYellow (Thailand) Limited
• Cleantech Solar
• Solarvest Holdings Berhad
• NOVATON AG
• Pristine Sun Corp
• SUNGROW
• SUMITOMO MITSUI CONSTRUCTION CO., LTD.
• Xiamen Mibet New Energy Co., Ltd.
• SCG Chemicals Co.
• Aqua-Dock
• VARI PONTOON PVT LTD.
• Shree Ganga Polytech Pvt. Ltd.
• Xiamen Fasten Solar Technology Co., Ltd.
• Zhongshan Jinting Plastic Hardware Co., Ltd.

Key Questions Answered

The report provides detailed information about the global floating solar market on the basis of comprehensive research on various factors that are playing a key role in accelerating the market growth. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the market and are looking for innovative methods to create a unique benchmark in the global floating solar market so as to help them design successful strategies and make target-driven decisions.

• Which capacity segment would emerge as a revenue generator for the global floating solar market during the forecast period?
• How are key market players successfully earning revenues in the competitive global floating solar market?
• What would be the Y-o-Y growth trend of the global floating solar market between 2021 and 2031?
• What are the winning imperatives of leading players operating in the global floating solar market?
• Which type segment is expected to offer maximum potential in the global floating solar market during the forecast period?

Key Topics Covered:

1. Executive Summary

2. Market Overview

3. Market Dynamics

3.1. Drivers and Restraints Snapshot Analysis

3.1.1. Drivers

3.1.2. Restraints

3.1.3. Opportunities

3.2. Porter's Five Forces Analysis

3.2.1. Threat of Substitutes

3.2.2. Bargaining Power of Buyers

3.2.3. Bargaining Power of Suppliers

3.2.4. Threat of New Entrants

3.2.5. Degree of Competition

3.3. Regulatory Scenario

3.4. Value Chain Analysis

3.4.1. List of Technology Providers

4. COVID-19 Impact Analysis

5. Price Trend Analysis

6. Global Floating Solar Market Volume (MW) and Value (US$ Mn) Analysis, by Capacity

7. Global Floating Solar Market Analysis, by Type

8. Global Floating Solar Market Analysis, by Region, 2020-2031

9. North America Floating Solar Market Analysis, 2020-2031

10. Europe Floating Solar Market Analysis, 2020-2031

11. Asia Pacific Floating Solar Market Analysis, 2020-2031

12. Rest of World Floating Solar Market Analysis, 2020-2031

13. Competition Landscape

13.1. Global Floating Solar Market Share Analysis, by Company (2020)

13.2. Floating Solar Company Profiles

14. Primary Research - Key Insights

15. Appendix

16. Research Methodology and Assumptions

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

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Laura Wood, Senior Press Manager
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DURHAM, N.C.--(BUSINESS WIRE)--Wolfspeed, Inc. (NYSE: WOLF) (“Wolfspeed”) today announced that it intends to offer, subject to market conditions and other factors, $500 million aggregate principal amount of its Convertible Senior Notes due 2028 (the “Notes”) in a private offering (the “Offering”) to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). In addition, Wolfspeed expects to grant the initial purchasers of the Notes an option to purchase, for settlement within a 13-day period from, and including, the date on which the Notes are first issued, up to an additional $75 million aggregate principal amount of the Notes.

The Notes will be unsecured, senior obligations of Wolfspeed, and interest will be payable semi-annually in arrears. The Notes will be convertible into cash, shares of Wolfspeed’s common stock, or a combination thereof, at Wolfspeed’s election. The interest rate, initial conversion rate, repurchase or redemption rights and other terms of the Notes are to be determined upon pricing of the Offering by negotiations between Wolfspeed and the initial purchasers of the Notes.

Wolfspeed intends to use a portion of the net proceeds from the Offering to fund the cost of entering into the capped call transactions described below. Wolfspeed intends to use the remainder of the net proceeds from the Offering for general corporate purposes. If the initial purchasers exercise their option to purchase additional Notes, then Wolfspeed intends to use a portion of the additional net proceeds to fund the cost of entering into additional capped call transactions as described below.

In connection with the pricing of the Notes, Wolfspeed expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers of the Notes or their affiliates and/or other financial institutions (the “option counterparties”). The capped call transactions are expected to cover, subject to anti-dilution adjustments substantially similar to those applicable to the Notes, the number of shares of Wolfspeed’s common stock that will initially underlie the Notes. If the initial purchasers exercise their option to purchase additional Notes, Wolfspeed expects to enter into additional capped call transactions with the option counterparties.

The capped call transactions are expected generally to reduce the potential dilution to Wolfspeed’s common stock upon any conversion of the Notes and/or offset any potential cash payments Wolfspeed is required to make in excess of the principal amount of the converted Notes, as the case may be, upon conversion of the Notes. If, however, the market price per share of Wolfspeed’s common stock, as measured under the terms of the capped call transactions, exceeds the cap price of the capped call transactions, there would nevertheless be dilution and/or there would not be an offset of such potential cash payments, in each case, to the extent that such market price exceeds the cap price of the capped call transactions.

In connection with establishing their initial hedges of the capped call transactions, the option counterparties or their respective affiliates expect to enter into various derivative transactions with respect to Wolfspeed’s common stock and/or purchase shares of Wolfspeed’s common stock concurrently with or shortly after the pricing of the Notes. This activity could increase (or reduce the size of any decrease in) the market price of Wolfspeed’s common stock or the Notes at that time.

In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Wolfspeed’s common stock and/or purchasing or selling Wolfspeed’s common stock or other of Wolfspeed’s securities in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do so following any conversion of the Notes, any repurchase of the Notes by Wolfspeed on any fundamental change repurchase date, any redemption date or any other date on which the Notes are retired by Wolfspeed, but in the case of any repurchase by Wolfspeed not on a fundamental change repurchase date or a redemption date, they are likely to do so if Wolfspeed exercises its option to terminate the relevant portion of the capped call transactions). This activity could also cause or avoid an increase or decrease in the market price of Wolfspeed’s common stock or the Notes, which could affect the ability to convert the Notes and, to the extent the activity occurs during any observation period related to a conversion of Notes, it could affect the number of shares of Wolfspeed’s common stock and value of the consideration that holders of Notes will receive upon conversion of the Notes.

The Notes will be offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offer and sale of the Notes and the shares of Wolfspeed’s common stock potentially issuable upon conversion of the Notes, if any, have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction, and unless so registered, the Notes and such shares, if any, may not be offered or sold in the United States except pursuant to an applicable exemption from such registration requirements.

This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer or sale of, the Notes (or any shares of Wolfspeed’s common stock potentially issuable upon conversion of the Notes) in any state or jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction.

About Wolfspeed, Inc.

Wolfspeed leads the market in the worldwide adoption of Silicon Carbide and gallium nitride (GaN) technologies. We provide industry-leading solutions for efficient energy consumption and a sustainable future. Wolfspeed’s product families include Silicon Carbide and GaN materials, power-switching devices and RF devices targeted for various applications such as electric vehicles, fast charging, 5G, renewable energy and storage, and aerospace and defense. We unleash the power of possibilities through hard work, collaboration and a passion for innovation.

Forward Looking Statements:

This press release contains forward-looking statements involving risks and uncertainties, both known and unknown, that may cause actual results, performance or achievements to differ materially from those indicated in the forward-looking statements. Actual results could differ materially due to a number of factors, including (i) changes as a result of market conditions or for other reasons, (ii) the risk that the Offering will not be consummated and (iii) the impact of general economic, industry or political conditions in the United States or internationally. These forward-looking statements represent Wolfspeed’s judgment as of the date of this release. Many of the foregoing risks and uncertainties are, and will be, exacerbated by the COVID-19 pandemic and any worsening of the global business and economic environment as a result. Except as required under the U.S. federal securities laws and the rules and regulations of the Securities and Exchange Commission, Wolfspeed disclaims any obligation to update any forward-looking statements after the date of this release, whether as a result of new information, future events, developments, changes in assumptions or otherwise.

Wolfspeed® is a registered trademark of Wolfspeed, Inc.

Media Relations:
Joanne Latham
VP, Corporate Marketing
919-407-5750
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RYE BROOK, N.Y.--(BUSINESS WIRE)--#LetsSolveWater--Global water technology leader, Xylem (NYSE:XYL), today announced the appointment of Mark Morelli to the Company’s Board of Directors, effective February 3, 2022.

Mr. Morelli currently serves as President and CEO of Vontier Corporation, the $3B global industrial technology company focused on smarter mobility. He brings nearly two decades of experience leading industrial and technology corporations through transformative growth and innovation. Previously, he served as President and CEO of Columbus McKinnon, COO of Brooks Automation, CEO of alternative energy company Energy Conversion Devices, and as a President of United Technologies.

“It’s our pleasure to welcome Mark to the Board of Directors,” said Robert Friel, Chair of Xylem’s Board. “Mark’s deep leadership experience and global perspective, together with his extensive background in industrial technology and innovation, will be invaluable in guiding Xylem’s strategy to accelerate the digital transformation of water. We look forward to working together to grow the company and create value for our shareholders.”

Patrick Decker, Xylem’s President and CEO added, “Mark brings rich experience leading companies at the forefront of smart and sustainable solutions, shaping high-performance teams, and advancing diversity, equity and inclusion in the workplace. His insights will add value across our stakeholder base – enhancing our capability to serve our customers, helping to drive progress against our sustainability commitments and accelerating our company’s growth.”

Mark Morelli holds an MS from the Massachusetts Institute of Technology and a BS in Mechanical Engineering from the Georgia Institute of Technology. He lives in Raleigh, North Carolina with his family.

About Xylem

Xylem (XYL) is a leading global water technology company committed to solving critical water and infrastructure challenges with innovation. Our more than 16,000 diverse employees delivered revenue of $4.88 billion in 2020. We are creating a more sustainable world by enabling our customers to optimize water and resource management, and helping communities in more than 150 countries become water-secure. Join us at www.xylem.com.

Media
Houston Spencer
+1 (914) 240-3046
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DUBLIN--(BUSINESS WIRE)--The "Global and China's Wind Power Industry Research Report 2016-2030" report has been added to ResearchAndMarkets.com's offering.

The continued increase in newly installed wind power capacity in China has made China the largest region in the world in terms of cumulative installed wind power capacity, surpassing the EU. 2020 is a record year for the global wind power industry, with 93GW of new installations worldwide, up 53% YOY.

In 2020, China's newly added wind power capacity reached 52GW, double the amount of new wind power capacity installed in 2019. China has become one of the world's largest wind power markets, with record growth in installed wind power in 2020, and its onshore wind power was responsible for 56.3% of the total new installations worldwide.

In the emerging offshore wind sector in recent years, the total cumulative global offshore wind power installed in 2020 was 35 GW, with 6.1 GW of new installations, down slightly from 6.24 GW in 2019.

China achieved more than 3 GW of new grid-connected offshore wind power in 2020, becoming the world's largest offshore wind market for the third consecutive year. The European market maintained steady growth, with the Netherlands ranking second globally with nearly 1.5 GW of new installations and Belgium in third place (706 MW).

It is expected that with the existing wind power policy, 235 GW of new offshore wind power will be installed worldwide in the next decade, an increase equivalent to seven times the existing offshore wind power installation.

According to this analysis, China's wind power market is somewhat different from the global market. 20,401 new units were installed in China in 2020, with a capacity of 54.43 million kW, an increase of 105.1% YOY. Such a prosperous market, however, has barely developed relationships with overseas companies.

The world's highest-ranked company, Vestas, accounts for only 2.1% of installed capacity in China's wind turbine market, ranking 11th in terms of new installed capacity for China's wind turbine manufacturers in 2020.

Accordingly, overseas markets are not open to Chinese companies. In 2020, China exported a total of 1188 MW of wind turbine capacity, accounting for only 2-3% of the total global installed capacity outside of China. At the same time, China's wind power machine industry is highly concentrated.

The leading enterprises are more advanced in capital, technology accumulation, and industry chain integrity, with obvious advantages in the market competition, so they hold a stable leading position.

Xinjiang Goldwind Science & Technology Co., Ltd., Envision Energy and Ming Yang Smart Energy Group Limited, three wind turbine manufacturers, have been holding the top three positions in the industry since 2016. From 2016 to 2020, according to the size of the Chinese market, CR5 increased from 60% to 70%, CR10 from 84% to 90%.

In terms of cost, wind power costs are lower than PV costs. Globally, among offshore wind, onshore wind, and PV, onshore wind has the lowest LCOE of 0.25 RMB/KWh. According to the global LCOE data published by the International Renewable Energy Agency (IRENA), offshore wind, onshore wind, and PV had decreased by 48%, 56%, and 85% respectively, from 2010 to 2020. By 2020, the LCOE for offshore wind, onshore wind, and PV was about RMB 0.54/KWh, RMB 0.25/KWh, and RMB 0.37/KWh respectively.

Compared to the decline in PV, onshore wind power still has more room for improvement. China's average LCOE for onshore wind is among the highest in the world, at 0.24 RMB (about 3.7 cents)/KWh in 2020.

According to the plan of China's National Energy Administration, China's total installed wind PV capacity will reach more than 1.2 billion kW (about 1200 GW) by the end of 2030. It means that during 2022-2030, China will need to add at least about 300 million kW of wind power, with an average annual installed capacity of at least 30 GW. For wind power, with little policy change, the industry will continue to grow at least by 2030. And the global wind power industry is expected to continue to have strong growth momentum by 2050.

Key Topics Covered:

1 Wind Power Industry Overview

1.1 Definition and Classification

1.1.1 Definition

1.1.2 Classification

1.2 Global Wind Power Industry Overview

1.3 Impact of COVID-19 on Wind Power Industry

2 Wind Power Industry Development Environment 2016-2020

2.1 Economic Environment

2.1.1 Global Economy

2.1.2 China's Economy

2.2 Policy Environment

2.2.1 Policy Overview

2.2.2 Policy Trends

3 Current Situation of Wind Power Industry, 2016-2021

3.1 Supply

3.1.1 Global Production

3.1.2 China's Production

3.2 Demand

3.2.1 International Market

3.2.2 China's market

3.3 Analysis of Offshore Wind Power Industry

4 Wind Power Industry Chain, 2016-2022

4.1 Components of the Wind Power Industry Chain

4.1.1 Overview

4.1.2 Blade

4.1.3 Casting

4.1.4 Bearings

4.1.5 Gearboxes

4.2 Cost Analysis of wind power industry chain

4.2.1 Raw Material Costs

4.2.2 Power Generation Costs

5 Global and China's Wind Power Industry Key Regions, 2016-2021

5.1 China

5.1.1 East China

5.1.2 North China

5.1.3 Northeast China

5.1.4 Central China

5.1.5 Other regions

5.2 United States

5.3 Europe

5.4 Other Regions

6 Analysis of China's Wind Power Equipment Import and Export, 2018-2021

6.1 Wind Power Equipment Exports

6.1.1 Overview of wind power equipment exports

6.1.2 China's main export destinations of wind power equipment

6.2 Wind Power Equipment Imports

6.2.1 Overview of imports

6.2.2 Major Import Sources

7 Major Wind Power Equipment Manufacturers, 2020-2022

7.1 Wind Turbine Manufacturers

7.1.1 Xinjiang Goldwind Science & Technology Co., Ltd.

7.1.2 Envision Energy

7.1.3 Ming Yang Smart Energy Group Limited

7.1.4 Electric Wind Power

7.1.5 Zhejiang Windey Co

7.1.6 CRRC Wind Power (Shandong) Co., Ltd.

7.1.7 Dongfang Electric

7.1.8 Sany Renewable Energy Co.,Ltd

7.1.9 China State Shipbuilding Corporation

7.1.10 Guodian United Power Technology Company Limited

7.2 Wind Power Operators

7.2.1 China Guodian Corporation

7.2.2 China Datang Corporation

7.2.3 China Huaneng Group

7.2.4 China Best

7.2.5 CNOOC

7.2.6 Jingneng Group

7.2.7 Luneng Group

7.2.8 Concord New Energy

7.2.9 Hong Kong Energy (Holdings) Limited

7.2.10 Tianrun Group

8 Outlook on Global and China's Wind Power Industry, 2022-2030

8.1 Influencing Factors of Global and China's Wind Power Industry Development, 2022-2030

8.2 Forecast on China's Wind Power Industry Supply, 2022-2030

8.3 Forecast on Wind Power Demand, 2022-2030

8.4 Investment and Development Suggestions for China's Wind Power Industry, 2022-2030

For more information about this report visit https://www.researchandmarkets.com/r/ah3zf8

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Laura Wood, Senior Press Manager
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TULSA, Okla.--(BUSINESS WIRE)--Alliance Resource Partners, L.P. (NASDAQ: ARLP) today reported increased financial and operating results for the quarter and year ended December 31, 2021 (the "2021 Quarter" and "2021 Year", respectively) as compared to the quarter and year ended December 31, 2020 (the "2020 Quarter" and "2020 Year", respectively).

For the 2021 Quarter net income increased 48.0% to $51.8 million, or $0.40 per basic and diluted limited partner unit, compared to $35.0 million, or $0.27 per basic and diluted limited partner unit for the 2020 Quarter. Total revenues in the 2021 Quarter increased 29.2% to $473.5 million compared to $366.5 million in the 2020 Quarter as a result of higher coal sales volumes and prices, which rose 12.7% and 5.6%, respectively, as well as significantly higher oil & gas prices, which increased by 93.1%. Total operating expenses increased to $300.5 million in the 2021 Quarter, compared to $222.1 million in the 2020 Quarter, due to increased coal sales and production volumes, higher royalty and sales-related expenses as a result of increased coal price realizations, the impact of inflationary cost pressures and increased labor-related costs as certain mines worked overtime to meet customer demand. Increased operating expenses in the 2021 Quarter also reflect an $11.8 million buy-out of a coal contract that enabled us to make higher priced coal sales for delivery of tons through the first quarter of 2022 and $6.8 million of unfavorable year end non-cash actuarial and accrual adjustments. EBITDA also increased 7.3% in the 2021 Quarter to $130.2 million compared to $121.4 million in the 2020 Quarter. (Unless otherwise noted, all references in the text of this release to "net income (loss)" refer to "net income (loss) attributable to ARLP." For a definition of EBITDA and related reconciliation to its comparable GAAP financial measure, please see the end of this release.)

Results for the 2021 Year were also sharply higher as net income increased to $178.2 million, or $1.36 per basic and diluted limited partner unit, compared to a net loss of $129.2 million, or $(1.02) per basic and diluted limited partner unit for the 2020 Year. The increase in net income resulted from higher revenues, lower Segment Adjusted EBITDA expense per ton and lower depreciation in the 2021 Year and $157.0 million of non-cash impairment charges in the 2020 Year. Excluding the impact of impairment charges, net income for the 2021 Year of $178.2 million was an increase of $150.4 million compared to Adjusted net income of $27.8 million for the 2020 Year, while EBITDA increased 23.9% to $479.1 million in the 2021 Year compared to Adjusted EBITDA of $386.7 million for the 2020 Year. Coal sales volumes increased 14.4% and oil & gas prices rose by 88.2% in the 2021 Year to drive total revenues higher by 18.2% to $1.57 billion, compared to $1.33 billion for the 2020 Year. (For definitions of Adjusted net income, Adjusted EBITDA and Segment Adjusted EBITDA Expense and related reconciliations to comparable GAAP financial measures, please see the end of this release.)

As previously announced on January 28, 2022, the Board of Directors of ARLP’s general partner (the "Board") declared a cash distribution to unitholders of $0.25 per unit (an annualized rate of $1.00 per unit) for the 2021 Quarter, payable on February 14, 2022, to all unitholders of record as of the close of trading on February 7, 2022. The announced distribution represents a 25.0% increase over the cash distribution of $0.20 per unit for the quarter ended September 30, 2021 (the "Sequential Quarter").

"ARLP continued to benefit from favorable market conditions during the 2021 Quarter, posting significant increases over the 2020 Quarter to coal and oil & gas sales volumes, total revenues, net income and EBITDA," said Joseph W. Craft III, Chairman, President and Chief Executive Officer. "To meet our contractual commitments, our coal operations worked overtime to increase coal sales volumes by 606,000 tons and our marketing team’s efforts to capture the benefits of a rising market resulted in price realizations increasing by $2.54 per ton, both as compared to the Sequential Quarter. Favorable market conditions also allowed us to strengthen our contract book as we secured new agreements during the 2021 Quarter for the delivery of approximately 13.3 million tons through 2024. With these new contracts, ARLP enters 2022 with approximately 89% of its anticipated coal sales volumes priced and committed. Our royalties segments also delivered strong performance during the 2021 Quarter. Higher energy prices and increased royalty volumes resulted in our royalties businesses achieving a record EBITDA of $31.4 million."

Mr. Craft continued, "Higher natural gas and coal prices combined with a stronger export market were the primary factors that contributed to ARLP’s 2021 full year performance exceeding our initial expectations. During 2021, ARLP generated $302.2 million of free cash flow, reduced total debt and finance lease obligations by $161.5 million, improved total leverage to 0.93 times and increased liquidity by $105.4 million. Our Board elected to increase ARLP’s cash distribution to unitholders by 25.0%, consistent with the annualized distribution level set in April 2021 targeting approximately 30% of free cash flow before investments in growth opportunities."

ARLP's coal sales volumes increased in all regions compared to both the 2020 and Sequential Quarters. Higher export sales during the 2021 Quarter drove coal sales volumes higher by 15.3% and 7.2% in the Illinois Basin and Appalachian regions, respectively, compared to the 2020 Quarter. Compared to the Sequential Quarter, Illinois Basin coal sales volumes increased 10.1% in the 2021 Quarter primarily as a result of increased production at our River View, Warrior and Gibson South mines. Reflecting the spike in coal prices we secured in 2021, coal sales price per ton sold increased by 6.0% in both the Illinois Basin and Appalachian regions compared to the 2020 Quarter. Coal sales prices in the Illinois Basin increased by 10.0% compared to the Sequential Quarter due to improved price realizations at our Gibson South, Hamilton and River View operations. Total coal inventory fell to 0.6 million tons at the end of the 2021 Quarter, a decrease of 0.4 million tons compared to the end of the Sequential Quarter and comparable to the end of the 2020 Quarter.

Total Segment Adjusted EBITDA Expense per ton increased by 19.9% and 17.0% compared to the 2020 and Sequential Quarters, respectively. Both regions were impacted by inflationary pressures on numerous expense items, advance purchases of consumables to ensure adequate supply and mitigate the potential of future cost increases, lower recoveries at certain mining operations and higher labor-related expenses as discussed above. Segment Adjusted EBITDA expense per ton in the Illinois Basin also reflects the previously discussed contract buy-out expense and unfavorable non-cash actuarial and accrual adjustments recognized in the 2021 Quarter, which increased costs in the region by approximately $2.92 per ton sold. In Appalachia, Segment Adjusted EBITDA Expense per ton was also impacted by increased longwall subsidence expenses.

For our Oil & Gas Royalties segment, significantly higher sales price realizations per BOE and increased volumes in the 2021 Quarter drove Segment Adjusted EBITDA higher by 118.5% to $22.4 million compared to $10.2 million for the 2020 Quarter. Compared to the Sequential Quarter, Segment Adjusted EBITDA increased by $3.3 million in the 2021 Quarter due to higher volumes, which increased 10.6%, and continued strengthening of oil & gas prices, which rose by 6.5%.

Segment Adjusted EBITDA for our Coal Royalties segment increased to $9.9 million for the 2021 Quarter compared to $7.0 million and $9.2 million for the 2020 and Sequential Quarters, respectively, as a result of increased royalty tons sold and higher average royalty rates per ton.

Outlook

"The favorable market conditions that developed for oil, natural gas and coal during the second half of last year remain intact as we enter 2022," said Mr. Craft. "Through the end of 2021, coal-fired generation in our primary U.S. markets increased 20.9% year-over-year as total power demand increased 4.4% and high natural gas prices buoyed coal demand. Eastern coal generation would have been even stronger but for the industry-wide shortage of coal supply causing many utilities to lean on higher cost gas-fired generation in an effort to preserve coal stockpiles, which remain at critically low levels. Demand and pricing for U.S. coal in the export market continues to be attractive supported by increased power demand, high natural gas and LNG prices and a lack of global supply response along with supply disruptions. As reflected in our initial 2022 guidance below, we are optimistic ARLP will benefit from these market opportunities."

Mr. Craft continued, "Expectations for our royalty businesses also remain promising. The positive outlook for coal that I just discussed gives us confidence that steady growth from our coal royalties segment will continue during 2022. Similarly, the future looks bright for our oil & gas royalties segment. Oil, gas and natural gas liquids price realizations have increased significantly and the forward price curves remain strong. E&P operators are expected to continue to increase the pace of drilling and completion activity. We are now anticipating production from our acreage will continue to increase during 2022. During 2021, our oil & gas and coal royalties net income and EBITDA reached record levels and, as reflected in our initial guidance below, we anticipate that our royalty segments’ results will continue to increase in the future."

ARLP is providing its initial full-year 2022 guidance for the following selected items:

A conference call regarding ARLP's 2021 Quarter and Year financial results and 2022 outlook is scheduled for today at 10:00 a.m. Eastern. To participate in the conference call, dial (877) 407-0784 and request to be connected to the Alliance Resource Partners, L.P. earnings conference call. International callers should dial (201) 689-8560 and request to be connected to the same call. Investors may also listen to the call via the "investor information" section of ARLP’s website at http://www.arlp.com.

An audio replay of the conference call will be available for approximately one week. To access the audio replay, dial U.S. Toll Free (844) 512-2921; International Toll (412) 317-6671 and request to be connected to replay using access code 13726195.

About Alliance Resource Partners, L.P.

ARLP is a diversified natural resource company that generates operating and royalty income from coal produced by its mining complexes and royalty income from mineral interests it owns in strategic oil & gas producing regions in the United States, primarily the Permian, Anadarko and Williston basins.

ARLP currently produces coal from seven mining complexes its subsidiaries operate in Illinois, Indiana, Kentucky, Maryland and West Virginia. ARLP also operates a coal loading terminal on the Ohio River at Mount Vernon, Indiana. ARLP markets its coal production to major domestic and international utilities and industrial users and is currently the second largest coal producer in the eastern United States.

In addition, ARLP also generates income from a variety of other sources.

News, unit prices and additional information about ARLP, including filings with the Securities and Exchange Commission ("SEC"), are available at http://www.arlp.com. For more information, contact the investor relations department of ARLP at (918) 295-7674 or via e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..

The statements and projections used throughout this release are based on current expectations. These statements and projections are forward-looking, and actual results may differ materially. These projections do not include the potential impact of any mergers, acquisitions or other business combinations that may occur after the date of this release. We have included more information below regarding business risks that could affect our results.

FORWARD-LOOKING STATEMENTS: With the exception of historical matters, any matters discussed in this press release are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from projected results. Those forward-looking statements include expectations with respect to coal and oil & gas consumption and expected future prices, optimizing cash flows, reducing operating and capital expenditures, preserving liquidity and maintaining financial flexibility, among others. These risks to our ability to achieve these outcomes include, but are not limited to, the following: the severity, magnitude and duration of the COVID-19 pandemic, including impacts of the pandemic and of businesses' and governments' responses to the pandemic on our operations and personnel, and on demand for coal, oil and natural gas, the financial condition of our customers and suppliers, available liquidity and capital sources and broader economic disruptions; changes in macroeconomic and market conditions and market volatility arising from the COVID-19 pandemic or otherwise, including inflation, changes in coal, oil, natural gas and natural gas liquids prices, and the impact of such changes and volatility on our financial position; decline in the coal industry's share of electricity generation, including as a result of environmental concerns related to coal mining and combustion and the cost and perceived benefits of other sources of electricity and fuels, such as oil & gas, nuclear energy, and renewable fuels; changes in global economic and geo-political conditions or in industries in which our customers operate; changes in coal prices and/or oil & gas prices, demand and availability which could affect our operating results and cash flows; actions of the major oil producing countries with respect to oil production volumes and prices could have direct and indirect impacts over the near and long term on oil & gas exploration and production operations at the properties in which we hold mineral interests; the effectiveness or lack of effectiveness in distributed vaccines to reduce the impact of COVID-19; changes in competition in domestic and international coal markets and our ability to respond to such changes; potential shut-ins of production by operators of the properties in which we hold mineral interests due to low oil, natural gas and natural gas liquid prices or the lack of downstream demand or storage capacity; risks associated with the expansion of our operations and properties; our ability to identify and complete acquisitions; dependence on significant customer contracts, including renewing existing contracts upon expiration; adjustments made in price, volume, or terms to existing coal supply agreements; the effects of and changes in trade, monetary and fiscal policies and laws, including the interest rate policies of the Federal Reserve Board; the effects of and changes in taxes or tariffs and other trade measures adopted by the United States and foreign governments; legislation, regulations, and court decisions and interpretations thereof, both domestic and foreign, including those relating to the environment and the release of greenhouse gases, mining, miner health and safety, hydraulic fracturing, and health care; deregulation of the electric utility industry or the effects of any adverse change in the coal industry, electric utility industry, or general economic conditions; investors' and other stakeholders' increasing attention to environmental, social and governance matters; liquidity constraints, including those resulting from any future unavailability of financing; customer bankruptcies, cancellations or breaches to existing contracts, or other failures to perform; customer delays, failure to take coal under contracts or defaults in making payments; our productivity levels and margins earned on our coal sales; disruptions to oil & gas exploration and production operations at the properties in which we hold mineral interests; changes in raw material costs; changes in the availability of skilled labor; our ability to maintain satisfactory relations with our employees; increases in labor costs including costs of health insurance and taxes resulting from the Affordable Care Act, adverse changes in work rules, or cash payments or projections associated with workers' compensation claims; increases in transportation costs and risk of transportation delays or interruptions; operational interruptions due to geologic, permitting, labor, weather-related or other factors; risks associated with major mine-related accidents, mine fires, mine floods or other interruptions; results of litigation, including claims not yet asserted; foreign currency fluctuations that could adversely affect the competitiveness of our coal abroad; difficulty maintaining our surety bonds for mine reclamation as well as workers' compensation and black lung benefits; difficulty in making accurate assumptions and projections regarding post-mine reclamation as well as pension, black lung benefits, and other post-retirement benefit liabilities; uncertainties in estimating and replacing our coal reserves; uncertainties in estimating and replacing our oil & gas reserves; uncertainties in the amount of oil & gas production due to the level of drilling and completion activity by the operators of our oil & gas properties; the impact of current and potential changes to federal or state tax rules and regulations, including a loss or reduction of benefits from certain tax deductions and credits; difficulty obtaining commercial property insurance, and risks associated with our participation in the commercial insurance property program; evolving cybersecurity risks, such as those involving unauthorized access, denial-of-service attacks, malicious software, data privacy breaches by employees, insiders or others with authorized access, cyber or phishing-attacks, ransomware, malware, social engineering, physical breaches or other actions; and difficulty in making accurate assumptions and projections regarding future revenues and costs associated with equity investments in companies we do not control.

Brian L. Cantrell
Alliance Resource Partners, L.P.
(918) 295-7673

In Colombia:
2021 Certified 2P Reserves of 136 Million BOE
With Net Present Value (After Tax) of $2.0 Billion
117% Reserve Replacement of Proven Developed Reserves

BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator, today announced its independent oil and gas reserves assessment, certified by DeGolyer and MacNaughton (D&M), under PRMS methodology, as of December 31, 2021.

All reserves included in this release refer to GeoPark working interest reserves before royalties paid in kind, except when specified. All figures are expressed in US Dollars. Definitions of terms are provided in the Glossary on page 12.

2021 Year-End D&M Certified Oil and Gas Reserves and Highlights:

Building on GeoPark’s core base in the Llanos 34 (GeoPark operated, 45% WI) and CPO-5 (GeoPark non-operated, 30% WI) blocks, the Company reports:

Colombia Reserves

• PD Reserves: Proven developed (PD) reserves in Colombia of 49.9 mmboe, with a PD reserve life index (RLI) of 4.4 years
• 1P Reserves: Proven (1P) reserves in Colombia of 82.2 mmboe, with a 1P RLI of 7.2 years. Net present value after tax discounted at 10% (NPV10 after tax) of 1P reserves of $1.3 billion
• 2P Reserves: Proven and probable (2P) reserves in Colombia of 135.8 mmboe, with a 2P RLI of 11.9 years. NPV10 after tax of 2P reserves of $2.0 billion
• 3P Reserves: Proven, probable and possible (3P) reserves in Colombia of 211.0 mmboe, with a 3P RLI of 18.5 years. NPV10 after tax of 3P reserves of $2.9 billion
• Development Capital: Future development capital to develop 1P, 2P and 3P reserves in Colombia of $1.9 per barrel, $1.7 per barrel and $1.6 per barrel, respectively
• Llanos 34 Block: Low risk development and new field extensions with reserve upside potential to be tested in 2022
  • Net PD reserve additions of 12.0 mmbbl (a 131% PD reserve replacement)
  • Net 2P reserve additions of 7.3 mmbbl (a 78% 2P reserve replacement)
  • Net 3P reserve additions of 9.5 mmbbl (a 100% 3P reserve replacement)
  • 1P RLI of 7.9 years, 2P RLI of 11.5 years and 3P RLI of 16.0 years
  • Average gross production in 2021 was 55,971 bopd with an exit rate above 60,000 bopd
• CPO-5 Block¹: Continued strong reservoir performance in the Indico oil field
  • Net 1P reserves of 5.1 mmbbl, Net 2P reserves of 20.0 mmbbl and Net 3P reserves of 48.8 mmbbl (1P RLI of 3.6 years, 2P RLI of 14.7 years and 3P RLI of 36.1 years)
  • The 2021 drilling campaign initiated in December 2021 with the spud of the Indico 4 development well
  • The operator, ONGC Videsh, is accelerating drilling activities in 2022 targeting to drill 7-8 gross wells (1-2 development wells and 6-7 exploration wells) with two contracted drilling rigs

Consolidated Reserves²

• PD Reserves: PD reserves of 58.1 mmboe, with a PD RLI of 4.2 years
• 1P Reserves: 1P reserves of 91.6 mmboe, with a 1P RLI of 6.7 years. NPV10 after tax of 1P reserves of $1.4 billion
• 2P Reserves: 2P reserves of 159.2 mmboe, with a 2P RLI of 11.6 years. NPV10 after tax of 2P reserves of $2.3 billion
• 3P Reserves: 3P reserves of 248.3 mmboe, with a 2P RLI of 18.1 years. NPV10 after tax of 3P reserves of $3.4 billion
• Future Development Capital: Future development capital to develop 1P, 2P and 3P reserves of $2.0 per barrel, $2.3 per barrel and $2.2 per barrel, respectively
• Portfolio Management: Divestment of non-core Aguada Baguales, El Porvenir and Puesto Touquet (GeoPark operated, 100% WI) blocks in Argentina and of the Manati gas field (GeoPark non-operated, 10% WI) in Brazil are currently underway, representing 100% of GeoPark’s reserves in Argentina and Brazil
  • Excluding reserves from Argentina and Brazil, GeoPark’s consolidated reserves would amount to 53.7 mmboe, 86.6 mmboe, 153.1 mmboe and 241.4 mmboe of PD, 1P, 2P and 3P reserves, respectively

Net Present Value and Value Per Share

• GeoPark’s 2P NPV10 after tax of $2.3 billion
• GeoPark’s net debt-adjusted 2P NPV10 after tax of $28.9 per share ($24.0 per share corresponding to Colombia)

____________

2022 Work Program: Superior Free Cash Flow³ Plus Multiple Catalysts to Grow Production and Test High Potential Prospects

Self-funded 2022 capital expenditures program of $160-180 million to drill 40-48 gross wells, including an extensive exploration drilling program of 15-20 gross wells that targets high-potential, short-cycle and near-field projects adjacent to the Llanos 34 block plus other exploration targets in Colombia and Ecuador

• At $65-70/bbl Brent the program would generate $90-140 million free cash flow, or 11-18% free cash flow yields
• At $75-80/bbl Brent the program would generate $170-210 million free cash flow, or 21-26% free cash flow yields
• At $80-85/bbl Brent the program would generate $210-250 million free cash flow, or 26-32% free cash flow yields
• GeoPark intends to use free cash flow for continued deleveraging, incremental shareholder returns through cash dividends and share buybacks, and other corporate purposes, subject to prevailing oil price conditions in 2022

Recent Events (Not included in the 2021 Year-End D&M Certification)

• Perico Block (GeoPark non-operated, 50% WI): In January 2022, GeoPark announced its first discovery in Ecuador after drilling and testing the Jandaya 1 exploration well. Initial production tests had a rate of 750 bopd of 28 degrees API and 0.8 mmcfpd, for a combined 890 boepd. Production is already tied-in and being delivered. The second exploration well, Tui 1, has spudded and is expected to reach TD in late February 2022
• CPO-5 Block: The Indico 4 development well was spudded in December 2021 and tested in January 2022. Initial tests showed a production rate of 3,840 bopd (on a restricted 32/64 inch choke) of light oil (35 degrees API) with an estimated payback of approximately 2 months⁴. Oil production is already tied-in and being delivered. Rig down activities are currently underway and the operator is expecting to spud the Indico 5 development well in February 2022

James F. Park, Chief Executive Officer of GeoPark, said: “Thanks and congratulations to our team for these strong 2021 results – in a year with little exploration investment. Once again, we were able to continue developing and adding reserves in our core and big cash-generating Llanos 34 block where we replaced 131% of Proven Developed, 79% of 2P and 100% of 3P reserves. Our large profitable reserve base in Colombia provides us with a steady growth fairway and large inventory of low-risk, low-cost development drilling projects to continue generating and growing production and cash flow. On top of this secure foundation, we have just kicked off our 2022 work program with an extensive drilling campaign of 40-48 wells, including 15-20 low-cost exploration wells on our high-impact proven acreage that can quickly be converted to production and cash flow, as demonstrated by our recent discovery in Ecuador and the new development well in the CPO-5 block.”

____________

2020 Year-End to 2021 Year-End D&M Certified Reserves Evolution

Net Present Value per Share by Country

The table below presents GeoPark’s 2P NPV per share, by country, as of December 31, 2021.

The table below illustrates the details of the net debt adjusted 2P NPV10 after tax per share:

____________

Future Development Capital – D&M Report (Undiscounted)

The tables below present D&M’s best estimate of future development capital (undiscounted) and the unit value per boe by category of certified reserves as of December 31, 2021:

2021 Year-End Reserves Summary

Following oil and gas production of 13.7 mmboe in 2021, D&M certified 2P reserves of 159.2 mmboe (90% oil and 10% gas) as of December 31, 2021. By country, the 2P reserves were 85% in Colombia, 11% in Chile, 2% in Brazil and 2% in Argentina.

Reserves Summary by Country and Category

____________

Analysis by Country

Colombia

Llanos 34 block

The Llanos 34 block represented 89%, 78% and 70% of GeoPark 1P, 2P and 3P D&M certified reserves in Colombia, respectively.

GeoPark’s drilling plan in 2021 in its core Llanos 34 block was mainly focused on low risk development projects that resulted in net PD reserve additions with a reserve replacement of 131%, and to a lesser extent on successful field extensions that added 2P and 3P reserves and opened new development and appraisal drilling opportunities to be tested in 2022.

GeoPark’s 2P D&M certified reserves in the Llanos 34 block in Colombia totaled 105.8 mmbbl in 2021 compared to 107.7 mmbbl in 2020, resulting from 9.2 mmbbl production that was partially offset by 7.3 mmbbl of reserve additions due to field extensions in the Tigui area, with a reserve replacement of 79%.

As of December 31, 2021, the Llanos 34 block included approximately 68⁸ future development drilling locations (2P, gross).

The 1P RLI was 7.9 years, while the 2P RLI was 11.5 years.

Gross original oil in place in the Llanos 34 is estimated to be 0.8-1 billion barrels⁹. Cumulative production since 2012 to 2021 totaled 139 mmbbl gross, representing a recovery of 15% of the original oil in place, whereas the 2P reserves consider an ultimate recovery factor of approximately 40%.

CPO-5 block

The CPO-5 block is located to the southwest and is adjacent to and on trend with the Llanos 34 block. The block has 400-900 mmbbl gross recoverable exploration resources¹⁰, or 120-270 mmbbl net to GeoPark. During 2021, the operator, ONGC, acquired 250 sq km of 3D seismic in the central part of the block that is currently being interpreted and analyzed and which could add incremental exploration resources.

The CPO-5 block represented 6%, 15% and 23%, of GeoPark 1P, 2P and 3P D&M certified reserves in Colombia, respectively.

GeoPark’s 2P D&M certified reserves in CPO-5 totaled 20.0 mmbbl in 2021 compared to 21.2 mmbbl in 2020, reflecting 1.4 mmbbl production, partially offset by positive technical revisions due to strong reservoir performance in the Indico oil field in 2021.

The 1P RLI was 3.8 years, while the 2P RLI was 14.7 years.

The operator suffered delays in the execution of the 2021 drilling campaign in the CPO-5 block which started in mid-December 2021 with the spudding of the Indico 4 development well. The campaign originally included drilling of 5-6 gross wells, including development and exploration projects that were deferred to 2022.

The Indico 4 development well was spudded in December 2021 and initiated production tests in January 2022. The operator drilled and completed Indico 4 well to a total depth of 10,495 feet. Initial production tests show a production rate of 3,840 bopd of 35 degrees API, with a 0.25% water cut. Additional production history is required to determine stabilized flow rates of the well. Rig down activities are currently underway and the operator expects to spud the Indico 5 development well in February 2022.

____________

The 2022 drilling campaign includes the drilling of 7-8 gross wells, including 1-2 development wells and 6-7 exploration wells. The exploration program targets high potential nearfield projects adjacent to and on trend with the Llanos 34 block. The drilling campaign is being executed with two drilling rigs, with one rig currently active in the block and the second to join in 1H2022.

Total Colombia (including reserves in the Llanos 34, CPO-5, Platanillo and Llanos 32 blocks)

GeoPark’s 2P D&M certified reserves in Colombia totaled 135.8 mmbbl in 2021 compared to 141.0 mmbbl in 2020, resulting from 11.4 mmboe production and negative technical revisions of 1.7 mmboe in the Llanos 32 block, partially offset by reserve additions in the Llanos 34 block and to a lesser extent, positive technical revisions in the CPO-5 and Platanillo blocks due to strong reservoir performance.

As of December 31, 2021, GeoPark blocks in Colombia included approximately 88¹¹ future development drilling locations (2P, gross).

The 1P RLI was 7.2 years, while the 2P RLI was 11.9 years.

Chile

GeoPark’s 2P D&M certified reserves in Chile totaled 17.3 mmboe in 2021 compared to 25.5 mmboe in 2020, with lower reserves resulting from negative revisions due to delayed development plans in smaller fields and oil and gas production of 0.9 mmboe.

The 1P RLI was 5.1 years and the 2P RLI was 19.8 years.

The Fell block represented 100% of GeoPark 2P D&M certified reserves in Chile.

The 2P D&M reserves in Chile were 30% oil and 70% gas.

The 2022 drilling campaign includes drilling of two gas wells in the Jauke/Dicky geological structure, targeting to spud the first well in March 2022.

Brazil

GeoPark’s 2P D&M certified reserves in Brazil totaled 2.5 mmboe compared to 2.6 mmboe in 2020, reflecting production of 0.7 mmboe during 2021 that was partially offset by positive technical revisions of 0.6 mmboe resulting from strong reservoir performance in the Manati gas field.

The 1P RLI was 3.5 years and the 2P RLI was 3.7 years.

The Manati field represented 100% of GeoPark Brazil 2P D&M certified reserves.

The 2P D&M reserves in Brazil were 2% oil and condensate, and 98% gas.

Manati Gas Field Divestment Process Update

In November 2020 GeoPark signed an agreement to sell its 10% non-operated WI in the Manati gas field to Gas Bridge S.A. for a total consideration of R$144.4 million (approximately $26 million at an exchange rate of R$5.5 per dollar), including a fixed payment of R$124.4 million plus an earn-out of R$20.0 million, subject to obtaining certain regulatory approvals.

The transaction is subject to several conditions that should be met before March 31, 2022 and that have not been met as of the date of this release.

____________

Argentina

GeoPark’s 2P D&M certified reserves in Argentina decreased to 3.5 mmboe in 2021 compared to 5.5 mmboe in 2020, resulting from delayed development plans, technical revisions and oil and gas production of 0.8 mmboe in 2021.

The 1P RLI was 3.4 years, while the 2P RLI was 4.6 years.

The Aguada Baguales, El Porvenir and Puesto Touquet blocks represented 100% of GeoPark Argentina 2P D&M certified reserves.

The 2P D&M reserves in Argentina were 63% oil and 37% gas.

Argentina Divestment Process Update

In November 2021, GeoPark accepted an offer to divest its non-core Aguada Baguales, El Porvenir and Puesto Touquet blocks for a total consideration of $16 million. The process is currently underway with closing expected in late January or early February 2022.

Net Present Value After Tax Summary

The table below details D&M certified NPV10 after tax as of December 31, 2021 as compared to 2020:

____________

Oil Price Forecast

The price assumptions used to estimate the feasibility of PRMS reserves and NPV10 after tax in 2021 and 2020 D&M reports are detailed in the table below:

2022 Free Cash Flow Calculation and Sensitivities to Different Brent Oil Prices

The table below provides sensitivities to different Brent oil prices using the 2022 base work program:

Adjusted EBITDA is defined as profit for the period (determined as if IFRS 16 Leases has not been adopted), before net finance cost, income tax, depreciation, amortization, certain non-cash items such as impairments and write-offs of unsuccessful exploration efforts, accrual of share-based payment, unrealized result on commodity risk management contracts, geological and geophysical expenses allocated to capitalized projects, and other non-recurring events. Operating Netback is equivalent to Adjusted EBITDA before cash expenses included in Administrative, Geological and Geophysical and Other operating expenses.

Free cash flow is used here as Adjusted EBITDA less income tax paid included in cash flows from operating activities, less capital expenditures included in cash flows used in investing activities, less mandatory interest payments included in cash flows used in financing activities.

Free cash flow yield is calculated as free cash flow divided by GeoPark’s average market capitalization from January 3 to January 29, 2022.

____________

OTHER NEWS / RECENT EVENTS

Reporting Date for 4Q2021 Results Release, Conference Call and Webcast

GeoPark will report its 4Q2021 and Annual 2021 financial results on Wednesday, March 9, 2022 after the market close.

In conjunction with the 4Q2021 results press release, GeoPark management will host a conference call on March 10, 2022 at 10:00 am (Eastern Standard Time) to discuss the 4Q2021 financial results.

To listen to the call, participants can access the webcast located in the Investor Support section of the Company’s website at www.geo-park.com, or by clicking below:

https://event.on24.com/wcc/r/3575585/D8C22C704081598319ACA0C7BF36387F

Interested parties may participate in the conference call by dialing the numbers provided below:

United States Participants: 844-200-6205
International Participants: +1 929-526-1599
Passcode: 376830

Please allow extra time prior to the call to visit the website and download any streaming media software that might be required to listen to the webcast.

An archive of the webcast replay will be made available in the Investor Support section of the Company’s website at www.geo-park.com after the conclusion of the live call.

GLOSSARY

NOTICE

Additional information about GeoPark can be found in the “Investor Support” section of the website at www.geo-park.com

The reserve estimates provided in this release are estimates only, and there is no guarantee that the estimated reserves will be recovered.

INVESTORS:
Stacy Steimel
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Shareholder Value Director
T: +562 2242 9600

Miguel Bello
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Market Access Director
T: +562 2242 9600

Diego Gully
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Investor Relations Director
T: +5411 4312 9400

MEDIA:
Communications Department
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PORTLAND, Ore.--(BUSINESS WIRE)--Avangrid Renewables, LLC, a subsidiary of AVANGRID, Inc. (NYSE: AGR), announced today the appointment of Ken Kimmell as Vice President of Development for Offshore Wind. He will assume the role immediately and will lead the company’s offshore wind development team focusing on permitting, stakeholder relations and project development.

“I’m thrilled to welcome Ken to our offshore leadership team,” said Bill White, president and CEO of Avangrid Renewables - Offshore. “As a one of the country’s top-tier offshore wind developers, Avangrid Renewables is attracting passionate leaders like Ken who will continue to drive our company’s strategy and vision. Ken’s leadership ability, environmental expertise, credibility with diverse stakeholders and record of accomplishment in advancing the clean energy transition in New England and nationally makes him ideal to lead the development of our expanding offshore wind portfolio.”

Kimmell brings with him extensive experience in the private, government and NGO sectors and has spent the majority of his 30-year career dedicated to energy and environmental issues. He joins the Avangrid Renewables’ team from the Union of Concerned Scientists where he served as president, championing federal and state policies to promote clean energy. Prior, Kimmell was Commissioner of the Massachusetts Department of Environmental Protection.

“I could not be more excited to join Avangrid Renewables at this pivotal moment,” said Kimmell. “Addressing climate change has been the work of my life, and offshore wind is one of the most promising options to transition to clean energy rapidly and at a large scale. I am thrilled to join a very successful team and help ensure that its offshore wind projects garner broad public support, receive all necessary permits, and provide environmental and economic benefits to communities along the east coast and beyond.”

Kimmell holds a Doctor of Law from UCLA School of Law and a Bachelor of Arts in social science, economics and political science from Wesleyan University. He will report to White.

About Avangrid Renewables: Avangrid Renewables, LLC is a subsidiary of AVANGRID, Inc. and part of the IBERDROLA Group. It is a leading renewable energy company in the United States, owning and operating a portfolio of renewable energy generation facilities. IBERDROLA, S.A., is an energy pioneer with the largest renewable asset base of any company in the world. Avangrid Renewables is headquartered in Portland, Oregon. For more information, visit www.avangridrenewables.com.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $39 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by JUST Capital in 2021 and 2022 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.

Sarah Warren
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585-794-9253

Project is central to Aker BP’s data-led digital transformation based on Cognite Data Fusion

OSLO, Norway--(BUSINESS WIRE)--Accenture (NYSE: ACN) is helping Aker BP, one of Europe’s largest independent oil companies, become a data-driven enterprise by building a cloud-based foundation and data factory to improve its operations.

Aker BP launched the project to accelerate its goal of digitalizing the full lifecycle of its operations to cut costs, improve productivity, and lower its carbon footprint.

Many oil and gas companies have only been able to use a fraction of the data they generate and own, with information locked in functional areas with differing legacy applications, rendering it unusable across their organizations. A modern data foundation can help overcome common barriers to value, which may include data accessibility and trustworthiness.

Based on its technology, innovation and upstream oil and gas data management experience, Accenture was selected by Aker BP to develop a data factory solution in collaboration with Cognite and Aker BP. Cognite, an industrial software company, has applied its Cognite Data Fusion software at Aker BP to more rapidly implement the transformation by freeing and contextualizing data across IT and operational technology siloes.

“This project is key to our vision of being the leading offshore oil and gas exploration and production company,” said Per Harald Kongelf, SVP Improvements of Aker BP. “We look forward to working closely with Accenture and Cognite, as we create a culture of innovation and experimentation to build the data foundation with a high degree of automation. All three companies share a similar approach of driving value though digital technologies, which will greatly benefit this project.”

Managed like a factory, the data foundation will be focused on delivering business results at scale, with automation and innovation, predictable delivery schedules and quality controls. New ways of working will be enabled by this model, including agile and DataOps.

“By applying automation, innovation and technology, the project team can deliver more reliable data to help improve the company’s operations,” said Sven Erik Skjæveland, managing director and Nordic Energy lead for Accenture. “Aker BP will be better positioned to take advantage of cloud-native services and more efficient workflows that promote greater efficiency and collaboration.”

Other goals include exploring the Open Group OSDU™ Forum’s data standards and formats for wells and seismic data.

About Accenture

Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 674,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at accenture.com.

Accenture helps oil and gas companies develop innovation-led capabilities to drive end-to-end transformation and make energy more available, affordable and sustainable. To learn more, visit Accenture’s Oil and Gas industry portal.

About Aker BP

Aker BP is an independent E&P company with exploration, development and production activities on the Norwegian Continental Shelf. Aker BP is the operator of Alvheim, Ivar Aasen, Skarv, Valhall, Hod, Ula and Tambar. The company is also a partner in the Johan Sverdrup field. Aker BP is headquartered at Fornebu, Norway, and is listed on the Oslo Stock Exchange under the ticker ‘AKRBP’. More about Aker BP at www.akerbp.com

About Cognite

Cognite is a global industrial SaaS company that was established with one clear vision: To rapidly empower industrial companies with contextualized, trustworthy, and accessible data to help drive the full-scale digital transformation of asset-heavy industries around the world. Our core Industrial DataOps platform, Cognite Data Fusion™, enables industrial data and domain users to collaborate quickly and safely to develop, operationalize, and scale industrial AI solutions and applications to deliver both profitability and sustainability.

Visit us at www.cognite.com and follow us on Twitter and LinkedIn.

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This content is provided for general information purposes and is not intended to be used in place of consultation with our professional advisors. This document refers to marks owned by third parties. All such third-party marks are the property of their respective owners. No sponsorship, endorsement or approval of this content by the owners of such marks is intended, expressed or implied.

Guy Cantwell
Accenture
+ 1 281 900 9089
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Migdal Insurance, Israel’s leading insurance company, has committed to invest up to $75 million into Phase II of Doral LLC’s Mammoth Solar project (known as Mammoth South) in Northwest Indiana, as part of its ESG Policy. The new investment will expand Migdal’s investment in the entire Mammoth Solar project to up to $175 million.

PHILADELPHIA--(BUSINESS WIRE)--Headline of release should read: Migdal Insurance Commits to Invest in Doral Renewables’ Mammoth South Project (instead of Migdal Insurance to Increase Its Investment in Doral Renewables LLC). Please replace the release with the following corrected version due to multiple revisions.

The updated release reads:

MIGDAL INSURANCE COMMITS TO INVEST IN DORAL RENEWABLES’ MAMMOTH SOUTH PROJECT

Migdal Insurance, Israel’s leading insurance company, has committed to invest up to $75 million into Phase II of Doral LLC’s Mammoth Solar project (known as Mammoth South) in Northwest Indiana, as part of its ESG Policy. The new investment will expand Migdal’s investment in the entire Mammoth Solar project to up to $175 million.

Migdal Insurance, Israel’s largest insurance company, with assets under management of $90 billion, has expanded its strategic partnership with Doral Renewables LLC (dba Doral LLC) by committing to an investment of up to $75 million in the second phase of the company’s Mammoth Solar project (which phase is known as the 300 MW Mammoth South project) in Northwest Indiana. Migdal has committed to contribute up to $75 million of the project’s capital cost in exchange for a 22.5% ownership stake in the project. The new agreement will result in Migdal increasing its direct investment in the Mammoth Solar project, one of the largest solar projects in the country, to up to $175 million. The Mammoth Solar project is one of the country’s largest solar farms with over 13,000 acres across Starke and Pulaski Counties in Northwest Indiana. The project is expected to generate 1.3GWac of clean energy, enough to meet the needs of over 230,000 households in the Midwest annually. The project is further projected to encompass an economic investment of approximately $1.5 billion. In October 2021, the company held a ribbon cutting ceremony, featuring the Governor of Indiana, the Honorable Mr. Eric Holcomb and the Israeli Ambassador to the US, Mr. Gilad Erdan.

“Midgal’s investment supports our achievement of becoming a market leader with the best people and a rapidly expanding project portfolio with over $6 billion in construction value. Mammoth Solar, Doral LLC and the renewables market are transforming the world. Indiana is a leader in the energy sector and their efforts to form the strongest industry cluster are working. Doral is creating jobs and revitalizing communities across America.” says Nick Cohen, President and CEO of Doral LLC.

Yaki Noyman, CEO of the Doral Group: “Migdal increasing its investment is a direct expression of the trust offered by Israel’s institutional entities in the renewable energy sector and in Doral in particular. We have chosen partners that are not only interested in generating returns from their investments, but also in its impact on the public and the environment. We continue to initiate and develop more projects in Israel, Europe, and the US”.

Erez Migdali, Deputy CIO and Head of Private Assets at Migdal Insurance: “We are delighted to deepen our investment in Doral LLC’s activities. This significant, growing partnership is an indication of our trust in the renewables industry and in Doral. This investment is in correlation with our ongoing ESG policy, in which we have developed an investment framework of over NIS 3 billion in net positive investments, annually. I have no doubts that this deal, signed in the first days of 2022, is the first among many new investments we intend to promote in the upcoming year."

Doral

Doral LLC was founded in 2019 as a joint venture between Doral Group and Clean Air Generation. Doral LLC currently has approximately 6 gigawatts of projects under development and over 40,000 acres of land control in the U.S. The management team of Doral LLC includes experienced multidisciplinary individuals who worked together for many years in the renewables industry in the US.

Doral Group is a publicly traded company on the Tel Aviv Stock Exchange in Israel (DORL) and is a global renewable energy leader, holding hundreds of long-term revenue generating renewable energy assets. Doral Group is active, inter alia, in Israel, Europe, and the United States. Doral Group is also emerging as a worldwide leader in the field of solar + storage solutions, following its win of Israel’s biggest solar + storage tenders to build approximately 750MW(dc) + 1,400MWh of storage facilities in Israel.

Migdal Insurance

Migdal Insurance is Israel’s largest insurance company and pension manager with AUM of 90 billion dollars, 2.3 million customers and more than 4,900 employees. Migdal has a local corporate rating of Aa1. Migdal was Israel’s first institutional body to announce the adoption of an ESG (Environmental Social and Governance) investment policy over six months ago. Migdal has already made several investments in the field, including a NIS 1 Billion investment in Copenhagen Infrastructure Partners IV, a Danish Fund which is active in renewable energy projects; a $100 Million investment in BayWa Renewable Energy, an international growth company operating in renewable energies and a unique investment of $60 Million in the AMUNDI PLANET Fund which was established in partnership with large global institutional entities to develop “green” bond markets in emerging countries.

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Maya Ziv Wolf
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HOUSTON--(BUSINESS WIRE)--Halliburton Labs has added two new advisory board members – Jennifer Holmgren, CEO, LanzaTech and Maynard Holt, CEO, Veriten. Each brings significant experience in energy systems, innovation, and business networks to support Halliburton Labs’ collaborative environment where entrepreneurs, academics, and investors join to advance cleaner, affordable energy.

“We are excited to welcome two exceptional leaders who will provide a wealth of expertise as we advance our work to help early-stage companies achieve their growth targets,” said Dale Winger, managing director of Halliburton Labs. “Our team is grateful for Jennifer and Maynard’s deep knowledge across a variety of energy disciplines and commitment to our mission.”

Jennifer Holmgren is the CEO of LanzaTech, a carbon recycling company, which deploys carbon capture and reuse facilities to make fuels and chemicals from waste carbon. Prior to LanzaTech, Holmgren was vice president and general manager of the Renewable Energy and Chemicals business unit at UOP LLC, a Honeywell Company.

Holmgren is the recipient of numerous awards including the William C. Holmberg Award for Lifetime Achievement in advanced bioeconomy by the Digest and the Edison Achievement Award for her contributions to the world of innovation. She serves on the advisory council for the Andlinger Center for Energy and the Environment at Princeton University and is a member of the National Academy of Engineering. Holmgren holds a Bachelor of Science from Harvey Mudd College, a Ph.D. from the University of Illinois at Urbana-Champaign, and an MBA from the University of Chicago.

Maynard Holt is the founder and CEO of Veriten, a new and differentiated energy information platform dedicated to seeking “truth in energy.” Established in 2021 and built off the momentum created by the “Close of Business Tuesday” podcast, Veriten brings diverse perspectives to the energy transition discussion to improve the ability of industry leaders, policy makers, and investors to make investment and strategic choices.

Holt previously served as CEO of Tudor, Pickering, Holt & Co. (TPH) from 2016 to 2021 and has over 27 years of experience in energy investment banking. A co-founder of TPH, Maynard served as co-president from 2007 to 2016, and prior to joining TPH, as a managing director with Goldman Sachs. He holds a Bachelor of Arts in economics and Russian from Rice University and a Master of Arts in public policy from the John F. Kennedy School of Government at Harvard University.

Holmgren and Holt join Jeff Miller, Reggie DesRoches, John Grotzinger, Walter Isaacson, and Dale Winger on the Advisory Board.

ABOUT HALLIBURTON LABS

Halliburton Labs is a collaborative environment where entrepreneurs, academics, investors, and industrial labs join to advance cleaner, affordable energy. Located at Halliburton Company’s headquarters in Houston, Texas, Halliburton Labs provides access to world-class facilities, operational expertise, practical mentorship, and financing opportunities in a single location to help participants scale their business. Visit the company’s website at www.halliburtonlabs.com. Connect with Halliburton Labs on Twitter, LinkedIn and Instagram. Halliburton Labs is a wholly owned subsidiary of Halliburton Company (NYSE: HAL).

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