COLUMBIA, Md.--(BUSINESS WIRE)--EDF Renewables North America today announced it has entered into an agreement with Luminace, a Brookfield Renewable company, by which Luminace will acquire a 21.6 megawatt (MWdc) portfolio of three community solar projects. The three Maine projects include Overlook Solar in Bristol, Tower Solar in Embden, and Green Mile Solar in Woolwich.

EDF Renewables developed the projects and will continue to perform the role as EPC contractor throughout the construction phase. Luminace will be the long-term owner and operator of each project.

Discounted bill credits from the projects will be sold to a local collection of 18 separate municipalities, non-profits, and businesses under Central Maine Power’s Net Energy Billing Program. By establishing this local project, the consortium of buyers will, in some cases, go 100% renewable through the purchase of RECs bundled with the energy credits, all while realizing significant savings on their utility bill over a 20-year term.

“Luminace is pleased to partner with EDF Renewables in expanding our nationwide community solar footprint with the addition of these 21.6 MW Maine community solar projects,” said Brendon Quinlivan, Sr. Vice President, Distributed Generation. “This latest acquisition is an important step in our growth strategy across the U.S. to bring clean energy solutions to our valued customers, as well as the evolving value propositions offered via Community Solar market expansion.”

Peter Bay, Vice President of Project Development for EDF Renewables’ Distribution-Scale Power division, said, “EDF Renewables is proud to bring additional clean renewable energy to Maine and contribute to the state’s economic growth. We look forward to future opportunities with Luminace to further our 14-year history of projects in Maine.”

The three projects are expected to generate 27,600 MWh of low-carbon energy annually, enough to power approximately 8,400 homes in Maine¹. This is equivalent to avoiding over 19,560 metric tons of carbon (CO₂) emissions annually which represents the greenhouse gas emissions from over 4,200 passenger vehicles driven over the course of one year².

¹ According to U.S. Energy Information Administration (EIA) 2021 Residential Electricity Sales and U.S. Census Data and typical transmission assumptions.
² According to U.S. EPA Greenhouse Gas Equivalencies calculations and typical transmission assumptions.

About EDF Renewables North America

EDF Renewables North America is a market leading independent power producer and service provider with 35 years of expertise in renewable energy. The Company delivers grid-scale power: wind (onshore and offshore), solar photovoltaic, and storage projects; distribution-scale power: solar and storage; asset optimization: technical, operational, and commercial expertise to maximize performance of generating projects, and onsite solutions, through the Company’s PowerFlex subsidiary, offering a full suite of onsite energy solutions for commercial and industrial customers: solar, storage, EV charging, energy management systems, and microgrids. EDF Renewables’ North American portfolio consists of 24 GW of developed projects and 13 GW under service contracts. EDF Renewables North America is a subsidiary of EDF Renewables, the dedicated renewable energy affiliate of the EDF Group. For more information visit: www.edf-re.com. Connect with us on LinkedIn, Facebook and Twitter.

About Luminace

Luminace is a leading fully integrated decarbonization-as-a-service provider in North America, sponsoring accessible, reliable, and renewable energy infrastructure to empower the zero-emissions future. Luminace has an operational and development portfolio of more than 5,000 megawatts of distributed energy resources, serving hundreds of customers in the educational, commercial, industrial, utility, and municipal sectors across the U.S. and Canada. Luminace offers a full suite of decarbonization solutions including solar, energy storage, electric vehicle (EV) charging infrastructure and energy efficiency upgrades and retrofits as well as grid-resiliency options, all at no upfront cost.

Luminace is a Brookfield Renewable company. Brookfield Renewable operates one of the world’s largest publicly traded, pure-play renewable power platforms. Visit www.luminace.com for more information.

Sandi Briner, This email address is being protected from spambots. You need JavaScript enabled to view it.
Meaghan Gorski, This email address is being protected from spambots. You need JavaScript enabled to view it.

NEW YORK & OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)--FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, has announced the appointment of Tor Stendahl as Managing Director for FREYR Battery Finland Oy.

“We are pleased with our initial progress in Finland, and we are excited to onboard an experienced leader to head our operations and take us into the next phase of development. Tor brings an industrial and battery-specific background, and his leadership and relevant experience from the region will be of great value for FREYR,” said Axel Thorsdal, SVP Project Development.

FREYR has signed an agreement with the City of Vaasa, Finland, for the temporary lease of 1.3 million square meters of land in the GigaVaasa area. This land is a candidate future site for FREYR’s developmental initiatives based on the company’s collaboration with the City of Vaasa.

Tor Stendahl, a Finnish national, comes to FREYR from his position as Country Manager Finland/Baltic and General Manager for Battery Materials, Base Metal Services and Recycling at BASF. He has held various leadership and sales roles throughout his 25-year career at BASF, and most recently led the build-up of BASF’s pCAM plant in Harjavalta, Finland. Stendahl holds a master’s degree in chemical engineering from Åbo Akademi University.

“The mission of FREYR is more critical than ever as we transition our energy systems and seek greater reliability and efficiency. My experience from my previous role is initiating and ramping up operations, and I’m thrilled to put that knowledge to work for FREYR as we establish and grow our presence in Finland,” said Tor Stendahl.

Tor Stendahl will assume his new role in FREYR’s Finnish operations during spring 2023.

About FREYR Battery

FREYR Battery aims to provide industrial scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR’s mission is to produce green battery cells to accelerate the decarbonization of energy and transportation systems globally. FREYR has commenced building the first of its planned factories in Mo i Rana, Norway and announced potential development of industrial scale battery cell production in Vaasa, Finland, and the United States. FREYR intends to install 50 GWh of battery cell capacity by 2025 and 100 GWh annual capacity by 2028 and 200 GWh of annual capacity by 2030. To learn more about FREYR, please visit www.freyrbattery.com

Cautionary Statement Concerning Forward-Looking Statements

All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding FREYR’s ability to realize the benefits of Finland’s strategic importance due to its ample supply of renewable energy, proximity to essential raw materials and highly competent workforce are forward-looking and involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.

Most of these factors are outside FREYR’s control and difficult to predict. Information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in (i) FREYR’s Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the “SEC”) on September 1, 2022, as amended, and (ii) FREYR’s annual report on Form 10-K filed with the SEC on March 9, 2022, and available on the SEC’s website at www.sec.gov.

Investor contact:
Jeffrey Spittel
Vice President, Investor Relations
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Tel: (+1) 281-222-0161

Media contact:
Katrin Berntsen
Vice President, Communication and Public Affairs
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Tel: (+47) 920 54 570

CALGARY, Alberta--(BUSINESS WIRE)--#cleantech--Swirltex Inc. ("Swirltex") has been recognized as one of the Foresight 50, a list of Canada’s most investable cleantech ventures selected by Foresight Canada. Swirltex was chosen because of their ability to support the world’s increasing water needs by treating the toughest wastewater streams to reuse quality. Swirltex’s patented technology is revolutionary in the water treatment industry, with their process of separating contaminants from the water based on buoyancy. Swirltex celebrated the award at the second annual Foresight 50 showcase.

"On behalf of the Swirltex team, we are honoured to be recognized as one of Foresight’s 50 most investable Canadian cleantech ventures. At Swirltex, we offer solutions to help empower industry and municipalities to recycle and reuse their wastewater," said Rob Budianto, Chief Executive Officer of Swirltex. "Our technology has the ability to provide clean and consistent water quality while treating some of the most difficult wastewaters, contributing to our vision of net-zero wasted water. We are proud to be recognized alongside this group of incredible Canadian cleantech companies."

ABOUT FORESIGHT

Foresight is Canada’s cleantech accelerator. They connect innovators, industry investors, government, and academia to address the climate crisis and support the global transition to clean technology. Foresight highlights organizations actively working toward a net-zero future. Foresight Canada recognizes Canada’s 50 most investable cleantech ventures. The Foresight 50 program is powered by Gowling WLG with support from BDC’s Climate Tech Fund II, Canada’s Clean50 Awards Program, Copoint, Invest Vancouver, Platform Calgary, Simon Fraser University, and Vancity Community Investment Bank.

www.foresightcac.com

ABOUT SWIRLTEX

Swirltex Inc., headquartered in Calgary, AB, Canada, is a clean technology company that specializes in water treatment. Swirltex’s technology is a buoyancy-enhanced membrane filtration process that treats challenging wastewater streams at higher throughput, lower energy consumption, and in a broader range of climates. This patented process can use membranes in applications where conventional membranes cannot be successfully applied. Swirltex’s process allows them to provide wastewater treatment solutions with smaller footprints and fewer annual maintenance requirements. Swirltex’s primary client base is heavy industrial applications, which include coal and mining markets, oil and gas processes, municipal lagoons, and unconventional lithium extraction.

Rob Budianto
Chief Executive Officer
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Phone: (403) 604-9227
www.swirltex.com

ROCKVILLE, Md.--(BUSINESS WIRE)--Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”) today announces financial results for its third quarter ended October 31, 2022. For additional information, please read the Company’s Quarterly Report on Form 10-Q, which the Company intends to file today with the U.S. Securities and Exchange Commission (the “SEC”). The Quarterly Report can be retrieved from the SEC’s website at www.sec.gov or from the Company’s website at www.arganinc.com.

Summary Information (dollars in thousands, except per share data)

“We were pleased to announce last month that our Gemma Power Systems subsidiary received full notice to proceed on an engineering, procurement and construction (“EPC”) services contract to build the Trumbull Energy Center, a 950 MW natural gas-fired power plant in Lordstown, Ohio, which increased our project backlog to exceed $0.8 billion,” David Watson, President and Chief Executive Officer of Argan, said. “All of our companies are generally experiencing increasing amounts of project backlogs this year and continue to see significant opportunities in their markets. We believe this increase is a reflection, in part, on our ability to execute effectively and efficiently for our customers. For example, the Guernsey Power Station, the largest single-phase, gas-fired, power plant project in the U.S. has been under construction throughout the entire COVID-19 pandemic with limited schedule delays to date and recently reached first fire on all three units, major milestones for the project. Due to increased project backlog and market opportunities, our dedicated and talented employees and our strong balance sheet, we are positioned to finish out the year strong and for growth into the future.”

Consolidated revenues for the quarter ended October 31, 2022 were $117.9 million, which represented a decrease of $6.6 million, or 5.3%, from consolidated revenues of $124.5 million reported for the three months ended October 31, 2021. Consolidated revenues of our power industry services segment decreased by $8.9 million as the quarterly construction activities associated with the Guernsey Power Station project and the Equinix data center project have passed peak levels. The reduction in revenues between the quarters was partially offset by increasing revenues at several projects including the Kilroot Power Station, the ESB FlexGen peaker plants and the Maple Hill Solar energy facility. The Company’s consolidated project backlog was approximately $839 million as of October 31, 2022.

For the quarter ended October 31, 2022, we reported a consolidated gross profit of approximately $22.2 million which represented a gross profit percentage of approximately 18.8% of corresponding consolidated revenues. The gross profit percentages of corresponding revenues for the power industry services, industrial services and the telecommunications infrastructure segments were 19.8%, 15.4% and 16.8%, respectively, for the current quarter.

Selling, general and administrative expenses for the three months ended October 31, 2022 and 2021, were $12.7 million and $11.6 million, respectively, representing an increase of $1.1 million between the quarters, or 9.3%, which was due primarily to the accrual of costs associated with the retirement of the Company’s former chief executive officer in August 2022.

For the three months ended October 31, 2022, net income was $7.8 million, or $0.56 per diluted share. For the three months ended October 31, 2021, we reported net income in the amount of $12.4 million, or $0.78 per diluted share. EBITDA for the quarter ended October 31, 2022 decreased to $11.3 million from $16.7 million for the prior year quarter. The Company paid its regular quarterly cash dividend of $0.25 per share in October 2022.

For the nine months ended October 31, 2022, we reported net income in the amount of $19.5 million, or $1.36 per diluted share, compared to $36.0 million of net income, or $2.25 per diluted share, in the prior year period. EBITDA for the nine months ended October 31, 2022 decreased to $36.9 million from $50.5 million for the prior year period.

As of October 31, 2022, cash, cash equivalents and short-term investments totaled $287 million and net liquidity was $230 million; furthermore, the Company had no debt. The $154 million reduction in cash, cash equivalents and short-term investments from January 31, 2022 reflected the expected cash flow cycle of two significant projects, the payment of dividends and the repurchase of shares. During the three months ended October 31, 2022, the Company repurchased 308,423 shares of common stock at a cost of $10 million. Since last November, the Company has repurchased 2,248,767 shares of common stock, or approximately 14% of its outstanding shares, at a cost of approximately $84 million under the now $100 million share repurchase program authorization.

About Argan

Argan’s primary business is providing a full range of services to the power industry, including the renewable energy sector. Argan’s service offerings focus on the engineering, procurement and construction of natural gas-fired power plants and renewable energy facilities, along with related commissioning, operations management, maintenance, project development and consulting services, through its Gemma Power Systems and Atlantic Projects Company operations. Argan also owns The Roberts Company, which is a fully integrated fabrication, construction and industrial plant services company, and SMC Infrastructure Solutions, which provides telecommunications infrastructure services.

Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Reference is hereby made to the cautionary statements made by the Company with respect to risk factors set forth in its most recent reports on Form 10-K, Forms 10-Q and other SEC filings. The Company’s future financial performance is subject to risks and uncertainties including, but not limited to, the successful addition of new contracts to project backlog, the receipt of corresponding notices to proceed with contract activities, and the Company’s ability to successfully complete the projects that it obtains. The Company has several signed EPC contracts that have not started and may not start as forecasted due to market and other circumstances beyond its control. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to the risk factors highlighted above and described regularly in the Company’s SEC filings.

Company Contact:
David Watson
301.315.0027

SPRING, Texas--(BUSINESS WIRE)--Perma-Pipe International Holdings, Inc. (NASDAQ: PPIH) (the "Company") announced today that its Board of Directors has authorized the use of $965 thousand remaining under the share repurchase program previously approved on October 4, 2021 that expired on October 3, 2022. Share repurchases may be executed through open market or in privately negotiated transactions over the course of the next 12 months.

The specific number of shares that the Company will ultimately repurchase, and the actual timing, per share price and amount of share repurchases, will be dependent on then current market conditions and other factors.

Perma-Pipe International Holdings, Inc.
The Company is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, the Company has operations at thirteen locations in six countries.

Forward-Looking Statements
Certain statements and other information contained in this press release that can be identified by the use of forward-looking terminology constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and are subject to the safe harbors created thereby, including, without limitation, statements regarding the expected future performance and operations of the Company. These statements should be considered as subject to the many risks and uncertainties that exist in the Company's operations and business environment. Such risks and uncertainties include, but are not limited to, the following: (i) the impact of the coronavirus ("COVID-19") on the Company's results of operations, financial condition and cash flows; (ii) fluctuations in the price of oil and natural gas and its impact on the customer order volume for the Company's products; (iii) the impact of global economic weakness and volatility; (iv) fluctuations in steel prices and the Company’s ability to offset increases in steel prices through price increases in its products; (v) decreases in government spending on projects using the Company’s products, and challenges to the Company’s non-government customers’ liquidity and access to capital funds; (vi) the Company’s ability to repay its debt and renew expiring international credit facilities; (vii) the Company’s ability to effectively execute its strategic plan and achieve sustained profitability and positive cash flows; (viii) the Company's ability to collect a long-term account receivable related to a project in the Middle East; (ix) the Company’s ability to interpret changes in tax regulations and legislation; (x) the Company's ability to use its net operating loss carryforwards; (xi) reversals of previously recorded revenue and profits resulting from inaccurate estimates made in connection with the Company’s over-time revenue recognition; (xii) the Company’s failure to establish and maintain effective internal control over financial reporting; (xiii) the timing of order receipt, execution, delivery and acceptance for the Company’s products; (xiv) the Company’s ability to successfully negotiate progress-billing arrangements for its large contracts; (xv) aggressive pricing by existing competitors and the entrance of new competitors in the markets in which the Company operates; (xvi) the Company’s ability to purchase raw materials at favorable prices and to maintain beneficial relationships with its suppliers; (xvii) the Company’s ability to manufacture products free of latent defects and to recover from suppliers who may provide defective materials to the Company; (xviii) reductions or cancellations of orders included in the Company’s backlog; (xix) risks and uncertainties specific to the Company's international business operations; (xx) the Company’s ability to attract and retain senior management and key personnel; (xxi) the Company’s ability to achieve the expected benefits of its growth initiatives; and (xxii) the impact of cybersecurity threats on the Company’s information technology systems. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the Securities and Exchange Commission, which are available at https://www.sec.gov and under the Investor Center section of our website (http://investors.permapipe.com.)

Perma-Pipe International Holdings, Inc.
David Mansfield, President and CEO

Perma-Pipe Investor Relations
(847) 929-1200
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HARTFORD, Conn. & BOSTON--(BUSINESS WIRE)--For the third time in the last four years, Eversource Energy (NYSE: ES) has been recognized by Newsweek magazine as the top utility in its annual list of America’s Most Responsible Companies, in recognition of its national leadership in promoting corporate social responsibility, sustainability and corporate citizenship.

Eversource ranked first in the nation among 53 companies in the Energy & Utilities category, and 50th overall on the top-500 list among the approximately 2,000 large public companies assessed. The 2023 ranking represents Eversource’s highest finish in the four years in a row that it has been included in the independent public survey.

“Responsible environmental, social, and governance principles are at the core of our mission at Eversource because exemplary corporate citizenship is integral to serving our customers,” said Eversource President and CEO Joe Nolan. “This is a gratifying confirmation of our decision to operate in an ethically and socially responsible manner in all we do. Importantly, it is also a recognition of the unyielding, everyday work of our employees across three states and a testament to their commitment to supporting the environment, racial and social justice, and morally responsible business practices.”

The Newsweek list determines the most responsible companies based on their corporate social sustainability performance and reputation. Eversource and the other recognized companies on the Newsweek ranking of America’s Most Responsible Companies are featured in the December 7 issue of the news magazine.

Eversource (NYSE: ES), again celebrated as a national leader for its corporate citizenship, is the #1 energy company in Newsweek’s list of America’s Most Responsible Companies for 2023 and recognized as one of America’s Most JUST Companies. Eversource transmits and delivers electricity and natural gas and supplies water to approximately 4.4 million customers in Connecticut, Massachusetts and New Hampshire. The #1 energy efficiency provider in the nation, Eversource harnesses the commitment of approximately 9,500 employees across three states to build a single, united company around the mission of safely delivering reliable energy and water with superior customer service. The company is empowering a clean energy future in the Northeast, with nationally recognized energy efficiency solutions and successful programs to integrate new clean energy resources like solar, offshore wind, electric vehicles and battery storage, into the electric system. For more information, please visit eversource.com, and follow us on Twitter, Facebook, Instagram, and LinkedIn. For more information on our water services, visit aquarionwater.com.

Caroline Pretyman
617-424-2460
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Al Lara
860-665-2344
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The SP-1 factory expansion will be complete by 2026, creating over 150 jobs

TUCSON, Ariz.--(BUSINESS WIRE)--#Licerion--Sion Power Corporation, a leading technology developer of next-generation batteries for electric vehicles (EV), today announced plans to expand its existing manufacturing operations in Tucson, Arizona. The planned expansion site is the 111,400-square-foot building at 6950 South Country Club Road.

The expansion is expected to be complete by 2026 and create over 150 jobs. New jobs will primarily be engineering, skilled technicians, and other manufacturing-related positions. The overall economic impact of the expansion is $341 million over the next five years. Sion Power’s headquarters will remain in its nearby location at 2900 East Elvira Road, doubling its footprint.

Sion Power chose to expand because of its rich history, access and the availability of quality and skilled employees in the Tucson community. Since its inception as a small group of researchers for next-generation batteries, the company has been in Tucson. Now Sion Power has over 100 employees and is scaling up its ultra-high energy, lithium-metal based Licerion® battery development.

“The global construction of battery manufacturing plants is occurring at a rapid pace, and the United States can’t be left behind,” said Mr. Tracy Kelley, CEO of Sion Power. Mr. Kelley went on to say, “With our facility expansion in Tucson, Arizona, it will allow Sion Power to further our mission of scaling battery manufacturing from research and development to commercialization. This enables us to better serve our customers and their applications.”

Sion Power’s facility expansion will be equipped with fully automated battery cell production capabilities, including proprietary lithium metal anode manufacturing, cell assembly, and testing.

The critical component of the company’s battery is the proprietary anode technology, which is a key differentiator and enabler within the next-generation rechargeable battery market and is capable of delivering up to 500 Wh/kg.

Project partners include the Arizona Commerce Authority, Pima County, City of Tucson, and Sun Corridor Inc. Potential City of Tucson incentives are under review and subject to final approval by Council.

“Sion Power’s expansion further emphasizes Arizona’s global leadership in battery and EV technologies,” Sandra Watson, president and CEO of the Arizona Commerce Authority. “We are excited Sion Power will continue its impressive legacy in Tucson, manufacturing batteries for electric vehicles while expanding Arizona’s battery supply chain.”

“Sion Power has been a valued business in Pima County for many years,” said Sharon Bronson, chair, Pima County Board of Supervisors. “The County works hard to ensure local companies have the workforce they need, and we thank Sion for their continued investment in our region. Congratulations to Tracy and the entire team for this achievement.”

“I want to congratulate Sion Power and CEO Tracy Kelley on their latest plans for expansion,” said Tucson Mayor Regina Romero. “Tucson is a national leader in EV readiness and a growing hub for battery manufacturing in the Southwest. Together, we are creating hundreds of high-wage green jobs and elevating Tucson’s reputation as a leader in climate action,” added Romero.

“Beyond business attraction, another critical aspect to economic development success is to help local headquarter companies like Sion Power expand,” said Joe Snell, president & CEO of Sun Corridor Inc. “We’re thrilled to see this expansion include innovative and next-gen technologies that offer high-skilled jobs to our community.”

Sion Power’s expansion highlights the state’s growing battery industry and supply chain. Within the last few years, companies such as Li-Cycle, LG and KORE Power have commenced or announced operations throughout the state.

About Sion Power Corporation

Sion Power advances the rechargeable battery industry with its Licerion® technology. Licerion® is an advanced approach to lithium-metal batteries containing twice the energy in the same size and weight battery, compared to a traditional lithium-ion battery. At up to 500 Wh/kg, Licerion batteries are produced at scale in large-format cells. As a result, Licerion® batteries have the potential to significantly enhance the performance of commercial and consumer electric vehicles. Visit Sion Power on the web at sionpower.com.

About the Arizona Commerce Authority

The Arizona Commerce Authority (ACA) is the state's leading economic development organization with a streamlined mission to grow and strengthen Arizona's economy. The ACA uses a three-pronged approach to advance the overall economy: attract, expand, create - attract out-of-state companies to establish operations in Arizona; work with existing companies to expand their business in Arizona and beyond; and help entrepreneurs create new Arizona businesses in targeted industries. For more information, please visit azcommerce.com and follow the ACA on Twitter @azcommerce.

About Sun Corridor Inc.

Sun Corridor Inc. is a transformative economic development organization representing one of the most dynamic and growing major business centers in North America. Located in Southern Arizona and encompassing four counties (Pinal, Pima, Santa Cruz and Cochise), Sun Corridor Inc. is a CEO-driven regional alliance whose members aggressively champion mega-regional issues that impact economic competitiveness and quality of life. The organization has helped to drive significant business investment into the Tucson and Southern Arizona region through primary job creation, resulting in an economic impact of $32 billion. Learn more at suncorridorinc.com.

Angela Kliever, Sion Power Corporation, This email address is being protected from spambots. You need JavaScript enabled to view it.
Alyssa Tufts, Arizona Commerce Authority, This email address is being protected from spambots. You need JavaScript enabled to view it.
Laura Shaw, Sun Corridor Inc., This email address is being protected from spambots. You need JavaScript enabled to view it.

NEW YORK--(BUSINESS WIRE)--#KBRA--KBRA assigns preliminary ratings to four classes of notes issued by Mosaic Solar Loan Trust 2022-3 (“Mosaic 2022-3”), an asset-backed securitization collateralized by a pool of residential solar loans.

The collateral pool of Mosaic 2022-3 will include approximately $308 million of residential solar loans. The preliminary ratings reflect the initial credit enhancement levels ranging from 49.22% for the Class A notes to 7.24% for the Class D notes.

Solar Mosaic LLC (“Mosaic” or the “Company”) is a California-based specialty finance company focused on originating and servicing consumer loans used for the purchase of residential solar systems. Mosaic was founded as a limited liability company in Colorado in 2010, converted to a Delaware corporation in 2011 and converted to a Delaware limited liability company in 2021. Mosaic disburses funds directly to installers (or their designees), equal to the system cost minus installer discounts. This discount depends on the loan term and dealer agreements and is generally netted out proportionately with each disbursement to the installer/dealer. Mosaic directly originates loans in 48 states and the District of Columbia through its state lending licenses where required, and across all 50 states and the District of Columbia through lending partnerships with financial institution.

KBRA applied its General Global Rating Methodology for Asset-Backed Securities as well as its Consumer Loan ABS Global Rating Methodology, Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology. In applying the methodologies, KBRA analyzed Mosaic’s portfolio pool data, underlying collateral pool and proposed capital structure under stressed cash flow assumptions. KBRA considered its operational review of Mosaic, as well as periodic update calls with the Company. Operative agreements and legal opinions will be reviewed prior to closing.

To access ratings and relevant documents, click here.
Click here to view the report.

Related Publications

• Global General Rating Methodology for Asset-Backed Securities
• Consumer Loan ABS Global Rating Methodology
• Global Structured Finance Counterparty Methodology
• ESG Global Rating Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Analytical Contacts

Melvin Zhou, Managing Director (Lead Analyst)
+1 (646) 731-2412
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Michael Espino, Associate Director
+1 (646) 731-1282
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Jacob Paulose, Associate Director
+1 (646) 731-1269
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Rahel Avigdor, Senior Director (Rating Committee Chair)
+1 (646) 731-1203
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Eric Neglia, Senior Managing Director
+1 (646) 731-2456
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Business Development Contact

Ted Burbage, Managing Director
+1 (646) 731-3325
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WALL, N.J.--(BUSINESS WIRE)--For the fourth consecutive year, New Jersey Resources (NYSE: NJR) was named one of America’s Most Responsible Companies by Newsweek in recognition of its excellence and accomplishments in corporate social responsibility.

NJR was selected from a pool of 2,000 companies across 14 industries that were evaluated and ranked based on a detailed analysis of key performance indicators in three areas of corporate social responsibility: environmental, social and corporate governance. The final list recognizes the top most responsible companies in the United States and reinforces NJR’s commitment to corporate sustainability and reputation for service excellence.

“New Jersey Resources is committed to advancing a clean energy future by embracing sustainable business practices that meet the energy needs of our customers, benefit the environment and strengthen the communities we serve,” said Steve Westhoven, President and CEO of New Jersey Resources. “It is an honor to be recognized as one of the most responsible companies in the country. This recognition reflects our belief that sustainability and corporate citizenship are good for business, good for our customers and good for the future.”

Environmental stewardship and sustainability are priorities for NJR, and the company is committed to achieving net-zero emissions from its New Jersey operations by 2050. Its principal subsidiary, New Jersey Natural Gas, which keeps homes and businesses warm for nearly 570,000 customers throughout New Jersey, is leading the way to help reduce emissions – building the first green hydrogen project on the East Coast; modernizing its infrastructure to build the most environmentally sound delivery systems in the state, as measured by leaks per mile; and helping customers reduce energy consumption through its energy-efficiency initiatives. In addition, NJR’s renewable energy subsidiary Clean Energy Ventures is one of the largest owner/operators of solar projects in the state with over $1 billion invested in building clean, emissions-free power for homes and businesses.

To learn more about NJR’s leadership and commitment to sustainability, please visit www.njrsustainability.com.

America’s Most Responsible Companies 2023 is a project of Newsweek in partnership with Statista. For more information on the rankings and methodology for selection, please visit newsweek.com/americas-most-responsible-companies-2023.

About New Jersey Resources
New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

• New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,700 miles of natural gas transportation and distribution infrastructure to serve over 569,000 customers in New Jersey’s Monmouth, Ocean and parts of Morris, Middlesex and Burlington counties.
• NJR Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of more than 386 megawatts, providing residential and commercial customers with low-carbon solutions.
• NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
• Storage & Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway Pipeline Project, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility.
• NJR Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its nearly 1,300 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve^® and initiatives such as The SAVEGREEN Project^® and The Sunlight Advantage^®.

For more information about NJR: www.njresources.com.

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NEW YORK--(BUSINESS WIRE)--The Board of Directors of Hess Corporation (NYSE: HES) today declared a regular quarterly dividend of 37.5 cents per share payable on the Common Stock of the Corporation on December 29, 2022 to holders of record at the close of business on December 19, 2022.

Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at http://www.hess.com.

For Hess Corporation

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DUBLIN--(BUSINESS WIRE)--The "Carbon Capture And Storage Market Size, Share & Trends Analysis Report By Application (Power Generation, Oil & Gas, Metal Production, Cement), By Capture Technology (Pre-combustion, Industrial Process), By Region, And Segment Forecasts, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.

Carbon Capture And Storage Market Growth & Trends

The global carbon capture and storage market size is expected to reach USD 5.35 Billion by 2030, according to a new report. The market is expected to expand at a CAGR of 5.8% from 2022 to 2030. Increasing concerns regarding the detrimental effect of carbon emissions on the environment have prompted the adoption of carbon capture and storage (CCS) technology. Various governments are encouraging the implementation of technology through pilot projects across various industries due to the ability of carbon capture & storage technology to serve as a large-scale solution for achieving the high CO2 emission reduction targets and climate control goals.

The pre-combustion segment led the market in 2021. The pre-combustion segment was the dominant segment in 2021. However, the post-combustion segment is anticipated to take over in the forecast period by a small margin. Post-combustion carbon dioxide capture technology removes the diluted CO2 from the flue gases which are produced after the combustion of fossil fuels.

In application, the power generation segment accounted for the largest revenue share of more than 40% in 2021. Coal-fired power plants are the most dominant emitters of carbon dioxide. Due to imposed restrictions on power plants, the utilization of CCS facilities has become mandatory to reduce carbon emissions up to the required standards. Adoption of these technologies is essential, to potentially permit the continued use of coal resources for power generation, whilst reducing CO2 emissions.

Carbon dioxide is increasingly being used for crop growth enhancement inside closed greenhouses; as well as applications in the fields, for growth enhancement. It is commonly used compressed gases for pneumatic systems (pressurized gas) in portable pressure tools that are ubiquitous in the construction industry. Carbon dioxide is also used to create dry ice pellets which can be used to replace sandblasting for removing paint from surfaces.

The market is anticipated to have a steady growth in the medical segment. Carbon dioxide is used in surgeries, such as arthroscopy laparoscopy, and endoscopy, to stabilize body cavities and enlarge the surgical surface area. It is also used to maintain the cryotherapy temperatures of approximately -76-degree Celsius.

Carbon Capture And Storage Market Report Highlights

• In terms of revenue, the pre-combustion segment accounted for a prominent share in the market in 2021 and is further expected to witness steady growth over the forecast period
• As of 2021, North America accounted for about 36.63% revenue share in the overall market. The presence of a well-established manufacturing base for Carbon Capture and Storage in Europe, Asia, and many other developing countries, along with the increasing concern for the environment around the world is expected to increase the regional market growth
• Various strategic initiatives were recorded over the past few years to boost the growth of the market. For instance, in January 2019, Aker Solutions secured a contract for a carbon capture and storage project, which was initiated by Equinor in partnership with Shell and Total, to develop the world's first storage facility capable of receiving CO2 from various industrial sources. The project, known as The Northern Lights project, consists of a CO2 receiving terminal, an offshore pipeline, injection, and CO2 storage

Key Topics Covered:

Chapter 1. Methodology & Scope

Chapter 2. Executive Summary

Chapter 3. Market Variables, Trends & Scope

Chapter 4. Regulatory Framework

Chapter 5. Technology Overview

Chapter 6. Carbon Pricing Emission Coverage & Tax Composition

Chapter 7. Global Carbon Capture & Storage Market: Capture Technology Estimates & Trend Analysis

Chapter 8. Global Carbon Capture & Storage Market: Application Industry Estimates & Trend Analysis

Chapter 9. Global Carbon Capture & Storage Market: Regional Estimates & Trend Analysis

Chapter 10. Competitive Landscape

Chapter 11. Company Profiles

Chapter 12. Companies With Co2 Mission

Chapter 13. Opportunity Assessment & Recommendations

Companies Mentioned

• Exxon Mobil
• Eni S.p.A
• British Petroleum PLC
• Chevron Corporation
• Total S.A.
• ConocoPhillips
• Royal Dutch Shell PLC
• Lukoil OAO
• CONSOL Energy, Inc.
• Peabody Energy

For more information about this report visit https://www.researchandmarkets.com/r/tmsk2u.

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(The Assessment covers New York, New England, and Eastern Canada)

NEW YORK--(BUSINESS WIRE)--Northeast Power Coordinating Council, Inc’s (NPCC’s) annual winter reliability assessment forecasts the NPCC Region will have an adequate supply of electricity this winter to meet projected peak demand under forecasted weather conditions.

The forecast NPCC coincident peak demand of 110,639 MW (the simultaneous peak demand for the entire region) is projected to occur the week of January 22, 2023 and is estimated to be 1,248 MW higher than last winter’s forecast. An installed winter capacity of 169,914 MW is estimated to be in place to meet the forecasted electricity demand, which is 1,156 MW more than last winter.

After accounting for transmission constraints, the region’s spare operable capacity under forecasted conditions during the winter period is estimated to be substantial (capacity over and above reserve requirements) – ranging from approximately 20,400 to 35,200 MW.

“NPCC’s assessment indicates adequate capacity margins and transmission capability to meet the region’s peak demand and required operating reserves under forecasted conditions this winter,” said Charles Dickerson, President and CEO of NPCC. “In addition, an analysis of extreme prolonged cold weather combined with potential severe resource unavailability concluded that strategies and procedures are in place to provide load relief, manage operational challenges and potential emergencies if needed. While our assessment suggests the region’s capacity and transmission capabilities will be adequate, specific areas such as New England could be challenged if prolonged extreme weather occurs.”

New York, Ontario and Quebec forecast adequate resources to meet winter demand. The Maritimes show a limited likelihood of using operating procedures designed to mitigate resource shortages, primarily driven by their forecast load and corresponding reserve margins.

New England’s constrained natural gas pipeline infrastructure and significant reliance on global LNG supplies and fuel-oil, will make situational awareness of fuel inventories critical to meeting New England’s electricity demand. Under mild to moderate winter weather conditions, New England expects to have sufficient resources to meet demand. If prolonged periods of extreme cold weather should occur, ISO New England is prepared to address operational issues and mitigate potential reliability challenges if they arise.

“As conditions warrant this winter, NPCC will facilitate communication among system operators, providing for enhanced regional coordination,” added Phil Fedora, NPCC’s Vice President of Reliability Services and Chief Engineer.

NPCC’s reliability assessment considered a wide range of scenarios through the application of probabilistic methods, including weather conditions derived from over 40 years of data, unexpected generating plant outages, transmission constraints between and within areas, delays in expected in-service dates of planned facilities, the potential for some natural gas generators to be temporarily unavailable during cold or extreme winter conditions as well as shifts in consumer electricity demand.

NPCC’s Reliability Assessment for Winter 2022-2023 is available at:

https://www.npcc.org/library/reports/seasonal-assessment

About NPCC

Northeast Power Coordinating Council, Inc. is one of six Regional Entities located throughout the United States, Canada, and portions of Mexico that, in concert with the North American Electric Reliability Corporation, seeks to assure a highly reliable, resilient, and secure North American bulk power system through the effective and efficient identification, reduction, and mitigation of reliability risks. NPCC’s geographic area includes the six New England states, the State of New York, the provinces of Ontario, Québec, and the Canadian Maritime Provinces of New Brunswick and Nova Scotia. Overall, NPCC covers an area of nearly 1.2 million square miles, populated by approximately 56 million people.

NPCC carries out its mission through: (i) the development of regional reliability standards and compliance assessment and enforcement of continent-wide and Regional Reliability standards; (ii) coordination of system planning, design and operations, and assessment of reliability; and (iii) the establishment of Regionally specific criteria and monitoring and enforcement of compliance with such criteria.

Stephen Allen, (617) 640-6522

LYNCHBURG, Va.--(BUSINESS WIRE)--$BWXT--BWX Technologies, Inc. (NYSE: BWXT) today with officials from the U.S. Department of Defense, Department of Energy, NASA and Idaho National Laboratory celebrated the landmark production of TRISO nuclear fuel that will power the first microreactor built and operated in the United States.

The Department of Energy (DOE) calls TRISO “the most robust nuclear fuel on earth.” The small, energy-dense coated uranium particles can withstand high temperatures, enabling smaller and more advanced reactor designs.

Under a $37 million award from the Idaho National Laboratory (INL), BWXT will manufacture a core for Project Pele, TRISO fuel for additional reactors and coated particle fuel for NASA. INL administers the contract and provides the technical support and oversight. Fuel for the reactor will be downblended from U.S. government stockpiles of high-enriched uranium (HEU) to high-assay low-enriched uranium (HALEU) and fabricated into TRISO fuel at the BWXT facility in Lynchburg, Virginia. BWXT facilities are the only private U.S. facilities licensed to possess and process HEU.

“TRISO particle fuel is ideal for the next generation of reactors poised to help us meet our country’s clean energy goals,” said U.S. Department of Energy Assistant Secretary for Nuclear Energy Dr. Kathryn Huff. “It is extremely exciting to see decades of DOE’s investments in TRISO fuel’s robust safety performance paying off to power many of the most innovative advanced reactor designs to be deployed within this decade.”

The Project Pele microreactor is designed to be capable of being safely transported in standard-sized shipping containers. Microreactors are designed to reduce the need for vulnerable fossil fuel deliveries relied on by the U.S. military, and also to provide power for disaster response and recovery, power generation in remote areas and deep decarbonization efforts.

“With supreme safety and performance characteristics, advanced nuclear fuels are the key enabler for fielding of next-generation reactor technologies,” BWXT President and CEO Rex D. Geveden said. “We are extremely pleased to initiate full-scale production of TRISO for the Pele program and further develop similar coated nuclear fuel technology for space exploration programs with NASA. This differentiating capability at BWXT results from a longstanding partnership with the Department of Energy’s Idaho National Lab, and it is gratifying to reach this milestone.”

“This commercial TRISO fuel production line is the culmination of more than 15 years of work at INL and other DOE national laboratories, in partnership with BWXT, to develop and qualify this fuel with immense potential for use in microreactors, space reactors and other advanced reactor concepts,” INL Laboratory Director John Wagner said. “As the United States moves steadily toward a carbon-free energy future, nuclear power is an essential part of the journey. Project Pele will demonstrate the viability of this fuel type, opening the door for other advanced reactors.”

BWXT Advanced Technologies announced in June that it was selected by the Department of Defense Strategic Capabilities Office (DoD SCO) to manufacture and deliver the Project Pele prototype microreactor to INL. The fuel will be delivered to the lab separately.

“TRISO fuel is capable of providing years of zero-carbon 24/7 energy in a safe and rugged form, with strategic implications for the DoD toward both its energy resilience and climate-change goals,” SCO Director Jay Dryer said.

BWXT has expanded its specialty coated fuels production manufacturing capacity through previously announced awards funded by the DoD Operational Energy Capabilities Improvement Fund Office and NASA and program management provided by SCO. In addition to TRISO, BWXT also produces specialty coated fuels for NASA in support of its space nuclear propulsion project within the agency’s Space Technology Mission Directorate.

"The high efficiency and high thrust provided by nuclear propulsion makes it an enabling capability for human missions to Mars," said Associate Administrator for NASA’s Space Technology Mission Directorate James L. Reuter. "Advancing nuclear fuels and systems are key to achieving our exploration goals at Mars."

TRISO stands for TRIstructural ISOtropic. TRIstructural refers to the three layers of carbon and ceramic materials that surround kernels or balls of HALEU fuel. ISOtropic means the coatings have uniform characteristics in all directions. Fuel particles, each the size of a poppy seed, are enriched to a level four times higher than fuel used in most of today’s commercial nuclear reactors. The coatings retain fission products, making each particle its own containment system. They also protect the fuel from the factors that most degrade performance in conventional reactors – neutron irradiation, corrosion, oxidation and high temperatures.

Forward Looking Statement

BWXT cautions that this release contains forward-looking statements, including statements relating to the performance, timing, impact, quantity and value of TRISO nuclear fuel production for use in advanced microreactors. These forward-looking statements involve a number of risks and uncertainties, including, among other things, modification or termination of the project and delays. If one or more of these or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, please see BWXT’s annual report on Form 10-K for the year ended December 31, 2021 and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

About BWXT

At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. Headquartered in Lynchburg, Virginia, BWXT is a Fortune 1000 and Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, environmental restoration, nuclear medicine and space exploration. With approximately 6,700 employees, BWXT has 14 major operating sites in the U.S., Canada and the U.K. In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and NASA facilities. Follow us on Twitter at @BWXT and learn more at www.bwxt.com.

About Idaho National Laboratory

Battelle Energy Alliance manages INL for the U.S. Department of Energy’s Office of Nuclear Energy. INL is the nation’s center for nuclear energy research and development, and also performs research in each of DOE’s strategic goal areas: energy, national security, science and the environment. For more information, visit www.inl.gov. Follow them on social media: Twitter, Facebook, Instagram and LinkedIn.

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• Organic capex of $14 billion; affiliate capex of $3 billion
• Includes $2 billion of lower carbon capex

SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation today announced 2023 organic capital expenditure budgets of $14 billion for consolidated subsidiaries (capex) and $3 billion for equity affiliates (affiliate capex), which total near the high end of the company’s guidance range.

The company’s 2023 capex budget is up more than 25% from 2022 expected spend, excluding acquisitions. Affiliate capex in 2023 is down modestly from 2022 expected spend. These budgets support Chevron’s objective to safely deliver higher returns and lower carbon and include approximately $2 billion in lower carbon capex, more than double the 2022 budget.

“We’re maintaining capital discipline while investing to grow both traditional and new energy supplies,” said Chevron Chairman and CEO Mike Wirth. “Our 2023 capex budgets are consistent with our long-term plans to safely deliver higher returns and lower carbon.”

Chevron’s 2023 capex budget assumes cost inflation that averages in the mid-single digits with certain areas higher, such as the Permian Basin that assumes low double-digit cost inflation.

“Our capex budgets remain in line with prior guidance despite inflation,” Wirth continued. “We’re winning back investors with capital efficient growth, a strong balance sheet, and more cash returned to shareholders.”

Capex

Upstream capex includes more than $4 billion for Permian Basin development and roughly $2 billion for other shale & tight assets. More than 20% of upstream capex is for projects in the Gulf of Mexico. Lower carbon capex across all segments totals around $2 billion, including $0.5 billion to lower the carbon intensity of Chevron’s traditional operations and about $1 billion to increase renewable fuels production capacity.

Affiliate Capex

Nearly half of affiliate capex is for Tengizchevroil’s FGP / WPMP Project in Kazakhstan and about a third is for Chevron Phillips Chemical Company, including the U.S. Gulf Coast II petrochemical project.

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

NOTICE

As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.

Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations.

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

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

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

Randy Stuart -- +1 713-283-8609

Winners to be announced December 8 at a black-tie gala in New York City

FRAMINGHAM, Mass.--(BUSINESS WIRE)--#carbonreduction--Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced that it has been named a finalist in the S&P Global Platts 2022 Global Energy Awards for the Infrastructure Project of the Year and Corporate Impact, Sustained Commitment categories.

Ameresco was selected as a finalist for the Infrastructure Project of the Year award in recognition of its work at Fort Bragg, in collaboration with Duke Energy, to install the largest floating solar array in the Southeast. The solar facility is part of a $36 million design-build contract, to improve energy resilience and security, through infrastructure modernization, lighting and water upgrades, heating, ventilation and air-conditioning and boiler system improvements.

The company has also been named a finalist for the Corporate Impact, Sustained Commitment award in recognition of its efforts to support the communities that its employees reside in and projects touch. Through the end of 2021, Ameresco employees devoted a collective 2,040 hours to more than 140 non-profit organizations, and the company donated over $172,000 between employee donation matches and business donations.

“In a year of unexpected challenges, from the Russia-Ukraine war, to Europe’s energy crisis, to trade-flow changes and banner market volatility, it’s particularly inspiring to see the innovation and leadership of this year’s finalists in steering a continued course toward better ensuring the energy needs of the future,” said Sue Avinir, Senior Vice President of Conferences & Advisory Solutions, S&P Global Commodity Insights. “We’re proud to honor this year’s finalists and celebrate their efforts.”

The theme of this year’s Global Energy Awards is “Committed.Connected.Charged.” and reflects how energy industry leaders are working towards the global energy transition, as well as supporting their local communities.

“It is a great honor to be named a finalist in two categories at the 2022 S&P Global Platts Global Energy Awards,” said George Sakellaris, President and CEO, Ameresco. “We are proud to have been involved in developing such an innovative project at Fort Bragg, and we are committed to staying true to our mission of doing well by doing good.”

The Global Energy Awards’ independent panel of esteemed judges will select winners for each award category from the corresponding group of finalists. Winners will be announced at the S&P Global Platts Global Energy Awards black-tie gala on December 8 at Cipriani Wall Street in New York City.

To learn more about the energy efficiency solutions offered by Ameresco, visit www.ameresco.com/energy-efficiency/.

About Ameresco, Inc.

Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and Europe. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and Europe. For more information, visit www.ameresco.com.

About S&P Global Commodity Insights

At S&P Global Commodity Insights, our complete view of global energy and commodity markets enables our customers to make decisions with conviction and create long-term, sustainable value. We’re a trusted connector that brings together thought leaders, market participants, governments, and regulators and we create solutions that lead to progress. Vital to navigating commodity markets, our coverage includes oil and gas, power, chemicals, metals, agriculture, shipping and energy transition. Platts® products and services, including the most significant benchmark price assessments in the physical commodity markets, are offered through S&P Global Commodity Insights. S&P Global Commodity Insights is a division of S&P Global (NYSE: SPGI). S&P Global is the world’s foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world’s leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information visit https://www.spglobal.com/commodityinsights.

Ameresco: Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.

LONDON--(BUSINESS WIRE)--Boston Consulting Group (BCG), a global management consultancy, and leading advisor on decarbonization to the maritime industry, and American Bureau of Shipping (ABS), a global leader in providing classification services for marine and offshore companies and assets, have today signed a memorandum of understanding to join their technical and consulting expertise in the maritime and offshore industries, providing joint support to clients’ decarbonization journeys.

ABS has deep knowledge of and experience in the marine and offshore industries, as well as extensive insight into the dynamic sector’s regulatory landscape and a global network of sustainability centers.

BCG offers strategic perspective, change management, and transition design that provide a unique, end-to-end proposition to capture future benefits in the marine and offshore value chain.

Peter Jameson, Partner and Global Lead for Climate and Sustainability in BCG’s Infrastructure, Transport and Cities practice, said: “High uncertainty around regulation, technology and new markets requires every player across the maritime value chain to work together. Taking a bold leadership position, even with uncertainty, will create an advantage for first movers, and sustainable business for followers.”

Christopher J. Wiernicki, ABS Chairman, President and CEO, said: “We are excited to be bringing two global and industry recognized brands together to help the maritime industry, governments, charterers, suppliers, shipyards and shipowners deal with the challenges and opportunities of decarbonization. ABS is built to play in the sweet spot of safety, technology and regulations while BCG is built to play in the sweet spot of strategy, transformation and change management. Bringing these capabilities together will provide a unique offering to help the industry safely unlock value, manage risks and take advantage of opportunities over the life cycle of the clean energy transition in a changing world. Success is a team sport and together ABS and BCG will make a difference.”

The new joint proposition will help clients achieve their net-zero goals, supporting asset owners in their efforts to explore feasible options for operational and technical improvement, advise on carbon capture technologies, and the uptake of alternative and low-carbon fuels, among other consultative services that support carbon reduction strategies.

The BCG/ABS offer is also aimed at those looking to tap into the opportunities afforded by the transition to net zero. This would include all businesses that feed into the low-carbon value chain for offshore industries, including renewable energy producers, low-carbon fleet development, and subsea storage, among others.

Notes to editors

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About ABS

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SAN FRANCISCO--(BUSINESS WIRE)--As provisional winner of a lease area on the Outer Continental Shelf off California, Equinor continues to lead the way in growing the US’ offshore wind industry.

Five leases were offered by the Bureau of Ocean Energy Management (BOEM) in the first-ever offshore wind lease sale on the US west coast and the first-ever US sale to support commercial-scale floating offshore wind energy development opportunities. With a bid of USD 130 million for 80,062 acres in the Pacific Ocean, Equinor secured a ~2-gigawatt (GW) lease in the Morro Bay area that has the potential to generate enough energy to power ~750 000 US homes.

About two-thirds of America’s offshore wind energy potential is in deep waters. The narrow outer continental shelf running along the Pacific seaboard, drops down swiftly to 1,000 meters (3,280 feet) or more, opening up for new power opportunities for the west coast – floating offshore wind. As the world’s leading floating offshore wind operator and developer, Equinor looks forward to applying its experience to create a sustainable offshore wind industry in California.

Following regulatory approvals, the new lease will be added to Equinor’s existing US portfolio – which includes the Empire Wind and Beacon Wind projects on the US Northeast coast – and has the potential to generate a total capacity of at least 2 GW of renewable power for the West Coast.

“We are delighted to get the opportunity to explore the potential for producing even more renewable energy for the US, this time in the Pacific Ocean. The US West Coast is one of the most attractive growth regions for floating offshore wind in the world due to its favorable wind conditions and proximity to markets that need reliable, clean energy. Offshore wind on the west coast could help achieve the state’s clean energy goals, bolster renewable energy sources, and create new jobs and investments in California. The US is a key market for Equinor’s offshore wind activities and one where we aspire to be a leader in growing this new energy industry,” says Molly Morris, President of Equinor Wind US.

“Today’s announcement confirms Equinor’s floating leadership and strong commitment to deliver renewable energy to the US. It adds at least another potential 2 GW to our existing 3.3 GW US offshore wind portfolio. We were among the first movers into US offshore wind and are now one of the first movers into California, a market we believe will become a strategic floating market globally. We now have the scale needed to optimize value across our US and Asia-Pacific portfolio,” says Pål Eitrheim, executive vice president of Renewables in Equinor.

The Biden administration has set an offshore wind target of 30 GW by 2030 and 15 GW by 2035 in floating offshore wind capacity, that is well above 100 times more than what’s currently installed in floating around the world. The administration’s offshore wind target is complemented by state offshore wind policies and actions throughout the North Pacific. California has set an offshore wind target of up to 5 GW by 2030 and 25 GW floating offshore wind by 2045.

ABOUT EQUINOR RENEWABLES US

Equinor is one of the largest offshore wind developers in the U.S., where it operates two lease areas, Empire Wind and Beacon Wind. Together, Empire Wind 1, Empire Wind 2 and Beacon Wind 1 will provide New York State with 3.3 gigawatts (GWs) of energy —enough to power nearly two million homes—including more than 2 GWs from Empire Wind 1 and 2 and 1.230 GW from Beacon Wind 1.

Equinor’s ambition is to be a leading company in the energy transition. By 2030, the company aims to develop profitable growth in renewables and install 12-16 GW renewables capacity.

www.equinor.com/renewablesu

Equinor
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Media Relations
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Lauren Shane
917 392 4252

Renewable natural gas (biomethane) is now being injected at three of its seven facilities being developed in Europe – Tønder (Denmark), Easy Energia and Calimera (Italy)

BURLINGTON, Ontario--(BUSINESS WIRE)--Anaergia Inc. (TSX: ANRG, “the Company”) today announced the achievement of several milestones. First, over the last month, two more of the Company’s European facilities have started injecting renewable natural gas (“RNG”) into the grid. Second, there have been positive developments relating to increasing the feedstock at the Company’s Rialto Bioenergy Facility in California (the “RBF”), and also in registering the produced RNG for sale. The Company has also reaffirmed its 2022 guidance and is providing guidance for 2023.

Operational Milestones in Europe

In addition to the Company’s Easy Energia facility, the second of the six Italian plants, Calimera, also started injecting RNG into the grid last month. The Company’s build-own-operate (“BOO”) project in Tønder, Denmark has also started injecting gas. The two Italian plants combined have the capacity to supply up to 232,000 MMBtu of RNG per year when fully operational. Injection of first gas in Denmark qualifies the Tønder facility for a 20-year biogas subsidy program promoted by the Danish Energy Agency. When fully operational, the Tønder facility will produce up to 1.4 million MMBtu annually.

An additional four BOO plants are still under construction in Italy, and these are expected to be commissioned later this year and in early 2023. At full capacity, three of these plants will combine to produce over 430,000 MMBtu of RNG per year, while another will produce six million kilowatts of electricity annually utilizing biogas created from animal waste.

Rialto Bioenergy Facility Developments

The Company’s confidence in continued revenue growth at the RBF is reinforced by the passing of an expected ordinance. On November 29, 2022, the City Council of Los Angeles adopted an ordinance requiring commercial and multifamily generators under the RecycLA franchise to subscribe for organic waste collection and diversion services, as required by state law SB 1383. The ordinance, which is to be signed by the Mayor of Los Angeles on or before December 9, 2022, is expected to substantially increase the amount of organic waste diverted to the RBF for conversion to renewable natural gas. The RBF is North America’s largest landfill diverted organic waste RNG facility.

In addition, the U.S. Environmental Protection Agency (EPA) has approved the Quality Assurance Plan (QAP) for the RBF enabling the sale of RINs. The Company expects to receive a deemed complete Low Carbon Fuel Standard (“LCFS”) pathway from the California Air Resources Board (CARB) in 2022. As a result, the Company expects to be able to sell its RNG for transportation use in the first quarter of 2023.

CEO Commentary

“We continue to successfully execute on our revenue backlog of BOO and Capital Sales projects which now stands at $4.8 billion (up from $2.8 billion at our IPO). Three of our seven facilities in Europe are now injecting RNG into national grids in Italy and in Denmark. Getting first gas into the grid at Tønder, Denmark in 2022 was critical for ensuring the availability of Danish incentives for the next twenty years for the project. Our team did an exceptional job achieving this important milestone on schedule and in record time,” said Andrew Benedek, Chairman and CEO of Anaergia. “Year after year these facilities, along with the new ones we build, will continue to reduce and prevent methane emissions, and create renewable fuel to replace fossil natural gas. Our opportunities to build such plants are continuing to grow due to increasing incentives favouring RNG production in Europe and in North America.”

Reaffirming 2022 Guidance

Anaergia is reaffirming its previously disclosed Revenue and Adjusted EBITDA¹ guidance for full year 2022. All guidance is current as of the published date and is subject to change. For more information, please refer to the Company’s management’s discussion and analysis of financial condition and results of operations for the three and nine months ended September 30, 2022 available on the Company’s SEDAR profile at www.sedar.com (the “Q3 MD&A”).

2023 Revenue and Adjusted EBITDA Guidance

Anaergia is providing new Revenue and Adjusted EBITDA guidance for full year 2023. All guidance is current as of the published date and is subject to change.

The 2023 guidance is based on several key assumptions:

• The estimated revenue is subject to the receipt of an LCFS pathway and associated carbon intensity (“CI”) score for the RBF, over which the Company has no influence or control.
• The RBF is expected to ramp up feedstock during 2023, operating near capacity in the fourth quarter of 2023 with more rapid ramp up in the second half of the year as adoption of the ordinance referred to above advances. Guidance assumes that commercial and multifamily generators under the RecycLA franchise subscribe to organic waste collection and diversion services, as required by state law SB 1383, and that the ordinance is enforced.
• The Italian BOOs are expected to be fully operational by the end of the second quarter of 2023.
• Government incentives in Italy to support the diversion of organic waste from landfills and to produce RNG are available on schedule as expected following injection of first gas.
• There is significant external investment in the Company’s Tønder project to finance the construction of the second phase of this project prior to the end of the second quarter 2023.

About Anaergia

Anaergia was created to eliminate a major source of greenhouse gases by cost effectively turning organic waste into renewable natural gas (“RNG”), fertilizer and water, using proprietary technologies. With a proven track record from delivering world-leading projects on four continents, Anaergia is uniquely positioned to provide end-to-end solutions for extracting organics from waste, implementing high efficiency anaerobic digestion, upgrading biogas, producing fertilizer and cleaning water. Our customers are in the municipal solid waste, municipal wastewater, agriculture, and food processing industries. In each of these markets Anaergia has built many successful plants including some of the largest in the world. Anaergia owns and operates some of the plants it builds, and it also operates plants that are owned by its customers.

Forward-Looking Information

This news release contains forward-looking information within the meaning of applicable securities legislation, which reflects the Company’s current expectations regarding future events, including statements relating to our business plans, growth strategies and ESG initiatives. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Company’s annual information form dated March 28, 2022 for the fiscal year ended December 31, 2021 (the “Annual Information Form”). Actual results could differ materially from those projected herein. Anaergia does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.

The targets disclosed above under “Reaffirming 2022 Guidance” and “Adjusted EBITDA Guidance” do not constitute a forecast or projection. There can be no assurance that the Company will achieve these targets and actual results may vary materially. The Company’s ability to achieve the targets referred to in these sections above is subject to a number of risks, challenges and uncertainties, including those described under the headings “Caution Regarding Forward-Looking Information” in the Q3 MD&A and in the “Risk Factors” section of the Annual Information Form, all of which may cause actual results to vary materially from those set out in the targets. There can be no assurance that any or all of the potential projects described above will go forward on the terms we expect, or at all, or be completed as anticipated. If the amount or type of future awards of new business to the Company fall short of management’s expectations or are inconsistent with management’s past experience, the Company may not achieve the referenced targets. In addition, delays or other issues relating to the Company’s performance under its contracts may require the Company to incur additional costs, which may have a material adverse effect on the Company’s revenues and Adjusted EBITDA. The targets referred to above also reflect the Company’s assumptions regarding the number and type of opportunities for new business awards that will arise in the future, which in turn reflect management’s assumptions regarding the general growth and direction of the waste-to-value industry over the next two-year period.

Non-IFRS Measures

This press release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of the Company’s financial information reported under IFRS. Management uses non-IFRS measures to provide investors with supplemental measures.

Management also uses non-IFRS measures internally in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet the Company’s future debt service, capital expenditure and working capital requirements. Management believes these non-IFRS measures and industry metrics are important supplemental measures of operating performance because they eliminate items that have less bearing on operating performance and highlight trends in the core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management believes such measures allow for assessment of the Company’s operating performance and financial condition on a basis that is more consistent and comparable between reporting periods. Management also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of public companies.

Definitions of non-IFRS measures and industry metrics used in this press release are provided below.

“Adjusted EBITDA” is defined as net earnings before finance costs, taxes and depreciation and amortization adjusted for our normalized proportionate interest in our BOO assets and one-time or nonrecurring items, stock-based compensation expense, asset impairment charges and write downs, gains and losses for equity-accounted investees, foreign exchange gains or losses, restructuring costs, ERP customization and configuration costs, litigation and other claims settlements, gains and losses resulting from changes in certain balance sheet valuations (such as derivatives and warrants), acquisition costs and costs related to our initial public offering, including estimated incremental auditing and professional services costs incurred in connection with our initial public offering. For further details, refer to “Non-IFRS Measures and Industry Metrics” and “Reconciliation of Non-IFRS Measures” in the Q3 MD&A.

For further information please see: www.anaergia.com

__________________________
¹ “Adjusted EBITDA” is a non-IFRS Measure. See “Non-IFRS Measures”.

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$1.13 dividend per share; $1.12 net income attributable to KMI per share; and $7.7 billion Adjusted EBITDA

HOUSTON--(BUSINESS WIRE)--Kinder Morgan, Inc. (NYSE: KMI) today announced its preliminary 2023 financial projections. “We expect 2023 to be another very good year for Kinder Morgan, with strong market fundamentals, continued robust growth in demand for existing and expanded natural gas transportation, storage, and gathering and processing; and continued demand for refined products midstream services and investments in our Energy Transition Ventures business,” said Steve Kean, KMI Chief Executive Officer. “Those results will be offset by the higher interest rate environment we expect in 2023. We anticipate generating net income attributable to KMI per share of $1.12, flat to our year-end 2022 forecast of $1.12 per share, with Adjusted EBITDA up 3% from 2022 at $7.7 billion, compared to the 2022 forecast of $7.5 billion. We anticipate total segment EBDA of $8.2 billion, up 5% compared to the 2022 forecast. We also expect to end 2023 with a Net Debt-to-Adjusted EBITDA ratio of 4.0 times, well below our long-term target of 4.5 times.”

“We expect distributable cash flow (DCF) per share of $2.13, down from our 2022 forecast of $2.17 DCF per share. We project interest expense to be significantly higher than our 2022 forecast, representing a DCF impact of approximately $0.15 per share. Absent that impact, expected DCF per share would be up 5% year over year,” said Kimberly Dang, KMI President. “Over the long-term, our corporate strategy of maintaining a portion (~25%) of our debt at a floating rate has been sound, saving the company approximately $1.2 billion over the last 10 years, far exceeding the expected 2023 impact.”

Below is a summary of KMI’s expectations for 2023:

• Generate $1.12 of net income attributable to KMI per share, flat to our current 2022 forecast of $1.12.
• Generate $2.13 DCF per share, down 1% from the current forecast for 2022 due to the impact of the projected increased interest expense discussed above.
• Generate $7.7 billion of Adjusted EBITDA, up 3% from the 2022 forecast; and total segment EBDA of $8.2 billion, up 5% from the 2022 forecast.
• Invest $2.1 billion in expansion projects and contributions to joint ventures, or discretionary capital expenditures (of which roughly 80% is in lower carbon projects).
• Return additional value to shareholders in 2023 through an anticipated $1.13 per share dividend (annualized) and opportunistic share repurchases.
• End 2023 with a Net Debt-to-Adjusted EBITDA ratio of 4.0 times, well below our long-term target of approximately 4.5 times.
• The expected $2.13 of DCF per share and the 4.0 times leverage metric do not reflect the impact of possible opportunistic share repurchases, which KMI will have substantial capacity to transact on.

Please see “Non-GAAP Financial Measures” below for definitions of DCF, Adjusted EBITDA and Net Debt, and the accompanying tables for reconciliations of 2023 budgeted net income attributable to KMI to budgeted DCF and budgeted Adjusted EBITDA.

KMI’s expectations assume average annual prices for West Texas Intermediate (WTI) crude oil and Henry Hub natural gas of $85 per barrel and $5.50 per MMBtu, respectively, consistent with forward pricing during the budget process. The vast majority of cash generated by KMI is fee-based and therefore is not directly exposed to commodity prices. The primary area where KMI has commodity price sensitivity is in its CO₂ segment, where KMI hedges the majority of its next 12 months of oil production to minimize this sensitivity. For 2023, the company estimates that every $1 per barrel change in the average WTI crude oil price impacts DCF by approximately $9.1 million and each $0.10 per MMBtu change in the price of natural gas impacts DCF by approximately $1.3 million.

The KMI board of directors has preliminarily reviewed the 2023 budget and will take formal action on it at the January board meeting. Management will discuss the budget in detail during the company’s annual investor day conference on January 25, 2023, in Houston, Texas. The 2023 budget will be the standard by which KMI measures its performance next year and will be a factor in determining employee compensation. Kinder Morgan remains committed to transparency and will continue to publish its budget on the company’s website as presented at the investor day conference. An investor presentation updated with a brief overview of the 2023 budget has been posted to the Investor Relations page of KMI’s website.

About Kinder Morgan, Inc.

Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient and environmentally responsible manner for the benefit of the people, communities and businesses we serve. We own an interest in or operate approximately 83,000 miles of pipelines, 141 terminals, 700 billion cubic feet of working natural gas storage capacity and have renewable natural gas generation capacity of approximately 2.2 Bcf per year of gross production with an additional 5.2 Bcf in development. Our pipelines transport natural gas, refined petroleum products, renewable fuels, crude oil, condensate, CO₂ and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, renewable fuel feedstocks, chemicals, ethanol, metals and petroleum coke. Learn more about our renewables initiatives on the low carbon solutions page at www.kindermorgan.com.

Important Information Relating to Forward-Looking Statements

This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Generally the words “expects,” “believes,” anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements in this news release include express or implied statements pertaining to KMI’s expectations for 2022 and 2023, including expected net income attributable to Kinder Morgan, Inc., DCF (in each case in the aggregate and per share), total segment EBDA, Adjusted EBITDA, Net Debt-to-Adjusted EBITDA ratios, anticipated dividends and discretionary capital expenditures, and KMI’s financing strategy, including use of floating-rate debt. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although KMI believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance as to when or if any such forward-looking statements will materialize nor their ultimate impact on our operations or financial condition. Important factors that could cause actual results to differ materially from those expressed in or implied by these forward-looking statements include: the timing and extent of changes in the supply of and demand for the products we transport and handle; commodity prices; and the other risks and uncertainties described in KMI’s reports filed with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year-ended December 31, 2021 (under the headings “Risk Factors” and “Information Regarding Forward-Looking Statements” and elsewhere) and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on our website at ir.kindermorgan.com. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, KMI undertakes no obligation to update any forward-looking statement because of new information, future events or other factors. Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements.

Non-GAAP Financial Measures

The non-generally accepted accounting principles (non-GAAP) financial measures of distributable cash flow (DCF), both in the aggregate and per share; Adjusted EBITDA; and Net Debt are presented herein.

Our non-GAAP financial measures described further below should not be considered alternatives to GAAP net income attributable to Kinder Morgan, Inc. or other GAAP measures and have important limitations as analytical tools. Our computations of these non-GAAP financial measures may differ from similarly titled measures used by others. You should not consider these non-GAAP financial measures in isolation or as substitutes for an analysis of our results as reported under GAAP. Management compensates for the limitations of these non-GAAP financial measures by reviewing our comparable GAAP measures, understanding the differences between the measures and taking this information into account in its analysis and its decision-making processes.

Certain Items, as adjustments used to calculate our non-GAAP financial measures, are items that are required by GAAP to be reflected in net income attributable to Kinder Morgan, Inc., but typically either (1) do not have a cash impact (for example, asset impairments), or (2) by their nature are separately identifiable from our normal business operations and in our view are likely to occur only sporadically (for example, certain legal settlements, enactment of new tax legislation and casualty losses). We also include adjustments related to joint ventures (see “Amounts from Joint Ventures” below).

DCF is calculated by adjusting net income attributable to Kinder Morgan, Inc. for Certain Items, and further by DD&A, amortization of excess cost of equity investments, income tax expense, cash taxes, sustaining capital expenditures and other items. We also include amounts from joint ventures for income taxes, DD&A and sustaining capital expenditures (see “Amounts from Joint Ventures” below). DCF is a significant performance measure useful to management and external users of our financial statements in evaluating our performance and in measuring and estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and expending sustaining capital, that could be used for discretionary purposes such as dividends, stock repurchases, retirement of debt, or expansion capital expenditures. DCF should not be used as an alternative to net cash provided by operating activities computed under GAAP. We believe the GAAP measure most directly comparable to DCF is net income attributable to Kinder Morgan, Inc. DCF per share is DCF divided by average outstanding shares, including restricted stock awards that participate in dividends.

Adjusted EBITDA is calculated by adjusting net income attributable to Kinder Morgan, Inc. before interest expense, income taxes, DD&A, and amortization of excess cost of equity investments (EBITDA) for Certain Items. We also include amounts from joint ventures for income taxes and DD&A (see “Amounts from Joint Ventures” below). Adjusted EBITDA is used by management and external users, in conjunction with our Net Debt (as described further below), to evaluate certain leverage metrics. Therefore, we believe Adjusted EBITDA is useful to investors. We believe the GAAP measure most directly comparable to Adjusted EBITDA is net income attributable to Kinder Morgan, Inc.

Net Debt is calculated by subtracting from debt (1) cash and cash equivalents, (2) debt fair value adjustments, and (3) the foreign exchange impact on Euro-denominated bonds for which we have entered into currency swaps. Net Debt is a non-GAAP financial measure that management believes is useful to investors and other users of our financial information in evaluating our leverage. We believe the most comparable measure to Net Debt is debt net of cash and cash equivalents.

Amounts from Joint Ventures - Certain Items, DCF and Adjusted EBITDA reflect amounts from unconsolidated joint ventures (JVs) and consolidated JVs utilizing the same recognition and measurement methods used to record “Earnings from equity investments” and “Noncontrolling interests,” respectively. The calculations of DCF and Adjusted EBITDA related to our unconsolidated and consolidated JVs include the same items (DD&A and income tax expense, and for DCF only, also cash taxes and sustaining capital expenditures) with respect to the JVs as those included in the calculations of DCF and Adjusted EBITDA for our wholly-owned consolidated subsidiaries. Although these amounts related to our unconsolidated JVs are included in the calculations of DCF and Adjusted EBITDA, such inclusion should not be understood to imply that we have control over the operations and resulting revenues, expenses or cash flows of such unconsolidated JVs.

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www.kindermorgan.com

New partnership will look to address infrastructure gaps across Africa, including integrated ports, warehouses, maritime and logistics hubs

ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--AD Ports Group (ADX: ADPORTS), the leading global facilitator of trade, logistics, and industry, has signed a collaboration agreement with the Africa Finance Corporation (“AFC”), the leading infrastructure solutions provider in Africa, to address infrastructure gaps across the continent.

The agreement provides the basis for the two organisations to join forces on identifying, financing, developing and investing in much-needed ports, warehouses, maritime and logistics infrastructure projects across Africa. Both parties will bring their technical expertise and strong financial capacity and networks to a range of development initiatives, focusing on brownfield and greenfield opportunities.

AFC is a pan-African multilateral development finance institution that bridges the infrastructure investment gap through the provision of financing solutions that cover the entire project cycle as well as technical and advisory services. Over the last 15 years, AFC has invested more than US$ 10 billion in infrastructure projects across 37 countries in Africa. AFC developed and financed the first carbon neutral industrial zone in Africa, the Nkok Special Economic Zone, which has made Gabon the largest exporter of veneer wood globally, generating US$1 billion in annual export revenue and creating over 30,000 jobs. The approach is being replicated by the Arise platform in Benin and Togo. Most recently, AFC, in a joint venture with UAE’s Masdar and EBRD, jointly acquired Lekela Power, the continent’s biggest renewables independent power producer, with plans to double generation capacity within four years.

AD Ports Group has significant expertise in the construction and operation of ports, free zones, logistics and maritime hubs, and is currently active in a range of development projects in territories as diverse as Jordan, Egypt and Iraq.

The collaboration agreement could provide vital support for ports and maritime facilities in Africa, which are often overstretched by growing demand for imported goods and export-driven industrial production facilities that require significant investment to modernise and increase capacity and enhance productivity. According to a report from the African Union (AU), throughput at African ports will reach 2 billion tonnes by 2040, a major challenge when the current average dwell time – the time cargo spends at port – is around 20 days across the continent, compared to the global average of four days.

Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “Some of the world’s fastest-growing economies are in Africa, necessitating the creation a new generation of ports and maritime facilities, supported by smart technology and enhanced freight infrastructure. We see a key opportunity to support African nations in their efforts to develop advanced trade hubs that can manage the rising volume of maritime commerce and deliver excellent connectivity. Working with AFC, we will look to prioritise projects that can make a lasting impact on the economies and communities of their respective nations, in-line with the direction of our wise leadership to support progressive development.”

Samaila Zubairu, President & Chief Executive Officer of AFC, said: “We are pleased to sign this collaboration agreement with AD Ports Group today, demonstrating the UAE’s ongoing enthusiasm to invest and deploy expertise in Africa. Combining AFC’s specialist expertise and outstanding investment track record with AD Ports Group’s technical proficiency, I am confident that our collaboration will yield the development of some of the most advanced integrated ports and logistics platforms in Africa and the world at large. We look forward to a continued partnership as we work together to unleash Africa’s economic potential and transform lives on the continent.”

About AD Ports Group:

Established in 2006, AD Ports Group today serves as the region’s premier facilitator of logistics, industry, and trade, as well as a bridge linking Abu Dhabi to the world. Listed on the Abu Dhabi Securities Exchange (ADX: ADPORTS), AD Ports Group’s vertically integrated business approach has proven instrumental in driving the emirate’s economic development over the past decade.

Operating several clusters covering Ports, Economic Cities & Free Zones, Maritime, Logistics, and Digital, AD Ports Group’s portfolio comprises 10 ports and terminals, and more than 550 square kilometres of economic zones within KEZAD, the largest integrated trade, logistics, and industrial business grouping in the Middle East.

AD Ports Group is rated A+ by S&P and A+ Outlook Stable by Fitch.

For more information, please visit: adportsgroup.com

Follow AD Ports Group on:

LinkedIn: https://www.linkedin.com/company/adportsgroup

Instagram: https://instagram.com/adportsgroup

Facebook: https://www.facebook.com/adportsgroup

Twitter: https://twitter.com/adportsgroup

YouTube: https://www.youtube.com/c/adportsgroup

About AFC:

AFC was established in 2007 to be the catalyst for private sector-led infrastructure investment across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.

Fifteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has invested over US$10 billion in 35 countries across Africa since inception.

www.africafc.org

Follow AFC on:

LinkedIn: https://www.linkedin.com/company/africa-finance-corporation/

Twitter: https://twitter.com/africa_finance

*Source: AETOSWire

Marc Hammoud
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New Markets Media & Intelligence
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