DUBLIN--(BUSINESS WIRE)--The "Gas Engine Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Fuel Type, Power Output, and End-User" report has been added to ResearchAndMarkets.com's offering.

The gas engine market was valued at US$ 3,930.0 million in 2020 and is projected to reach US$ 6,354.4 million by 2028; it is expected to grow at a CAGR of 6.19% from 2020 to 2028.

The gas engine manufacturing industry is continuously evolving with innovations in natural gas engines offerings to support emission targets. Rising demand for low-emission, fuel-efficient engines to reduce air pollution, and the advent of special gas engines in the manufacturing, utilities, and remote generation application sectors are the key factors propelling the gas engine market growth. Also, biogas-powered engines with improved electric efficiency and low emissions are creating substantial growth opportunities for the market players.

The gas engine manufacturers are focusing on offering advanced products to address the rising demand for high power outputs, meeting diesel engine standards. Major heavy industries, remote power plants, and manufacturing companies are selecting high-power gas engines due to enhanced electric efficiency and reduced fuel costs. The use of natural gas in gas engines combustion technology can resolve the emission problems, along with assisting customers in meeting new regulatory norms. There is an increase in adoption of gas engines in South America, Africa, and Asia, while North America and Europe are focusing on adopting solar and wind energy.

With the outbreak of the COVID-19 worldwide, several business organizations have been pushed to reduce their operations owing to lockdowns announced by several governments across the globe. The lockdowns have drastically affected businesses. The lockdowns announced by various governments across the globe resulted in temporary shutdown of offices, schools, cinema halls, manufacturing plants, and venues. This had negatively impacted the market for gas engines. For instance, according to the International Energy Agency (IEA), the global demand for electricity has been decreased by 2.5% in first quarter of 2020. However, in the second half of 2020, with the relaxation of lockdown, the demand has again spiked due to the implementation of advanced technologies by the power generation plants to maintain power supply.

Market Dynamics

Drivers

• Increasing Focus on Development of Efficient Fuel Engines
• Rise in Production of Natural Gas

Restraints

• Escalating Popularity of Renewable Energy Alternatives and Technological Drawbacks in Several Countries

Opportunities

• Surging Adoption of Gas Engines in Developing Countries

Future Trends

• Distributed Gas Generation

Companies Mentioned

• NNIO Jenbacher GmbH & Co OG
• Caterpillar Inc.
• Cummins Inc
• Fairbanks Morse, LLC
• Kawasaki Heavy Industries, Ltd.
• Liebherr
• MAN SE
• Mitsubishi Heavy Industries, Ltd.
• R Schmitt Enertec GmbH
• Wartsila Corporation
• MTU (Rolls-Royce Power Systems AG)
• 2G ENERGY AG

For more information about this report visit https://www.researchandmarkets.com/r/d0m8ez

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)--CVD Equipment Corporation (NASDAQ: CVV), a leading provider of chemical vapor deposition systems and materials, today announced its second quarter 2021 financial results.

CVD second quarter 2021 revenue was $4.0 million as compared to $3.7 million in the second quarter of 2020, an increase of $.3 million or 8.5%. Net income for the second quarter was $1.5 million, or $.22 per diluted share, as compared to a net loss of $1.1 million, or $.17 per diluted share in the second quarter of 2020. As a result of the COVID-19 pandemic, CVD’s new order bookings substantially decreased commencing in the first quarter of 2020, which reduced revenues in subsequent quarters, resulting in revenue of $7.4 million for the first half of 2021 as compared to $9.8 million in the first half of 2020, a decrease of $2.4 million or 24.1%. Net loss for the first half of 2021 was $35,125, or $.01 per diluted share, as compared to net income of $.5 million, or $.08 per diluted share for the first half of 2020. During the first quarter of 2020, CVD was favorably impacted by the CARES Act which allowed for the carryback of net operating losses and resulted in CVD recognizing an income tax benefit of $1.5 million. CVD’s second quarter and first half results for 2021 were positively impacted by the gain on debt extinguishment in the amount of $2.4 million, which was related to its PPP loan received due to the effects of the COVID-19 pandemic.

Sequentially, CVD’s revenue in the second quarter of 2021 was $4.0 million as compared to $3.4 million in the first quarter 2021, an increase of $.6 million, and the operating loss decreased to $1.1 million in the second quarter of 2021, as compared to an operating loss of $1.6 million in the first quarter of 2021, an improvement of $.5 million. This is the result of the increased revenue and the improvement in product margins.

Thomas McNeill, Executive Vice President and Chief Financial Officer, said “As previously announced, we are pleased to have closed on the sale of our facility located at 555 North Research Place, Central Islip, NY. With a sales price of $24.4 million, we satisfied the associated mortgage debt of approximately $9.1 million outstanding at June 30, 2021, and paid various transaction-related costs. The net proceeds of approximately $14 million dramatically improves our current cash position, which now exceeds $18 million, and provides us with a balance sheet for sustainable growth strategies.

“The Company’s backlog at June 30, 2021 improved by $2.0 million to $8.0 million, as compared to $6.0 million at March 31, 2021. Since the first quarter of 2020, the Company continues to experience significant negative effects due to the COVID-19 pandemic including reductions of new orders. The Company’s order activity has improved in both the first and second quarters of 2021, and, we believe its longer term improvements will be benefited by the anticipated slow recovery in the Aerospace markets, which industry reports indicate will begin to occur in the 2022-2023 timeframe.”

Mr. Lakios added, “As we complete the mid year mark of 2021, we are pleased to inform our shareholders that we shored up our balance sheet, reduced our operating expenses, and that our order rate is returning to a pre-pandemic level.

“The completion of the sale of our 555 Building has significantly increased our cash position, while also having the benefit of reducing the operating expense associated with the building. The proceeds of the sale will be utilized to fund development, short term operations as well as the long-term growth of the Company.

“The increased focus on customer engagement yielded approximately $6M in new orders in Q2 of 2021, increasing our back log horizon for the process equipment group. In addition, we received our first CVD deposition system order to be used in the manufacturing of Electrical Vehicle Battery nano-materials in July of 2021. It is our strategy to continue to focus on production applications for Nano-Materials as well as our Aerospace & Defense Applications.

“Along with the CVD Board of Directors and all our loyal employees we are committed to stay the course of our strategy to achieve profitability, with a focus on growth and return on investment. “

The Company will hold a conference call to discuss its results today at 5:00 pm (Eastern Time). To participate in the live conference call, please dial toll free (877) 407-2991 or International (201) 389-0925. A telephone replay will be available for 7 days following the call. To access the replay, dial (877) 660-6853 or international (201) 612-7415. The replay passcode is 13722319. A live and archived webcast of the call is also available on the company’s website at www.cvdequipment.com/events.

About CVD Equipment Corporation

CVD Equipment Corporation (NASDAQ: CVV) designs, develops, and manufactures a broad range of chemical vapor deposition, gas control, and other state-of-the-art equipment and process solutions used to develop and manufacture materials and coatings for research and industrial applications. This equipment is used by its customers to research, design, and manufacture these materials or coatings for aerospace engine components, medical implants, semiconductors, solar cells, smart glass, carbon nanotubes, nanowires, LEDs, MEMS, and other applications. Through its application laboratory, the Company provides process development support and process startup assistance with the focus on enabling tomorrow’s technologies™. It’s wholly owned subsidiary CVD Materials Corporation provides advanced materials and metal surface treatments and coatings to serve demanding applications in the electronic, biomedical, petroleum, pharmaceutical, and many other industrial markets.

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by CVD Equipment Corporation) contains statements that are forward-looking. All statements other than statements of historical fact are hereby identified as “forward-looking statements, “as such term is defined in Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking information involves a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated by management. Potential risks and uncertainties include, among other factors, market and business conditions, the COVID-19 pandemic, the success of CVD Equipment Corporation’s growth and sales strategies, the possibility of customer changes in delivery schedules, cancellation of, or failure to receive orders, potential delays in product shipments, delays in obtaining inventory parts from suppliers and failure to satisfy customer acceptance requirements. Past performance in not a guaranty of future results.

CVD earnings release should be read in conjunction with the Company’s filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for fiscal year ended December 31, 2020

Thomas McNeill, EVP & CFO
Phone: (631) 981-7081
Fax: (631) 981-7095 Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Argo leads the charge to a sustainable crypto economy and becomes the first Climate Positive cryptocurrency mining company

LONDON--(BUSINESS WIRE)--Argo Blockchain plc (LSE:ARB; OTCQX:ARBKF), (“Argo” or the “Company”), a global leader in sustainable blockchain infrastructure and cryptocurrency mining, today announced it has become the first publicly traded cryptocurrency mining company to report it has become Climate Positive for Scope 1, 2, and 3 Greenhouse Gas (GHG) emissions associated with all of its respective crypto-related operations. Climate Positive means that the company is addressing its own GHG emissions to become carbon neutral, and going even further by mitigating emissions through support of projects outside of Argo. The announcement marks a key milestone in the Company’s Climate Strategy, which includes its ongoing and future initiatives in energy efficiency, reducing e-waste, use of waste heat in partnership with local municipalities, carbon capture, and supporting the industry with sustainability standards.

“We are proud to be the first publicly traded cryptocurrency mining company to reach the Climate Positive milestone and remain laser-focused on encouraging other companies to join us – both inside and outside of the industry. Furthermore, we wanted to publicly issue our Climate Strategy in hopes of encouraging collaboration, input and dialogue among all companies on ways to create climate-positive environments,” said Peter Wall, Chief Executive of Argo Blockchain.

Since inception, Argo has been committed to sustainability and believes that cryptocurrency mining can spur renewable power innovation and pave the way to reducing GHG emissions. Over the past year, the Company has built out its Climate Positive Strategy, achieving the below milestones, among many others:

• Signed UNFCCC Climate Neutral Now Pledge
• Signed Crypto Climate Accord
• Purchased Hydro and Wind Renewable Energy Credits (RECs) to address 2020 and projected 2021 scope 2 emissions (electricity use)
• Prioritized direct renewable power purchases on-site or from a local grid
• Purchased Verified Emissions Reductions (VERs) for 2020 and projected 2021 scope 3 emissions from the company supply chain (VERs are certified by the American Carbon Registry and Gold Standard)
• Purchased additional VERs in excess of 2020 and projected 2021 scope 3 emissions to demonstrate commitment to climate action and have a ‘climate positive’ overall impact (VERs are certified by Gold Standard)

Further, Argo is pleased to announce that it is now a participant of the UNFCCC’s Climate Neutral Now Initiative. As a participant, Argo undertakes to measure, reduce, contribute, and report emissions on a yearly basis in order to achieve a Climate Neutral world by 2050.

“Guidehouse celebrates this important milestone with Argo as they work to tackle one of their industry’s most critical sustainability issues—Greenhouse Gas emissions in cryptocurrency mining,” says Britt Harter, sustainability lead at Guidehouse, a consultancy and solutions provider that serves as Argo’s climate strategy advisor. “Argo’s efforts are a prime example of how other technology firms can reduce their climate impact to build a sustainable and environmentally secure planet for generations to come.”

Miguel Naranjo, Programme Officer at the UNFCCC secretariat, said: “We are pleased to welcome Argo Blockchain as the first cryptocurrency miner to join Climate Neutral Now, and welcome their support, with other participants, in achieving a Climate Neutral world by 2050.”

The Company is also building the community and partnering and collaborating with competitors, consultants, and councils – including REBA, the Crypto Climate Accord and many others – to ensure the industry can derive solutions faster and more efficiently to create a more sustainable mining industry for the long haul.

Peter Wall added, “Argo believes in preserving our planet – not only because it makes business sense, but because it just makes sense to protect it. We understand the only way to create a sustainable infrastructure and mining operation is to be best-in-class long-term and look forward to continuing to lead the charge and push industry-wide sustainability practices for years to come.”

Argo will continue innovating and prioritizing sustainability on its path to being a climate action leader in the crypto and bitcoin mining world. Moving forward Argo will release an annual Climate Report to overview company developments as well as industry wide changes.

About Argo
Argo Blockchain plc is a global leader in cryptocurrency mining with one of the largest and most efficient operations powered by clean energy. The Company is headquartered in London, UK and its shares are listed on the Main Market of the London Stock Exchange under the ticker: ARB and on the OTCQX Best Market in the United States under the ticker: ARBKF.

Carissa Felger/Genevieve Pirrong
Gasthalter & Co.
(212) 257-4170

HOUSTON--(BUSINESS WIRE)--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) announced today that Jonathan Stein, Chief Financial Officer, and Jennifer Gordon, Vice President, Investor Relations, will meet with investors on August 19, 2021 at the Citi Midstream and Energy Infrastructure Conference.

A presentation has been posted in the “Investors” section of the Hess Midstream website at www.hessmidstream.com.

About Hess Midstream

Hess Midstream is a fee-based, growth-oriented, midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Hess and third-party customers. Hess Midstream owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. More information is available at www.hessmidstream.com.

Forward Looking Statements

This press release may include forward-looking statements within the meaning of the federal securities laws. Generally, the words “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “believe,” “intend,” “project,” “plan,” “predict,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results and current projections or expectations. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the filings made by Hess Midstream with the U.S. Securities and Exchange Commission, which are available to the public. Hess Midstream undertakes no obligation to, and does not intend to, update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

Investor Contact:
Jennifer Gordon
(212) 536-8244

Media Contact:
Robert Young
(713) 496-6076

BLACKWOOD, N.J.--(BUSINESS WIRE)--Vision Solar, one of the fastest growing residential solar companies, announced today that they have partnered with GivePower.

With renewable energy becoming such a critical role in our everyday lives, Vision Solar has recognized the importance of expanding past the workplace. By developing a cooperative commitment to providing clean energy throughout the globe, Vision Solar LLC is representing the impact that is made with the renewable energy movement.

Jonathan Seibert, CEO of Vision Solar added, “We are honored to be a part of this journey. Together we are forever impacting our world and the lives of our neighbors, while truly living out our social responsibility as a company.”

As part of the partnership, a portion of our profits will be donated to GivePower as an effort to provide clean water for kids and families around the globe in underdeveloped countries.

About Vision Solar

Vision Solar is one of the fastest growing solar energy companies in the United States. Their full-service renewable energy company installs solar services for residential homes nationwide. Over the past three years, Vision Solar has grossed over $100 million in revenue, with significant increase in projected growth for 2021. To learn more visit https://visionsolar.com

About GivePower

GivePower is dedicated to providing clean water through clean energy. Through their Solar WaterFarms, they are sustainably creating access to clean water in water-scarce regions around the world. We’ve powered over 2,650 schools across 17 countries and changed the lives of over 400,000 people.

John Czelusniak, This email address is being protected from spambots. You need JavaScript enabled to view it.

Drivers can find tips, resources and win a FREE Ultimate Road Trip as part of a summer-long celebration of adventure on the road

• A s part of the campaign, the Mobil 1™ brand will introduce a diverse set of ambassadors to help share summer road trip stories and tips – including celebrity travelers Dean Unglert and Caelynn Miller-Keyes, family troupe the Hambrick Family, travel photographer Tiffany Nguyen and car care expert Jason Fenske from Engineering Explained
• To heighten the celebration, you could win a one-of-a-kind FREE road trip excursion worth more than $20,000
• Head to Mobil1RoadTrip.com to register for the sweepstakes, enjoy inspiring road trip content and essential tips to get your car ready for the journey

SPRING, Texas--(BUSINESS WIRE)--Whether it's a family beach trip or an off-the-beaten-path journey into the wilderness, this summer, more than ever, the open road is calling. Mobil 1, the world’s leading synthetic motor oil brand, is here to get drivers on the road once again as the Official Motor Oil of Road Trips.

The Mobil 1 brand will be offering all the information drivers need to know before heading out to fun places this summer. Better yet, one lucky traveler will win their very own FREE road trip of their dreams, worth up to $20K. The winner will decide where to visit, and the Mobil 1 team will take care of the rest. The sweepstakes runs through September 30, so enter now for a chance to win.

“Mobil 1 synthetic motor oil is trusted by many of the world’s leading car manufacturers, so it’s the perfect fit to protect your vehicle’s engine from the wear and tear of a long trip,” says Bryce Huschka, North America Consumer marketing manager for ExxonMobil. “A lot of people, myself included, have felt cooped up this past year and are itching to get out there and explore. This campaign is all about celebrating a return to travel, a return to adventure, and re-connecting with friends, family, and incredible destinations across the country.”

After entering the sweepstakes at Mobil1RoadTrip.com, visitors can also check out the car care tips tailored to how you travel, so you can be prepared for any journey this summer.

To help bring the spirit of the road trip to life, Mobil 1 motor oil is partnering with influential ambassadors to showcase the range of road trip experiences you can have. This group will be chronicling the sites they see, sharing their favorite road trip hacks and much more – all while traveling where their hearts and vehicles take them.

• Traveling celebrity couple Dean Unglert and Caelynn Miller-Keyes will be sharing their experiences as they make their way from Las Vegas to the Salt Flats in Utah.
• The Hambrick Family will show how the whole family can enjoy the road as they trek from Miami to Sarasota, Florida.
• Travel photographer Tiffany Nguyen will be highlighting her journey from Los Angeles to the Eastern Sierras through the unique perspective of her camera lens.
• Youtuber Jason Fenske is taking a close look at the science behind motor oil in his road trip experience, producing video content for his channel Engineering Explained.

“Road trips can really offer amazing bonding experiences with friends and family, so don’t hesitate to go see what’s waiting for you out there,” says Dean Unglert, former The Bachelorette star and road trip fanatic. “Also, make sure you prepare your car appropriately, so you don’t have to deal with mechanical repairs in some unexpected places. With the Mobil 1 brand, we’ll be offering drivers tips to do just that.”

NO PURCHASE NECESSARY US & DC 18+, ends 9/30/21; rules/odds/prize value go to mobil1roadtrip.com. Limit (2) entries into the Mobil 1 Road Trip Sweepstakes, regardless of the entry form used, or the method of entry.

About Mobil 1

Mobil 1™ motor oil is the world's leading brand of synthetic motor oil. Our advanced technology allows Mobil 1 motor oils to meet or exceed some of the industry’s toughest standards and to provide exceptional protection under even extreme driving conditions. Mobil 1 motor oil is designed to help protect critical engine parts, maximize engine performance, and extend engine life.

For more information, visit Mobil 1 online or on social media, including Facebook, Instagram, and Twitter. Mobil™ and Mobil 1™ are trademarks or registered trademarks of Exxon Mobil Corporation or one of its subsidiaries.

ExxonMobil Media Relations, 972-940-6007
Joe Morgan, Weber Shandwick, 636-221-2599

SANTA CLARITA, Calif.--(BUSINESS WIRE)--Black Knight Energy, LLC (“Black Knight” or the “Company”) is pleased to announce it has received an equity commitment in excess of $500 million from funds managed by Kayne Anderson Capital Advisors, L.P. (“Kayne Anderson”), including Kayne Private Energy Income Fund II, L.P. (“KPEIF II”) and Kayne Anderson Energy Fund VIII, L.P. (“KAEF VIII”), alongside Black Knight’s management team.

Headquartered in Santa Clarita, California, Black Knight is a private energy company formed to pursue the acquisition and development of large, cash flowing oil and natural gas assets across the lower 48. The Black Knight management team is led by Todd Stevens as Chief Executive Officer, Darren Williams as Chief Operating Officer and Elizabeth DeStephens as Chief Strategy & Sustainability Officer. Prior to the formation of Black Knight, Todd most recently served as President and CEO of California Resources Corp. (“CRC”), a position he held since the company’s spin-off from Occidental Petroleum in 2014. Darren and Elizabeth also held senior management positions at CRC, most recently as Executive Vice President of Operations, Exploration and Development and Vice President of Reserves and Strategic Analytics, respectively.

Todd Stevens commented, “I am excited to be partnering with Kayne Anderson in this new venture. We have assembled a great team at Black Knight, with a disciplined focus on value creation, operating cash flow and margin enhancement through safe, responsible operations. With the right capital partner behind us in Kayne Anderson, we are well positioned for success.”

Mark Teshoian, Managing Partner at Kayne Anderson, said, “The Black Knight team has an exceptional operational and commercial track record having previously managed large-scale operations with a keen focus on environmental stewardship. We are fully confident in Todd and his entire team’s ability to create long-term value for our investors and we are excited to partner with them in the formation of Black Knight.”

ABOUT BLACK KNIGHT ENERGY

Formed in 2021, Black Knight Energy, LLC is a California-based, private energy company focused on the acquisition and development of large, cash flowing oil and natural gas assets across the Lower 48.

ABOUT KAYNE ANDERSON

Kayne Anderson Capital Advisors, L.P., founded in 1984, is a leading alternative investment management firm focused on real estate, credit, infrastructure/energy, renewables, and growth equity. Kayne Anderson’s investment philosophy is to pursue niches, with an emphasis on cash flow, where our knowledge and sourcing advantages enable us to deliver above average, risk-adjusted investment returns. As responsible stewards of capital, Kayne Anderson’s philosophy extends to promoting responsible investment practices and sustainable business practices to create long-term value for our investors. Kayne Anderson manages over $30 billion in assets (as of June 30, 2021) for institutional investors, family offices, high net worth and retail clients and employs over 325 professionals in five core offices across the U.S. For more information, please visit www.kaynecapital.com.

Black Knight Energy, LLC
Todd Stevens, Chief Executive Officer
This email address is being protected from spambots. You need JavaScript enabled to view it.

Kayne Anderson Capital Advisors, L.P.
Mark Teshoian, Managing Partner
This email address is being protected from spambots. You need JavaScript enabled to view it.

BAINBRIDGE, Ga.--(BUSINESS WIRE)--Danimer Scientific, Inc. (NYSE: DNMR) (“Danimer” or the “Company”), a leading next generation bioplastics company focused on the development and production of biodegradable materials, announced today its financial results for the second quarter ended June 30, 2021.

Stephen E. Croskrey, Chief Executive Officer of Danimer commented, “During the second quarter 2021, we made further inroads in our mission to create consumer packaging and other biodegradable products which address the global plastic waste crisis. Our team completed the Kentucky debottlenecking initiative to improve our production efficiency for Nodax® based resins, and we substantially strengthened our capital resources to further propel our growth.

“In August, we closed on the previously announced acquisition of Novomer, Inc. We believe this transaction will accelerate our ability to deliver our proprietary packaging products to leading consumer product clients and is a milestone transaction for Danimer. This transaction is expected to create important efficiencies in our manufacturing of biodegradable polymers. As a result, we expect to continue to build on our industry leading capabilities in application development. Our competitive advantage is our decade long experience blending products that enable next generation biopolymers to perform to the standards required by leading consumer product firms. This acquisition will not only allow us to further strengthen this core competency, but it will also enable us to increase the expected overall volume of finished product we will be able to deliver, all while significantly lowering our production costs and capital expenditure per pound produced. We view this as a big win for Danimer, our shareholders, and our customers. I am excited for the immense opportunities ahead to create a broader range of industry-leading solutions to meet the demand from our growing blue-chip customer base.”

Second Quarter 2021 Financial Highlights

• Revenues increased 22% to $14.5 million, compared to the second quarter of 2020, primarily driven by the scale up of PHA production for Phase 1 of the Winchester, Kentucky facility brought on line in 2020. PHA-based products expanded to 29% of total revenue compared to 7% in the second quarter of 2020. The Company also benefitted from a $1.8 million increase in revenue related to research and development projects, primarily reflecting the addition of several customers, including Mars-Wrigley, Kemira, and Bacardi.

• Gross profit was $2.0 million compared to $3.4 million in the second quarter of 2020. Adjusted gross profit¹ was $4.1 million compared to $4.5 million in the second quarter of 2020. Adjusted gross margin¹ was 28% for the second quarter of 2021 and was 38% in the second quarter of 2020, primarily due to elevated fixed-cost absorption as production scales up at the Kentucky facility. The Company expects the average cost per unit to improve as PHA production continues to increase and efficiency measures are implemented. Adjusted gross profit excludes stock-based compensation, depreciation and rent expense.

• Net income of $39.2 million included a $58.7 million non-cash gain related to the remeasurement of the Company’s private warrants for the second quarter 2021.

• Adjusted EBITDA¹ was negative $2.7 million in the current quarter and was negative $0.4 million in the second quarter of 2020, primarily due to the decline in gross profit as well as an increase in headcount and salaries to support future expansion plans. The second quarter 2021 also included incremental expenses related to being a public company of $1.0 million.

• Adjusted EBITDAR¹, which excludes rent expense primarily associated with the Company’s Kentucky facility and one of the Company's production facilities in Georgia, was negative $2.6 million, and was positive $0.4 million in the comparable prior year quarter.

Acquisition Update

In August 2021, Danimer completed the acquisition of Novomer, Inc. (“Novomer”), a leading developer of carbon efficient conversion catalyst and intelligent process design technology. Novomer leverages its proprietary thermocatalytic conversion technology, Novo22™, to produce chemical intermediates and polymers.

Utilizing Novo22™ conversion technology provides transformable, functional, and low net carbon inputs into the production of PHA-based resins and other biodegradable materials. Novomer develops high-performing, carbon-efficient, cost-effective polymers and chemicals, including poly(3-hydroxypropionate) (“p(3HP)” or “Rinnovo”), a type of polyhydroxyalkanoate (“PHA”), all of which can be sourced from renewable or non-renewable feedstocks. Novomer also has an extensive intellectual property portfolio with more than 100 issued patents and over 140 patents pending.

The addition of Novomer is expected to meaningfully reduce Danimer’s planned capital expenditures on a per-pound basis. Danimer believes that Rinnovo is highly complementary with Danimer’s inputs, and can be incorporated as a component in certain Danimer resins. PHA’s are a broad family of polymers which can be used for a multitude of applications wherein each can provide specific benefits. By incorporating Rinnovo into its customer solutions, Danimer expects to be able to produce its resins at a substantially lower average cost. Danimer expects to use these complementary technologies to meet an even broader range of customer needs and applications.

Business Updates

• In May, Danimer’s partner, Plastic Suppliers, announced the successful completion of the first commercial run of Nodax® based home compostable packaging film.

• In June, Danimer helped launch the U.S. Plastics Pact's “Roadmap to 2025,” an aggressive national strategy led by The Recycling Partnership and World Wildlife Fund ("WWF") as part of the Ellen MacArthur Foundation’s global Plastics Pact network.

• In June, Danimer was awarded a U.S. Patent for a renewable, biodegradable marking wax that serves as an alternative to petrochemical-based paraffin wax.

• In June, Danimer successfully completed the debottlenecking initiative within its Kentucky facility to improve production efficiency and accelerate production of Nodax® towards its expectation of reaching 100% of the facility’s current annual run rate capacity by the end of 2021.

• Construction of the Kentucky plant expansion continues on schedule, and phase II is still expected to come online in the second quarter of 2022.

• Continued planning for state-of-the-art PHA greenfield facility located in Bainbridge, Georgia, on track for groundbreaking expected in the first quarter of 2022 and long lead time items have been ordered.

• Following the Novomer acquisition, the Company expects to enhance its facility network through the construction of an initial Rinnovo plant, expected to come on-line by the first/second quarter of 2024.

Liquidity and Capital Resources

In April 2021, the Company entered into a new five year $20.0 million variable interest rate asset-based lending arrangement and a $1.0 million capital expenditure line with customary terms and conditions. The facility provides the Company with additional flexibility to invest in growth initiatives.

In June 2021, the Company redeemed all of its outstanding publicly-traded warrants to purchase shares of its common stock at an exercise price of $11.50 per share. The transaction resulted in approximately $138.4 million in gross proceeds, which simplifies the Company’s capital structure and provides additional funding to invest in the ongoing expansion of the business.

At June 30, 2021, the Company had total debt outstanding of $29.9 million and cash of $416.4 million. The Company had 97,732,079 common shares outstanding as of June 30, 2021.

Business Outlook

The Company expects to continue its acceleration of investments in headcount and technology, inclusive of Novomer, to build out the operational platform and infrastructure needed to support its production capacity expansion and sales growth objectives. Additionally, with the completion of the Kentucky debottlenecking initiative in the second quarter of 2021, the Company expects the improved operating rates will contribute to Adjusted EBITDA and cash flow from operations in 2021. Based on the timing of customer product launches, the Company expects its second half 2021 results to be weighted towards the fourth quarter. The Company expects full year capital expenditures to be in the range of $125 million to $150 million inclusive of post-acquisition investments in Novomer.

Webcast and Conference Call

The Company will host a webcast and conference call on Monday, August 16, 2021, at 5:00 p.m. Eastern time to review second quarter 2021 results, discuss recent events and conduct a question-and-answer session. The live webcast will be available at www.danimerscientific.com in the Investor Relations section. The conference call will also be accessible by dialing 1-877-407-9208 (Domestic) and 1-201-493-6784 (International). A replay of the webcast will be available on the Company’s website.

About Danimer

Danimer is a pioneer in creating more sustainable, more natural ways to make plastic products. For more than a decade, its renewable and sustainable biopolymers have helped create plastic products that are biodegradable and compostable and return to nature instead of polluting our lands and waters. Danimer’s technology can be found in a vast array of plastic end products that people use every day. Applications for its biopolymers include additives, aqueous coatings, fibers, filaments, films and injection-molded articles, among others. Danimer now holds more than 390 granted patents and pending patent applications in more than 20 countries for a range of manufacturing processes and biopolymer formulations. For more information, visit www.DanimerScientific.com.

Forward-Looking Statements

Please note that in this press release we may use words such as “appears,” “anticipates,” “believes,” “plans,” “expects,” “intends,” “future,” and similar expressions which constitute forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are made based on Management’s expectations and beliefs concerning future events impacting the Company and therefore involve a number of risks and uncertainties. The Company cautions that forward-looking statements are not guarantees and that actual results could differ materially from those expressed or implied in the forward-looking statements. Potential risks and uncertainties that could cause the actual results of operations or financial condition of the Company to differ materially from those expressed or implied by forward-looking statements in this release include, but are not limited to, the overall level of consumer demand on its products; general economic conditions and other factors affecting consumer confidence, preferences, and behavior; disruption and volatility in the global currency, capital, and credit markets; the financial strength of the Company's customers; the Company's ability to implement its business strategy, including, but not limited to, its ability to expand its production facilities and plants to meet customer demand for its products and the timing thereof; risks relating to the uncertainty of the projected financial information with respect to the Company; the ability of the Company to execute and integrate acquisitions; changes in governmental regulation, legislation or public opinion relating to its products; the Company’s exposure to product liability or product warranty claims and other loss contingencies; disruptions and other impacts to the Company’s business, as a result of the COVID-19 global pandemic and government actions and restrictive measures implemented in response; stability of the Company’s manufacturing facilities and suppliers, as well as consumer demand for its products, in light of disease epidemics and health-related concerns such as the COVID-19 global pandemic; the impact that global climate change trends may have on the Company and its suppliers and customers; the Company's ability to protect patents, trademarks and other intellectual property rights; any breaches of, or interruptions in, its information systems; the ability of its information technology systems or information security systems to operate effectively, including as a result of security breaches, viruses, hackers, malware, natural disasters, vendor business interruptions or other causes; its ability to properly maintain, protect, repair or upgrade its information technology systems or information security systems, or problems with its transitioning to upgraded or replacement systems; the impact of adverse publicity about the Company and/or its brands, including without limitation, through social media or in connection with brand damaging events and/or public perception; fluctuations in the price, availability and quality of raw materials and contracted products as well as foreign currency fluctuations; its ability to utilize potential net operating loss carryforwards; and changes in tax laws and liabilities, tariffs, legal, regulatory, political and economic risks. More information on potential factors that could affect the Company's financial results is included from time to time in the Company's public reports filed with the Securities and Exchange Commission, including the Company's Annual Report on Form 10-K/A, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. All forward-looking statements included in this press release are based upon information available to the Company as of the date of this press release, and speak only as of the date hereof. The Company assumes no obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release.

Danimer Scientific, Inc.
Condensed Consolidated Balance Sheets (Unaudited)

Danimer Scientific, Inc.
Condensed Consolidated Statements of Operations (Unaudited)

Danimer Scientific, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)

Non-GAAP Financial Measures

This press release includes the non-GAAP financial measures “Adjusted EBITDA,” “Adjusted EBITDAR,” “Adjusted Gross Profit” and "Adjusted Gross Margin". Danimer management views these metrics as a useful way to look at the performance of its operations between periods and to exclude decisions on capital investment and financing that might otherwise impact the review of profitability of the business based on present market conditions.

Adjusted EBITDA is defined as net income or loss plus net interest expense, income taxes, depreciation and amortization, as adjusted to add back certain charges or gains that Danimer may record each period such as remeasurement of private warrants, stock-compensation expense, as well as non-recurring charges such as (i) asset disposal gains or losses as well as other significant gains or losses such as debt extinguishments; (ii) legal settlements; or (iii) other discrete non-recurring items. Danimer believes these items are not considered an indicator of ongoing performance. Adjusted EBITDA is not a measure of performance defined in accordance with GAAP. The measure is used as a supplement to GAAP results in evaluating certain aspects of Danimer’s business, as described below.

Adjusted EBITDAR is defined as Adjusted EBITDA plus rent expense.

Adjusted Gross Profit is defined as Gross Profit plus depreciation, stock-based compensation and rent expense.

Adjusted Gross Margin is defined as Adjusted Gross Profit divided by total revenue.

Danimer believes that each of Adjusted EBITDA, Adjusted EBITDAR and Adjusted Gross Profit is useful to investors in evaluating the Company’s performance because each measure considers the performance of the Company’s operations, excluding decisions made with respect to capital investment, financing and other non-recurring charges as outlined in the preceding paragraph. Danimer believes these non-GAAP metrics offers additional financial information that, when coupled with the GAAP results and the reconciliation to GAAP results, provides a more complete understanding of its results of operations and the factors and trends affecting its business.

Adjusted EBITDA, Adjusted EBITDAR and Adjusted Gross Profit should not be considered as an alternative to net income or loss as an indicator of its performance or as alternatives to any other measure prescribed by GAAP as there are limitations to using such non-GAAP measures. Although Danimer believes that Adjusted EBITDA, Adjusted EBITDAR and Adjusted Gross Profit may enhance an evaluation of its operating performance based on recent revenue generation and product/overhead cost control because it excludes the impact of prior decisions made about capital investment, financing and other expenses, (i) other companies in Danimer’s industry may define Adjusted EBITDA, Adjusted EBITDAR and Adjusted Gross Profit differently than Danimer does and, as a result, they may not be comparable to similarly titled measures used by other companies in its industry, and (ii) Adjusted EBITDA, Adjusted EBITDAR and Adjusted Gross Profit exclude certain financial information that some may consider important in evaluating Danimer’s performance.

Investors
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Phone: 229-220-1103

Media
Anthony Popiel
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Phone: 310-787-4807

Stockholder Vote Scheduled for September 9, 2021

CARNEGIE, Pa.--(BUSINESS WIRE)--Rice Acquisition Corp. (NYSE: RICE) (“RAC”), a special purpose acquisition company focused on the energy transition sector, today announced that it will hold a special meeting of stockholders (the “Special Meeting”) to, among other things, allow its stockholders to approve the proposed business combination (the “Business Combination”) with Aria Energy LLC (“Aria”) and Archaea Energy LLC (“Archaea LLC”), which will create the industry-leading renewable natural gas (“RNG”) platform.

The Special Meeting is scheduled to be held on Thursday, September 9, 2021 at 10:00 a.m., Eastern Time, and will be conducted completely virtually via live webcast. Holders of record of RAC’s common stock at the close of business on the record date of July 29, 2021 may vote at the Special Meeting.

Upon the closing of the Business Combination, the combined company will be named Archaea Energy Inc. (the “Combined Company”). The parties expect that the Combined Company’s Class A common stock and warrants will be listed on the New York Stock Exchange under the ticker symbol “LFG” and “LFG WS,” respectively.

RAC stockholders who need assistance voting or have questions regarding the Special Meeting may contact RAC’s proxy solicitor, D.F. King & Co., Inc., by telephone at (212) 269-5550 (for banks and brokers) or (866) 864-7964 (all others) or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..

About Rice Acquisition Corp.

Rice Acquisition Corp. is led by former executives of Rice Energy and EQT, the largest natural gas producer in the U.S. We intend to leverage our expertise building industry-leading energy production companies to develop the world’s clean energy supply.

About Aria Energy LLC

Aria Energy LLC and its subsidiaries provide baseload renewable energy to utilities and other customers across the U.S. Aria is a market leader in the North American landfill gas-to-renewable energy sector, having developed or constructed more than 50 projects over the last 30 years. Aria owns and/or operates a diversified portfolio of 25 energy projects across 13 states, collectively representing 24,880 MMBtu/day of RNG and 115.7 MW of electric capacity. Aria produces and supplies approximately 38 million gallons of RNG annually to fueling stations across the United States. Aria is led by seasoned industry veterans and has over 90 highly skilled operating personnel across the U.S. with a strong safety and environmental track record.

About Archaea Energy LLC

Archaea Energy LLC is an emerging leader in developing renewable natural gas from high-carbon emission processes and industries by capturing recurring emissions from food waste, wastewater, agricultural waste and landfill gas. Archaea LLC builds, operates and manages RNG projects throughout the entire energy life cycle and offers off-take partners the opportunity to purchase RNG from its portfolio of projects under long-term agreements. Archaea LLC delivers pipeline-quality RNG from coast to coast using existing natural gas infrastructure.

Forward Looking Statements

This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “may,” “might,” “will,” “would,” “could,” “should,” “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions, although not all forward looking statements contain such identifying words. All statements other than historical facts are forward looking statements. Such statements include, but are not limited to, statements concerning the Business Combination and earnings, performance, strategies, prospects and other aspects of the businesses of RAC, Aria, Archaea LLC and the Combined Company. Forward looking statements are based on current expectations, estimates, projections, targets, opinions and/or beliefs of RAC, Aria and/or Archaea LLC, and such statements involve known and unknown risks, uncertainties and other factors.

The risks and uncertainties that could cause those actual results to differ materially from those expressed or implied by these forward looking statements include, but are not limited to: (a) the occurrence of any event, change or other circumstances that could give rise to the termination of the proposed Business Combination and any transactions contemplated thereby; (b) the ability to complete the transactions contemplated by the proposed Business Combination due to the failure to obtain approval of the stockholders of RAC or other conditions to closing of the proposed Business Combination; (c) the ability to meet the New York Stock Exchange's listing standards following the consummation of the transactions contemplated by the proposed Business Combination; (d) the risk that the proposed transactions disrupt current plans and operations of Aria, Archaea LLC or their subsidiaries as a result of the announcement and consummation of the proposed Business Combination; (e) the ability to recognize the anticipated benefits of the proposed Business Combination, which may be affected by, among other things, competition, the ability of the Combined Company to grow and manage growth profitably and retain its management and key employees; (f) costs related to the proposed Business Combination and related transactions; (g) the possibility that Aria, Archaea LLC or the Combined Company may be adversely affected by other economic, business and/or competitive factors; (h) the Combined Company’s ability to develop and operate new projects; (i) the reduction or elimination of government economic incentives to the renewable energy market; (j) delays in acquisition, financing, construction and development of new projects; (k) the length of development cycles for new projects, including the design and construction processes for the Combined Company’s projects; (l) the Combined Company’s ability to identify suitable locations for new projects; (m) the Combined Company’s dependence on landfill operators; (n) existing regulations and changes to regulations and policies that effect the Combined Company’s operations; (o) decline in public acceptance and support of renewable energy development and projects; (p) demand for renewable energy not being sustained; (q) impacts of climate change, changing weather patterns and conditions, and natural disasters; (r) the ability to secure necessary governmental and regulatory approvals; and (s) other risks and uncertainties indicated in RAC’s definitive proxy statement relating to the Business Combinations, which was filed with the Securities and Exchange Commission (the “SEC”) on August 12, 2021 (the “definitive proxy statement”), including those under "Risk Factors" therein, and other documents filed or to be filed with the SEC by RAC.

The foregoing list of factors is not exclusive. You should not place undue reliance upon any forward looking statements, which speak only as of the date made. RAC, Aria, Archaea LLC and the Combined Company do not undertake or accept any obligation or undertaking to update or revise the forward looking statements set forth herein, whether as a result of new information, future events or otherwise, except as may be required by law.

Important Information about the Business Combination and Where to Find It

In connection with the proposed Business Combination, RAC filed the definitive proxy statement with the SEC on August 12, 2021. This press release does not contain all the information that should be considered concerning the proposed Business Combination, and it is not intended to provide the basis for any investment decision or any other decision regarding the proposed Business Combination. RAC’s stockholders and other interested persons are advised to read the definitive proxy statement, and any amendments or supplements thereto, and any other relevant documents that are filed or furnished or will be filed or will be furnished with the SEC carefully and in their entirety in connection with RAC’s solicitation of proxies for the Special Meeting, as these materials contain important information about the Combined Company, RAC, Aria, Archaea LLC and the proposed Business Combination. The definitive proxy statement is being mailed to the stockholders of RAC as of July 29, 2021, which is the record date for voting on the proposed Business Combination. Stockholders may also obtain copies of the definitive proxy statement on the SEC’s website at http://www.sec.gov.

Participants in the Solicitation

RAC, Aria and Archaea LLC and their respective directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies of RAC’s stockholders in connection with the proposed Business Combination. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of RAC’s stockholders in connection with the proposed Business Combination, including their names and a description of their interests in the proposed combination, is set forth in the definitive proxy statement.

No Offer or Solicitation

This press release is for informational purposes only and shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed Business Combination. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of section 10 of the Securities Act of 1933, as amended.

Investor Relations
Kyle Derham
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Media Relations
Montieth M. Illingworth
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– Record Quarterly Revenue of approximately $11.9 Million, and First Half Revenue of approximately $21.0 Million –

– Significant Progress on Residential Development Projects –

– Company Expects to be Cash Flow Positive in the Fourth Quarter of 2021 –

– Management to Host Conference Call Today at 4:30 p.m. ET –

NEW YORK--(BUSINESS WIRE)--SG Blocks, Inc. (Nasdaq: SGBX) (“SG Blocks” or the “Company”), a leading designer, innovator and fabricator of modular structures, today reported its financial results for the first quarter ending June 30, 2021.

“The second quarter was a momentous one for SG Blocks, as we achieved record quarterly revenues and made great strides in growing our activity across all verticals,” said Paul Galvin, SG Blocks’ Chairman and Chief Executive Officer. “In particular, we made substantial progress in our housing vertical, launching several new development opportunities where we anticipate earning revenue from both our interest in the projects and by fabricating the units at SG Blocks’ own manufacturing facilities. These announcements provide greater visibility into our earnings over the next several quarters and put us on track to achieve positive cash flow in the fourth quarter of 2021.

“Our goals over the coming quarters will be to execute at a high level on our existing projects, seek new investment opportunities and partners, and continuously expand our manufacturing capacity to support our accelerating pace of activity. We are capturing the benefits of significant tailwinds in the residential development business by helping to deliver much-needed residential units to alleviate a housing shortage across the country. In our health care vertical, we also continue to provide critical health infrastructure with our modular and rapidly deployable COVID testing modules.

“In short, we are making our own destiny and rethinking the way space and buildings are used. We’re continuing to close on developments and launching new projects and ventures each quarter. As our business has grown and our plan is unfolding, we have started to attract interesting, successful and notable partners, employees, and Board Members who share our passion for disrupting real estate and medical testing via safe and green modular solutions. We expect these efforts to pay off for our shareholders as we realize the value of these projects over time.”

Second Quarter 2021 and Subsequent Operational Highlights:

At June 30, 2021, the Company had 14 projects under contract, compared to 16 projects under contract at March 31, 2021. At June 30, 2021, the construction backlog was approximately $21 million, as compared to approximately $22.9 million as of March 31, 2021. The Company’s backlog does not include any projects related to recently launched SG Development Corp. and does not include ongoing medical testing.

As of June 30, 2021, SGB DevCorp. had active residential development projects for a total of 1,752 units.

Concentrated Market Activity

Medical Testing & Services

SG Blocks continues to provide innovative structures, labs, and testing solutions to support the fight against, and recovery from, the COVID-19 pandemic. The Company’s modular solutions can be quickly and efficiently deployed at key locations for much-needed point-of-care patient access, to support the continue reopening and recovery of the U.S. economy.

In May, the Company partnered with Stone Clinical Laboratories to bring COVID-19 testing to Miami’s South Beach area in connection with two events, Food Network’s annual Wine & Food Festival, as well as the Air & Sea Show & Music Explosion.

Also in May, the Company’s Chicago Area Testing subsidiary, in partnership with National Pain Centers, announced an agreement with the Robbins Park District of Robbins, IL to deploy a COVID-19 testing unit to provide health services to the underserved communities of the south suburbs of Chicago.

Manufacturing

After years of outsourcing, SG Blocks is committed to in-house manufacturing excellence. While there are a number of legacy project commitments that will be completed at a cash loss in 2021, going forward, the Company expects to manufacture future projects at a margin of approximately 15%.

SG Development Corporation

The Company formed SGB DevCorp. in February 2021 to deliver single family homes, townhomes, and for-rent apartment units across the country. The launch of SGB DevCorp. is expected to provide a host of benefits to SG Blocks, including: i) keeping manufacturing near 100% capacity to provide a steady and visible flow of manufacturing income, ii) participation in project fees, and; iii) potential profit from asset sales.

In May, SGB DevCorp. acquired a 50+acre site for its previously announced Lago Vista development, on Lake Travis, on the Colorado River in thriving Austin, Texas. The project is expected to consist of up to 225 one- and two-bedroom condominium units, as well as amenities including a community center, marina and health club. Development work is expected to commence in the second quarter of 2022, with an anticipated completion date in the fourth quarter of 2022. SG Blocks expects to capture approximately $25 million in manufacturing revenue over the life of the project. The Company also anticipates that its minority interest in the sale of the units will be no less than approximately $5.0 million as units are sold.

In June, the Company announced that SGB DevCorp. acquired a 50% membership interest to build a 138-unit, 125,000 square foot affordable housing community in East Point, GA within the Atlanta metropolitan area. The community will be known as “Norman Berry Village,” and the units will be constructed at the Company’s manufacturing facilities in Durant, OK and shipped to Atlanta. SGB DevCorp. has partnered with CMC Development Group, ZT Architecture & Land Development, and Community Development Consortium on the project. The Company expects to complete the project at a cost of approximately $15 million – $20 million. SGB DevCorp. will control the planning and construction process, and earn manufacturing revenue, as well as a share of development fees.

In June, the groundbreaking occurred on the previously announced Monticello Mews multifamily development project located in the Catskills region of New York. Upon completion, the development is expected to consist of 187 townhomes with one- and two-bedroom units, with amenities including a clubhouse, gym, and outdoor green spaces. The project is expected to be complete in the second quarter of 2023.

In June, the Company announced that SGB DevCorp. has acquired a 10% non-dilutable equity interest in JDI-Cumberland Inlet, LLC, a Georgia limited liability company, contributing $3,000,000 in capital to develop Cumberland Inlet, a 1,286 acre waterfront parcel in historic downtown St. Marys, Georgia. Modular housing units for the project will be produced at the Company’s manufacturing facilities in Durant, OK, with gross potential manufacturing revenues totaling approximately $180 million, making St. Marys SGB DevCorp.’s largest project to date. The development is expected to commence site work in the fourth quarter of 2021, with initial deliveries of modular units expected in third quarter of 2022.

Second Quarter 2021 Financial Highlights:

• Revenue for the second quarter 2021 was $11.9 million, compared to approximately $630,000 for the second quarter of 2020. The record revenue was achieved despite having several commercial projects that were previously announced being delayed directly and indirectly by the COVID-19 pandemic.
• Gross profit for the second quarter 2021 was $2.8 million, compared to a gross profit of approximately $370,000 in the second quarter 2020.
• Operating expenses for the second quarter 2021 were $2.8 million, compared to approximately $1.2 million in the second quarter 2020. Included in second quarter 2021 are one-time start-up costs associated with the multiple closings as well as increased G&A costs related to the hiring of the talent needed to execute our robust backlog and pipeline.
• For the second quarter 2021, net loss attributable to common shareholders was $1.5 million, or negative ($0.17) per share, compared to a net loss of approximately $840,000, or negative ($0.16) per share, in the second quarter 2020. The net loss attributable to common shareholders includes the following items:
  • Approximately $465,000 in non-cash depreciation and amortization expenses, non-cash stock compensation expense and litigation expenses as explained in the adjusted EBITDA loss;
• Adjusted EBITDA loss for the second quarter 2021 was $1.1 million], compared to a loss of $530,000 in the second quarter 2020.
• At June 30, 2021, the Company had total assets of approximately $25.5 million, compared to approximately $22.3 million at June 30, 2020.
• The Company had cash and cash equivalents of approximately $2.3 million as of June 30, 2021, compared to approximately $10.5 million at March 31, 2021.
• The reduction in cash is due to investments in development projects totaling $3.35 million and the acquisition of development land of $3.5 million in the second quarter of 2021.
• Strong liquidity with cash and accounts receivable (due in less than 30 days) at $6.3 million as of August 13.

Conference Call Information

SG Blocks will host a conference call on Monday, August 16, 2021 at 4:30 p.m. Eastern Time to share its results for the quarter ended June 30, 2021.

Date: Monday, August 16, 2021

Time: 4:30 p.m. ET, 1:30 p.m. PT

Toll-free dial-in number: 1-877-407-9716

International dial-in number: 1-201-493-6779

Conference ID: 13722143

Additionally, a webcast of the conference call will be broadcast live and available for replay at the Investors section of the Company’s website at www.sgblocks.com.

A replay of the conference call will be available after 7:30 p.m. Eastern time through August 30, 2021.

Toll-free replay number: 1-844-512-2921

International replay number: 1-412-317-6671

Replay ID: 13722143

Use of Non-GAAP Financial Information

In addition to its results under GAAP, the Company presents EBITDA and Adjusted EBITDA for historical periods. EBITDA and Adjusted EBITDA are non-GAAP financial measures and have been presented as supplemental measures of financial performance that are not required by, or presented in accordance with, GAAP. The Company calculates EBITDA as net income (loss) before interest expense, income tax benefit (expense), depreciation and amortization. It calculates Adjusted EBITDA as EBITDA before certain non-recurring adjustments such stock-based compensation expense. EBITDA and Adjusted EBITDA are presented because they are important metrics used by management as one of the means by which it assesses the Company’s financial performance. EBITDA and Adjusted EBITDA are also frequently used by analysts, investors and other interested parties to evaluate companies in the Company’s industry. These measures, when used in conjunction with related GAAP financial measures, provide investors with an additional financial analytical framework that may be useful in assessing the Company and its results of operations.

EBITDA and Adjusted EBITDA have certain limitations. EBITDA and Adjusted EBITDA should not be considered as alternatives to net income (loss), or any other measures of financial performance derived in accordance with GAAP. These measures also should not be construed as an inference that the Company’s future results will be unaffected by unusual or non-recurring items for which these non-GAAP measures make adjustments. Additionally, EBITDA and Adjusted EBITDA are not intended to be liquidity measures because of certain limitations, including, but not limited to: i) they do not reflect the Company’s cash outlays for capital expenditures; They do not reflect changes in, or cash requirements for, working capital; and Although depreciation and amortization are non-cash charges, the assets are being depreciated and amortized and may have to be replaced in the future, and these non-GAAP measures do not reflect cash requirements for such replacements.

The non-GAAP information should be read in conjunction with the Company’s consolidated financial statements and related notes.

The following is a reconciliation of EBITDA and Adjusted EBITDA to the nearest GAAP measure, net loss:

In evaluating EBITDA and Adjusted EBITDA, you should be aware that in the future we will incur expenses that are the same or similar to some of the adjustments made in our calculations, and our presentation of EBITDA and Adjusted EBITDA should not be construed to mean that our future results will be unaffected by such adjustment. Management compensates for these limitations by using EBITDA and Adjusted EBITDA as supplemental financial metrics and in conjunction with our results prepared in accordance with GAAP. The non-GAAP information should be read in conjunction with our consolidated financial statements and related notes.

The following is a reconciliation of EBITDA and Adjusted EBITDA to the nearest GAAP measure, net loss:

About SG Blocks:

SG Blocks, Inc. is a premier innovator in advancing and promoting the use of code-engineered cargo shipping containers for safe and sustainable construction. The firm offers a product that exceeds many standard building code requirements, and also supports developers, architects, builders and owners in achieving greener construction, faster execution, and stronger buildings of higher value. Each project starts with GreenSteel^TM, the structural core and shell of an SG Blocks building, and then is customized to client specifications. For more information, visit www.sgblocks.com.

Safe Harbor Statement

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In some cases, forward-looking statements can be identified by terminology such as "may," "should," "potential," "continue," "expects," "anticipates," "intends," "plans," "believes," "estimates," and similar expressions. These forward-looking statements are based on management's expectations and assumptions as of the date of this press release and include statements regarding the Company being on track to achieve positive cash flow in the fourth quarter of 2021, the Company’s efforts paying off for our shareholders as the value of these projects is realized over time, the Company manufacturing future projects at a margin of approximately 15%, the launch of SGB DevCorp. providing a host of benefits to the Company, plans for the Lago Vista development, with development work is expected to commence in the second quarter of 2022 and an anticipated completion date in the fourth quarter of 2022, plans to capture approximately $25 million in manufacturing revenue over the life of the Lago Vista project, the Company’s minority interest in the sale of the Lago Vista project units being no less than approximately $5.0 million as units are sold, plans for Norman Berry Village in the Atlanta metropolitan area, completing at a cost of approximately $15 to 20 million, plans for the Monticello Mews multifamily development project located in the Catskills region of New York, completing the Monticello Mews in the second quarter of 2023, plans for the Cumberland Inlet project, with gross potential manufacturing revenues totaling approximately $180 million, commencing commence site work on the Cumberland Inlet project in the fourth quarter of 2021, with initial deliveries of modular units expected in third quarter of 2022.. While SG Blocks believes these forward-looking statements are reasonable, undue reliance should not be placed on any such forward-looking statements, which are based on information available to us on the date of this release. These forward-looking statements are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include, among others, the Company’s ability to achieve positive cash flow in the fourth quarter of 2021, the Company’s ability realize the value of its projects over time, the Company’s ability to manufacture future projects at a margin of approximately 15%, the Company’s ability to successfully complete its SGB DevCorp. projects, the Company’s ability to complete the Lago Vista development as planned and capture approximately $25 million in manufacturing revenue over the life of the project, the Company’s ability to complete the Norman Berry Village project in the Atlanta metropolitan area as planned, the Company’s ability to complete the Monticello Mews multifamily development project located in the Catskills region of New York as planned, the Company’s ability to complete the Cumberland Inlet project as planned, with gross potential manufacturing revenues totaling approximately $180 million,, the Company’s ability to position itself for future profitability, the Company’s ability to maintain compliance with the NASDAQ listing requirements, and the other factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and the Company’s subsequent filings with the SEC, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update any forward-looking statements contained in this release on account of new information, future events, or otherwise, except as required by law.

Investors:
Stephen Swett
(203) 682-8377
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Annual list ranks America’s fastest growing private companies

DALLAS--(BUSINESS WIRE)--#inc5000--Lone Star Analysis, a trusted provider of leading-edge predictive and prescriptive analytics, and guided artificial intelligence solutions, has been named as an honoree on the annual Inc. 5000 list.

“Being recognized as one of the fastest growing companies by Inc. conveys how hard our team continuously works to improve and expand our offerings to meet customer needs,” said Steve Roemerman, chairman and CEO, Lone Star Analysis. “The launch of several solutions throughout the past few years has contributed to and accelerated our growth, and we look forward to continued success.”

Every year, the list recognizes private companies that experience exponential revenue growth in their markets over a three-year period. This year, despite the unprecedented challenges of 2020, the average median three-year growth rate among the 5,000 was 543% and the median revenue reached $11.1 million. Across the board, the selected companies created more than 610,000 jobs throughout the past three years.

As part of their growth strategy, Lone Star launched TruPredict Essentials towards the end of 2020. As the only guided, self-service, price-to-win tool on the market, it allowed them to bring value to their customers while simplifying the government contract bidding process. In 2021, Lone Star Analysis Ltd., a U.K.-based subsidiary, was officially established with a focus on growing the company’s operations throughout Europe, reaching a key market and starting the global expansion process. Additionally in 2021, the real-time asset analytics software suite, MaxUp™, was introduced to help organizations maximize uptime on physical assets. The execution of each project contributed to Lone Star’s rapid growth and its ability to reach a high revenue trajectory.

To learn more about Lone Star Analysis, visit: http://www.Lone-Star.com.

About Lone Star Analysis

Lone Star Analysis is a Dallas-based provider of applied decision intelligence and engineering solutions. We harness predictive and prescriptive analytics, artificial intelligence and inherent knowledge to enhance innovation, create economic strength, and make the world safer. Since 2004, organizations have trusted Lone Star to deliver actionable answers to complex problems in manufacturing, aerospace, defense, energy, logistics, transportation and more.

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LOS ANGELES--(BUSINESS WIRE)--Romeo Power, Inc. (“Romeo Power” or the “Company”) (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, today announced its financial results for the second quarter ending June 30, 2021.

Recent Business Highlights

• Entered into a long-term supply agreement for lithium-ion battery cells with a Tier 1 battery cell and materials manufacturer.
• Progressed negotiations to validate supply and secure long-term cell supply commitments with additional potential partners, including for future US sourcing.
• Surpassed 750,000 miles of Romeo Power modules and battery packs being tested on the road.
• Advanced evaluation of key suppliers’ capability to achieve run-rate volume and economics.
• Implemented key leadership changes to substantially strengthen the management team and increase public company management experience, including:
  • Named Susan Brennan as President and Chief Executive Officer, a veteran of high volume and complex manufacturing and technology businesses in the automotive and energy solutions industries,
  • Added Kerry Shiba as Chief Financial Officer and Treasurer, a highly experienced financial leader in public companies going through rapid growth and change,
  • Appointed Lauren Webb to become the Chief Strategy and Commercial Officer, a newly created position, to leverage her deep knowledge of the industry and company to drive growth acceleration,
  • Appointed Matthew Sant as General Counsel and Secretary, a seasoned legal executive having significant experience in large public companies,
  • Made other key additions including the positions of Chief Accounting Officer, Vice President of Manufacturing, Vice President of Cell Engineering and Vice President of Global Supply Chain.

Second Quarter Financial Update

• Generated revenues of $926,000 for the second quarter of 2021
• Cash, cash equivalents and investments as of June 30, 2021 of $267.7 million

Management Commentary

“Romeo Power is building a foundation to shape the future of EV technology. As we look ahead, we have significantly bolstered our position for cell supply while continuing to increase value with our customers. Alongside our strengthened leadership team, I am looking forward to driving and executing on our shared commitment to expanding access to green energy solutions. I am honored to lead the company as it enters its next stage of development,” said Susan Brennan, President and Chief Executive Officer.

“We are already accomplishing great work by strategically pursuing key relationships and capabilities. Our pioneering technology and battery solutions have been a dominant force in driving cost effective electrification of heavy-duty fleets. Now, we are entering a pivotal moment as more customers demand safe, effective, affordable and sustainable EV solutions for a wide-range of transportation use-cases. Romeo Power has the institutional knowledge, skills, strength and passion to capitalize on this opportunity. We believe that the company is poised for great success and growth in the months and years ahead.”

Conference call information

Romeo Power will host a conference call at 2:00 p.m. U.S. Pacific Time (5:00 p.m. U.S. Eastern Time) today, August 16, 2021. Participating on the call will be Susan Brennan, President and Chief Executive Officer, Lauren Webb, Chief Strategy and Commercial Officer, and Kerry Shiba, Chief Financial Officer and Treasurer of Romeo Power. To access the conference call, parties should visit the events section of the Investor Relations website at https://investors.romeopower.com/. A recording of the webcast will also be available following the conference call.

Forward Looking Statements

Certain statements in this press release may constitute “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, including, without limitation, express or implied statements concerning the Company’s ability to secure and maintain agreements with cell suppliers and OEMs, the Company’s ability to validate key suppliers, the Company’s expectations regarding its future financial performance, the demand for safe, effective, affordable and sustainable EV products, and the Company’s ability to produce and deliver such products are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Romeo Power’s management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: Romeo Power’s ability to execute on its plans to develop and market new products and the timing of these development programs; Romeo Power’s estimates of the size of the markets for its products; the rate and degree of market acceptance of Romeo Power’s products; the success of other competing technologies that may become available; Romeo Power’s ability to identify and integrate acquisitions; the performance of Romeo Power’s products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power’s products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company’s filings with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from those implied by our forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Romeo Power undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Note Regarding Use of Non-GAAP Financial Measures

This press release contains non-GAAP financial measures, including EBITDA and Adjusted EBITDA. “EBITDA” is defined as earnings before interest income and expense, income tax expense or benefit, and depreciation and amortization. “Adjusted EBITDA” has been calculated using EBITDA adjusted for stock-based compensation, change in the fair value of warrants, investment loss, net and forgiveness of portion of shareholder notes receivable. The Company believes that both EBITDA and Adjusted EBITDA provide additional information for investors to use in (1) evaluating our ongoing operating results and trends and (2) comparing our financial performance with those of comparable companies, which may disclose similar non-GAAP financial measures to investors. These non-GAAP measures provide investors with incremental information for the evaluation of our performance after isolation of certain items deemed unrelated to our core business operations. EBITDA and Adjusted EBITDA are presented as supplemental measures to our GAAP measures of performance. When evaluating EBITDA and Adjusted EBITDA, you should be aware that we may incur future expenses similar to those excluded when calculating these measures. In addition, our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Furthermore, our computation of Adjusted EBITDA may not be directly comparable to similarly titled measures computed by other companies, as the nature of the adjustments that other companies may include or exclude when calculating Adjusted EBITDA may differ from the adjustments reflected in our measure. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered in isolation, nor should these measures be viewed as a substitute for the most directly comparable GAAP measure, which is net loss. As appropriate, the most directly comparable GAAP financial measures and information reconciling these non-GAAP financial measures to the Company’s financial results prepared in accordance with GAAP are included in this press release.

About Romeo Power, Inc.

Founded in 2016 and headquartered in Los Angeles, California, Romeo Power (NYSE: RMO) is an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications. The Company’s suite of advanced hardware, combined with its innovative battery management system, delivers the safety, performance, reliability and configurability its customers need to succeed. Romeo Power's 113,000 square-foot manufacturing facility brings its flexible design and development process in-house to pack the most energy dense modules on the market. To keep up with everything Romeo Power, please follow the Company on social @romeopowerinc or visit https://romeopower.com.

Financial Statements