SAN FRANCISCO--(BUSINESS WIRE)--With more than a quarter-million views from across California, the 7 Saturdays to a More Fire-Resistant Home series airs a new episode this week, “Building a More Fire-Resilient Community.” Over the past seven weeks, the 7 Saturdays series has shown viewers how to create defensible space around homes, prepare evacuation plans, be “fire-smart” gardeners and much more.

This week’s episode tackles one of the most important parts of wildfire safety—planning ahead with your community. According to co-host and PG&E Senior Public Safety Specialist, David Hawks, being prepared isn’t just about your personal property—it’s also about communicating with your friends and neighbors. “We are all in this together,” said Hawks. “The more we know and work alongside our neighbors, the better able we are to assist those in need during an emergency,” he said.

In this episode, viewers learn:

• How to establish an emergency line of communication with family and friends
• The best ways to work together with neighbors to prepare for emergencies
• How to find and sign up for Community Emergency Response Teams and Fire Safe Councils in their area

All episodes of the 7 Saturdays series are available on PG&E’s preparedness website, the Safety Action Center, which provides information to help customers keep their families, homes and businesses safe during natural disasters and other emergencies. The show is hosted by Alicia Mason and David Hawks.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.

MEDIA RELATIONS:
415-973-5930

LEAWOOD, Kan.--(BUSINESS WIRE)--Tallgrass Energy Partners, LP (“TEP”) announced today that it, along with Tallgrass Energy Finance Corp., a subsidiary of TEP, priced an offering of $500 million in aggregate principal amount of 6.000% senior unsecured notes due 2031 at an offering price equal to 100% of par (the “Notes Offering”).

The Notes Offering is expected to close August 18, 2021, subject to satisfaction of customary closing conditions. TEP intends to use the net proceeds of the Notes Offering, together with borrowings under its existing senior secured revolving credit facility, to fund a concurrent cash tender offer (the “Tender Offer”) to purchase any and all of its outstanding 5.50% Senior Notes due 2024 (the “2024 Notes”) and to redeem the 2024 Notes that remain outstanding following the consummation of the Tender Offer. The Tender Offer is being made pursuant to an Offer to Purchase dated August 11, 2021.

The securities to be offered have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws. Unless so registered, the securities may not be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. TEP plans to offer and sell the securities only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and to non-U.S. persons in transactions outside the United States pursuant to Regulation S under the Securities Act. This press release is not an offer to purchase, a solicitation of an offer to purchase or a notice of redemption of any of the 2024 Notes.

About Tallgrass Energy

Tallgrass Energy is a leading energy and infrastructure company operating across 11 states with transportation, storage, terminal, water, gathering and processing assets that serve some of the nation’s most prolific crude oil and natural gas basins.

Investor and Financial Inquiries
Andrea Attel, (913) 928-6012
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or
Media and Trade Inquiries
Phyllis Hammond, (303) 763-3568
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RESTON, Va.--(BUSINESS WIRE)--Bowman Consulting Group Ltd. (Bowman) is pleased to announce that Solomon Lee “Solly” Van Meter has joined Bowman as a Sr. Project Manager of Energy and Land Services. He will be responsible for managing land acquisition and other real estate matters on behalf of clients as well as community and governmental relations for renewable energy development projects.

“We are excited about growing our renewable energy practice with the addition of Solly and the renewable energy expertise that he brings,” said Spencer Francis, PE, Executive Vice President and Regional Manager. “He has been a trailblazer in the development of solar energy generation sites, particularly in Kentucky, as the Commonwealth moves away from fossil fuels in favor of renewable energy.”

Van Meter served as a consultant for the Carolina Solar Energy team, where his primary responsibilities included community and local government relations and project siting approval for several new solar generation developments in Kentucky – including the state’s first such facility.

As a consultant for BP Wind Energy North America, Inc., Van Meter negotiated wind lease, easements, and transmission right-of-way agreements and performed related title and due diligence field work on wind power projects in New York, Pennsylvania, Illinois, Virginia, and Michigan.

“Bowman’s push further into renewable energy checks all the boxes for me. It gives me the ability to bring a broad array of services and support to the solar developer clients I was already working with and to work with exciting new clients, all while getting to be on a team with a bunch of really smart people,” said Van Meter. “I find that doing early-stage solar development work requires me to use a distillation of almost all of my prior professional experience, not only in wind and solar development, but also in law, business, real estate development, even going all the way back to my undergrad study in agriculture.”

Van Meter received his B.S. in Agricultural Economics from the University of Kentucky, his M.B.A. from the Darden School of Business at the University of Virginia, and his J.D. from Washington and Lee University’s School of Law. He began his new Bowman position last month.

About Bowman Consulting Group Ltd. (Bowman): Headquartered in Reston, Virginia, Bowman is an established professional services firm delivering innovative engineering solutions to customers who own, develop, and maintain the built environment. With over 800 employees and more than 30 offices throughout the United States, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. On May 11, 2021, Bowman completed its $51.7 million initial public offering and began trading on the Nasdaq under the symbol BWMN. For more information, visit bowman.com.

Photos upon request.

Carolyn Artman
313.269.4729
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BURLINGTON, Vt.--(BUSINESS WIRE)--$isun #cleanenergy--iSun, Inc. (NASDAQ: ISUN) (the “Company”, or “iSun”), a leading solar energy and clean mobility infrastructure company with 50-years of construction experience in solar, electrical and data services, today announced that it will issue second quarter 2021 results after the market closes on Monday, August 16, 2021. A conference call will be held on Tuesday, August 17, 2021 at 8:30 AM EDT to review the Company’s financial results, discuss recent events and conduct a question-and-answer session.

A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of iSun’s website at investors.isunenergy.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time in order to register, download, and install any necessary audio software.

To participate in the live teleconference:

To listen to a replay of the teleconference, which will be available through August 31st, 2021:

About iSun Inc.

Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted electrical contractor to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 400 megawatts of solar systems. The Company has provided solar EPC services across residential, commercial & industrial, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.

IR Contact:
Tyler Barnes
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802-289-8141

Revenue at high end of guidance

Company reaffirms 2021 financial guidance

SAN FRANCISCO--(BUSINESS WIRE)--Stem, Inc. ("Stem" or the "Company") (NYSE:STEM), a global leader in artificial intelligence (AI)-driven clean energy storage services, announced today its financial results for the second quarter ended June 30, 2021.

Second Quarter 2021 Financial and Operating Highlights

Financial Highlights

• Revenues of $19.3 million, up from $4.4 million (+339%) in the same quarter last year
• Gross Margin (GAAP) of (1)% versus (40)% in the same quarter last year
• Non-GAAP Gross Margin of 11%, up from 5% in the same quarter last year
• Net Loss of $(100.2) million versus $(19.0) million in the same quarter last year
• Adjusted EBITDA of $(8.6) million vs. $(7.5) million in the same quarter last year
• Ended the second quarter with $474 million in cash and zero debt

Operating Highlights

• 12-month Pipeline of $1.7 billion, up from $1.4 billion (+21%) at end of the first quarter
• Contracted Backlog of $250 million, up from $221 million (+13%) at end of the first quarter
• Contracted Assets Under Management (AUM) of 1.2 gigawatt hours (GWh), up from 0.5 GWh in the same quarter last year

John Carrington, Chief Executive Officer of Stem, commented, “We are pleased to announce a solid second quarter of execution, building on our strong first-quarter results. Revenue was at the high end of our guidance range, which, coupled with our gross margin and operating expense performance, keeps us on track to meet our full-year revenue and Adjusted EBITDA targets. Our sales team continued to leverage our partner channel in multiple geographies increasing our contracted backlog to $250 million (13% sequential growth), providing us with increased visibility into 2022 revenue. As the first pure-play publicly traded smart energy storage company, our experience, industry-leading Athena^® software platform, robust service offerings, and strong balance sheet will continue to differentiate Stem in this rapidly expanding market.”

Second-Quarter 2021 Financial and Operating Results

Financial Results

Second quarter revenue increased 339% to $19.3 million, versus $4.4 million in the same quarter last year. Higher hardware revenue from Front of the Meter (“FTM”) partnership agreements drove most of the year-over-year increase, in addition to higher services revenue from host customer arrangements.

Gross Margin (GAAP) was $(0.1) million, or (1)%, versus $(1.7) million, or (40)% in the same quarter last year. Non-GAAP Gross Margin was $2.1 million or 11% versus $0.2 million or 5% in the same quarter last year. The year-over-year increases in Gross Margin (GAAP) and Non-GAAP Gross Margin resulted from an increased mix of software service revenues and higher-margin hardware deliveries.

Net Loss increased to $(100.2) million versus $(19.0) million in the same quarter last year. This was primarily due to $76.4 million of non-cash charges recorded in the quarter from the revaluation of warrants tied to an increase in the value of the underlying stock, along with higher operating expenses.

Adjusted EBITDA was $(8.6) million compared to $(7.5) million in the same quarter last year. The lower Adjusted EBITDA results were primarily driven by higher operating expenses, due to increased personnel costs reflecting continued investment in our growth initiatives.

The Company ended the second quarter with $474 million in cash and no debt.

Operating Results

The Company’s 12-month forward Pipeline was $1.7 billion as of June 30, 2021, representing significant year-over-year growth. The 21% increase in the 12-month pipeline from $1.4 billion at March 31, 2021 is a result of increased FTM project opportunities and the seasonal nature of the pipeline.

Contracted Backlog increased 13% sequentially, from $221 million as of March 31, 2021 to $250 million as of June 30, 2021. The increase in Contracted Backlog resulted from strong bookings of $45 million tied to increased commercial activity. Bookings grew 18% year-over-year from $38 million in the quarter ended June 30, 2020.

Contracted AUM more than doubled year-over-year to 1.2 GWh, driven by increased commercial activity and the addition of the 345-megawatt hour (MWh) Electrodes Holdings LLC portfolio. Contracted AUM increased sequentially by 9%, driven by new contracts and new systems that came in service.

The following table provides a summary of current backlog compared to prior quarter backlog:

Business Highlights

Since mid-June 2021, Stem has consistently dispatched more than 500 MWh daily in multiple markets across the United States and Canada in response to heat waves, increased grid interconnections from renewables and wildfires that have caused widespread stress on power grids. Stem’s demand response and grid services programs are designed to use virtual power plants powered by the Athena software platform to flatten electricity usage peaks and deliver power to the most constrained parts of the grid.

Stem has grown rapidly in ISO New England since the system operator expanded market participation activities for Front-of-the-Meter ("FTM") storage in 2020. As of the end of June, Stem-directed systems comprised 52% of Massachusetts and 19% of ISO-NE of the operational continuous storage facilities active in the wholesale energy, ancillary services and forward capacity settlement markets, as reported by the system operator.

On June 25, 2021, Stem entered into an agreement to exchange 7.2 million private warrants for 4.7 million shares of common stock. The transaction closed on June 30, 2021. As of August 11, 2021, 12.8 million public warrants remain outstanding, which are redeemable by the Company beginning August 20, 2021.

On June 2, 2021, Stem announced that it had partnered with Ameresco, a leading cleantech integrator, whereby it will provide 15 MWh of battery storage for Holy Cross Energy, an electric cooperative in western Colorado. Stem and Ameresco plan to further collaborate to provide enhanced returns in electric cooperative markets and beyond. The Company is currently pursuing projects with cooperatives in 26 states and expects this end market to represent a significant component of its FTM business.

Outlook

The Company reaffirms its guidance of full-year 2021 revenue of $147 million and full-year 2021 Adjusted EBITDA of $(25) million. Consistent with prior guidance, the Company reaffirms that it expects to recognize 20-30% of total 2021 revenue in Q3, and 50-60% of total 2021 revenue in Q4.

The Company believes that it has contracted for sufficient supply chain commitments to meet its 2021 revenue goal and will continue to diversify its supply chain, adopt alternative technologies, and deploy its balance sheet to meet the significant growth in customer demand.

Use of Non-GAAP Financial Measures

In addition to financial results determined in accordance with U.S. generally accepted accounting principles (“GAAP”), we use the following non-GAAP financial measures: non-GAAP gross margin and Adjusted EBITDA. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. See “Reconciliations of non-GAAP Financial Measures” on page 9 of this release. We use these non-GAAP financial measures for financial and operational decision making and as a means to evaluate our operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our operating performance, such as stock-based compensation and other non-cash charges, as well as discrete cash charges that are infrequent in nature. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance and liquidity as well as comparisons to our competitors’ operating results. We believe these non-GAAP financial measures are useful to investors both because they (1) allow for greater transparency with respect to key metrics used by management in its financial and operational decision making and (2) are used by our institutional investors and the analyst community to help them analyze the health of our business.

We define Adjusted EBITDA as net loss before depreciation and amortization, including amortization of internally developed software, net interest expense, further adjusted to exclude stock-based compensation and other income and expense items, including the change in fair value of warrants and embedded derivatives.

We define non-GAAP gross margin as gross margin excluding amortization of capitalized software, impairments related to decommissioning of end-of-life systems, and adjustments to reclassify data communication and cloud production expenses to operating expenses.

About Stem, Inc.

Stem Inc. (NYSE: STEM) provides solutions that address the challenges of today’s dynamic energy market. By combining advanced energy storage solutions with Athena^®, a world-class AI-powered analytics platform, Stem enables customers and partners to optimize energy use by automatically switching between battery power, onsite generation and grid power. Stem’s solutions help enterprise customers benefit from a clean, adaptive energy infrastructure and achieve a wide variety of goals, including expense reduction, resilience, sustainability, environmental and corporate responsibility and innovation. Stem also offers full support for solar partners interested in adding storage to standalone, community or commercial solar projects – both behind and in front of the meter.

For more information, visit www.stem.com.

Notes

Stem will hold a conference call to discuss this earnings press release and business outlook on Wednesday, August 11, 2021 at 5:00 p.m. Eastern Time. The conference call may be accessed via a live webcast on a listen-only basis on the Events & Presentations page of the Investor Relations section of the Company’s website at https://investors.stem.com/events-and-presentations. The call can also be accessed live over the telephone by dialing 877-705-6003, or for international callers, 201-493-6725 and referencing Stem. A replay of the webcast will be available shortly after the call on the Events & Presentations page in the Investor Relations section of the Company’s website and will remain available for approximately one month.

Forward-Looking Statements

This second-quarter 2021 earnings release, as well as other statements we make, contain “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts. Such statements often contain words such as “expect,” “may,” “can,” “believe,” “predict,” “plan,” “potential,” “projected,” “projections,” “forecast,” “estimate,” “intend,” “anticipate,” “ambition,” “goal,” “target,” “think,” “should,” “could,” “would,” “will,” “hope,” “see,” “likely,” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as the reduction of greenhouse gas (“GHG”) emissions; the integration and optimization of energy resources; the business strategies of Stem and those of its customers; the global commitment to decarbonization; our ability to retain or upgrade current customers, further penetrate existing markets or expand into new markets; our ability to manage our supply chains and distribution channels and the impact of natural disasters and other events beyond our control, such as the COVID-19 pandemic and the Delta variant; and future results of operations. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These forward-looking statements are based upon assumptions and estimates that, while considered reasonable by Stem and its management, depend upon inherently uncertain factors and risks that may cause actual results to differ materially from current expectations, including our inability to help reduce GHG emissions; our inability to seamlessly integrate and optimize energy resources; our inability to achieve our financial and performance targets and other forecasts and expectations; our inability to recognize the anticipated benefits of our recent business combination with Star Peak Energy Transition Corp. (“Star Peak”); our ability to grow and manage growth profitably; risks relating to the development and performance of our energy storage systems and software-enabled services; the risk that the global commitment to decarbonization may not materialize as we predict, or even if it does, that we might not be able to benefit therefrom; our inability to retain or upgrade current customers, further penetrate existing markets or expand into new markets; our inability to secure sufficient inventory from our suppliers to meet customer demand, and provide us with contracted quantities of equipment; supply chain interruptions and manufacturing or delivery delays; disruptions in sales, production, service or other business activities; our inability to attract and retain qualified personnel; the risk that our business, financial condition and results of operations may be adversely affected by other political, economic, business and competitive factors; and other risks and uncertainties set forth in the section entitled “Risk Factors” in the registration statement on Form S-1 filed with the SEC on July 19, 2021, and our most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. Statements in this second-quarter 2021 press release are made as of the date of this release, and Stem disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

Source: Stem, Inc.

Adjusted EBITDA as used in connection with the Company's 2021 outlook is a non-GAAP financial measure that excludes or has otherwise been adjusted for items impacting comparability. The Company is unable to reconcile Adjusted EBITDA to net loss, its most directly comparable forward-looking GAAP financial measure, without unreasonable efforts, because the Company is currently unable to predict with a reasonable degree of certainty its change in fair value of warrants expense for 2021. In addition, the Company may incur additional expenses that may affect Adjusted EBITDA, such as stock-based compensation expense and other items. The unavailable information could have a significant effect on the Company’s full year 2021 GAAP financial results.

The following table provides a reconciliation of gross margin (GAAP)

Stem Investor Contacts
Ted Durbin, Stem
Marc Silverberg, ICR
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(847) 905-4400

Stem Media Contacts
Cory Ziskind, ICR
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DUBLIN--(BUSINESS WIRE)--The "Flywheel Energy Storage (FES) - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Amid the COVID-19 crisis, the global market for Flywheel Energy Storage (FES) estimated at US$377.6 Million in the year 2020, is projected to reach a revised size of US$640.4 Million by 2027, growing at a CAGR of 7.8% over the analysis period 2020-2027.

Utility-Scale, one of the segments analyzed in the report, is projected to record a 9.3% CAGR and reach US$211.4 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the UPS segment is readjusted to a revised 7.2% CAGR for the next 7-year period.

The U.S. Market is Estimated at $111.8 Million, While China is Forecast to Grow at 7.3% CAGR

The Flywheel Energy Storage (FES) market in the U.S. is estimated at US$111.8 Million in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$111.3 Million by the year 2027 trailing a CAGR of 7.3% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.4% and 6.2% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 6.3% CAGR.

Transportation Segment to Record 7.7% CAGR

In the global Transportation segment, USA, Canada, Japan, China and Europe will drive the 7.9% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$56.3 Million in the year 2020 will reach a projected size of US$95.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$73.4 Million by the year 2027.

Select Competitors (Total 43 Featured):

• Acumentrics, Inc.
• Amber Kinetics, Inc.
• Beacon Power LLC
• Calnetix Technologies LLC
• Langley Holdings PLC
• Piller Group GmbH
• Power Tree Pvt. Ltd
• Siemens AG

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• Influencer Market Insights
• World Market Trajectories
• Impact of COVID-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/et9vyy

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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LOS ANGELES--(BUSINESS WIRE)--#EVs--Fisker Inc. (NYSE: FSR) (“Fisker”) today announced its intention to offer, subject to market conditions and other factors, $600,000,000 aggregate principal amount of its Green Convertible Senior Notes due 2026 (the "notes") in a private offering only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the "Act"). Fisker also expects to grant the initial purchasers of the notes an option to purchase, within a 13-day period beginning on, and including, the date the notes are first issued, up to an additional $90,000,000 aggregate principal amount of the notes.

The notes will be senior unsecured obligations of Fisker, and interest on the notes will be payable semi-annually in arrears on March 15 and September 15 of each year, beginning on March 15, 2022. The notes will mature on September 15, 2026, unless earlier converted, redeemed or repurchased. The notes will be convertible under certain circumstances into cash, shares of Fisker's Class A common stock (the “Common Stock”), or a combination thereof, at Fisker's election. The interest rate, initial conversion rate and other terms of the notes are to be determined upon pricing of the offering.

In connection with the pricing of the notes, Fisker expects to enter into privately negotiated capped call transactions with one or more of the initial purchasers of the notes or affiliates thereof and/or other financial institutions (the "option counterparties"). The capped call transactions are expected to cover, subject to anti-dilution adjustments substantially similar to those applicable to the notes, the number of shares of Common Stock that will initially underlie the notes. The capped call transactions are expected generally to reduce the potential dilution to the Common Stock upon any conversion of notes and/or offset any potential cash payments that Fisker is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap. If the initial purchasers exercise their option to purchase additional notes, Fisker expects to enter into additional capped call transactions with the option counterparties.

In connection with establishing their initial hedge of the capped call transactions, the option counterparties and/or their respective affiliates expect to enter into various derivative transactions with respect to the Common Stock and/or may purchase shares of Common Stock concurrently with, or shortly after, the pricing of the notes. These activities could increase (or reduce the size of any decrease in) the market price of the Common Stock or the notes at that time. In addition, Fisker expects that the option counterparties and/or their respective affiliates may modify their hedge positions by entering into or unwinding certain derivative transactions with respect to the Common Stock and/or by purchasing or selling shares of Common Stock or other securities of Fisker in secondary market transactions following the pricing of the notes and from time to time prior to the maturity of the notes (and are likely to do so during any observation period related to a conversion of the notes). This activity could also cause or avoid an increase or a decrease in the market price of the Common Stock or the notes, which could affect the ability of noteholders to convert the notes, and, to the extent the activity occurs during any observation period related to a conversion of the notes, it could affect the number of shares of Common Stock, if any, and value of the consideration that noteholders will receive upon conversion of the notes.

Fisker intends to allocate an amount equal to the net proceeds from the offering of the notes to finance or refinance, in whole or in part, one or more new or existing “eligible green projects” of Fisker, including PEAR program development, battery pack assembly and potential localization, the furtherance of new model development and technology development. Pending such allocation of net proceeds to eligible green projects, Fisker intends to use the net proceeds from the offering to fund the cost of the capped call transactions described above and for working capital and general corporate purposes. If the initial purchasers exercise their option to purchase additional notes, Fisker intends to use a portion of the additional net proceeds to fund the cost of entering into additional capped call transactions.

This press release is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation, or sale in any jurisdiction in which such offer, solicitation, or sale is unlawful. The notes will be offered to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Act. Neither the notes nor the shares of Common Stock issuable upon conversion of the notes, if any, have been registered under the Act or the securities laws of any other jurisdiction and unless so registered, may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, such registration requirements of the Act and other applicable securities laws.

About Fisker Inc.

California-based Fisker Inc. is revolutionizing the automotive industry by developing the most emotionally desirable and eco-friendly electric vehicles on Earth. Passionately driven by a vision of a clean future for all, Fisker is on a mission to become the No. 1 e-mobility service provider with the world’s most sustainable vehicles.

Forward-Looking Statements

This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, statements regarding the notes offering, the anticipated use of proceeds therefrom and the capped call transactions and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: the ability to consummate the offering of the notes within the timing and at the price anticipated by Fisker; the ability to enter into the capped call transactions on the timing and at the price anticipated by Fisker; changes in the terms of the notes and the capped call transactions; and those factors discussed in Fisker’s Annual Report on Form 10-K/A for the year ended December 31, 2020, its Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, its Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 and in its subsequent filings with the Securities and Exchange Commission. Any forward-looking statements speak only as of the date on which they are made, and Fisker undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

Fisker Inc.
Simon Sproule, SVP, Communications
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Rebecca Lindland, Director, Communications
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Dan Galves, VP, Investor Relations
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DUBLIN--(BUSINESS WIRE)--#climatechange--Gazelle Wind Power Limited announced today that it has raised $4 million in funding to accelerate the development of its hybrid floating offshore wind platform. The Gazelle platform is unlocking the massive deep-water offshore wind market, making this sector a key driver for the worldwide transition to renewable energy.

This investment includes $1.3 million in seed funding and another $2.7 million in strategic long-term financing which will be used to develop the company’s first grid-connected demonstrator. Investor participation included distinguished Spanish businessman and E2IN2 founding partner Valentin de Torres-Solanot del Pino, along with Peter Murphy and Zach Mecelis, co-founders of Covalis Capital and leading investors in the energy transition.

“Gazelle has the potential to completely change the offshore wind industry,” said E2IN2 founding partner Valentin de Torres-Solanot del Pino. “By combining the best features of tension-leg and semi-submersible platforms—while eliminating their drawbacks—Gazelle’s technology will be at the forefront of tomorrow’s energy landscape. The E2IN2 team is delighted to join Gazelle and contribute in its efforts to carry out this invaluable undertaking.”

Offshore wind projects have traditionally lagged behind onshore wind and other renewable energy projects in both investment and implementation. Costs of construction, installation, and maintenance have hindered the widespread adoption of offshore wind projects. Gazelle has emerged as a key enabler for floating offshore wind platforms with its disruptive hybrid floating design, which surmounts the current barriers of buoyancy, and geographic limitations while reducing costs and preserving fragile marine environments.

Gazelle Wind Power’s innovative, stable, hybrid attenuated mooring platform is designed and engineered by leading naval engineers to enable floating offshore wind production in deeper waters farther out at sea. The patented design allows for a 70% reduction in the weight of steel, while delivering a highly stable platform with a tilt of less than 1° together with a 30% cost reduction compared to other floating wind platforms.

Gazelle recently named an elite group of energy industry veterans to its board of directors, including leading global policymakers, government officials, engineers, and CEOs.

About Gazelle Wind Power

Gazelle Wind Power Limited is unlocking the massive deep-water offshore wind market to achieve global decarbonization. The company’s durable, disruptive hybrid floating platform with a high stability attenuated pitch surmounts the current barriers of buoyancy, and geographic limitations while reducing costs and preserving fragile marine environments. The company is based in Dublin and has a presence in Dubai, London, Madrid, and Paris. For more information, visit www.gazellewindpower.com.

For Gazelle Wind Power:
Wendy Prabhu | Mercom Communications
T: +1 512 215 4452
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PLANO, Texas--(BUSINESS WIRE)--Vine Energy Inc. announced today that it cancelled its second-quarter 2021 conference call scheduled for August 16, 2021 at 9am Central time following the announcement of the definitive agreement in which Chesapeake Energy intends to acquire Vine. The call is not expected to be rescheduled.

The company expects to file its second-quarter 2021 results on Form 10-Q on or before August 16, 2021.

About Vine Energy Inc.

Vine Energy Inc., based in Plano, Texas, is an energy company focused on the development of natural gas properties in the stacked Haynesville and Mid-Bossier shale plays in the Haynesville Basin of Northwest Louisiana. The Company is listed on the New York Stock Exchange under the symbol “VEI”.

David Erdman
(469) 605-2480
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DUBLIN--(BUSINESS WIRE)--The "Recreational Boats - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Amid the COVID-19 crisis, the global market for Recreational Boats estimated at US$26.7 Billion in the year 2020, is projected to reach a revised size of US$32.5 Billion by 2027, growing at a CAGR of 2.9% over the analysis period 2020-2027.

Outboard Boats, one of the segments analyzed in the report, is projected to record a 3.4% CAGR and reach US$13.6 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Inboard Boats / Stern Type Boats segment is readjusted to a revised 2.6% CAGR for the next 7-year period.

The U.S. Market is Estimated at $7.8 Billion, While China is Forecast to Grow at 2.7% CAGR

The Recreational Boats market in the U.S. is estimated at US$7.8 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$5.8 Billion by the year 2027 trailing a CAGR of 2.7% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.7% and 2.3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 2.9% CAGR.

Personal Watercraft Boats Segment to Record 2.2% CAGR

In the global Personal Watercraft Boats segment, USA, Canada, Japan, China and Europe will drive the 2.3% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$3.4 Billion in the year 2020 will reach a projected size of US$4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$3.6 Billion by the year 2027.

Select Competitors (Total 36 Featured):

• Azimut Benetti Group
• Bavaria Yachtbau
• Bennington Marine LLC
• Brunswick
• Catalina Yachts
• Ferretti Group
• Godfrey Pontoon Group
• Groupe Beneteau
• Hobie CAT Company
• Lund Boats
• Mahindra Odyssea
• Marine Product Corporation
• Ranger Boats
• Sunseeker International Limited
• Tracker Boats

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• Influencer Market Insights
• World Market Trajectories
• Impact of Covid-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/l6nfjq

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

HAMDEN, Conn.--(BUSINESS WIRE)--TransAct Technologies Incorporated (Nasdaq: TACT) (“TransAct,” the “Company,” “we” or “our”), a global leader in software-driven technology and printing solutions for high-growth markets, today announced that it intends to offer newly issued shares of its common stock in an underwritten public offering. TransAct also expects to grant to the underwriters of the offering a 30-day option to purchase up to an additional 15% of the shares of common stock offered in the underwritten public offering on the same terms and conditions.

Roth Capital Partners is acting as the sole book-running manager for the offering, and Craig-Hallum Capital Group is acting as co-manager for the offering. The offering is subject to market and other conditions, and there can be no assurance as to whether or when the offering may be completed, or as to the size or terms of the offering.

TransAct intends to use the net proceeds from the offering for working capital and other general corporate purposes, which may include funding the further development of TransAct’s food service technology business and related sales, marketing and product development efforts, technology improvements and personnel costs in support of TransAct’s growth strategy.

A shelf registration statement relating to the shares of common stock to be issued in the proposed offering was filed with the Securities and Exchange Commission (the “SEC”) on August 17, 2020 and is effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities described herein, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Copies of the preliminary prospectus supplement and accompanying prospectus will be filed with the SEC and, when available, may be obtained from Roth Capital Partners, LLC, 888 San Clemente, Suite 400, Newport Beach, CA 92660, by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or by telephone at (800) 678-9147, or by accessing the SEC’s website, www.sec.gov.

About TransAct Technologies Incorporated

TransAct Technologies Incorporated is a global leader in developing software-driven technology and printing solutions for high-growth markets including food service, casino and gaming, POS automation, and oil and gas. The Company’s solutions are designed from the ground up based on customer requirements and are sold under the BOHA! ™, AccuDate™, EPICENTRAL®, Epic, Ithaca® and Printrex® brands. TransAct has sold over 3.5 million printers, terminals and other hardware devices around the world and is committed to providing world-class service, spare parts and accessories to support its installed product base. Through the TransAct Services Group, the Company also provides customers with a complete range of supplies and consumable items both online at http://www.transactsupplies.com and through its direct sales team. TransAct is headquartered in Hamden, CT. For more information, please visit http://www.transact-tech.com or call (203) 859-6800.

TransAct®, BOHA!™, AccuDate™, Epic, EPICENTRAL®, Ithaca® and Printrex® are trademarks of TransAct Technologies Incorporated. ©2021 TransAct Technologies Incorporated. All rights reserved.

Forward-Looking Statements

Certain statements in this press release include forward-looking statements. Forward-looking statements generally can be identified by the use of forward-looking terminology, such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “project,” “plan” or “continue,” or the negative thereof, or other similar words. All forward-looking statements involve risks and uncertainties, including, but not limited to, the adverse effects of the COVID-19 pandemic, related vaccination rates and the emergence of virus variants on our business, operations, financial condition, results of operations and capital resources, including as a result of supply chain disruptions, shutdowns and/or operational restrictions imposed on our customers, an inability of our customers to make payments on time or at all, diversion of management attention, necessary modifications to our business practices and operations, cost cutting measures we have made and may continue to make, a possible future reduction in the value of goodwill or other intangible assets, inadequate manufacturing capacity or a shortfall or excess of inventory as a result of difficulty in predicting manufacturing requirements due to volatile economic conditions, price increases or decreased availability of component parts or raw materials, exchange rate fluctuations, volatility of and decreases in trading prices of our common stock and the availability of needed financing on acceptable terms or at all; our ability to successfully develop new products that garner customer acceptance and generate sales, both domestically and internationally, in the face of substantial competition; our reliance on an unrelated third party to develop, maintain and host certain web-based food service application software and develop and maintain selected components of our downloadable software applications pursuant to a non-exclusive license agreement, and the risk that interruptions in our relationship with that third party could materially impair our ability to provide services to our food service technology customers on a timely basis or at all and could require substantial expenditures to find or develop alternative software products; our ability to successfully transition our business into the food service technology market; our ability to fully remediate a previously disclosed material weakness in our internal control over financial reporting; risks associated with potential future acquisitions; general economic conditions; our dependence on contract manufacturers for the assembly of a large portion of our products in Asia; our dependence on significant suppliers; our ability to recruit and retain quality employees as the Company grows; our dependence on third parties for sales outside the United States; our dependence on technology licenses from third parties; marketplace acceptance of new products; risks associated with foreign operations; the availability of third-party components at reasonable prices; price wars or other significant pricing pressures affecting the Company’s products in the United States or abroad; increased product costs or reduced customer demand for our products due to changes in U.S. policy that may result in trade wars or tariffs; our ability to protect intellectual property; the effect of the United Kingdom’s withdrawal from the European Union; and other risk factors detailed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, and other reports filed with the SEC. Actual results may differ materially from those discussed in, or implied by, the forward-looking statements. The forward-looking statements speak only as of the date of this release, and the Company assumes no duty to update them to reflect new, changing or unanticipated events or circumstances, except as required by applicable law.

Investor:
Bart Shuldman
Chairman and Chief Executive Officer
TransAct Technologies Incorporated
702-388-8180

Michael Bowen
ICR, Inc.
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203-682-8299

Ryan Gardella
ICR, Inc.
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203-682-8240

DUBLIN--(BUSINESS WIRE)--The "Mooring Inspection - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Amid the COVID-19 crisis, the global market for Mooring Inspection estimated at US$349.9 Million in the year 2020, is projected to reach a revised size of US$443.2 Million by 2027, growing at a CAGR of 3.4% over the period 2020-2027.

Below Water Inspection (BWI), one of the segments analyzed in the report, is projected to record 3.6% CAGR and reach US$324.6 Million by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Above Water Inspection (AWI) segment is readjusted to a revised 2.9% CAGR for the next 7-year period.

The U.S. Market is Estimated at $94.7 Million, While China is Forecast to Grow at 5.6% CAGR

The Mooring Inspection market in the U.S. is estimated at US$94.7 Million in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$87.4 Million by the year 2027 trailing a CAGR of 5.5% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2% and 2.7% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 2.6% CAGR.

Select Competitors (Total 37 Featured):

• Aceton Group Ltd.
• Deep Sea Mooring
• Deepocean Group Holding Bv
• Delmar Systems, Inc.
• DOF Subsea
• Franklin Offshore Australia Pty Ltd.
• InterMoor
• JIFMAR Offshore Services
• Moffatt & Nichol
• Oceaneering International, Inc.
• Viking Seatech Ltd.
• Welaptega Marine Limited

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• Impact of Covid-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

• UNITED STATES
• CANADA
• JAPAN
• CHINA
• EUROPE
• FRANCE
• GERMANY
• ITALY
• UNITED KINGDOM
• SPAIN
• RUSSIA
• REST OF EUROPE
• ASIA-PACIFIC
• AUSTRALIA
• INDIA
• SOUTH KOREA
• REST OF ASIA-PACIFIC
• LATIN AMERICA
• ARGENTINA
• BRAZIL
• MEXICO
• REST OF LATIN AMERICA
• MIDDLE EAST
• IRAN
• ISRAEL
• SAUDI ARABIA
• UNITED ARAB EMIRATES
• REST OF MIDDLE EAST
• AFRICA

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/jlb1nj

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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NEWCASTLE & HOUSTON--(BUSINESS WIRE)--TechnipFMC (NYSE: FTI) (PARIS: FTI) is joining forces with Loke Marine Minerals (Loke) to develop enabling technologies for the extraction of seabed minerals, driving the energy transition and a sustainable future.

Marine minerals have been identified by the World Bank, World Economic Forum, and International Energy Agency as one of the potential solutions to meet the increasing demand for metals used in electric vehicle batteries, clean energy technologies, and consumer electronics.

Together, Loke and TechnipFMC are developing a patent-pending, autonomous subsea production system that aims to have minimal impact on the environment and positions the company well for potential offshore licensing on the Norwegian Continental Shelf (NCS) and internationally.

Jonathan Landes, President, Subsea at TechnipFMC commented, “We are pleased to partner with Loke in the development of this important resource. Our culture of collaboration, integration, and innovation, along with our expertise in subsea robotics and extensive history on the NCS can help meet the rising demand for new technologies and resources that are driving the energy transition.”

TechnipFMC has a minority ownership stake in Loke. Wilh. Wilhemsen Holding ASA, a global maritime industry group, and NorSea Group have also taken an ownership stake in Loke.

Walter Sognnes, CEO at Loke, commented, “We are very excited and pleased to get these first class and top choice companies to join on the owner side of Loke. We see great benefits for the exciting phase the company now is entering from what they are bringing to the table, with regards to knowledge, experience, and culture. Their complementary business areas with common overlap is an ideal match with our ambition of becoming an international leading marine minerals company.”

The NCS is known to have copper, zinc, cobalt, and other rare earth elements. Norway is one of the only countries to have formalized marine mineral legislation. The Norwegian government is expected to make a final decision on licensing approval for exploration and production in 2023.

Important Information for Investors and Securityholders

Forward-Looking Statement

This release contains "forward-looking statements" as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. The words “expect,” “believe,” “estimated,” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Such forward-looking statements involve significant risks, uncertainties and assumptions that could cause actual results to differ materially from our historical experience and our present expectations or projections. For information regarding known material factors that could cause actual results to differ from projected results, please see our risk factors set forth in our filings with the United States Securities and Exchange Commission, which include our Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K. We caution you not to place undue reliance on any forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update or revise any of our forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by law.

About TechnipFMC

TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.

With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.

Organized in two business segments — Subsea and Surface Technologies — we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.

Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.

TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.

Investor relations

Matt Seinsheimer
Vice President, Investor Relations
Tel: +1 281 260 3665
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James Davis
Senior Manager, Investor Relations
Tel: +1 281 260 3665
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Media relations

Nicola Cameron
Vice President, Corporate Communications
Tel: +44 1383 742297
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Catie Tuley
Director, Public Relations
Tel: +1 713 876 7296
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HALIFAX, Nova Scotia--(BUSINESS WIRE)--Today Emera (TSX: EMA) reported 2021 second quarter financial results.

Highlights

• Adjusted EPS increased by $0.06 or 13% to $0.54 from $0.48 in 2020 driven by lower financing costs and the timing impact of preferred dividend payments, as well as from increased earnings at Peoples Gas (“PGS”) and Emera Energy Services (“EES”), partially offset by lower earnings in Tampa Electric primarily due to the effects of a stronger Canadian dollar (“CAD”)
• Year-to-date Adjusted EPS increased by $0.22 or 17% to $1.49 from $1.27 in 2020 representing a 17% increase year over year.
• Tampa Electric filed a three-year settlement agreement, which if approved will provide additional revenue increases over three years beginning in January 1, 2022 with expected incremental increases in revenues of $191M USD in 2022, $90M USD in 2023 and $21M USD in 2024.

“Our strong start to the year continued through the second quarter with solid EPS growth despite foreign exchange impacts,” said Scott Balfour, President and CEO of Emera Inc. “We are also very pleased with the unanimously supported settlement agreement reached with all intervening consumer parties in the Tampa Electric rate request that positions us to continue to deliver affordable, cleaner energy while making important investments in grid modernization and resiliency for our customers. This settlement represents the successful culmination of rates cases in our three US utilities and demonstrates the strength of our strategy as we continue to lead the energy transition towards a low carbon future.”

Quarterly Financial Results

Q2 2021 reported net loss of $17 million, or $(0.07) per common share, compared with net income of $58 million, or $0.24 per common share, in Q2 2020. Q2 2021 included a $154 million after-tax mark-to-market loss, compared to a $45 million mark-to-market loss last year.

Q2 2021 adjusted net income was $137 million, or $0.54 per common share, compared with $118 million, or $0.48 per common share, in Q2 2020.

Growth in quarterly adjusted net income was largely due to the timing of the preferred dividend declaration in Q2 2020, lower corporate interest expense and increased earnings at PGS and EES, partially offset by lower earnings contributions from Tampa Electric primarily as a result of a stronger CAD

Year-to-date Financial Results

Year-to-date reported net income was $256 million or $1.01 per common share, compared with a net income of $581 million or $2.37 per common share year-to-date in 2020. Year-to-date reported net income included a $124 million after-tax mark-to-market loss primarily at Emera Energy.

Year-to-date adjusted net income was $380 million or $1.49 per common share, compared with $311 million or $1.27 per common share year-to-date in 2020.

Growth in year-to-date adjusted net income was largely due to higher earnings contribution from EES and PGS, lower corporate interest expense, the 2020 revaluation of deferred taxes due to a reduction in the Nova Scotia corporate income tax rate, lower corporate OM&G, and the timing of preferred dividend declaration in Q2 2020. The increase was partially offset by lower earnings contributions from Tampa Electric, the impact of a stronger CAD, the 2020 recognition of a corporate income tax recovery previously deferred as a regulatory liability in 2018 at BLPC, and lower earnings from the sale of Emera Maine in Q1 2020.

Strengthening of the CAD decreased the net loss by $2 million and decreased adjusted earnings by $11 million ($0.04 per share) in Q2 2021 compared to Q2 2020. The strengthening of the CAD exchange rates decreased earnings by $9 million and adjusted earnings by $20 million ($0.11 per share) year-to-date in 2021, compared to the same period in 2020.

Outlook

Emera’s $7.4 billion capital investment plan over the 2021-to-2023 period, and the potential for additional capital opportunities of $1.2 billion over the same period, results in a forecasted rate base growth of 7.5 per cent to 8.5 per cent through 2023. Emera is on track to invest more than $2 billion in 2021, increasing rate base by 6 per cent to $22.5 billion. The capital investment plan continues to include significant investments across the portfolio in renewable and cleaner generation, reliability and integrity investments, infrastructure modernization and customer-focused technologies.

Emera’s capital investment plan is being funded primarily through internally generated cash flows and debt raised at the operating company level. Equity requirements in support of our capital investment plan are expected to be funded through the dividend reinvestment plan, the issuance of preferred equity and the issuance of common equity through our at-the-market program. Maintaining investment-grade credit ratings is a priority of management.

Emera has provided annual dividend growth guidance of four to five per cent through to 2022.

Consolidated Financial Review

Segment Results and Non-US GAAP Reconciliation

Non-GAAP Measures

Emera uses financial measures that do not have standardized meaning under USGAAP and may not be comparable to similar measures presented by other entities. Emera calculates the non-GAAP measures by adjusting certain GAAP and non-GAAP measures for specific items the Company believes are significant, but not reflective of underlying operations in the period. Refer to the Non-GAAP Financial Measures section of our Management's Discussion and Analysis for further discussion of these items.

Forward Looking Information

This news release contains forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management’s current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera’s assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, including under the heading “Business Risks and Risk Management” in Emera’s annual Management’s Discussion and Analysis, and under the heading “Principal Risks and Uncertainties” in the notes to Emera’s annual and interim financial statements, which can be found on SEDAR at www.sedar.com.

Teleconference Call

The company will be hosting a teleconference today, Wednesday, August 11, at 9:30 a.m. Atlantic (8:30 a.m. Eastern) to discuss the Q2 2021 financial results.

Analysts and other interested parties in North America are invited to participate by dialing 1-866-521-4909. International parties are invited to participate by dialing 1-647-427-2311. Participants should dial in at least 10 minutes prior to the start of the call. No pass code is required.

A live and archived audio webcast of the teleconference will be available on the Company's website, www.emera.com. A replay of the teleconference will be available two hours after the conclusion of the call by dialing 1-800-585-8367 and entering pass code 3794189.

About Emera

Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $31 billion in assets and 2020 revenues of more than $5.5 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments in Canada, the United States and in four Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F, EMA.PR.H and EMA.PR.J. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional information can be accessed at www.emera.com or at www.sedar.com.

Emera Inc.
Investor Relations
Dave Bezanson VP, Investor Relations & Pensions
902-474-2126
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Media
902-222-2683
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HOUSTON--(BUSINESS WIRE)--#DNOW--NOW Inc. (NYSE:DNOW) announced today that Wayne Richards has resigned from the Company’s board of directors effective as of August 10, 2021 for personal reasons. The resignation was not the result of any disagreement with the Company or any of its affiliates on any matter relating to the Company's operations, policies or practices.

Dick Alario, Chairman of the Board of NOW Inc., stated, "I would like to thank Wayne for all of his contributions to DNOW's success through these past years. Wayne joined the Board prior to our spin-off into an independent, publicly traded company and has contributed significantly to the Company's progress during his tenure as a founding board member and former Chairman of the DNOW Board. We are grateful for his contributions to DNOW and wish him the very best in the future."

NOW Inc. is one of the largest distributors to energy and industrial markets on a worldwide basis, with a legacy of over 150 years. NOW Inc. operates primarily under the DistributionNOW and DNOW brands. Through its network of approximately 195 locations and 2,450 employees worldwide, NOW Inc. offers a comprehensive line of products and solutions for the upstream, midstream and downstream energy and industrial sectors. Our locations provide products and solutions to exploration and production companies, energy transportation companies, refineries, chemical companies, utilities, manufacturers and engineering and construction companies.

NOW Inc.
Brad Wise, (281) 823-4006
Vice President of Digital Strategy and Investor Relations

HOUSTON--(BUSINESS WIRE)--Branch Energy - a tech-powered, green energy provider focused on helping consumers reduce their energy bills and carbon footprints - has raised $4.5 million in its seed round. This round of financing was led by Comcast Ventures with participation from Global Founders Capital, Inovia Capital, and Assaf Wand - CEO of home insurance unicorn Hippo.

Branch Energy was co-founded by Alex Ince-Cushman, ex-Palantir and former nuclear fusion researcher; Daniel MacDonald, a serial B2C entrepreneur; and Todd Burgess, an energy industry veteran. The trio will use the funds to expand the team, and support the data and analytic infrastructure development at the heart of the company’s approach.

Electricity production is one of the biggest sources of greenhouse gas emissions worldwide and accounts for 25% of US emissions. Transitioning the electricity grid to green energy is therefore critical to reducing the effects of climate change. Recent catastrophes like the black outs in Texas and the fires in California highlight that the current energy system is struggling to cope with climate-related change. Branch Energy is setting out to help by showing consumers that green energy can actually save them money, time and hassle -- and by providing a dramatically better customer experience than incumbent energy providers.

“Climate change is a staggeringly large challenge and we’re building Branch Energy, from the ground up to be part of the solution. In particular, we think we can have the biggest impact by focusing on opportunities that reduce our customer’s energy bills and also help decarbonize society. Fortunately, this intersection is actually much, much larger than most people appreciate,” says Alex Ince-Cushman, Branch Energy’s CEO and cofounder.

Branch Energy will initially launch in the US in states with deregulated energy markets (where consumers are able to choose their energy provider). In these markets, Branch Energy will offer customers 100% green energy, be their interface for billing, payment and customer service while also helping them install and finance smart energy devices. Branch Energy is aiming to sign up its first customers in Texas this fall.

Despite the considerable energy-saving benefits of modern devices such as smart thermostats, smart water heaters, solar arrays, etc, the installation rate for these devices remains persistently low in the US. These low deployment rates are in large part due to the hurdles the average residential customer faces in getting devices installed. “Most people don’t wake up on a Sunday morning to do complex economic calculations on the payback period of a smart water heater, then go buy the device with cash, then coordinate with a plumber to install it, to eventually get savings in the future. It’s just too much friction for most people,” says Daniel MacDonald, cofounder and Branch Energy President.

In addition to delivering 100% green energy to its customers at a great price, Branch Energy will help customers save even more by doing the heavy lifting of device installation. By combining energy usage data, satellite imagery, hyper-local weather forecasts, AI and more, Branch Energy will calculate the economic benefit of each of these devices for each customer, and then coordinate financing and installations. The combination of energy saving smart devices and delivering 100% green power will make Branch Energy a compelling option for customers both financially and environmentally.

About Branch Energy

Branch Energy is a technology company that makes it easy for consumers to lower their energy bills and carbon footprint while providing dramatically better customer experiences than incumbents. Branch Energy uses data & AI to determine which smart devices reduce a consumer’s energy bill the most and then helps them finance and install those devices - saving customers money while they clean up their energy usage.

Alex Ince-Cushman
844-999-3532

• Q2 revenue of over $1M for the first time in the Company’s history
• Nanjing bus fleet hits 100K km of successful on road service
• Loop Energy closes another 5 PO’s for fuel cell module shipments in 2021

VANCOUVER, British Columbia--(BUSINESS WIRE)--Loop Energy (TSX: LPEN) today announced consolidated financial results for the second quarter ending June 30, 2021. All amounts are in CAD dollars unless otherwise noted and have been prepared in accordance with International Financial Reporting Standards (IFRS).

"During Q2 2021, Loop Energy completed the deployment of its first 10 unit bus fleet in China,” said Ben Nyland, President and CEO, Loop Energy. “This represents the most significant commercial transition in the Company’s history. We have always believed we have one of the best stacks on the market, but now being able to demonstrate this in the field beyond a 1-unit deployment is truly transformational for Loop. Combined with our other customer activity in the quarter, this generated Loop’s first million-dollar revenue quarter. A substantial milestone in our company’s growth."

Three months ended June 30, 2021 Financial Results Highlights

(all comparisons are to the three months ended June 30, 2020 unless otherwise noted)

• Revenues of $1M as compared to $nil for the same period in 2020.
• Loss and comprehensive loss were $6 million as compared to $2 million to the same period in 2020 or an increase of 248%, due to increased research and product development costs and higher general and administrative costs.

Q2 2021 Business Highlights

• The Company has continued to build out its management and advisor base with the addition of Jacques Esculier to Loop’s advisory committee and Lisa Beck as VP Human Resources. Mr. Esculier is the former CEO of WABCO, one of the most successful Tier I parts suppliers in the world. WABCO maintained significant market share in China and Europe, which are currently the largest markets for fuel cells. Mr. Esculier led WABCO for almost 18 years, transforming it from a braking component supplier to a leading supplier of electric powertrain and automation components, and ultimately acquired by ZF Industries in 2020. As VP of Human Resources, Ms. Beck’s industry experience spans high tech, manufacturing, telecom and consumer goods, and she is an active advisory council member for the CPHR BC & YT.
• Loop expanded its service offerings through an agreement with Bayotech to provide the end user with a more full-service approach to hydrogen deployment. This approach creates a unique eco-system for the end user through cost effective products, while removing many of the current implementation challenges by bringing those into the partnership and internalizing key items.
• The Company continues the expansion of its service and product alignment through an agreement with Aliant Battery. This agreement provides another key component offering to streamline the integration and system design time for customers, while expanding customer access and scope.

2021 Outlook and Investment

• With the successful completion of Loop Energy's $100M IPO, the Company has initiated all the major purchases related to the capital equipment deployment in 2021. Additionally, we have built up our HR division which is now seeing very strong success in our recruitment program as the organization has grown by more than 25% since the IPO. Our new VP Human Resources, Lisa Beck, is leading this initiative.
• The Company’s inbound business development queries have greatly increased to broaden its customer base in core mobility markets. Loop is seeing a widening of fuel cell applications into more stationary, portable and new charging applications resulting in a total 24-month backlog of over $37.9M.
• In the bus market, Loop Energy recently completed the shipment, installation, and successful deployment of 10 fuel cell electric buses in Nanjing, China, with Skywell. The buses have performed extremely well in the field and they have amassed a total of over 100,000 km thus far in less than 3 months on the road and an uptime fuel cell availably of 95%. It is the second phase of a multi-year project to deploy 300 fuel cell vehicles in Nanjing as part of an MOU signed in January of 2020 between the Lishui Economic Development Zone and InPower Renewables, Loop’s joint venture manufacturing partner in China.
• Loop’s engineering team is continuing with the design of its next generation 120 kW single row stack for use in the 250 kW Class 8 and heavy duty truck markets. The initial stack design and testing is expected to be completed by the end of 2021 with the 250 kW fuel cell module available for customers in 2022.
• Loop Energy Technologies (Shanghai) Co., Ltd. (a wholly owned subsidiary of Loop Energy) was incorporated on June 30, 2021. Loop Shanghai has secured a lease for 3,275 square meters of production space with options to expand the lease space to a total of 8,673 square meters. The location in Jiading District is perfectly situated as the recent announcement by the China government naming Shanghai as a hydrogen super cluster places the Loop Energy production plant right in the heart of what is expected to be a major hydrogen focal point over the next few years. The Loop Shanghai facility is planned to be operational by the end of 2021 and fully commissioned for production to supply the Chinese market by the end of Q1 2022.

Q2 2021 Financial Summary

The Company will host a conference call at 11:00 a.m. EDT on Thursday, August 12 for a more detailed discussion of Loop Energy Inc. Q2 2021 results.

Dial-in by phone 5-10 min prior to the scheduled start time and ask to join the Loop Energy call:

Toll Free Dial-In Number: +1 8449314996
International Dial-In Number: (639) 380-0062
Conference ID: 9894473

The Company's financial statements and management's discussion & analysis are available at investors.loopenergy.com, www.sedar.com

About Loop Energy Inc.

Loop Energy is a designer and manufacturer of hydrogen fuel cell systems targeted for the electrification of commercial vehicles, including light commercial vehicles, transit buses and medium and heavy-duty trucks. Loop’s products feature the Company’s proprietary eFlow™ technology in the fuel cell stack’s bipolar plates. eFlow™ was designed to enable commercial customers to achieve performance maximization and cost minimization. Loop works with OEMs and major vehicle sub-system suppliers to enable the production of fuel cell electric vehicles. For more information about how Loop is driving towards a zero-emissions future, visit www.loopenergy.com.

This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflect management’s current expectations and projections regarding future events. 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 and could cause actual results and events to vary materially from those that are disclosed, or implied, by such forward-looking information. Such risks and uncertainties include, but are not limited to, the ability of the Company to execute on its strategy and the factors discussed under “Risk Factors Company’s Annual Information Form" dated March 30, 2021. Loop disclaims any obligation to update these forward-looking statements.

Loop Energy Investor Contact: Darren Ready | Tel: +1.604.222.3400 Ext 302 | This email address is being protected from spambots. You need JavaScript enabled to view it.
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NEW YORK--(BUSINESS WIRE)--New Fortress Energy Inc. (NASDAQ: NFE) (“NFE”) announced today that it has executed two Gas Supply Agreements (“GSA”) with subsidiaries of Unigel Participações (“Unigel”) to supply natural gas to the Unigel Agro-BA and Unigel Agro-SE fertilizer plants (the “Fertilizer Plants”) located in the Brazilian states of Bahia and Sergipe, respectively. The agreements also include an option to supply Unigel’s chemicals facility in Candeias, state of Bahia, Brazil.

In total, NFE expects to supply Unigel with up to 41 Tbtu of natural gas annually (equivalent to approximately 1.4 million gallons of LNG per day) for a 5-year term beginning in Q1 2022.

“We are excited to become the strategic gas supply partner of Unigel, one of the premier industrial companies in Brazil,” said Wes Edens, Chairman and CEO of NFE. “This partnership demonstrates the value our LNG import terminals will provide to customers in Brazil as we bring affordable, reliable energy supply and support industry throughout Brazil.”

Andrew Dete, Managing Director at NFE added, “NFE is proud to partner with Unigel to support domestic fertilizer production in Northeast Brazil. These agreements are great examples of NFE’s mission to partner with leading industrial customers in Brazil to provide reliable energy supply.”

The supply of gas from NFE’s strategically-located Suape and Sergipe LNG terminals in Brazil’s northeast will connect Unigel’s operations to the global LNG and natural gas markets as well as significantly reduce pipeline transportation charges.

“We believe that this 5-year term agreement with NFE will provide a more reliable, stable operation for our plants in the long run, which is key to improve our competitiveness and solidify our commercial presence in Brazil,” said Roberto Noronha Santos, CEO of Unigel.

Unigel’s Fertilizer Plants are capable of producing over 3,000 tons per day of urea in total.

The transaction is subject to the receipt of certain regulatory approvals and other customary conditions.

About New Fortress Energy

New Fortress Energy is a global energy infrastructure company founded to help accelerate the world’s transition to clean energy. The company funds, builds and operates natural gas infrastructure and logistics to rapidly deliver fully integrated, turnkey energy solutions that enable economic growth, enhance environmental stewardship and transform local industries and communities.

About Unigel Participações

Unigel is one of the largest chemical companies in Brazil, holding a leading position in styrenics, acrylics and nitrogen fertilizers in Latin America. The company, with industrial facilities in Brazil and Mexico, makes itself present in day-to-day life serving multiple customers across a broad spectrum of industries including home appliances & electronics, automotive, paints and coatings, construction, pulp and paper, packaging, health and safety, textile, mining and agriculture.

Cautionary Language Regarding Forward-Looking Statements

This communication contains forward-looking statements. All statements contained in this communication other than historical information are forward-looking statements that involve known and unknown risks and relate to future events, our future financial performance or our projected business results. You can identify these forward-looking statements by the use of forward-looking words such as “expects,” “may,” “will,” “approximately,” “predicts,” “intends,” “plans,” “estimates,” “anticipates,” or the negative version of those words or other comparable words. Forward looking statements include: the supply of natural gas to the Fertilizer Plants including the locations from where we will supply and the expected annual quantities and delivery dates; if and when the option to supply Unigel’s chemical facility will be exercised; the value our LNG import terminals will provide to customers in Brazil; the reduction of pipeline transportation charges; and other statements regarding NFE’s operations, goals and strategy.

These forward-looking statements represent the Company’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of the Company’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to: risks related to the development, construction or commissioning schedule for our LNG terminals may be longer than we expect; the funding of the project may not be possible on the terms we expect; we will be unable to operationalize our plans for the rights and key permits to develop the LNG terminals; the receipt of certain regulatory approvals; and that we will not be able to provide natural gas to customers as we currently expect. These factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed in any of NFE’s forward-looking statements. Other known or unpredictable factors could also have material adverse effects on future results.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, the Company does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in our annual report, quarterly and other reports filed with the SEC, which could cause its actual results to differ materially from those contained in any forward-looking statement. We undertake no duty to update these forward-looking statements even though the situation may change in the future.

IR:
Joshua Kane
(516) 268-7455
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media:
Jake Suski
(516) 268-7403
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TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB) announced today its financial and operating results for the second quarter ended June 30, 2021. Unless otherwise expressed, all financial figures are expressed in Canadian dollars.

“We have made great progress this year on our Superior Way Forward acquisition and operational improvement initiatives, including six acquisitions completed or announced for total consideration of ~$600 million,” said Luc Desjardins, President and Chief Executive Officer. “We are increasing the bottom end of our Adjusted EBITDA guidance range to reflect the expected impact from the acquisitions in 2021, and reflecting some anticipated challenges in the last six months due to weaker wholesale propane market fundamentals, the higher commodity price environment in 2021 and the slower than expected recovery from COVID-19. Our trailing twelve month Adjusted EBITDA as at June 30, 2021 pro forma the impact of the acquisitions announced in 2021 was approximately $460 million, which excludes the anticipated synergies we expect based on past acquisitions.”

Financial Highlights:

• Superior achieved second quarter Adjusted EBITDA of $31.6 million, a $7.5 million or 19% decrease over the prior year quarter primarily due to lower EBITDA from operations in U.S. propane distribution (“U.S. Propane”) and higher corporate costs, partially offset by higher EBITDA from operations in Canadian propane distribution (“Canadian Propane”) and realized gains on foreign exchange hedging contracts compared to a realized loss in the prior year quarter.
• Net loss from continuing operations of $36.1 million in the second quarter decreased $36.0 million over the second quarter of 2020 primarily due higher finance expense, lower unrealized gains on derivatives and foreign currency translation of borrowing recorded in the current quarter and lower gross profit, partially offset by the impact of the Canadian Emergency Wage Subsidy (“CEWS”) recorded in the current quarter.
• U.S. Propane EBITDA from operations was $14.0 million, a decrease of $13.1 million or 48% compared to the prior year quarter primarily due to higher operating costs and lower adjusted gross profit. Due to the seasonality of the U.S. Propane business, the second quarter represents ~16% of the volumes and ~22% of the operating costs for the year. The seasonality impact results in a more substantial increase in operating costs from acquisitions with less contribution from volumes and adjusted gross profit. Adjusted gross profit decreased $9.4 million primarily due to lower sales volumes, excluding the impact of acquisitions, related to warmer weather and, to a lesser extent, lower unit margins related to short-term margin opportunities that existed in Q1 2020 with lower commodity prices, the impact of the stronger Canadian dollar on the translation of U.S. denominated adjusted gross profit and customer mix, partially offset by the impact of acquisitions completed in the last twelve months and higher commercial demand as the U.S. emerged from COVID-19 restrictions. Sales volumes were higher due to the contribution from acquisitions completed in the last twelve months partially offset by warmer weather. Average weather, as measured by degree days, across markets where U.S. propane operates for 2021 was 14% warmer than the prior year and 4% colder than the five-year average. Operating costs increased by $5.2 million primarily due to higher sales volumes, incremental costs related to acquisitions completed in the last twelve months and inflation, partially offset by cost-saving initiatives, realized synergies from acquisitions and the impact of the stronger Canadian dollar on U.S. denominated operating expenses.
• Canadian Propane EBITDA from operations of $23.0 million, increased $1.8 million or 8% from the prior year quarter primarily due to lower operating expenses, partially offset by lower adjusted gross profit. Operating costs decreased $4.7 million due to the impact from the CEWS benefit and cost-saving initiatives. Adjusted gross profit decreased $3.9 million primarily due to lower average margins related to weaker wholesale propane fundamentals and customer mix, partially offset by higher commercial and wholesale sales volumes. Average weather across Canada for the second quarter, as measured by degree days was 14% warmer than the prior year and 7% warmer than the five-year average.
• Corporate costs for the second quarter of 2021 were $8.2 million, a $1.2 million increase compared to the prior year quarter due to higher long-term incentive plan costs related to share price appreciation in the current quarter. In the second quarter of 2021, Superior had realized gains on foreign currency hedging contracts of $2.8 million compared to realized losses of $2.2 million in the prior year quarter due to the average hedge rate of the foreign exchange contracts and the strengthening of the Canadian dollar.
• AOCF before transaction and other costs during the second quarter was $9.0 million, a $5.5 million or 38% decrease compared to the prior year quarter primarily due to lower Adjusted EBITDA and higher cash tax expenses, partially offset by lower interest expense. AOCF before transaction and other costs per share was $0.04, $0.04 lower than the prior year for the reasons noted above and an increase in the weighted average shares outstanding. Weighted average shares outstanding, which assumes the exchange of the preferred shares into common shares, were higher than the prior year quarter primarily due to the issuance of preferred shares in the prior year, and to a lesser extent, the impact of shares issued under the Dividend Reinvestment Plan in the prior year.
• Superior’s Total Net Debt to Adjusted EBITDA leverage ratio for the trailing twelve months ended June 30, 2021, was 3.3x, which is within Superior’s long-term target range of 3.0x to 3.5x.
• Superior is increasing the bottom end of the 2021 Adjusted EBITDA range due to the expected contribution from the Freeman Gas and Kamps acquisitions, with expected Adjusted EBITDA guidance in the range of $390 million to $420 million up from the previously disclosed range of $380 million to $420 million. Average weather for the remainder of 2021 is anticipated to be consistent with the five-year average for the U.S. and Canada.

Strategic Developments and Highlights:

• On July 14, 2021, Superior announced that one of its wholly-owned subsidiaries entered into an agreement to acquire the equity interests of Kamps Propane, Inc., High Country Propane, Inc., Pick Up Propane, Inc., Kiva Energy, Inc., Competitive Capital, Inc. and Propane Construction and Meter Services (collectively, “Kamps”) for an aggregate purchase price of approximately US $240 million (CDN $299 million) before adjustments for working capital. Founded in 1969 by John Kamps, Kamps is an established independent family owned and operated retail and wholesale propane distributor based in California servicing approximately 45,000 residential, commercial and wholesale customers. Kamps has 14 retail branch offices, 5 company-operated rail terminals, over 375 vehicles and approximately 280 employees.
• On July 7, 2021, Superior acquired the assets of a retail propane distribution company based in North Carolina, operating under the tradename, Williams Energy Group (“Williams Energy”). Founded in 1998, Williams Energy is an established independent retail propane distributor delivering approximately 7 million gallons of propane annually to 12,000 retail and commercial customers in North Carolina.
• On June 16, 2021 Superior acquired the assets of a retail propane distribution company based in South Carolina, operating under the tradename, Freeman Gas and Electric Co., Inc. (“Freeman”) for an aggregate purchase price of US $169.2 million ($207.7 million) before adjustments for working capital.
• On May 18, 2021, Superior sold CDN$500 million aggregate principal amount of 4.25% unsecured notes due May 18, 2028, which were issued at par (the “Offering”). Superior also redeemed all of its outstanding: (i) CDN$400 million principal amount of 5.25% senior unsecured notes due February 27, 2024 (the “2024 Notes”) in accordance with the indenture governing the 2024 Notes; and (ii) CDN$370 million principal amount of 5.125% senior unsecured notes due August 27, 2025 (the “2025 Notes”) in accordance with the indenture governing the 2025 Notes.
• On May 25, 2021, Superior outlined the “Superior Way Forward”, a strategic roadmap targeting EBITDA from Operations of $700 million to $750 million in 2026.
• On April 19, 2021, recognizing the importance of sustainability and ESG principles in how Superior operates and in its business strategy, Superior published its inaugural Sustainability Report.
• On April 9, 2021, Superior amended the syndicated credit facility and extended the maturity to May 8, 2026. There were no changes to the total commitments available under the credit facility ($750 million), the accordion capacity ($300 million) or the financial covenants.
• On April 9, 2021 Superior completed the sale of its Specialty Chemicals business to Birch Hill Equity Partners for total consideration of $725 million (the “Transaction”). Under the terms of the Transaction, Superior received $600 million in cash proceeds from Birch Hill, subject to certain adjustments, and $125 million in the form of a 6% unsecured note issued by the affiliate of Birch Hill that is acquiring Specialty Chemicals. The consideration received is subject to certain post-closing adjustments as previously disclosed.

MD&A and Financial Statements

Superior’s MD&A, the unaudited Interim Condensed Consolidated Financial Statements and the Notes to the Interim Condensed Consolidated Financial Statements for the three and six months ended June 30, 2021 provide a detailed explanation of Superior’s operating results. These documents are available online at Superior’s website at www.superiorplus.com under the Investor Relations section and on SEDAR under Superior’s profile at www.sedar.com.

2021 Second Quarter Conference Call

Superior will be conducting a conference call and webcast for investors, analysts, brokers and media representatives to discuss the Second Quarter Results at 10:30 a.m. EDT on Thursday, August 12, 2021. To participate in the call, dial: 1-844-389-8661. Internet users can listen to the call live, or as an archived call on Superior’s website at www.superiorplus.com under the Events section.

Non-IFRS Financial Measures

Throughout the first quarter earnings release, Superior has used the following terms that are not defined by International Financial Reporting Standards (“Non-IFRS Financial Measures”), but are used by management to evaluate the performance of Superior and its business: AOCF before and after transaction and other costs, earnings before interest, taxes, depreciation and amortization (“EBITDA”) from operations, Adjusted Gross Profit, Adjusted EBITDA, Total Debt to Adjusted EBITDA leverage ratio, Senior Debt, Credit Facility EBITDA and Senior Debt to Credit Facility EBITDA leverage ratio. These measures may also be used by investors, financial institutions and credit rating agencies to assess Superior’s performance and ability to service debt. Non-IFRS financial measures do not have standardized meanings prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Securities regulations require that Non-IFRS financial measures are clearly defined, qualified and reconciled to their most comparable IFRS financial measures. Except as otherwise indicated, these Non-IFRS financial measures are calculated and disclosed on a consistent basis from period to period. Specific items may only be relevant in certain periods. See “Non-IFRS Financial Measures” in the MD&A for a discussion of Non-IFRS financial measures and certain reconciliations to IFRS financial measures.

The intent of Non-IFRS financial measures is to provide additional useful information to investors and analysts, and the measures do not have any standardized meaning under IFRS. The measures should not, therefore, be considered in isolation or used in substitute for measures of performance prepared in accordance with IFRS. Other issuers may calculate Non-IFRS financial measures differently. Investors should be cautioned that AOCF, EBITDA from operations, Adjusted EBITDA and Credit Facility EBITDA should not be construed as alternatives to net earnings, cash flow from operating activities or other measures of financial results determined in accordance with IFRS as an indicator of Superior’s performance.

Adjusted Operating Cash Flow and Adjusted Operating Cash Flow per Share

AOCF is equal to cash flow from operating activities as defined by IFRS, adjusted for changes in non-cash working capital, other expenses, non-cash interest expense, current income taxes and finance costs. Superior may deduct or include additional items in its calculation of AOCF; these items would generally, but not necessarily, be infrequent in nature and could distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring. AOCF and AOCF per share are presented before and after transaction and other costs.

AOCF per share before transaction and other costs is calculated by dividing AOCF before transaction and other costs by the weighted average number of shares outstanding. AOCF per share is calculated by dividing AOCF by the weighted average number of shares outstanding.

AOCF is a performance measure used by management and investors to evaluate Superior’s ongoing performance of its businesses and ability to generate cash flow. AOCF represents cash flow generated by Superior that is available for, but not necessarily limited to, changes in working capital requirements, investing activities and financing activities of Superior.

The seasonality of Superior’s individual quarterly results must be assessed in the context of annualized AOCF. Adjustments recorded by Superior as part of its calculation of AOCF include, but are not limited to, the impact of the seasonality of Superior’s businesses, principally the Energy Distribution segment, by adjusting for non-cash working capital items, thereby eliminating the impact of the timing between the recognition and collection/payment of Superior’s revenues and expenses, which can differ significantly from quarter to quarter. AOCF is reconciled to cash flow from operating activities. Please refer to the Financial Overview section of the MD&A for the reconciliation.

EBITDA from operations

EBITDA from operations is defined as Adjusted EBITDA excluding costs that are not considered representative of Superior’s underlying core operating performance, including gains and losses on foreign currency hedging contracts, corporate costs and transaction and other costs. Management uses EBITDA from operations to set targets for Superior (including annual guidance and variable compensation targets). EBITDA from operations is reconciled to net earnings before income taxes. Please refer to the Results of Operating Segments in the MD&A for the reconciliations.

Adjusted EBITDA

Adjusted EBITDA represents earnings before interest, taxes, depreciation, amortization, losses (gains) on disposal of assets, finance expense, restructuring costs, transaction and other costs, and unrealized gains (losses) on derivative financial instruments. Adjusted EBITDA is used by Superior and investors to assess its consolidated results and ability to service debt. Adjusted EBITDA is reconciled to net earnings before income taxes.

Adjusted EBITDA is a significant performance measure used by management and investors to evaluate Superior’s ongoing performance of its businesses. Adjusted EBITDA is also used as one component in determining short-term incentive compensation for certain management employees.

The seasonality of Superior’s individual quarterly results must be assessed in the context of annualized Adjusted EBITDA.

Total Net Debt to Adjusted EBITDA Leverage Ratio and Pro Forma Adjusted EBITDA

Adjusted EBITDA for the Total Net Debt to Adjusted EBITDA Leverage Ratio is defined as Adjusted EBITDA calculated on a 12-month trailing basis giving pro forma effect to acquisitions and dispositions adjusted to the first day of the calculation period (“Pro Forma Adjusted EBITDA”). Pro Forma Adjusted EBITDA is used by Superior to calculate its Total Net Debt to Adjusted EBITDA Leverage Ratio.

Total Net Debt is determined by taking the sum of borrowings before deferred financing fees and lease liabilities and reducing this by the cash and cash equivalents balance.

To calculate the Total Net Debt to Adjusted EBITDA Leverage Ratio divide Total Net Debt by Pro Forma Adjusted EBITDA. Total Net Debt to Adjusted EBITDA Leverage Ratio is used by Superior and investors to assess its ability to service debt.

Forward Looking Information

Certain information included herein is forward-looking information within the meaning of applicable Canadian securities laws. Forward-looking information may include statements regarding the objectives, business strategies to achieve those objectives, expected financial results (including those in the area of risk management), economic or market conditions, and the outlook of or involving Superior, Superior LP and its businesses. Such information is typically identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “plan”, “forecast”, “future”, “outlook, “guidance”, “may”, “project”, “should”, “strategy”, “target”, “will” or similar expressions suggesting future outcomes.

Forward-looking information in this document includes: future financial position, consolidated and business segment outlooks, updated 2021 Adjusted EBITDA guidance range, anticipated synergies on acquisitions in 2021, the markets for our products and our financial results, business strategy and objectives, development plans and programs, organic growth, weather, economic activity in Western Canada, product pricing and sourcing, wholesale propane market fundamentals, exchange rates, expected seasonality of demand, and future economic conditions.

Forward-looking information is provided for the purpose of providing information about management’s expectations and plans about the future and may not be appropriate for other purposes. Forward-looking information herein is based on various assumptions and expectations that Superior believes are reasonable in the circumstances. No assurance can be given that these assumptions and expectations will prove to be correct. Those assumptions and expectations are based on information currently available to Superior, including information obtained from third party industry analysts and other third party sources, and the historic performance of Superior’s businesses. Such assumptions include the closing of the Kamps acquisition in the third quarter of 2021 in accordance with the terms of the agreement, integration of acquisitions in 2021 consistent with past experience, anticipated financial performance, current business and economic trends, the amount of future dividends paid by Superior, business prospects, utilization of tax basis, regulatory developments, currency, exchange and interest rates, future commodity prices relating to the oil and gas industry, future oil rig activity levels, trading data, cost estimates, our ability to obtain financing on acceptable terms, expected life of facilities and statements regarding net working capital and capital expenditure requirements of Superior or Superior LP, the assumptions set forth under the “Financial Outlook” sections of our MD&A. The forward looking information is also subject to the risks and uncertainties set forth below.

By its very nature, forward-looking information involves numerous assumptions, risks and uncertainties, both general and specific. Should one or more of these risks and uncertainties materialize or should underlying assumptions prove incorrect, as many important factors are beyond our control, Superior’s or Superior LP’s actual performance and financial results may vary materially from those estimates and intentions contemplated, expressed or implied in the forward-looking information.

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

Rob Dorran Vice President, Investor Relations and Treasurer
Phone: (416) 340-6003
Toll Free: 1-866-490-PLUS (7587)

Uniting platforms to provide smarter logistics, vessel tracking worldwide

VIENNA, Va. & RESTON, Va.--(BUSINESS WIRE)--Today Spire Global, Inc. (“Spire” or the “Company”), a leading global provider of space-based data, analytics, and space services, and Gravity Supply Chain, a cloud-based supply chain management platform, jointly announced an extended strategic maritime data partnership, building upon the relationship initially established in 2017.

“We’re proud to partner with Gravity Supply Chain to help businesses around the world maintain a secure, robust, and efficient supply chain in face of significant complexities,” said Mark Dembitz, APAC Sales Director of Maritime Solutions. “This past year has reinforced that major disruptions to trade can cause ripple effects across the supply chain, which makes integrated and smart logistics solutions such as real-time end-to-end shipment visibility critical to business success.”

Informed by Spire’s advanced maritime data insights, Gravity Supply Chain has built a proprietary predictive and prescriptive platform which unlocks data across not just an organization's immediate supply chain, but throughout the multiple tiers that support it, including potential disruptors like weather, labor strikes, the impact of natural disasters. Using satellite-based data from Spire’s maritime solution, users are able to monitor their fleet and shipment location around the globe.

“Modern businesses rely on having current, precise, and reliable data to make informed decisions. Our continued partnership with Spire lets us confidently deliver the insights customers need to manage their supply chains efficiently and cost-effectively,” said Graham Parker, Gravity Supply Chain CEO. “We look forward to continuing to work with Spire to provide innovative smart logistics solutions to users across the world.”

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

About NavSight Holdings, Inc.
NavSight Holdings, Inc. (“NavSight”) (NYSE:NSH) is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

Special Meeting of NavSight Stockholders to Approve Business Combination
On July 26, 2021, Spire announced that the registration statement on Form S-4 (File No. 333-256112) of NavSight relating to the previously announced merger of NavSight and Spire (the “Business Combination”) was declared effective by the U.S. Securities and Exchange Commission as of July 22, 2021. A previously announced special meeting of NavSight’s stockholders (the “Special Meeting”) is expected to be held on August 13, 2021 at 10:00 AM ET to, among other things, allow stockholders to vote to approve the proposed Business Combination. The Special Meeting will be completely virtual and conducted via live webcast. Stockholders of record of NavSight common stock as of the close of business on the record date of June 21, 2021 may vote at or before the Special Meeting. If the proposals at the Special Meeting are approved, the parties anticipate that the Business Combination will close shortly thereafter, subject to the satisfaction or waiver (as applicable) of all other closing conditions. Upon the closing of the Business Combination, the parties expect that the combined company will operate as Spire Global, Inc., and that the shares of common stock and the warrants of the combined company are expected to be listed on New York Stock Exchange under the symbols “SPIR” and “SPIR.WS,” respectively.

NavSight stockholders who need assistance voting, have questions regarding the Special Meeting, or would like to request documents may contact NavSight Holdings, Inc., 12020 Sunrise Valley Drive, Suite 100, Reston, Virginia 20191, by telephone at (571) 500-2236, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it., or NavSight’s proxy solicitor D.F. King & Co., Inc. by calling (800) 207-3158 or banks and brokers can call at (212) 269-5550, or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it..

Additional Information and Where to Find It
In connection with the proposed Business Combination (the “Proposed Transaction”), NavSight has filed the Registration Statement with the SEC, which includes a proxy statement which has been distributed to holders of NavSight’s common stock in connection with NavSight’s solicitation of proxies for the vote by NavSight’s stockholders with respect to the Proposed Transaction and other matters as described in the Registration Statement, a prospectus relating to the offer of the securities to be issued to Spire’s stockholders in connection with the Proposed Transaction, and an information statement to Spire’s stockholders regarding the Proposed Transaction. NavSight has mailed a definitive proxy statement/prospectus/information statement and other relevant documents to its stockholders of record as of June 21, 2021, the record date established for the Special Meeting. Investors and security holders and other interested parties are urged to read the proxy statement/prospectus/information statement, any amendments thereto and any other documents filed or that will be filed with the SEC carefully and in their entirety as they become available because they will contain important information about NavSight, Spire and the Proposed Transaction. Investors and security holders may obtain free copies of the proxy statement/prospectus/information statement and other documents filed with the SEC by NavSight (when available) through the website maintained by the SEC at http://www.sec.gov, or by directing a request to: NavSight Holdings, Inc., 12020 Sunrise Valley Drive, Suite 100, Reston, VA 20191.

Participants in Solicitation
NavSight and Spire and their respective directors and certain of their respective executive officers and other members of management and employees may be considered participants in the solicitation of proxies with respect to the Proposed Transaction. Information about the directors and executive officers of NavSight is set forth in its final prospectus filed on July 22, 2021 (the “NavSight Prospectus”). Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is included in the Registration Statement, the NavSight Prospectus and other relevant materials filed or that will be filed with the SEC regarding the Proposed Transaction as they become available. Stockholders, potential investors and other interested persons should read the Registration Statement and NavSight Prospectus carefully before making any voting or investment decisions. These documents can be obtained free of charge from the sources indicated above.

No Offer or Solicitation
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 jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

Forward-Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of the federal securities laws with respect to the Proposed Transaction. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, those regarding the effect of Spire and Gravity Supply Chain’s solution on supply chains and other customer outcomes, the provision of logistics solutions to users across the world, the impact of the partnership to Spire’s maritime segment and the applicability of its maritime solutions to Spire’s market, the strengthening of Spire’s competitive advantage, the importance of Spire’s maritime products and capabilities to Gravity Supply Chain, potential benefits of the Proposed Transaction and the potential success of Spire’s market and growth strategies, and expectations related to the terms and timing of the Proposed Transaction. These statements are based on various assumptions and on the current expectations of NavSight’s and Spire’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of NavSight and Spire. These forward-looking statements are subject to a number of risks and uncertainties, including (i) the risk that the Proposed Transaction may not be completed in a timely manner or at all, which may adversely affect the price of NavSight's securities; (ii) the risk that the Proposed Transaction may not be completed by NavSight's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by NavSight; (iii) the failure to satisfy the conditions to the consummation of the Proposed Transaction, including the approval of the Proposed Transaction by the stockholders of NavSight, the satisfaction of the minimum trust account amount following any redemptions by NavSight's public stockholders and the receipt of certain governmental and regulatory approvals; (iv) the inability to complete the PIPE investment in connection with the Proposed Transaction; (v) the failure to realize the anticipated benefits of the Proposed Transaction; (vi) the effect of the announcement or pendency of the Proposed Transaction on Spire’s business relationships, performance, and business generally; (vii) risks that the Proposed Transaction disrupts current plans of Spire and potential difficulties in Spire employee retention as a result of the Proposed Transaction; (viii) the outcome of any legal proceedings that may be instituted against NavSight or Spire related to the business combination agreement or the Proposed Transaction; (ix) the ability to maintain the listing of NavSight’s securities on the New York Stock Exchange; (x) the ability to address the market opportunity for Space-as-a-Service; (xi) the risk that the Proposed Transaction may not generate expected net proceeds to the combined company; (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the Proposed Transaction, and identify and realize additional opportunities; (xiii) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; (iv) the risk of downturns, new entrants and a changing regulatory landscape in the highly competitive space data analytics industry; and those factors discussed in the NavSight Prospectus under the heading “Risk Factors,” and other documents of NavSight filed, or to be filed, with the SEC. If any of these risks materialize or Spire’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither NavSight nor Spire presently know or that NavSight and Spire currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect NavSight’s and Spire’s expectations, plans or forecasts of future events and views as of the date of this press release. NavSight and Spire anticipate that subsequent events and developments will cause NavSight’s and Spire’s assessments to change. However, while NavSight and Spire may elect to update these forward-looking statements at some point in the future, NavSight and Spire specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing NavSight’s and Spire’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

For Spire Global, Inc.:
Hillary Yaffe
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For NavSight Holdings, Inc.:
Jack Pearlstein
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