Equipped with Velodyne Puck™ Sensors, ANYbotics Robots Automate Industrial Inspections

SAN JOSE, Calif.--(BUSINESS WIRE)--#VelodyneLidar--Velodyne Lidar, Inc. (Nasdaq: VLDR, VLDRW) today announced ANYbotics is equipping its autonomous mobile robots with Velodyne’s Puck™ lidar sensors. ANYbotics robots provide industrial operators with an automated robotic inspection solution to support efforts in monitoring and maintaining plants.

ANYbotics’ four-legged robot ANYmal performs inspection and monitoring tasks in challenging industrial terrains such as mining and minerals, oil and gas, chemicals, energy and construction. ANYmal’s legs provide unparalleled mobility when moving up and down stairs, climbing over obstacles, steps and gaps, and crawling into tight spaces. ANYmal’s inspection payload provides visual, thermal and acoustic insights for condition monitoring of equipment and infrastructure. Equipped with Velodyne’s Puck sensors, the ANYbotics robotic inspection solution is able to map industrial environments to detect obstacles and allow ANYmal to avoid any collisions while navigating harsh environments with a higher level of accuracy.

“Velodyne’s lidar sensors provide ANYmal with a constant stream of high-resolution, 3D information about its surroundings, helping the robot safely map and patrol complex and harsh environments,” said Daniel Lopez Madrid, Team Lead Perception at ANYbotics. “The sensors enable precise localization and mapping capabilities our robots need to understand the physical environment they are operating in and any changes such as moving people and objects.”

“ANYbotics robotic solutions excel at automating industrial inspections that provide plant operators information to maximize equipment uptime and improve safety,” said Erich Smidt, Executive Director Europe, Velodyne Lidar. “By using Velodyne’s lidar, their robots can autonomously navigate complex multi-story environments and find the quickest route to perform missions. During operation, the robot’s system can safely avoid obstacles and reliably move over rough terrain.”

Velodyne’s lidar sensors are important ingredients in robotic autonomy and navigation. They allow mobile robots to extend outside controlled situations with pre-defined tasks and function in unfamiliar and unpredictable settings. Velodyne’s sensors provide real-time 3D perception data for localization, mapping, object classification and object tracking. Combining high-resolution image data with a broad vertical field of view, the sensors detect the shape of even low reflectivity objects regardless of their material and movement. This perception capability is critical for advancing safe and effective mobile robot operation.

About Velodyne Lidar

Velodyne Lidar (Nasdaq: VLDR, VLDRW) ushered in a new era of autonomous technology with the invention of real-time surround view lidar sensors. Velodyne, the global leader in lidar, is known for its broad portfolio of breakthrough lidar technologies. Velodyne’s revolutionary sensor and software solutions provide flexibility, quality, and performance to meet the needs of a wide range of industries, including autonomous vehicles, advanced driver assistance systems (ADAS), robotics, unmanned aerial vehicles (UAV), smart cities and security. Through continuous innovation, Velodyne strives to transform lives and communities by advancing safer mobility for all. For more information, visit www.velodynelidar.com.

Forward Looking Statements

This press release contains "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 including, without limitation, all statements other than historical fact and include, without limitation, statements regarding Velodyne’s target markets, new products, development efforts, and competition. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," “can,” "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Velodyne's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include uncertainties regarding government regulation and adoption of lidar, the uncertain impact of the COVID-19 pandemic on Velodyne's and its customers' businesses; Velodyne's ability to manage growth; Velodyne's ability to execute its business plan; uncertainties related to the ability of Velodyne's customers to commercialize their products and the ultimate market acceptance of these products; the rate and degree of market acceptance of Velodyne's products; the success of other competing lidar and sensor-related products and services that exist or may become available; uncertainties related to Velodyne's current litigation and potential litigation involving Velodyne or the validity or enforceability of Velodyne's intellectual property; and general economic and market conditions impacting demand for Velodyne's products and services. For more information about risks and uncertainties associated with Velodyne’s business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of Velodyne’s SEC filings, including, but not limited to, its annual report on Form 10-K and quarterly reports on Form 10-Q. All forward-looking statements in this press release are based on information available to Velodyne as of the date hereof, Velodyne undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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HOUSTON--(BUSINESS WIRE)--Sunnova Energy Corporation (“SEC”), a wholly-owned subsidiary of Sunnova Energy International Inc. (“Sunnova”), today announced that it intends to offer, subject to market conditions, $350 million aggregate principal amount of green senior notes due 2026 (the “notes”) in a private placement to qualified institutional buyers under Rule 144A of the Securities Act of 1933, as amended (the “Securities Act”) and to non-U.S. persons outside of the United States in reliance on Regulation S under the Securities Act.

The notes will be senior unsecured obligations of SEC, and interest will be payable semiannually in arrears. The notes will be guaranteed on a senior unsecured basis by Sunnova and Sunnova Intermediate Holdings, LLC.

SEC intends to allocate an amount equal to the net proceeds from the offering to finance or refinance, in whole or in part, existing or new eligible green projects, as described in Sunnova’s recently launched new green financing framework, and pending such use, will maintain or apply the net proceeds in accordance with Sunnova’s normal liquidity practices.

The notes have not been and will not be registered under the Securities Act or any state securities laws 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, the registration requirements of the Securities Act and other applicable securities laws.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “going to,” “could,” “intend,” “target,” “project,” “contemplates,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the expectations in connection with the offering, the size and terms of the offering and the use of proceeds from the offering. Sunnova’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding our ability to forecast our business due to our limited operating history, the effects of the coronavirus pandemic on our business and operations, results of operations and financial position, our competition, changes in regulations applicable to our business, fluctuations in the solar and home-building markets, availability of capital, our ability to attract and retain dealers and customers and our dealer and strategic partner relationships. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the SEC, including our Annual Report on Form 10-K for the year ended December 31, 2020 and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021. The forward-looking statements in this press release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.

ABOUT SUNNOVA

Sunnova Energy International Inc. (NYSE: NOVA) is a leading residential solar and energy storage service provider with customers across the U.S. and its territories. Sunnova’s goal is to be the source of clean, affordable and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted^®.

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HOUSTON--(BUSINESS WIRE)--Tellurian Inc. (Tellurian or the Company) (Nasdaq: TELL) today announced that it has priced a public offering of 35,000,000 shares of its common stock for total gross proceeds to Tellurian (before underwriter’s compensation and estimated expenses) of $105 million. The Company has granted the underwriter of the offering a 30-day option to purchase up to 5,250,000 additional shares of common stock of the Company to cover over-allotments, if any. The Company intends to use the net proceeds from this offering for general corporate purposes, including the potential acquisition of upstream assets. The offering is expected to close on or about August 6, 2021, subject to satisfaction of customary closing conditions.

B. Riley Securities, Inc. is acting as the sole bookrunner for the offering.

The offering is being made pursuant to an effective shelf registration statement of the Company previously filed with the Securities and Exchange Commission (the “SEC”). The offering may be made only by means of a prospectus supplement and the accompanying prospectus. Copies of the preliminary prospectus supplement for the offering and the accompanying prospectus may be obtained by sending a request to B. Riley Securities, Inc., Attention: Prospectus Department, 1300 North 17th Street, Suite 1300, Arlington, Virginia 22209; Telephone: (703) 312-9580, or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it..

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

About Tellurian Inc.

Tellurian is developing a portfolio of natural gas production, LNG marketing and trading, and infrastructure that includes an ~ 27.6 mtpa LNG export facility and an associated pipeline. Tellurian is based in Houston, Texas, and its common stock is listed on the Nasdaq Capital Market under the symbol “TELL.”

CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS

Statements in this press release related to the Company’s public offering of common stock and all other statements other than statements of historical fact are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from the forward-looking statements. Tellurian urges you to carefully review and consider the cautionary statements made in this press release, the registration statement, the “Risk Factors” section of the preliminary prospectus supplement for the offering and of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, and other filings with the SEC for further information on risks and uncertainties that could affect the Company’s business, financial condition and results of operations. The Company cautions you not to place undue reliance on forward-looking statements, which speak only as of the date made. Tellurian undertakes no obligation to update any forward-looking statements in order to reflect any event or circumstance occurring after the date of this press release or currently unknown facts or conditions or the occurrence of unanticipated events. All forward-looking statements are qualified in their entirety by this cautionary statement.

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LOS ANGELES & BOCA RATON, Fla.--(BUSINESS WIRE)--NextGen Acquisition Corporation (NASDAQ:NGAC) (“NextGen”) a publicly-traded special purpose acquisition company, reminds its shareholders to vote in favor of the approval of NextGen’s proposed business combination with Xos, Inc. (“Xos” or the “Company”), a leading manufacturer of fully electric Class 5 to Class 8 commercial vehicles, and the related proposals to be voted upon at NextGen’s extraordinary general meeting on August 18, 2021.

The extraordinary general meeting of NextGen’s shareholders to approve, among other things, the proposed business combination will be held in a virtual format and physically at the offices of Skadden, Arps, Slate, Meagher & Flom LLP located at One Manhattan West, New York, NY 10001 on August 18, 2021 at 9:00 a.m. Eastern Time or virtually via live webcast at https://www.cstproxy.com/nextgenacq/sm2021. NextGen strongly recommends that shareholders attend the meeting virtually. NextGen’s shareholders of record as of the close of business on the record date of July 2, 2021 (the “Record Date”) should submit their vote promptly and no later than 11:59 p.m. Eastern Time on August 17, 2021.

It remains important that all holders who owned NextGen’s shares as of July 2, 2021 – even if they have since sold their shares – vote by 11:59 p.m. Eastern Time on August 17, 2021 to ensure the deal proceeds in a timely manner.

We recommend that you vote your shares online, though you may also vote by mail or telephone. More information on how to vote can be found at https://www.nextgenacq.com/vote.html or, if you hold in street name, by following the instructions provided by your broker, bank or other nominee on the Voting Instruction Form mailed or e-mailed to you. If you did not receive or have misplaced your Voting Instruction Form, contact your bank, broker or other nominee to obtain your control number in order to vote.

Holders of NextGen’s shares who need assistance voting or have questions regarding the extraordinary general meeting may contact NextGen’s proxy solicitor, Morrow Sodali LLC, toll-free at (800) 662-5200 or (203) 658-9400 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..

About NextGen

NextGen Acquisition Corporation is a blank check company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. NextGen is led by George Mattson, a former Partner at Goldman, Sachs & Co., and Gregory Summe, former Chairman and CEO of PerkinElmer and Vice Chairman of the Carlyle Group. NextGen is listed on NASDAQ under the ticker symbol "NGAC." For more information, please visit www.nextgenacq.com.

About Xos, Inc.

Xos, Inc. is an electric mobility company dedicated to making fleets more efficient. Xos designs and develops fully electric battery mobility systems specifically for commercial fleets. The company’s primary focus is on medium- and heavy-duty commercial vehicles that travel on “last mile” routes (i.e. predictable routes that are less than 200 miles per day). The company leverages its proprietary technologies to provide commercial fleets zero emission vehicles that are easier to maintain and more cost-efficient on a total cost of ownership (TCO) basis than their internal combustion engine and commercial EV counterparts. For more information, please visit www.xostrucks.com.

IMPORTANT LEGAL INFORMATION

Additional Information and Where to Find It

This document relates to a proposed transaction between Xos and NextGen. This document is not a proxy statement or solicitation of a proxy, consent or authorization with respect to any securities or in respect of the potential transaction and shall not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of 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 such state or jurisdiction. In connection with the proposed transaction, NextGen filed a registration statement on Form S-4 with the SEC on May 14, 2021, as amended on June 25, 2021, July 22, 2021, July 28, 2021 and July 29, 2021, which was declared effective by the SEC on July 30, 2021 and includes a document that serves as a prospectus and proxy statement of NextGen (the “proxy statement/prospectus”). A definitive proxy statement/prospectus has been mailed to all NextGen’s shareholders of record as of July 2, 2021, the record date established for the extraordinary general meeting of shareholders relating to the proposed transaction. NextGen also will file other documents regarding the proposed transaction with the SEC. Before making any voting decision, investors and security holders of NextGen are urged to read the registration statement, the proxy statement/prospectus included therein and all other relevant documents filed or that will be filed with the SEC in connection with the proposed transaction as they become available because they will contain important information about the proposed transaction. Investors and security holders may obtain free copies of the registration statement, the proxy statement/prospectus included therein and all other relevant documents filed or that will be filed with the SEC by NextGen through the website maintained by the SEC at www.sec.gov. The documents filed by NextGen with the SEC also may be obtained free of charge at NextGen’s website at https://www.nextgenacq.com/nextgen-i.html or upon written request to 2255 Glades Road, Suite 324A, Boca Raton, Florida 33431.

Participants in the Solicitation

NextGen and Xos and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies from NextGen’s shareholders in connection with the proposed transaction. Additional information regarding the interests of those persons and other persons who may be deemed participants in the proposed transaction may be obtained by reading the proxy statement/prospectus. You may obtain a free copy of this document as described in the preceding paragraph.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between Xos and NextGen, including statements regarding the anticipated timing of the transaction and the products, customers and markets of Xos. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of NextGen’s securities, (ii) the risk that the transaction may not be completed by NextGen’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by NextGen, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the Merger Agreement by the shareholders of NextGen, the availability of the minimum amount of cash available in the trust account in which substantially all of the proceeds of NextGen's initial public offering and private placements of its warrants have been deposited following redemptions by NextGen’s public shareholders and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in determining whether or not to pursue the proposed transaction, (v) the inability to complete the PIPE investment in connection with the transaction, (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, (vii) the effect of the announcement or pendency of the transaction on Xos’ business relationships, operating results, and business generally, (viii) risks that the proposed transaction disrupts current plans and operations of Xos and potential difficulties in Xos employee retention as a result of the transaction, (ix) the outcome of any legal proceedings that may be instituted against Xos or against NextGen related to the Merger Agreement or the proposed transaction, (x) the ability to maintain the listing of NextGen’s securities on a national securities exchange, (xi) the price of NextGen’s securities may be volatile due to a variety of factors, including changes in the seven competitive and regulated industries in which NextGen plans to operate or Xos operates, variations in operating performance across competitors, changes in laws and regulations affecting NextGen’s or Xos’ business, Xos’ inability to implement its business plan or meet or exceed its financial projections and changes in the combined capital structure, (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed transaction, and identify and realize additional opportunities, and (xiii) the risk of downturns and a changing regulatory landscape in the highly competitive electric vehicle industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of NextGen’s registration statement on Form S-1 (File No. 333-248921), the registration statement on Form S-4 discussed above, the definitive proxy statement/prospectus and other documents filed or that may be filed by NextGen from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward looking statements, and Xos and NextGen assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Xos nor NextGen gives any assurance that either Xos or NextGen, or the combined company, will achieve its expectations.

Xos Investor Relations
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Earnings Release Highlights

• GAAP Net Income of $0.41 per share and Adjusted (non-GAAP) Operating Earnings of $0.89 per share for the second quarter of 2021
• Reaffirming range for full year 2021 Adjusted (non-GAAP) Operating Earnings guidance of $2.60-$3.00
• Exelon utilities announced the "path to clean" goal to reduce operations-driven emissions 50% by 2030 against a 2015 baseline and achieve net-zero by 2050
• Strong utility reliability performance -- all gas utilities achieved top decile in gas odor response and every utility achieved top quartile in outage frequency and outage duration
• Generation’s nuclear fleet capacity factor was 93.7% (owned and operated units)
• Orders in Pepco Maryland's electric multi-year plan, Pepco DC's electric multi-year plan, and PECO's gas rate cases were received in June. A settlement was also approved in the ACE electric rate case in July.

CHICAGO--(BUSINESS WIRE)--Exelon Corporation (Nasdaq: EXC) today reported its financial results for the second quarter of 2021.

“Ongoing investments in technology and infrastructure continue to drive high reliability and customer satisfaction across our six utilities, and today we announced a new ‘path to clean’ goal that will put Exelon utilities on course to achieve net-zero emissions from operations by 2050,” said Christopher Crane, president and CEO of Exelon. “We also are encouraged to see growing support at the federal level for policies that would value the clean energy from our nuclear fleet, but passage of legislation remains uncertain and, regardless, will come too late to save our Byron and Dresden plants from early retirement this fall. While we remain hopeful that a state solution will pass in time to save the plants, clean energy legislation in Illinois remains caught in negotiations over unrelated policy matters, leaving us no choice but to continue down the path of closing the plants. Looking ahead, we continue to execute our plan to separate our utility and generation businesses into two financially strong, independent companies, and we remain on track to close in the first quarter of 2022.”

“Adjusted (non-GAAP) Operating Earnings of $0.89 per share in the second quarter was $0.34 ahead of the same period last year, driven in part by the absence of storm costs at Exelon utilities and the recovery of costs associated with ongoing investments to improve reliability and service for customers,” said Joseph Nigro, senior executive vice president and CFO of Exelon. “Exelon Generation also had a strong quarter, with year-over-year earnings up $0.14 per share due to unrealized and realized gains on Constellation’s Technology Venture investments, fewer planned nuclear outage days and realized gains in our nuclear decommissioning trust funds. As a result of these and other factors, we are reaffirming our full-year Adjusted (non-GAAP) Operating Earnings guidance range of $2.60-$3.00 per share.”

Second Quarter 2021

Exelon's GAAP Net Income for the second quarter of 2021 decreased to $0.41 per share from $0.53 GAAP Net Income per share in the second quarter of 2020. Adjusted (non-GAAP) Operating Earnings for the second quarter of 2021 increased to $0.89 per share from $0.55 per share in the second quarter of 2020. For the reconciliations of GAAP Net Income to Adjusted (non-GAAP) Operating Earnings, refer to the tables beginning on page 5.

Adjusted (non-GAAP) Operating Earnings in the second quarter of 2021 primarily reflect:

• Higher utility earnings primarily due to higher electric distribution earnings at ComEd from higher rate base and higher allowed ROE due to an increase in treasury rates; the favorable impacts of the multi-year plan at BGE; regulatory rate increases at PHI; favorable volume at PECO and PHI; and lower storm costs at PECO due to the absence of the June 2020 storms.
• Higher Generation earnings primarily due to higher net unrealized and realized gains on equity investments; higher realized gains on nuclear decommissioning trust (NDT) funds; and decreased nuclear outage days.

Operating Company Results¹

ComEd

ComEd's second quarter of 2021 GAAP Net Income increased to $192 million from a GAAP Net Loss of $(61) million in the second quarter of 2020. ComEd's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2021 increased to $195 million from $150 million in the second quarter of 2020, primarily due to higher electric distribution earnings from higher rate base and higher allowed ROE due to an increase in treasury rates. Due to revenue decoupling, ComEd's distribution earnings are not affected by actual weather or customer usage patterns.

PECO

PECO’s second quarter of 2021 GAAP Net Income increased to $104 million from $39 million in the second quarter of 2020. PECO's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2021 increased to $107 million from $44 million in the second quarter of 2020, primarily due to lower storm costs due to the absence of the June 2020 storms and favorable volume.

__________

¹Exelon’s five business units include ComEd, which consists of electricity transmission and distribution operations in northern Illinois; PECO, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in southeastern Pennsylvania; BGE, which consists of electricity transmission and distribution operations and retail natural gas distribution operations in central Maryland; PHI, which consists of electricity transmission and distribution operations in the District of Columbia and portions of Maryland, Delaware, and New Jersey and retail natural gas distribution operations in northern Delaware; and Generation, which consists of owned and contracted electric generating facilities and wholesale and retail customer supply of electric and natural gas products and services, including renewable energy products and risk management services.

BGE

BGE’s second quarter of 2021 GAAP Net Income increased to $45 million from $39 million in the second quarter of 2020. BGE's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2021 increased to $48 million from $43 million in the second quarter of 2020, primarily due to the favorable impacts of the multi-year plan. Due to revenue decoupling, BGE's distribution earnings are not affected by actual weather or customer usage patterns.

PHI

PHI’s second quarter of 2021 GAAP Net Income increased to $141 million from $94 million in the second quarter of 2020. PHI’s Adjusted (non-GAAP) Operating Earnings for the second quarter of 2021 increased to $144 million from $98 million in the second quarter of 2020, primarily due to distribution and transmission rate increases at DPL and ACE, favorable volume at ACE, and lower credit loss expense in 2021 due to an increase in 2020 as a result of COVID-19. Due to revenue decoupling, PHI's distribution earnings related to Pepco Maryland, DPL Maryland and Pepco District of Columbia are not affected by actual weather or customer usage patterns.

Generation

Generation had a GAAP Net Loss of $(61) million in the second quarter of 2021 compared with GAAP Net Income of $476 million in the second quarter of 2020. Generation's Adjusted (non-GAAP) Operating Earnings for the second quarter of 2021 increased to $393 million from $252 million in the second quarter of 2020, primarily due to net unrealized and realized gains on equity investments, higher realized gains on NDT funds, and decreased nuclear outage days.

As of June 30, 2021, the percentage of expected generation hedged is 98%-101% for 2021.

Recent Developments and Second Quarter Highlights

• Exelon Utilities “Path to Clean”: Today, the Exelon utilities announced a “path to clean” goal to collectively reduce their operations-driven emissions 50% by 2030 against a 2015 baseline and to reach net zero operations-driven emissions by 2050. This goal builds upon Exelon’s long-standing commitment to reducing our greenhouse gas emissions. The Exelon utilities “path to clean” will include efficiency and clean electricity for operations, vehicle fleet electrification, equipment and processes to reduce sulfur hexafluoride (SF₆) leakage, modern natural gas infrastructure to minimize methane leaks and increase safety and reliability, and investment and collaboration to develop new technologies.
• PECO Pennsylvania Natural Gas Distribution Base Rate Case: On June 22, 2021, the Pennsylvania Public Utility Commission (PAPUC) issued an order approving a $29 million increase in PECO's annual natural gas distribution revenues, reflecting a ROE of 10.24%. The rates were effective on July 1, 2021.
• Pepco District of Columbia Electric Distribution Base Rate Case: On June 8, 2021, the Public Service Commission of the District of Columbia (DCPSC) approved Pepco’s multi-year plan for the 18-months remaining in 2021 through 2022. The order approved an incremental increase in Pepco’s electric distribution rates of $42 million and $67 million, before offsets, for the remainder of 2021 and 2022, respectively, reflecting an ROE of 9.275%. However, the DCPSC utilized the acceleration of refunds for certain tax benefits along with other rate relief to partially offset the customer rate increases by $22 million and $40 million for the remainder of 2021 and 2022, respectively. These rates were effective on July 1, 2021.
• Pepco Maryland Electric Distribution Base Rate Case: On June 28, 2021, the Maryland Public Service Commission (MDPSC) approved Pepco’s three-year multi-year plan for April 1, 2021 through March 31, 2024. The order approved an incremental increase in Pepco’s electric distribution rates of $21 million, $16 million, and $15 million, before offsets, for the 12-month periods ending March 31, 2022, 2023, and 2024, respectively, reflecting an ROE of 9.55%. However, the MDPSC utilized the acceleration of refunds for certain tax benefits to fully offset the increases such that customer rates remain unchanged through March 31, 2022. The MDPSC has deferred a decision on whether to use additional tax benefits to offset the customer rate increases for periods after March 31, 2022. These rates were effective on June 28, 2021.
• ACE New Jersey Electric Distribution Base Rate Case: On July 14, 2021, the New Jersey Board of Public Utilities (NJBPU) approved an increase in ACE's annual electric distribution base rates of $41 million (before New Jersey sales and use tax), reflecting an ROE of 9.6%. The order allows ACE to retain approximately $11 million of certain tax benefits which will result in a decrease to income tax expense in the third quarter of 2021. These rates are effective on Jan. 1, 2022.
• Nuclear Operations: Generation’s nuclear fleet, including its owned output from the Salem Generating Station and 100% of the CENG units, produced 43,575 gigawatt-hours (GWhs) in the second quarter of 2021, compared with 43,416 GWhs in the second quarter of 2020. Excluding Salem, the Exelon-operated nuclear plants at ownership achieved a 93.7% capacity factor for the second quarter of 2021, compared with 95.4% for the second quarter of 2020. The number of planned refueling outage days in the second quarter of 2021 totaled 66, compared with 92 in the second quarter of 2020. There were seven non-refueling outage days in the second quarter of 2021 and none in the second quarter of 2020.
• Fossil and Renewables Operations: The Dispatch Match rate for Generation’s gas and hydro fleet was 99.5% in the second quarter of 2021, compared with 97.4% in the second quarter of 2020.
  
  Energy Capture for the wind and solar fleet was 96.0% in the second quarter of 2021, compared with 92.7% in the second quarter of 2020.
• Financing Activities:
  • On June 10, 2021, BGE issued $600 million of its 2.25% notes due June 15, 2031. BGE used the proceeds to repay a portion of outstanding commercial paper obligations, repay existing indebtedness, and to fund other general corporate purposes.
  • On May 13, 2021, West Medway II, LLC (West Medway II), an indirect subsidiary of Generation, entered into a financing agreement for a $150 million nonrecourse senior secured term loan credit facility scheduled to mature on March 31, 2026. The term loan bears interest at an average blended interest rate of LIBOR plus 3%. Generation used the proceeds for general corporate purposes. In addition to the financing, West Medway II entered into interest rate swaps with an initial notional amount of $113 million at an interest rate of 0.61% to manage a portion of the interest rate exposure in connection with financing.

GAAP/Adjusted (non-GAAP) Operating Earnings Reconciliation

Adjusted (non-GAAP) Operating Earnings for the second quarter of 2021 do not include the following items (after tax) that were included in reported GAAP Net Income:

Adjusted (non-GAAP) Operating Earnings for the second quarter of 2020 do not include the following items (after tax) that were included in reported GAAP Net Income:

Note:
Amounts may not sum due to rounding.
Unless otherwise noted, the income tax impact of each reconciling item between GAAP Net Income (Loss) and Adjusted (non-GAAP) Operating Earnings is based on the marginal statutory federal and state income tax rates for each Registrant, taking into account whether the income or expense item is taxable or deductible, respectively, in whole or in part. For all items except the unrealized gains and losses related to NDT fund investments, the marginal statutory income tax rates for 2021 and 2020 ranged from 25.0% to 29.0%. Under IRS regulations, NDT fund investment returns are taxed at different rates for investments if they are in qualified or non-qualified funds. The effective tax rates for the unrealized losses related to NDT fund investments were 50.6% and 47.4% for the three months ended June 30, 2021 and 2020, respectively.

Webcast Information

Exelon will discuss second quarter 2021 earnings in a conference call scheduled for today at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast and associated materials can be accessed at www.exeloncorp.com/investor-relations.

About Exelon

Exelon Corporation (Nasdaq: EXC) is a Fortune 100 energy company with the largest number of electricity and natural gas customers in the U.S. Exelon does business in 48 states, the District of Columbia, and Canada and had 2020 revenue of $33 billion. Exelon serves approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey, and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO, and Pepco subsidiaries. Exelon is one of the largest competitive U.S. power generators, with more than 31,000 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2 million residential, public sector, and business customers, including three fourths of the Fortune 100. Follow Exelon on Twitter @Exelon.

Non-GAAP Financial Measures

In addition to net income as determined under generally accepted accounting principles in the United States (GAAP), Exelon evaluates its operating performance using the measure of Adjusted (non-GAAP) Operating Earnings because management believes it represents earnings directly related to the ongoing operations of the business. Adjusted (non-GAAP) Operating Earnings exclude certain costs, expenses, gains and losses, and other specified items. This measure is intended to enhance an investor’s overall understanding of period over period operating results and provide an indication of Exelon’s baseline operating performance excluding items that are considered by management to be not directly related to the ongoing operations of the business. In addition, this measure is among the primary indicators management uses as a basis for evaluating performance, allocating resources, setting incentive compensation targets, and planning and forecasting of future periods. Adjusted (non-GAAP) Operating Earnings is not a presentation defined under GAAP and may not be comparable to other companies’ presentation. The Company has provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted (non-GAAP) Operating Earnings should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP Net Income measures provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted (non-GAAP) Operating Earnings to the most directly comparable financial measures calculated and presented in accordance with GAAP, are posted on Exelon’s website: www.exeloncorp.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on Aug. 4, 2021.

Cautionary Statements Regarding Forward-Looking Information

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties including, among others, those related to the timing, manner, tax-free nature, and expected benefits associated with the potential separation of Exelon’s competitive power generation and customer-facing energy business from its six regulated electric and gas utilities. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.

The factors that could cause actual results to differ materially from the forward-looking statements made by Exelon Corporation, Exelon Generation Company, LLC, Commonwealth Edison Company, PECO Energy Company, Baltimore Gas and Electric Company, Pepco Holdings LLC, Potomac Electric Power Company, Delmarva Power & Light Company, and Atlantic City Electric Company (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2020 Annual Report on Form 10-K in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 19, Commitments and Contingencies; (2) the Registrants' Second Quarter 2021 Quarterly Report on Form 10-Q (to be filed on Aug. 4, 2021) in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 15, Commitments and Contingencies; and (3) other factors discussed in filings with the SEC by the Registrants.

Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. None of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.

Paul Adams
Corporate Communications
410-245-8717
This email address is being protected from spambots. You need JavaScript enabled to view it.

Emily Duncan
Investor Relations
312-394-2345

Follow-On Round by Repeat Investors Equinor Ventures, Saudi Aramco Energy Ventures and L37 to Power Blockchain Smart Contracts and Automated ESG Measurements for Industry

HOUSTON--(BUSINESS WIRE)--#blockchain--Data Gumbo, provider of GumboNet™ — the massively interconnected industrial smart contract network secured and powered by blockchain, today announced that it has closed its Series B funding round totaling $7.7 million with follow-on investments led by Equinor Ventures, the corporate venture capital arm of Equinor, with participation from Saudi Aramco Energy Ventures, the corporate venture capital fund of Saudi Aramco, and Bay Area and Houston-based venture firm L37.

Data Gumbo’s first close of the Series B round was announced in September 2020 at $4 million. The additional funds to close the Series B will be used to scale Data Gumbo to serve demand for GumboNet™ and GumboNet™ ESG. Additionally, Data Gumbo plans to establish a presence in the Middle East to cover expected demand growth in the region.

“The successful close of our series B is continued proof of the efficacy and booming interest in our ability to capture critical cost savings, deliver trust and provide transparency across commercial relationships,” said Andrew Bruce, Founder and CEO, Data Gumbo. “Compounded by the growing demand for transparent, accurate sustainability data and the launch of our automated ESG measurement solution, GumboNet™ ESG, Data Gumbo’s trajectory is well-positioned to serve our growing customer base by ensuring economic productivity and value. This infusion of capital will support our expansion efforts as we bring more international users to our network.”

With total funding raised to date at $18.4 million, the company has achieved notable milestones including being named to The CB Insights Blockchain 50, recognized as ‘Disruptive Innovator’ in the Forbes Energy Awards 2020, more than doubling the size of the company in 2020 including expansion of its executive team, building a robust customer pipeline and adding several strategic partnerships into new industries.

Investor Quotes

“Equinor’s recent pilot at the Johan Sverdrup field has demonstrated that GumboNet can create strong value for the partnership,” said Gareth Burns, Head of Equinor Ventures. “Our follow-on investment confirms Equinor Ventures’ confidence in Data Gumbo’s solution for our company and the broader energy industry.”

“Data Gumbo’s success is marked by a wide variety of business use cases and opportunities for expansion,” said Bruce Niven, Chief Investment Officer, Aramco Ventures. “Our continued investment is a testament to our continued support as the company attracts new customers, experiences further demand for its network and gains traction in new markets.”

“Data Gumbo is the market leader for smart contracts backed by blockchain, and the coming year will be a period of exponential growth for the company as they penetrate new industrial markets,” said Kemal Farid, Partner at L37. “We believe strongly that GumboNet will become the de facto network for smart contracts across industries for capturing value and solving enormous pain points in contractual relations. Additionally, as companies move to meet increasing sustainability measurement demands and ESG improvements, there is a huge growth path available for Data Gumbo with the launch of GumboNet ESG.”

About Equinor Ventures

Equinor Ventures is Equinor’s corporate capital venture arm dedicated to investing in attractive and ambitious early phase and growth companies. We believe that the innovation, creativity and agility of startups can drive change and transition the energy industry toward a low carbon future. We deliver strategic business impact by connecting external innovation to Equinor. For more information, visit https://www.equinor.com/en/what-we-do/equinor-ventures.html.

About Saudi Aramco Energy Ventures

Saudi Aramco Energy Ventures LLC (SAEV) is the corporate venture fund of Aramco Ventures, the Venture Capital subsidiary of Aramco, the world’s leading fully integrated energy and chemical enterprise. Headquartered in Dhahran with offices in North America, Europe and Asia, SAEV’s mission is to invest globally in startup and high growth companies with technologies of strategic importance to its parent company. For more information, visit www.saev.com.

About L37

L37 is a new generation, hybrid venture capital and private equity company. We invest in visionary founders and companies who want to solve problems and transform industries. We work alongside founding teams, leveraging frameworks and our network of trusted relationships with customers, capital and talent to design new categories and engineer market-first, globally-minded companies. For more information, please visit www.L37.vc.

About Data Gumbo

Data Gumbo is a Houston-headquartered technology company that provides GumboNet™ — a massively interconnected industrial smart contract network secured and powered by blockchain. With integrated real-time capabilities that automate and execute smart contracts, GumboNet reduces contract leakage, frees up working capital, enables real-time cash and financial management and delivers provenance with unprecedented speed, accuracy, visibility and transparency. Data Gumbo also provides GumboNet™ ESG, the automated and accurate sustainability measurement solution that ties a company’s operational data to environmental, social and governance (ESG) standards reporting for industrial supply chains.

To date, Data Gumbo has received equity funding with Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco; Equinor Ventures, the venture subsidiary of Equinor, Norway’s leading energy operator; and with L37, a hybrid venture capital and private equity company. With offices in Stavanger, Norway, and London, UK, the growing company was recognized as the Disruptive Innovator in the Forbes Energy Awards 2020 and named to CB Insights Blockchain 50, among other awards last year. For more information, visit www.datagumbo.com or follow the company on LinkedIn, Twitter and Facebook.

Gina Manassero
Data Gumbo
VP of Communications
This email address is being protected from spambots. You need JavaScript enabled to view it.

• Net Sales were $4.7 billion up 20 percent from the year prior; Underlying Sales were up 15 percent
• GAAP EPS was $1.04, up 55 percent from the year prior; Adjusted EPS, which excludes restructuring and first year purchase accounting charges, was $1.09, up 36 percent
• Operating Cash Flow was $1.1 billion, up 31 percent; Free Cash Flow (FCF) was $977 million, up 32 percent, resulting in FCF conversion of 154 percent
• Restructuring and related actions of $32 million were initiated in the quarter, continuing execution of the comprehensive cost reset program to return the company to record adjusted EBIT margins
• Declared regular quarterly cash dividend of $0.505 per share of common stock payable September 10, 2021 to stockholders of record August 13, 2021
• Published new Environmental, Social, and Governance (ESG) Report in June, introducing goal of doubling representation of women globally and U.S. minorities at the leadership level by 2030

ST. LOUIS--(BUSINESS WIRE)--Emerson (NYSE: EMR) today reported results for the third fiscal quarter ended June 30, 2021.

“We are pleased with our results this quarter, as accelerating sales growth in key end markets combined with strong execution by operations helped us deliver exceptional financial results,” said Emerson President and Chief Executive Officer Lal Karsanbhai. “In particular, we saw ongoing strength in our residential businesses and rapid improvement in both commercial and industrial end markets. Importantly, our core North American process automation markets turned sharply back to growth, complementing the ongoing strength in discrete and hybrid markets. These results contributed to solid margin improvement as we fully leveraged the benefits of our broad ongoing cost reset plan. Cash flow performance was strong as a result of earnings growth and effective working capital management. This gives us optionality with regard to capital allocation in 2022 and beyond."

“Despite a challenging operating environment – material costs, availability, logistics, and labor constraints all required diligent management – I am extremely proud of our operations team, which has worked tirelessly to limit the impact of these issues as the world reopens and demand rebounds across our customer base. The hard work of our global teams – combined with our reset cost structure and improving demand in longer-cycle markets – is allowing us to improve our outlook for the year. It has also facilitated acceleration of investment in key technologies that are expected to drive further differentiation and increased relevance with our customers.”

“We are energized by our financial performance and operational management, and by the momentum around modernization of the Emerson culture,” Karsanbhai continued. “In our most recent ESG report, we announced a goal to double the number of women globally and U.S. minorities at the leadership level by 2030. We are modernizing work practices and are actively refreshing our management process to continue advancing ESG transparency and reporting. In the long run, I firmly believe these cultural efforts will be important and tangible business enablers."

June Trailing Three-Month Underlying Orders were up 26 percent, as strength in residential, cold chain, professional tools, hybrid and discrete automation markets was bolstered by recovery in later cycle process automation markets.

Third quarter Net Sales were up 20 percent and Underlying Sales were up 15 percent, excluding favorable currency of 4 percent and an impact of 1 percent from acquisitions. Revenue for the quarter came in ahead of expectations driven by strength across commercial and residential markets, as well as a sharp recovery in core North American process automation markets. By geography, the Americas grew 18 percent, Europe grew 13 percent, and Asia, Middle East & Africa grew 11 percent. China grew 7 percent.

Third quarter Gross Profit Margin of 42.2 percent was up 90 basis points from the previous year primarily due to cost reductions and leverage across the enterprise. Pretax Margin of 16.7 percent was up 500 basis points while EBIT Margin of 17.5 percent was up 460 basis points, as ongoing cost reduction actions and leverage more than offset price cost headwinds. Adjusted EBIT Margin, which excludes restructuring and first year purchase accounting charges, was 18.4 percent, up 310 basis points.

Earnings Per Share were $1.04 for the quarter, up 55 percent, and Adjusted Earnings Per Share, which excludes restructuring and first year purchase accounting charges, were $1.09, up 36 percent. Earnings in the quarter were ahead of management expectations, benefiting from higher volume and ongoing cost reduction actions.

Operating Cash Flow was $1.1 billion for the quarter, up 31 percent, and $2.7 billion year-to-date, up 47 percent. Free Cash Flow was $977 million, up 32 percent, and $2.4 billion year-to-date, up 55 percent. Cash flow results reflected higher earnings due to volume, operational execution across the two business platforms and favorable trade working capital.

Business Platform Results

Automation Solutions June trailing three-month underlying orders were up 17 percent. By geography, the Americas showed the most improvement, up 29 percent. Europe was up 8 percent. Asia, Middle East & Africa grew 8 percent, with China orders increasing sharply by 23 percent. Backlog increased $200 million compared to the prior quarter to $5.5 billion, and was up 17 percent year-to-date.

Net sales increased 14 percent in the quarter, with underlying sales up 8 percent. Results reflected ongoing strength across discrete and hybrid markets, and sharp improvement in longer cycle core process automation markets. Importantly, the Americas underlying sales recovered sharply, growing by 9 percent, driven by continued momentum in life sciences, food & beverage, and medical markets paired with growth trends across process automation and sustainability related business. As expected, KOB3/MRO and KOB2/modernization business led the recovery, however some KOB1 project activity began to materialize, particularly in chemical, biofuels, and power markets. Europe underlying sales were up 6 percent, driven by life sciences and biofuels demand. Asia, Middle East & Africa underlying sales grew 7 percent while China grew by 5 percent.

Segment EBIT margin increased 570 basis points to 17.7 percent, as savings from cost actions paired with strong volume leverage. Adjusted segment EBIT margin, which excludes restructuring and related costs, increased 320 basis points to 18.3 percent. Total restructuring and related actions in the quarter totaled $18 million.

Commercial & Residential Solutions June trailing three-month underlying orders were up 43 percent. The Americas grew by 43 percent, while Europe was up 64 percent. Asia, Middle East & Africa orders increased by 30 percent, with China up 11 percent. Backlog ended the quarter at $1.1 billion.

Net sales increased 32 percent and underlying sales were up 29 percent, with all businesses and geographies showing strong double-digit underlying growth. Underlying sales in the Americas were up 29 percent, reflecting ongoing strength in residential markets, bolstered by cold chain and professional tools momentum. Europe was up 37 percent as heat pump demand remained robust and demand for professional tools surged. Asia, Middle East & Africa was up 25 percent driven by cold chain and heating technologies. China grew by 15 percent.

Segment EBIT margin increased 220 basis points to 21.3 percent as leverage and cost reduction actions were somewhat offset by price-cost headwinds. Adjusted segment EBIT margin, which excludes restructuring and related costs, increased 170 basis points to 21.7 percent. Total restructuring and related actions in the quarter totaled $7 million.

2021 Updated Outlook

Despite ongoing pandemic challenges with the COVID delta variant, we expect overall continued improvement in industrial and commercial demand over the remainder of 2021. We also expect the operational, supply chain, and materials inflation environment to remain challenging through the remainder of the fiscal year.

The following table summarizes the updated 2021 guidance framework:

Note 1: All figures are approximate

Upcoming Investor Events

Today, beginning at 8:30 a.m. Central Time / 9:30 a.m. Eastern Time, Emerson management will discuss the third quarter results during an investor conference call. Participants can access a live webcast available at www.emerson.com/financial at the time of the call. A replay of the call will be available for 90 days. Conference call slides will be posted in advance of the call on the company website.

Forward-Looking and Cautionary Statements

Statements in this press release that are not strictly historical may be “forward-looking” statements, which involve risks and uncertainties, and Emerson undertakes no obligation to update any such statements to reflect later developments. These risks and uncertainties include the scope, duration and ultimate impact of the COVID-19 pandemic as well as economic and currency conditions, market demand, including related to the pandemic and oil and gas price declines and volatility, pricing, protection of intellectual property, cybersecurity, tariffs, competitive and technological factors, among others, as set forth in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the SEC.

Emerson
Investor Contact: Colleen Mettler (314) 553-2197
Media Contact: Casey Murphy (314) 982-6220

ATLANTA--(BUSINESS WIRE)--Williams Industrial Services Group Inc. (NYSE American: WLMS), an infrastructure and maintenance services company, will release financial results for second quarter ended June 30, 2021 before financial markets open on August 18, 2021. Management will host a conference call and webcast later that morning to discuss these results; a question-and-answer session will follow.

Second Quarter 2021 Conference Call

August 18, 2021
10:00 a.m. Eastern Time
Phone: (201) 493-6780
Internet webcast link and accompanying slide presentation: http://ir.wisgrp.com/

An audio replay of the earnings call will be available later that day by dialing 412-317-6671 and entering conference ID 13722254. Alternatively, the webcast replay can be accessed at http://ir.wisgrp.com/.

About Williams Industrial Services Group

Williams Industrial Services Group Inc. has been safely helping plant owners and operators enhance asset value for more than 50 years. The Company provides a broad range of building, maintenance and support services to infrastructure customers in the energy, power and industrial end markets. Williams’ mission is to be the preferred provider of construction, maintenance, and specialty services through commitment to superior safety performance, focus on innovation, and dedication to delivering unsurpassed value to its customers. Additional information can be found at www.wisgrp.com.

Investor Contact:
Chris Witty
Darrow Associates
646-345-0998
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NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO--(BUSINESS WIRE)--Sherritt International Corporation (“Sherritt”) (TSX:S) today announced the appointment of Greg Honig as Chief Commercial Officer, Yasmin Gabriel as Chief Financial Officer, and Chad Ross as Chief Human Resources Officer. The appointments underscore the Corporation’s two-pronged growth strategy focused on capitalizing on the accelerating demand for high-purity nickel and cobalt from the electric vehicle industry and commercializing innovative solutions for resources companies looking to improve their environmental performance and economic value.

“I am pleased to expand the skills, capabilities, and external focus of our senior leadership team with the addition of Mr. Honig and the expertise he brings to the newly created Chief Commercial Officer role,” said Leon Binedell, President and CEO of Sherritt International Corporation. “I am also excited to promote Ms. Gabriel and Mr. Ross, two very talented, experienced individuals who will help drive Sherritt’s continuing transformation.”

Greg Honig is a senior mining executive with diverse international experience spanning private equity, corporate development, and investment banking. Mr. Honig has extensive experience in the development and execution of business/investment strategies in the sourcing, evaluation, and execution of investment opportunities. Most recently, Greg was the Principal, Director of Canada for Resource Capital Funds and his experience also includes business development and strategy, marketing and research at Xstrata Nickel.

Yasmin Gabriel has most recently been in the role of Interim Vice President, Finance at Sherritt. Ms. Gabriel is a transformational finance leader with 15 years of experience, including 11 years in mining in Financial Planning & Analysis, Financial Reporting, Financial Systems, Robotic Process Automation, Enterprise Risk Management, and Capital Allocation, with a proven track record of innovation, learning, continuous improvement and leading high-performance teams since she joined Sherritt in 2010.

Chad Ross is currently in the role of Director, HR Analytics & Operations at Sherritt. Mr. Ross is a strategic HR practitioner, with an extensive financial background and a passion for leveraging diverse thought to achieve successful outcomes. Since joining Sherritt in 2011, Chad has demonstrated the ability to lead high-performance teams and continuous improvement initiatives along with the ability to diagnose organizational opportunities, identify appropriate resources and engage stakeholders to deliver effective solutions. He succeeds Karen Trenton, who previously announced her retirement at the end of this year.

Mr. Binedell added, “Nathan Reeve, who has held the role of Interim Chief Financial Officer at Sherritt since the beginning of 2021, is leaving the organization, and I would like to thank him for his many contributions over the years. He has been a valuable resource to me and to the organization.”

About Sherritt

Sherritt is a world leader in the mining and refining of nickel and cobalt -- metals essential for the growing adoption of electric vehicles. Its Technologies Group creates innovative, proprietary solutions for oil and mining companies around the world to improve environmental performance and increase economic value. Sherritt is also the largest independent energy producer in Cuba. Sherritt’s common shares are listed on the Toronto Stock Exchange under the symbol “S”.

Joe Racanelli, Director of Investor Relations
Telephone: 416-935-2457
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
www.sherritt.com

Transaction follows the successful integration of three previously announced acquisitions in the U.S. Midcontinent region since the establishment of Presidio’s partnership with Morgan Stanley Energy Partners.

FORT WORTH, Texas--(BUSINESS WIRE)--Presidio Investment Holdings LLC (“Presidio Petroleum”, “Presidio”, or the “Company”), a portfolio company of Morgan Stanley Energy Partners, announced today that it has closed upon the issuance of term asset backed securities (the “Notes”) in a private placement transaction with a syndicate of U.S.-based institutional investors. The Notes are the largest single issuance of asset backed securities by an energy producer, the first such issuance to a syndicate of Note purchasers, and include two investment grade rated tranches. The Company plans to use the net proceeds of the issuance to accelerate its acquisition-driven growth strategy in the Midcontinent region of the United States and recapitalize its balance sheet.

Presidio was established as a differentiated oil and gas operator focused on the optimization of mature, producing oil and natural gas assets in the United States. Without drilling new wells, Presidio has achieved significant scale, growing to 38,000 boe/d of net production under management since the start of its partnership with Morgan Stanley Energy Partners. Presidio has consistently and successfully executed on its strategy to enhance the operational, financial, and sustainability performance of legacy oil and natural gas assets in pursuit of industry-leading returns.

Chris Hammack, Co-Founder and Co-Chief Executive Officer of Presidio, said, “Presidio’s disciplined operating model and culture of continuous innovation has enabled us to generate exceptional returns on capital from under-managed legacy oil and gas assets. We look forward to continuing the efficient and responsible management of our assets under this new structure.”

Will Ulrich, Co-Founder and Co-Chief Executive Officer of Presidio, added, “Presidio is the last and best steward of oil and gas assets which are essential to supporting the global economy as it continues to decarbonize. We plan to be fully compatible with the International Energy Agency’s recent Net Zero by 2050 roadmap for the global energy sector, and, as part of this Note issuance, have developed Sustainability Performance Targets with Moody’s affiliate Vigeo Eiris to formalize the reduction of Scope 1 and Scope 2 greenhouse gas emissions from our assets.”

Robert Lee, Managing Director of Morgan Stanley Energy Partners, said, “This innovative securitization of Presidio’s existing asset base will enable the Company to pursue additional, capital-efficient acquisitions in the U.S. Midcontinent. The Presidio management team has established a strong track record of strategic consolidation of legacy assets in the Anadarko Basin. We continue to see opportunity to grow the Presidio platform through consolidation and improved management of producing assets.”

John Moon, Managing Director and Head of Morgan Stanley Energy Partners, added, “We are pleased to partner with Presidio in pioneering the use of securitization as a financing strategy within the energy industry. Presidio’s diversified asset base and free cash flow profile are a strong match for long-term, investment grade debt securities, and this inaugural issuance to a broad base of U.S. institutional investors validates Presidio’s strong track record and differentiated strategy.”

Terms of the transaction were not disclosed. Sidley Austin LLP served as legal counsel to Presidio and MSEP and Guggenheim Securities LLC served as sole structuring advisor and placement agent to Presidio and MSEP in connection with the transaction.

About Presidio Petroleum

Headquartered in Fort Worth, Texas, Presidio Petroleum is a leading oil and natural gas efficiency company with assets located in the Anadarko Basin of Texas, Oklahoma, and Kansas. For further information about Presidio Petroleum, please visit www.presidiopetroleum.com.

About Morgan Stanley Energy Partners

Morgan Stanley Energy Partners is the energy-focused private equity business of Morgan Stanley Investment Management that makes privately negotiated equity and equity-related investments in energy companies located primarily in North America. Morgan Stanley Energy Partners pursues a differentiated investment strategy, focused on the buyout and build-up of strategically attractive, established energy businesses across the energy value chain in partnership with world-class management teams. For further information about Morgan Stanley Energy Partners, please visit www.morganstanley.com/im/energypartners.

Morgan Stanley Media Relations: Lauren Bellmare, 212.761.5303

Expanded goal targets operations-driven emissions and helping customers meet climate goals through equitable clean energy solutions

CHICAGO--(BUSINESS WIRE)--Exelon Utilities today announced it will reduce its operations-driven emissions 50 percent by 2030* and ultimately to net-zero by 2050 as part of its continuing efforts to address the climate crisis. A division of Exelon Corporation, Exelon Utilities is composed of Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and PEPCO. The six utilities deliver electricity and gas to more than 10 million customers across five states and the District of Columbia.

As the nation’s largest producer of emissions-free energy, Exelon Corporation has a long history of leadership on climate change, having met – and exceeded -- three previous emissions reduction goals spanning both our generation company and utilities division dating back to 2005. Each of the company’s utilities has already reduced their own emissions significantly and worked in their communities to deploy smart grid technology, electric vehicle infrastructure and other tools and programs aimed at making the grid more efficient and helping customers reduce energy use. The latest “Path to Clean” goal takes those efforts to the next level.

“Our customers have made clear that climate change is important to them and they want us to continue being part of the solution and pushing ourselves to do more,” said Calvin Butler, CEO of Exelon Utilities. “These aggressive goals seek to eliminate emissions from our utility operations, provide needed support to state and local climate goals and give customers expanded access to clean and affordable energy solutions.”

To achieve net-zero emissions from operations, some of the actions Exelon Utilities will take include:

• Converting 30 percent of its vehicle fleet to electric by 2025 and 50 percent by 2030
• Focusing technology and infrastructure investments on increasing energy efficiency and utilizing clean electricity for operations
• Modernizing natural gas infrastructure to minimize methane leaks and increase safety and reliability

The company also will seek to reduce emissions beyond its own operations by continuing to advocate for sound climate policies, partnering with state and local leaders to achieve community emissions goals, and piloting new grid technologies, among other actions. With transportation accounting for more than half of all carbon emissions, each of the six Exelon utilities has taken steps to support electric vehicle adoption in their jurisdictions. The company also continues to prioritize innovative energy efficiency programs, which in 2020 helped customers save money on their energy bills and reduced usage by 22.3 million megawatt hours, or the equivalent energy use of 932,000 average homes for a year.

As the company moves toward net-zero, another key priority will be to ensure that the economic, jobs and environmental benefits of clean energy are shared equally.

“Equity is central to everything we do at Exelon Utilities, and that mindset guides us in achieving this ambitious goal and combatting the effects of climate change, which have a disproportionate impact on underserved and under-resourced communities,” Butler said. “That same focus on equity is critical to an economy-wide transformation as well, and our company will be a leader in advocating for policy measures and technology solutions that help all communities thrive.”

Additional details on Exelon’s GHG emissions management and accounting program can be found in the 2020 Corporate Sustainability Report.

*The goal to reduce emissions 50 percent by 2030 is relative to a 2015 emissions baseline.

About Exelon

Exelon Corporation (Nasdaq: EXC) is a Fortune 100 energy company with the largest number of electricity and natural gas customers in the U.S. Exelon does business in 48 states, the District of Columbia and Canada and had 2020 revenue of $33 billion. Exelon serves approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco subsidiaries. Exelon is one of the largest competitive U.S. power generators, with more than 31,000 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2 million residential, public sector and business customers, including three fourths of the Fortune 100. Follow Exelon on Twitter @Exelon.

Paul Adams
Exelon Media Relations
410-245-8717
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HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) and VoltaGrid LLC today announced the first successful deployment of an advanced electric fracturing solution. This project is the first pad in a multi-year contract with Chesapeake Energy Corporation (NASDAQ: CHK) with more than 140 stages in the Marcellus. It combines Halliburton’s all-electric fracturing spread featuring the Zeus™ 5,000 horsepower (HHP) electric pumping unit with VoltaGrid’s advanced power generation system. This high-performing solution reduced emissions for Chesapeake by 32% and applied over 25 megawatts of lower-carbon power generation by leveraging Chesapeake’s local field gas network.

“By safely reducing our emissions profile without impacting the reliability and performance of our operations, this partnership has exceeded our expectations and further demonstrates our commitment to leading a responsible energy future as we continue on our path towards achieving net-zero direct emissions,” said Patrick Finney, Chesapeake’s Vice President – Completions.

Chesapeake credited the two technologies for reducing emissions and driving additional fuel savings. Unlike other pumping units that may average around 3,000 HHP, a single Zeus pumping unit delivers 5,000 HHP at over 22 barrels per minute (BPM). Halliburton’s all-electric spread features a newly designed large-bore, dual-manifold trailer, which allows the Zeus pumps to achieve higher rate capacities with fewer failure points. With its electric-based powertrain and industry leading pump technology, the Zeus pumping unit delivers 40% higher performance than conventional pumps. This spread also provides electric blending, wireline, and ancillary equipment.

“Halliburton’s Zeus fracturing operation exceeds expectations of what is possible with electric fracturing technology,” says Michael Segura, vice president of Halliburton Production Enhancement. “Being able to sustainably deliver higher performance on a prolonged basis reflects the performance and reliability built into this electric pumping equipment.”

Using VoltaGrid’s emissions portal, Chesapeake can track and analyze real-time emissions and carbon intensity throughout the completions operation, allowing the operator to maximize fuel efficiency and minimize emissions.

“Chesapeake is the first operator to use the VoltaGrid system on an electric frac operation,” said Nathan Ough, CEO of VoltaGrid. “The exceptional performance of VoltaGrid allowed Chesapeake to quickly scale power generation to meet the high intermittent demands of a modern completions design.”

About Halliburton

Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With approximately 40,000 employees, representing 130 nationalities in more than 70 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir — from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.

About VoltaGrid LLC

VoltaGrid is an advanced energy management and generation company that has developed an innovative platform to provide power, energy storage, and emissions reductions for the pressure pumping, remote mining, utility, and distributed generation industries. VoltaGrid’s fully integrated artificial intelligence platform provides live emissions tracking, asset carbon intensity, automated back-office management, and ESG reporting on a centralized database. Learn more at voltagrid.com.

For Halliburton
Investors:
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281-871-2633

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For VoltaGrid
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President & CEO
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281-636-3074

DUBLIN--(BUSINESS WIRE)--The "Marine Insurance Market By Type, Distribution Channel, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2028" report has been added to ResearchAndMarkets.com's offering.

Marine insurance provides coverage for loss or damage of ships, cargo, terminals, and any other transport engaged in transferring & acquiring of goods held between the points of origin and the final destination.

This insurance policy relies on the principle of utmost good faith. Furthermore, hull insurance, cargo insurance, marine liability insurance, and offshore/energy insurance are the major coverages covered by marine insurance. It provides several policies including floating policy, voyage policy, time policy, mixed policy, fleet policy, and single vessel policy.

Huge losses and higher concentrations of cargo in warehouses, ports & in transit are propelling the demand for marine insurance globally. In addition, increased implementation of telematics which enables real-time tracking & monitoring telematic information regarding the activity of insured vessels are major factors that drive the market growth.

However, imposition of lockdown with stringent measures across several countries and sudden increments in marine insurance premiums are some of the factors that hamper the market growth.

On the contrary, developing economies, such as India, South Korea, Taiwan, and Vietnam, are witnessing high growth in their manufacturing sector. Therefore, expansion of business and supply of goods & services are expected to provide an immense opportunity to the marine insurance market.

Moreover, several benefits such as facilitating loss prediction & prevention, risk monitoring, and simplifies claims processing provided with an incorporation of IoT promote the demand for marine insurance in the coming years.

The report analyses the profiles of key players operating in the marine insurance market such as Allianz, American International Group, Inc., Aon plc, Arthur J. Gallagher & Co., AXA, Chubb, Lloyd's, Lockton Companies, Marsh LLC, and Zurich.

These players have adopted various strategies to increase their market penetration and strengthen their position in the marine insurance industry.

Key Topics Covered:

Chapter 1: Introduction

Chapter 2: Executive Summary

Chapter 3: Market Landscape

3.1. Market Definition And Scope

3.2. Key Findings

3.2.1. Top Investment Pockets

3.2.2. Top Winning Strategies

3.3. Porter's Five Forces Analysis

3.4. Market Share Analysis/Top Player Positioning 2020

3.5. Market Dynamics

3.6. Covid-19 Impact Analysis On Marine Insurance Market

Chapter 4: Marine Insurance Market By Type

4.1. Overview

4.2. Cargo Insurance

4.3. Hull & Machinery Insurance

4.4. Marine Liability Insurance

4.5. Offshore/Energy Insurance

Chapter 5: Marine Insurance Market By Distribution Channel

5.1. Overview

5.2. Wholesalers

5.3. Retail Brokers

Chapter 6: Marine Insurance Market By End User

6.1. Overview

6.2. Ship Owners

6.3. Traders

Chapter 7: Marine Insurance Market By Region

Chapter 8: Company Profiles

• Allianz
• American International Group Inc.
• Aon plc
• Arthur J. Gallagher & Co.
• AXA
• Chubb
• Lloyd's
• Lockton Companies
• Marsh LLC
• Zurich

For more information about this report visit https://www.researchandmarkets.com/r/io9gqd

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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KANSAS CITY, Mo.--(BUSINESS WIRE)--CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) ("CorEnergy" or the "Company") announced today that it will report earnings results for its second quarter, ended June 30, 2021, on August 9, 2021.

CorEnergy will host a conference call on Monday, August 9, 2021, at 1:00 p.m. Central Time to discuss its financial results. Please dial into the call at +1-201-689-8035 at least five minutes prior to the scheduled start time. The call will also be webcast in a listen-only format. A link to the webcast will be accessible at corenergy.reit.

A replay of the call will be available until September 8, 2021, by dialing +1-919-882-2331. The Conference ID is 40741. A replay of the conference call will also be available on the Company’s website.

About CorEnergy Infrastructure Trust, Inc.

CorEnergy Infrastructure Trust, Inc. (NYSE: CORR, CORRPrA) is a real estate investment trust that owns and operates or leases regulated natural gas transmission and distribution and crude oil gathering, storage and transmission pipelines and associated rights-of-way. For more information, please visit corenergy.reit.

Forward-Looking Statements

This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although CorEnergy believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in CorEnergy's reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, CorEnergy does not assume a duty to update any forward-looking statement. In particular, any distribution paid in the future to our stockholders will depend on the actual performance of CorEnergy, its costs of leverage and other operating expenses and will be subject to the approval of CorEnergy's Board of Directors and compliance with leverage covenants.

Source: CorEnergy Infrastructure Trust, Inc.

CorEnergy Infrastructure Trust, Inc.
Investor Relations
Debbie Hagen or Matt Kreps
877-699-CORR (2677)
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• Industry-Leading Provider of Industrial Cleaning and Specialty Infrastructure Services Expands Clean Harbors’ Industrial and Field Services Offerings
• Complementary and Diverse Customer Base and Services Create Significant Cross-Selling and Margin Improvement Opportunities
• Transaction Expected to Close in 2021

NORWELL, Mass.--(BUSINESS WIRE)--Clean Harbors, Inc. (“Clean Harbors”) (NYSE: CLH) today announced it has entered into a definitive agreement to acquire HydroChemPSC (HPC), from an affiliate of Littlejohn & Co., LLC, for $1.25 billion in an all-cash transaction. HPC is a leading U.S. provider of industrial cleaning, specialty maintenance and utilities services. The acquisition, which is subject to regulatory approval and other customary closing conditions, is expected to close in 2021.

With more than 240 service locations throughout the country, HPC serves a broad range of end markets including refining, chemical and utilities. Its services are built around providing solutions to customers focused on cleaning, maintenance and environmental compliance of essential, mission critical equipment and infrastructure.

“In a business where brand equity, customer service and reputation for safety are important, HPC is a recognized leader with terrific assets that will enhance our Environmental Services capabilities, particularly in the higher-value areas of specialty work and facility services,” said Alan S. McKim, Chairman, President and Chief Executive Officer of Clean Harbors. “This acquisition highlights our disciplined approach to M&A, which is geared around accretive transactions that create multiple cross-selling opportunities and drive waste into our network.”

HPC expects to generate revenues of approximately $744 million in 2021, with full-year Adjusted EBITDA of approximately $115 million. Clean Harbors estimates it can achieve cost synergies of $40 million from the acquisition after the first full year of operations, which would equate to a purchase multiple of 8.1 times on a post-synergized basis. The Company expects to fund the acquisition through a combination of available cash and the issuance of additional debt.

Key Strategic Benefits

Clean Harbors’ planned acquisition of HPC offers significant strategic benefits, including:

• Brings on a talented and experienced leadership team with a track record of growth
• Increases the size, scale and capabilities of the Industrial Services and Field Services businesses
• Drives incremental volumes of waste into Clean Harbors’ incinerators, landfills and other waste treatment facilities
• Adds deep customer relationships, including 180+ embedded locations
• Improves Industrial Services safety profile through more automation and hands-free technologies
• Generates considerable cross-selling opportunities, particularly in disposal and emergency response
• Captures significant synergies in areas such as customer service, transportation, branch network, asset rentals, vehicle and tank refurbishment, subcontracting and procurement

HPC has more than 5,000 employees and operates a sizeable fleet of specialized vehicles and equipment. The fleet consists of more than 5,600 units including vacuum trucks, roll-off trucks, high pressure water blasters, and light duty vehicles. In addition, HPC is the only provider of industrial cleaning and specialty services with a dedicated manufacturing and technology center. HPC’s proprietary technology and ability to fabricate and create custom tools for complex or unique applications gives them a true competitive advantage.

“With its commitment to safety, innovation and environmental compliance, HPC operates on the same principles as Clean Harbors,” McKim said. “That cultural alignment is a big part of what makes this an exciting acquisition for us and why we look forward to adding their talented team of employees.”

Brad Clark, President and CEO of HydroChemPSC, said, “As a leading provider of environmental and industrial services, Clean Harbors represents the ideal buyer of HPC. Through this transaction, our organization gains access to considerable resources, a broader suite of offerings and the largest network of permitted disposal and recycling assets in North America. We are confident that this combination will provide a meaningful benefit to our customers while enriching career opportunities for HPC employees.”

“One of the many reasons we were attracted to HPC is its differentiated technology, which provides safe, highly efficient and more profitable cleaning and specialty solutions,” McKim said. “HPC leads the industry when it comes to hands-free technologies and automation for industrial services. Part of our ESG efforts have been focused on ensuring the safety of our people and our customers. The acquisition of HPC is another important step in that direction.”

McKim concluded, “We are confident that this transaction will build substantial shareholder value in the years ahead. HPC’s specialty services and leading technology position will enable us to become closer to our customers and improve our Environmental Services business. The operational, productivity and sales synergies are broad-based and achievable. We have built a business model that generates strong cash flow, enabling us to continually reinvest in and grow our business. Given its track record, HPC should only enhance that cash flow generation going forward.”

Goldman Sachs is serving as financial advisor to Clean Harbors and is providing a $1.0 billion debt commitment for the transaction. Davis, Malm & D’Agostine is serving as legal counsel to Clean Harbors. For HydroChemPSC, Moelis & Company is serving as financial advisor and Troutman Pepper Hamilton Sanders is serving as legal counsel.

About Clean Harbors

Clean Harbors (NYSE: CLH) is North America’s leading provider of environmental and industrial services. The Company serves a diverse customer base, including a majority of Fortune 500 companies. Its customer base spans a number of industries, including chemical, energy and manufacturing, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling services. Through its Safety-Kleen subsidiary, Clean Harbors also is North America’s largest re-refiner and recycler of used oil and a leading provider of parts washers and environmental services to commercial, industrial and automotive customers. Founded in 1980 and based in Massachusetts, Clean Harbors operates in the United States, Canada, Mexico, Puerto Rico and India. For more information, visit www.cleanharbors.com.

Safe Harbor Statement

Any statements contained herein that are not historical facts, including information related to the definitive agreement to acquire HydroChemPSC are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans to,” “seeks,” “should,” “estimates,” “projects,” “may,” “likely,” or similar expressions. Such statements may include, but are not limited to, statements about future financial and operating results, and other statements that are not historical facts. Such statements are based upon the beliefs and expectations of Clean Harbors’ management as of this date only and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, without limitation, the risks and uncertainties surrounding the proposed Clean Harbors and HydroChemPSC transaction, and those items identified as “Risk Factors” in Clean Harbors’ most recently filed Form 10-K and Form 10-Q. Forward-looking statements are neither historical facts nor assurances of future performance. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Clean Harbors undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements other than through its filings with the Securities and Exchange Commission, which may be viewed in the “Investors” section of Clean Harbors’ website at www.cleanharbors.com.

Michael L. Battles
EVP and Chief Financial Officer
Clean Harbors, Inc.
781.792.5100
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Jim Buckley
SVP Investor Relations
Clean Harbors, Inc.
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AvalonBay’s 407-unit luxury rental at 27 Barker Avenue in White Plains, N.Y. hosts first-in-class indoor battery storage system with interactive grid management

AvalonBay sets new paradigm with indoor lithium-ion battery storage paired with Logical Buildings’ virtual power plant platform to serve the grid and community

WHITE PLAINS, N.Y.--(BUSINESS WIRE)--#AvalonBayCommunities--AI innovator Logical Buildings, in collaboration with AvalonBay Communities, Inc., has installed the first indoor lithium-ion battery storage unit in New York State at Avalon White Plains, a 407-unit luxury rental property at 27 Barker Avenue in White Plains, NY. The circa 2008 master-metered building is now benefiting from a demand-response initiative in which a 144kW battery bank discharges at peak hours to support the electricity grid when under stress; and re-charges at off-peak times to take advantage of low cost, low carbon emission power. Another advantage is the battery is able to serve as a generator in the event of power outages.

“This is a game-changing technology that will mitigate power outages during peak hours, not only benefiting the building but the entire city of White Plains,” said Jeff Hendler, CEO of Logical Buildings. “The fact that AvalonBay is the first in the entire state to debut this technology is a testament to the organization’s commitment to decarbonization and sustainability.

“The Northeast has traditionally lagged behind the West Coast in battery installation and AMI meter-based grid responsive building technology. But this project paves the way for buildings in the region to take advantage of the most efficient battery tech.”

The indoor installation of the lithium-ion battery, which is comparable in size to two side-by-side refrigerators, required new safety guidelines commensurate with the revolutionary technology. Building codes were updated and an intensive review process initiated by the City of White Plains included industry peers and utility provider Con Edison. With unwavering support from NYSERDA, Logical Buildings was able to navigate funding and permits from the various entities. Moreover, through the leadership demonstrated by AvalonBay and Logical Buildings, it is anticipated similar indoor battery installations will be implemented in other high-density areas throughout the state, including New York City.

Mr. Hendler continued, “In addition to taking pressure off the grid and contributing to de-carbonization, the program is providing significant savings in utility costs at the building. We have worked with AvalonBay on several utility grid-resiliency programs over the years, but this was an especially cooperative endeavor that will have far-reaching benefits for their properties and beyond.”

On July 27, the battery participated in a two-hour demand-response event called by local utility, Con Edison. The building provided ~100kW from discharging the battery and another ~50kW by reducing demand from other systems, such as cooling and lighting. This is an example of one way the battery contributes to grid stability when demand is highest.

AvalonBay purchased both the Stem battery and its proprietary Athena AI software analytics systems to reduce daily peak demand through charging and discharging. Logical Buildings worked with Stem to integrate the demand-response signals being received by its SmartKit AI™ software into battery demand-response algorithms that automatically optimize battery discharge during four-hour load reduction windows.

“The battery system transforms Avalon White Plains into a hybrid smart building, which intelligently sources power from the grid and onsite battery based on multiple parameters, including electricity pricing, billing demand, building systems, and grid conditions,” added Abhay Ambati, Senior Vice President, Technology Services at Logical Buildings. “Beyond adding resiliency and cost savings for the Avalon community, the battery will support important environmental, social and governance (ESG) goals, such as the installation of electric vehicle (EV) charging stations.”

“With the White Plains battery, we have reached another important milestone in our decarbonization journey,” noted Mark Delisi, Vice President of Corporate Responsibility and Energy Management at AvalonBay. “The future of AvalonBay is one that will source clean, renewable energy for our communities in combination with onsite storage. We learned a great deal in partnership with Logical Buildings, STEM, and NYSERDA, which will serve us well in future applications.”

Immediately after going live in June during the first heatwave of the summer, the lithium-ion battery was able to offer 50kW of demand reduction at the building for two consecutive days. It is anticipated the battery will deploy at least four times per month over the summer.

About Logical Buildings

Logical Buildings is a smart building technology software developer, IoT and DER systems integrator, and smart building services provider. Integration of Logical Buildings’ products and services in large multifamily, commercial, industrial, and manufacturing properties are recognized for reducing operating expenses, generating revenue from existing mechanical equipment, and enabling wireless connectivity. Its Smartkit AI, Smart Building AI IoT platform and software analytics, and EPAX Energy Procurement Advisory and Execution software platforms are contracted to owners and operators of more than 200 million square feet nationwide. Logical Buildings introduced the consumer based GridRewards™ in a pilot program in summer 2020 and fully launched the app in late 2020. Logical Buildings (formerly "ETS - Energy Technology Savings") currently serves more than 60 million square feet of major multifamily and mixed-use properties in urban markets. GridRewards™ is currently available to more than 4 million households and businesses. www.logicalbuildings.com

About AvalonBay Communities, Inc.

As of March 31, 2021, the Company owned or held a direct or indirect ownership interest in 290 apartment communities containing 85,787 apartment homes in 11 states and the District of Columbia, of which 15 communities were under development and one community was under redevelopment. The Company is an equity REIT in the business of developing, redeveloping, acquiring and managing apartment communities in leading metropolitan areas in New England, the New York/New Jersey Metro area, the Mid-Atlantic, Southeast Florida, Denver, Colorado, the Pacific Northwest, and Northern and Southern California. More information may be found on the Company’s website at http://www.avalonbay.com.

Linda Alexander
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1 917.881.5360

Ameresco ranked ahead of category competitors with nearly 17% of total ESCO market share

FRAMINGHAM, Mass.--(BUSINESS WIRE)--#atlasenergyintelligence--Atlas Energy Intelligence recently ranked Ameresco, Inc. (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, as the U.S. energy service company (ESCO) market leader by revenue for 2020-2022, according to its June 2021 report, “The North American Energy Service Company (ESCO) Market.”

Currently, the U.S. ESCO market is dominated by ten major organizations that collectively represent 70% of the industry. Ameresco leads the pack with an estimated 16.9% share of the market by revenue.

The report offers a comprehensive overview of the U.S. and Canadian ESCO markets and provides clarity on the opportunities afforded to market participants by the energy transition. As government agencies face increasing pressure to take definitive action on climate change and innovate economic rebuilding efforts in the wake of the Covid-19 pandemic, ESCOs are poised to play an integral role in developing clean energy and diversifying offered energy solutions.

“When I started this company over 20 years ago, the importance of sustainability was not a topic that other businesses and the greater public were openly focused on,” said Ameresco CEO and Founder George Sakellaris. “Finally, we’ve reached a point where those conversations are no longer just conversations. They’re innovative, tangible projects that are actively transforming the way we view our world and are gaining us recognition by esteemed organizations like Atlas Energy Intelligence. We are honored to be included in such a notable ranking and cannot wait to continue this upward trajectory.”

According to Atlas Energy Intelligence, the North American ESCO market will increase from $4.9B in 2021 to $6.5B in 2027 at a compound annual growth rate of 4.8% across all customer sectors. Organizations are drawn to ESCOs for their ability to help businesses achieve lower energy costs, reduce carbon emissions and boost resiliency.

“ESCOs today are called upon to go beyond energy efficiency and offer innovative distributed energy solutions that help customers address priorities such as decarbonization, resiliency, and others,” said Eric Bloom, managing director at Atlas Energy Intelligence. “In recent years, Ameresco has emerged as a market leader in the U.S. federal sector, and the company’s development of a broadened solutions portfolio has positioned them well for continued growth.”

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

About Ameresco, Inc.

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

About Atlas Energy Intelligence

Atlas Energy Intelligence is a market research and strategy consulting firm that helps all types of organizations - manufacturers, project developers and integrators, utilities, government agencies, and others - navigate the rapidly changing clean energy landscape by providing best-in-class market intelligence. The company’s deep expertise in analyzing market developments for renewable energy, energy efficiency, intelligent grid technologies, smart cities, and other segments of the clean energy sector helps position market leaders for success in the ongoing energy transition, providing them with the insights needed to sharpen their strategies, expand into new markets, and take advantage of transformational changes underway in the energy sector. To learn more, visit www.atlasenergyintel.com.

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

Highlights:

• Receives Increment II/III award to replace aging deep-water and new shallow-water ranges
• Sustains and enhances airborne, surface and undersea Navy readiness and proficiency
• Extends 60-year partnership providing Navy with undersea training range technology

MELBOURNE, Fla.--(BUSINESS WIRE)--The U.S. Navy has awarded L3Harris Technologies (NYSE:LHX) a $393 million contract to install increments II and III of the Undersea Warfare Training Range (USWTR).

The award follows nearly 10 years of execution by L3Harris on Increment I and will replace and upgrade the remaining underwater training range sites.

USWTR Increment I included installing the ocean sensor and shore electronics subsystems instrumenting the approximately 500-square-nautical-mile area near Jacksonville, Florida. Under Increments II and III, L3Harris will upgrade and replace the previously installed systems at the U.S. Navy’s three other range locations near Hawaii, Bahamas and Southern California.

The USWTRs enable ships, submarines and aircraft to track targets on the surface and subsurface for anti-submarine warfare training. The ranges each include more than 600 miles of undersea cables, several hundred sophisticated acoustic sensors, as well as shore-based control, display and processing facilities.

“I’m proud of our team for delivering Increment I two years early so we could accelerate this award to support the sailors and provide them with early access to the best undersea range technology available to maintain operational readiness,” said Christopher E. Kubasik, Chief Executive Officer, L3Harris. “For six decades in partnership with both our U.S. and international Navy customers, L3Harris has successfully developed, manufactured, installed and supported undersea training range technology. Our capabilities ensure that sailors train in an environment that is as close to their mission environment as possible, giving them a competitive advantage.”

About L3Harris Technologies

L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end solutions that meet customers’ mission-critical needs. The company provides advanced defense and commercial technologies across air, land, sea, space and cyber domains. L3Harris has approximately $18 billion in annual revenue and 47,000 employees, with customers in more than 100 countries. L3Harris.com.

Forward-Looking Statements

This press release contains forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Statements about the value or expected value of orders, contracts or programs or about technology capabilities or delivering early or achieving initial operational capability ahead of schedule are forward-looking and involve risks and uncertainties. L3Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Media Contacts:
Marcella Thompson
Integrated Mission Systems
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Jim Burke
Corporate
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321-727-9131

• Achieves 30% Increase in Q2 Revenues to $926.5 Million
• Delivers Q2 Net Income of $67.1 Million, or EPS of $1.22, with Adjusted EPS of $1.19
• Reports Q2 Adjusted EBITDA of $187.8 Million, a 36% Increase; Margin Improves by 80 Basis Points to 20.3%
• Unveils Incineration Expansion Plan at Kimball, Nebraska Facility Where New State-of-the-Art Kiln will be Constructed
• Announces Plans to Acquire HydroChemPSC for $1.25 Billion (See Separate News Release Issued Today)
• Raises 2021 Adjusted EBITDA and Adjusted Free Cash Flow Guidance

NORWELL, Mass.--(BUSINESS WIRE)--Clean Harbors, Inc. (“Clean Harbors”) (NYSE: CLH), the leading provider of environmental and industrial services throughout North America, today announced financial results for the second quarter ended June 30, 2021.

“Our second-quarter financial results far exceeded our guidance, as we benefitted from a steady flow of high-value waste streams into our disposal network and a strong performance within our Safety-Kleen Sustainability Solutions business,” said Alan S. McKim, Chairman, President and Chief Executive Officer. “These factors, coupled with a rebound in demand for many of our service offerings, drove substantial revenue growth and the highest second-quarter Adjusted EBITDA, Adjusted EBITDA margin and adjusted free cash flow in the Company’s history. Positive underlying market trends helped generate growth across all key lines of business.”

Second-Quarter 2021 Results
Revenues increased 30% to $926.5 million from $710.0 million in the same period of 2020. Income from operations grew 83% to $110.0 million from $60.2 million in the second quarter of 2020.

Net income was $67.1 million, or $1.22 per diluted share. This compares with net income of $29.0 million, or $0.52 per diluted share, for the same period in 2020. Adjusted for certain items in both periods, adjusted net income was $65.4 million, or $1.19 per diluted share, for the second quarter of 2021, compared with adjusted net income of $28.9 million, or $0.52 per diluted share, in the same period of 2020. (See reconciliation tables below)

Adjusted EBITDA (see description below) increased 36% to $187.8 million from $138.3 million in the same period of 2020. Benefits from Canadian and U.S. government assistance programs accounted for $5.2 million of contributions in the second quarter of 2021 compared with $23.4 million in the same period of 2020.

Q2 2021 Review
“Within our Environmental Services segment, revenues increased 18% from a year ago and 11% from Q1, fueled by growth in disposal and recycling volumes and a surge in Industrial Services activity,” McKim said. “Our incineration network continued to see strong demand, particularly for high-value waste streams, leading to utilization of 87% and a 5% increase in the average price per pound from a year ago. Our landfill business rebounded after several challenging quarters due to the pandemic, as volumes grew 13% and the average price increased 10%. Our Safety-Kleen Environmental branches continued their steady recovery, with quarterly parts washer services reaching 240,000 for the first time since the pandemic began. We also saw a meaningful contribution from our Industrial Services business with more than 50% growth driven by a backlog of deferred maintenance by customers during the past year.”

“Our Safety-Kleen Sustainability Solutions (SKSS) segment delivered extraordinary growth and profitability in the quarter, as our new segment continues to benefit from the combination of our waste oil collection with our SK Oil business. The supply shortages for base and blended oil, along with the impacts of IMO 2020, created a highly favorable pricing environment,” McKim said. “These market conditions led to the widening spread in our used oil market. Segment revenue was up 32% from the first quarter and more than doubled from a year ago, when the pandemic temporarily shut down more than half of our re-refining plants. Adjusted EBITDA in the segment doubled from Q1 and was up more than seven-fold from a year ago. Waste oil collections grew to 57 million gallons from 47 million in the first quarter and from 43 million a year ago.”

In late June, Clean Harbors announced the signing of a definitive agreement with Vertex Energy, Inc. (NASDAQ: VTNR) to acquire certain assets related to Vertex’s used motor oil collection and re-refinery business in an all-cash transaction for $140 million, subject to working capital and other adjustments. The acquisition is now expected to close toward the end of the current quarter of 2021 or shortly thereafter, subject to approval by U.S. regulators and Vertex shareholders, and other customary closing conditions.

Company Announces Planned Expansion of Incineration Network Capacity
Clean Harbors plans to construct a 70,000-ton hazardous waste incinerator at the Company’s plant in Kimball, Nebraska, which specializes in the destruction of hazardous and non-hazardous materials. The advanced new kiln will more than double annual incineration capacity at the 600-acre site to nearly 130,000 tons. Costing approximately $180 million to permit and construct over a four-year time frame, the new incinerator will add over 100 full-time workers upon completion.

“Clean Harbors is proud to make this investment in Nebraska to provide much needed environmental service capabilities to the Western U.S.,” McKim said. “We are excited to build upon our longtime relationship with the Kimball community, and confident these new jobs and increased business activity will benefit the economy of the region and the entire state.”

The Kimball expansion will be designed as North America’s most technologically advanced hazardous waste incinerator, equipped with world-class air emissions control technology that exceeds the Federal Clean Air Act’s most stringent air emissions standards. The plant will be only the second U.S. commercial hazardous waste incinerator to come online in the past 25 years, along with Clean Harbors El Dorado incinerator that opened in early 2017.

“While there is a lengthy permitting process and complex construction requirements, we are targeting having this facility operational in late 2024 and accepting waste in the first half of 2025,” McKim said. “We are confident that incineration demand – driven by the ongoing U.S. chemical and manufacturing expansion, and the continuing reduction of captive incinerators – will enable our additional capacity to be readily absorbed when it opens.”

Business Outlook and Financial Guidance
“We enter the second half of 2021 with considerable momentum across all our key markets, backed by a promising North American economic environment. We expect a record-setting financial year for the Company,” McKim concluded. “Within our Environmental Services segment, we see encouraging signs for steady waste volumes, project work and rising demand for our broad suite of service offerings. With the planned acquisition of HydroChemPSC, we will significantly bolster our capabilities within Industrial Services and Field Services while driving more volumes into our network. Within our SKSS segment, we see our used oil to base oil pricing spread extending until later in the year, and we will continue to see the benefits of separating out this segment. We will continue to capitalize on the opportunities afforded by these current market conditions, and look forward to adding the Vertex facilities, personnel and waste oil collection assets to this segment. Overall, we continue to maintain a favorable outlook in both of our segments for the remainder of the year and into 2022.”

Based on its second-quarter financial performance and current market conditions, Clean Harbors is raising its 2021 guidance. For the year, the Company currently expects:

• Adjusted EBITDA in the range of $620 million to $650 million, based on anticipated GAAP net income in the range of $159 million to $193 million; and
• Adjusted free cash flow in the range of $285 million to $315 million, based on anticipated net cash from operating activities in the range of $475 million to $525 million.

For the third quarter of 2021, Clean Harbors expects Adjusted EBITDA to be at a level similar to or slightly above the third quarter of 2020, when the Company recognized $13.3 million from government assistance programs.

Non-GAAP Results
Clean Harbors reports Adjusted EBITDA, which is a non-GAAP financial measure and should not be considered an alternative to net income or other measurements under generally accepted accounting principles (GAAP), but viewed only as a supplement to those measurements. Adjusted EBITDA is not calculated identically by all companies, and therefore the Company’s measurement of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Clean Harbors believes that Adjusted EBITDA provides additional useful information to investors since the Company’s loan covenants are based upon levels of Adjusted EBITDA achieved and management routinely evaluates the performance of its businesses based upon levels of Adjusted EBITDA. The Company defines Adjusted EBITDA in accordance with its existing revolving credit agreement, as described in the following reconciliation showing the differences between reported net income and Adjusted EBITDA for the three and six months ended June 30, 2021 and 2020 (in thousands, except percentages):