Preliminary First Quarter 2021 Highlights:

- Revenues of $168.2 million, a 13.3% improvement compared to first quarter 2020

- Net loss of $(15.5) million, compared to $(31.5) million in first quarter 2020

- Earnings per share of $(0.22), compared to $(0.68) in first quarter 2020

- Consolidated adjusted EBITDA of $8.5 million, compared to $1.0 million in first quarter 2020

- Strong bookings of $171 million

- Minimum required pension funding contributions reduced by $26 million, in addition to the $107 million reduction previously disclosed

AKRON, Ohio--(BUSINESS WIRE)--$BW #BabcockWilcox--Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced certain preliminary results for the first quarter of 2021.

"Our preliminary results for the first quarter of 2021 reflect the ongoing positive impacts of our turnaround efforts and growth strategies, despite the adverse effects of COVID-19 across our segments," said Kenneth Young, B&W's Chairman and Chief Executive Officer. "Our first quarter performance positions us well to achieve our adjusted EBITDA targets of $70-$80 million and $95-$105 million, in 2021 and 2022, respectively¹, taking into account the typical seasonal impacts of cold weather and customers’ reduced maintenance outages on first quarter performance, and our normal cyclical performance increase from the first quarter through the fourth quarter each year. We ended the first quarter well, with roughly $171 million in bookings and about $538 million in backlog at March 31, 2021."

"Our strategic actions in the last year, including launching new segments, expanding internationally, implementing additional cost savings initiatives and significantly reducing our secured debt, have provided a strong foundation for the continued execution of our growth strategy," Young continued. "As we pursue a robust pipeline of more than $5 billion of identified project opportunities over the next three years, in addition to our high-margin parts and services business, our leading-edge waste-to-energy and carbon capture technologies are well-positioned to meet the critical global demand for carbon dioxide and methane reductions."

"We are also seeing a significant number of attractive targets for investments or acquisitions in both emerging technology and mature markets, including small add-ons and transformative opportunities," Young added. "We are establishing capital-raising mechanisms to enable us to pursue such opportunities as they arise, including our $150 million at-the-market ("ATM") senior note offering that commenced on April 1, 2021 and a $350 million universal shelf registration statement filed today. We are focused on opportunities that generate strong cash flow, leverage the strength of our proven management team to improve margins and generate synergies, or expand our clean energy technology portfolio, all of which we expect to drive shareholder value."

For the first quarter of 2021 net loss is expected to be $(15.5) million. Adjusted EBITDA is expected to be $8.5 million. Bookings in the first quarter of 2021 are expected to be $171 million, with backlog of $538 million at March 31, 2021.

As of March 31, 2021 the Company's total gross debt was $233.3 million and its unrestricted cash balance was $53.8 million.

In addition, as a result of the passage of the U.S. American Rescue Plan Act, the Company's minimum required funding contributions for its domestic qualified pension plan through 2026 have been reduced by approximately $26 million, in addition to the previously disclosed $107 million reduction in minimum required funding contributions for the period, for total savings of $133 million. The current total minimum required funding contribution from 2021 to 2026 is approximately $9 million, of which approximately $5.5 million was paid in the first quarter of 2021; the remainder is expected to be paid in 2022. These numbers are subject to change with the performance of the pension fund investments.

These preliminary results are not a comprehensive statement of the Company’s financial results. Actual results for the first quarter of 2021 may differ from these preliminary unaudited results due to the completion of the Company’s customary quarter-end closing, review and audit procedures and any other developments arising before its financial results are finalized. Reconciliations of net loss, the most directly comparable GAAP measure, to EBITDA and adjusted EBITDA, and operating income to adjusted gross profit, are provided in the exhibits to this release.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures internally to evaluate its performance and in making financial and operational decisions. When viewed in conjunction with GAAP results and the accompanying reconciliation, the Company believes that its presentation of these measures provides investors with greater transparency and a greater understanding of factors affecting our financial condition and results of operations than GAAP measures alone.

This release presents preliminary adjusted EBITDA, which is a non-GAAP financial measure. Adjusted EBITDA on a consolidated basis is defined as the sum of the adjusted EBITDA for each of the segments, further adjusted for corporate allocations. At a segment level, the adjusted EBITDA is calculated as earnings before interest, tax, depreciation and amortization adjusted for items such as gains or losses on asset sales, mark to market ("MTM") pension adjustments, restructuring and spin costs, impairments, losses on debt extinguishment, costs related to financial consulting required under the U.S. Revolving Credit Facility and other costs that may not be directly controllable by segment management and are not allocated to the segment. The Company presented consolidated Adjusted EBITDA because it believes it is useful to investors to help facilitate comparisons of the ongoing, operating performance before corporate overhead and other expenses not attributable to the operating performance of the Company's revenue generating segments. This release also presents certain targets for our adjusted EBITDA in the future; these targets are not intended as guidance regarding how the Company believes the business will perform. The Company is unable to reconcile these targets to their GAAP counterparts without unreasonable effort and expense due to the aspirational nature of these targets.

Forward-Looking Statements

Statements in this press release that are not descriptions of historical facts are forward-looking statements that are based on management's current expectations and assumptions and are subject to risks and uncertainties. If such risks or uncertainties materialize or such assumptions prove incorrect, our business, operating results, financial condition and stock price could be materially negatively affected. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of the date of this press release. Such forward looking statements include, but are not limited to, statements regarding the Company's anticipated results of operations for the first quarter of 2021. Factors that could cause such actual results to differ materially from those contemplated or implied by such forward-looking statements include, without limitation, the risks associated with the unpredictable and ongoing impact of the COVID-19 pandemic and other risks described from time to time in the Company's periodic filings with the SEC, including, without limitation, the risks described in the Company's Annual Report on Form 10-K for the year ended December 31, 2020 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020 under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" (as applicable). These factors should be considered carefully, and B&W Enterprises cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

About Babcock & Wilcox Enterprises

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow B&W on LinkedIn and learn more at www.babcock.com.

Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox Enterprises
704.625.4944 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox Enterprises
330.860.1345 | This email address is being protected from spambots. You need JavaScript enabled to view it.

TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB) is pleased to announce that one of its wholly-owned subsidiaries has entered into an agreement to acquire the assets of a retail propane distribution company based in South Carolina, operating under the tradename, Freeman Gas and Electric Co., Inc. (“Freeman”) for an aggregate purchase price of approximately US $170 million (CDN $213 million) before adjustments for working capital (the “Acquisition”). Superior anticipates using available cash to fund the amount of the purchase price due on closing.

The Acquisition, which is subject to customary regulatory and commercial closing conditions, is anticipated to close by June 30, 2021.

Acquisition Highlights

• Aligned with Superior’s core strategy of investing in established businesses that are in desirable geographies and generate stable free cash flow.
• Builds on Superior’s U.S. propane distribution footprint and scale in North Carolina, South Carolina, Georgia and Tennessee.
• Leverages Superior’s existing expertise, integrated platform and operational effectiveness into a new customer base.
• High-quality, stable cash flow and earnings profile from a business with loyal customers and consistent gross margin profile.
• Expected synergies opportunity of at least 25% of the Adjusted EBITDA of the assets acquired.
• Expected to modestly increase Superior’s 2021 Adjusted EBITDA.
• Pro forma the Acquisition, Superior still expects to be within the long-term Total Debt to Adjusted EBITDA target range of 3.0x to 3.5x.

Founded in 1936 by J.R. Freeman Sr. and H.S. McKeown, Freeman is an established independent family owned and operated retail propane distributor servicing approximately 67,000 residential and commercial customers primarily in North Carolina, South Carolina and Georgia. Freeman has 23 retail branch offices and 38 bulk plants, approximately 7 million gallons of storage capacity, a fleet of 224 vehicles and approximately 275 employees.

On a normalized basis, including the achievement of expected synergies and weather consistent with the five-year average, we expect Freeman to generate approximately US $22 million (CDN $28 million) in Adjusted EBITDA on a run-rate basis 24 months following the close of the Acquisition.

“We are very pleased to enter into this transaction which expands our U.S. propane distribution business in the Southeast U.S.,” said Luc Desjardins, Superior’s President and CEO. “Freeman is a solid business and we look forward to welcoming the team to Superior and continuing to provide outstanding customer service to their customers. The acquisition of Freeman is our fourth acquisition in 2021 and our first acquisition following the sale of Specialty Chemicals. The acquisition of Freeman is representative of the acquisition opportunities we are seeing in the market today, which should enable us to double our U.S. Propane Distribution EBITDA in the next five years.”

About the Corporation

Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing over 780,000 customer locations in the U.S. and Canada.

For further information about Superior, please visit our website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Investor Relations and Treasurer, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll Free: 1-866-490-PLUS (7587).

Forward Looking Information

This news release contains certain forward-looking information and statements that are based on Superior’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as “approximately”, "anticipated”, “will”, and similar expressions. In particular, this news release contains forward-looking statements with respect to, among other things, the successful completion of the Acquisition and the timing thereof; expected benefits of the acquisition, the expected impact of the Acquisition on 2021 Adjusted EBITDA, estimated run-rate Adjusted EBITDA of the Acquisition twenty-four months after closing, anticipated synergies, the expected Total Debt to Adjusted EBITDA leverage ratio following completion of the Acquisition and the expected increase in Superior’s expected EBITDA over the next five years.

Forward-looking information is not a guarantee of future performance. By its very nature, forward-looking information involves inherent assumptions, risks and uncertainties, both general and specific, and risks that predictions, forecasts, projections and other forward-looking information will not be achieved, including risks relating to satisfaction of the conditions to, and completion of, the Acquisition, risks relating to the operating and financial performance of the Energy Distribution business which are described in Superior’s Annual management discussion and analysis for the year ended December 31, 2020 and in Superior’s current annual information form for the fiscal year ended December 31, 2020 and risks relating to the availability of and ability to execute sufficient energy distribution acquisitions on attractive terms over the next five years. Key assumptions or risk factors to the anticipated increase in EBITDA over the next five years include, but are not limited to, financial market conditions, Superior’s future debt levels, Superior’s ability to generate sufficient cash flows from operations to meet its current and future obligations, access to, and terms of, future sources of funding for Superior’s capital expenditures and acquisitions, the integration of businesses into Superior’s operations, competitive action by other companies, availability and timing of acquisition targets, actions by governmental authorities including increases in taxes and changes in environmental and other regulations, general economic, market and business conditions, the regulatory framework that governs the operations of Superior’s business and industry capacity. Should one or more of these risks and uncertainties materialize, or should assumptions described above prove incorrect, Superior's actual performance and results in future periods may differ materially from any projections of future performance or results expressed or implied by such forward-looking information. We caution readers not to place undue reliance on this information as a number of important factors could cause the actual results to differ materially from the beliefs, plans, objectives, expectations and anticipations, estimates and intentions expressed in such forward-looking information.

Forward-looking information contained in this news release is provided for the purpose of providing information about management's goals, plans and range of expectations for the future and may not be appropriate for other purposes. Any forward-looking information is made as of the date hereof and, except as required by law, Superior does not undertake any obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.

Non-GAAP Financial Measures

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

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

Adjusted EBITDA

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

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

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

To calculate the Total Debt to Adjusted EBITDA Leverage Ratio divide the sum of borrowings before deferred financing fees and lease liabilities by Pro Forma Adjusted EBITDA. Total Debt to Adjusted EBITDA Leverage Ratio is used by Superior and investors to assess its ability to service debt.

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

Rob Dorran
Vice President, Investor Relations and Treasurer
Tel: (416) 340-6003
Toll Free: 1-866-490-PLUS (7587)
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

• Reported a net loss attributable to Valero stockholders of $704 million, or $1.73 per share, including estimated excess energy cost of $579 million, or $1.15 per share, related to impacts from Winter Storm Uri
• Returned $400 million in cash to stockholders through dividends and declared a regular quarterly cash dividend of $0.98 per share
• Announced the development of a large-scale carbon capture and storage project with BlackRock and Navigator
• Announced the sale of a partial interest in the Pasadena marine terminal joint venture (MVP Terminalling) for $270 million

SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO, “Valero”) today reported a net loss attributable to Valero stockholders of $704 million, or $1.73 per share, for the first quarter of 2021, compared to a net loss of $1.9 billion, or $4.54 per share, for the first quarter of 2020. The operating loss in the first quarter of 2021 includes estimated excess energy costs of $579 million, or $1.15 per share, related to impacts from Winter Storm Uri. Excluding the adjustments shown in the accompanying earnings release tables, adjusted net income attributable to Valero stockholders for the first quarter of 2020 was $140 million, or $0.34 per share. First quarter 2020 adjusted results exclude an after-tax lower of cost or market, or LCM, inventory valuation adjustment of approximately $2.0 billion.

“Winter Storm Uri impacted operations and operating costs of many facilities in the U.S. Gulf Coast and U.S. Mid-Continent regions, including our facilities,” said Joe Gorder, Valero Chairman and Chief Executive Officer. “I am very proud of our team for safely managing the utilities curtailments and the freeze by idling or shutting down the affected facilities and resuming operations without incident.”

Refining

The refining segment reported a $592 million operating loss for the first quarter of 2021, compared to an operating loss of $2.1 billion for the first quarter of 2020. The first quarter 2021 adjusted operating loss was $554 million, compared to adjusted operating income of $329 million in the first quarter of 2020, which excludes the LCM inventory valuation adjustment. The operating loss for the first quarter of 2021 includes estimated excess energy costs of $525 million related to impacts from Winter Storm Uri. Refinery throughput volumes averaged 2.4 million barrels per day in the first quarter of 2021, which was 414 thousand barrels per day lower than the first quarter of 2020.

“We are encouraged by the substantial increase in products demand and refining margins in the last three months,” said Gorder. “In fact, we achieved positive operating income and operating cash flow in March.”

Renewable Diesel

The renewable diesel segment, which consists of the Diamond Green Diesel (DGD) joint venture, reported $203 million of operating income for the first quarter of 2021, compared to $198 million for the first quarter of 2020. Renewable diesel sales volumes averaged 867 thousand gallons per day in the first quarter of 2021.

“We are leveraging our global liquid fuels platform to continue expanding our long-term competitive advantage in renewables,” said Gorder. “Valero’s operational expertise and commercial strength are demonstrated by the record operating income and renewable diesel margin by this segment in the first quarter of 2021.”

Ethanol

The ethanol segment reported a $56 million operating loss for the first quarter of 2021, compared to an operating loss of $197 million for the first quarter of 2020. The operating loss for the first quarter of 2021 includes estimated excess energy costs of $54 million related to impacts from Winter Storm Uri. First quarter 2020 adjusted operating loss was $69 million, which excludes the LCM inventory valuation adjustment. Ethanol production volumes averaged 3.6 million gallons per day in the first quarter of 2021, which was 541 thousand gallons per day lower than the first quarter of 2020.

Corporate and Other

General and administrative expenses were $208 million in the first quarter of 2021, compared to $177 million in the first quarter of 2020. The effective tax rate for the first quarter of 2021 was 19 percent.

Investing and Financing Activities

Capital investments totaled $582 million in the first quarter of 2021, of which $333 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance. Excluding capital investments attributable to our partner’s 50 percent share of DGD and those related to other variable interest entities, capital investments attributable to Valero were $479 million.

Net cash used in operating activities was $52 million in the first quarter of 2021. Included in this amount was a $184 million favorable impact from working capital and $108 million associated with our joint venture partner’s share of DGD’s net cash provided by operating activities, excluding changes in DGD’s working capital. Excluding these items, adjusted net cash used in operating activities was $344 million.

Valero returned $400 million to stockholders through dividends in the first quarter of 2021.

Valero continues to target a long-term total payout ratio between 40 and 50 percent of adjusted net cash provided by operating activities. Valero defines total payout ratio as the sum of dividends and stock buybacks divided by net cash provided by operating activities adjusted for changes in working capital and DGD’s net cash provided by operating activities, excluding changes in its working capital, attributable to our joint venture partner’s ownership interest in DGD.

Liquidity and Financial Position

Valero ended the first quarter of 2021 with $14.7 billion of total debt and finance lease obligations and $2.3 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 40 percent as of March 31, 2021.

Strategic Update

Valero continues to evaluate and pursue economic projects that lower the carbon intensity of its products. Valero announced that it is partnering with BlackRock and Navigator for a large-scale carbon capture and storage system in the U.S. Midwest that would capture and store carbon dioxide (CO₂) from eight of Valero’s ethanol plants, making a lower carbon intensity ethanol product to be marketed in low carbon fuel markets. The system is expected to be capable of storing 5 million metric tonnes of CO₂ per year.

In addition, Valero and its joint venture partner continue to steadily expand DGD’s capacity to produce low carbon intensity renewable diesel. The DGD plant expansion at St. Charles (DGD 2), which is expected to increase renewable diesel production by 400 million gallons per year, is on track to be completed and operational in the middle of the fourth quarter of 2021. The St. Charles expansion will also provide the capability to market 30 million gallons per year of renewable naphtha into low carbon fuel markets. The new DGD plant at Port Arthur (DGD 3), which is expected to produce 470 million gallons per year of renewable diesel, is expected to commence operations in the second half of 2023, increasing DGD’s total annual production capacity to approximately 1.2 billion gallons of renewable diesel and 50 million gallons of renewable naphtha.

Refinery optimization projects that are expected to reduce cost and improve margin capture, are progressing on schedule. The Pembroke Cogen project is on track to be completed in the third quarter of 2021 and the Port Arthur Coker project is expected to be completed in 2023.

On April 19, Valero sold a 24.99 percent membership interest in its Pasadena marine terminal joint venture for $270 million. Valero will retain a 25.01 percent interest in the joint venture.

Capital investments attributable to Valero are forecasted to be $2.0 billion in 2021, of which approximately 60 percent is for sustaining the business and approximately 40 percent is for growth projects. Over half of Valero’s 2021 growth capital is allocated to expanding the renewable diesel business.

“Continued improvement in product demand and refining margins supports a positive outlook for our refining business,” said Gorder. “Those improvements coupled with our growth strategy and operational expertise in low carbon renewable fuels, further strengthens Valero’s long-term competitive advantage.”

Conference Call

Valero’s senior management will hold a conference call at 10 a.m. ET today to discuss this earnings release and to provide an update on operations and strategy.

About Valero

Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of transportation fuels and petrochemical products. Valero is a Fortune 50 company based in San Antonio, Texas, and it operates 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day and 13 ethanol plants with a combined production capacity of approximately 1.69 billion gallons per year. The petroleum refineries are located in the United States (“U.S.”), Canada and the United Kingdom (“U.K.”), and the ethanol plants are located in the Mid-Continent region of the U.S. Valero is also a joint venture partner in Diamond Green Diesel, which owns and operates a renewable diesel plant in Norco, Louisiana. Diamond Green Diesel is North America’s largest biomass-based diesel plant. Valero sells its products in the wholesale rack or bulk markets in the U.S., Canada, the U.K., Ireland and Latin America. Approximately 7,000 outlets carry Valero’s brand names. Please visit www.investorvalero.com for more information.

Valero Contacts
Investors:
Homer Bhullar, Vice President – Investor Relations, 210-345-1982
Eric Herbort, Senior Manager – Investor Relations, 210-345-3331
Gautam Srivastava, Senior Manager – Investor Relations, 210-345-3992

Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002

Safe-Harbor Statement

Statements contained in this release that state the company’s or management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words “believe,” “expect,” “should,” “estimates,” “intend,” “target,” “will,” “plans,” “forecast,” and other similar expressions identify forward-looking statements. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of the company’s control, such as delays in construction timing and other factors, including but not limited to the impacts of COVID-19. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see Valero’s annual report on Form 10-K, quarterly reports on Form 10-Q, and other reports filed with the Securities and Exchange Commission and available on Valero’s website at www.valero.com.

COVID-19 Disclosure

The global pandemic has significantly reduced global economic activity and resulted in airlines dramatically cutting back on flights and a decrease in motor vehicle use. As a result, there has also been a decline in the demand for, and thus also the market prices of, crude oil and certain of our products, particularly our refined petroleum products. Many uncertainties remain with respect to COVID-19, including its resulting economic effects and any future recovery, and we are unable to predict the ultimate economic impacts from COVID-19, how quickly national economies can recover once the pandemic subsides, the timing or effectiveness of the vaccine distribution, or whether any recovery will ultimately experience a reversal or other setbacks. However, the adverse impact of the economic effects on us has been and will likely continue to be significant. We believe we have proactively addressed many of the known impacts of COVID-19 to the extent possible and will strive to continue to do so, but there can be no guarantee that these measures will be fully effective. For more information, see our annual report on Form 10-K, quarterly reports on Form 10-Q, and other reports filed with the Securities and Exchange Commission.

Use of Non-GAAP Financial Information

This earnings release and the accompanying earnings release tables include references to financial measures that are not defined under U.S. generally accepted accounting principles (GAAP). These non-GAAP measures include adjusted net income (loss) attributable to Valero stockholders, adjusted earnings (loss) per common share – assuming dilution, refining margin, renewable diesel margin, ethanol margin, adjusted refining operating income (loss), adjusted ethanol operating income (loss), adjusted net cash provided by operating activities, and capital investments attributable to Valero. These non-GAAP financial measures have been included to help facilitate the comparison of operating results between periods. See the accompanying earnings release tables for a reconciliation of non-GAAP measures to their most directly comparable U.S. GAAP measures. Note (d) to the earnings release tables provides reasons for the use of these non-GAAP financial measures.

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Investors:
Homer Bhullar, Vice President – Investor Relations, 210-345-1982
Eric Herbort, Senior Manager – Investor Relations, 210-345-3331
Gautam Srivastava, Senior Manager – Investor Relations, 210-345-3992

Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002

Creates New Business Unit, eTA, to Advance Sustainable Energy Efforts

Appoints Alternative Energy Expert, John D. Thomas, as Senior Vice President, Sustainability & Alternative Energy

WESTLAKE, Ohio--(BUSINESS WIRE)--TravelCenters of America Inc. (Nasdaq: TA), a nationwide operator and franchisor of the TA, Petro Stopping Centers and TA Express travel center network, today announced the formation of eTA, a new business unit. eTA will seek to deliver sustainable and alternative energy to the marketplace and focus on partnering with the public sector, private companies and customers to facilitate industry transformation.

eTA builds on TA’s previously announced plans to monetize a broad range of potential offerings in alternative energy, extending TA’s commitment to providing the widest range of non-fuel offerings across its c-store, restaurant and truck service ecosystem. With the launch of eTA, TA will be well-positioned to be in the forefront of important trends, including electrification and decarbonization, and take a leading role in the proliferation of alternative energy to drive profitable long-term growth.

“As everyday travelers embrace the benefits of energy alternatives and the trucking industry continues its transition toward cleaner and more efficient fuels, TA is uniquely positioned to capitalize on this shift and the significant opportunities it creates,” said Jon Pertchik, CEO of TA. “Now is the optimal time to sharpen our focus on sustainability, particularly in light of the Biden Administration’s infrastructure plan. TA’s nationwide footprint, range of truck service options, and breadth of driver amenities are perfectly situated to minimize consumers’ ‘range anxiety’ concerns and make drivers across the nation more comfortable purchasing vehicles powered by electricity and other alternative fuels. This is a pivotal moment in our company’s 50-year history, and we believe that the actions we are taking today will support the next 50 years of profitable growth at TA.”

TA also announced that it has appointed alternative energy expert, John D. Thomas, as Senior Vice President, Sustainability & Alternative Energy. In this newly created position, Mr. Thomas will lead the transformative efforts of eTA, leveraging his expertise and industry knowledge to advance the company’s strategy relating to alternative fuel opportunities, and ensure TA’s business is at the forefront of the transition to carbon fuel alternatives.

Mr. Thomas commented, “I am excited to join TA at this critical inflection point for the industry. TA’s sites are strategically located where highway travelers are most likely to rest and refuel, and TA has the scale and infrastructure proximity to incorporate lower carbon fuel and alternative energy resources into its broad range of fuel offerings. These assets, combined with the company’s cutting-edge operating platform and digital systems, ideally position TA to capitalize on policy and market trends to offer low-priced, clean transportation energy and serve as the partner of choice for tomorrow’s traveler.”

Thomas continued, “We are encouraged by the Biden Administration’s demonstrated commitment to investing in infrastructure to create a more sustainable world and support public policy that advances the deployment of sustainable sources of energy. We look forward to evaluating the business case for investing in cleaner transportation fuels and to working with policymakers to ensure well-intentioned ideas are implemented in a manner that can generate the desired results for all stakeholders. TA is embracing changes that will redefine America’s transportation infrastructure.”

TA has already established important partnerships and launched significant projects in the alternative energy space, providing a strong foundation for the success of eTA. Recent accomplishments include:

• Securing a $4 million grant with the California Energy Commission to participate in an innovative industry test project for medium- and heavy-duty vehicle (MDHD) electrification. TA and its key partners will design, develop and deploy an integrated distributed energy resource to power energy storage and electric vehicle (EV) charging solutions.

• Offering hydrogen fueling in California in collaboration with Nikola Corporation for heavy duty trucks at two existing sites, with consideration to possibly develop a nationwide network of hydrogen fueling stations.
  
  
• Significantly expanding diesel exhaust fluid (DEF) availability. TA has made a substantial capital investment into DEF availability and plans to add DEF to fueling lanes at an additional 40 sites (173 fueling lanes). The investment is expected to enable TA to make DEF available at every diesel fueling lane across its entire network by early 2022.

• Expanding the company’s investment in biodiesel blending, with plans to install additional biodiesel blending infrastructure across the network and expand renewable diesel offerings in California and Oregon.
  
  
• Rolling out plans to install FreeWire EV charging stations for motorists in California in Q2 2021.

In connection with this announcement, TA unveiled an eTA logo, which reflects the company’s commitment to sustainability and underscores that TA has arrived in the alternative energy space. The logo will represent sustainability initiatives and will appear on appropriate assets, including EV charging stations.

About John D. Thomas

John D. Thomas has over 30 years of experience in product engineering, operations and executive leadership, having most recently served as Vice President, Operations at Toyoda Gosei, a leading global manufacturer of automotive components, safety systems and LEDs. Prior to that, he founded and served as Lead Consultant for the Emerging Technologies Group within ET Consultants focused on global cleantech projects. Mr. Thomas also previously served as CEO of the electric vehicle startup, Helix Motors, Inc., and as a Board Advisor to the Global Chamber of Commerce in San Francisco. In addition, he founded and led ALTe Powertrain Technologies, Inc. as CEO, and served as VP of Operations for Detroit Chassis LLC, a Ford JV. From 2006 to 2009, Mr. Thomas served as Senior Program Director & General Manager at Tesla Motors, most notably leading the team that created and engineered the Tesla Model S automobile and the initial factory to build the vehicle. In 2012, he was included on the esteemed Ernst & Young EV100 list, which comprises individuals who are increasing demand, influencing policy, and driving mass roll-out, thereby helping to make electric vehicles more rapidly affordable for everyone. Mr. Thomas began his career in Detroit, holding roles at Collins & Aikman, GKN Automotive, Ford Motor Company, and General Motors. He earned an MBA from Eastern Michigan University, and two Bachelor’s Degrees from Lawrence Technological University in Mechanical Engineering and Business Administration.

About TravelCenters of America

TravelCenters of America Inc. (Nasdaq: TA) is the nation’s largest publicly traded full-service travel center network. Founded in 1972 and headquartered in Westlake, Ohio, its nearly 20,000 employees serve customers in over 270 locations in 44 states and Canada, principally under the TA®, Petro Stopping Centers® and TA Express® brands. Offerings include diesel and gasoline fuel, truck maintenance and repair, convenience stores, full-service and quick-service restaurants, car and truck parking and other services and amenities dedicated to providing great experiences for professional drivers and the general motoring public. TravelCenters of America operates nearly 650 full-service and quick-service restaurants and 9 proprietary brands, including Iron Skillet® and Country Pride®. For more information, visit www.ta-petro.com.

Forward-Looking Statements

This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. For example, this press release includes various statements about plans for the delivery and monetization of sustainable and alternative energy, potential partnership opportunities, the anticipated benefits of TA’s investment in sustainable and alternative, TA’s future financial performance, public policy and market trends related to alternative energy, and TA’s plan to expand the availability of DEF and EV charging stations. Also, whenever TA uses words such as “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate,” “will,” “may” and negatives or derivatives of these or similar expressions, TA is making forward-looking statements. These forward-looking statements are based upon TA’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur or may not have the effects TA expects. Actual results may differ materially from those contained in or implied by TA’s forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, including those set forth in TA’s filings with the Securities and Exchange Commission, some of which are beyond TA’s control.

Investor Contact:
Kristin Brown
TravelCenters of America
617-796-8251
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Media Contact:
Tina Arundel
TravelCenters of America
216-389-3028
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~Record March Quarter Revenue Grows 70% to over $523 Million~

~Same-Store Sales Growth Exceeds 45% Driven By New Unit Growth~

~Gross Margin Expands to a Record 30% in the March Quarter~

                ~Record March Quarter Diluted EPS Increases More Than Sevenfold to $1.69~   

~Raises Fiscal Year 2021 Guidance~

CLEARWATER, Fla.--(BUSINESS WIRE)--MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, today announced results for its second quarter ended March 31, 2021.

Revenue increased 70%, or over $214 million, to $523.1 million for the quarter ended March 31, 2021 from $308.5 million in the comparable period last year. Same-store sales grew over 45% on top of a 1% increase in the comparable quarter last year. The growth was driven by an increase in comparable new units sold driven by the strong demand for boating. The Company’s significant geographic and product diversification and the effective utilization of its digital platform have driven growth over the past several years. These factors, along with increased industry demand, resulted in net income and earnings per diluted share rising more than sevenfold to $38.9 million and $1.69, respectively. This compares to net income of $5.1 million and earnings per diluted share of $0.23 in the comparable period last year. The Company generated positive same-store sales growth during the March 2020 quarter, despite the impact of COVID-19.

For the six-months ended March 31, 2021, revenue grew over 52% to $934.6 million compared with $612.6 million for the same period last year. Same-store sales increased approximately 33% in the first half of fiscal year 2021 on top of 12% growth during the same period last year. Net income and earnings per diluted share increased more than fourfold for the six months ended March 31, 2021 to $62.5 million, and $2.73 per diluted share, respectively. This compares to net income of $14.1 million, or $0.64 per diluted share, in the same period last year.

W. Brett McGill, Chief Executive Officer and President, stated, “We delivered record sales and earnings growth in the quarter, driven by a robust 45% same-store sales increase and strong gross margins. We continue to gain market share as we capitalize on the foundational shift of new customers embracing the boating lifestyle and many of our existing customers upgrading to larger and newer boats. Additionally, our multiple product and service offerings enhance our customers boating needs while also driving growth. We extended our long track record of producing meaningful same-store sales growth while also executing on our balanced growth strategy. I am extremely proud of our team for successfully navigating through the pandemic and capitalizing on the ongoing changes in consumer behavior, while driving significant leverage in our operating model.”

Mr. McGill continued, “As we enter our most active season, our large on-order backlog provides us with additional confidence for the balance of fiscal 2021, into fiscal 2022 and beyond. With a balanced strategic plan, a committed team, premium brands, exceptional customer service, an enthusiastic customer base, a global market presence and the ongoing benefits from investment in technology, MarineMax is well-positioned to drive growth as the world’s preferred boating and yacht retailer.”

At March 31, 2021, the Company’s financial capacity, consisting of cash and cash equivalents, along with available borrowings under its credit facilities, exceeded $350 million.

Updated 2021 Guidance

Based on current business conditions, retail trends and other factors, the Company is raising its fiscal year 2021 guidance for earnings per diluted share to the range of $5.50 to $5.65, which is increased from its previously provided guidance of $4.00 to $4.20 per diluted share. This compares to a non-GAAP adjusted, but fully taxed, earnings per diluted share of $3.42 in fiscal 2020. (Please see the Company’s fiscal 2020 earnings release dated October 28, 2020 for a reconciliation of this non-GAAP figure to the applicable GAAP figure) These expectations do not consider, or give effect for, material acquisitions that may be completed by the Company during fiscal 2021 or other unforeseen events, including changes in global economic conditions.

About MarineMax

MarineMax is the world’s largest recreational boat and yacht retailer, selling new and used recreational boats, yachts and related marine products and services, as well as providing yacht brokerage and charter services. MarineMax has over 100 locations worldwide, including 77 retail dealership locations, including 30 marinas or storage operations. Through Fraser Yachts and Northrop and Johnson, it is also the largest super-yacht services provider, operating locations across the globe. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands. The Company also operates Boatyard, a pioneering digital platform that enhances the boating experience. MarineMax is a New York Stock Exchange-listed company (NYSE:HZO). For more information, please visit www.marinemax.com.

Forward Looking Statement

Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include the Company’s anticipated financial results for the second quarter ended March 31, 2021; the foundational shift of new customers embracing and enjoying the boating lifestyle; the Company's growth strategy; the Company's confidence for the balance of fiscal 2021, fiscal 2022, and beyond; the Company's positioning for the future; and the Company's fiscal 2021 guidance. These statements are based on current expectations, forecasts, risks, uncertainties and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions and uncertainties include the Company’s abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, the performance of the recently-acquired businesses, the impacts (direct and indirect) of COVID-19 on the Company’s business, the Company’s employees, the Company’s manufacturing partners, and the overall economy, general economic conditions, as well as those within the Company's industry, the level of consumer spending, potential supply chain constraints and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2020 and other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Michael H. McLamb
Chief Financial Officer
Abbey Heimensen
Public Relations
MarineMax, Inc.
727.531.1700

Brad Cohen or Dawn Francfort
ICR, LLC.
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LOS ANGELES--(BUSINESS WIRE)--KB Home (NYSE: KBH) today released its 14th Annual Sustainability Report. The report details KB Home’s 2020 priorities and achievements in three core areas: environmental sustainability, social responsibility and economic sustainability; and highlights the company’s evolving environmental, social and governance (ESG) standards and practices as part of its focus on long-term value creation. Amid the extreme disruption and volatility from the global pandemic, the company achieved several significant milestones and made progress toward its sustainability goals.

Below is an outline of the builder’s 2020 achievements:

Environmental Sustainability

Nearly two decades ago, KB Home committed to building energy-efficient homes and applying innovation toward a more sustainable future. Since then, the company has expanded its view of sustainability to encompass renewable solar energy, water efficiency and waste reduction. In 2020, the company:

• Reached the milestone of over 150,000 ENERGY STAR certified new homes built, more than any other builder in the nation.
• Achieved the goal for a national average Home Energy Rating System (HERS^®) Index score of 50 (compared to 58 for all builders), three years ahead of target and set an aggressive new goal of 45 by 2025.
• Attained the major milestone of delivering its 11,000th solar home.
• Became the first national homebuilder to implement the new WaterSense^® Labeled Homes Program, Version 2.0.

Social Responsibility

As a company in the business of building communities, not just houses, social sustainability is an important part of KB Home’s focus. The company believes strong communities are essential building blocks of a sustainable society. In 2020, the company:

• Announced the groundbreaking research collaboration with Well Living Lab, further reinforcing its commitment to promoting health and wellness through sustainable homebuilding.
• Contributed to the revitalization of established neighborhoods by delivering over 1,400 new homes across more than 15 infill/redevelopment communities.
• Invested in communities through the KB Cares philanthropic program, helping to build strong social ties through efforts ranging from assisting people in challenging circumstances to educating and training the next generation.

Economic Sustainability

Recognizing that a strong housing market is a key engine of growth for both national and local economies, KB Home believes building new housing stock is a form of community investment and infrastructure that contributes to long-term social and economic benefits. In 2020, the company:

• Helped over 6,000 first-time homebuyers achieve the dream of homeownership.
• Made contributions to the local economy in the form of over $42 million in local school fees.
• Fostered sustainability innovation and emerging technologies to support the development of market-ready products for homebuilding.

“We are proud to share our 14th Annual Sustainability Report, the longest-running publication of its kind in the homebuilding industry. It is a compendium of our achievements and progress toward our sustainability goals,” said Jeffrey Mezger, KB Home Chairman, President and Chief Executive Officer. “Our commitment to sustainability is an investment in the future, balancing affordability for today’s homebuyers with being mindful of the needs of the next generation. As we build the future together in 2021 and beyond, we will continue to bring our strong relationships and long-term, purpose-driven approach to the important work of delivering homes and communities designed to sustain the road ahead.”

KB Home’s distinctive, purpose-driven approach to operating sustainably encompasses an array of evolving and well-considered ESG standards and practices. In 2020, KB Home publicly articulated additional guiding principles and long-established business standards and practices, including publishing a human rights statement and a policy on responsible marketing. In preparing its 14th Annual Sustainability Report, the company utilized the Global Reporting Initiative^TM (GRI) guidelines and incorporated information responsive to other prominent standards and reporting frameworks.

KB Home’s sustainability leadership was recognized by Newsweek^®, with the company being the only homebuilder named to the national publication’s prestigious 2021 list of America’s Most Responsible Companies. Additionally, the KB Home team’s opinions earned the company a place on Forbes’ 2021 list of America’s Best Midsize Employers, the only national builder to receive this distinction.

For more information on KB Home’s sustainability and ESG initiatives and to view the full report, visit kbhome.com/sustainability.

About KB Home

KB Home (NYSE: KBH) is one of the largest and most recognized homebuilders in the United States and has been building quality homes for over 60 years. Today, KB Home operates in 45 markets across eight states, serving a wide array of buyer groups. What sets us apart is how we give our customers the ability to personalize their homes from homesites and floor plans to cabinets and countertops, at a price that fits their budget. We are the first builder to make every home we build ENERGY STAR^® certified. In fact, we go beyond the EPA requirements by ensuring every ENERGY STAR certified KB home has been tested and verified by a third-party inspector to meet the EPA’s strict certification standards, which helps lower the cost of ownership. We also work with our customers every step of the way, building strong personal relationships so they have a real partner in the homebuying process, and the experience is as simple and easy as possible. Learn more about how we build homes built on relationships by visiting kbhome.com.

Craig LeMessurier, KB Home
925-983-4509
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Company recognized by Solar Impulse Foundation for its positive impact on the environment in a financially profitable way

TORONTO--(BUSINESS WIRE)--Li-Cycle Corp. (“Li-Cycle” or “the Company”), an industry leader in lithium-ion battery resource recovery and the largest lithium-ion battery recycler in North America, today announced that it has been named to the Solar Impulse Foundation’s Beyond 1,000 solutions list for 2021.

The Solar Impulse Foundation, along with its experts and partners, have identified, assessed and labelled 1,000 technological solutions capable of protecting the environment in a financially profitable way. The technology solutions chosen are clean, efficient, cost-effective and available today, reducing the environmental impact of construction and mobility, industry and agriculture, water and energy consumption, while ensuring economic development and social prosperity. The Beyond 1,000 solutions list for 2021 is made up of products, processes, or services that work for both the environment and the economy.

Li-Cycle’s patented Spoke & Hub Technologies™ offer a low-cost, safe and environmentally friendly solution, and its industry-leading innovations have made it uniquely positioned to support a key element of the growing international movement towards zero carbon technologies.

“We are proud to be a recipient of the Solar Impulse Label for 2021 as we believe this achievement further validates our recent successes and highlights the promising future ahead for our lithium-ion resource recovery technology for both our business and the greater impact it has on the environment,” said Ajay Kochhar, President, CEO and Co-founder of Li-Cycle. “We have a great appreciation for what the Solar Impulse Foundation stands for and thank them for supporting our goal of closing the lithium-ion battery supply chain loop with our sustainable and circular solution that continues to gain momentum globally.”

Li-Cycle’s Spokes convert battery manufacturing scrap and end-of-life batteries into intermediate products, including “black mass,” a powder substance which contains a variety of metals, including lithium, cobalt and nickel. The Spokes will supply black mass to Li-Cycle's future Hubs, the first of which is currently in late-stage development in Rochester, New York. The Hubs will process black mass through a hydrometallurgical circuit to produce critical, battery-grade materials, including lithium carbonate, cobalt sulphate and nickel sulphate, as well as other recycled materials that can be returned to the economy.

The imperative for economically and environmentally sustainable resource recycling is growing in lockstep with the rapid growth of battery manufacturing. Li-Cycle utilizes its proprietary Spoke & Hub Technologies™ to achieve the industry-leading recovery rate of up to 95% resource mass recovery and to produce the critical battery materials underpinning the global growth in electric vehicle production. Legacy recycling technologies have largely relied on thermal operations, which can emit harmful emissions and result in lower recovery rates. The Company’s two-stage battery recycling model enables customers to benefit from a safe and environmentally friendly solution for recycling all types of lithium-ion battery materials.

On February 16, 2021, Li-Cycle announced its entry into a definitive business combination agreement with Peridot Acquisition Corp. (NYSE: PDAC) (“Peridot”). Upon the closing of the business combination, which is expected in the second quarter of 2021, the combined company will be named Li-Cycle Holdings Corp. Li-Cycle intends to apply to list the common shares of the combined company on the New York Stock Exchange under the new ticker symbol, “LICY.”

The complete 2021 Solar Impulse Foundation list can be found here: https://solarimpulse.com/beyond-1000-solutions

About Li-Cycle Corp.

Li-Cycle is on a mission to leverage its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.

About Solar Impulse Foundation

The Solar Impulse Foundation is a non-profit organization founded by environmental visionary and explorer Bertrand Piccard and committed to identifying and vetting 1000 or more technological solutions that can protect the environment in a profitable way, and then bring them to decision makers to help them adopt more ambitious environmental targets and energy policies. For more information, visit www.solarimpulse.com.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

In connection with the proposed transaction involving Li-Cycle and Peridot, Li-Cycle Holdings Corp. (“Newco”) has prepared and filed with the SEC a registration statement on Form F-4 that includes both a prospectus of Newco and a proxy statement of Peridot (the “Proxy Statement/Prospectus”). Once effective, Peridot will mail the Proxy Statement/Prospectus to its shareholders and file other documents regarding the proposed transaction with the SEC. This communication is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other documents Peridot or Newco may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENT/PROSPECTUS WHEN IT BECOMES AVAILABLE, ANY AMENDMENTS OR SUPPLEMENTS TO THE PROXY STATEMENT/PROSPECTUS, AND OTHER DOCUMENTS FILED BY PERIDOT OR NEWCO WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the Proxy Statement/Prospectus and other documents filed with the SEC by Peridot or Newco through the website maintained by the SEC at www.sec.gov.

Investors and securityholders will also be able to obtain free copies of the documents filed by Peridot and/or Newco with the SEC on Peridot’s website at www.peridotspac.com or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it..

PARTICIPANTS IN THE SOLICITATION

Li-Cycle, Peridot, Newco, and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of proxies in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, are set forth in the Proxy Statement/Prospectus. Information regarding the directors and executive officers of Peridot is contained in Peridot’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 26, 2021 and certain of its Current Reports filed on Form 8-K. These documents can be obtained free of charge from the sources indicated above.

NO OFFER OR SOLICITATION

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities of Peridot or Newco or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained in this communication may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21 of the Securities Exchange Act of 1934, as amended, including statements regarding the proposed transaction involving Li-Cycle and Peridot and the ability to consummate the proposed transaction. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely”, “believe,” “estimate,” “project,” “intend,” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: (i) the risk that the conditions to the closing of the proposed transaction are not satisfied, including the failure to timely or at all obtain shareholder approval for the proposed transaction or the failure to timely or at all obtain any required regulatory clearances, including under the Hart-Scott Rodino Antitrust Improvements Act; (ii) uncertainties as to the timing of the consummation of the proposed transaction and the ability of each of Li-Cycle and Peridot to consummate the proposed transaction; (iii) the possibility that other anticipated benefits of the proposed transaction will not be realized, and the anticipated tax treatment of the combination; (iv) the occurrence of any event that could give rise to termination of the proposed transaction; (v) the risk that stockholder litigation in connection with the proposed transaction or other settlements or investigations may affect the timing or occurrence of the proposed transaction or result in significant costs of defense, indemnification and liability; (vi) changes in general economic and/or industry specific conditions; (vii) possible disruptions from the proposed transaction that could harm Li-Cycle’s business; (viii) the ability of Li-Cycle to retain, attract and hire key personnel; (ix) potential adverse reactions or changes to relationships with customers, employees, suppliers or other parties resulting from the announcement or completion of the proposed transaction; (x) potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed transaction that could affect Li-Cycle’s financial performance; (xi) legislative, regulatory and economic developments; (xii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak (including COVID-19), as well as management’s response to any of the aforementioned factors; and (xiii) other risk factors as detailed from time to time in Peridot’s reports filed with the SEC, including Peridot’s annual report on Form 10-K, periodic quarterly reports on Form 10-Q, periodic current reports on Form 8-K and other documents filed with the SEC. The foregoing list of important factors is not exclusive. Neither Li-Cycle nor Peridot can give any assurance that the conditions to the proposed transaction will be satisfied. Except as required by applicable law, neither Li-Cycle nor Peridot undertakes any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

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• Kohl’s 2020 ESG Report available now on Corporate.Kohls.com
• ESG Report provides Kohl’s progress in key focus areas including Diversity & Inclusion, workplace, philanthropy, and sustainability
• Kohl’s leverages strong position as retailer of purpose to enhance the lives of its associates, customers and communities throughout 2020

MENOMONEE FALLS, Wis.--(BUSINESS WIRE)--Kohl’s (NYSE: KSS) announced today the release of the company’s 2020 Environmental, Social, and Governance (ESG) report, providing comprehensive updates on achievements and progress in key areas including workplace and diversity and inclusion, philanthropy, sustainability, supply chain, and business continuity. ESG stewardship is a key component of the company’s strategy and vision to be the most trusted retailer of choice for the active and casual lifestyle, and these efforts guide how the business works with its partners, considers the environment, and impacts the lives of its associates, customers and the community.

“As I reflect on the dynamic year behind us, I feel immensely proud of Kohl’s and our associates. Despite the challenges of 2020, we continue to operate our company as a retailer of purpose,” said Michelle Gass, Kohl’s chief executive officer. “Our associates stepped up and faced the unprecedented challenges of the past year, prioritizing the health and safety of our customers and associates. We continued to make great strides in our efforts to improve the lives of all families by announcing our diversity and inclusion Pledge for Progress. And we continued to illustrate our commitment to the greater good through all of our ESG efforts, including our widely-recognized environmental initiatives and our philanthropic support in communities nationwide. It is our privilege and honor to share our 2020 ESG report outlining our ongoing progress.”

Key highlights from Kohl’s 2020 ESG Report are below.

Sustainable Solutions Help Build a Better Future

With such a large retail footprint, Kohl’s is in a unique position to make resounding impacts on the planet and has set goals to ensure that impact is positive. The company’s sustainability strategy is guided by leveraging business practices and decisions that enhance the objectives of the United Nations Sustainable Development Goals.

• 2025 Sustainability Goals Progress: In 2019, Kohl’s set sustainability goals, including quantitative targets focused on climate action, waste and recycling, and sustainable sourcing. In the last year, the company has made measurable progress towards these goals, including:
  • Achieving its waste and recycling goal to divert 85% of waste from landfills;
  • Achieving 164 solar and wind locations and 101 locations for EV charging stations; and
  • As part of the company’s sustainable sourcing efforts, 80% of facilities producing Kohl’s products have completed the Higg Index Environmental Module.
• Sustainability Awards and Partnerships: Kohl’s is proud to have received several awards and acknowledgements during 2020 for its sustainable initiatives, including the following:
  • S&P Global’s Sustainability Yearbook for the first time in 2021
  • Dow Jones Sustainability Index (DJSI) North America listing for the third consecutive year
  • Barron’s list of the Top 100 Sustainable Companies for the second consecutive year
  • Leadership level A- on the CDP’s 2020 Climate Change disclosure for the second consecutive year

Diversity & Inclusion at Kohl’s

Kohl’s is committed to empowering more families through equity, Diversity & Inclusion. In 2020, Kohl’s made its Diversity & Inclusion Pledge for Progress outlining how the company will take action to deliver meaningful change for the good of Our People, Our Customers and Our Community.

• Our People: In 2020, to further improve the company’s effectiveness and relatability, all of Kohl’s recruiters completed Unconscious Bias, Influencing, Diversity Sourcing and Diversity 101 training. Kohl’s recruiting efforts have a strengthened focus on education, training and sourcing strategies for increasing its diverse talent pipeline.
• Our Customers: In 2020, Kohl’s launched an in-house Diversity Design Council to develop, purchase and curate culturally-relevant products. The council consists of associates from across Product Development and Merchandising teams. Members are both allies and individuals whose experiences represent the diverse customers Kohl’s aims to reach.
• Our Community: Kohl’s created a Supplier Diversity team in 2020 to embed and activate supplier diversity best practices across its entire supply chain to support the company’s pledge to double spending among diverse suppliers by 2025. Additionally of note in 2020, Kohl’s strengthened its commitment to the company’s hometown with an additional $1 million donation to five nonprofit organizations that serve diverse communities.

It Starts with Kohl's Associates: Commitment to Inspiring and Empowering Families to Lead Fulfilled Lives

Behind Kohl’s success is its winning team of talented associates who embody the company’s values. Kohl’s is committed to attracting, growing and engaging diverse talent who will drive the company’s purpose.

• Total Well-Being: Kohl’s is proud to contribute to its associates’ total well-being year-round to enable each individual to bring their best to work. Associates are provided the opportunity to take advantage of the company’s Healthy Rewards program, wellness centers, and pediatric care and an on-site daycare that can support up to 450 children of its corporate associates. More than 30,000 visits were made to Kohl’s wellness centers in 2020.
• Culture of Appreciation: Kohl’s prioritizes and fosters a culture of appreciation, in part leveraging the company’s Recognizing Greatness platform. Recognizing Greatness enables associates to give shout-outs to individuals and teams who have gone above and beyond. More than 2 million recognitions have been submitted since the program launched in 2015.
• Attracting Top Talent: As the country adjusted to a new normal, Kohl’s continued to offer its internship program for students across the country in a virtual format. The 2020 program virtually hosted nearly 500 college students from 150 colleges and universities nationwide. Nearly 60% were hired to key full-time positions in departments like Merchandising, Marketing, Store Management, Finance, Human Resources, Technology, and Logistics.

Healthy Communities Help Support Healthy Families

Kohl’s believes healthy communities help support healthy families. In 2020, Kohl’s worked to strengthen its long-standing philanthropic commitment to family health and wellness in the communities it serves.

• Kohl’s Cares: During 2020, Kohl’s raised more than $11 million for communities through Kohl’s Cares. Kohl’s Cares has raised nearly $385 million through Kohl’s Cares merchandise since 2000.
• Alliance for a Healthier Generation: Kohl’s has partnered with Alliance for a Healthier Generation through a $2 million grant over two years to run an innovative family health and wellness initiative, Kohl’s Healthy at Home. Since April 2019, Healthier Generation’s programming has reached more than 12,000 schools, representing 6.7 million students. Additionally, Kohl’s Healthy at Home initiatives have reached more than 3.4 million families across the country.
• Boys and Girls Club of America (BGCA): BGCA is leveraging Kohl’s grant of $3 million over three years to provide comprehensive social and emotional development training to staff. BGCA has begun integrating social-emotional development into Boys & Girls Club programming curricula and staff practices that will reach 4.6 million individuals through 4,700 Clubs locations. In addition to Kohl’s support of Boys & Girls Clubs of America, stores across the country support local clubs as well.

About Kohl’s

Kohl’s (NYSE: KSS) is a leading omnichannel retailer. With more than 1,100 stores in 49 states and the online convenience of Kohls.com and the Kohl's App, Kohl's offers amazing national and exclusive brands at incredible savings for families nationwide. Kohl’s is uniquely positioned to deliver against its strategy and its vision to be the most trusted retailer of choice for the active and casual lifestyle. Kohl’s is committed to progress in its diversity and inclusion pledges, and the company's environmental, social and corporate governance (ESG) stewardship. For a list of store locations or to shop online, visit Kohls.com. For more information about Kohl’s impact in the community or how to join our winning team, visit Corporate.Kohls.com or follow @KohlsNews on Twitter.

Jen Johnson, This email address is being protected from spambots. You need JavaScript enabled to view it., 262.703.5241
Bill Bussler, This email address is being protected from spambots. You need JavaScript enabled to view it., 262.703.2951

RESTON, Va.--(BUSINESS WIRE)--#BetterWithBowman--Bowman Consulting Group Ltd (Bowman) is pleased to announce that Michael Ginsberg, founder and CEO of energy advisory firm Mastering Green, has joined the firm as Vice President, Energy Transition. This strategic addition to the company’s leadership team positions Bowman to continue the expansion of its services related to emerging clean energy technologies, decarbonization and sustainability.

“We are excited to have Michael join us at this juncture in the evolution and adoption of alternative energy technologies,” said Gary Bowman, CEO of Bowman. “Michael has a proven track record of providing innovative, cost-effective and environmentally sound technologies to a vast array of end users and markets. Bowman is committed to serving its clients with leading edge solutions to providing clean and reliable energy sources. The addition of Michael to our leadership team will continue the acceleration forward of our energy transition practice which was expanded earlier this year through our acquisition of KTA.”

Ginsberg will advance Bowman’s expansion of services focused on low carbon technologies such as green hydrogen, offshore wind, and solar-powered desalination. He will lead the firm’s practice in the areas of techno-economic and policy analysis, life cycle assessment, and solar and microgrid feasibility studies.

"I look forward to joining the Bowman team in its commitment to advancing the transition to a clean energy economy,” said Ginsberg. “We share a common sense of purpose and urgency with respect to addressing the critical need to transform our energy system to meet evolving emissions standards, mitigate climate change, and increase the resiliency of our infrastructure for future generations."

Ginsberg and his company, Mastering Green, LLC, have supported clean energy initiatives for numerous organizations, including the US Department of State, the UN Sustainable Development Solutions Network, the New York City Mayor's Office of Sustainability and Long-Term Planning, Con Edison, and the NY State Energy Research and Development Authority. He is the author of several books on renewable energy and deep decarbonization, a Doctor of Engineering Science candidate at Columbia University, and holds a MS in Sustainability Management from Columbia. In connection with adding Michael to its leadership team, Bowman concurrently acquired the intangible assets and goodwill of Mastering Green, LLC.

About Bowman: Headquartered in Reston, Virginia, Bowman is an established professional services firm delivering innovative engineering solutions to customers who own, develop, and maintain the built environment. With over 750 employees working from more than 30 offices throughout the United Sates, Bowman provides a variety of planning, engineering, construction management, energy consulting, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. For more information, visit bowman.com.

Katie Turner, Media Relations Coordinator
Telephone: (614) 620-0927
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GreenBond Advisors Partnership highlights commitment to clean energy production

Updates on Development Pipeline

WILLISTON, Vt.--(BUSINESS WIRE)--$ISUN #cleanenergy--iSun, Inc. (NASDAQ: ISUN) (“iSun”), a leading solar energy and clean mobility infrastructure company with 50 years of construction experience in solar, electrical and data services, today, in conjunction with Earth Day, announced a progress update regarding its partnership with GreenSeed Investors LLC and its affiliates, including GreenBond Advisors LLC (“GreenBond affiliates”), which aims to enhance iSun’s access to the growing Green Bond segment of the fixed income market by expanding its Engineering, Procurement, and Construction (“EPC”) bid pipeline and grow its base of recurring revenue and earnings.

Key Highlights

• GreenBond affiliates are building on existing indications of interest from leading institutional investors to proceed with investment in an investment grade private placement offering of $350 million of Green Bonds to fund the construction of qualified solar projects.
• GreenBond affiliates are now reviewing or negotiating the purchase of over 4,000 MW of utility-scale solar projects at various stages of development which can be constructed using proceeds from its Green Bond offering.
• iSun’s recent entry in the utility-scale solar EPC market uniquely positions iSun to capitalize on these future opportunities.
• iSun will own a minority interest in the solar projects it constructs for the partnership.

“We remain excited about the growth opportunities presented through our partnership with GreenBond Advisors and GreenSeed Investors and are pleased to be able to announce this important update on Earth Day, as iSun supports the transition from dirty energy to clean energy,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “The main goals of our partnership are to increase our solar EPC pipeline and to provide asset ownership opportunities to increase our recurring revenue stream. We are confident that the combination of our enhanced utility solar capabilities with GreenBond Advisors’ project pipeline and financing commitments positions us well for meaningful results in the coming quarters.”

“We are pleased to celebrate Earth Day and the one-year anniversary of our partnership with iSun by announcing significant progress in the achievement of our joint corporate objectives,” said William Dale, Chairman and Chief Executive Officer of GreenBond Advisors, LLC and GreenSeed Investors, LLC. “Over the past year we have successfully developed a platform and received indications of interest from leading institutional investors to proceed with investment in an investment grade private placement offering of $350 million of Green Bonds to fund the construction of qualified solar projects. Additionally, our affiliate companies have built teams of experts in the renewable energy project development and procurement field and are now reviewing or negotiating the purchase of over 4,000 MW of utility scale solar projects. We maintain a strong discipline in the acquisition of solar projects to ensure long-term profitability for our investors in Solar Project Partners, the passive holding company which will own developed solar projects with our partners. iSun’s commitment to growing their utility scale solar EPC business will help accelerate our business model and provide quality, investment grade Green Bonds for the deep pool of institutional investors seeking to expand their investment in this rapidly growing asset class.”

ABOUT iSUN

Headquartered in Williston, VT, iSun, Inc. (NASDAQ: ISUN) is a business rooted in values that align people, purpose, innovation, and sustainability. Ranked by Solar Power World as one of the leading commercial solar contractors in the United States, iSun provides solar energy and clean mobility infrastructure to customers for projects from smart solar mobile phone and electric vehicle charging, up to multi-megawatt renewable energy solutions for commercial, industrial, and utility customers. iSun’s innovations were recognized this year by the Solar Impulse Foundation of Bertrand Piccard as one the globe’s Top 1000 Sustainability Solutions. As a winner, this award will result in the iSun solution being presented to hundreds of government entities around the world, including various municipal, state, and federal agencies in the United States. Since entering the renewable energy market in 2012, iSun has installed over 650 megawatts of rooftop, ground- mount and EV-carport solar systems (equal to power required for 123,500 homes). We continue to focus on profitable growth opportunities. For more information, visit www.isunenergy.com

About GreenBond Advisors LLC

Headquartered in New York City, NY, GreenBond Advisors was formed in 2020 to deliver financial product innovation into the Green Bond market with new Green Bond product designs that allow risk-adverse investment capital to be more easily directed into new green energy infrastructure development and construction. GreenBond Advisors works with an ecosystem of affiliate companies and partnerships designed to help conservative investors earn competitive rates of return while making a measurable impact on the transition to a world powered by clean energy. Please visit www.greenbondadvisors.com for additional information.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (i) iSun’s plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts; and (ii) other statements identified by words such as “expects” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” or words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of the respective management of iSun and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of iSun. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties.

INVESTORS
Chase Jacobson
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802-264-2040

LOS ANGELES--(BUSINESS WIRE)--Fisker Inc. (NYSE: FSR) (Fisker) – passionate creator of the world’s most sustainable electric vehicles and advanced mobility solutions – marked World Earth Day with a call to action regarding federally funded clean vehicle incentives: a new program termed “75 And More For 55 And Less,” which encourages adoption of clean energy mobility powered by sophisticated automotive technology developed in America for use around the world.

Related to the current U.S. administration’s policy initiatives, Fisker is calling upon the federal government to implement “75 And More for 55 And Less”: a rebate of $7,500 plus $10.00 per mile of certified driving range for BEVs priced at $55,000 and less. All rebates would be applied at the time of sale, instead of waiting for a tax credit.

“We are at an inflection point in our transition to low-carbon mobility,” said Fisker Chairman and Chief Executive Officer, Henrik Fisker. “Just as the federal highways program in the 1940s and 1950s enabled a new era for the private car, we now have the opportunity, between the government and business, to accelerate adoption of electric vehicles and ensure the United States is at the forefront of this global shift.”

Under the Fisker proposal, an electric vehicle priced at $45,000, powered by a certified 300-mile range battery, would receive a point-of-sale rebate of $7,500 – and an additional $3,000 for the battery range for a total of $10,500, lowering the transaction price to $34,500. This is significantly less than the current average cost of a new car at $40,000.

More details on the program can be found in the following article: A Call to Action: 75 And More for 55 And Less | LinkedIn

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About Fisker Inc.
California-based Fisker Inc. is revolutionizing the automotive industry by developing the most emotionally desirable and eco-friendly electric vehicles on Earth. Passionately driven by a vision of a clean future for all, the company is on a mission to become the No. 1 e-mobility service provider with the world’s most sustainable vehicles. To learn more, visit www.FiskerInc.com – and enjoy exclusive content across Fisker’s social media channels: Facebook, Instagram, Twitter, YouTube and LinkedIn. Download the revolutionary new Fisker mobile app from the App Store or Google Play store.

Forward-Looking Statements
This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the quotations of our Chief Executive Officer and statements regarding the Company's future performance under " 2021 Business Outlook" and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: Fisker’s limited operating history; Fisker’s ability to enter into additional manufacturing and other contracts with Magna, or other OEMs or tier-one suppliers in order to execute on its business plan; the risk that OEM and supply partners do not meet agreed upon timelines or experience capacity constraints; Fisker may experience significant delays in the design, manufacture, regulatory approval, launch and financing of its vehicles; Fisker’s ability to execute its business model, including market acceptance of its planned products and services; Fisker’s inability to retain key personnel and to hire additional personnel; competition in the electric vehicle market; Fisker’s inability to develop a sales distribution network; and the ability to protect its intellectual property rights; and those factors discussed in Fisker’s Registration Statement on Form S-1 (No. 333-249981) under the heading “Risk Factors,” filed with the Securities and Exchange Commission (the “SEC”) and other reports and documents Fisker files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Fisker undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

Fisker Inc.
Simon Sproule, SVP, Communications
310.374.6177 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Dan Galves, VP, Investor Relations
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Addition of Fraser Valley Biogas, the original producer of RNG into FortisBC’s network, provides immediate RNG production and strengthens EverGen’s partnerships

VANCOUVER, British Columbia--(BUSINESS WIRE)--EverGen, Canada’s Renewable Natural Gas (RNG) Infrastructure Platform, announces its acquisition of Fraser Valley Biogas Ltd. (“Fraser Valley Biogas”) in Abbotsford, BC. Fraser Valley Biogas has been in operation since 2011 and is the original producing RNG project in Western Canada and first project to produce RNG into FortisBC’s network. The facility combines anaerobic digestion and biogas upgrading to produce RNG, primarily by converting agricultural waste from local dairy farms. With this acquisition, Fraser Valley Biogas becomes a wholly owned subsidiary of EverGen.

FortisBC operates the interconnection facility at Fraser Valley Biogas, monitoring gas quality and connecting this source of Renewable Natural Gas to its customers. The facility currently produces over 80,000 gigajoules of RNG annually—enough to heat roughly 1,000 homes for a year. EverGen plans to expand and enhance the project, planning to boost RNG production to over 125,000 gigajoules per year—an increase of approximately 50 percent.

“There is a significant gap in renewable infrastructure across Canada, and EverGen’s aim is to remedy that,” says EverGen Co-Founder and CEO Chase Edgelow. “Our acquisition of Fraser Valley Biogas is consistent with our focus on acquiring and building-out RNG and sustainable waste-to-energy projects. In the case of Fraser Valley Biogas, we’ll be enhancing and optimizing an existing RNG project to ensure it will be a reliable solution for organic waste and source of renewable energy well into the future.”

As a byproduct of these operations, Fraser Valley Biogas also produces an organic liquid fertilizer for use on surrounding farms. Some of these farms have been displacing synthetic fertilizer use for more than ten years.

“This is a perfect illustration of what we mean when we talk about the ‘circular economy’—by taking in agricultural waste from local dairy farms, we’re helping those farms reduce their greenhouse-gas emissions,” Edgelow explains. “In processing this waste into biogas, we create a nutrient-rich fertilizer that those same farmers can use to enhance the quality of their soils. Combating climate change while helping local communities become more sustainable is all part of EverGen’s vision.”

The acquisition of Fraser Valley Biogas opens the door to operational synergies with EverGen’s existing projects—Net Zero Waste Abbotsford Inc. also in Abbotsford, BC, and Sea to Sky Soils in Pemberton, BC. Both facilities accept municipal organic waste and recycle it using proven composting technology into soil amendments and Class A compost for use by local farms and developers as part of the circular economy.

For more information about EverGen, visit: www.evergeninfra.com.

About EverGen Infrastructure Corp.

EverGen, Canada’s Renewable Natural Gas Infrastructure Platform, is combating climate change and helping communities contribute to a sustainable future, starting on the West Coast. Incorporated in 2020, EverGen is now established to acquire, develop, build, own and operate a portfolio of Renewable Natural Gas, waste to energy, and related infrastructure projects. EverGen is focused on British Columbia with continued growth expected across other regions in North America.

For more information about EverGen Infrastructure Corp. and our projects please, visit www.evergeninfra.com.

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements.

EverGen Media Contact
Alison Gallagher
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• The offer from Innovative Energy to purchase ADES International has been declared unconditional
• Innovative Energy has acquired or contracted to acquire 98.6% of ADES International and is commencing the compulsory acquisition process to acquire the remainder of the ADES Shares
• The transaction will result in significant expansion of operations in Saudi Arabia for ADES International

LONDON & DUBAI, United Arab Emirates & RIYADH, Saudi Arabia--(BUSINESS WIRE)--ADES International Holding plc (“ADES International” or the “Company”), a leading oil and gas drilling and production services provider in the Middle East and North Africa, is pleased to announce that the recommended offer by Innovative Energy Holding Ltd (“Innovative Energy”) has now been declared unconditional in all respects, as detailed in the RNS announcement dated 21 April 2021.

Innovative Energy is a newly established company that is jointly owned by the Public Investment Fund (“PIF”) - the sovereign wealth fund of Saudi Arabia, which will hold a 32.5% stake in Innovative Energy, Zamil Group Investment Co. (“Zamil Investments”) which was an existing investor in the Company and will hold 10% of Innovative Energy, and ADES Investments Holding Ltd with a majority ownership of 57.5% in Innovative Energy, in each case following completion of the acquisition of all ADES Shares.

As set out in the offer document published by Innovative Energy on 11 March 2021 (the “Offer Document”), now that the Offer has become unconditional in all respects, Innovative Energy intends to procure that ADES International will make applications to the Financial Conduct Authority (the “FCA”) for the cancellation of the listing of the ADES Shares from the Standard Segment of the Official List and to London Stock Exchange plc (the “London Stock Exchange”) for the cancellation of the admission to trading of the ADES Shares on the London Stock Exchange's Main Market for listed securities. The cancellation of listing and admission to trading is anticipated to take effect approximately 20 business days after the date of the RNS announcement issued on 21 April. Furthermore, Innovative Energy intends to exercise its rights pursuant to Article 98 of the DIFC Companies Law to acquire compulsorily the remaining ADES Shares in respect of which it has not received acceptances of the Offer on the same terms as the Offer.

Commenting on the Offer becoming unconditional, Dr. Mohamed Farouk, Chief Executive Officer of ADES International said: “We’re delighted to have declared this offer unconditional and to be partnering with PIF, a strategic partnership with one of the world’s largest sovereign wealth funds, that believes in ADES International’s ability to generate long-term sustainable value. PIF’s investment in ADES International is a vote of confidence in our Company and a testament to management’s success in executing its strategy, even during the challenging last twelve months, and ability to deliver on our long-term growth plans.

At the time of our IPO on the London Stock Exchange in 2017, our target was to access a larger pool of investors to raise capital and seize attractive market opportunities while growing the business through the acquisition and refurbishment of rigs and other assets. Over the last four years we have delivered on this strategy and transformed ADES International from a local, offshore-focused driller in Egypt, to a regional champion with a significant asset base across both the on- and offshore segments. We are thus pleased to have provided our shareholders with the opportunity to capitalise on this success through a significant liquidity event, realising an attractive cash premium for their shares.

Going forward, ADES International will continue to focus on providing quality, innovative services to our clients and leveraging our existing asset base to capture new business as a private company that is able to benefit from a longer-term approach to strategy and decision making. In addition, as part of the wider vision of the Company, the operational headquarters of the ADES International group will be relocated to the Kingdom of Saudi Arabia. ADES International will also have greater flexibility to pursue strategic opportunities, including in relation to capital allocation and financing.”

Commenting on the announcement, Yazeed Alhumied, PIF Head of Local Holdings Investments Division said: “The Public Investment Fund is delighted to have declared the offer for ADES International unconditional, as we continue to support Saudi Arabia’s private sector. ADES International is a leading regional oil and gas drilling services provider and we are pleased to be its partner of choice. This important move aligns closely with PIF’s strategic objective to build partnerships and localize knowledge as outlined in the PIF Program 2021-2025. The partnership will create a national champion in Saudi Arabia in a critical part of the upstream value chain. Alongside the creation of significant employment opportunities in the Kingdom, this will help localize best-in-class practice and lead to the important knowledge transfer of fuel usage reduction technologies which can deliver both cost savings and environmental benefits.”

Zamil Group Chief Executive Officer, Mr. Adib AlZamil, said: "Zamil Investments Co is pleased to partner with The Public Investment Fund and ADES International. As 'Partners in Nation Building,' we are excited about this strong partnership which will further support private sector growth through the localizing of knowledge and technology solutions in the upstream space. This deal will see the development of a company that will be an integral part of the oil & gas and hydrocarbon value chain, add immense economic and intellectual value to the Saudi market, and create job opportunities for Saudis in this vital sector."

Further to ADES International's announcement on 12 April 2021 of the satisfaction of conditions relating to the Saudi General Authority for Competition and shareholder approval of the Disapplication Resolution (as defined in the Offer Document), the Offer has now become unconditional in all respects. The offer price of US$ 12.50 per share in cash for each ADES Share values the existing issued share capital (excluding Treasury Shares) of ADES International at approximately US$ 516 million.

—Ends—

NOTES TO EDITORS

About the Public Investment Fund
The Public Investment Fund is one of the largest and most impactful sovereign wealth funds in the world, driving the economic transformation of Saudi Arabia for the benefit of its people while helping shape the future global economy. PIF is building a world-class portfolio through investments in attractive, long-term opportunities across diverse industries and asset classes internationally, while unlocking new sectors at home. PIF works alongside global strategic partners and renowned investment managers, and acts as the Kingdom of Saudi Arabia’s primary investment arm aiming toward generating long-term value for the Kingdom of Saudi Arabia in line with Vision 2030.

More information can be found at www.pif.gov.sa

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About Zamil Group Investment Co.
Zamil Group Investment Co. is the investment arm of Zamil Group, a family-owned holding company founded in 1920 and headquartered in Saudi Arabia. Zamil Group has built a diversified investment portfolio across various industry sectors operating businesses in building materials, manufacturing, ship building and offshore operations, petrochemicals, trade and services, real estate, and investments. With the motto 'Partners in Nation Building', Zamil Group remains dedicated to adding value to all its stakeholders as a proud and responsible corporate citizen.

About ADES International Holding plc
ADES International Holding plc extends oil and gas drilling and production services through its subsidiaries and is a leading service provider in the Middle East and North Africa, offering onshore and offshore contract drilling as well as workover and production services. Its c.3,500 employees serve clients including major national oil companies ("NOCs") such as Saudi Aramco and Kuwait Oil Company as well as joint ventures of NOCs with global majors including BP and Eni. While maintaining a superior health, safety and environmental record, the Group currently has a fleet of thirty-six onshore drilling rigs, thirteen jack-up offshore drilling rigs, a jack-up barge, and a mobile offshore production unit ("MOPU"), which includes a floating storage and offloading unit. For more information, visit investors.adihgroup.com.

Enquiries
ADES International Holding
Hussein Badawy
Investor Relations Officer
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+2 (02) 3852 5354

~Greenlane to supply first RNG project in Colombia, its 19th country, plus a new system in Spain~

VANCOUVER, British Columbia--(BUSINESS WIRE)--$GRN #ESG--Greenlane Renewables Inc. (“Greenlane”) (TSX: GRN / FSE: 52G) today announced the signing of approximately $6.2 million in new biogas upgrading system supply contracts.

The first contract is for the supply of its pressure swing adsorption biogas upgrading system to a municipality in Colombia. Engineering work will commence immediately with a notice to proceed on equipment fabrication expected later this year. This project will be the first commercial-scale biogas upgrading system deployed in Colombia, producing clean, low-carbon renewable natural gas (“RNG”) for direct injection into the local natural gas grid.

The second contract is for the supply of Greenlane’s water wash biogas upgrading system in Spain. Order fulfilment of this contract will commence immediately, however, and for further transparency, the customer has a two-week period in which it may exercise an option to halt further activity with no penalty. For competitive reasons, individual contract amounts have not been disclosed at this time.

“Greenlane continues to expand its pioneering global reach with a new system contract win in Colombia, which marks Greenlane’s 19th country for technology deployment and 12th country to be the first to supply biogas upgrading equipment,” said Brad Douville, President & CEO of Greenlane. “Supplying biogas upgrading equipment for the first time into Columbia is further evidence that RNG continues to be globally recognized as a key component of the overall decarbonization solution. We see a significant opportunity in South America and continue to be seen as a market leader with multiple technologies, allowing us to be competitive on a global scale.”

“Receiving an order from our customer in Spain is another example of the success we’re seeing as a trusted supplier in the biogas upgrading industry. Project developers and engineering firms alike recognize the value of our multiple technology approach, expertise and long standing history in the RNG industry,” added Douville.

About Greenlane Renewables

Greenlane Renewables is a leading global provider of biogas upgrading systems that are helping decarbonize natural gas. Our systems produce clean, low-carbon and carbon-negative renewable natural gas from organic waste sources including landfills, wastewater treatment plants, dairy farms, and food waste, suitable for either injection into the natural gas grid or for direct use as vehicle fuel. Greenlane is the only biogas upgrading company offering the three main technologies: water wash, pressure swing adsorption, and membrane separation. With over 30 years industry experience, patented proprietary technology, and over 110 biogas upgrading systems sold into 19 countries worldwide, including the world’s largest biogas upgrading facility, Greenlane is inspired by a commitment to helping waste producers, gas utilities or project developers turn a low-value product into a high-value low-carbon renewable resource. For further information, please visit www.greenlanerenewables.com.

FORWARD LOOKING INFORMATION – This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not historical in nature contain forward-looking information. Forward-looking information can be identified by words or phrases such as “may”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen. In particular, this news release contains forward looking information relating to the anticipated supply of biogas equipment on two projects. The forward-looking information contained herein is made as of the date of this press release and is based on assumptions management believed to be reasonable at the time such statements were made, including management's perceptions of future growth and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances. While management considers these assumptions to be reasonable based on information currently available to management, there is no assurance that such expectations will prove to be correct. By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond the Company’s control, could cause actual results to differ materially from the forward-looking information in this press release. Such factors include, without limitation, risks identified in the Company's annual information form, base shelf prospectus and prospectus supplement, which have been filed under the Company's SEDAR profile at www.sedar.com. Readers are cautioned not to put undue reliance on forward-looking information. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement.

Incite Capital Markets
Eric Negraeff / Darren Seed
Greenlane Renewables Inc.
Brad Douville, President & CEO,
Ph: 604.493.2004
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One of North America’s largest mobile fleet maintenance providers will supplement XL Fleet’s in-house customer service team.

Partnership will expand XL Fleet’s service capacity to support rapidly growing number of electrified customer vehicles being deployed in 2021 and beyond.

BOSTON--(BUSINESS WIRE)--XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a leader in fleet electrification solutions for commercial and municipal fleets, and Dickinson Fleet Services (“Dickinson”), the leading mobile maintenance provider for medium and heavy-duty trucks and trailers in North America, have announced a partnership to expand XL Fleet’s nationwide service capacity to support the Company’s record growth of electrified vehicle deployments over the past year, and its anticipated acceleration in 2021 and beyond.

As part of the partnership, Dickinson’s fleet of more than 700 mobile repair units and 800 repair and maintenance technicians will be available to supplement XL Fleet’s in-house service team by providing maintenance, warranty and service support for XL Fleet’s rapidly growing customer base throughout North America. XL Fleet’s hybrid and plug-in hybrid electric propulsion systems allow the factory warranties of its customers’ OEM vehicles to remain intact, and all of XL Fleet’s systems are additionally protected by a standard 3-year, 75,000-mile warranty. Dickinson’s best-in-class mobile maintenance technicians will be trained to provide field support at XL Fleet customer locations throughout North America for warranty and related service needs on the Company’s electrification systems.

“XL Fleet has always prided itself on providing world-class service and support to its customers, and Dickinson is the ideal partner to help us build our service capacity with the same high levels of quality as we scale our business,” said Brian Piern, VP of Sales and Marketing at XL Fleet, who leads the Company’s in-house service organization. “With XL Fleet systems installed on over 4,300 vehicles in North America, and many more expected to deploy this year, we need a partner who can efficiently and effectively supplement our in-house service capability, and Dickinson has the reach and experience to support our customers in the best possible way.”

“Dickinson’s innovative mobile maintenance services have always been on the leading edge of the fleet industry, and we are excited to partner with XL Fleet as it continues to pioneer the fleet electrification space and set the standard for deploying more sustainable vehicles,” said Mike Dickinson, executive officer, Dickinson Fleet Services. “Our technicians will provide valuable support for XL Fleet as the Company continues on its rapid growth trajectory, helping to ensure its customers continue to maximize vehicle uptime and performance with a consistent and comprehensive service offering.”

About XL Fleet Corp.

XL Fleet is a leading provider of vehicle electrification solutions for commercial and municipal fleets in North America, with more than 150 million miles driven by customers such as The Coca-Cola Company, Verizon, Yale University and the City of Boston. XL Fleet’s hybrid and plug-in hybrid electric drive systems can increase fuel economy up to 25-50 percent and reduce carbon dioxide emissions up to 20-33 percent, decreasing operating costs and meeting sustainability goals while enhancing fleet operations. XL Fleet’s plug-in hybrid electric drive system was named one of TIME magazine's best inventions of 2019. For additional information, please visit www.xlfleet.com.

About Dickinson Fleet Services

Headquartered in Indianapolis, Ind., Dickinson Fleet Services (DFS) has grown to become one of the largest fleet maintenance providers in the country. DFS is the leading provider of on-site mobile maintenance and repair services nationwide, offering mobile on-site maintenance and repair services for light, medium, and heavy-duty trucks and trailers through its fleet of more than 700 mobile trucks. DFS also services fleets with its network of 18 maintenance facilities each offering select services from accident repair, paint, refurbishment, and dedicated technician services, combined with an in-house CARES CALL center providing 24/7 maintenance scheduling and emergency repair assistance. Dickinson Fleet Services is a Cox Automotive™ brand. Cox Automotive is a subsidiary of Cox Enterprises. www.dickinsonfleet.com

Forward Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to failure to realize the anticipated benefits from the business combination; the effects of pending and future legislation; the highly competitive nature of the Company’s business and the commercial vehicle electrification market; litigation, complaints, product liability claims and/or adverse publicity; cost increases or shortages in the components or chassis necessary to support the Company’s products and services; the introduction of new technologies; the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, regulatory compliance and customer experience; the potential loss of certain significant customers; privacy and data protection laws, privacy or data breaches, or the loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the inability to convert its sales opportunity pipeline into binding orders; risks related to the rollout of the Company’s business and the timing of expected business milestones; the effects of competition on the Company’s future business; the availability of capital; and the other risks discussed under the heading “Risk Factors” in our Annual Report on Form 10-K filed on March 31, 2021 and other documents that the Company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update these forward-looking statements.

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Dickinson Fleet Services Media Contact
Andrew Nicolai
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• Jet Linx customers can voluntarily have the emissions from their flight activity offset through credits that fund carbon-reduction and clean energy projects around the world

BOSTON--(BUSINESS WIRE)--#EarthDay2021--4AIR, the first and only rating system focused on comprehensive sustainability in private aviation, today announced that Jet Linx Aviation customers, including its Jet Card, Joint Ownership and Aircraft Management clients, can opt in to the 4AIR Level 1 Rating, under which the carbon dioxide (CO2) emissions from their aviation activity will be offset 100 percent, leaving their travel carbon-neutral.

“4AIR is working with Jet Linx to help its customers drive positive change while accelerating the creation of a sustainable future for aviation,” said Kennedy Ricci, 4AIR’s president. “By opting into the 4AIR Level 1 program, Jet Linx customers will fly carbon-neutral, helping to prevent climate change, protect the environment and support projects that promote sustainable economic development globally. As we mark Earth Day 2021, we applaud Jet Linx and its customers for their commitment to protecting our environment.”

Under the opt-in program, 4AIR will verify the flight activity of participating Jet Linx customers, calculate the emissions from their flights based on fuel use and then purchase credits to fund real-world projects that reduce carbon emissions globally, including renewable energy, the enhancement of carbon-absorbing forests and projects that provide long-term social, community and economic development. The credits are verified through respected organizations that issue and register carbon credits, such as Verified Carbon Standard (VERRA) and The Gold Standard. Participating Jet Linx customers will pay for the carbon credits through an additional fee.

“The Jet Linx difference is taking a more focused and personalized approach that is responsive to the needs of our customers. Increasingly, we have heard from them that they want to act on their values, including contributing to improved sustainability,” said Jet Linx President and Chief Executive Officer Jamie Walker. “The 4AIR Rating Program enables them to reduce their carbon impact, doing their part to fight climate change in a way that makes sense economically. We look forward to working with 4AIR to help our customers have an impact on our world.”

Added Nancy Bsales, 4AIR’s Chief Operating Officer, Sustainability, “Jet Linx Aviation has a well-deserved reputation for core values that include supporting the communities in which we all live and work, and there is no better expression of those values than acting to reduce carbon emissions and have a genuinely positive impact on the global environment.”

Since 4AIR’s Rating Program is progressive, Jet Linx customers taking the first step of making their travel carbon-neutral have a clear path for increasing their commitment to sustainability. For example, jet card users could move to a higher 4AIR Level 2 rating by making their travel emissions-neutral, offsetting not just CO2 emissions but other pollutants including water vapor, soot and contrails. Aircraft owners could go even further and, by opting-in to using Sustainable Aviation Fuels, be eligible for a 4AIR Level 3 rating.

About the 4AIR Rating Program

The 4AIR Rating – the first and only rating system focused on comprehensive sustainability in private aviation, taking you beyond carbon neutrality – offers understandable benchmarks that are aligned with industrywide goals and consistent with international standards. This allows private aviation users to evaluate the comprehensiveness of their own sustainability program or that of the private aviation sustainability programs available on the market. 4AIR’s framework offers four increasingly progressive levels:

4AIR Level 1: Carbon-Neutral
4AIR Level 1 allows participants to be carbon-neutral by offsetting all of their carbon dioxide (CO2) emissions with verified carbon offset credits.

4AIR Level 2: Emissions-Neutral
Two-thirds of an aircraft’s environmental impact comes from non-carbon dioxide warming pollutants such as water vapor, soot and contrails. 4AIR Level 2 enables participants to be fully emissions-neutral, compensating for non-CO2 impacts with verified offsets.

4AIR Level 3: Emissions Reduction
4AIR Level 3 allows participants to go beyond emissions neutrality to actually reducing emissions by at least 5 percent through solutions such as using Sustainable Aviation Fuel (SAF) or purchasing SAF credits through 4AIR.

4AIR Level 4: Climate Champion
4AIR Level 4 allows participants to support new technologies in aviation with a contribution to the Aviation Climate Fund, aimed at supporting research and development in aviation sustainability.

If a private aviation entity or user does not have a sustainability program or would like to enhance their current efforts, they can opt into a 4AIR level. From there, 4AIR aligns flight activity with the necessary carbon offsets, Sustainable Aviation Fuel purchases/credits or impact investments called for as part of each level.

About 4AIR

4AIR is an industry pioneer offering sustainability solutions beyond just simple carbon neutrality. Its industry-first framework seeks to address climate impacts of all types and provides a simplified and verifiable path for private aviation industry participants to achieve meaningful aircraft emissions counteraction and reduction.

The 4AIR framework offers four levels, each with specific, science-based goals, independently verified results and progressively greater impacts on sustainability that make it easy for private aviation users to pursue sustainability through access to carbon markets, use of Sustainable Aviation Fuel, support for new technologies and other strategies.

All carbon credits through 4AIR are quantified and verified through the most respected and international leading bodies that issue and register credits, including the American Carbon Registry, Climate Action Reserve, Verified Carbon Standard (VERRA) and The Gold Standard. Additionally, end-of-year commitment audits are independently verified by third parties. 4AIR also serves the demand signal working groups with the World Economic Forum’s Clean Skies for Tomorrow Coalition.

For more information, visit us at www.4air.aero.

About Jet Linx Aviation

Jet Linx Aviation is a locally-focused private jet company founded in Omaha, NE in 1999 as a more personalized approach to national private jet companies. Jet Linx offers two different ways to experience private aviation — a guaranteed jet card, joint ownership, and private jet management program — providing its clients with an all-encompassing, local solution to all of their private jet travel needs. Jet Linx is an IS-BAO Stage 3, ARGUS Platinum and Wyvern Wingman safety rated operator, an accomplishment earned by less than one percent of all aircraft operators in the world. In 2019, Jet Linx became the only Forbes Travel Guide Five-Star trained and accredited private aviation company in the world. In addition to establishing the independent global rating system’s preeminent and unparalleled service standards for the in-flight experience, Jet Linx also collaborated with Forbes Travel Guide to develop their own customized, proprietary Jet Linx standards of service excellence. Jet Linx is headquartered in Omaha, Nebraska and has base locations in Atlanta, Austin, Boston, Chicago, Dallas, Denver, Detroit, Ft. Worth, Houston, Indianapolis, Minneapolis, Nashville, New York, Omaha, San Antonio, Scottsdale, St Louis, Tulsa and Washington D.C. For additional information, please visit the Jet Linx website (www.jetlinx.com).

Media Contact:
Erin Daigle
The Hubbell Group, Inc.
Mobile: 781-815-2827
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Reports quarterly GAAP and adjusted earnings from continuing operations of $0.03 and $0.07 per diluted share, respectively

Generates year-to-date operating and total free cash flow after dividends and investments of $70 million and $90 million, respectively

Returned $60 million of capital to stockholders through dividends and share repurchases

DALLAS--(BUSINESS WIRE)--Trinity Industries, Inc. (NYSE:TRN) today announced earnings results for the first quarter ended March 31, 2021.

Financial and Operational Highlights – First Quarter 2021

• Quarterly total company revenues of $399 million
• Quarterly income from continuing operations per common diluted share ("EPS") of $0.03 and quarterly adjusted EPS of $0.07
• Lease fleet utilization of 94.5% and Future Lease Rate Differential ("FLRD") of (14.8)% at quarter end
• Railcar deliveries of 1,895 and new railcar orders of 1,410
• Cash flow from operations and total free cash flow after dividends and investments ("Free Cash Flow") were $70 million and $90 million, respectively
  • Investment of $91 million in leasing capital expenditures, net of lease portfolio sales
• Net additions of 4,155 railcars to the wholly-owned and partially-owned lease fleet compared to prior year period
• Repurchases of approximately 1.3 million shares at a cost of $37 million
• Committed liquidity of $772 million as of March 31, 2021

Management Commentary

"Trinity’s first quarter results reflect the dynamics of aggressive execution on our strategic initiatives in the midst of a challenging operating environment and a competitive market for railcar demand," said Jean Savage, Trinity's Chief Executive Officer and President. "Operationally, our businesses performed well against our expectations, especially considering the winter storms that interrupted operations for nearly two weeks of the quarter."

"Trinity’s lease revenue was impacted by the continuation of softer lease pricing and slightly lower utilization compared to last year. Our Rail Products segment completed further rightsizing of our production footprint to align with lower delivery volumes, and made good progress on our strategic initiatives to lower our breakeven point and overall cost structure. While the margin for the first quarter was negative, the business segment is turning the corner, and margins trended positively through the quarter. We expect to build momentum on our cost initiatives through the remainder of the year resulting in year over year margin improvement for the segment."

"We are also seeing positive developments in the market with railcar inquiries returning to a more normal level of activity during the first quarter. As a result, Trinity’s fleet utilization and pricing are firming within our lease portfolio, and we expect lease rates to experience modest improvement through the year as existing railcars are absorbed across the industry. When looking at the potential for new railcar demand, we expect industry deliveries to be below replacement levels this year, but believe that current inquiries support improving railcar deliveries at or just above replacement levels in 2022."

"Financially, Trinity is making disciplined investments while returning meaningful capital to shareholders as part of our overall capital allocation framework. In the first quarter, we made progress on our balance sheet initiatives by completing a small lease portfolio sale and extending our Leasing warehouse credit facility. The cash flows from Trinity’s rail platform continue to prove the resiliency of the business model through the cycle with approximately $70 million in operating cash flow generated during the quarter. We continue to expect strong operating cash flows in the range of $625 million to $675 million for the 2021 year."

Ms. Savage concluded, "We are certainly encouraged by the improving trends for our business and the economy as a whole, but market uncertainty in the wake of the COVID-19 pandemic remains a headwind. We are focused on what is more within our control in optimizing our cost structure and balance sheet, and I am pleased with the execution and progress on internal initiatives to accelerate Trinity’s financial performance and create long-term shareholder value.”