EDISON, N.J.--(BUSINESS WIRE)--U.S. Shipping Corp. (“USSC” or the “Company”), a leading provider of long-haul marine transportation for chemical and petroleum cargoes in the U.S. coastwise trade operating under the Jones Act, announced that it has closed a refinancing transaction with Marathon Asset Management LP (“Marathon”), Riverstone Credit Partners LLC (“Riverstone”) and Old Hill Partners Inc. (“Old Hill”). Proceeds from the transaction, together with a portion of the Company’s cash balances, were used to fully refinance the Company’s existing indebtedness.

USSC was founded in 2002 as a provider of marine transportation services for major oil companies. Over the years, USSC has expanded its business to encompass transporting chemical products for major chemical companies and established a reputation for quality and reliability.

“We’re extremely excited to partner with Marathon, Riverstone and Old Hill as our new lenders during this next chapter for the Company,” said Al Bergeron, Chief Executive Officer at USSC. “We look forward to partnering with these lenders to further strengthen our business as the U.S. economy continues to recover.”

Adam Conrad, managing director and head of Maritime Finance at Marathon, said, “USSC’s unique offering and consistent market presence within the Jones Act trade make this a very attractive credit. We believe in the Company’s strategic vision and the ability of the management team to achieve it.”

Jefferies LLC acted as financial advisor to USSC and Norton Rose Fulbright US LLP and Hill, Betts & Nash LLP served as its legal advisors. Watson Farley & Williams LLP and Baker Botts L.L.P. served as legal advisors to Marathon and Riverstone, respectively.

About U.S. Shipping Corporation

U.S. Shipping operates a fleet of six U.S.-flagged vessels including one highly sophisticated parcel tanker, one product tanker, and four state-of-the-art articulated tug barges. The Company transports commodity chemicals and petroleum products and petroleum throughout the U.S. More information can be obtained at www.usshipcorp.com.

For inquiries please contact:
Albert E. Bergeron, +1-732-635-2705, This email address is being protected from spambots. You need JavaScript enabled to view it.

Industry Vet Brings 25 Years of Innovation to Video Content Analytics Leader

BOSTON--(BUSINESS WIRE)--BriefCam, the industry's leading provider of Video Content Analytics solutions, today announced the appointment of Igal Dvir as VP Technology & Product. In this newly created role, Dvir will oversee product vision, strategy, and roadmap execution to drive company-wide innovation.

"BriefCam has an impressive track record of continued growth and innovation, and its disruptive technology is a key reason for that success,” said Dvir. “I look forward to working with this talented team to take BriefCam’s video analytics product offerings to the next stage.”

Dvir has 25 years of experience in computer vision, deep learning, video technologies, and system architecture, most recently serving as head of computer vision for autonomous systems for Rafael Advanced Defense Systems. He began his career at NICE Systems in 1996, rising to the level of CTO, VP R&D before departing in 2009 to join DVTel. Dvir has also held leadership positions with HTS and Tyco (now merged into Johnson Controls). He holds over a dozen patents in video surveillance, analytics, and related fields.

"Igal's proven leadership skills and commitment to strategic innovation make him an excellent addition to our executive team," said Gil Briman, CEO of BriefCam. "As the company explores new markets and opportunities, Igal will play an integral part in developing our growth strategy."

About BriefCam

BriefCam is the industry's leading provider of Deep Learning and VIDEO SYNOPSIS® solutions for rapid video review and search, face and license plate recognition, real-time alerting, and quantitative video insights. By transforming raw video into actionable intelligence, BriefCam dramatically shortens the time-to-target for security threats while increasing safety and optimizing operations. BriefCam's award-winning products are deployed by law enforcement and public safety organizations, government and transportation agencies, major enterprises, healthcare and educational institutions, and local communities worldwide.

Mark Prindle
Fusion PR
917-517-4091
This email address is being protected from spambots. You need JavaScript enabled to view it.

Company to complete nation’s largest multi-state wind investment in 2021

MINNEAPOLIS--(BUSINESS WIRE)--At the end of 2020, Xcel Energy became one of the first energy providers in the United States to reach 10,000 megawatts of wind energy capacity online for customers in the states it serves. The milestone is powered by the company’s 10 new wind projects in the Upper Midwest, Colorado, Texas, and New Mexico.

While many projects are already completed, all the projects will be online by year’s end, completing the largest multi-state wind investment in the country. As new projects continue to come online in 2021, the company estimates more than 31% of its nameplate energy capacity will come from wind by the end of the year. Additionally, Xcel Energy owns and operates much of the new wind, increasing its owned projects from 850 megawatts, to 4,469 megawatts by the end of the year.

“We launched an ambitious wind energy expansion in 2017 as part of our ongoing commitment to reduce carbon emissions while continuing to provide safe, reliable, and affordable service for our customers,” said Ben Fowke, chairman and CEO, Xcel Energy. “The new wind projects we’ve added will save customers money in the coming decades, are among the most cost-effective energy sources on our grid and are integral to our groundbreaking vision to deliver 100% carbon-free electricity to our customers by 2050.”

Xcel Energy is the first major U.S. power provider to announce a commitment to reducing carbon emissions by 80% (from 2005 levels) by 2030, with a vision of delivering 100% carbon-free electricity by 2050. The company is more than halfway to that interim goal.

The projects enabled the creation of thousands of construction jobs and hundreds of permanent operations and maintenance jobs, while also supporting local governments and landowners who receive benefits through lease payments and taxes that help support local infrastructure.

New wind projects powering communities throughout Xcel Energy’s service territories

Xcel Energy has built new wind farms, repowered other projects, and secured new power purchase agreements (PPAs) for projects throughout its service territories since 2016, totaling more than 4,000 megawatts (MW), including:

Colorado:

• Bronco Plains, 300 MW, completed in 2020 (PPA)
• Cheyenne Ridge, 500 MW, completed in 2020 (owned)
• Colorado Green, 200 MW, completed in 2020 (PPA)
• Mountain Breeze, 171 MW, completed in 2020 (PPA)
• Rush Creek, 600 MW, completed in 2018 (owned)

New Mexico/Texas:

• Bonita, 230 MW, completed in 2018 (PPA)
• Hale, 478 MW, completed in 2019 (owned)
• Sagamore Wind, 522 MW, completed in 2020 (owned)

Upper Midwest:

• Blazing Star 1, 200 MW, completed in 2019 (owned)
• Community Wind North, 26 MW, completed in 2020 (owned)
• Crowned Ridge 1, 200 MW, completed in 2020 (owned)
• Crowned Ridge 2, 200 MW, completed in 2020 (PPA)
• Foxtail Wind, 150 MW, completed in 2019 (owned)
• Glen Ullin Wind, 106 MW, completed in 2019 (PPA)
• Jeffers Wind, 44 MW, completed in 2020 (owned)
• Lake Benton 2, 100 MW, completed in 2019 (owned)

Several other Upper Midwest projects are under construction and will be complete in 2021, including:

• Blazing Star 2, 200 MW (owned)
• Dakota Range 1-2, 296 MW (owned)
• Dakota Range 3, 150 MW (PPA)
• Freeborn Wind, 200 MW (owned)
• Mower Wind, 99 MW (owned)
• Deuel Harvest Wind, 100 MW (PPA)

About Xcel Energy

Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on Twitter and Facebook.

Xcel Energy Media Relations
(612) 215-5300
www.xcelenergy.com

DUBLIN--(BUSINESS WIRE)--The "Liquefied Petroleum Gas (LPG) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025" report has been added to ResearchAndMarkets.com's offering.

The global liquefied petroleum gas (LPG) market grew at a CAGR of around 6% during 2014-2019. Looking forward, the publisher expects the global liquefied petroleum gas (LPG) market to continue its moderate growth during the next five years.

Liquified petroleum gas (LPG) refers to a non-renewable source of energy commonly used as a portable, clean and non-toxic energy source in various domestic and industrial applications. It is a combination of flammable hydrocarbon gases and volatile hydrocarbons, such as propane, butane and isobutane and is stored in steel vessels, large gas cylinders and tanks. In comparison to natural gas, LPG burns readily in air and has higher heat energy. It also offers various other benefits, such as clean-burning, no soot, easily controllable flame temperatures and minimal sulfur content, thereby making it highly efficient for heating, cooking and automotive applications.

Increasing infrastructural developments across the globe represents one of the key factors driving the growth of the market. Furthermore, the rising environmental consciousness among the masses regarding the benefits of using LPG as an effective alternative to fossil fuels, is creating a positive outlook for the market. In line with this, significant growth in the automotive industry is also driving the market growth. LPG is widely used as an autogas and is a clean and effective source of energy that has lower levels of carbon emissions. It is stored in pressurized cylindrical containers for use in agricultural, hospitality, construction and sailing applications.

Additionally, improvements in the extraction and refining technologies for natural gases are favoring the market growth. Other factors, including the implementation of various government initiatives to promote the usage of LPG in place of coal, wood and kerosene for household cooking, along with rapid urbanization, especially in developing economies, are anticipated to drive the market further.

Companies Mentioned

• Bharat Petroleum Corporation Limited
• BP P.L.C.
• Chevron Corporation
• China Gas Holdings Ltd.
• Exxon Mobil Corporation
• Origin Energy Limited
• Petroliam Nasional Berhad
• Phillips 66 Company
• Repsol S.A.
• Royal Dutch Shell PLC
• Valero Energy Corporation

Key Questions Answered in This Report:

• How has the global liquefied petroleum gas (LPG) market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the global liquefied petroleum gas (LPG) market?
• What are the key regional markets?
• What is the breakup of the market based on the source?
• What is the breakup of the market based on the application?
• What is the breakup of the market based on the supply mode?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global liquefied petroleum gas (LPG) market and who are the key players?
• What is the degree of competition in the industry?

Key Topics Covered:

1 Preface

2 Scope and Methodology

2.1 Objectives of the Study

2.2 Stakeholders

2.3 Data Sources

2.3.1 Primary Sources

2.3.2 Secondary Sources

2.4 Market Estimation

2.4.1 Bottom-Up Approach

2.4.2 Top-Down Approach

2.5 Forecasting Methodology

3 Executive Summary

4 Introduction

4.1 Overview

4.2 Key Industry Trends

5 Global Liquefied Petroleum Gas (LPG) Market

5.1 Market Overview

5.2 Market Performance

5.3 Impact of COVID-19

5.4 Market Forecast

6 Market Breakup by Source

6.1 Refinery

6.1.1 Market Trends

6.1.2 Market Forecast

6.2 Associated Gas

6.2.1 Market Trends

6.2.2 Market Forecast

6.3 Non-Associated Gas

6.3.1 Market Trends

6.3.2 Market Forecast

7 Market Breakup by Application

7.1 Residential

7.1.1 Market Trends

7.1.2 Market Forecast

7.2 Commercial

7.2.1 Market Trends

7.2.2 Market Forecast

7.3 Refinery and Petrochemical

7.3.1 Market Trends

7.3.2 Market Forecast

7.4 Transportation

7.4.1 Market Trends

7.4.2 Market Forecast

7.5 Others

7.5.1 Market Trends

7.5.2 Market Forecast

8 Market Breakup by Supply Mode

8.1 Packaged

8.1.1 Market Trends

8.1.2 Market Forecast

8.2 Bulk and On-Site

8.2.1 Market Trends

8.2.2 Market Forecast

9 Market Breakup by Region

9.1 North America

9.2 Asia Pacific

9.3 Europe

9.4 Latin America

9.5 Middle East and Africa

10 SWOT Analysis

11 Value Chain Analysis

12 Porters Five Forces Analysis

13 Price Analysis

14 Competitive Landscape

14.1 Market Structure

14.2 Key Players

14.3 Profiles of Key Players

For more information about this report visit https://www.researchandmarkets.com/r/ghp560

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

Q4 Revenue of $249.4 million; an increase of 16.8% from Q419; 2020 Full Year Revenue of $794.2 million, an increase of 1.1% over 2019

Q4 GAAP Gross Margin of 25.5%; Non-GAAP Gross Margin of 27.0%

Q4 GAAP Operating Margin of (1.8%); Non-GAAP Operating Margin of 4.8%

Q4 GAAP EPS of ($0.16); Adjusted EPS of ($0.08)

SAN JOSE, Calif.--(BUSINESS WIRE)--Bloom Energy Corporation (NYSE: BE) today announced financial results for its fourth quarter and full year that ended December 31, 2020.

Fourth Quarter Financial Highlights

• Revenue of $249.4 million in the fourth quarter of 2020, an increase of 16.8% compared to revenue of $213.5 million in the fourth quarter of 2019, primarily driven by a 16.6% increase in acceptances.
• 450 acceptances, or 45.0 megawatts (MW), a 16.6% increase year-over-year. Recall that an acceptance typically occurs when the system is turned on and producing full power. For orders where one of our partners performs the installation, our acceptance criteria are different. Those acceptances are generally achieved when the systems are shipped or delivered to our partner. Upon acceptance, the customer order is moved from product backlog and is recognized as revenue.
• Gross margin of 25.5% in the fourth quarter of 2020, an increase of 13.8 percentage points compared to gross margin of 11.7% in the fourth quarter of 2019, primarily driven by an improvement in product gross margin from 10.5% to 38.8% over the same period. This improvement in product gross margins was driven by product cost reductions outpacing ASP reductions.
• Excluding stock-based compensation, non-GAAP gross margin was 27.0% in the fourth quarter of 2020, an increase of 11.3 percentage points compared to non-GAAP gross margin of 15.7% in the fourth quarter of 2019, primarily driven by an improvement in product gross margin.
• Operating margin of (1.8%) in the fourth quarter of 2020, an improvement of 20.6 percentage points compared to operating margin of (22.4%) in the fourth quarter of 2019, driven by the improvements in gross margin and a $14.6 million reduction in stock-based compensation expenses burdening operating expenses.
• Excluding stock-based compensation, non-GAAP operating margin was 4.8% in the fourth quarter of 2020, an improvement of 10.3 percentage points compared to non-GAAP operating margin of (5.5%) in the fourth quarter of 2019, driven by an improvement in gross margin.
• GAAP EPS of ($0.16) and Adjusted EPS of ($0.08) in the fourth quarter of 2020, compared to GAAP EPS of ($0.58) and Adjusted EPS of ($0.29) in the fourth quarter of 2019.

Full Year 2020 Financial Highlights

• Revenue of $794.2 million in 2020, an increase of 1.1% compared to revenue of $785.2 million in 2019, primarily driven by an 11.1% increase in acceptances and offset by the favorable impact of the PPA II upgrade on revenue in 2019.
• 1,326 acceptances, or 132.6 MW, an 11.1% increase versus full year 2019.
• Gross margin of 20.9% in 2020, an increase of 8.5 percentage points compared to gross margin of 12.4% in 2019, primarily driven by an improvement in product gross margin of from 21.9% to 35.8%. This improvement was driven by our product cost reductions outpacing ASP reductions.
• Excluding stock-based compensation, non-GAAP gross margin of 23.1% in 2020, an increase of 4.9 percentage points compared to non-GAAP gross margin of 18.2% in 2019, driven primarily by an improvement in product gross margin.
• Operating margin of (10.2%) in 2020, an improvement of 19.4 percentage points compared to operating margin of (29.6%) in 2019, driven by the improvement in gross margin and a $94.4 million reduction in stock-based compensation expenses burdening operating expenses.
• Excluding stock-based compensation, non-GAAP operating margin of (0.9%) in 2020, an improvement of 3.8 percentage points compared to non-GAAP operating margin of (4.7%) in 2019, driven primarily by an improvement in gross margin.
• GAAP EPS of ($1.14) and Adjusted EPS of ($0.67) in 2020, compared to GAAP EPS of ($2.67) and Adjusted EPS of ($1.07) in 2019.

KR Sridhar, founder, chairman, and chief executive officer, Bloom Energy, commented: “2020 was a year unlike any other in modern history as we dealt with the dual challenges of the COVID-19 global pandemic and an uncertain economy. Yet, Bloom Energy’s management team and employees proved resilient in executing our business plan, delivering strong financial performance, solid operating results and significantly improving our balance sheet. We are well-positioned for growth as we implement our technology road map and build applications for the Bloom Energy Server that solve critical energy problems like resiliency, reducing carbon emissions and costs. As we enter 2021, there are many positive developments. The Biden Administration is embracing proactive climate change policies and continuing a low-interest environment while focusing on critical infrastructure investments that fit well with our strategic approach. And, beyond the United States, there is significant momentum in Asia and opportunities to grow in other markets around the world. We believe our work in 2020 provides a spring board for success in 2021 and beyond.”

Greg Cameron, executive vice president and chief financial officer, Bloom Energy, commented: “We were encouraged by the financial performance during the fourth quarter of 2020 across revenue, gross margin, operating income and cash. Our bookings in the second half of the year gained momentum, and we have a strong backlog for 2021 that provides high project visibility into our 2021 guidance framework and improving cash flow outlook. We continue to make significant progress on reducing our product costs, and our technology investments remain on track.”

Summary of Key Financial Metrics

Revenue and Margin Highlights

Revenue in the fourth quarter of 2020 included $171.8 million of product revenue, $28.8 million of installation revenue, $32.1 million of service revenue, and $16.6 million of electricity revenue. For the full year 2020, Bloom Energy achieved $518.6 million of product revenue, $101.9 million of installation revenue, $109.6 million of service revenue and $64.1 million of electricity revenue.

GAAP gross margin in the fourth quarter of 2020 was 25.5%, up 13.8 percentage points compared to the fourth quarter of 2019 and 20.9% for the full year 2020, up 8.5 percentage points versus full year 2019. Non-GAAP gross margin in the fourth quarter of 2020 was 27.0%, up 11.3 percentage points compared to the fourth quarter of 2019 and 23.1% for the full year 2020, up 4.9 percentage points versus full year 2019. The improvement in margins for both the fourth quarter and full year 2020 was driven by lower product costs, better performance on installations and higher product margins.

Balance Sheet Highlights

Bloom Energy’s cash position, including restricted cash, as of December 31, 2020 was $416.7 million, compared to $504.4 million as of September 30, 2020. Bloom ended the year with $527.1 million of debt, a decrease of $180.1 million from the third quarter of 2020, which included a reduction of $175.5 million in recourse debt.

2021 Outlook

Bloom announced the following outlook for the full-year 2021:

• Revenue: $950 million - $1 billion
• Non-GAAP Gross Margin*: ~25%
• Non-GAAP Operating Margin*: ~3%
• Cash Flow from Operations: Approaching Positive

*Non-GAAP gross margin and non-GAAP operating margin only exclude stock-based compensation.

Conference Call Details

We will host a conference call today, February 10, 2021, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss its financial results. To participate in the live call, analysts and investors may call +1 (844) 828-0524 and enter the passcode: 5175667. Those calling from outside the United States may dial +1 (647) 689-5146 and enter the same passcode: 5175667. A simultaneous live webcast will also be available under the Investor Relations section on our website at https://investor.bloomenergy.com/. Following the webcast, an archived version will be available on our website for one year. A telephonic replay of the conference call will be available for one week following the call, by dialing +1 (800) 585-8367 or +1 (416) 621-4642 and entering passcode 5175667.

Use of Non-GAAP Financial Measures

This release includes certain non-GAAP financial measures as defined by the rules and regulations of the Securities and Exchange Commission (SEC). These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. We urge you to review the reconciliations of our non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release, and not to rely on any single financial measure to evaluate our business. With respect to our expectations regarding our 2021 Outlook, we are not able to provide a quantitative reconciliation of non-GAAP gross margin and non-GAAP operating margin measures to the corresponding GAAP measures without unreasonable efforts.

About Bloom Energy

Bloom Energy’s mission is to make clean, reliable energy affordable for everyone in the world. Bloom’s product, the Bloom Energy Server, delivers highly reliable and resilient, always-on electric power that is clean, cost-effective, and ideal for microgrid applications. Bloom’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities, and other industries. For more information, visit www.bloomenergy.com.

Forward-Looking Statements

This press release contains certain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” and “would” or the negative of these words or similar terms or expressions that concern Bloom’s expectations, strategy, priorities, plans or intentions. These forward-looking statements include, but are not limited to, expectations for growth as we implement our technology roadmap and build new applications; the pace of development of new product markets; the ability of the new Administration to enact new climate change policies; our ability for growth outside the United States; our plans for growth and success in 2021 and beyond; our expectations regarding improving cash flow; our ability to reduce our product costs; our ability to introduce new product; and our financial outlook for 2021. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors including, but not limited to, our limited operating history, the emerging nature of the distributed generation market, the significant losses we have incurred in the past, our ability to service our existing debt obligations, the significant upfront costs of our Energy Servers, the ability to secure financing for our products, the risk of manufacturing defects, the accuracy of our estimates regarding the useful life of our Energy Servers, the availability of rebates, tax credits and other tax benefits, our reliance on tax equity financing arrangements, our reliance upon a limited number of customers, our lengthy sales and installation cycle, construction, utility interconnection and other delays and cost overruns related to the installation of our Energy Servers, business and economic conditions and growth trends in commercial and industrial energy markets, global economic conditions and uncertainties in the geopolitical environment, overall electricity generation market, the impact of the COVID-19 pandemic on the global economy and its potential impact on our supply chain, installation operations, demand for our products, our ability to protect our intellectual property, the restatement of our financial statements as announced in our Current Report on Form 8-K filed with the SEC on February 12, 2020 and other risks and uncertainties detailed in Bloom’s SEC filings from time to time. More information on potential factors that may impact Bloom’s business are set forth in Bloom’s periodic reports filed with the SEC, including its Annual Report on Form 10-K for the year ended on December 31, 2019 as filed with the SEC on March 31, 2020, and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 as filed with the SEC on November 6, 2020, as well as subsequent reports filed with or furnished to the SEC from time to time. These reports are available on Bloom’s website at www.bloomenergy.com and the SEC’s website at www.sec.gov. Bloom assumes no obligation to, and does not currently intend to, update any such forward-looking statements.

The Investor Relations section of Bloom’s website at investor.bloomenergy.com contains a significant amount of information about Bloom Energy, including financial and other information for investors. We encourage investors to visit this website from time to time, as information is updated and new information is posted.

Reconciliation of GAAP to Non-GAAP Financial Measures (preliminary & unaudited) (in thousands)

Gross Profit and Gross Margin to Gross Profit Excluding Stock-Based Compensation and Gross Margin Excluding Stock-Based Compensation

Gross margin and gross profit excluding stock-based compensation (SBC) are supplemental measures of operating performance that do not represent and should not be considered alternatives to gross margin or gross profit, as determined under GAAP.

Investor Relations:
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media:
Jennifer Duffourg
Bloom Energy
+1 (480) 341-5464
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DULUTH, Minn.--(BUSINESS WIRE)--ALLETE Clean Energy, a wholly owned subsidiary of ALLETE, Inc. (NYSE: ALE), announced today renewable energy sale agreements with the Oshkosh Corporation and Hormel Foods for a combined 100 megawatts from its Caddo wind site under construction in Oklahoma.

The 303-megawatt Caddo site, with renewable energy sale agreements with three investment-grade Fortune 500 customers, will double ALLETE Clean Energy’s capacity to serve the accelerating corporate demand for clean energy. The project is in Caddo County in southern Oklahoma.

“We’re proud to work with two leading Upper Midwest corporations to help them achieve their sustainability goals with Caddo’s renewable energy,” said ALLETE Clean Energy President Allan S. Rudeck Jr. “Projects like Caddo help diversify and decarbonize the nation’s energy supply while strengthening local economies. We are grateful for our partnerships with landowners, communities and lawmakers, who have together created a business environment in Oklahoma that encourages and enables 21st century energy infrastructure investment.”

The project has the support of local communities, where benefits include more than $50 million in tax revenue, $54 million in payments to landowners, and the creation of about 200 jobs during construction and 12 to 15 long-term operations jobs.

Global innovator Oshkosh Corporation has been named one of FORTUNE’s World’s Most Admired Companies, one of America’s Most Responsible Companies by Newsweek, one of the Top 100 Most Sustainable Companies by Barron’s and is listed on the Dow Jones Sustainability Index. Oshkosh Corporation’s sustainability efforts are focused into four core areas including empowering people, building communities, innovation and creating a sustainable future. Specifically around waste and emission reduction, Oshkosh has a goal of a 25% reduction in normalized greenhouse gas emissions at its facilities by 2024 when compared with 2014.

“At Oshkosh Corporation, we are committed to sustainable operations, caring for our communities and practicing strong corporate governance,” said Kevin Tubbs, Oshkosh Corporation vice president and chief ethics, compliance and sustainability officer. “Involvement in projects such as the Caddo wind site is one of many ways that we continue to further our sustainability goals.”

Hormel Foods, named one of America’s Most Responsible Companies by Newsweek and one of the 100 Best Corporate Citizens by 3BL Media, recently announced its goal to match 100% of its energy with renewable sourcing by 2030. The Caddo wind site will help the company achieve around 50% of its goal when the project is completed.

“This project is a great addition to our clean energy portfolio,” said Tom Raymond, director of environmental sustainability for Hormel Foods. “Using renewable sources like wind not only helps the environment, but it makes long-term financial sense, supports local communities and demonstrates that we are committed to being good stewards to the planet.”

Caddo’s approximately 110 turbines will produce enough energy to power the equivalent of about 110,000 homes, and increases ALLETE Clean Energy’s total operating, under construction and build-transfer wind energy projects to more than 1,450 megawatts of nameplate capacity. The company’s recent growth has come through serving new commercial and industrial customers through the Diamond Spring and Caddo projects in Oklahoma. ALLETE Clean Energy purchased both sites from Apex Clean Energy and, as at Diamond Spring, the two companies will work together to finalize development and construction of Caddo.

“ALLETE’s strategy of sustainability in action is powered by clean energy projects such as Caddo,” said ALLETE President and Chief Executive Officer Bethany Owen. “ALLETE Clean Energy is increasingly seen as a trusted partner as it brings more renewable energy online to help corporations meet their commitments to sustainability.”

The Caddo site is expected to be operational by the end of 2021 and qualify for the safe harbor provision of federal renewable energy production tax credits. ALLETE Clean Energy continues to own an inventory of safe harbor turbines and is exploring additional opportunities to put more of them to use to serve customers.

ALLETE Clean Energy acquires, develops and operates clean and renewable energy projects. ALLETE Clean Energy owns, operates, has in advanced construction and has delivered build-transfer projects totaling more than 1,450 megawatts of nameplate wind capacity across seven states.

ALLETE Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth; BNI Energy in Bismarck, North Dakota; and has an 8% equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com. ALE-CORP

The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.

ABOUT HORMEL FOODS — Inspired People. Inspired Food.™

Hormel Foods Corporation, based in Austin, Minn., is a global branded food company with over $9 billion in annual revenue across more than 80 countries worldwide. Its brands include SKIPPY^®, SPAM^®, Hormel^® Natural Choice^®, Applegate^®, Justin’s^®, Wholly^®, Hormel^® Black Label^®, Columbus^® and more than 30 other beloved brands. The company is a member of the S&P 500 Index and the S&P 500 Dividend Aristocrats, was named on the “Global 2000 World’s Best Employers” list by Forbes magazine for three straight years, is one of Fortune magazine’s most admired companies, has appeared on Corporate Responsibility Magazine’s “The 100 Best Corporate Citizens” list for the 12th year in a row, and has received numerous other awards and accolades for its corporate responsibility and community service efforts. The company lives by its purpose statement — Inspired People. Inspired Food.™ — to bring some of the world’s most trusted and iconic brands to tables across the globe. For more information, visit www.hormelfoods.com and http://csr.hormelfoods.com/.

ABOUT OSHKOSH CORPORATION

At Oshkosh (NYSE: OSK), we make innovative, mission-critical equipment to help everyday heroes advance communities around the world. Headquartered in Wisconsin, Oshkosh Corporation employs more than 14,000 team members worldwide, all united behind a common cause: to make a difference in people’s lives. Oshkosh products can be found in more than 150 countries under the brands of JLG®, Pierce®, Oshkosh® Defense, McNeilus®, IMT®, Jerr-Dan®, Frontline™, Oshkosh® Airport Products and London™. For more information, visit oshkoshcorp.com.

Amy Rutledge
Manager - Corporate Communications
218-723-7400
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BLOOMFIELD, Conn.--(BUSINESS WIRE)--Kaman Corp. (NYSE:KAMN) announced today that it will report its fourth quarter 2020 results after the stock market closes on Thursday, February 25, 2021, and host a live webcast and conference call at 8:30 am ET on Friday, February 26, 2021. In addition, a supplemental presentation relating to the fourth quarter and full year 2020 results will be posted to the Company’s website prior to the earnings call at http://www.kaman.com/investors/presentations.

The call will be accessible by telephone within the U.S. at (844) 473-0975 and from outside the U.S. at (562) 350-0826 (using the Conference I.D.: 6195753) or via the Internet at www.kaman.com. Please go to the website at least fifteen minutes prior to the start of the call to register, download and install any necessary audio software. A replay will also be available two hours after the call and can be accessed at (855) 859-2056 or (404) 537-3406 (using the Conference I.D.: 6195753).

About Kaman Corporation

Kaman Corporation, founded in 1945 by aviation pioneer Charles H. Kaman, and headquartered in Bloomfield, Connecticut, conducts business in the aerospace & defense, industrial and medical markets. Kaman produces and markets proprietary aircraft bearings and components; super precision, miniature ball bearings; proprietary spring energized seals, springs and contacts; complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft; safe and arming solutions for missile and bomb systems for the U.S. and allied militaries; subcontract helicopter work; restoration, modification and support of our SH-2G Super Seasprite maritime helicopters; manufacture and support of our K-MAX® manned and unmanned medium-to-heavy lift helicopters. More information is available at www.kaman.com.

James Coogan
VP, Investor Relations and Business Development
(860) 243-6342
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LOS ANGELES--(BUSINESS WIRE)--Fisker Inc. (NYSE: FSR, or "Fisker") -- designer and manufacturer of the world’s most emotion-stirring, eco-friendly electric vehicles and advanced mobility solutions -- announced that it will report its fourth quarter and full year 2020 financial results after market close Thursday, Feb. 25. The release will be followed by a conference call at 2 p.m. PST (5 p.m. EST). Speakers on the call will be Henrik Fisker, chairman and chief executive officer; Dr. Geeta Gupta-Fisker, chief financial officer; and Dr. Burkhard Huhnke, chief technology officer of Fisker Inc.

The call can be accessed via a live webcast accessible on the Events and Presentations page of Fisker’s Investor Relations website: https://investors.fiskerinc.com/. An archive of the webcast will be available shortly after the call and will remain on the website for 12 months following the call.

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.

Fisker Inc.
Simon Sproule, SVP, Communications
310.374.6177
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Dan Galves, VP, Investor Relations
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HOUSTON--(BUSINESS WIRE)--SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or “the Company”) announced today it will release financial and operating results for the fourth quarter and full year 2020 and post an updated corporate presentation after market close on Wednesday, March 3, 2021.

SilverBow will host a conference call to discuss its results on Thursday, March 4, 2021 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). Investors and participants can register for the call in advance by visiting http://www.directeventreg.com/registration/event/6756335. After registering, instructions will be shared on how to join the call.

ABOUT SILVERBOW RESOURCES, INC.

SilverBow Resources, Inc. (NYSE: SBOW) is a Houston-based energy company actively engaged in the exploration, development, and production of oil and gas in the Eagle Ford Shale in South Texas. With over 30 years of history operating in South Texas, the Company possesses a significant understanding of regional reservoirs which it leverages to assemble high quality drilling inventory while continuously enhancing its operations to maximize returns on capital invested. For more information, please visit www.sbow.com.

Jeff Magids
Director of Finance & Investor Relations
(281) 874-2700, (888) 991-SBOW

BELLINGHAM, Wash.--(BUSINESS WIRE)--#homesolar--Silfab Solar, North America’s leading PV manufacturer, today announced the launch of “Silfab Elite,” the next generation of back contact modules engineered to be the best residential solar panel manufactured exclusively in the U.S.

The Elite line – SIL 370-380 BK – has an efficiency rating of up to 21.4 percent. Silfab already has secured premier distribution partners for this sleek new model.

“Silfab continues to engineer products specifically designed for the North American home owner – manufactured locally for superior quality, the highest durability and now the most powerful module available,” said Paolo Maccario, Silfab President and CEO. “The Elite line is gorgeous – it provides homeowners a very appealing look, a smaller footprint and peace of mind quality from 35+ years of solar manufacturing experience.

Silfab produces a range of PV modules that earn “Top Performer” ratings from the most stringent independent testing lab in the world. Lately, Silfab’s back contact modules received top marks for durability and reliability. The Silfab Elite series is an integration of Silfab’s latest technology, its decades of global engineering expertise, and precision manufacturing processes – using the highest-quality materials and strict quality-control measures. Silfab Solar backs its products with one of the longest and most-trusted warranty programs in the industry.

Silfab’s new Elite series will be the highest efficiency and most durable solar panel ever produced by the company. The panel operates at lower temperatures in concert with superior low-light performance, which together increase energy yield by as much as 6% on a kWh/kWp basis. The advanced back-contact technology reduces front cell metallization, minimizing shading losses, while simultaneously alleviating locked-in mechanical stress in the electrical contacts, resulting in improved performance, better long-term reliability, and higher efficiency.

Operating some of the largest highly automated manufacturing plants in North America, Silfab has perfected production methods and secured exclusive agreements with innovators to deliver the most reliable modules on the market.

To see the full product line, visit www.silfabsolar.com.

About Silfab Solar

Silfab Solar is the North American manufacturing leader in the design and development of ultra-high-efficiency, premium quality PV modules. Silfab leverages more than 35 years of solar experience and operates from Bellingham, Washington (USA) and Toronto, Canada. The combined 158,000 sq. ft. facilities feature multiple automated ISO 9001-2015 quality certified production lines utilizing just-in-time manufacturing to deliver Buy American approved PV modules specifically designed for and dedicated to the North American market. www.silfabsolar.com

Geoff Atkins
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Tel: +1-905-255-2501 Ext. 737
www.silfabsolar.com

LEAWOOD, KS--(BUSINESS WIRE)--Tortoise Essential Assets Income Term Fund (NYSE: TEAF) provides an update on the fund’s direct investments, portfolio asset allocation, structure types and impact statistics as of January 31, 2021 on the company website here. Updates will continue to be posted on a monthly basis until the fund reaches its target of 60% direct investments.

In addition, on a monthly basis, details on each private deal that has taken place over the prior month will be published here. The list includes all deals completed since the fund’s inception through January 31, 2021.

For additional information on this fund, please visit cef.tortoiseecofin.com.

About Tortoise

Tortoise focuses on energy & power infrastructure and the transition to cleaner energy. Tortoise’s solid track record of energy value chain investment experience and research dates back more than 20 years. As one of the earliest investors in midstream energy, Tortoise believes it is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. To learn more, please visit www.TortoiseEcofin.com.

Tortoise Capital Advisors, L.L.C. is the adviser to Tortoise Essential Assets Income Term Fund. Ecofin Advisors Limited is a sub-adviser to Tortoise Essential Assets Income Term Fund.

Safe harbor statement

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

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the fund and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the fund and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.

Maggie Zastrow
(913) 981-1020
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• Advances Silicon Anode Cell Technology for EVs

IRVINE, Calif.--(BUSINESS WIRE)--Enevate, a pioneer in advanced silicon-dominant lithium-ion (Li-ion) battery technology featuring extreme fast charge and high energy density for electric vehicles (EVs) and other markets, announced that it has secured a $81M Series E funding led by Fidelity Management & Research Company, providing the company with additional new resources aimed at accelerating global mass adoption of Enevate’s unique battery technology in electric vehicles. Existing investors, Mission Ventures and Infinite Potential Technologies, also participated in the round.

Enevate said that the investment would enable the company to significantly expand its pre-production line designed to guide EV and other battery customers toward implementing larger-scale battery manufacturing utilizing Enevate’s silicon anode-based batteries. The funding would also enable Enevate to scale and grow. Included will be the hiring of additional personnel with an emphasis on scientists and engineers. With this latest funding round, Enevate has raised $191 million to date.

“This latest funding reflects our investors’ confidence in our progress with our customers, our technology, and our team,” said Enevate CEO Robert A. Rango. “As our fast-charge technology is implemented, we see a day in the not-too-distant future when EV drivers will be able to pull up to drive-thru charging stations that will look much like today’s gas stations, charge up and be back on the road in five minutes.”

“We congratulate Enevate on this latest round of funding, and look forward to additional collaboration as we continue to develop competitive and exciting products for our customers,” said Hadi Zablit, Chairman of Alliance Ventures, a partnership of Renault, Nissan and Mitsubishi.

“Our collaboration with Enevate started in 2017 and progresses today, we are excited about fast charge, high energy density technology and we are working to bring it to the EV market. Congratulations to the Enevate team on this latest milestone,” said Sungrok Bang, Director of Open Innovation from LG Energy Solutions, the battery spinout from LG Chem.

“As an investor, we believe Enevate’s technology possesses a combination of advantages that is highly attractive to both the EV and power tool battery markets in both pouch and cylindrical cell formats. The advantages are enabled by Enevate’s unique silicon anode technology, which attracted us as an investor,” said a representative from Samsung Venture Investment Corporation. “We congratulate Enevate’s funding achievement on its expeditious path to commercialization.”

Enevate’s business model of technology transfer and intellectual property licensing is efficient for any company that operates or plans to operate a battery manufacturing facility. Enevate works with multiple automotive OEMs and EV battery manufacturers, enabling them to utilize existing manufacturing infrastructure with minimal additional investment, facilitating the next-generation of EVs that will eliminate customer pain points with EV ownership.

The company holds the largest portfolio of patents related to silicon Li-ion cell technologies when compared to startups worldwide, and includes a broad spectrum of advanced Li-ion cell innovations, including anode, cathode, electrolyte, separator, formation, cell design and cell architecture. Enevate now has patents in jurisdictions covering over 95% of EV sales worldwide.

About Enevate (www.enevate.com)

Enevate develops and licenses advanced silicon-dominant Li-ion battery technology for electric vehicles (EVs), with a vision of EVs charging as fast as refueling gas cars, accessible and affordable to everyone, and accelerating EVs’ mass adoption. With a portfolio of more than 350 patents issued and in process, Enevate’s pioneering advancements in silicon-dominant anodes and cells have resulted in battery technology that features five-minute extreme fast charging with high energy density, low temperature operation for cold climates, low cost and safety advantages over conventional batteries.

Enevate’s vision is to develop and propagate EV battery technology that contributes to a clean and sustainable environment. The Irvine, California-based company’s other investors include Renault-Nissan-Mitsubishi (Alliance Ventures), LG Chem, Samsung Venture Investment Corp, Mission Ventures, Draper Fisher Jurvetson, Tsing Capital, Infinite Potential Technologies, Presidio Ventures – a Sumitomo Corporation company, Lenovo, CEC Capital and Bangchak. Enevate®, the Enevate logo, XFC-Energy™, HD-Energy®, and eBoost® are registered trademarks of Enevate Corporation.

Media Contact:
Bill Blanning
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714-916-4309

HOUSTON--(BUSINESS WIRE)--The board of directors of Phillips 66 (NYSE: PSX) has declared a quarterly dividend of 90 cents per share on Phillips 66 common stock. The dividend is payable on March 1, 2021, to shareholders of record as of the close of business on Feb. 22, 2021.

About Phillips 66

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Phillips 66 Partners, the company’s master limited partnership, is integral to the portfolio. Headquartered in Houston, the company has 14,300 employees committed to safety and operating excellence. Phillips 66 had $55 billion of assets as of Dec. 31, 2020. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.

Jeff Dietert (investors)
832-765-2297
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or
Shannon Holy (investors)
832-765-2297
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or
Thaddeus Herrick (media)
855-841-2368
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 Ameresco to replace Central Utility Plant for Wellesley College, shifting focus to efficiency and sustainability

FRAMINGHAM & WELLESLEY, Mass.--(BUSINESS WIRE)--#carbonreduction--Ameresco, Inc., (NYSE: AMRC, a leading clean technology integrator specializing in energy efficiency and renewable energy, was selected to replace Wellesley College’s Central Utility Plant, which will provide cost savings benefits, and most importantly support the College’s effort to meet its environmental sustainability objectives.

Plans for the replacement of the plant began in December of 2017. At the time, the College had a reciprocating engine-driven Combined Heat and Power (CHP) facility with a vintage chiller plant, all of which were at the end of their useful life. Using cutting edge technology, this new efficient energy center will significantly reduce the use of natural gas while also cut the college’s utility demand costs.

Equipment installations at the plant will include 4MW of power generation, paralleling switchgear, 800 ton efficient electric chillers, a 600HP firetube pony boiler, a 5-cell cooling tower and a 4,000 ton thermal energy storage system. All of the planned upgrades are a part of a solution set provided by Ameresco to Wellesley College, which benefits the institution because it preserves the best power rate provided by the Wellesley Municipal Light Plant (WMLP). The plant’s electric generators will operate primarily in “peak shaving” mode, so that it will increase cost savings and decrease the strain on the local utility during peak times of the year.

“At Wellesley, we believe that responsible stewardship begins at home, and are committed to reaching efficiency goals,” said Dave Chakraborty, assistant vice president for facilities management and planning, Wellesley College. “This project will move Wellesley forward towards a more sustainable future and helps achieve our goal of reducing campus greenhouse gas emissions 37 percent by 2026, as compared to the institution's 2010 baseline.”

“Wellesley College is deeply committed to environmental sustainability. To be selected as a partner to support their efforts is truly an honor for Ameresco,” said Mike Bakas, executive vice president, Ameresco. “This project is a great example of a forward-thinking college taking a leading role in voluntarily pursuing a more sustainable future. Ameresco is fortunate to play a small part in that.”

Construction on the Central Utility Plant began in December of 2020 and is scheduled to be entering commissioning in May 2021

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

About Ameresco, Inc.

Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent clean technology integrator of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco’s sustainability services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.

About the Wellesley College

Since 1875, Wellesley College has been a leader in providing an excellent liberal arts education for women who will make a difference in the world. Its 500-acre campus near Boston is home to some 2,400 undergraduate students from all 50 states and 59 countries.

The announcement of a customer’s entry into a project contract is not necessarily indicative of the timing or amount of revenue from such contract, of the company’s overall revenue for any particular period or of trends in the company’s overall total project backlog. This project was included in our previously reported contracted backlog as of September 30, 2020.

Ameresco: Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.
Wellesley College: Casey Bayer, 914-584-9095, This email address is being protected from spambots. You need JavaScript enabled to view it.

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

TORONTO--(BUSINESS WIRE)--Sherritt International Corporation (“Sherritt”, the “Corporation”, the “Company”) (TSX: S), a world leader in the mining and hydrometallurgical refining of nickel and cobalt from lateritic ores, today reported its financial results for the three- and 12-month periods ended December 31, 2020. All amounts are in Canadian currency unless otherwise noted.

CEO COMMENTARY

“With a significantly strengthened balance sheet, a considerably improved outlook for nickel and cobalt, and encouraging signs for improved Cuban-U.S. relations, Sherritt ended 2020 in its strongest position in more than a decade,” said David Pathe, President and CEO of Sherritt International. “Keys to our progress were completion of a debt restructuring initiative that resolved our Ambatovy investment legacy while extending our debt maturities to the fourth quarter of 2026, ongoing commitments to operational excellence and employee health and safety that contributed to production results largely in line with our guidance for the year, and measures we took to preserve liquidity against a backdrop of a global pandemic and volatile commodity prices.”

Mr. Pathe added, “We plan to sustain our momentum into 2021 – even as we manage against the continuing global pandemic – by capitalizing on the growing demand for high purity nickel as the market adoption of electric vehicles and requirement for low-carbon emissions accelerate, and on the current nickel price nearly US$2 per pound higher than the average for 2020. We will also be focused on our ESG commitments in 2021 and beyond. Over the longer term, we expect to fuel our growth through an increased focus on commercializing the innovation and process development capabilities of our Technologies Group.”

SELECTED Q4 2020 HIGHLIGHTS

• Sherritt’s share of finished nickel and cobalt production at the Moa Joint Venture (Moa JV) were 4,020 tonnes and 451 tonnes, respectively. Despite being impacted by unplanned autoclave repairs at the refinery in Fort Saskatchewan, Alberta, Q4’s production totals helped to offset the negative effects of railway service disruptions in Q1 and an extended plant shutdown in Q3 due to additional found work scope, and reduced contractor availability due to COVID-19, enabling Sherritt to largely meet its production guidance at the Moa JV for the year.
• Sherritt received US$20 million in distributions from the Moa JV, representing its 50% share of total dividends declared. Sherritt also received an additional US$20 million, representing the 50% share of distributions of its Moa JV partner, General Nickel Company (“GNC”), pursuant to an overdue receivables agreement negotiated by Sherritt in 2019. Distributions received in Q4 were indicative of improving nickel and cobalt prices and strong operational performance.
• Sherritt received US$30.1 million in Cuban energy payments as part of the overdue receivables agreement with its Cuban partners. Included in this amount was the aforementioned US$20 million re-directed to Sherritt by GNC to be applied against amounts owed by Energas. Total payments consisted of US$27.7 million received in Canada and US$2.4 million accepted in Cuba to support local costs for Sherritt’s Oil and Gas operations.
• Adjusted EBITDA was $10.7 million, down 34% from last year due to declining Oil and Gas contributions related to maturing oil fields and a $7.2 million increase in non-cash share-based compensation as a result of the 116% rise in Sherritt’s share price in Q4 2020.
• Sherritt employee members of Unifor at the refinery in Fort Saskatchewan ratified a new collective agreement through March 31, 2022. The new agreement extends Sherritt’s track record of no labour disruptions at the refinery since it began operations in 1954.
• Sherritt renewed and extended its $70 million credit facility with its syndicate of lenders to April 30, 2022, agreeing to more flexible financial covenants. As at December 31, Sherritt had drawn $8 million against the facility.
• Sherritt purchased two separate put nickel options, each on 25% of its share of attributable finished nickel production from the Moa JV for 2021. The first, at a strike price of US$6.50/lb for a total cost of $5.8 million, is in effect for a 12-month period starting January 1, 2021. The second, at a strike price of US$7.00/lb for a total of $3.5 million, is in effect for a nine-month period starting April 1, 2021. Any cash settlements will be completed on a monthly basis against the average monthly nickel price on the London Metal Exchange and will involve no physical delivery. The hedging strategy is designed to provide Sherritt with cash flow security in 2021 against downward changes in nickel prices.
• Sherritt announced that its CEO, David Pathe, plans to step down from his role in 2021. The Company has launched a search for his successor, and Mr. Pathe has agreed to stay on until a replacement is in place to ensure an orderly transition.

SUMMARY OF KEY 2020 DEVELOPMENTS

• Sherritt ended 2020 with cash and cash equivalents of $167.4 million ($75.0 million held by Energas in Cuba), up from $166.1 million last year ($79.8 million held by Energas in Cuba). The higher cash position and increased amount held in Canada were driven by the receipt of $39.6 million of dividend distributions from the Moa JV, receipt of US$77 million of payments from Cuban energy partners, and lower interest payments of $5.0 million. The increased cash position was offset by balance sheet transaction costs of $27.6 million, capital expenditures of $12.1 million, and nickel put option purchase costs of $9.3 million.
• Sherritt successfully completed a balance sheet initiative in Q3 that improved its capital structure and addressed its Ambatovy investment legacy following stakeholder approval. As a result of the transaction, Sherritt reduced its outstanding debt by approximately $301 million, extended the maturities of its note obligations to 2026 and 2029, reduced annual interest payments by more than $15 million, terminated its debt obligations relating to the Ambatovy Joint Venture, and ended the cross-default risk of the Ambatovy shareholder agreement, all without any dilution of its common shares.
• Sherritt implemented a number of austerity measures that resulted in the reduction or deferral of more than $90 million in budgeted expenditures for the Moa JV (100% basis), Sherritt’s Oil and Power operations, and Corporate office, and reduced administrative expenses by $5.2 million (excluding non-cash share-based compensation and depreciation).
• Sherritt’s share of production, unit costs, and capital spend for each of its business units in 2020 were largely in line with guidance for the year, indicative of ongoing commitments to operational excellence and employee health and safety, particularly in light of the COVID-19 global pandemic.
• Net loss from continuing operations in FY2020 totaled $85.7 million or $0.22 per share. The amounts were an improvement from the net loss of $142.4 million, or $0.36 per share, for FY2019. In FY2020 Sherritt recognized earnings from discontinued operations of $107.9 million related to the disposition of its 12% ownership interest in the Ambatovy Joint Venture as part of the balance sheet initiative and reclassification as discontinued operations.
• Sherritt committed to identifying commercial applications for innovations developed by its Technologies Group aimed at making next generation lateritic ore mining more economically viable and more sustainable.
• Sherritt implemented a number of additional health and safety measures and work processes designed to protect employees, suppliers and other stakeholders at its operations in response to the spread of COVID-19. As a result of the additional measures, Sherritt had minimal impact to its nickel, cobalt, power, and oil production in 2020. The additional measures will remain in effect through the duration of the pandemic.
• Sherritt released its 2019 Sustainability Report showing progress against its Environmental, Social, and Governance (ESG) targets, including efforts to reduce greenhouse emissions, maintain peer-leading safety metrics, and commitments to doubling the number of female employees by 2030. Sherritt will continue to develop and reinforce its ESG commitments in 2021 and beyond.
• Sherritt signed the BlackNorth Initiative Pledge aimed at ending anti-Black systemic racism and creating opportunities for the BIPOC community.

DEVELOPMENTS SUBSEQUENT TO THE YEAR END

• Sherritt received a $20.3 million prepayment against nickel deliveries in 2021. The prepayment is consistent with Sherritt’s efforts to enhance its liquidity.
• Sherritt’s refinery in Fort Saskatchewan had its operating license renewed for 10 years by Alberta’s Ministry of Environment and Parks.

Q4 2020 FINANCIAL HIGHLIGHTS⁽¹⁾

Cash, cash equivalents, and short-term investments at December 31, 2020 were $167.4 million, up from $165.1 million at September 30, 2020. The increase was due to a number of factors including, receipt of more than US$30.1 million of Cuban energy payments and $26.3 million of dividend distributions from the Moa Joint Venture, partly offset by negative cash flow at Oil and Gas and the $9.3 million purchase of nickel put options.

As at December 31, 2020, $75.0 million of Sherritt’s cash and cash equivalents was held by Energas in Cuba, down from $82.1 million at the end of Q3 2020.

Sherritt received US$30.1 million in Cuban energy payments as part of its overdue receivables agreement with its Cuban partners in Q4 2020. Payments, which included US$27.7 million received in Canada and US$2.4 million accepted in Cuba to support local costs relating to Sherritt’s Oil and Gas operations, were higher than expected as Sherritt’s Moa Joint Venture partner, GNC, redirected US$20.0 million of its share of dividends paid by the joint venture to Sherritt to reduce the overdue receivables.

Total overdue scheduled receivables at December 31, 2020 were US$145.9 million, down from US$159.1 million at September 30, 2020 due to the timing of payments received and re-direction of Moa Joint Venture dividends.

Adjusted net loss⁽¹⁾

Net loss for FY2020 includes a gain of $142.3 million on the exchange of debentures as part of the balance sheet initiative offset by an impairment loss recognized on the write down of exploration and evaluation assets and capitalized spare parts relating to Block 10 drilling activities totaling $115.6 million and an impairment on Power assets of $9.4 million.

On the close of the balance sheet initiative in Q3 2020, Sherritt exchanged its 12% ownership interest and its loans and operator fee receivables in the Ambatovy Joint Venture for $145.6 million owed to its partners. Consistent with IFRS standards, Sherritt’s investment in the Ambatovy Joint Venture met the criteria to be classified and presented as discontinued operations for accounting purposes. As a result, Sherritt’s share of loss of an associate, net of tax, and other components of comprehensive income (loss) related to the Ambatovy Joint Venture were reclassified to the earnings (loss) on discontinued operations, net of tax, in the current and comparative periods. For FY2020, Sherritt recognized earnings on the disposition and reclassification of $107.9 million.

METALS MARKET

Nickel

Nickel market conditions continued to improve in the fourth quarter of 2020, sustaining the momentum triggered by the restart of economic activities late in the second quarter, particularly in China, following the easing of restrictions caused by the COVID-19 pandemic.

Market conditions in Q4 also benefited from renewed interest in electric vehicles, bullish forecasts by industry analysts for accelerated demand growth, and multiple announcements from automakers indicating considerable investments to significantly expand electric vehicle production capacity. High purity, or Class 1 nickel, as produced by Sherritt, will be the primary metal in battery chemistries most automakers have adopted.

Nickel prices on the London Metal Exchange opened at US$6.52/lb on October 1 and closed on December 31 at US$7.50/lb, representing a growth of 15%. Nickel prices in 2020 experienced considerable volatility, ranging from a low of US$5.01/lb to a high of US$8.07/lb. In 2020, nickel prices ended the year up 18% from the start of the year.

While nickel prices climbed during Q4, nickel inventory levels on the London Metal Exchange (LME) and the Shanghai Future Exchange (SHFE) remained relatively flat. Combined inventory levels at December 31 totaled approximately 262,900 tonnes, up from approximately 262,700 tonnes at September 30. Nickel inventories on the LME and SHFE have stayed relatively flat despite the reduced production of stainless steel globally on a year to date basis largely because a number of nickel mines around the world have either significantly reduced production or have gone into care and maintenance as a result of the spread of COVID-19. Production at the Moa JV has largely been unaffected by the spread of COVID-19 in 2020.

The momentum of higher nickel prices has carried over into 2021, reaching US$8.38/lb on February 10, the highest price since August 2019. Nevertheless, nickel prices are expected to be volatile over the near and medium term given the softening of demand expected with the interruption of manufacturing activities in China caused by Lunar New Year celebrations in February, and also by the ongoing economic uncertainty caused by the continued spread of the COVID-19 pandemic.

As mining operations resume production activities, nickel inventory levels may rise given that supply could exceed demand as a number of industries that are large consumers of stainless steel, such as food and hospitality sector, will experience a delayed or slower economic recovery, particularly if the second wave of the pandemic is prolonged.

Added to this uncertainty is the substantial increase expected in nickel pig iron production, leading some industry analysts to predict an oversupplied nickel market in the near term. This development is putting additional pressure on producers of lower-grade material such as ferronickel, which is currently selling at significant discount. Combined, these developments suggest near-term nickel price fluctuations.

Over the longer term, as demand for nickel is expected to grow with the increased adoption of electric vehicles and requirement for low-carbon emissions since nickel – along with cobalt – is a key metal needed to manufacture assorted energy storage batteries, more favorable price conditions with less volatility are expected.

Cobalt

Cobalt prices remained relatively flat in the fourth quarter of 2020 according to data collected by Fastmarkets MB. Standard grade cobalt prices on December 31 closed at US$15.60/lb, down from US$15.65/lb at the start of the quarter. Stable prices in the fourth quarter suggest that soft market conditions experienced earlier in the year due the onset of the COVID-19 pandemic have improved. Cobalt prices had declined to US$13.90/lb in July from U$15.53/lb at the start of 2020, largely due to reduced demand emanating from markets, such as the aerospace sector, most impacted by the pandemic.

Since the start of 2021, cobalt prices have climbed to more than US$22.00/lb, largely on news reports that consumers in China have started to stockpile inventory to take advantage of weak prices in anticipation of stronger demand expected with accelerated growth of electric vehicle demand expected in the coming years. Cobalt is a key component of rechargeable batteries providing energy density and stability.

REVIEW OF OPERATIONS

Moa Joint Venture (50% interest) and Fort Site (100%)

Mixed sulphides production at the Moa JV in Q4 2020 was 4,421 tonnes, up 5% from 4,203 tonnes produced in Q4 2019. The increase in Q4 2020 was largely due to normalized availability of diesel fuel supply at Moa, resulting in the greater use of mining equipment and better access to higher grade material compared to last year. Mixed sulphides production at Moa for much of the second-half of 2019 was negatively impacted by diesel fuel conservation measures implemented in response to reduced diesel fuel supply availability caused by economic and trade sanctions imposed on Venezuela, Cuba’s largest oil supplier. The diesel conservation measures in 2019 included reduced use of mining equipment and increased draw down of lower grade ore stockpiles.

Mixed suphides production for FY2020 was 17,429 tonnes, up 2% from FY2019. The growth was largely attributable to normalized diesel supply in 2020, but also reflective of the ongoing benefits of operational excellence initiatives implemented over the past 24 months and Cuba’s success in limiting the spread of the COVID-19 virus in the country since the start of the global pandemic.

Finished nickel production in Q4 2020 totaled 4,020 tonnes, largely flat with the 4,049 tonnes produced in Q4 2019 while finished cobalt production for Q4 2020 was 451 tonnes, up 10% from the 411 tonnes produced in Q4 2019. Finished production totals in Q4 2020 were negatively impacted by unplanned autoclave repairs at the refinery in Fort Saskatchewan. The repairs resulted in a reduction of nickel and cobalt production to 50% of normal capacity for several days. Repairs were completed before the end of Q4 2020, and finished production resumed to normal capacity.

Despite being impacted by unplanned repairs, Q4’s production totals helped to offset the negative effects of railway service disruptions in Q1 and an extended plant shutdown in Q3 due to additional found work scope and reduced contractor availability due to COVID-19, enabling the Moa JV to largely meet its production guidance of 32,000 to 33,000 tonnes on a 100% basis for the year.

Joe Racanelli, Director of Investor Relations
Telephone: (416) 935-2457
Toll-free: 1 (800) 704-6698
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KARLSKOGA, Sweden--(BUSINESS WIRE)--BAE Systems has been selected to supply 12 Bofors 40 Mk4 naval guns to the Belgian and Dutch navies as part of the Mine Counter Measures Vessels (MCMV) program. The shipbuilding company Kership will install the guns on the fleet of 12 mine hunting vessels – six for Belgium, six for the Netherlands – with the first ship scheduled for delivery to the Belgian Navy in 2024.

The Bofors 40 Mk4 is a flexible, highly versatile gun system designed to react quickly in coastal environments. Lightweight and compact, the naval gun system combines long range and a high rate of fire, giving the mine hunting vessels a greater level of defense against surface, air, and shore-based threats.

“The Bofors 40 Mk4 is a highly automated naval gun which will provide the Belgian and Dutch navies with significant firepower and great range,” said Lena Gillström, managing director for BAE Systems Bofors in Karlskoga, Sweden. “This latest contract expands the number of European nations using the Bofors 40 Mk4, and reflects the growing interest we are seeing in the region.”

Offering high survivability and tactical freedom at all levels of conflict, the Bofors 40 Mk4 also provides optimized ammunition types, including the cost-efficient programmable 3P ammunition. The ability to automatically switch between different types of ammunition gives a high level of combat flexibility in the face of new threats such as UAVs.

The Bofors 40 Mk4 naval gun is the latest generation in the 40mm family and is used by numerous navies and coast guards around the world. The system was most recently selected by Finland, Sweden, and the United Kingdom.

Katarina Tolgfors, BAE Systems in Sweden
Mobile: +46 (0)72 236 3424
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Rebecca Surtees, BAE Systems, Inc.
Mobile: +44 (0)7825 948274
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www.baesystems.com
@BAESystemsInc

CALGARY, Alberta--(BUSINESS WIRE)--(ARX - TSX, VII - TSX) ARC Resources Ltd. ("ARC") and Seven Generations Energy Ltd. ("Seven Generations") today announce a strategic combination of the two premier Montney producers. The combined company will continue to focus on significant free funds flow⁽¹⁾ generation through a responsible and disciplined approach to development while creating superior and enduring value for all shareholders. The combination is consistent with ARC’s and Seven Generations’ long-term strategies and is expected to be immediately accretive on a free funds flow and net asset value per share basis to all shareholders.

The companies have entered into a definitive agreement to combine in an all-share transaction valued at approximately $8.1 billion, inclusive of net debt. The combined company will operate as ARC Resources Ltd. and remain headquartered in Calgary, Alberta. Under the terms of the definitive agreement, Seven Generations shareholders will receive 1.108 common shares of ARC for each common share of Seven Generations held.

TRANSACTION HIGHLIGHTS

• The combined company will become the premier Montney producer of low-cost natural gas and high-margin condensate, with combined production expected to total over 340,000 boe⁽²⁾ per day in 2021, comprising approximately 138,000 barrels per day of liquids and approximately 1.2 Bcf per day of natural gas.⁽³⁾
• The transaction will create a combined company with material size and scale that enhances ARC’s and Seven Generations’ existing commodity and geographic diversification. The combined company will become Canada’s largest condensate producer, third-largest natural gas producer, and sixth-largest upstream energy company.
• The combination will immediately deliver accretive free funds flow per share to all shareholders, yielding synergies that are expected to deliver approximately $110 million in annual cost savings by 2022. The combined company will continue to pay ARC’s quarterly dividend of $0.06 per share, subject to the approval of the Board of Directors.
• The combined company is expected to generate significant free funds flow at current commodity prices, which will increase optionality in capital allocation decisions, including the ability to fund development of ARC’s Attachie asset, further development of Seven Generations’ Nest asset, and deliver incremental returns to shareholders.
• Following the combination, ARC will maintain its strong financial position, with financing for the transaction fully committed. The combined company is expected to have an investment-grade credit rating and plans to manage a low-cost capital structure with ample liquidity. The combination also has a strong deleveraging profile, with net debt expected to be reduced to approximately 1.3 times funds from operations by year-end 2021.
• The combination will advance both companies’ operational excellence and elevate their standing as prominent ESG-focused companies, with ARC and Seven Generations currently delivering the lowest greenhouse gas ("GHG") emissions intensity amongst their Canadian exploration and production peer group.
• The combined company will benefit from the experience of ARC’s Hal Kvisle as Board Chair and Seven Generations’ Marty Proctor as Board Vice-Chair, and will be led by ARC’s Terry Anderson as President and Chief Executive Officer ("CEO") and director, ARC’s Kris Bibby as Senior Vice President and Chief Financial Officer ("CFO"), and Seven Generations’ David Holt as Senior Vice President and Chief Operating Officer (“COO”).

STRATEGIC RATIONALE

Delivers Immediately Accretive Returns to All Shareholders

The transaction is expected to be immediately accretive on a free funds flow and net asset value per share basis to all shareholders. Funds from operations, free funds flow, and the combined company’s net asset value are all expected to meaningfully increase.

The combined company’s balanced portfolio of top-tier, long-life condensate, liquids-rich, and natural gas assets will expand internal investment optionality. Capital allocation can be further optimized across all commodity cycles to enhance returns and deliver increased shareholder value. The premier Montney land base of the combined company will comprise over 1.1 million net acres of Montney land and a deep inventory of high-return, de-risked core development opportunities. Free funds flow will be allocated towards the company’s highest-returning assets for development, debt reduction, and potential return of capital to shareholders through share buybacks and/or dividend increases.

As part of its returns-focused value proposition, the combined company will pay a quarterly dividend of $0.06 per share, subject to the approval of the Board of Directors.

Accelerates Free Funds Flow Generation

The combined company is expected to generate significant free funds flow due to its prolific Montney resource base, its extensive network of owned-and-operated infrastructure, with natural gas processing and sales capacity of approximately 1.5 Bcf per day, and its low cost structure, which will further improve as a result of the combination. Initial annual sustaining capital requirements are expected to be approximately $1.0 billion. Estimated cost savings and synergies from the combination are expected to drive approximately $110 million in annual free funds flow improvements by 2022, attained through corporate cost savings, operating efficiencies, market optimization opportunities, and drilling and completions efficiencies. The combined company expects to capture additional interest savings as it intends to execute an investment-grade long-term financing plan.

Both ARC and Seven Generations share a focus on operational excellence. Additional synergies and efficiencies beyond those currently assigned a monetary value are expected to be realized as a result of the combination, leveraging the best practices and capabilities of both organizations. Through enhanced market diversification activities, the combined company will have the ability to access multiple downstream markets across North America and will execute an active risk management program with a long-term focus on reducing volatility in funds from operations.

Preserves Strong Financial Position

The combined company is expected to have an investment-grade credit rating and is committed to protecting its strong financial position by maintaining significant financial flexibility with its balance sheet. Financing for the transaction is fully committed, with net debt expected to be reduced to approximately 1.3 times funds from operations by year-end 2021, based on current commodity prices. The combined company has a strong deleveraging plan in place and will target a net debt to annualized funds from operations ratio of between 1.0 and 1.5 times over the long term.

In connection with the combination, ARC has entered in a binding agreement with RBC Capital Markets ("RBC") and CIBC Capital Markets ("CIBC"), who are acting as Joint Bookrunners, to provide the combined company with underwritten aggregate credit facility commitments of up to $3.5 billion which will ensure an ability to optimize the capital structure, including retirement of the Seven Generations outstanding senior notes, while maintaining adequate go-forward liquidity.

Achieves Size and Scale

The complementary assets of ARC and Seven Generations will possess material size and scale, while enhancing existing commodity and geographic diversification. The combined company will be the largest pure-play Montney producer, Canada’s largest condensate producer, third-largest natural gas producer, and sixth-largest upstream energy company. The balanced portfolio of approximately 40 per cent liquids and 60 per cent natural gas at this size and scale results in an enviable and resilient position.

With its increased size and scale, the combined company expects to have improved access to capital and greater relevance in the global energy market. These enhancements are expected to support additional long-term market access and integration opportunities to increase revenue diversification and profitability.

Elevates Position as ESG Leader

ARC and Seven Generations share a commitment to ESG excellence, including managing risks around all aspects of the business, ensuring employees’ and contractors’ safety, and stewarding environmental responsibility, performance, and reporting transparency. ARC and Seven Generations currently have the two lowest GHG emissions intensities amongst their Canadian exploration and production peer group. In addition to delivering strong environmental performance through responsible development activities, good governance, diversity and inclusion, to which both companies share a commitment, strong partnerships, and stakeholder service, will all be part of the combined company’s ESG principles.

PRELIMINARY PRO FORMA 2021 OUTLOOK

Detailed guidance for 2021 will be provided upon closing of the transaction. The preliminary pro forma 2021 outlook estimates capital investments of approximately $1.0 billion to $1.1 billion, which will primarily be focused on sustaining production at ARC’s and Seven Generations’ core operating properties. The combined company is expected to deliver average daily production of over 340,000 boe per day, comprising approximately 138,000 barrels per day of liquids and approximately 1.2 Bcf per day of natural gas. Approximately 60 per cent of production will be produced in Alberta, with the remaining 40 per cent being produced in British Columbia.

GOVERNANCE AND LEADERSHIP

The combined company will bring together the strengths and talents of both organizations to drive superior performance and deliver strong returns to shareholders. Financial strength, disciplined capital allocation, operational excellence, safety, and leading ESG performance, will continue to be key tenets for the organization.

The Board of Directors will consist of 11 members, made up of six directors from ARC and five directors from Seven Generations. ARC’s Hal Kvisle will remain as independent Chair and Seven Generations’ Marty Proctor will join the Board to serve as Vice-Chair. Management will be led by ARC’s Terry Anderson as President and CEO, ARC’s Kris Bibby as Senior Vice President and CFO, and Seven Generations’ David Holt as Senior Vice President and COO.

Additional senior leaders for the combined company will be selected from the senior leadership teams at both organizations and will be named before the close of the transaction.

The combined company will be headquartered in Calgary, Alberta, with field operations headquartered in Grande Prairie, Alberta, Dawson Creek, British Columbia, and Drayton Valley, Alberta.

TRANSACTION DETAILS

Under the terms of the definitive agreement, Seven Generations shareholders will receive 1.108 common shares of ARC for each common share of Seven Generations held. Following the close of the transaction, ARC shareholders will own approximately 49 per cent and Seven Generations shareholders will own approximately 51 per cent of the total shares outstanding.

The transaction is structured through a plan of arrangement in respect of the securities of Seven Generations under the Canada Business Corporations Act and is subject to the approval of at least two-thirds of the votes cast by holders of Seven Generations common shares. The issuance of ARC common shares is subject to the approval of the majority of votes cast by holders of ARC common shares in connection with the transaction. ARC expects to amalgamate Seven Generations upon closing.

The voting directors of both ARC and Seven Generations have unanimously approved the arrangement agreement. Canada Pension Plan Investment Board, which has been a Seven Generations shareholder since 2012 and controls 16.8 per cent of issued and outstanding shares, has entered into a Support Agreement whereby it will vote in favour of the transaction under the terms of the agreement. A joint information circular, which will include details of the transaction, is expected to be mailed to ARC and Seven Generations shareholders by the end of February.

The transaction is subject to shareholder approval for both ARC and Seven Generations, regulatory approvals, and other customary closing conditions. The transaction is expected to close in the second quarter of 2021.

ADVISORS

RBC is acting as exclusive financial advisor to ARC. RBC has provided a verbal opinion to ARC’s board of directors that the exchange ratio under the plan of arrangement is fair, from a financial point of view, to the ARC shareholders and is subject to the assumptions made and the limitations and qualifications included in the written opinion of RBC. Burnet, Duckworth & Palmer LLP is acting as ARC’s legal advisors for the transaction.

CIBC is acting as exclusive financial advisor to Seven Generations. CIBC has provided a verbal opinion to Seven Generations’ board of directors that the exchange ratio under the arrangement is fair, from a financial point of view, to the Seven Generations shareholders and is subject to the assumptions made, as well as the limitations and qualifications included in the written opinion of CIBC. Stikeman Elliott LLP is acting as Seven Generations’ legal advisors for the transaction.

CONFERENCE CALL AND ADDITIONAL MATERIALS

ARC and Seven Generations will be hosting a joint conference call to discuss the transaction on Wednesday, February 10, 2021 at 6:00 p.m. Mountain Time ("MT").

A live audio recording of the conference call will also be available on ARC's website at www.arcresources.com and Seven Generations’ website at www.7Genergy.com. A replay will be made available on both companies’ websites following the conference call.

Related presentation materials are available on ARC’s website at www.arcresources.com and Seven Generations’ website at www.7Genergy.com.

NOTES

ADVISORY STATEMENTS

Basis of Presentation

All financial figures and information have been prepared in Canadian dollars (which includes references to "dollars" and "$"), except where another currency has been indicated, and in accordance with IFRS or GAAP as issued by the International Accounting Standards Board. Production volumes are presented on a before royalties basis.

Non-GAAP Measures

Certain financial measures in this news release do not have a standardized meaning as prescribed by IFRS, such as free funds flow (including on a per share basis), and therefore are considered non-GAAP measures. See the "Capital Management" note of ARC's audited consolidated financial statements as at and for the year ended December 31, 2020 for further information on other measures contained in this news release including funds from operations and net debt. These measures may not be comparable to similar measures presented by other issuers. These measures have been described and presented in order to provide shareholders, potential investors and analysts with additional measures for analyzing the transaction. This additional information should not be considered in isolation or as a substitute for measures prepared in accordance with IFRS.

Note Regarding Forward-looking Information

This news release contains certain forward-looking statements and forward-looking information (collectively referred to as "forward-looking information") within the meaning of applicable securities legislation, about ARC's and Seven Generations' current expectations, estimates, and projections about the future, based on certain assumptions made in light of experiences and perceptions of historical trends. Although ARC and Seven Generations believe that the expectations represented by such forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct.

This forward-looking information is identified by words such as "achieve", "anticipate", "believe", "can be", "capacity", "committed", "commitment", "continue", "could", "drive", "enhance", "ensure", "estimate", "expect", "focus", "forward", "future", "guidance", "maintain", "may", "outlook", "plan", "position", "potential", "strategy", "should", "target", "will", or similar expressions and includes suggestions of future outcomes, including, but not limited to, statements about: the focus and business strategies of each of ARC and Seven Generations; the estimated value of the transaction; the timing and completion of the plan of arrangement and the acquisition of all issued and outstanding Seven Generations common shares; the timing and anticipated receipt of required regulatory, court, and securityholder approvals for the transaction and other customary closing conditions; ARC's ability to issue securities pursuant to the transaction; the anticipated benefits of the transaction, including corporate, operational, and other synergies and the timing thereof; the ability to integrate the businesses of ARC and Seven Generations; the anticipated production (including the location thereof), land, and inventory of development opportunities of the combined company; anticipated cost savings as a result of transaction synergies, including the anticipated timing of achieving such cost savings; the combined company's financial position including its rating, costs, debt profile, annual sustaining capital requirements, and expected liquidity; the expected management team of the combined company, their positions, and qualifications; the composition of the combined company's board of directors following closing of the transaction; the anticipated effect of the transaction on the competitiveness of the combined company and its profitability, liquidity, and cost structure; the expected increase to funds from operations, free funds flow, and net asset value; the benefits to be achieved from free funds flow, including the anticipated use and allocation of such funds; the anticipated payment of a quarterly dividend, subject to Board approval; the anticipated reduction of net debt and net debt to annualized funds from operations ratio; the expected size and scale of the combined company; the anticipated improved access to markets; the combined company's risk management program; the anticipated safety and reliability of the operations of the combined company; the anticipated benefits from ARC's new credit facility, including the amount thereof; the anticipated relevancy of the combined company in the global energy market and expected long-term opportunities; the continuing commitment to ESG excellence, good governance, diversity, and inclusion; expected capital investments and pro forma financial outlook; the expected headquarters of the combined company; the expected shareholder ownership following the business combination; the expected timing and mailing of the joint information circular; the anticipated timing of the closing of the transaction; the anticipated method and timing of the shareholders' meetings of ARC and Seven Generations; and other similar statements. Readers are cautioned not to place undue reliance on forward-looking information as the combined company's actual results may differ materially from those expressed or implied.

Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to ARC, Seven Generations, and the combined company, and others that apply to the industry generally. The factors or assumptions on which the forward-looking information is based include, but are not limited to: the satisfaction of the conditions to closing of the transaction in a timely manner and completing the arrangement on the expected terms; anticipated returns to shareholders; the combined company's ability to successfully integrate the businesses of ARC and Seven Generations; access to sufficient capital to pursue any development plans associated with full ownership of Seven Generations; the combined company's ability to issue securities; the impacts the transaction may have on the current credit ratings of ARC and Seven Generations and the credit rating of the combined company following closing; forecast commodity prices and other pricing assumptions; forecast production volumes based on business and market conditions; the accuracy of outlooks and projections contained herein; projected capital investment levels, the flexibility of capital spending plans, and associated sources of funding; achievement of further cost reductions and sustainability thereof; applicable royalty regimes, including expected royalty rates; future improvements in availability of product transportation capacity; increases to the combined company's share price and market capitalization over the long term; opportunity for the combined company to pay dividends, and the approval and declaration of such dividends by the Board of the combined company; opportunities to repurchase shares for cancellation at prices acceptable to the combined company; cash flows, cash balances on hand, and access to credit facilities being sufficient to fund capital investments; foreign exchange rates; the anticipated effects of the recent cancellation of the Keystone XL Project and its effect on commodity prices; near-term pricing and continued volatility of the market; the ability of the combined company's refining capacity, dynamic storage, existing pipeline commitments, and financial hedge transactions to partially mitigate a portion of the combined company's risks against wider price differentials; estimates of quantities of oil, bitumen, natural gas, and liquids from properties and other sources not currently classified as proved; accounting estimates and judgments; future use and development of technology and associated expected future results; the combined company's ability to obtain necessary regulatory approvals; the successful and timely implementation of capital projects or stages thereof; the ability to generate sufficient cash flow to meet current and future obligations; estimated abandonment and reclamation costs, including associated levies and regulations applicable thereto; the combined company's ability to obtain and retain qualified staff and equipment in a timely and cost-efficient manner; the combined company's ability to carry out transactions on the desired terms and within the expected timelines; forecast inflation and other assumptions inherent in the current guidance of ARC and Seven Generations; the retention of key properties; the continuance of existing tax, royalty, and regulatory regimes; the accuracy of the estimates of each of ARC's and Seven Generation's reserve volumes; the combined company's ability to access and implement all technology necessary to efficiently and effectively operate its assets; the ongoing impact of novel coronavirus COVID-19 ("COVID-19") on commodity prices and the global economy; and other risks and uncertainties described from time to time in the filings made by ARC and Seven Generations with securities regulatory authorities.

Kris Bibby
Senior Vice President and CFO
ARC Resources Ltd.
403-503-8675
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Martha Wilmot
Investor Relations Analyst
ARC Resources Ltd.
403-509-7280
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Brian Newmarch
Vice President, Capital Markets and Stakeholder Engagement
Seven Generations Energy Ltd.
403-767-0752
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Ryan Galloway
Director, Investor Relations
Seven Generations Energy Ltd.
403-718-0709
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NORWELL, Mass.--(BUSINESS WIRE)--Clean Harbors, Inc. (NYSE: CLH), the leading provider of environmental and industrial services throughout North America, will host its fourth-quarter and full-year 2020 financial results conference call on Wednesday, February 24, 2021 at 9:00 a.m. ET.

On the call, Chairman, President and Chief Executive Officer Alan S. McKim, Executive Vice President and Chief Financial Officer Michael L. Battles, and Senior Vice President of Investor Relations Jim Buckley will discuss Clean Harbors’ financial results, business outlook and growth strategy.

Those who wish to listen to the conference call webcast should visit the Investor Relations section of the Company’s website at www.cleanharbors.com. The live call also can be accessed by dialing 877.709.8155 or 201.689.8881. Please dial in at least 10 minutes prior to the start of the call. If you are unable to listen to the live call, the webcast will be archived on the Company’s website.

About Clean Harbors

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

Michael L. Battles
EVP and Chief Financial Officer
Clean Harbors, Inc.
781.792.5100
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Jim Buckley
SVP Investor Relations
Clean Harbors, Inc.
781.792.5100
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Includes B. Riley Financial exchanging a portion of its existing Tranche A term loan for $35 million of senior notes

AKRON, Ohio--(BUSINESS WIRE)--$BW #BabcockWilcox--Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced that on February 10, 2021 it priced an underwritten public offering of $120 million aggregate principal amount of 8.125% senior notes due 2026. B&W has granted the underwriters a 30-day option to purchase up to an additional $5 million aggregate principal amount of senior notes in connection with the offering. The offering is expected to close on February 12, 2021, subject to customary closing conditions.

B&W and the senior notes both received a rating of BB+ from Egan-Jones Ratings Company, an independent, unaffiliated rating agency. The Company has applied to list the notes on NYSE under the symbol “BWSN” and expects the notes to begin trading within 30 business days of the closing date of this offering, if approved.

In addition to the public offering, B. Riley Financial, Inc. is exchanging $35 million of its existing Tranche A term loan for $35 million principal amount of senior notes in a concurrent private offering. Following the completion of the offerings, the interest rate on the remaining Tranche A term loan balance will be reduced to an interest rate of 6.625%, compared to its current rate of 12%.

The Company expects to use the net proceeds of this offering to support clean energy growth initiatives, substantially pay down its revolving credit facility and permanently reduce the facility size by 75% of the senior note value exclusive of the value of the B. Riley Financial term loan exchange.

B. Riley Securities, Inc. is acting as lead book-running manager for the offering. D.A. Davidson & Co., Janney Montgomery Scott LLC, Ladenburg Thalmann & Co. Inc., and National Securities Corporation are acting as joint book-running managers for the offering. Aegis Capital Corp., Boenning & Scattergood, Inc., Huntington Securities, Inc. and Kingswood Capital Markets, division of Benchmark Investments, Inc. are acting as co-managers for the offering.

The senior notes will be offered under the Company's shelf registration statement on Form S-3, which was declared effective by the Securities and Exchange Commission ("SEC") on February 13, 2020. The offering will be made only by means of a prospectus supplement and accompanying base prospectus, which will be filed with the SEC. Copies of the preliminary prospectus supplement and the accompanying base prospectus for the offering may be obtained on the SEC's website at www.sec.gov, or by contacting B. Riley Securities by telephone at (703) 312-9580, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.. The final terms of the proposed offering will be disclosed in a final prospectus supplement to be filed with the SEC.

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

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 public offering of senior notes, the intent of a lender to convert $35 million of its existing term loan to senior notes, the revolving credit facility to be permanently reduced by 75% of the senior note value, and the interest on remaining Tranche A term loan to be significantly reduced. 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, 2019 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.

Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox Enterprises
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Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox Enterprises
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New contracts will sit alongside ICE’s fast growing TTF and JKM LNG (Platts) benchmarks

TTF Futures OI +29% y/y; JKM LNG (Platts) Futures and Options OI +37% y/y

LONDON & SINGAPORE--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE:ICE), a leading operator of global exchanges and clearing houses and provider of mortgage technology, data and listings services, announced today that it plans to launch LNG freight futures contracts based on Spark Commodities’ (“Spark”) price assessments, marking a milestone in the evolution of the LNG market.

These new contracts - called the Spark30S Atlantic and Spark25S Pacific LNG Freight Future contracts - are traded and settled in USD per day. The numbers in the contract names indicate the number of days it takes an LNG vessel to complete a return voyage on the respective routes. The settlement price of the contracts are based on the Spark30S (Atlantic) and Spark25S (Pacific) LNG freight spot price assessments. Market participants can use the contracts to manage price risk in respect of round-trip voyages between the US Gulf Coast and North West Europe (Spark30 assessment); and Australia and Japan, Korea, Taiwan and China (Spark25 assessment). ICE plans to launch these cash settled futures contracts on March 22, 2021, subject to regulatory approval.

These new freight contracts will form part of ICE’s global natural gas complex as the market manages freight price risk alongside existing TTF, NBP, Henry Hub, JKM LNG (Platts) and WIM LNG (Platts) contracts.

“We have been in close engagement with the LNG market for more than two years about the right assessment on which to base LNG freight futures. During that time, LNG freight markets have become increasingly volatile, significantly increasing demand for suitable LNG freight risk management tools,” said Gordon Bennett, Managing Director of Utility Markets at ICE. “We believe that our freight futures contracts, priced against Spark’s assessment, will provide the hedging tools the market has been waiting for. They will trade and clear alongside the highly liquid and global gas benchmarks on ICE including TTF, Henry Hub, NBP, JKM and WIM. This is a milestone moment in the evolution and maturity of the LNG market and one we think can benefit all those involved in LNG markets.”

“After a summer of LNG freight rates at record lows, this winter followed with the highest LNG freight rates ever assessed, peaking at $322,500/day on January 8, 2021. This volatility necessitates new risk management tools as well as future orientated, tech-driven price discovery platforms”, said Tim Mendelssohn, Managing Director at Spark. “By partnering with ICE, something we are very proud to do, we are hitting a critical milestone for our business; providing our customers with a cleared, tradeable LNG freight product within a platform that gives them far greater insight than their alternatives. Importantly, it demonstrates that the market wants progress.”

About Spark Commodities

Spark Commodities is focused on providing technology based solutions that promote liquidity in the LNG market. Spark wants to redefine how LNG freight prices are understood. With a strong technical background, support from major industry players and commercial experience trading in the LNG market, we aim to provide a meaningful and robust index that allows the market to manage freight risk whilst benefiting from the increased levels of transparency that our platform provides. Empowering Trade, Together.

About Intercontinental Exchange

Intercontinental Exchange (NYSE: ICE) is a Fortune 500 company and provider of marketplace infrastructure, data services and technology solutions to a broad range of customers including financial institutions, corporations and government entities. We operate regulated marketplaces, including the New York Stock Exchange, for the listing, trading and clearing of a broad array of derivatives contracts and financial securities across major asset classes. Our comprehensive data services offering supports the trading, investment, risk management and connectivity needs of customers around the world and across asset classes. As a leading technology provider for the U.S. residential mortgage industry, ICE Mortgage Technology provides the technology and infrastructure to transform and digitize U.S. residential mortgages, from application and loan origination through to final settlement.

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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on February 4, 2021.

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Source: Intercontinental Exchange

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