DALLAS--(BUSINESS WIRE)--#funding--Slync.io, a global leader in logistics operating process and system orchestration for global logistics providers and shippers, today announced the closing of its $60 million Series B funding round. Goldman Sachs Growth led the Series B investment with participation from ACME Ventures, 235 Capital Partners, Correlation Ventures and other existing investors. As part of the deal, Goldman Sachs' John Giannuzzi will also join Slync's board of directors.

“This is a great milestone for us at Slync and a testament to our amazing people and the hard work they have put in to building this company since the beginning,” stated Chris Kirchner, Slync’s Chairman, CEO & Co-founder. “For us, everything starts with our customers and more capital to invest in our global team, accelerate our product development, and grow our service offerings is a big win for all of them.”

Slync.io enables intelligent process automation for logistics service providers and global supply chains which increases productivity and reduces operating expenses in some of the most challenging processes in global logistics. The company’s award-winning SaaS platform performs seamless data harmonization by synchronizing both enterprise systems and manual tools within a single system, giving a new level of understanding to Slync’s customers. This unprecedented level of connectivity and understanding empowers logistics teams to focus on value-added activities and supporting their customers instead of tedious back-office processes.

“Slync has demonstrated tremendous progress on its mission to help global logistics service providers and shippers solve some of their most critical challenges,” said John Giannuzzi of Goldman Sachs Growth. “We believe that Slync is well positioned for long-term success and we’re excited to provide Slync with additional support and resources to advance its product roadmap and accelerate its global growth.”

Slync.io has experienced significant momentum since the beginning of 2020 with the announcement of its successful Series A round in March, bringing Slync’s total capital raised in 2020 alone to over $70 million.

Slync.io will leverage this investment to continue serving its customers globally, expand its physical presence in Europe and Asia, and to expand its rapidly growing team of world-class talent.

About Slync.io

Slync.io is an SaaS operating platform for global shippers and logistics services providers that delivers higher productivity and process efficiency through intelligent automation. Logistics Orchestration® is an end-to-end service offering that revolutionizes costly back-office processes in global logistics operations. Slync.io connects disparate systems, ingests structured and unstructured datasets, orchestrates teams, and automates processes seamlessly together delivering unprecedented levels of efficiency for logisticians. Slync.io is Intelligent Process Automation for Global Logistics.

Get connected, visit www.slync.io.

Jaime Reints
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LONDON--(BUSINESS WIRE)--#GlobalShaleGasMarket--Technavio announces the release of its latest report on the shale gas market. The market is segmented by application (industrial, buildings, and transportation) and geography (North America, APAC, and ROW). The report offers an in-depth analysis of recent developments, changes in market regulations, product approvals, product launches, and market behavior across various segments.

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Shale Gas Market: Key Findings

• Shale gas market value to grow by USD 13.51 billion at over 4% CAGR during 2020-2024
• 92% of market growth to originate from North America during the forecast period
• Based on the application, the industrial segment will offer maximum opportunities for vendors during the forecast period
• Shale gas market is expected to have a negative impact due to the spread of COVID-19

Shale Gas Market: Growth Drivers

The advantages associated with shale gas is one of the prime factors driving the growth of the market. Governments across the world are encouraging the use of natural gas and biomethane as alternatives to fossil fuels. These gases provide several benefits when compared with conventional heating fuels in the commercial, residential, and industrial sectors. They burn completely and have the lowest carbon content among all fossil fuels. Moreover, the use of clean fuels such as natural gas reduces the energy dependency of countries. Many such benefits are fueling the growth of the global shale gas market.

“Supercritical carbon dioxide in shale gas fracking and the increasing consumption of natural gas will further boost market growth during the forecast period”, says a senior analyst at Technavio.

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Shale Gas Market: Major Vendors

BP Plc

BP Plc operates its business through segments such as Upstream, Downstream, and Rosneft. The company is into the exploration and production of natural gas, including shale gas.

Chevron Corp.

Chevron Corp. operates its business through segments such as Upstream and Downstream. The company produces shale gas in the US, Canada, and Argentina.

China Petrochemical Corp.

China Petrochemical Corp. operates its business through segments such as Exploration and Production, Refining, Marketing and Distribution, and Chemicals. The company deals in the exploration and production of shale gas.

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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Technavio Research
Jesse Maida
Media & Marketing Executive
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DULUTH, Minn.--(BUSINESS WIRE)--ALLETE, Inc. (NYSE:ALE) today announced that its Board of Directors has increased the quarterly dividend on the company’s common stock to 63 cents per share, a two percent increase.

“ALLETE’s board is confident in this dividend increase given our growth outlook for ALLETE,” said ALLETE President and CEO Bethany Owen. “We are pleased to deliver another dividend increase to our shareholders, and this adds to our track record of more than 71 consecutive years of dividends paid.”

On an annual basis the increased dividend is equivalent to $2.52 per share. The regular quarterly dividend is payable Mar. 1 to common shareholders of record at the close of business Feb. 16, 2021.

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, based in Bismarck, N.D.; and has an 8 percent 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. 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.

Investor Contact:
Vince Meyer
218-723-3952
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ANAHEIM, Calif.--(BUSINESS WIRE)--$WLDN--Willdan Group, Inc. (NASDAQ: WLDN) announced today that FirstEnergy Corp. has awarded Willdan a contract to continue implementing the Small Business Solutions – Direct Install Program in Maryland and to launch two new programs: Retro-Commissioning / Building Operations and Custom New Construction. This three-year contract expands Willdan’s services from the direct installation of lighting and refrigeration measures to now include real-time energy modeling (with Willdan’s Net Energy Optimizer® software), building tune-ups, advanced rooftop controls, monitoring-based commissioning, and other energy-saving services.

Willdan opened its first office in Maryland in 2018 to support FirstEnergy’s Small Business Solutions – Direct Install Program. Despite challenges presented by the ongoing COVID-19 pandemic, Willdan successfully exceeded the program’s 2018-2020 savings goal, which was three times larger than the previous program cycle. The Building Tune-Up Program and New Construction Program are the first of its kind for FirstEnergy.

“We’re thankful for this opportunity to broaden our reach with FirstEnergy’s commercial customers, helping both existing and new buildings save energy,” said Tom Brisbin, Willdan’s CEO and Chairman. “Our trusted, local team will continue to work closely with in-house engineers and subject matter experts to offer an easy, seamless experience with maximum savings.”

About FirstEnergy

FirstEnergy is dedicated to safety, reliability, and operational excellence. Its 10 electric distribution companies form one of the nation’s largest investor-owned electric systems, serving customers in Ohio, Pennsylvania, New Jersey, West Virginia, Maryland, and New York. The company’s transmission subsidiaries operate approximately 24,500 miles of transmission lines that connect the Midwest and Mid-Atlantic regions. Follow FirstEnergy on Twitter @FirstEnergyCorp or online at www.firstenergycorp.com.

About Willdan

Willdan is a nationwide provider of professional technical and consulting services to utilities, government agencies, and private industry. Willdan’s service offerings span a broad set of complementary disciplines that include electric grid solutions, energy efficiency and sustainability, engineering and planning, and municipal financial consulting. For additional information, visit Willdan's website at www.willdan.com.

Forward-Looking Statements

Statements in this press release that are not purely historical, including statements regarding Willdan’s intentions, hopes, beliefs, expectations, representations, projections, estimates, plans, or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The forward-looking statements involve risks and uncertainties including, but not limited to, the risk that Willdan will not be able to reduce costs and preserve liquidity to maintain its operations during the continuation of this pandemic nor be able to resume its growth trajectory once pandemic-related restrictions are lifted and the economy begins to recover. It is important to note that Willdan’s actual results could differ materially from those in any such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the ultimate impact of the COVID-19 pandemic on Willdan’s results, prospects, and opportunities; Willdan’s ability to adequately complete projects in a timely manner; Willdan’s ability to compete successfully in the highly competitive energy efficiency services market; changes in state, local, and regional economies and government budgets; Willdan’s ability to win new contracts, to renew existing contracts, and to compete effectively for contract awards through bidding processes; and Willdan’s ability to successfully integrate its acquisitions and execute on its growth strategy. Willdan’s business could be affected by a number of other factors, including the risk factors listed from time to time in Willdan’s reports filed with the Securities and Exchange Commission, including, but not limited to, the Annual Report on Form 10-K filed for the year ended December 27, 2019. Willdan cautions investors not to place undue reliance on the forward-looking statements contained in this press release. Willdan disclaims any obligation to, and does not undertake to, update or revise any forward-looking statements in this press release.

Stacy McLaughlin
Chief Financial Officer
714-940-6300
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Al Kaschalk
VP Investor Relations
310-922-5643
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Solid Results Reported Despite Continued Challenges of Global Pandemic, Including Some Improvements Over Full-Year 2019 Results

Refined Product Systems Return to Near Pre-Pandemic Volume Levels

Permian Crude System Volumes Continue to Improve and Exit January 2021 at Approximately 439,000 Barrels Per Day

West Coast Renewable Fuels Distribution System Continues to Grow, Newly Completed Projects Increase Market Share to 30% of California Renewable Diesel Volumes

Encouraging 2021 Outlook

SAN ANTONIO--(BUSINESS WIRE)--NuStar Energy L.P. (NYSE: NS) today announced its fourth quarter and full-year 2020 earnings results.

“As we came into 2020, we had just booked the best fourth quarter in company history and we were expecting a record year. However, by March 2020, the COVID-19 pandemic had devastated much of the global economy,” said NuStar President and CEO Brad Barron. "Faced with historically difficult conditions, our employees stepped up and through hard work and prudent planning, including right-sizing our capital program and significantly reducing our costs, we generated solid results."

Barron noted that 2020 was an unprecedented year filled with many unique pandemic-related obstacles to overcome, including a $225 million non-cash goodwill impairment charge in the first quarter of the year, which resulted from the steep drop in global crude and refined products demand; a $138 million non-operational charge related to NuStar’s repayment of a $500 million term loan in the third quarter, which was necessitated by the evaporation of the high-yield bond market in the early days of the pandemic; and a $35 million non-cash charge related to the sale of its Texas City terminals in the fourth quarter.

“Largely as a result of these items, NuStar reported net income of $16 million for the fourth quarter of 2020 and a net loss of $199 million for the year ended December 31, 2020. Despite these items we generated more than enough distributable cash flow to cover all our expenses for the year, including the $0.40 per unit quarterly distribution on our 109 million units outstanding, and still generate $19 million in excess distributable cash flow to help cover our capital investment program.

“I am also happy to say that despite a very difficult year for our economy, our industry and our company, our operations did not skip a beat in 2020 thanks to the dedication of our employees. We had no work-related COVID-19 transmissions and our safety and environmental record continued to be significantly better than our industry averages. And even though the pandemic depressed activity for much of the globe, we actually increased the number of barrels per day we handled, in both our pipeline and our storage segments, over 2019. In fact, in 2020 NuStar moved more than 817 million barrels of crude oil and refined products through our pipelines and terminals, 6 million more than in 2019.

"NuStar also reported full-year 2020 earnings before interest, taxes, depreciation and amortization (EBITDA) of $318 million. However, to provide an 'apples-to-apples' comparison with fourth quarter 2019 and full-year 2019 results, without the above-mentioned non-cash and non-operating charges, NuStar generated adjusted EBITDA of $723 million, which is more than 8 percent above our 2019 EBITDA from continuing operations of $668 million and at the high side of NuStar's previous guidance for the year," Barron noted.

“Our performance is a testament to our employees' perseverance, as well as to the remarkable resilience and quality of our assets and the markets we serve," Barron said.

Below is a year-over-year and quarter-over-quarter comparison of NuStar's unadjusted results and adjusted results that exclude the previously mentioned non-cash and non-operational charges:

NuStar reported full-year 2020 adjusted net income of $206.4 million, which was in line with income from continuing operations of $206.8 million reported in 2019, and adjusted earnings per unit (EPU) of $0.57 per unit compared to EPU from continuing operations of $0.60 per unit in 2019. Adjusted distributable cash flow (DCF) for full-year 2020 was $336 million compared to DCF from continuing operations of $345 million in 2019, and the adjusted distribution coverage ratio to common limited partners from continuing operations was 1.92 times.

Turning to the quarterly results, Barron commented, “To put NuStar’s quarter-over-quarter results into perspective, you need to bear in mind that you are comparing a pandemic-strapped fourth quarter in 2020 with the highest fourth quarter in the company's history.”

NuStar's fourth quarter 2020 adjusted net income was $50 million compared to net income of $78 million in 2019 and adjusted EPU were $0.13 per unit compared to EPU of $0.40 per unit in 2019. Adjusted EBITDA for the quarter was $181 million, compared to EBITDA of $196 million in the fourth quarter of 2019, and adjusted DCF was $63 million, compared to DCF of $107 million in the fourth quarter of 2019. The distribution coverage ratio to common limited partners from continuing operations for the fourth quarter was 1.44 times.

Pipeline Demand Returns to Near Pre-Pandemic Levels

Barron discussed strengthening demand on both NuStar’s refined products and crude oil pipeline systems.

"In our pipeline segment, after seeing refined product demand improve steadily through the summer, we continued to see stable, positive results all the way through December," he said. “On average, across our refined product systems, for the month of December, we were at about 90 percent of typical demand. This was largely due to unplanned downtime at one of our customer’s refineries, but we were back up to almost 100 percent in January, in line with pre-pandemic volumes, which is quite remarkable compared to other systems in different markets.”

He also noted that NuStar’s Permian crude volumes have continued to improve. The system’s volumes averaged approximately 418,000 barrels per day (BPD) for the fourth quarter, and rose to an average 427,000 BPD during January. That steady upward trend continued as the system exited January at approximately 439,000 BPD.

“We believe that the volume we moved on our Permian System in January can be maintained in 2021 with about 16 active rigs without any drilled but uncompleted wells (DUCs). And we have been encouraged that our rig count had risen above that number to approximately 20 rigs," Barron said. "This brings our system’s count to a little more than 10 percent of the total number of rigs running across the entire Permian Basin as of the end of January.

“We believe our system’s strong performance, even through 2020’s unprecedented challenges, is a continued reflection of its clear advantages: premier location, lowest producer costs and highest product quality.

Barron commented that the Permian System’s average barrels per day in 2020 was more than 9 percent over 2019, which is more than twice the 4 percent growth average for the Permian Basin as a whole over the same period.

“Looking out to 2021, we are encouraged by the outsized share of the Permian’s DUCs that reside on our Permian Crude System acreage. Our system typically transports about 10 percent of basin production, which is impressive, but we have about two times that, or about 20 percent, of the Permian Basin’s DUC inventory on our footprint.

“We believe that the volume from completions of a little over half of those DUCs, along with volume from the rigs running on our system today, should support modest growth in our volumes in 2021, and we expect to exit 2021 between 470,000 and 480,000 BPD,” Barron said.

Barron also stated that NuStar’s Corpus Christi Crude System is seeing some indications of recovery in exports.

“After seeing our Corpus Christi exports dip below minimum volume commitments (MVCs) last May, we have been pleased with the ramp-up we saw in the second half of 2020, with throughputs increasing from an average of 306,000 BPD in the second quarter and averaging 369,000 BPD in January,” he said. “For 2021, we continue to forecast revenues for our Eagle Ford and WTI commitments to be slightly above the MVC levels, but I am cautiously optimistic about some initial indications of recovery during January.”

Storage Segment Continues to Benefit From Contango Market

Discussing NuStar’s storage segment, Barron noted that the partnership benefited last year from contango conditions (where the futures price is higher than the spot price) in the Spring, and many of these storage contracts continue into or through much of 2021.

He also noted that since November, NuStar’s St. James, LA terminal has benefited from the resumption of unit train activity unloading Canadian heavy crude there.

West Coast Renewable Fuels Distribution System Continues to Grow Market Share

NuStar’s West Coast renewable fuels distribution system continued to grow as NuStar executed on projects there and further increased its market share.

“In the first half of 2020, NuStar handled about 5 percent of California’s total biodiesel volumes, over 15 percent of California’s ethanol, and close to 30 percent of the state’s renewable diesel volumes,” said Barron. “That’s an impressive share of a key market that we have achieved with a relatively modest spend. And our market share, along with our revenue, is expected to keep ramping up through 2023 as we continue to execute on our planned projects there.

Barron noted that in 2020, NuStar’s West Coast storage assets generated about 20 percent of its total storage segment revenue, one-third of which was derived exclusively from renewable fuels-related services.

“As we continue to complete our 2021 West Coast projects, we expect renewable fuels-related services to grow to contribute about 35 percent of total West Coast revenue by year-end 2021 and approach 40 percent by year-end 2022.

“Our West Coast renewables network is growing and will continue to be the key to NuStar’s ability to thrive as we all navigate through the nation’s evolving energy priorities,” Barron said.

2021 Outlook and Capital Spending

“Turning to our full-year 2021 projections, we expect NuStar’s 2021 EBITDA to be comparable to our 2020 results, less the EBITDA associated with the Texas City terminals, which we sold in December,” Barron said.

“With regard to 2021 capital spending estimates, we expect to spend $140 to $170 million on strategic capital, all of which will be funded by internally generated cash flows. Of that total for the year, about $50 million is for our Permian system, which is scalable with throughput volume performance, and around $50 million will be invested in renewable fuels and related improvements for our West Coast storage assets. In addition, we expect to spend $40 to $50 million on reliability capital spending in 2021.

“We are starting this year encouraged by the rebound we have seen, and continue to see, across our footprint,” Barron said. "January was promising, and we hope to see that improvement continue. Given all we accomplished in 2020, I am confident that NuStar is positioned to build steady, stable value in 2021 and beyond. To do that, we will continue to focus on our strategic priorities: operating safely, reliably and efficiently; lowering our leverage to further strengthen our balance sheet; and funding all of our 2021 spending from our internally generated cash flows,” Barron concluded.

Conference Call Details

A conference call with management is scheduled for 9:00 a.m. CT today, February 4, 2021. The partnership plans to discuss the fourth quarter 2020 earnings results, which will be released earlier that day. Investors interested in listening to the discussion may dial toll-free 844/889-7787, passcode 5472607. International callers may access the discussion by dialing 661/378-9931, passcode 5472607. The partnership intends to have a playback available following the discussion, which may be accessed by dialing toll-free 855/859-2056, passcode 5472607. International callers may access the playback by dialing 404/537-3406, passcode 5472607. The playback will be available until 12:00 p.m. CT on March 6, 2021.

Investors interested in listening to the live discussion or a replay via the internet may access the discussion directly at https://edge.media-server.com/mmc/p/ojo329tj or by logging on to NuStar Energy L.P.’s website at www.nustarenergy.com.

NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, Texas, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 10,000 miles of pipeline and 73 terminal and storage facilities that store and distribute crude oil, refined products and specialty liquids. The partnership’s combined system has approximately 72 million barrels of storage capacity, and NuStar has operations in the United States, Canada and Mexico. For more information, visit NuStar Energy L.P.'s website at www.nustarenergy.com.

Cautionary Statement Regarding Forward-Looking Statements

This press release includes, and the related conference call will include, forward-looking statements regarding future events and expectations, such as NuStar’s future performance, plans and expenditures. All forward-looking statements are based on NuStar’s beliefs as well as assumptions made by and information currently available to NuStar. These statements reflect NuStar’s current views with respect to future events and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in NuStar Energy L.P.’s 2019 annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Actual results may differ materially from those described in the forward-looking statements. Except as required by law, NuStar does not intend, or undertake any obligation, to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

NuStar Energy L.P. and Subsidiaries
Consolidated Financial Information - Continued
(Unaudited, Thousands of Dollars, Except Ratio Data)

Note 1: NuStar Energy L.P. utilizes financial measures, such as earnings before interest, taxes, depreciation and amortization (EBITDA), distributable cash flow (DCF) and distribution coverage ratio, which are not defined in U.S. generally accepted accounting principles (GAAP). Management believes these financial measures provide useful information to investors and other external users of our financial information because (i) they provide additional information about the operating performance of the partnership’s assets and the cash the business is generating, (ii) investors and other external users of our financial statements benefit from having access to the same financial measures being utilized by management and our board of directors when making financial, operational, compensation and planning decisions and (iii) they highlight the impact of significant transactions. We may also adjust these measures and/or calculate them based on continuing operations, to enhance the comparability of our performance across periods.

Our board of directors and management use EBITDA and/or DCF when assessing the following: (i) the performance of our assets, (ii) the viability of potential projects, (iii) our ability to fund distributions, (iv) our ability to fund capital expenditures and (v) our ability to service debt. In addition, our board of directors uses EBITDA, DCF and a distribution coverage ratio, which is calculated based on DCF, as some of the factors in its compensation determinations. DCF is a financial indicator used by the master limited partnership (MLP) investment community to compare partnership performance. DCF is used by the MLP investment community, in part, because the value of a partnership unit is partially based on its yield, and its yield is based on the cash distributions a partnership can pay its unitholders.

None of these financial measures are presented as an alternative to net income, or for any periods presented reflecting discontinued operations, income from continuing operations. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with GAAP.

The following is a reconciliation of income (loss) from continuing operations to EBITDA from continuing operations, DCF from continuing operations and distribution coverage ratio from continuing operations.

NuStar Energy, L.P., San Antonio
Investors, Tim Delagarza, Manager, Investor Relations
Investor Relations: 210-918-INVR (4687)
or
Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,
Corporate Communications: 210-918-2314
website: http://www.nustarenergy.com

Common Stock Will Begin Trading on Nasdaq on February 5^th Under New Ticker Symbol “ADN”

CAMBRIDGE, Mass. & NEW YORK--(BUSINESS WIRE)--Advent Technologies Inc. (“Advent”), an innovation-driven company in the fuel cell and hydrogen technology space, and AMCI Acquisition Corp. (NASDAQ: AMCI) (“AMCI”), a special purpose acquisition company, today announced that they have completed their previously announced business combination (the “Business Combination”). The combined company, Advent Technologies Holdings, Inc. (“Advent” or the “Company”), will begin trading on Nasdaq tomorrow, February 5, 2021, under the ticker symbol “ADN”.

The Business Combination, which was approved at a special meeting of AMCI’s stockholders held virtually on February 2, 2021, creates a leading next generation fuel cell technology company and builds on a number of important achievements, including: over 50 international patents; 15 years of research leading to the development of intellectual property including the next generation of materials for high-temperature polymer electrolyte membrane (HT-PEM) fuel cell technology from Advent’s selection in the L’Innovator program that promise higher power and lifetime at lower cost; a collaboration, funded by an Advanced Research Projects Agency–Energy (“ARPA-E”) OPEN award, to continue development of next-generation HT-PEM fuel cell technology; leveraging HT-PEM for deploying liquid hydrogen carriers such as dimethyl ether (DME) in fuel cells through funding by the Office of Energy Efficiency and Renewable Energy (EERE) of the DoE; and introducing advanced low cost water electrolysis for the production of hydrogen via the conclusion of a Department of Energy (“DoE”) HydroGen Program. All these achievements enable Advent to develop fuel cells ideally suited for heavy-duty automotive and aviation applications.

“Today is an important milestone for the entire Advent team as we continue on our mission to advance the development and manufacturing of our platform technology and unlock the hydrogen economy,” said Dr. Vasilis Gregoriou, Chairman and CEO of Advent. “Going forward, our new capital resources will enable us to accelerate product developments and our manufacturing of critical components for a diversified range of high-growth new energy markets. We have a proven business model and a technology that we believe represents the missing piece in fuel cells and advanced materials. I look forward to continuing our work to address the biggest challenges facing the hydrogen economy and am deeply proud of our team’s work in getting us to this point.”

Dr. Gregoriou continued, “We are grateful to the full AMCI team for their continued partnership and support over the last few months and are pleased that William Hunter, former AMCI CEO, will be joining the company as President, Chief Financial Officer and Director.”

In addition to Messrs. Gregoriou and Hunter, Advent will continue to be led by its experienced management team including Emory De Castro as Chief Technology Officer, Chris Kaskavelis as Chief Marketing Officer, and James F. Coffey as Chief Operating Officer and General Counsel. As previously announced, the Company’s Board of Directors will be comprised of Messrs. Gregoriou, Hunter, and De Castro along with Katherine E. Fleming, Provost of New York University, Anggelos Skutaris, Chief Investment Officer for Power Bank, Katrina Fritz, Executive Director of the Stationary Fuel Cell Collaborative, and Lawrence M. Clark, Jr., founder and Managing Member of BalanTrove Management, LLC.

William Hunter said, “We appreciate the support received from shareholders of AMCI in favor of the Business Combination. The opportunity for Advent is extremely promising due to its proven business model and complementary technology across multiple markets. I look forward to participating in Advent’s future success along with the rest of the Company’s seasoned executives.”

Transaction Details

Advent raised $158.3 million in capital through the transaction, including $93.3 million of AMCI’s cash in trust and $65 million from a PIPE investment led by Jefferies LLC and Fearnley Securities, Inc.

Advisors

Ropes & Gray LLP served as legal advisor and Ernst & Young served as audit advisor to Advent. Jefferies LLC served as capital markets advisor and Ellenoff Grossman & Schole LLP served as legal advisor to AMCI.

About Advent Technologies

Advent Technologies is an innovation-driven company in the fuel cell and hydrogen technology space. Our vision is to accelerate electrification through advanced materials, components, and next-generation fuel cell technology. Our technology applies to electrification (fuel cells) and energy storage (flow batteries, hydrogen production) markets, which we commercialize through partnerships with Tier1s, OEMs, and System Integrators. For more information on Advent Technologies, please visit the company’s website at https://www.advent.energy/

About AMCI Acquisition Corp.

AMCI Acquisition Corp. (NASDAQ: AMCI) was a blank check company incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses that are critical to the growing urbanization, electrification and infrastructure needs of the world. AMCI consummated its initial public offering on the Nasdaq Capital Market in November 2018.

Forward-Looking Statements

Certain statements made in this press release are “forward-looking statements”. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements reflect the current analysis of existing information and are subject to various risks and uncertainties. As a result, caution must be exercised in relying on forward-looking statements. Due to known and unknown risks, actual results may differ materially from combined company’s expectations or projections. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: (i) the ability of the combined company to meet Nasdaq listing standards following the transaction(ii) the failure to meet projected development and production targets; (iii) costs related to the proposed transaction; (iv) changes in applicable laws or regulations; (v) the ability of the combined company to meet its financial and strategic goals, due to, among other things, competition, the ability of the combined company to pursue a growth strategy and manage growth profitability; (vi) the possibility that the combined company may be adversely affected by other economic, business, and/or competitive factors; (vii) the effect of the COVID-19 pandemic on the combined company; and (viii) other risks and uncertainties described herein, as well as those risks and uncertainties discussed from time to time in other reports and other public filings with the Securities and Exchange Commission (the “SEC”) by AMCI or Advent.

Sloane & Company
Joe Germani / Alex Kovtun / James Goldfarb
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WALL, N.J.--(BUSINESS WIRE)--Today, New Jersey Resources (NYSE: NJR) reported results for the first-quarter of fiscal 2021. Highlights include:

• Consolidated net income of $81.0 million, compared with $75.8 million in the first-quarter of fiscal 2020
• Consolidated net financial earnings (NFE), a non-GAAP financial measure, of $44.7 million, or $0.46 per share, compared with $34.9 million, or $0.38 per share, in the first quarter of fiscal 2020
• Reaffirmed NFE per share (NFEPS) guidance of $1.55 to $1.65 for fiscal 2021
• Increased NFEPS guidance for fiscal 2022 by $0.15 to a range of $2.20 to $2.30
• Entered into Asset Management Agreements (AMAs) to release certain natural gas transportation contracts of NJR Energy Services for aggregate cash proceeds of approximately $500 million payable over 10 years
• New Jersey Natural Gas (NJNG) received approval from the New Jersey Board of Public Utilities (BPU) for the five-year, $150 million Infrastructure Investment Program (IIP)
• NJNG filed for SAVEGREEN 2020, a three-year, $264 million energy efficiency program

First-quarter fiscal 2021 net income totaled $81.0 million, or $0.84 per share, compared with $75.8 million, or $0.82 per share, during the same period in fiscal 2020. First-quarter fiscal 2021 NFE totaled $44.7 million, or $0.46 per share, compared with $34.9 million, or $0.38 per share, during the same period in fiscal 2020.

"Our strong results for the first-quarter were consistent with our expectations and put us on track to meet our guidance for the fiscal year," said Steve Westhoven, President and CEO of New Jersey Resources. "By entering into the AMAs at Energy Services, we are delivering on our commitment to generate more stable fee-based revenue. Our outlook for the fiscal year is supported by our core utility business, New Jersey Natural Gas, and our growing portfolio of clean energy assets at Clean Energy Ventures."

Effective October 1, 2020, NJR changed its method of accounting for Investment Tax Credits (ITCs) from the flow through method to the deferred method. The change will be applied retrospectively to all periods presented in our first-quarter fiscal 2021 Form 10-Q filed (Form 10-Q) with the U.S. Securities and Exchange Commission (SEC). Our historical financial reporting presented herein has been retrospectively revised to apply this change. For additional details, please refer to our Form 10-Q.

A reconciliation of net income to NFE for the three months ended December 31, 2020, and 2019, is provided below.

NFE is a financial measure not calculated in accordance with Generally Accepted Accounting Principles (GAAP) of the United States. It is a measure of earnings based on eliminating timing differences surrounding the recognition of certain gains or losses, net of applicable tax adjustments, to effectively match the earnings effects of the economic hedges with the physical sale of natural gas, Solar Renewable Energy Certificates (SRECs) and foreign currency contracts. NFE/net financial loss eliminates the impact of volatility to GAAP earnings associated with unrealized gains and losses on derivative instruments in the current period. For further discussion of this financial measure, please see the explanation below under “Non-GAAP Financial Information.”

GAAP requires NJR, during the interim periods, to estimate its annual effective tax rate and use this rate to calculate the year-to-date tax provision. NJR also determines an annual estimated effective tax rate for NFE purposes and calculates a quarterly tax adjustment based on the differences between its forecasted net income and its forecasted NFE for the fiscal year.

A table detailing NFE for the three months ended December 31, 2020, and 2019, is provided below.

NJR Reaffirms Fiscal 2021 and Increases Fiscal 2022 NFE Guidance:

NJR reaffirmed fiscal 2021 NFE guidance range of $1.55 to $1.65 per share, subject to the risks and uncertainties identified below under “Forward-Looking Statements.” The following chart represents NJR’s current expected contributions from its subsidiaries for fiscal 2021:

NJR also increased its fiscal 2022 NFE guidance to a range of $2.20 to $2.30 from its previously issued guidance range of $2.05 to $2.15. The increase to fiscal 2022 NFE guidance is due to the expected impact of the recently announced AMAs at Energy Services.

In providing fiscal 2021 and fiscal 2022 NFE guidance, management is aware there could be differences between reported GAAP earnings and NFE due to matters such as, but not limited to, the positions of our energy-related derivatives. Management is not able to reasonably estimate the aggregate impact or significance of these items on reported earnings and, therefore, is not able to provide a reconciliation to the corresponding GAAP equivalent for its operating earnings guidance without unreasonable efforts.

New Jersey Natural Gas

NJNG reported first-quarter fiscal 2021 NFE of $49.5 million, compared to NFE of $43.9 million during the same period in fiscal 2020. The increase in the first-quarter was due primarily to a full quarter of increased base rates from NJNG's fiscal 2020 rate case settlement, compared to a partial quarter a year ago.

Customer Growth:

• NJNG added 1,948 new customers during the first quarter of fiscal 2021, compared with 2,282 during the same period in fiscal 2020. The lower customer growth was due to the effects of the COVID-19 pandemic.

Infrastructure Update:

• NJNG's Infrastructure Investment Program is a five-year, $150 million program approved by the BPU on October 28, 2020. The IIP consists of a series of infrastructure projects designed to support the enhanced safety and reliability of NJNG's natural gas distribution system.

• The Southern Reliability Link (SRL) will diversify supply to our customers by providing a new intrastate feed into the southern end of NJNG’s distribution system. Construction on SRL began in the first quarter of fiscal 2019 and is nearly 90 percent complete. The total cost of SRL is estimated to be approximately $270 million. NJNG expects the project to be placed in service in 2021.

• Safety Acceleration and Facilities Enhancement (SAFE) II is the five-year, $158 million program approved by the BPU in September 2016 to replace the remaining unprotected bare steel main and associated services in NJNG’s distribution system. In the first-quarter of fiscal 2021, NJNG invested $8.7 million to replace six miles of unprotected bare steel main and services.

BGSS Incentive Programs:

BGSS incentive programs contributed $4.6 million to utility gross margin in the first-quarter of fiscal 2021, compared with $2.7 million during the same period in fiscal 2020. The higher results in the quarter were due to higher natural gas storage spreads in the first quarter that benefited the storage incentive program compared to the same period last year. For more information on utility gross margin, please see "Non-GAAP Financial Information" at the end of the release.

Energy-Efficiency Programs:

SAVEGREEN invested an additional $4.8 million during the first-quarter of fiscal 2021 to help customers with energy-efficiency upgrades for their homes and businesses. NJNG recovered $3.3 million of its outstanding investments during the first three months of fiscal 2021.

• On September 25, 2020, NJNG filed a petition with the BPU for an additional three-year SAVEGREEN 2020 program consisting of approximately $127 million of direct investment, $113 million in financing options, and $24 million in O&M expenses, effective July 1, 2021. NJNG is currently in settlement negotiations with the BPU.

Clean Energy Ventures (CEV)

CEV reported a net financial loss of $10.3 million during the first-quarter of fiscal 2021, compared with a net financial loss of $8.2 million during the same period in fiscal 2020. The decrease was due primarily to higher O&M expenses related to project maintenance costs and additional lease expense associated with new projects placed in service, which was partially offset by a decrease in depreciation expense.

Solar Investment Update:

• In the first-quarter of fiscal 2021, CEV acquired the Mt. Laurel Solar Facility, adding 2.9 MW to total installed capacity.

• CEV has three commercial projects under construction in Connecticut and Rhode Island that will add 8 MW to total capacity.

Storage and Transportation

Storage and Transportation, formerly known as the Midstream reporting segment, reported first-quarter fiscal 2021 NFE of $3.5 million, compared with $3.0 million during the same period in fiscal 2020. The higher NFE was due to increased operating income from Leaf River and Adelphia Gateway (acquired in January 2020), partially offset by increased interest expense related to those assets.

Infrastructure Updates:

• Adelphia Gateway - On October 5, 2020, Adelphia Gateway received a Partial Notice to Proceed from the Federal Energy Regulatory Commission (FERC) to begin construction. The construction includes the conversion of 50 miles of the existing 84-mile pipeline from oil to natural gas to bring much-needed supply to constrained markets in the Philadelphia region.

• PennEast - On February 3, 2021, the U.S. Supreme Court granted PennEast's petition for a writ of certiorari seeking to overturn the September 10, 2019 Third Circuit decision vacating the New Jersey Federal District Court's December 13, 2018 condemnation order. The case will be set for argument in April 2021.

Energy Services

Energy Services reported first-quarter fiscal 2021 NFE of $1.5 million, compared with a net financial loss of $5.1 million for the same period last fiscal year. The increase in NFE was due to increased natural gas pricing spreads as compared to the prior period.

• On December 16, 2020, Energy Services entered into a series of Asset Management Agreements (AMAs) with an investment grade public utility, under which the utility will provide certain asset management services and Energy Services may deliver natural gas to the utility in exchange for aggregate contracted fees of approximately $500 million payable in cash to Energy Services over 10 years. The AMAs include a series of initial and permanent releases commencing in November 2021. NJR will receive an aggregate of approximately $260 million in cash from fiscal 2022 through fiscal 2024 and $34 million per year from fiscal 2025 through fiscal 2031 under the AMAs.

Home Services and Other Operations

Home Services and Other Operations reported first-quarter fiscal 2021 net financial loss of $0.1 million compared to NFE of $1.1 million for the same period in fiscal 2020. The decrease in NFE in the first quarter was primarily due to decreased operating revenue and increased interest expense compared to the prior period.

Capital Expenditures and Cash Flows:

NJR is committed to maintaining a strong financial profile.

• During the first three months of fiscal 2021, capital expenditures spent and accrued were $119.3 million, of which $83.9 million were related to NJNG, compared with $111.7 million, of which $76.7 million were related to NJNG, during the same period in fiscal 2020.

• During the first three months of fiscal 2021, cash flows from operations were $31.7 million, compared with cash flows used in operations of $43.1 million during the same period of fiscal 2020. The increase was primarily due to changes in working capital.

Forward-Looking Statements:

This earnings release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. New Jersey Resources Corporation (NJR) cautions readers that the assumptions forming the basis for forward-looking statements include many factors that are beyond NJR’s ability to control or estimate precisely, such as estimates of future market conditions and the behavior of other market participants. Words such as “anticipates,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “believes,” “should” and similar expressions may identify forward-looking statements and such forward-looking statements are made based upon management’s current expectations, assumptions and beliefs as of this date concerning future developments and their potential effect upon NJR. There can be no assurance that future developments will be in accordance with management’s expectations, assumptions and beliefs or that the effect of future developments on NJR will be those anticipated by management. Forward-looking statements in this earnings release include, but are not limited to, certain statements regarding NJR’s NFEPS guidance for fiscal 2021 and fiscal 2022, cash proceeds from the AMAs, results of ongoing and future rate cases, forecasted contribution of business segments to NJR’s NFE for fiscal 2021, customer growth at NJNG, future NJR and NJNG capital expenditures, infrastructure programs and investments such as SRL, SAFE II and energy efficiency programs, CEV’s future capital investment target, the ability to construct and operate the Adelphia Gateway Pipeline project, and construct SRL and PennEast.

Additional information and factors that could cause actual results to differ materially from NJR’s expectations are contained in NJR’s filings with the SEC, including NJR’s Annual Reports on Form 10-K and subsequent Quarterly Reports on Form 10-Q, recent Current Reports on Form 8-K, and other SEC filings, which are available at the SEC’s web site, http://www.sec.gov. Information included in this earnings release is representative as of today only and while NJR periodically reassesses material trends and uncertainties affecting NJR's results of operations and financial condition in connection with its preparation of management's discussion and analysis of results of operations and financial condition contained in its Quarterly and Annual Reports filed with the SEC, NJR does not, by including this statement, assume any obligation to review or revise any particular forward-looking statement referenced herein in light of future events.

Non-GAAP Financial Information:

This earnings release includes the non-GAAP financial measures NFE/net financial loss, NFE per basic share, financial margin and utility gross margin. A reconciliation of these non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. As an indicator of NJR’s operating performance, these measures should not be considered an alternative to, or more meaningful than, net income or operating revenues as determined in accordance with GAAP. This information has been provided pursuant to the requirements of SEC Regulation G.

NFE/net financial loss and financial margin exclude unrealized gains or losses on derivative instruments related to the company’s unregulated subsidiaries and certain realized gains and losses on derivative instruments related to natural gas that has been placed into storage at Energy Services, net of applicable tax adjustments as described below. Volatility associated with the change in value of these financial instruments and physical commodity reported on the income statement in the current period. In order to manage its business, NJR views its results without the impacts of the unrealized gains and losses, and certain realized gains and losses, caused by changes in value of these financial instruments and physical commodity contracts prior to the completion of the planned transaction because it shows changes in value currently instead of when the planned transaction ultimately is settled. An annual estimated effective tax rate is calculated for NFE purposes and any necessary quarterly tax adjustment is applied to NJRES.

NJNG’s utility gross margin represents the results of revenues less natural gas costs, sales, expenses and other taxes and regulatory rider expenses, which are key components of NJR’s operations. Natural gas costs, sales, expenses and other taxes and regulatory rider expenses are passed through to customers and, therefore, have no effect on utility gross margin. Management uses these non-GAAP financial measures as supplemental measures to other GAAP results to provide a more complete understanding of NJR’s performance. Management believes these non-GAAP financial measures are more reflective of NJR’s business model, provide transparency to investors and enable period-to-period comparability of financial performance. A reconciliation of all non-GAAP financial measures to the most directly comparable financial measures calculated and reported in accordance with GAAP can be found below. For a full discussion of NJR’s non-GAAP financial measures, please see NJR’s 2020 Form 10-K, Item 7.

About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

• New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,500 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in New Jersey’s Monmouth, Ocean, Morris, Middlesex and Burlington counties.

• Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of more than 357 megawatts, providing residential and commercial customers with low-carbon solutions.

• Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.

• Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway Pipeline Project, as well as our 50 percent equity ownership in the Steckman Ridge natural gas storage facility, and our 20 percent equity interest in the PennEast Pipeline Project.

• Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its nearly 1,200 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®.

For more information about NJR:

www.njresources.com.

Follow us on Twitter @NJNaturalGas.

“Like” us on facebook.com/NewJerseyNaturalGas.

NJR-E

Media:
Michael Kinney
732-938-1031
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Investor:
Dennis Puma
732-938-1229
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PITTSBURGH--(BUSINESS WIRE)--Wabtec Corporation (NYSE: WAB) debuted on the Human Rights Campaign Foundation’s 2021 Corporate Equality Index (CEI), the standard for measuring policies and practices that promote a LGBTQ-inclusive workplace. The addition to the CEI builds upon the company’s commitment to foster a culture of diversity, inclusion and belonging as outlined in its 2020 Sustainability Report.

“It is an honor to be ranked by this respected authority on LGBTQ workplace equality,” said Niki Theophilus, Chief Human Resources Officer at Wabtec. “Lasting change starts from within, and Wabtec is committed to bringing diversity and inclusion efforts to the forefront – ensuring every voice is heard and respected. Our inclusion in this year’s Corporate Equality Index demonstrates we are on the right track, and there is even more we can do. We will use the CEI ranking to build upon our progress and create a vibrant workplace where our people feel they belong and have the support to realize their full potential.”

Wabtec acted on its pledge to advance a culture of equality by establishing the Diversity and Inclusion Council last year. The council has the commitment from the highest levels of the company with executive team members overseeing policies and practices around diversity and inclusion. This effort is focused on developing and progressing global inclusion initiatives. Additionally, Wabtec’s Employee Resource Groups, including the LGBTQ+ Forum, take an active role in personal and professional development to support advancement and inclusion.

The results of the 2021 CEI showcase how 1,142 U.S.-based companies are not only promoting LGBTQ-friendly workplace policies in the U.S., but also for the 57% of CEI-rated companies with global operations who are helping advance the cause of LGBTQ inclusion in workplaces abroad.

The CEI criteria are reviewed annually and periodically change, raising the bar to reflect best practices for LGBTQ inclusion and to drive companies to improve upon their commitment to the community. The 2021 CEI criteria are the 5th iteration in the survey’s 19-year history and reflect our most robust standards to date. The criteria fall under four central pillars:

• Non-discrimination policies across business entities;
• Equitable benefits for LGBTQ workers and their families;
• Supporting an inclusive culture; and,
• Corporate social responsibility.

The full report is available online at www.hrc.org/cei.

The Human Rights Campaign Foundation is the educational arm of America's largest civil rights organization working to achieve equality for lesbian, gay, bisexual, transgender and queer people. HRC envisions a world where LGBTQ people are embraced as full members of society at home, at work and in every community.

About Wabtec

Wabtec Corporation is a leading global provider of equipment, systems, digital solutions and value-added services for freight and transit rail. Drawing on nearly four centuries of collective experience across Wabtec, GE Transportation and Faiveley Transport, the company has unmatched digital expertise, technological innovation, and world-class manufacturing and services, enabling the digital-rail-and-transit ecosystems. Wabtec is focused on performance that drives progress, creating transportation solutions that move and improve the world. The freight portfolio features a comprehensive line of locomotives, software applications and a broad selection of mission-critical controls systems, including Positive Train Control (PTC). The transit portfolio provides highly engineered systems and services to virtually every major rail transit system around the world, supplying an integrated series of components for buses and all train-related market segments that deliver safety, efficiency and passenger comfort. Along with its industry-leading portfolio of products and solutions for the rail and transit industries, Wabtec is a leader in mining, marine and industrial solutions. Wabtec has approximately 27,000 employees in facilities throughout the world. Visit the company’s new website at: www.WabtecCorp.com.

Deia Campanelli
773-297-0482
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New IDC study reinforces need for more digital and personalized energy experiences for customers across age groups, notably millennials

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Bidgely today introduced new artificial intelligence (AI)-powered Smart Alerts for global utilities and energy retailers to deliver the next generation of web and mobile personalized energy experiences across the full customer journey. Smart Alerts enable a suite of utility-branded emails, SMS and mobile app messages that are personalized around energy consumption pattern insights and recommendations; alert types; and delivery frequency and timing. Leveraging patented AI techniques to itemize appliance-level energy usage in the home, Smart Alerts are an integral part of UtilityAI Platform solutions that support energy providers’ goals around energy efficiency, electrification, decarbonization and more.

“As noted in my recent Forbes article, the new U.S. administration is investing heavily in clean energy, and gaining consumer support for a host of new and existing utility initiatives will be essential for achieving national net-zero emissions goals by 2050,” said Bidgely Chief Business Officer Gautam Aggarwal. “Sending personalized and highly relevant communications through a variety of digital channels helps ensure no customer is left behind in a scalable and cost-effective way for energy providers. Smart Alerts not only engage consumers broadly but can take it one step further to motivate them to take meaningful action.”

IDC’s 2020 Utility Consumer Survey confirmed rising customer expectations for utility communications, revealing increased interest in more personalized content and additional digital channel offerings. Nearly 50 percent of survey respondents indicated they do not receive relevant information at the right time, and 47 percent voiced inadequacies with current utility digital channels, especially the 18-24 year old demographic. Bidgely Smart Alerts not only address these key areas of personalization and digitalization but are designed to provide the most relevant and timely information for consumers. This includes scheduled alerts around billing cycles or alerts that can be dynamically triggered as needed, such as unusual usage changes, seasonal planning and new rate offerings.

The sophisticated end-to-end customer journey for Smart Alerts promotes energy and cost savings, behavioral changes, retrofit upgrades and more through three key phases:

• Recruiting: a series of alerts to motivate as many customers as possible to enroll in programs and data consent.
• On-Boarding: alerts including welcome emails, surveys and user preferences messages.
• Engaging: encompassing seasonal alerts, personalized best rate recommendations, bill summary/bill projection/high bill alerts, demand response/peak usage alerts, weekly highlights and more.

To learn more about Bidgely’s AI-powered Smart Alerts, sign up for the webinar Creating Hyper-Personalized Customer Journeys on February 11, 2021 at 11am Pacific, and watch Bidgely’s 30-Minute Product Tour.

About Bidgely

Bidgely is an AI-powered SaaS Company accelerating a clean energy future by enabling energy companies and consumers to make data-driven energy-related decisions. Powered by our unique patented technology, Bidgely's UtilityAI™ Platform transforms multiple dimensions of customer data - such as energy consumption, demographic, and interactions - into deeply accurate and actionable consumer energy insights. We leverage these insights to empower each customer with personalized recommendations, tailored to their individual personality and lifestyle, usage attributes, behavioral patterns, purchase propensity, and beyond. From a Distributed Energy Resources (DER) and Grid Edge perspective, whether it is smart thermostats to EV chargers, solar PVs to TOU rate designs and tariffs; UtilityAI™ energy analytics provides deep visibility into generation, consumption for better peak load shaping and grid planning, and delivers targeted recommendations for new value-added products and services. With roots in Silicon Valley, Bidgely has over 17 energy patents, $50M+ in funding, retains 30+ data scientists, and brings a passion for AI to utilities serving residential and commercial customers around the world. For more information, please visit www.bidgely.com or the Bidgely blog at bidgely.com/blog.

Christine Bennett
Bidgely
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Patent # 10,787,089 “Methods and Apparatus for Powering A Vehicle” Awarded to Anthony Macaluso, Founder, Chairman And CEO

SAN DIEGO--(BUSINESS WIRE)--Hughes Tool Company Inc. today announced that Anthony Macaluso, Founder, Chairman and CEO, has been awarded patent number 10,787,089, “Methods and Apparatus for Powering a Vehicle” from the US Patent and Trademark Office (USPTO).

This granted Patent and the twenty Independent Claims, with an additional thirty-seven patents pending both domestically and internationally, creates a very powerful Intellectual Patent Portfolio.

With this patent, the Hughes Power Generation Platform eliminates all of the range and recharging concerns that have slowed consumer adoption. Furthermore, it solves problems for commercial vehicles, especially for long haul trucking (“The EV Semi”) and fleets. The more you drive, the more useable and storable energy you create.

“It is quite incredulous to me that many Electric Vehicle (EV) related companies have gone public directly, either through a reverse merger or through a SPAC (Special Purpose Acquisition Company), led by some of the largest investment bankers like Goldman, Morgan Stanley, JP Morgan and others. In almost every instance, these same ‘still on the drawing board companies’ project that they may have an early-stage product available -- from the OEM manufacturing of an EV to enhanced battery capabilities. These companies are all projecting their first product in 3-4 years from now, and all are commanding valuations in excess of $20 billion (USD). Hughes Tool Company Inc. has a patent protected product available today that will transform the industry by increasing range by 400 percent to over 1000 percent,” said Macaluso.

He continued, “After five years in stealth mode, and after being told too many times to count that this is impossible, our solution has been tested and is ready to truly change the approach to creating and providing power. And we have other patent pending related solutions that will transform other industries beyond the EV space. My goal is to leave the world a better place and provide a truly greedless solution.”

Macaluso concluded with a respectful nod to Tesla, “If the wonderful Tesla engineers who I respect and are trying to make the world a better place under Mr. Musk’s vision and direction invented at the same rate as me over the last 12 years or so, they would have over 2.5 million patents versus the approximately 1500* published.”

The patented Hughes Power Generation Platform is a fully independent, scalable attachment that creates energy, stores the newly created energy, and provides it back to the OEM battery field on demand or automated. Tests have shown an increase in range of 400 to over 1000 percent based on driver behavior and conditions.

*Analysis compiled from public records and USPTO.

About Hughes Tool Company

Hughes Tool Company, based in San Diego, CA, and founded by Anthony Macaluso, pays homage to Howard Hughes and his contributions to society through his groundbreaking inventions and perseverance. This legacy continues – the company is dedicated to solving climate and environmental related challenges with revolutionary technology innovation including bending the laws of physics.

For more information about Hughes Tool Company, Inc., please visit www.hughestoolcompany.com.

Media Inquiries:
Christine Bock
714 206 9800
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High-efficiency monocrystalline silicon wafer manufacturer gears up for commercialization of its wafer technology, adds veteran VC to corporate board

FREIBURG, Germany--(BUSINESS WIRE)--#energyefficiency--NexWafe GmbH, today announced completion of a €10 million capital raise with participation from both existing and new shareholders. Pioneers of in-line epitaxy for production of high-efficiency monocrystalline silicon wafers, NexWafe’s EpiWafers provide solar panel manufacturers with dramatically higher efficiency and uncompromised yield at 70 percent of the cost of traditional monocrystalline Cz-Si, all without having to retool their production lines. NexWafe’s technology also allows for production of ultra-thin wafers, already demonstrated in the company’s pilot line in Freiburg, providing a roadmap to next-generation ultra-thin and tandem architectures.

Investors in the Series B round include Fraunhofer, Saudi Aramco Energy Ventures, GAP Technology Holding, Lynwood Schweiz AG and Bantina Invest Limited. With this additional cash infusion, NexWafe will move forward with further industrialization of its EpiNex™ green high-efficiency solar wafer technology and begin its pilot manufacturing activities. As the company moves into its next stage, it is also intensifying discussions with potential partners to commercialize the technology. The company’s CEO, Davor Sutija, has a longstanding track record in creating such partnerships and will be leading this effort. He was appointed to his position in September.

NexWafe also announced that as it meets these important milestones, Peter Pauli will step down as Chairman of the Board of Directors to devote more time to other commitments. He will continue his association with NexWafe and remains a shareholder. "Helping to lead NexWafe on its transition from an academic spin-off to its emergence as a technology product company was a great honor,” Mr. Pauli said. “NexWafe’s EpiNex™ wafers are a key element of the future solar market, as the industry strives to meet expectations in terms of costs and PV efficiency."

Bart Markus, a member of the Board of Directors of NexWafe since 2019, succeeds Mr. Pauli as Chairman. He brings more than two decades of experience as a serial entrepreneur and investor in high technology and holds an MSc in Applied Physics from the Twente University of Technology and an MBA with distinction from INSEAD. "I would like to thank Peter Pauli for the industrial perspective he brought to NexWafe, and for his invaluable leadership and service to the company," Mr. Markus said. “Now, with this new funding and our new CEO in place, we will be able to take the company to the next level both in technology readiness with the pilot line as well as in commercialization of the technology.”

About NexWafe GmbH
NexWafe uses in-line epitaxy for production of high-efficiency monocrystalline silicon wafers. By minimizing waste through its direct-gas-to-wafer manufacturing, NexWafe’s Epinex™ wafers are fully compatible with conventional solar cell and module manufacturing with a 70 percent reduction in carbon footprint of conventional wafers and at greatly reduced production cost. Using a proprietary process, a crystalline silicon layer is deposited on a seed wafer and then detached, producing finished wafers with an optimal thinness and superior material properties. The company has a 5MW pilot production facility in Freiburg/Germany, with qualification shipments planned to start in 2021 and plans to raise further capital to support that activity. NexWafe was spun out from Fraunhofer Institute for Solar Energy Systems ISE in 2015.

Jenna Beaucage or Alan Ryan
Rainier Communications
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Smart Building Certification awards its first platinum building.

AMSTERDAM--(BUSINESS WIRE)--#smartbuildingcertification--Smart Building certification awards its first platinum certification to EDGE Olympic Amsterdam. The building has been called the smartest building in the world since its launch in 2018, surpassing its predecessor The Edge also built by EDGE, formally OVG Real Estate. The building combines technology for building utilization, operations, environment, and sustainability with many touch points for its building’s occupants. EDGE scored high in all areas including additional safety measures taken since the COVID outbreak. The platinum certification also puts EDGE in the running to officially be named the Smartest Building in the World.

‘After developing The Edge in 2014 we set out to further optimize the technology used to create a foundation for a next generation of sustainable and healthy buildings. EDGE Olympic is the first model of this new generation and we are pleased to receive the first Platinum Certification for this office. It proves that our industry is taking the role of buildings in our lives more and more serious.’ -Coen van Oostrom- CEO- EDGE

The EDGE Olympic also has a ‘digital twin’, a copy of the entire building and its use in digital form. A collaboration with Microsoft has enabled a digital twin integration into the certification platform.

‘Certifying a smart building creates an essential baseline against which you can measure the benefits of your investment in ‘smart buildings’ technology. Furthermore, by working together with technology companies, construction companies, building developers, owners and tenants can better appreciate the ‘art of the possible’, identifying appropriate solutions and influencing the application of new digital technologies to ‘own’ the future of their industry.’ -David, J. Williams- Smart Places Industry Lead- Microsoft.

This certification lands on the 400^th anniversary of the first smart building. In 1620 Cornelis Jacobszoon Drebbel, a Dutch engineer and inventor created a chicken coop which automatically regulated airflow and temperature to increase egg production. The certification of a Dutch building on the anniversary seems an appropriate way to celebrate.

A recent article in MIT Sloan Management Review authored by executive board member Professor Ethan Bernstein, from Harvard Business School, posed the idea of collective intelligence. “…to deepen our shared understanding of what that term (smart) stands for by combining human and device intelligence — and continually experimenting — to improve our collective intelligence. That’s ultimately what will make our buildings smarter, because it will also make us smarter.” Dr. Bernstein’s well known work in employee behavior and performance are now being applied to current COVID scenarios and could support the idea of requiring buildings to become smart at least from a health and safety perspective. This emphasis was reinforced by the CTI of Colliers International: ‘We strongly believe a transformation is taking place in the way we look at and manage buildings. The Smart Building Certification's approach towards safer, healthier, more sustainable, and higher-performing real estate is a shift we embrace and expect to see more of in the future.’ – Bas Ambachtsheer - Chief Technology Officer -Colliers International

Does this mean the first smart mortgage is coming? Following in the footsteps of the first green mortgage many financial institutions recognize the need for adjusted valuations of buildings as well as different/better financial terms. ‘We see the value in smart buildings and have been working for some time to incorporate smart in our process. Solutions like SBC can help enable increased valuations by quantifying the added value of the building.’ – Hein Wegdam, Director Sustainable and Innovative Real Estate Products, ING

Smart Building Certification was founded by Elizabeth Nelson, Nicholas White and Wouter Truffino in February 2020 as an initiative to establish an honest and independent platform that appraises buildings all around the globe. The Smart Building Certification is: ‘Founded in Science, refined in practice and constantly optimized by our network of experts’. The certification has a strong foundation in academic research and partnerships as well as a what is growing to be the largest network within the smart building space.

https://youtu.be/aUHGbS6qppE

END PRESS RELEASE

For more information & hi-res images, please contact:
Nicholas White, Co-Founder & Head of Operations
T: +31 6 24347887 | E: This email address is being protected from spambots. You need JavaScript enabled to view it.
W: http://www.smartbuildingcertification.com/

Contact for interview/follow up:

Frank Jansen
Brand Director
EDGE
This email address is being protected from spambots. You need JavaScript enabled to view it.
+31 88 170 1000

Ethan Bernstein
Professor Leadership and Organizational Behavior
Harvard Business School
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 617 682 7200

David Williams
Smart Places Industry Lead
Microsoft
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+44 118 909 2307

Bas Ambachtsheer
Chief Technology Officer a.i.
Colliers International
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+31 6 3911 8237

Hein Wegdam
Director Sustainable & Innovative Real Estate Products
ING
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+31 6 1053 6319

Elizabeth Nelson
Co-Founder and Head of Innovation
Smart Building Certification
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+31 6 4268 3161

• Fourth quarter revenues of $5.8 billion; GAAP¹ Net Income of $501 million
• Fourth quarter EBITDA of 14.4 percent; Diluted EPS of $3.36
• Full year revenues of $19.8 billion; GAAP¹ Net Income of $1.8 billion
• EBITDA for the full year was 15.7 percent of sales; Diluted EPS of $12.01
• The company expects full year 2021 revenues to be up 8 to 12 percent, EBITDA expected to be in the range of 15.0 to 15.5 percent

COLUMBUS, Ind.--(BUSINESS WIRE)--Cummins Inc. (NYSE: CMI) today reported results for the fourth quarter of 2020.

Fourth quarter revenues of $5.8 billion increased 5 percent from the same quarter in 2019. Sales in North America were flat while international revenues increased 12 percent driven by strong demand in China truck and construction markets as well as the growth in new product sales in India.

Earnings before interest, taxes, depreciation and amortization (EBITDA) in the fourth quarter were $837 million (14.4 percent of sales), compared to $682 million (12.2 percent of sales) excluding restructuring a year ago. Fourth quarter EBITDA included $36 million of expenses associated with reorganization activities and facility closures primarily driven by transformation initiatives in our Distribution segment.

Net income attributable to Cummins in the fourth quarter was $501 million ($3.36 per diluted share) compared to $390 million ($2.56 per diluted share) excluding restructuring in 2019. The tax rate in the fourth quarter was 19.7 percent.

Revenues for the full year were $19.8 billion, 16 percent lower than 2019. Sales in North America declined 21 percent and international revenues declined 7 percent. Sales declined in all major regions except China, where demand for trucks and construction equipment reached record levels.

“We faced many challenges in 2020 driven by the severe global impact of the COVID-19 pandemic,” said Chairman and CEO Tom Linebarger. “I want to thank all of our employees for their dedication to our company and our customers as they adjusted to the unprecedented slowdown in the global economy and then responded as demand accelerated sharply in the second half of the year, all while facing significant disruption to their daily routines at work and home.”

EBITDA for the year was $3.1 billion (15.7 percent of sales) compared to $3.7 billion (15.8 percent of sales) excluding restructuring in 2019.

Net income attributable to Cummins for the full year was $1.8 billion ($12.01 per diluted share), compared to net income of $2.4 billion ($15.05 per diluted share) excluding restructuring in 2019. The tax rate for 2020 was 22.5 percent.

2021 Outlook:

Based on the current forecast, Cummins projects full year 2021 revenues to be up 8 to 12 percent, and EBITDA to be in the range of 15.0 and 15.5 percent of sales. We expect revenues to increase in all regions and major markets except China where we expect demand to moderate after a record year in 2020.

“Current indicators point to improving demand in a number of key regions and markets in 2021. However, significant uncertainty remains, requiring continued strong focus on managing costs and cash flow as our markets continue to recover around the world. We are still operating under a pandemic with extreme safety measures in place and our suppliers and customers are doing the same. This is presenting challenges to global supply chains as our industry responds to rising demand across multiple end markets. Having effectively managed through an extremely challenging 2020, Cummins is in a strong position to keep investing in future growth while continuing to return cash to shareholders,” said Chairman and CEO Tom Linebarger.

The Company plans to return 75 percent of Operating Cash Flow to shareholders in the form of dividends and share repurchases.

2020 Highlights:

• The Company announced the creation of the Cummins Advocates for Racial Equity Group to focus on police reform, criminal justice, social justice, and economic empowerment of Black people in the United States.

• Cummins increased its cash dividend for the 11th straight year and returned a total of $1.4 billion to shareholders in the form of dividends and share repurchases.

• In response to the COVID-19 pandemic, the Company used its filter technology to provide 146 tons of filtration media to mask manufacturers across the globe, which has been used to produce more than 108 million masks.

• The Company established a joint venture called NPROXX to provide hydrogen storage tank solutions to customers in multiple applications including rail, truck, bus, and other on-highway applications to advance the adoption of hydrogen-based technologies.

• In November of 2020, Cummins was named to the S&P Dow Jones Sustainability Indices for North America, one of the premier measures of corporate sustainability, for a 15th consecutive year.

• Cummins is one of 21 companies named a “Culture Champion” in October 2020 by a partnership between the Massachusetts Institute of Technology and Glassdoor, one of the world’s leading recruiting websites. The Company receives high marks for creating cultures of integrity and respect while ranking first in the study’s category for promoting a diverse and inclusive workplace culture.

Fourth quarter 2020 detail (all comparisons to same period in 2019):

Engine Segment

• Sales - $2.3 billion, up 2 percent
• Segment EBITDA - $338 million, or 14.5 percent of sales, compared to $277 million or 12.1 percent of sales excluding restructuring
• On-highway revenues increased 1 percent and off-highway revenues increased 4 percent
• Sales were flat in North America but increased 8 percent in international markets primarily due to increased demand in China and India

Distribution Segment

• Sales - $2.0 billion, down 2 percent
• Segment EBITDA - $165 million, or 8.3 percent of sales, compared to $164 million or 8.0 percent of sales excluding restructuring
• Revenues in North America were down 7 percent and international sales increased by 8 percent
• Increased demand in power generation markets offset by declines in parts and service

Components Segment

• Sales - $1.8 billion, up 18 percent
• Segment EBITDA - $280 million, or 15.3 percent of sales, compared to $209 million or 13.4 percent of sales excluding restructuring
• Revenues in North America increased by 1 percent and international sales increased by 40 percent due to higher demand in China and India

Power Systems Segment

• Sales - $989 million, down 6 percent
• Segment EBITDA - $74 million, or 7.5 percent of sales, compared to $55 million, or 5.2 percent of sales excluding restructuring
• Power generation revenues decreased by 2 percent while industrial revenues decreased 12 percent due to lower demand in mining and oil and gas markets

New Power Segment

• Sales - $34 million, up 89 percent
• Segment EBITDA loss - $51 million
• Revenues increased due to greater demand in transit and school bus markets in addition to 29 megawatts of electrolyzer projects commissioned
• Costs associated with the development of fuel cells and electrolyzers as well as products to support battery electric vehicles are contributing to EBITDA losses

About Cummins Inc.

Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 57,825 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $1.8 billion on sales of $19.8 billion in 2020. See how Cummins is powering a world that’s always on by accessing news releases and more information at https://www.cummins.com/always-on.

Forward-looking disclosure statement

Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward-looking statements include, without limitation, statements relating to our plans and expectations for our revenues and EBITDA. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to: market slowdown due to the impacts from COVID-19 pandemic, other public health crises, epidemics or pandemics; impacts to manufacturing and supply chain abilities from an extended shutdown or disruption of our operations due to the COVID-19 pandemic; supply shortages and supplier financial risk, particularly from any of our single-sourced suppliers, including suppliers that may be impacted by the COVID-19 pandemic; aligning our capacity and production with our demand, including impacts of COVID-19; a major customer experiencing financial distress, particularly related to the COVID-19 pandemic; any adverse results of our internal review into our emissions certification process and compliance with emission standards; increased scrutiny from regulatory agencies, as well as unpredictability in the adoption, implementation and enforcement of emission standards around the world; disruptions in global credit and financial markets as the result of the COVID-19 pandemic; adverse impacts from government actions to stabilize credit markets and financial institutions and other industries; product recalls; the development of new technologies that reduce demand for our current products and services; policy changes in international trade; a slowdown in infrastructure development and/or depressed commodity prices; the U.K.'s exit from the European Union; labor relations or work stoppages; reliance on our executive leadership team and other key personnel; lower than expected acceptance of new or existing products or services; changes in the engine outsourcing practices of significant customers; our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions and divestitures and related uncertainties of entering such transactions; exposure to potential security breaches or other disruptions to our information technology systems and data security; challenges or unexpected costs in completing cost reduction actions and restructuring initiatives; failure to realize expected results from our investment in Eaton Cummins Automated Transmission Technologies joint venture; political, economic and other risks from operations in numerous countries; competitor activity; increasing competition, including increased global competition among our customers in emerging markets; foreign currency exchange rate changes; variability in material and commodity costs; the actions of, and income from, joint ventures and other investees that we do not directly control; changes in taxation; global legal and ethical compliance costs and risks; product liability claims; increasingly stringent environmental laws and regulations; the performance of our pension plan assets and volatility of discount rates, particularly those related to the sustained slowdown of the global economy due to the COVID-19 pandemic; future bans or limitations on the use of diesel-powered products; the price and availability of energy; our sales mix of products; protection and validity of our patent and other intellectual property rights; the outcome of pending and future litigation and governmental proceedings; continued availability of financing, financial instruments and financial resources in the amounts, at the times and on the terms required to support our future business; and other risks detailed from time to time in our SEC filings, including particularly in the Risk Factors section of our 2019 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the SEC, which are available at http://www.sec.gov or at http://www.cummins.com in the Investor Relations section of our website.

Presentation of Non-GAAP Financial Information

EBITDA is a non-GAAP measure used in this release and is defined and reconciled to what management believes to be the most comparable GAAP measure in a schedule attached to this release. Cummins presents this information as it believes it is useful to understanding the Company's operating performance, and because EBITDA is a measure used internally to assess the performance of the operating units.

Webcast information

Cummins management will host a teleconference to discuss these results today at 10 a.m. EST. This teleconference will be webcast and available on the Investor Relations section of the Cummins website at www.cummins.com. Participants wishing to view the visuals available with the audio are encouraged to sign-in a few minutes prior to the start of the teleconference.