Graham Corporation Reports Second Quarter Fiscal 2023 Sales Growth of 12% and Record Backlog of $313 million

• Second quarter sales increased $4.0 million to $38.1 million over the prior-year period reflecting solid growth in space and Refining/Petrochemical Commercial Aftermarket
• Defense, space and other commercial represented 65% of revenue in the second quarter Reflecting a more diversified customer base
• net loss was $196 thousand and diluted earnings per share (“eps”) was a loss of $0.02 per share; adjusted diluted eps* was $0.03 per share and adjusted EBITDA* was $1.5 million
• Shipped an additional U.S. Navy unit and remain on schedule to ship the remaining first article units by the end of the first quarter of fiscal 2024
• Record orders of $91.5 million drove backlog of $313.3 million, up 20% sequentially, with 79% of backlog related to defense
• Reaffirms fiscal 2023 revenue guidance of $135 million to $150 million and adjusted EBITDA* of $6.5 million to $9.5 million

BATAVIA, N.Y.--(BUSINESS WIRE)--Graham Corporation (NYSE: GHM), a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy and process industries, today reported financial results for its second quarter ended September 30, 2022 (“second quarter fiscal 2023”).

Daniel J. Thoren, President and CEO, commented, “Our second quarter results demonstrate the progress we are making to improve our business and clear the unprofitable jobs from our backlog. We are pleased with the growth we are seeing in space and new energy and are encouraged by the increased activity in our traditional refining and petrochemical commercial aftermarkets, which is a strategic focus for us. Importantly, we believe the large repeat orders for critical U.S. Navy programs that we previously announced validate the investments we made, our position as a key supplier to the defense industry, and our customer’s confidence in our execution.”

He added, “I am excited about the cadence we are developing as an organization as we seek to improve our profitability. We are carefully managing costs, yet also strategically investing to create the necessary infrastructure to scale Graham and build a better business. Our outlook for fiscal 2023 implies strong growth and improved profitability for the year. Although we have a lot of hard work ahead of us, we believe we are on track to deliver our five-year aspirational goals of high single digit revenue growth and adjusted EBITDA margins in the low double digit to mid-teens range.”

*Graham believes that adjusted EBITDA (defined as consolidated net income (loss) before net interest expense, income taxes, depreciation, amortization, other acquisition related expenses (income), and other unusual/nonrecurring expenses), and adjusted EBITDA margin (adjusted EBITDA as a percentage of net sales), which are non-GAAP measures, help in the understanding of its operating performance. Moreover, Graham’s credit facility also contains ratios based on adjusted EBITDA as defined in the lending agreement. Graham also believes that adjusted diluted earnings (loss) per share, which excludes intangible amortization, other costs related to the acquisition, and other unusual/nonrecurring (income) expenses, provides a better representation of the cash earnings of the Company. See the attached tables and other information on pages 9 and 10 for important disclosures regarding Graham’s use of adjusted EBITDA, adjusted EBITDA margin and adjusted diluted earnings (loss) per share, as well as the reconciliation of net income (loss) to adjusted EBITDA and diluted earnings (loss) per share.

Mr. Thoren concluded, “Our results for the first half of fiscal 2023 were in-line with our expectations and give us confidence we will be able to achieve our full fiscal year guidance. Fiscal 2022 and year-to-date fiscal 2023 results were impacted by our larger, lower margin, first article U.S. Navy projects. We believe this negative impact will continue through the first quarter of 2024 when the last of these larger first article projects are expected to be completed. We expect the recently awarded repeat orders for the U.S. Navy will be at higher margins through improved pricing and better execution.” It is also important to note that the Company's third quarter is typically impacted by lower labor hours due to the holidays.

Sales (see supplemental financial information for detail of sales by industry and region)

• Sales growth year-over-year was driven by space revenue increasing $3.0 million, more than double the prior-year period.
• Chemical/petrochemical and refining growth of $3.6 million was driven by aftermarket orders and helped offset the decline in defense sales due to project timing.
• Other commercial markets sales of $5.6 million included sales related to new energy, which is primarily hydrogen and solar energy markets.

Profits and Margins

• Gross profit and margin improved over the prior year period on a better mix of higher margin projects and better execution and pricing. The sequential decline in gross profit margin was a result of a higher mix of lower margin sales and was consistent with our expectations.
• Selling, general and administrative (“SG&A”) expense, including intangible amortization, was $5.3 million, up 1.6% or $85,000. SG&A expense as a percentage of sales improved to 14% compared with 15% in the comparable period in fiscal 2022.
• Increased sales, improved execution, and strong cost discipline resulted in reductions in operating and net loss to near breakeven and the improvement in adjusted EBITDA and adjusted diluted EPS. Results continue to reflect lower margin orders from the U.S. Navy received several years ago.

Cash Management and Balance Sheet

• Capital expenditures in the quarter were $0.9 million. The Company has reduced its capital expenditure expectations for fiscal 2023 to be approximately $3 million to $4 million reflecting the timing of projects and cash management efforts.
• Net debt (debt minus cash and cash equivalents) at quarter end was $5.0 million, up slightly from $4.2 million at the end of the trailing first quarter due to the timing of milestone payments.

Christopher J. Thome, Vice President-Finance and CFO, noted, “We have instituted strong cash management discipline throughout the organization. This includes actively managing working capital and operating expenses while increasing oversight of capital expenditures to ensure proper return on capital. Our cash management efforts align well with other business processes we are incorporating throughout Graham to elevate the engagement and awareness of our associates on their influence to our performance and opportunities as a growing enterprise.”

Orders and Backlog (See supplemental information filed with the Securities and Exchange Commission on Form 8-K and provided on the Company’s website for a further breakdown of orders and backlog by industry. The information found on our website is not part of this release or any other report we file with, or furnish to, the Securities and Exchange Commission.)

Orders for second quarter fiscal 2023 were up $60.1 million, or 192%, to $91.5 million. The book-to-bill ratio for the quarter was 2.4:1.

• Strong defense industry orders of $69.6 million were driven by repeat orders for critical U.S. Navy programs.
• Space orders grew 58% to $3.7 million and was driven by demand across multiple key space-industry companies.
• Refining orders were $8.7 million, up 74% driven primarily by aftermarket demand, which the Company views as a leading indicator of future capital investments by customers in this market.

Of the $313 million in backlog, approximately 40% to 45% is expected to convert to sales over the next twelve months. Most of the backlog expected to convert beyond twelve months is for the defense industry, specifically the U.S. Navy.

Backlog by industry on September 30, 2022, was as follows:

• 79% for defense projects
• 9% for refinery projects
• 4% for chemical/petrochemical projects
• 4% for space projects
• 4% for other industrial applications

Fiscal 2023 Outlook

The Company reaffirmed its guidance for fiscal 2023 as follows:

⁽¹⁾ See “Forward-Looking Non-GAAP Measures” below for additional information about this non-GAAP measure.

Webcast and Conference Call
Graham’s management will host a conference call and live webcast today at 11:00 a.m. Eastern Time to review its financial condition and operating results for the second quarter of fiscal 2023, as well as its strategy and outlook. The review will be accompanied by a slide presentation, which will be made available immediately prior to the conference call on Graham’s website: https://ir.grahamcorp.com.

A question-and-answer session will follow the formal presentation. Graham’s conference call can be accessed by calling (201) 689-8560. Alternatively, the webcast can be monitored on Graham’s investor relations website.

A telephonic replay will be available from 1:00 p.m. ET today through Monday, November 14, 2022. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13733207. A transcript of the call will be placed on Graham’s website, once available.

About Graham Corporation
Graham is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy, and process industries. The Graham Manufacturing and Barber-Nichols’ global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps, and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems.

Graham routinely posts news and other important information on its website, www.grahamcorp.com, where additional information on Graham Corporation and its businesses can be found.

Safe Harbor Regarding Forward Looking Statements
This news release contains 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.

Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “outlook,” “anticipates,” “believes,” “could,” “guidance,” “should”, “suggests,” ”may”, “will,” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, profitability of future projects and the business, the development and impact of improved processes and cost controls, its ability to meet customers’ shipment and delivery expectations, the future impact of low margin defense projects and related cost overruns, expected expansion and growth opportunities within its domestic and international markets, anticipated sales, revenues, adjusted EBITDA, adjusted EBITDA margins, capital expenditures and SG&A expenses, the timing of conversion of backlog to sales, market presence, profit margins, tax rates, foreign sales operations, its ability to improve cost competitiveness and productivity, customer preferences, changes in market conditions in the industries in which it operates, the effect on its business of volatility in commodities prices, including, but not limited to, changes in general economic conditions and customer behavior, forecasts regarding the timing and scope of the economic recovery in its markets, its acquisition and growth strategy and its operations in China, India and other international locations, are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation’s most recent Annual Report filed with the Securities and Exchange Commission, included under the heading entitled “Risk Factors.”

Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.

Forward-Looking Non-GAAP Measures
Forward looking adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. The Company is unable to present a quantitative reconciliation of these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict the necessary components of such GAAP measures without unreasonable effort largely because forecasting or predicting our future operating results is subject to many factors out of our control or not readily predictable. In addition, the Company believes that such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company’s fiscal 2023 financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others, changes in connection with purchase accounting, quarter-end, and year-end adjustments. Any variation between the Company’s actual results and preliminary financial estimates set forth above may be material.

FINANCIAL TABLES FOLLOW.

For more information,
Christopher J. Thome Deborah K. Pawlowski
Vice President - Finance and CFO Kei Advisors LLC
Phone: (585) 343-2216 Phone: (716) 843-3908
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ATLANTA--(BUSINESS WIRE)--Williams Industrial Services Group Inc. (NYSE American: WLMS), an infrastructure and maintenance services company, will release its financial results for the third quarter ended September 30, 2022 after the markets close on November 14, 2022. Management will then host a conference call and webcast on Tuesday, November 15^th to discuss these results, followed by a question-and-answer session.

Third Quarter 2022 Conference Call

November 15, 2022
10:00 a.m. Eastern Time
Phone: (201) 493-6780
Internet webcast link and accompanying slide presentation: http://ir.wisgrp.com/

An audio replay of the earnings call will be available later that day by dialing 412-317-6671 and entering conference ID 13734113. Alternatively, the webcast replay can be accessed at http://ir.wisgrp.com/.

About Williams Industrial Services Group

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

Chris Witty
Darrow Associates
646-345-0998
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RESTON, Va.--(BUSINESS WIRE)--Bowman Consulting Group Ltd. (the “Company” or “Bowman”) (NASDAQ: BWMN), today announced the purchase of SEI Engineering, LLC (“SEIE”). Headquartered in Paonia, Colorado and operating as SEI Professional Services, the company provides a full array of technical services to developers and owners of utility and commercial scale solar energy facilities. The SEIE team is made up of many of the solar industry’s top photovoltaic (PV) and battery storage system designers, engineers, and technicians.

“Our renewable energy business is growing at a rapid rate and the acquisition of SEIE will serve to further accelerate that growth,” said Gary Bowman, CEO of Bowman. “Planning, engineering, and commissioning related to energy transition is a primary focus of our growth strategy and is central to our acquisition program. The leadership team at SEIE is extraordinarily knowledgeable and highly respected as experts throughout the solar industry. They were especially attracted to our growth culture and are looking forward to the advancement opportunities that a larger organization can provide. They will integrate quickly into our operation, and we are highly confident that this move will result in significant cross-selling and revenue synergies. I’m looking forward to the opportunities this acquisition will present to advance our penetration into the growing market for alternative energy engineering services.”

“Bowman’s vision for expanding SEIE's reach and providing deep support for our operations is what initially made us want to join them,” said Jeff Ruppert, P.E., CEO of SEIE. “Getting to know the culture of the company, hearing their vision for growth, and understanding their commitment to the energy transition market further enhanced our interest in becoming part of Bowman. The solar energy market is expanding much faster than we could possibly capitalize on alone. By joining Bowman, our opportunities for growth and continuing to be the premiere engineering group for solar and storage projects will only be strengthened.”

The Company expects the SEI acquisition to initially contribute approximately $1.5 million of annualized net service billing and be immediately accretive. The acquisition was financed with a combination of cash and seller notes.

“The SEIE acquisition was transacted well within our target multiple range and conforms with our objectives for operating metrics, revenue synergy, cross-selling opportunities and growth potential,” said Bruce Labovitz, Bowman’s CFO. “As is our practice, we will provide more detailed information on M&A activities, pipeline, and guidance in connection with scheduled quarterly communications.”

About SEI Engineering

SEI Engineering, LLC (SEIE) was founded by a group from Solar Energy International, the global leader in PV training and education. SEIE clients are assured their projects will be executed with the foremost quality and expertise. Consulting and design services include civil, structural, and electrical engineering, feasibility study services, production modeling, design consulting, and on-site quality assurance inspections. For more information on SEIE, their projects, and services, visit SEI Professional Services.

About Bowman Consulting Group Ltd.

Headquartered in Reston, Virginia, Bowman is an engineering services firm delivering infrastructure solutions to customers who own, develop, and maintain the built environment. With over 1,700 employees and more than 65 offices throughout the United States, Bowman provides a variety of planning, engineering, construction management, commissioning, environmental consulting, geomatics, survey, land procurement and other technical services to customers operating in a diverse set of regulated end markets. Bowman trades on the Nasdaq under the symbol BWMN. For more information, visit bowman.com or investors.bowman.com.

Forward-Looking Statements

This press release may contain “forward-looking statements” within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. All statements contained in this press release other than statements of historical fact, including statements regarding our future results of operations and financial position, business strategy and plans and objectives for future operations, are forward-looking statements and represent our views as of the date of this press release. The words “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intend”, “may”, “will”, “goal” and similar expressions are intended to identify forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements are subject to several assumptions and risks and uncertainties, many of which involve factors or circumstances that are beyond our control that could affect our financial results. The Company cautions that these statements are qualified by important factors that could cause actual results to differ materially from those reflected by the forward-looking statements contained in this news release. Such factors include: (a) changes in demand from the local and state government and private clients that we serve; (b) general economic conditions, nationally and globally, and their effect on the market for our services; (c) competitive pressures and trends in our industry and our ability to successfully compete with our competitors; (d) changes in laws, regulations, or policies; and (e) the “Risk Factors” set forth in the Company’s most recent SEC filings. Considering these risks, uncertainties and assumptions, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipates or implied in any forward-looking statements. Except as required by law, we are under no obligation to update these forward-looking statements after the date of this press release, or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.

Investor Relations Contacts
Bruce Labovitz
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(703) 787-3403

Megan McGrath
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(310) 622-8248

The investment will further enhance Sawafi’s technological capabilities and support KSA’s technological localization in the upstream sector

DHAHRAN, Saudi Arabia--(BUSINESS WIRE)--Alturki Holding’s oil & gas subsidiary Sawafi has invested in Vulcan, the UK based engineered solutions provider for well completion within the upstream sector. The company offers innovation and application solutions built to withstand the world’s most demanding wells. The company has multiple patents & trademarks granted or applied for and continues to introduce innovative products to the market.

Speaking about the development, Mr. Rami Alturki, President and CEO, Alturki Holding and Chairman of Sawafi noted the investment is part of the company’s technology localization roadmap, which aims to create new capabilities and opportunities within the Kingdom’s upstream sector.

“As part of our diversification strategy, we continue investing in new technology enablers, exploring more markets, and adding new products and services to our portfolio. Investing in Vulcan will further maximize the efficiencies of local upstream sector and support the Kingdom’s leadership in the global energy industry,” he added.

He further said the localization of Vulcan’s extensive engineering knowledge and technological prowess within the completions market will support the Sawafi’s alignment with Aramco’s vision, while equipping it with a more integrated product offering across the well life cycle, and help enhancing the company’s R&D capabilities.

Acting in compliance with Iktva, this investment will improve localization of focus areas under the initiative such as casing and cementing accessories; delivering on the Holding’s ambition of driving domestic value creation to support long-term economic growth and diversification in the Kingdom.

Mr. Tarek Kachouri, MD Sawafi, said the strategic investment in Vulcan will strengthen the market position of Sawafi and further build upon the company’s long-term vision of enhancing the self-sufficiency of the upstream sector, through local provision of services and products of the highest global standards.

According to Mr. Kachouri, Vulcan’s advanced completion products will find high applicability in the increasingly complex wellbore architecture being deployed by Aramco to solve arising challenges. “Protected by a comprehensive portfolio of patents, the Vulcan products are technically differentiated, advanced, and applicable to all types of wells. The products are well-positioned to capitalize on Aramco’s direction to drill more complex wells such as offshore gas, HTHP, deviated, and multi-lateral,” he added.

Developing Sawafi’s technical and R&D capabilities, the investment provides the company access to a research & development center in Aberdeen, a technology hub for the Oil & Gas industry. Coupled with Sawafi’s recent acquisition of US based directional drilling company Newsco, with its R&D center in Houston, the acquisition of Vulcan expands Sawafi’s R&D footprint to cover North Amercia, North Sea and Saudi Arabia.

“Connecting the two energy-driven knowledge bases with Dhahran Techno Valley R&D facility will empower Sawafi’s technology capabilities and support the Kingdom’s localization of technology. We are sure the inputs and assistance from the highly experienced Vulcan management team will also add to and hugely enhance Sawafi’s technical expertise,” expanded Mr. Tarek.

Mr. Ian Kirk, Vulcan General Manager, said, “Vulcan looks forward to this exciting partnership with Sawafi. Its investment will help Vulcan fast-track the Company’s growth in keeping with the world’s demand for energy. Our team has always led the way for the last 30 years with its unique designs and technology along with professional after sales service. The Company was founded by a team of industry professionals with extensive careers specializing in designing and manufacturing engineered solutions for the completions market within the global Oil & Gas Industry.”

About Sawafi

Sawafi Al-Jazeera Oilfield Products and Services Co. Ltd. (“Sawafi”) is a global leader in upstream technologies. Established in 2013, Sawafi is backed by the strength and reputation of its parent company, Alturki Holding Company, one of the top family-owned businesses in the Kingdom of Saudi Arabia, a premier investor, sustainability pioneer and key facilitator in the development of modern Saudi Arabia since 1975, with deep roots as a reliable partner to global oil & gas superpower Aramco. Sawafi solutions include drilling enhancement, intelligent completion products, artificial lift products, well characterization and visualization, well real time survey services, and artificial intelligence analytics and alerts.

About Vulcan

Vulcan Completion Products was founded by a team of industry professionals with extensive careers specializing in designing and manufacturing engineered solutions for the completions market within the global Oil & Gas Industry. Together the VCP team has well over a 150 years’ design, manufacturing & application experience and have been responsible for introducing game changing, innovative, patented products to the completions market over the past 30 years.

*Source: AETOSWire

Anas Aljuraifani
Corporate Communications, Sustainability and Strategic Partnerships Director
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DUBLIN--(BUSINESS WIRE)--The "Growth Opportunities in Hydrogen Storage, Li-Ion Batteries, Thermal Energy Storage, and Cloud Based Platforms for Battery Management Systems" report has been added to ResearchAndMarkets.com's offering.

This edition of the Energy & Power Systems (EPS) TOE features information on the development of scalable and cost-efficient hydrogen storage technologies based on metal hydrides to accelerate the establishment of a hydrogen economy. The TOE covers innovations based on the design, fabrication and development of high energy density based lithium-ion batteries which find extensive use in consumer electronics, mobility and wearable sector.

The TOE additionally provides insights on the novel developments within electro-catalysts and the use of hybrid electrolyzers to accelerate the cost effective production of green hydrogen. The TOE provides latest innovations in the use of robust solar roofing systems with very high power conversion efficiency. The TOE also provides the latest insights on the use of geological thermal energy storage, modular nuclear fusion reactors and cloud based platforms to improve the performance efficiency of stationary and mobile battery storage systems.

The Energy and Power Systems TOE provides insights on the latest advances in the broad range of technology related to the energy industry. The topics regularly presented range from energy storage technologies (solid-state batteries, solar chemical storage and other advanced energy storage devices) to non-renewable energy such as oil and gas. Special emphasis is given to emerging areas in the renewable sector such as photovoltaics, wind energy, and geothermal energy, and emerging alternative fuels such as hydrogen, syngas, ethanol and biofuels. The EPS TOE keeps clients abreast of the latest R&D developments at major corporate and academic research centers, provides competitor intelligence and helps create strategic alliances.

The Energy and Environment cluster provides global insights and intelligence on a wide variety of disruptive emerging technologies and platforms ranging from energy storage, advanced batteries, solar and wind energy, to unconventional oil, bioenergy, geothermal energy, and energy transmission.

Key Topics Covered:

Innovations in Hydrogen Storage, and Cloud Based Platforms for Battery Management Systems

• Safe, Scalable, and Cost-Efficient Hydrogen Storage Technology
• Value Proposition of Hydrogen Storage
• Carbon280-Investor Dashboard
• High Energy Density Lithium (Li)-Ion Battery Technology Finding Applications in Mobility and Wearable Sector
• Value Proposition of High Energy Density Li-Ion Battery
• Amprius-Investor Dashboard
• Integration of Concentrated Solar Power Generation With Thermal Energy Storage in Geological Formations to Store Excess Energy
• Value Proposition of Geotes
• Hyperlight Energy-Investor Dashboard
• Use of Electrocatalyst Discovery Process to Accelerate Low-Cost Green Hydrogen Production
• Value Proposition of Pem Electrolyzers
• H2U-Investor Dashboard
• Robust Solar Roofing System With High-Power Conversion Efficiency Allowing Its Use in Building Integrated Photovoltaics
• Value Proposition of Solar Roofing System
• Gaf Energy-Investor Dashboard
• Portable and Lightweight Hydrogen-Powered Generator for Indoor and Outdoor Applications
• Value Proposition of the Hydrogen-Powered Generator
• Scitem-Investor Dashboard
• High-Performance Hybrid Lithium (Li)-Metal Battery for Applications in Consumer Electronics
• Value Proposition of the Li-Metal Battery
• Ses-Investor Dashboard
• Cloud-Based Distributed Energy Resource (Der) Platform Accelerates the Adoption of Ders
• Value Proposition of the Der Management System
• Virtual Peaker-Investor Dashboard
• Modular Natural Gas-To-Hydrogen Converter for Residential Use
• Value Proposition of Natural Gas-To-Hydrogen Converter
• Modern Electron-Investor Dashboard
• Novel Hybrid Electrolyzer That Can Produce Green Hydrogen at Mass Scale
• Value Proposition of Verdagy Water Electrolysis (Vwe)
• Verdagy-Investor Dashboard
• Low-Noise Renewable Energy Generators Offer a Greener Alternative to Conventional Diesel Generators
• Value Proposition of Low-Noise Renewable Energy Generators
• Siqens-Investor Dashboard
• Cloud-Based Battery Management System (Bms) Enhances the Performance of Stationary and Mobile Battery Storage Systems
• Value Proposition of Cloud-Based Bms
• Ion Energy-Investor Dashboard
• Fusion Reactor Providing Utility-Scale, Emission-Free Electricity
• Value Proposition of Fusion Reactor Providing Utility-Scale, Carbon-Free Electricity
• General Fusion Investor Dashboard
• Small Nuclear Fusion Reactor Offering Clean and Limitless Energy
• Value Proposition of Small Nuclear Fusion Reactor Offering Clean and Limitless Energy
• Commonwealth Fusion Systems Investor Dashboard
• Key Contacts

Companies Mentioned

• Amprius
• Carbon280
• Commonwealth Fusion Systems Investor Dashboard
• Gaf Energy
• General Fusion Investor Dashboard
• H2U
• Hyperlight Energy
• Ion Energy
• Modern Electron
• Scitem
• Ses
• Siqens
• Verdagy
• Virtual Peaker

For more information about this report visit https://www.researchandmarkets.com/r/jq6yhh

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--Mesa Minerals Partners III (“Mesa III”) is pleased to announce it has raised $150 million of aggregate equity commitments from NGP through NGP Natural Resources XII, L.P. and NGP Royalty Partners II, L.P.

Mesa III is a mineral and royalty acquisition company led by Darin Zanovich (President & CEO), Greg Balash (COO & EVP Engineering), Michelle Massaro (CFO & EVP Finance) and Josh Wiener (EVP Land).

Darin Zanovich, President & CEO of Mesa III, commented, “We are excited to partner again with NGP to build a new premier mineral and royalty platform focused on acquisitions of royalty assets in the Haynesville and Permian basins. We believe our expertise and track record of acquiring royalty packages, as well as our ability to complement the position with our strong micro transaction ground game, allows us to build out a portfolio of assets that provides attractive returns to investors. The equity commitment from NGP’s two differentiated sources of capital enables us to acquire both mature and undeveloped assets, providing us a distinct advantage over the competition in the space.”

“NGP is excited and grateful to continue our successful partnership with the Mesa III team,” said Patrick McWilliams, Partner at NGP. “Darin and the Mesa team have a demonstrated competitive edge and are representative of the best-in-class partners we are looking to invest with. We believe their capitalistic instincts and ability to execute at pace are unique in the minerals and royalties sector and will continue to position the team for success.”

For more information about Mesa III, please visit www.mesamineralsllc.com

About NGP

Founded in 1988, NGP is a premier private equity firm with approximately $20 billion of cumulative equity commitments organized to make strategic investments in the energy and natural resources sectors.

For more information about NGP, please visit www.ngpenergycapital.com

Darin Zanovich
President & CEO
Tel: (832) 948 6284
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Earns $0.26 earnings per share

Reaffirms 2022 earnings per share guidance of $1.75 to $1.80

BRYN MAWR, Pa.--(BUSINESS WIRE)--Essential Utilities Inc. (NYSE: WTRG), today reported results for the third quarter ended Sept. 30, 2022.

“We are pleased to have delivered solid financial results for the third quarter of the year,” said Essential Chairman and Chief Executive Officer Christopher Franklin. “In this period of economic headwinds, our focus on the fundamentals of operations, infrastructure improvement and service-related priorities have provided benefits to customers and shareholders. During this inflationary period, we have sharpened our emphasis on cost control and rate affordability while delivering improved earnings per share to our shareholders.”

Operating Results
Essential reported net income of $68.6 million for the third quarter of 2022, compared to $50.5 million reported for the same quarter in 2021. Earnings per share were $0.26 for the quarter, compared to $0.19 in the third quarter of 2021. Regulated water segment rates, customer growth and increased volume were offset by increased expenses and other items.

Revenues for the quarter were $434.6 million, an increase of 20.1% compared to $361.9 million in the third quarter of 2021. Recovery of higher purchased gas costs, and additional revenues from rates and surcharges, customer growth and volume from the regulated water segment were the largest contributors to the increase in revenues for the quarter. Operations and maintenance expenses increased to $151.4 million for the third quarter of 2022, compared to $139.4 million in the third quarter of 2021. The increase in operations and maintenance expenses was primarily from our regulated water segment as a result of recently added acquisitions, increased maintenance expenses, and higher water production expenses, much of which was associated with the elevated rate of inflation.

The regulated water segment reported revenues for the quarter of $301.3 million, an increase of 16.0% compared to $259.9 million in the third quarter of 2021. Rates, growth and increased volume were the largest contributors to the increase in revenues for the period. Operations and maintenance expenses for Essential’s regulated water segment increased to $94.9 million for the third quarter of 2022, compared to $86.9 million in the third quarter of 2021.

The regulated natural gas segment reported revenues for the quarter of $119.0 million, an increase of 25.6% compared to $94.8 million in the third quarter of 2021. Purchased gas costs were $41.1 million for the quarter as compared to $20.4 million for the same quarter in 2021. As a result, the recovery of higher purchased gas costs was the largest driver in the increase of revenues. Operations and maintenance for the same period for Essential’s regulated natural gas segment decreased from $54.0 million to $51.9 million in the third quarter of 2022.

As of Sept. 30, 2022, Essential reported year-to-date net income of $350.3 million or $1.33 per share, compared to $315.1 million or $1.23 per share reported through the same period of 2021.

For the first nine months of 2022, the company reported revenues of $1,582.6 million, an increase of 17.9%, compared to $1,342.5 million in the first nine months of 2021. Operations and maintenance expenses for the first nine months of 2022 were $428.9 million, compared to $391.9 million in 2021.

Dividend
On Oct. 26, 2022, Essential’s board of directors declared a quarterly cash dividend of $0.2870 per share of common stock. This dividend will be payable on Dec. 1, 2022 to shareholders of record on Nov. 11, 2022. The company has paid a consecutive quarterly cash dividend for 77 years.

Financing
Consistent with its financial plan, on Oct. 14, 2022, Essential entered into an at-the-market (ATM) equity sales agreement with an option to enter into forward equity sales for up to $500 million of equity in the future. The company will utilize the ATM as an option to raise equity on an as needed basis going forward. This is expected to fund general corporate purposes, including for water and wastewater acquisitions, working capital, and capital expenditures. To date, no shares have been sold by the Company under the ATM. Also in Oct. 2022, the company’s subsidiary, Aqua Pennsylvania, issued $125.0 million of first mortgage bonds due in 2052 with interest rates of 4.50%. The proceeds from these bonds were used to repay existing indebtedness and for general corporate purposes.

Water Utility Acquisition Growth
Essential’s continued acquisition growth allows the company to provide safe and reliable water and wastewater service to an even larger customer base. On Aug. 12, 2022, the company’s subsidiary, Aqua Pennsylvania, closed its acquisition of the municipal wastewater assets of East Whiteland Township, Chester County, adding approximately $54.4 million in rate base and approximately 8,200 customer connections.

The company currently has seven signed purchase agreements to acquire additional water and wastewater systems that serve approximately 217,000 equivalent retail customers or equivalent dwelling units and total approximately $364.5 million in purchase price in Pennsylvania, Illinois, and Texas. This includes the company’s $276.5 million agreement to acquire the Delaware County Regional Water Quality Control Authority (DELCORA), a Pennsylvania sewer authority that serves approximately 198,000 equivalent dwelling units in the Philadelphia suburbs.

The pipeline of potential water and wastewater municipal acquisitions the company is actively pursuing represents approximately 430,000 total customers or equivalent dwelling units. On average, the company remains on track to annually increase customers between 2 and 3% through acquisitions and organic customer growth.

Capital Expenditures
Essential invested $719.7 million in the first nine months of the year to improve its regulated water and natural gas infrastructure systems and to enhance its customer service across its operations. The company remains on track to invest over $1 billion in 2022 to replace and expand its water and wastewater utility infrastructure and to replace and upgrade its natural gas utility infrastructure, with the latter leading to significant reductions in methane emissions that occur in aged gas pipes. In total, infrastructure investments of approximately $3 billion are expected through 2024 to improve water and natural gas systems and better serve customers through improved information technology. The capital investments made to rehabilitate and expand the infrastructure of the communities’ Essential serves are critical to its mission of safely and reliably delivering Earth’s most essential resources.

Rate Activity
To date in 2022, the company’s regulated water segment received rate awards or infrastructure surcharges in Illinois, North Carolina, Ohio, and Pennsylvania of $83.3 million, and the company’s regulated natural gas segment received a rate award in Kentucky of $5.5 million. The company currently has base rate cases or infrastructure surcharges pending in New Jersey, North Carolina, Texas, and Virginia for its regulated water segment and an infrastructure surcharge pending in Kentucky for its regulated natural gas segment, which combined would add an estimated $38.3 million in incremental revenues.

Reaffirms 2022 Essential Guidance
This guidance is based on the inclusion of signed water and wastewater acquisitions but does not factor in the impact of the expected continuation of significant water and wastewater customer growth from acquisitions.

The following is the company’s 2022 full-year guidance:

• Net income per diluted common share of $1.75 to $1.80
• Continuation of the company’s stated long-term earnings per share growth CAGR of 5 to 7% for the three-year period 2021 through 2024.
• Regulated infrastructure investments of approximately $1 billion annually through 2024, weighted towards the regulated water segment
• Regulated water segment rate base compound annual growth rate of 6 to 7% through 2024
• Regulated natural gas segment rate base compound annual growth rate of 8 to 10% through 2024
• Average annual regulated water segment customer (or equivalent dwelling units) growth of between 2 and 3% from acquisitions and organic customer growth
• Gas customer count stable for 2022

ESG Guidance and Commitments

• Reduction of Scope 1 and Scope 2 greenhouse gas emissions by 60% by 2035 from our 2019 baseline
• Multi-year plan to increase diverse supplier spend to 15%
• Multi-year plan to reach 17% employees of color
• Multi-year plan to ensure that finished water does not exceed 13 parts per trillion (ppt) of PFOA, PFOS, and PFNA compounds

Essential Utilities does not guarantee future results of any kind. Guidance is subject to risks and uncertainties, including, without limitation, those factors outlined in the “Forward Looking Statements” of this release and the “Risk Factors” section of the company’s annual and quarterly reports filed with the Securities and Exchange Commission.

Earnings Call Information
Date: Nov. 7, 2022
Time: 11 a.m. EST (please dial in by 10:45 a.m.)
Webcast and slide presentation link: https://www.essential.co/events-and-presentations/events-calendar
Replay Dial-in #: 866.583.1035 (U.S.) & International callers can find their dial in here
Confirmation code: 6076274
The company’s conference call with financial analysts will take place Monday, Nov. 7, 2022 at 11 a.m. Eastern Standard Time. The call and presentation will be webcast live so that interested parties may listen over the internet by logging on to Essential.co and following the link for Investors. The conference call will be archived in the Investor Relations section of the company’s website for 90 days following the call. Additionally, the call will be recorded and made available for replay at 2 p.m. on Nov. 7, 2022 for 10 business days following the call. To access the audio replay in the U.S., dial 866.583.1035 (pass code 6076274). International callers can find their dial in number here (pass code 6076274).

About Essential
Essential is one of the largest publicly traded water, wastewater and natural gas providers in the U.S., serving approximately 5.5 million people across 10 states under the Aqua and Peoples brands. Essential is committed to excellence in proactive infrastructure investment, regulatory expertise, operational efficiency and environmental stewardship. The company recognizes the importance water and natural gas play in everyday life and is proud to deliver safe, reliable services that contribute to the quality of life in the communities it serves. For more information, visit http://www.essential.co.

Forward-looking statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others: the guidance range of net income per diluted common share for the fiscal year ending in 2022; the continuation of the three-year period of earnings growth through 2024; the anticipated amount of capital investment in 2022; the anticipated amount of capital investment from 2022 through 2024; the reduction of Scope 1 and Scope 2 greenhouse gas emissions by 60% by 2035; that the Company’s pipeline replacement program will lead to significant methane reductions; that the Company’s municipal growth pipeline is strong; the company’s anticipated rate base growth from 2022 through 2024; and, that the Company will utilize the ATM as an option to raise equity on an as needed basis. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements including: disruptions in the global economy; financial and workforce impacts from the COVID-19 pandemic; the continuation of the company's growth-through-acquisition program; the company’s continued ability to adapt itself for the future and build value by fully optimizing company assets; general economic business conditions; the company’s ability to fund needed infrastructure; housing and customer growth trends; unfavorable weather conditions; the success of certain cost-containment initiatives; changes in regulations or regulatory treatment; availability and access to capital; the cost of capital; disruptions in the credit markets; the success of growth initiatives; the company’s ability to successfully close municipally owned systems under agreement; the company’s ability to continue to pay its dividend, add shareholder value and grow earnings; municipalities’ willingness to privatize their water and/or wastewater utilities; the company’s ability to control expenses and create and maintain efficiencies; the company’s ability to acquire municipally owned water and wastewater systems listed in its “pipeline”; and other factors discussed in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q, which are filed with the Securities and Exchange Commission. For more information regarding risks and uncertainties associated with Essential's business, please refer to Essential's annual, quarterly, and other SEC filings. Essential is not under any obligation - and expressly disclaims any such obligation - to update or alter its forward-looking statements whether as a result of new information, future events or otherwise.

WTRGF

Brian Dingerdissen
Essential Utilities Inc.
Investor Relations
O: 610.645.1191
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Sarah Courtright
Communications and Marketing
Media Hotline: 1.877.325.3477
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LAS VEGAS--(BUSINESS WIRE)--On October 14, Primergy Solar (‘Primergy’), a leading developer, owner and operator of utility and distributed scale solar and storage celebrated the monumental Gemini Solar + Storage project, with local, state, tribal and federal officials. The 690 MW of photovoltaic solar and 380 MW of battery energy storage is one of the largest and most sophisticated solar and storage projects ever constructed. It is being developed in partnership with the Bureau of Land Management (BLM) and the Moapa Band of Paiutes approximately 30 miles northeast of Las Vegas.

The showcase event offered a unique opportunity to visit a project site during construction and get a ground-level look at the $1.2 billion infrastructure investment on federally owned land. The event was attended by over 150 guests from the industry and government and featured keynote speakers included Nevada Governor Steve Sisolak; David Scaysbrook, Co-Founder & Managing Partner of Quinbrook Infrastructure Partners; Christine Harada, Executive Director of the Federal Permitting Improving Steering Council; Doug Cannon, President and CEO of NV Energy; and Ty Daul, Chief Executive Officer of Primergy Solar.

“Solar is Nevada’s leading renewable energy resource, and its development is critical to reducing greenhouse gas emissions and achieving our Renewable Portfolio Standard of 50 percent clean energy by 2030,” said Governor Sisolak. “The Gemini Solar + Storage Project is a great example of the partnerships that are possible between state, local and federal government, Tribal nations, environmental advocates and private industry.”

The Gemini Showcase event served as a preview of how public and private sectors can work collaboratively to accelerate the clean energy transition. The project itself – with its complex management and partnership components – serves as a roadmap for future solar development across the country, which will be fueled by the passage of the Inflation Reduction Act of 2022.

“This project is the very definition of what President Biden envisions as he works to get the country to 100% clean electricity by 2035,” said Permitting Council Executive Director Christine Harada. “Tribal engagement is a pillar of the work we do at the Permitting Council, and the level of coordination seen here is a model for the rest of the country.”

“We are proud to be a part of this project and applaud Governor Sisolak for his leadership in clean energy and challenging us to integrate renewables and provide our customers with clean, smart and affordable energy,” said Doug Cannon President and CEO of NV Energy. “Not only does this project provide clean energy to the great state of Nevada, but it also creates thousands of jobs and billions of dollars in economic development.”

Earlier this year, Primergy completed a comprehensive and detailed procurement process and selected equipment suppliers and construction partners for the project. Primergy announced they selected Contemporary Amperex Technology Co., limited (CATL) as the sole battery supplier, IHI Terrasun as the battery storage integrator, Kiewit Power Constructors Co. as the engineering, procurement, and construction (EPC) partner and Maxeon Solar Technologies as the high-efficiency bifacial solar module provider.

“The Gemini Solar + Storage project is a big deal by any measure and for all parties involved,” said David Scaysbrook, managing partner of Quinbrook. “We are grateful for our partners who have joined us on this journey; from APG who together with Quinbrook, will fund Gemini through construction and into its long-term ownership and operations phase. Also to NV Energy, who is leading the country in its boldness to sponsor a project of this scale and size and to the Federal agencies who efficiently permitted Gemini through the Fast 41 program in record time.”

“We were thrilled to bring together the diverse group of leaders from industry, government and tribal and local leaders to celebrate the monumental Gemini Solar + Storage project,” said Ty Daul, Chief Executive Officer at Primergy. “Together, we’ve charted a path that leads to our low-carbon future, and we are doing it with the highest standards, expectations and partnerships.”

The project is being constructed in the Mojave Desert across approximately 6,500 acres of federal land that during peak production will produce enough clean electricity to power the entire city of Las Vegas. During the construction phase, Gemini is expected to create approximately 1,000 local jobs, which will be sourced through union participation.

For more information on Primergy, please visit https://www.primergysolar.com/. For more information about the Gemini project, including simulations of the final project, please visit www.primergygemini.com.

About Primergy
Primergy is a developer, owner and operator focused on both distributed and utility scale solar PV and battery storage projects in North America with portfolios of nearly 10 GW of solar and battery energy storage projects in development, construction and operations in 17 different states. Primergy features a diverse and talented team with decades of experience in renewables project development, financing, construction and operations. Primergy is a portfolio company of Quinbrook Infrastructure Partners and represents Quinbrook’s principal solar and solar plus energy storage investment platform in North America.

Media:
Alex Autry
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OKLAHOMA CITY--(BUSINESS WIRE)--LSB Industries, Inc. (NYSE:LXU) (“LSB” or the “Company”) today announced that an affiliate of Eldridge Industries LLC (the “Selling Stockholder”) intends to offer for sale an aggregate of 14,350,000 shares of the Company’s common stock pursuant to the Company’s automatic shelf registration statement (the “Offering”) filed with the Securities and Exchange Commission (the “SEC”). The Selling Stockholder intends to grant the underwriters a 30-day option to purchase up to an aggregate of 1,627,500 additional shares of the Company’s common stock. The Selling Stockholder will receive all of the net proceeds from the Offering. No shares are being sold by the Company.

Subject to the completion of the Offering, the Company intends to repurchase from the underwriters 3,500,000 shares of the common stock being sold in the Offering (the “Share Repurchase”) at a price per share equal to the price per share paid by the underwriters to the Selling Stockholder in the Offering. The Company intends to fund the Share Repurchase with cash on hand. The closing of the Share Repurchase is conditioned on, and expected to occur simultaneously with, the closing of the Offering. The Offering is subject to market and other conditions, and there can be no assurance as to whether or when the Offering may be completed.

UBS Investment Bank and Goldman Sachs & Co. LLC will act as joint lead book-running managers for the Offering. Deutsche Bank Securities, Jefferies, Piper Sandler, RBC Capital Markets and Stifel will act as book-running managers for the Offering.

The Company has filed an automatic shelf registration statement (including a prospectus) relating to the Offering with the SEC on March 28, 2022 which became effective upon filing. Before you invest, you should read the prospectus in that registration statement, the accompanying prospectus supplement and other documents the Company has filed with the SEC for more complete information about the Company and the Offering. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. When available, copies of the prospectus supplement and accompanying prospectus related to the Offering may also be obtained from UBS Securities LLC, Attn: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, telephone: (888) 827-7275 or email: This email address is being protected from spambots. You need JavaScript enabled to view it.; and Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or email: This email address is being protected from spambots. You need JavaScript enabled to view it..

The Offering will be made only by means of a prospectus supplement and the accompanying prospectus. 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 other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. Any offer to buy the securities may be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to notice of its acceptance given after the effective date.

About LSB Industries, Inc.

LSB Industries, Inc., headquartered in Oklahoma City, Oklahoma, manufactures and sells chemical products for the agricultural, mining, and industrial markets. The Company owns and operates facilities in Cherokee, Alabama, El Dorado, Arkansas and Pryor, Oklahoma, and operates a facility for a global chemical company in Baytown, Texas. LSB’s products are sold through distributors and directly to end customers primarily throughout the United States. Committed to improving the world by setting goals that will reduce our environmental impact on the planet and improve the quality of life for all of its people, the Company is well positioned to play a key role in the reduction of global carbon emissions through its planned carbon capture and sequestration, and zero carbon ammonia strategies.

About Eldridge Industries LLC

Eldridge invests in businesses across the Insurance, Asset Management, Technology, Mobility, Sports & Gaming, Media, Real Estate, and Consumer landscapes. The firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise. Eldridge is headquartered in Greenwich, Connecticut, with additional offices across the United States and in London.

Forward-Looking Statements

This press release contains forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, including statements about the completion, timing and size of the proposed Offering. Each forward-looking statement is subject to the inherent uncertainties in predicting future results and conditions and no assurance can be given that the Offering and Share Repurchase discussed above will be completed on the terms described or at all. Completion of the proposed Offering and Share Repurchase and the terms thereof are subject to numerous factors, many of which are beyond the control of LSB, including, without limitation, market conditions, failure of customary closing conditions and the risk factors and other matters set forth in the prospectus included in the registration statement, in the form last filed with the SEC. These forward-looking statements speak only as of the date of this press release and LSB undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Cheryl Maguire, Executive Vice President & CFO
(405) 510-3524

Fred Buonocore, CFA, Vice President of Investor Relations
(405) 510-3550
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Launches direct route from Atlanta to Kingston and maximum number of new direct import and export services in 2022

ATLANTA & KINGSTON, Jamaica--(BUSINESS WIRE)--#AllcargoLogistics--Giving businesses in and around USA seamless access to the Caribbean, ECU Worldwide, the global leader in LCL consolidation, has launched a new export direct trade lane from Atlanta, USA to Kingston, Jamaica.

The weekly direct service with a transit time of 5 days, is one of many new direct routes launched by the logistics giant in 2022, giving shippers and freight forwarders the advantage of safe and reliable global cargo movements in the face of global congestions and disruptions.

“We are among the only ones in the market to offer this unique direct service that completely bypasses the need to move transport cargo through overloaded hubs like Miami. Not only do customers save on time and resources that would have been spent on trucking and inland services, but also benefit from specialized and expert cargo handling and last mile deliveries offered by our office at the destination end. We have received a very positive response to our end-to-end services enhancing efficiencies and reach across Caribbean and the entire region to the southeast of USA,” says Niels Nielsen, Regional Head – USA & Canada, ECU Worldwide.

With USA being its main trading partner and accounting for more than 50% of Jamaica’s total trade, businesses across varied sectors have been contributing to the steady rise in demand for safe, convenient shipping to and from the two regions. Consequently, backed by its digital-first approach, ECU Worldwide continues to enhance, and upgrade its proprietary, state-of-the-art digital logistics platform, ECU360, which offers shippers and freight forwarders key features like quick quotes, instant bookings for door-to-door deliveries in over 50 markets, advanced track and trace, and access to a network operating in 180 countries.

Having launched multiple new direct services and endeavouring to keep adding to them in the coming months, ECU Worldwide USA is likely to enable faster transit times and reduce double handling, while helping shippers navigate congestion and ship with a click, digitally, using ECU360.

ABOUT ECU WORLDWIDE

Founded in 1987, ECU Worldwide is Allcargo Logistics’ wholly-owned global subsidiary. It is one of the major players in multi-modal transport and global leaders in LCL consolidation assuring smooth, safe and end to end coordination for its customer's cargo. As one of the leaders in the Cargo logistics industry, ECU Worldwide leverages its synergies with in-depth knowledge of local markets and vast experience in global logistics to deliver the best through its services. The company boasts of 300+ offices in 160+ countries at 530+ destinations with 2400+ trade lanes converging their international standard expertise with over 3500+ dedicated employees from across continents.

Ms Dipa Joisher
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• Complete Solaria combines two highly complementary businesses in a vertically integrated manufacturing and distribution model, delivering end-to-end residential solar solutions, with world-class customer service, aesthetically appealing, high-performance solar panels, as well as project financing, design and software solutions.

• Completion of the merger, and formation of Complete Solaria, marks the achievement of an important milestone for the business combination between Complete Solaria and Freedom Acquisition I Corp., announced on October 3, 2022.

• Complete Solaria’s combined business is expected to generate $120 million of revenue in 2022, and more than double in 2023, supporting the expectation of achieving breakeven EBITDA in the second half of the year.

SAN RAMON, Calif.--(BUSINESS WIRE)--Complete Solar and Solaria today announced the completion of their previously announced merger, forming Complete Solaria, Inc. (“Complete Solaria” or the “Company”). This strategic merger brings together two highly complementary businesses to form a vertically integrated business model, delivering end-to-end residential solar solutions.

“We are thrilled to announce the completion of the merger between Complete Solar and Solaria. This merger redefines residential solar with breakthrough technology, services, and operational excellence, to empower sales and installation partners to scale up and increase the adoption of residential solar,” said Will Anderson, who will lead the Company as Chief Executive Officer. “Our customers and partners can expect the same high level of attention we have always provided and more. Complete Solaria’s combined assets and vertically integrated business model are positioned to deliver a unique end-to-end experience for homeowners, offering premium, beautiful solar products, best-in-class technology, access to financing, and superior project fulfilment and service.”

Tony Alvarez, the Company’s President added, “I’m extremely excited about what the combination of Complete Solar and Solaria will be able to achieve. Solaria’s dealers and distributors will benefit from access to Complete Solar’s sales partners and digital platform, and Complete Solar’s partners will benefit from the ability to offer the industry’s leading premium solar panel. We couldn’t be happier to join with Complete Solar and make progress toward our shared vision of a clean energy future.”

Creating a New Standard for the Adoption of Solar

The combination of these two companies establishes Complete Solaria as a full system operator, with a compelling customer offering with best-in-class technology, financing, and project fulfilment, that will enable the Company to sell more product across more geographies in the United States and Europe.

Organic growth is projected to be strong, as Complete Solaria’s asset-light model, secure supply network, and additional macro tailwinds from the Inflation Reduction Act (the “IRA”) support the Company’s strong investment and value creation profile. This coupled with rebates, tax credits, electric vehicle promotions, and other initiatives outlined in the IRA lay the foundation for significant solar adoption in the U.S., furthering Complete Solaria’s expected growth initiatives and expansion opportunities.

On a pro forma combined basis, Complete Solaria generated $80 million in revenue in 2020, which is projected to increase to over $120 million in 2022, and more than double to approximately $285 million in 2023, with the expectation of achieving breakeven EBITDA in the second half of 2023. Supported by the synergies underlying the merger of Complete Solar and Solaria, the Company expects to achieve profitability in 2024.

Business Combination with Freedom

The completion of the merger between Complete Solar and Solaria satisfies one of the conditions to closing of the previously announced business combination between Complete Solaria and Freedom Acquisition I Corp. (NYSE: FACT) (“Freedom”), which is expected to close in the first half of 2023, subject to the satisfaction of customary closing conditions. The business combination with Freedom is supported by strong strategic relationships, including financial backing from the Carlyle Group and T.J. Rodgers, who were both investors in Solaria. Freedom, led by Tidjane Thiam, Adam Gishen, and Edward Zeng, will also retain a stake in the combined company following the closing.

The business combination with Freedom is expected to provide gross proceeds of $376 million, prior to any potential redemptions and payment of transaction expenses, which includes $346 million of cash held in Freedom’s trust account and promissory notes from certain investors. Under the terms of the business combination agreement, all shareholders of Freedom who do not exercise their redemption rights will roll their equity holdings into the new combined company.

Additional information about the proposed business combination, including a copy of the business combination agreement, related ancillary agreements, and an investor presentation, can be found in the Current Report on Form 8-K filed by Freedom with the Securities and Exchange Commission (the “SEC”) on October 4, 2022. More information about the proposed business combination will also be described in Freedom’s proxy statement/prospectus relation thereto, which Freedom will file with the SEC and will be available at www.sec.gov.

Advisors

For the merger between Solaria and Complete Solar, Cooley LLP served as legal advisor to Solaria, and Pillsbury Winthrop Shaw Pittman LLP served as legal advisor to Complete Solar.

With respect to the proposed business combination between Complete Solaria and Freedom, Marathon Capital LLC is acting as Lead Capital Markets Advisor and Cooley LLP is serving as legal advisor for Complete Solaria. Cohen & Company Capital Markets, a division of J.V.B. Financial Group, LLC, is acting as Lead Capital Markets Advisor and Paul Hastings LLP is serving as legal advisor for Freedom.

About Complete Solaria

Complete Solaria is a solar company with a unique end-to-end customer offering, technology, which is expected to include financing, project fulfilment, and service allowing the combined company to sell more products across more markets and enable a package of financing options for customers wishing to make the switch to a more energy-efficient existence. To learn more, visit: www.completesolar.com/solaria.

About Freedom

Freedom is a blank check company, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganisation or similar business combination with one or more businesses. Freedom is led by the Executive Chairman Tidjane Thiam, who previously served as CEO of Credit Suisse and Prudential. Senior management of Freedom also includes Chief Executive Officer Adam Gishen, and Edward Zeng, a proven entrepreneur with a strong track record of creating value for investors across financial services, technology and energy transition sectors. To learn more about Freedom, visit www.freedomac1.com.

Important Information and Where to Find It

This press release relates to proposed transactions involving Complete Solaria and Freedom. Freedom intends to file a registration statement (“Registration Statement”), which will include a proxy statement for the solicitation of Freedom shareholder approval and a prospectus for the offer and sale of Freedom securities in the proposed transaction with Complete Solaria, and other relevant documents with the SEC to be used at its extraordinary general meeting of shareholders to approve the proposed transaction with Complete Solaria. The proxy statement will be mailed to shareholders as of a record date to be established for voting on the proposed business combination between Freedom and Complete Solaria. INVESTORS AND SECURITY HOLDERS OF FREEDOM AND COMPLETE SOLARIA ARE URGED TO READ THE REGISTRATION STATEMENT, PROXY STATEMENT, PROSPECTUS AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the Registration Statement, proxy statement, prospectus and other documents containing important information about Freedom and Complete Solaria once such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov.

Participants in the Solicitation

Freedom, Complete Solaria and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies of Freedom’s shareholders in connection with the proposed business combination between Freedom and Complete Solaria. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination between Freedom and Complete Solaria will be contained in the proxy statement/prospectus pertaining to the proposed transaction when available at www.sec.gov.

No Offer or Solicitation

This press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed business combination between Freedom and Complete Solaria. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

Forward Looking Statements

This communication may contain certain forward-looking statements within the meaning of the federal securities laws with respect to the referenced and proposed transactions. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions, but the absence of these words does not mean that a statement is not a forward-looking statement. Forward-looking statements are forecasts, predictions, projections and other statements about future events that are based on current expectations, hopes, beliefs, intentions, strategies and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the risk that the proposed business combination may not be completed in a timely manner or at all; (ii) the risk that the proposed business combination between Freedom and Complete Solaria may not be completed by Freedom’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Freedom; (iii) the failure to satisfy the conditions to the consummation of the proposed business combination; (iv) the effect of the announcement or pendency of the merger between Complete Solar and Solaria and the proposed business combination on the companies’ business relationships, operating results, and business generally; (v) risks that the proposed business combination disrupts current plans and operations of the companies or diverts managements’ attention from Complete Solaria’s ongoing business operations and potential difficulties in employee retention as a result of the announcement and consummation of the proposed business combination; (vi) the outcome of any legal proceedings that may be instituted in connection with the proposed business combination; (vii) the ability to maintain the listing of Freedom’s securities on a national securities exchange; (viii) the price of Freedom’s securities may be volatile due to a variety of factors, including changes in the applicable competitive or regulatory landscapes, variations in operating performance across competitors, changes in laws and regulations affecting Freedom’s or Complete Solaria’s business, and changes in the combined capital structure; (ix) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed business combination, and identify and realize additional opportunities; (x) the ability to recognize the anticipated benefits of the merger between Complete Solar and Solaria and the proposed business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (xi) the evolution of the markets in which Complete Solaria will compete; (xii) the costs related to the merger between Complete Solar and Solaria and the proposed business combination; (xiii) any impact of the COVID-19 pandemic on Complete Solaria’s business; and (xiv) Freedom and Complete Solaria’s expectations regarding market opportunities.

The foregoing list of factors is not exhaustive. Readers should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of documents filed by Freedom from time to time with the SEC, including the Registration Statement, when available. Such filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Freedom and Complete Solaria assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Freedom nor Complete Solaria gives any assurance that any of them will achieve its expectations.

Non-GAAP Financial Measures

This press release also includes certain non-GAAP (as defined below) financial measures the management of Complete Solaria uses to evaluate its operations, measure its performance and make strategic decisions, including EBITDA. EBITDA represents earnings before interest expense, taxes, depreciation and amortization. Complete Solaria and Freedom believe that EBITDA provides useful information to investors and others in understanding and evaluating the current and projected operating results of Complete Solaria in the same manner as management. However, EBITDA is not a financial measure calculated in accordance with generally accepted accounting principles in the United States (“GAAP”) and should not be considered as substitutes for revenue, net income, operating profit or any other operating performance measures calculated in accordance with GAAP. Using non-GAAP financial measures to analyze the businesses of Complete Solaria or Freedom would have material limitations because the calculations are based on the subjective determination of their respective managements regarding the nature and classification of events and circumstances that investors may find significant. In addition, although other companies may report measures titled EBITDA or similar measures, such non-GAAP financial measures may be calculated differently from how Complete Solaria or Freedom calculate non-GAAP financial measures, which reduces their comparability. Because of these limitations, readers should consider EBITDA alongside other financial performance measures, including net income and other financial results presented in accordance with GAAP.

Investor Relations – Complete Solaria
Sioban Hickie, ICR, Inc.
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Public Relations – Complete Solaria
Doug Donsky, ICR, Inc.
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Investor Relations – Freedom
Adam Gishen, Freedom Acquisition l Corp.
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Public Relations – Freedom
Andy Smith, Powerscourt (U.K.)
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The Flow3rs collection includes 200 unique pieces of net carbon negative art.

NEW YORK--(BUSINESS WIRE)--Flowcarbon, a leading climate technology company creating carbon reduction and removal solutions, is excited to unveil Flow3rs, a collection of decentralized art for climate impact. Flow3rs aims to galvanize new communities to finance climate positive action by way of art and innovative Web3 technology.

The goal of Flow3rs is to merge the worlds of art, technology, and sustainability. The Flow3rs collection features 200 unique pieces created by world renowned artists: Danny Cole, Olive Allen, Andre Oshea, Lindsey Byrnes, Franky Nines, Ezra Br0wn, Maxwell Tilse, and Gabriel Bouchard. The pieces all represent the artists’ expression of humanity's influence on the natural world, and they view Flow3rs as a way to mobilize the art and Web3 communities for climate action.

“What’s more important than saving the only home we have — our planet? Climate change threatens every living being on Earth and our own survival. But there is still a chance to turn things around. And I’m prioritizing working with the companies actively building solutions to save Earth from catastrophic impacts.” - Olive Allen, Flow3rs artist.

Flowcarbon and the artists designed the Flow3rs to be a net carbon negative project that maximizes opportunities for financing climate impact. More than two thirds of proceeds will go towards retiring carbon credits issued by projects from the developing world that protect natural ecosystems and endangered wildlife and have a verified, measurable impact on removing carbon from the earth’s atmosphere. In this way, the collection is not only a manifestation of art inspired by nature, but is also a means of empowering artists who wish to use their artwork and their influence in Web3 communities to drive action on the urgency of climate change.

"We worked with an impressive group of artists to carefully curate the pieces included in this series, which range from photography and generative art to 2D illustrations and 3D renderings. All of the works are centered around humanity's influence on the natural world, our inspiration for this electrifying new collection.” - Dana Gibber, CEO of Flowcarbon.

“The vision for Flow3rs is to add the invaluable dimension of sustainability to the unique and compelling work these artists are already creating and which collectors covet.” - Phillip Fogel, Chief Blockchain Officer at Flowcarbon.

Flow3rs aligns with Flowcarbon’s mission to advance climate action through technology and financial innovations that scale the voluntary carbon markets as an engine for achieving the world’s net zero carbon goals. This project engages Web3 communities and artists who are passionate about the power of art to inspire us to action and the potential of decentralized technologies to galvanize collective action for the planet. Within the Web3 community, Flowcarbon has partnered with Project GodJira as a strategic advisor and with Serotonin and Mojito for the collection’s launch.

The carbon credits that will be retired as part of the Flow3rs collection will include the Valparaiso Project, a conservation project in the Brazilian Amazon, as well as two other projects protecting threatened rainforest ecosystems in Southeast Asia and the South Pacific.

The Flow3rs auction and access to the whitelist begins on November 28. General sales and minting begin on December 6. To learn more about Flow3rs, please visit us online or join us at Art Basel.

About Flowcarbon

Flowcarbon is a pioneering climate technology company working to make carbon markets accessible and transparent, enabling maximum capital to be invested directly into projects that combat climate change. Flowcarbon is committed to driving impact for people, biodiversity, and the planet. To learn more about our work, visit our blog.

About Danny Cole, Olive Allen, Andre Oshea, Lindsey Byrnes, Franky Nines, Ezra Br0wn, Maxwell Tilse, and Gabriel Bouchard.

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Watch the story as told by the JFA Yacht & Ship Leadership Team here

FT. LAUDERDALE, Fla.--(BUSINESS WIRE)--The 45.72 metre (150’) pedigree motor yacht Ionian Princess has been sold. The buyer was introduced by James Fachtmann, CPYB - JFA Yacht & Ship and Jim Query, while Matthew Stone, CPYB and Mark Elliott of IYC – The International Yacht Company, represented the seller.

Ionian Princess was designed by Setzer Yacht Architects and built in the United States of America by Palmer Johnson with naval architecture by Christensen. As one of the largest volume motor yachts in the 40-50m size range, the Ionian Princess mega yacht was delivered in 2005 and later rose to fame in the first season of Bravo TV’s hit reality show “Below Deck Mediterranean” in 2016.

The Ionian Princess joined the brokerage market in 2021 following a 24-month refit at Roscioli Shipyard in Fort Lauderdale. In addition to undergoing a 15-year class survey, the Ionian Princess was fitted with key components such as a new propulsion system, new watermakers, Air Conditioning throughout the vessel, and a modernization of the motor yacht’s interiors. She was given significant technical upgrades as well, including the addition of new engines and new generators.

Standout features of the Ionian Princess include accommodation for 12 guests in six well-appointed cabins, plus a convertible stateroom making the total cabin count seven, a generous sundeck with 10-person Jacuzzi, seating area and barbecue, a skylounge equipped with a cinema, a gym, and various dining areas throughout the yacht.

In terms of performance, the Ionian Princess’ top speed is 18.5 kn, her cruising speed is 14.0 kn, and she boasts a maximum cruising range of 2000.0 nm at 12.0 kn, with power coming from two MTU diesel engines. She has a gross tonnage of 416.0 GT and a 8.4 m beam.

The Ionian Princess was listed for $12,900,000.

About JFA: JFA Yacht & Ship brokers provide the highest possible quality service to Yacht owners globally. They are differentiated through their character, spirit of service, and strict adherence to the IYBA, YBAA, and CPYB Codes of Ethics. JFA delivers their customers peace of mind while acting on their behalf during the process of Yacht acquisition or Yacht liquidation.

James Fachtmann
Phone: 954-732-5825
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DUBLIN--(BUSINESS WIRE)--The "Global Green Building Materials Market 2022-2026" report has been added to ResearchAndMarkets.com's offering.

The green building materials market is poised to grow by $234.09 bn during 2022-2026, accelerating at a CAGR of 13.44% during the forecast period. The report on the green building materials market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.

The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The market is driven by the rising need for energy-efficient green buildings, the benefits of green buildings, and increasing urbanization and rising disposable income.

The green building materials market analysis includes the application segment and geographic landscape.

The green building materials market is segmented as below:

By Application

• Insulation
• Roofing
• Framing
• Interior finishing
• Exterior siding
• Others

By Geographical Landscape

• Europe
• North America
• APAC
• Middle East and Africa
• South America

This study identifies the advancements in insulation materials as one of the prime reasons driving the green building materials market growth during the next few years. Also, expansion in the retail landscape and the rising trend of biomimicry will lead to sizable demand in the market.

The report on the green building materials market covers the following areas:

• Green building materials market sizing
• Green building materials market forecast
• Green building materials market industry analysis

Key Topics Covered:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Five Forces Analysis

5 Market Segmentation by Application

6 Customer Landscape

7 Geographic Landscape

8 Drivers, Challenges, and Trends

9 Vendor Landscape

10 Vendor Analysis

11 Appendix

Companies Mentioned

• Amvic Inc
• BASF SE
• Bauder Ltd.
• Bridgestone Corp
• Compagnie de Saint Gobain
• DuPont de Nemours Inc
• Forbo Management SA
• Green Depot LLC
• GreenFiber LLC
• Holcim Ltd.
• Homasote Co.
• Interface Inc.
• Johns Manville
• Johnson Controls International Plc
• Kingspan Group Plc
• LX Hausys Ltd
• Owens Corning
• PPG Industries Inc.
• RedBuilt LLC
• The Alumasc Group plc

For more information about this report visit https://www.researchandmarkets.com/r/w6caa8

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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MOU between the parties seeks to build a clean hydrogen generation facility to support Lancaster’s vision to become a model for hydrogen production in the U.S.

LANCASTER, Calif.--(BUSINESS WIRE)--$HLGN--The City of Lancaster today announced the signing of a memorandum of understanding (MOU) with Heliogen, Inc., a California-based renewable energy technology company that uses concentrating solar thermal systems to convert sunlight into steam, heat, power, and green hydrogen fuel. Under the terms of the MOU, Heliogen will serve as the technology provider, project developer, builder, operator, and equity partner for a green hydrogen generation facility that will support the city’s vision to become a model for hydrogen production in the U.S.

This relationship is expected to accelerate the novel use of concentrating solar thermal energy for a commercial hydrogen generation facility and builds upon the existing relationship between the City of Lancaster and Heliogen, which sited its demonstration test facility in the city in 2019.

“The City of Lancaster is pleased to announce its latest innovative project with Heliogen. Founder and CEO of Heliogen, Bill Gross, has been a longtime partner and friend. I am thrilled we can continue our collaboration by helping to create a sustainable future and continue to combat climate extinction through shared leadership and development of renewable hydrogen,” said R. Rex Parris, mayor of the City of Lancaster. “Together, we will accelerate the city’s net-zero vision and expand our hydrogen capabilities throughout the greater Los Angeles region, which could support the ARCHES hydrogen hub proposal to the U.S. Department of Energy.”

“We are extremely pleased to broaden our long-standing relationship with the City of Lancaster to help them achieve their visionary sustainability goals through the development of carbon-free green hydrogen,” said Bill Gross, Founder and Chief Executive Officer, Heliogen. “This partnership further demonstrates that powering the planet with renewable energy is not only critical to fighting climate change – it is also a real economic opportunity for our cities.”

The facility is expected to leverage Heliogen’s patented breakthrough technology to use AI and advanced computer vision software to concentrate sunlight and could generate up to 1500 metric tons per year of carbon-free hydrogen, which can provide significant economic development potential. The Heliogen facility could help support other projects within the city and region, including sustainable aviation fuel for hydrogen-powered aircraft, fueling stations for hydrogen-powered vehicles, and sales and distribution of hydrogen fuel for industrial processes such as vertical agriculture, cement, and mining.

Heliogen expects to bring on additional equity partners to support the project’s construction costs. The City of Lancaster will assist with site identification, review by City Council and the community as required, support for permitting process, and evaluation of economic development potential.

ABOUT THE CITY OF LANCASTER

The City of Lancaster is a diverse community of people that is leading the future through science, technology, art, culture, and collaboration. The City is a 3-time winner of the LAEDC’s “Most Business-Friendly City” award, as well as receiving a Bronze Rank for the IEDC’s “Excellence in Economic Development” awards.

Home to astronauts, rocket scientists, families, and innovative businesses large and small, Lancaster is leading the USA with innovation. Combined with spectacular landscapes and clean air, Lancaster has the confidence, expertise, spirit, and imagination to transform tomorrow. Learn more at www.cityoflancasterca.org

ABOUT HELIOGEN

Heliogen is a renewable energy technology company focused on decarbonizing industry and empowering a sustainable civilization. The company’s concentrating solar energy and thermal storage systems aim to deliver carbon-free heat, steam, power, or green hydrogen at scale to support round-the-clock industrial operations. Powered by AI, computer vision and robotics, Heliogen is focused on providing robust clean energy solutions that accelerate the transition to renewable energy, without compromising reliability, availability, or cost. For more information about Heliogen, please visit heliogen.com

Cautionary Note Regarding Forward-Looking Statements Related to Heliogen

This press release contains certain 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. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding expectations for the production of, and current and projected market for green hydrogen. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) our financial and business performance, including risk of uncertainty in our financial projections and business metrics and any underlying assumptions thereunder; (ii) our ability to execute our business model, including market acceptance of our planned products and services and achieving sufficient production volumes at acceptable quality levels and prices; (iii) our ability to access sources of capital to finance operations, growth and future capital requirements; (iv) our ability to maintain and enhance our products and brand, and to attract and retain customers; (v) our ability to scale in a cost effective manner; (vi) changes in applicable laws or regulations; (vii) the ongoing impacts of the COVID-19 pandemic and the potential impacts of Russia’s invasion of Ukraine on our business; (viii) developments and projections relating to our competitors and industry; (ix) our ability to access sources of capital to finance operations, growth and future capital requirements; and (x) our ability to protect our intellectual property. You should carefully consider the foregoing factors and the other risks and uncertainties disclosed in the “Risk Factors” section in Part I, Item 1A in our Annual Report on Form 10-K/A for the annual period ended December 31, 2021 and other documents filed by Heliogen from time to time with the Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Heliogen assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

City of Lancaster Media:
Jennifer Seguin
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Heliogen Media:
Cory Ziskind
ICR, Inc.
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Heliogen Investors:
Louis Baltimore
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MT LAUREL, N.J.--(BUSINESS WIRE)--#cleanenergy--The Steam Generating Team (SGT), a joint venture between Framatome and United Engineers & Constructors, Inc. (United), has successfully completed the steam generator replacement project at the Tennessee Valley Authority (TVA) Watts Bar Unit 2 nuclear plant. The plant returned to full operations after all four original steam generators were replaced during the scheduled outage.

“This project, like many others performed by SGT, utilized our experienced team and proven processes customized for steam generator replacement,” said Art Lembo, President of SGT. “I’m especially proud of our team for completing this outage with zero recordable incidents and personnel exposure below ALARA goals, an accomplishment that speaks to SGT’s vigilance in industrial and radiological safety.”

Large component replacements are significant engineering and operational projects. To remove and replace the 67-foot, 360-ton steam generators through the reactor building, temporary openings in the reactor building dome, containment and steam generator enclosures were required. Precision measurements utilizing meticulous metrology practices, along with optimized 3D fit-up solutions and specialized machining enabled experts to precisely place the replacement steam generators back into the existing plant configuration.

“SGT’s performance in safely delivering this critical and technically complex project is a cornerstone in our commitment to support the long-term operations of our customers’ plants in North America,” said Catherine Cornand, senior executive vice president of the Installed Base Business Unit at Framatome.

“We are very happy to have performed a significant role for TVA in their investment in the life extension of the Watts Bar plant and its role in providing carbon-free, reliable power to the Tennessee Valley,” said Scott Reeder, Chief Executive Officer of United. “At United, our mission is to partner with our clients to deliver innovative and transformative infrastructure designed and built to meet the demands for today and for the future. As such, we are committed to continued support of nuclear technology as it takes its place in environmentally responsible carbon-free power supply.”

Steam generators serve as heat exchangers in pressurized water reactors. These components use the heat generated by the reactor to create steam that drives the turbines, which turns a generator and creates electricity.

SGT provides highly specialized heavy component replacement services and other major projects to the nuclear industry. Formed in 1991, SGT combines the knowledge of premier nuclear construction from United with Framatome’s world-leading supply of services, fuel, engineering and heavy components for nuclear power plants.

Operated by TVA in eastern Tennessee, Watts Bar Unit 2 produces 1,150 megawatts of continuous electricity, with the entire plant supplying enough power for 1.3 million homes daily.

About United
United Engineers & Constructors is an industry leading infrastructure engineering, procurement, construction and consulting company dedicated to improving lives by delivering the world’s most impactful solutions. Since 1905, we have served the power industry by providing comprehensive lifecycle services for the conventional generation, nuclear, transmission and distribution, renewable, and distributed energy markets. Together with our clients and partners, we are unified in our efforts to deliver innovative and transformative infrastructure designed and built to meet the demands of today and for the future. www.ueci.com

About Framatome
Framatome is an international leader in nuclear energy recognized for its innovative solutions and value added technologies for the global nuclear fleet. With worldwide expertise and a proven track record for reliability and performance, the company designs, services and installs components, fuel, and instrumentation and control systems for nuclear power plants. Its more than 14,000 employees work every day to help Framatome’s customers supply ever cleaner, safer and more economical low-carbon energy. Visit us at: www.framatome.com, and follow us on Twitter: @Framatome_ and LinkedIn: Framatome. Framatome is owned by the EDF Group (75.5%), Mitsubishi Heavy Industries (MHI – 19.5%) and Assystem (5%).

United
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Framatome
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PUYALLUP, Wash.--(BUSINESS WIRE)--Pro-Vac, a leading provider of essential subsurface infrastructure services, announced today that it has acquired Vac-One, a leading provider of hydro excavation services in Texas, Oklahoma, Colorado and New Mexico. The combination significantly enhances and expands Pro-Vac’s scale and geographic reach.

The combination will enable Pro-Vac to rapidly expand its subsurface infrastructure service offering across a national footprint. The combination was supported by Gallant Capital Partners (“Gallant”), the majority owner of Pro-Vac, who will continue to invest significant capital into the combined business to further expand Pro-Vac.

“We are incredibly excited to further grow Pro-Vac in combination with Vac-One,” Graham Gill, CEO of Pro-Vac, added. “Enhancing Vac-One’s current service offerings with Pro-Vac’s platform of diversified subsurface infrastructure services will immediately benefit Vac-One’s existing customer base. The ability to leverage the combined platform’s capabilities will provide our customers with the most comprehensive set of infrastructure services in the market.”

“Vac-One represents an opportunity to acquire a scaled foothold in a high-growth region. We look forward to expanding its service offerings and accelerating growth within the infrastructure end market,” said Anthony Guagliano, Partner at Gallant.

About Pro-Vac

Founded in 2002 and headquartered in Puyallup, Washington, Pro-Vac is a leading provider of essential subsurface infrastructure services. The company’s service offerings include hydro excavation, stormwater and sewer systems maintenance, pipeline jetting, pipeline repair / grouting, CCTV pipe inspections, vacuum sweeping and other specialty services. Pro-Vac’s customers include contractors, municipalities, and utility companies. For more information, please visit: www.pro-vac.com

About Vac-One

Founded in 2014 and headquartered in Deer Park, Texas, Vac-One is a leading provider of essential subsurface infrastructure services. The company’s service offerings include hydro excavation, air vacuum excavation, and cathodic protection. Vac-One’s customers include contractors, municipalities, industrial, energy and utility companies.

About Gallant Capital Partners

Gallant Capital Partners is a private equity firm that makes control investments in industrial, business services, and technology companies. Gallant executes on an operationally focused investment strategy with a priority on partnering closely with companies that can benefit from its extensive industry relationships and operating expertise. The firm partners with management teams to maximize value and drive long-term, sustainable growth for its portfolio companies. Gallant Capital Partners was founded in 2018 and is headquartered in Los Angeles. For more information, please visit: www.gallantcapital.com

Jamie Kim, This email address is being protected from spambots. You need JavaScript enabled to view it.

CONSTRUCT Business Operations Academy grads gained core competencies for job placement in energy, construction industries

CHICAGO--(BUSINESS WIRE)--ComEd today hosted community and workforce development partners for a graduation event honoring 36 new graduates of the 2022 CONSTRUCT Business Operations Academy program, which increases the pool of qualified minority candidates for entry-level administrative and project coordinator roles in the energy and construction industries.

The program, launched last year, is part of ComEd’s ongoing work to scale job training and education programs that will prepare communities for growing roles in the utility and construction industries.

“To ensure a pipeline of diverse, skilled and local talent that will power the clean energy transformation in Illinois, ComEd is deeply invested supporting and expanding job training and education programs,” said Louie Binswanger, SVP of governmental and regulatory affairs at ComEd. “Programs like the CONSTRUCT Business Operations Academy play a critical role as we work to connect more residents to skills training needed to take on jobs in energy and infrastructure. Congratulations to the graduates for completing this program which will prepare them for meaningful, well-paying careers in our field and a chance to impact their communities for the future.”

During the six-week program, participants learned the basics of business operations and project management, developed professional skills needed to succeed in an office environment, completed a capstone project with industry-specific case studies, and received job placement and support services from ComEd and its workforce agency partners. Participants who successfully completed the program received a $1,000 stipend and a Business Operations 101 certificate from St. Augustine College, as well as networking opportunities that can lead to key roles with local utility or construction companies.

“Participating in the ComEd Business Operations Academy has given me the confidence I need as I take next steps to pursue a career in project management,” said Jasmine Henderson-Dixon, a 2022 Business Operations Academy graduate and resident of Chicago’s Roseland community. “I am so grateful for the opportunity to learn through this 6-week program, which challenged me in the best way possible, and also gave me a chance to receive support and guidance form ComEd, my instructors, as well as my classmates. I’m proud of my accomplishments and look forward to next steps as I now feel I am ready to take the PMP exam.”

The program first launched in 2021 and prepared a cohort of primarily Black women for roles with ComEd’s administrative, project coordinator and customer service roles. The current graduating class is highly diverse, with nearly 90 percent minority graduates, and 21 total female participants in the graduating class. Participants represent communities across the entire region, with 27 zip codes represented in the class.

The Business Operations Academy training program is administered with support from several workforce agency partners, including Cara Collective, the Chicago Urban League, the Quad County Urban League, the YWCA Metropolitan Chicago and INTREN, which funds the program alongside ComEd.

“We are honored to partner with ComEd on their CONSTRUCT Business Operations Academy. Cara Collective’s mission is to build an inclusive economy by developing employment pathways,” said Kathleen St. Louis Caliento, President and CEO of Cara Collective. “Programs like CONSTRUCT help make those pathways a reality. Now, our job seekers are not only able to build an array of skillsets, they have the opportunity for gainful employment in the utilities and power industry.”

“INTREN is proud to have worked with CONSTRUCT for the last 10 years to support ComEd’s commitment to invite and train local, diverse candidates into the construction field,” said Matthew Turk, COO of INTREN. “Once again ComEd has creatively and boldly developed a new path forward, the Business Operations Academy, to introduce and train candidates for the backoffice and field work in the utility construction industry. We stand with ComEd in the goal to change lives and communities.”

ComEd's investments in training and recruitment help create a local talent pipeline that is prepared to meet future demands, as clean energy jobs are on the rise. Last year alone, the U.S. energy sector added more than 300,000 new jobs, outpacing overall U.S. employment growth (USEER 2022). Growth of the energy sector is expected to skyrocket thanks to significant federal investments that will help catalyze clean energy infrastructure development via the Inflation Reduction Act and the Infrastructure Investment and Jobs Act (IIJA).

ComEd offers a range of in-depth job training and apprenticeship style programs, including the CONSTRUCT Infrastructure Academy, Dawson Tech Overhead Electrical Line Workers training program – a partnership with the City Colleges of Chicago – and scholarship programs to support students in obtaining STEM degrees. As a result of its growing investment in career readiness and education across the region, ComEd’s job training and STEM education programs last year directly benefitted nearly 1,700 local residents.

For more on these career readiness programs, please visit www.comed.com/cleanenergyjobs.

# # #

ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com, and connect with the company on Facebook, Twitter, Instagram and YouTube.

ComEd
Media Relations
312-394-3500

Byrd Ranch expands GlidePath’s operating storage portfolio in Texas, deploys artificial intelligence capabilities with Habitat Energy

HOUSTON--(BUSINESS WIRE)--GlidePath Power Solutions LLC (“GlidePath”), today announced it has successfully completed construction and commissioning and commenced operation at the 50 MW Byrd Ranch Storage Project (“Byrd Ranch”) in Sweeny, TX. Byrd Ranch is the latest addition to GlidePath’s portfolio of battery storage projects in Texas and PJM territories and will provide critical grid support to assist the Electric Reliability Council of Texas (ERCOT) manage grid stress and volatility. Moreover, Byrd Ranch will utilize the advanced optimization capabilities of Habitat Energy to maximize the operational performance of the project.

Byrd Ranch is located approximately 60 miles south of Houston and began construction earlier this year. Since 2013, GlidePath has been developing, building and operating utility-scale battery storage projects. The GlidePath team managed the engineering, procurement and construction of Byrd Ranch and worked in a collaborative partnership with top tier suppliers of advanced battery storage equipment and integration services to deliver this project.

“We are proud to help create a more robust and reliable Texas grid by delivering GlidePath’s latest battery storage project so close to a major energy hub in Houston,” said Chris McKissack, CEO of GlidePath. “GlidePath’s team safely and successfully managed the development and construction of Byrd Ranch Storage from start to finish during a period of extraordinary supply chain challenges. We’re looking forward to operating this project using the very latest storage technology available and showcasing what Byrd Ranch can do to benefit the local community as well as enhance reliability and resiliency for Texas power users.”

GlidePath selected partners that, in the Company’s evaluation, offered the latest and ‘best in class’ storage technology solutions for Byrd Ranch. Habitat Energy Limited will provide AI-enabled energy bidding and performance optimization services and IHI Terrasun, the energy storage system integrator, is providing power plant control software and lifecycle services with a 10-year warranty and maintenance services agreement for the project.

Since its founding nearly a decade ago, GlidePath has seen new energy storage technologies move from idea to real-world implementation and continues to develop and construct projects using industry-leading solutions. “What we are able to do with the newest power plant controllers is truly impressive,” said Tahir Amin, GlidePath’s new SVP of Project Execution and Operations. “The flexibility, data analytics, and the amount of certainty we are getting as an operator is only possible with the technology that has been carefully developed by partners that have dedicated the resources to create state-of-the-art equipment. Byrd Ranch is a prime example of that achievement.”

GlidePath is a portfolio company of Quinbrook Infrastructure Partners.

About GlidePath

GlidePath Power Solutions (https://glidepath.net/) is a leading independent developer and owner of energy storage systems, operating projects in multiple markets and with a deep nation-wide development pipeline. Based in Elmhurst, Illinois, GlidePath’s mission is to accelerate the transition to a 100% carbon-free electric grid deliberately and profitably through sustainable, accessible energy storage development, deployment, operations, and optimization.

About Quinbrook Infrastructure Partners

Quinbrook Infrastructure Partners (http://www.quinbrook.com) is a specialist investment manager focused exclusively on renewables, storage and grid support infrastructure and operational asset management in the US, UK, and Australia. Quinbrook is led and managed by a senior team of power industry professionals who have collectively invested c.US$8.2 billion equity in energy infrastructure assets since the early 1990s, representing a total enterprise value of c.US$28.7 billion or 19.5 GW of power supply capacity. Quinbrook has completed a diverse range of direct investments in both utility and distributed scale onshore wind and solar power, battery storage, reserve peaking capacity, biomass, fugitive methane recovery, hydro and flexible energy management solutions in the US, UK, and Australia. Quinbrook is currently developing and constructing some of the largest renewables and storage infrastructure projects ever undertaken in the US, UK and Australia.

Peter Gray, Aileron Communications
312-883-5044, This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Aris Water Solutions, Inc. (NYSE: ARIS) (“Aris” or the “Company”) today announced that its Board of Directors declared a dividend on its Class A common stock for the fourth quarter of 2022 of $0.09 per share. In conjunction with the dividend payment, a distribution of $0.09 per unit will be paid to unit holders of Solaris Midstream Holdings, LLC. The dividend will be paid on November 30, 2022 to holders of record of the Company’s Class A common stock as of the close of business on November 17, 2022. The distribution to unit holders of Solaris Midstream Holdings, LLC will be subject to the same payment and record dates.

About Aris Water Solutions, Inc.

Aris Water Solutions, Inc. is a leading, growth-oriented environmental infrastructure and solutions company that directly helps its customers reduce their water and carbon footprints. Aris delivers full-cycle water handling and recycling solutions that increase the sustainability of energy company operations. Its integrated pipelines and related infrastructure create long-term value by delivering high-capacity, comprehensive produced water management, recycling and supply solutions to operators in the core areas of the Permian Basin. For more information about the Company, visit www.ariswater.com.

Forward-Looking Statements

This press release contains 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. Examples of forward-looking statements include, but are not limited to, those regarding payments of dividends, and our implied cash flow or liquidity. In some cases, you can identify forward-looking statements by terminology such as “estimate,” “expect,” “intend,” “plan,” “believe,” “forecast,” “may,” “could” and variations of such words or similar expressions. The payment of any future dividends will be at the discretion of our board of directors. Our board of directors may elect to declare cash dividends depending on, among other things, our financial condition, results of operations, projections, liquidity, earnings, legal requirements, and restrictions in our debt. We have not adopted a written dividend policy. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, by their nature, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, our actual results may differ materially from those contemplated by the forward-looking statements. Factors that could cause our actual results to differ materially from the results contemplated by such forward-looking statements include but are not limited to the risk factors discussed or referenced in our filings made from time to time with the SEC. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

David Tuerff
Senior Vice President, Finance & Investor Relations
832-803-0367
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