Net Sales of $684M and GAAP Net income of $(0.3)M;
Firm Order Backlog of 4,200+ units;
Electric Bus Backlog at 260+ units;
Adjusted EBITDA of $34.1M with 6,679 Buses Sold

MACON, Ga.--(BUSINESS WIRE)--Blue Bird Corporation (“Blue Bird”) (Nasdaq: BLBD), the leading independent designer and manufacturer of school buses, announced today its fiscal 2021 fourth quarter and full year results. GAAP net income for the year of $(0.3) million was $12.5 million lower than FY2020. Adjusted EBITDA for the year was $34.1 million, $20.6 million lower than last year. Supply chain disruptions resulted in more than 2,000 bookings being delayed to fiscal 2022. Order backlog is strong at more than 4,200 buses, filling production slots through the first half of FY2022.

Highlights

“The results of FY2021 are characterized by a first half with soft demand and a second half fraught with supply chain disruptions when order volume recovered. However, there is clear evidence of exciting longer-term trends in demand and we are going to be ideally positioned to capture our profitable share. The unprecedented situation in the world around us has only temporarily delayed what I see as a remarkable opportunity ahead for our company and its investors," said Matthew Stevenson, President and Chief Executive Officer of Blue Bird Corporation. “We were encouraged by new orders of more than 9,700 buses this year as the school bus industry rebounded strongly in the second half of the year with schools reopening and fleet replacement resuming. Unfortunately, like the majority of the automotive industry, our production was limited by supply chain constrains. As such, we have built a substantial order backlog of more than 4,200 buses, comprising both our traditional internal combustion engine buses and a record level of electric buses.

"With the school-bus industry recovery well underway, we are focused on ensuring we ramp production quickly and profitably as supply chain challenges ease, likely in the spring of 2022. We have taken actions to realize manufacturing efficiency improvements while also lowering our operating expenses through cost controls. In addition, we recently increased all vehicle prices by 11% in response to the global escalation in commodity prices, while implementing a variable pricing model to mitigate future commodity price increases.

"The interest in electric buses continues to grow, with more than 550 buses sold or in our backlog in fiscal 2021. In fact, total units sold and in backlog since we began production three years ago is more than 750 electric buses, covering Type A, C and D configurations. With the growth rate we are seeing, and the breadth of chassis and powertrain choices that we offer, we are increasing our focus and resources in the EV business. We are very pleased that the recently-passed infrastructure bill will rapidly accelerate adoption of EV school buses, with $5 billion dollars of funding for clean school buses.

"As we look to FY2022, there are two primary headwinds that we are facing through the first half of the fiscal year. First, the majority of the units that were pushed from FY2021 into FY2022 were ordered prior to the price increases that were implemented through the summer in response to escalating commodity costs. Second, supplier constraints on a few key components, significantly restrict our first half build capacity. With these in mind, we are announcing FY2022 Guidance for net revenue of $750 million - $850 million, Adjusted EBITDA of $30 million - $50 million and Adjusted Free Cash Flow of $35 million - $55 million.

"As frustrating as the continuing supply chain disruptions are, they will be mitigated, and we will emerge from this challenging period with enhanced abilities to execute through our continued focus on our people and lean transformation. The intermediate and longer-term outlook for Blue Bird is very strong. We have a record backlog and a strong tailwind on EV and clean emission buses in which we are the leader. As we capture that strong secular demand opportunity with an increasingly efficient sales and manufacturing engine, we are confident that the bottom line results for investors in our company will see new heights in the years ahead.

"I am also very excited about the recently-announced, $75 million investment by Coliseum Capital Management LLC.. Coliseum is very familiar with Blue Bird and recognizes the incredibly bright future ahead us. Coliseum was previously an investor from 2015 – 2017. I look forward to having Adam Gray, Co-Founder of Coliseum Capital Management, LLC., return to the Blue Bird Board. This capital injection will help fuel the scaling of our EV production and infrastructure, ensuring we remain the leaders in the space. Also, it provides resources to accelerate our previously announced intentions to offer chassis with factory-installed electric drivetrains to other segments of the commercial vehicle market, thus expanding our total addressable market beyond school buses. These are exciting times at Blue Bird and for our investors!”

Fiscal 2021 Fourth Quarter Results

Net Sales
Net sales were $192.2 million for the fourth quarter of fiscal 2021, a decrease of $89.2 million, or 31.7%, from prior year period. Bus unit sales were 1,911 units for the quarter compared with 2,876 units for the same period last year.

Gross Profit
Fourth quarter gross profit of $13.0 million represented a decrease of $16.6 million from the fourth quarter of last year. Gross profit margin declined 3.7 points to 6.8%.

Net Income
Net Income was $(2.4) million for the fourth quarter of fiscal 2021, which was $14.3 worse than the same period last year.

Adjusted Net Income
Adjusted Net Income was $2.0 million, representing a decrease of $11.3 million compared with the same period last year.

Adjusted EBITDA
Adjusted EBITDA was $7.6 million, which was a decrease of $14.3 million compared with the fourth quarter last year. Supply disruptions resulted in moving more than 2,000 bookings out of the fiscal year and caused substantial operating cost increases.

Full Year 2021 Results

Net Sales
Net sales were $684.0 million for the fiscal year ended October 2, 2021, a decrease of $195.2 million, or 22.2%, compared with the prior year. Bus unit sales were 6,679 units for the fiscal year ended October 2, 2021 compared with 8,878 units for the same period last year.

Gross Profit
Full year gross profit was $72.1 million, a decrease of $24.1 million from the prior year.

Net Income
Net Income was $(0.3) million for the fiscal year ended October 2, 2021, which was $12.5 million below the prior year.

Adjusted Net Income
Year-to-date Adjusted Net Income was $8.7 million, representing a decrease of $13.5 million compared with the prior year.

Adjusted EBITDA
Adjusted EBITDA was $34.1 million for the fiscal year ended October 2, 2021, a decrease of $20.6 million from the prior year. The decrease was driven by lower volume and inefficiencies from supplier disruptions, partially offset by bus pricing and cost and efficiency improvements.

Conference Call Details

Blue Bird will discuss its fourth quarter and full year 2021 results in a conference call at 4:30 PM ET today. Participants may listen to the audio portion of the conference call either through a live audio webcast on the Company's website or by telephone. The slide presentation and webcast can be accessed via the Investor Relations portion of Blue Bird's website at www.blue-bird.com.

• Webcast participants should log on and register at least 15 minutes prior to the start time on the Investor Relations homepage of Blue Bird’s website at http://investors.blue-bird.com. Click the link in the events box on the Investor Relations landing page.

• Participants desiring audio only should dial 1-877-407-0784 or 1-201-689-8560

A replay of the webcast will be available approximately two hours after the call concludes via the same link on Blue Bird’s website.

About Blue Bird Corporation

Blue Bird is the leading independent designer and manufacturer of school buses, with more than 585,000 buses sold since its formation in 1927 and approximately 180,000 buses in operation today. Blue Bird’s longevity and reputation in the school bus industry have made it an iconic American brand. Blue Bird distinguishes itself from its principal competitors by its singular focus on the design, engineering, manufacture and sale of school buses and related parts. As the only manufacturer of chassis and body production specifically designed for school bus applications, Blue Bird is recognized as an industry leader for school bus innovation, safety, product quality/reliability/durability, operating costs and drivability. In addition, Blue Bird is the market leader in alternative fuel applications with its propane-powered and compressed natural gas-powered school buses. Blue Bird manufactures school buses at two facilities in Fort Valley, Georgia. Its Micro Bird joint venture operates a manufacturing facility in Drummondville, Quebec, Canada. Service and after-market parts are distributed from Blue Bird’s parts distribution center located in Delaware, Ohio.

Key Non-GAAP Financial Measures We Use to Evaluate Our Performance

This press release includes the following non-GAAP financial measures “Adjusted EBITDA,” "Adjusted EBITDA Margin," "Adjusted Net Income," "Adjusted Diluted Earnings per Share," “Free Cash Flow” and “Adjusted Free Cash Flow”. Adjusted EBITDA and Free Cash Flow are financial metrics that are utilized by management and the board of directors to determine (a) the annual cash bonus payouts, if any, to be made to certain members of management based upon the terms of the Company’s Management Incentive Plan, and (b) whether the performance criteria have been met for the vesting of certain equity awards granted annually to certain members of management based upon the terms of the Company’s Omnibus Equity Incentive Plan. Additionally, consolidated EBITDA, which is an adjusted EBITDA metric defined by our Amended Credit Agreement that could differ from Adjusted EBITDA discussed above as the adjustments to the calculations are not uniform, is used to determine the Company's ongoing compliance with several financial covenant requirements, including being utilized in the denominator of the calculation of the Total Net Leverage Ratio. Accordingly, management views these non-GAAP financial metrics as key for the above purposes and as a useful way to evaluate the performance of our operations as discussed further below.

Adjusted EBITDA is defined as net income or loss prior to interest income; interest expense including the component of operating lease expense (which is presented as a single operating expense in selling, general and administrative expenses in our GAAP financial statements) that represents interest expense on lease liabilities; income taxes; and depreciation and amortization including the component of operating lease expense (which is presented as a single operating expense in selling, general and administrative expenses in our GAAP financial statements) that represents amortization charges on right-of-use lease assets; as adjusted for certain non-cash charges or credits that we may record on a recurring basis such as stock-compensation expense and unrealized gains or losses on certain derivative financial instruments; net gains or losses on the disposal of assets as well as certain charges such as (i) significant product design changes; (ii) transaction related costs; (iii) discrete expenses related to major cost cutting initiatives; or (iv) costs directly attributed to the COVID-19 pandemic. While certain of the charges that are added back in the Adjusted EBITDA calculation, such as transaction related costs and operational transformation and major product redesign initiatives, represent operating expenses that may be recorded in more than one annual period, the significant project or transaction giving rise to such expenses is not considered to be indicative of the Company’s normal operations. Accordingly, we believe that these, as well as the other credits and charges that comprise the amounts utilized in the determination of Adjusted EBITDA described above, should not be used in evaluating the Company’s ongoing annual operating performance. We define Adjusted EBITDA Margin as Adjusted EBITDA as a percentage of net sales. Adjusted EBITDA and Adjusted EBITDA Margin are not measures of performance defined in accordance with GAAP. The measures are used as a supplement to GAAP results in evaluating certain aspects of our business, as described below.

We believe that Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, and Adjusted Diluted Earnings per Share are useful to investors in evaluating our performance because the measures consider the performance of our ongoing operations, excluding decisions made with respect to capital investment, financing, and certain other significant initiatives or transactions as outlined in the preceding paragraph. We believe the non-GAAP measures offer additional financial metrics that, when coupled with the GAAP results and the reconciliation to GAAP results, provide a more complete understanding of our results of operations and the factors and trends affecting our business.

Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income and Adjusted Diluted Earnings per Share should not be considered as alternatives to net income or GAAP earnings per share as an indicator of our performance or as alternatives to any other measure prescribed by GAAP as there are limitations to using such non-GAAP measures. Although we believe the non-GAAP measures may enhance an evaluation of our operating performance based on recent revenue generation and product/overhead cost control because they exclude the impact of prior decisions made about capital investment, financing, and other expenses, (i) other companies in Blue Bird’s industry may define Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, and Adjusted Diluted Earnings per Share differently than we do and, as a result, they may not be comparable to similarly titled measures used by other companies in Blue Bird’s industry, and (ii) Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, and Adjusted Diluted Earnings per Share exclude certain financial information that some may consider important in evaluating our performance.

We compensate for these limitations by providing disclosure of the differences between Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, and Adjusted Diluted Earnings per Share and GAAP results, including providing a reconciliation to GAAP results, to enable investors to perform their own analysis of our operating results.

Our measures of “Free Cash Flow” and "Adjusted Free Cash Flow" are used in addition to and in conjunction with results presented in accordance with GAAP and free cash flow and adjusted free cash flow should not be relied upon to the exclusion of GAAP financial measures. Free cash flow and adjusted free cash flow reflect an additional way of viewing our liquidity that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our cash flows. We strongly encourage investors to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure.

We define Free Cash Flow as total cash provided by/used in operating activities as adjusted for net cash paid for the acquisition of fixed assets and intangible assets. We use Free Cash Flow, and ratios based on Free Cash Flow, to conduct and evaluate our business because, although it is similar to cash flow from operations, we believe it is a more conservative measure of cash flow since purchases of fixed assets and intangible assets are a necessary component of ongoing operations.

Forward Looking Statements

This press release includes forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to expectations for future financial performance, business strategies or expectations for our business. Specifically, forward-looking statements include statements in this press release regarding guidance, seasonality, product mix and gross profits and may include statements relating to:

• Inherent limitations of internal controls impacting financial statements
• Growth opportunities
• Future profitability
• Ability to expand market share
• Customer demand for certain products
• Economic conditions (including tariffs) that could affect fuel costs, commodity costs, industry size and financial conditions of our dealers and suppliers
• Labor or other constraints on the Company’s ability to maintain a competitive cost structure
• Volatility in the tax base and other funding sources that support the purchase of buses by our end customers
• Lower or higher than anticipated market acceptance for our products
• Other statements preceded by, followed by or that include the words “estimate,” “plan,” “project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,” “seek,” “target” or similar expressions

These forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing our views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. The factors described above, as well as risk factors described in reports filed with the SEC by us (available at www.sec.gov), could cause our actual results to differ materially from estimates or expectations reflected in such forward-looking statements.

Mark Benfield
Profitability & Investor Relations
(478) 822-2315
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PHOENIX--(BUSINESS WIRE)--Pinnacle West Capital Corporation’s (NYSE: PNW) board of directors today declared a quarterly dividend of $0.85 per share of common stock, payable on March 1, 2022, to shareholders of record at the close of business on Feb. 1, 2022.

Pinnacle West Capital Corp., an energy holding company based in Phoenix, has consolidated assets of approximately $22 billion, about 6,300 megawatts of generating capacity and more than 6,000 employees in Arizona and New Mexico. Through its principal subsidiary, Arizona Public Service, the company provides retail electricity service to more than 1.3 million Arizona homes and businesses. For more information about Pinnacle West, visit the company’s website at pinnaclewest.com.

Media Contact: Alan Bunnell (602) 250-3376
Analyst Contact: Amanda Ho (602) 250-3334
Website: pinnaclewest.com

PORTLAND, Ore.--(BUSINESS WIRE)--NuScale announces today that James T. Hackett will become the non-executive Chairman of the Board of Managers for NuScale Power, LLC. Hackett has served on the board of NuScale since November 2021 and as a Director on Fluor Corporation’s Board of Directors since 2016. He joins a strong governing board, which includes others such as Kent Kresa, and builds upon our staunch leadership, service, and industry experience.

“To change the power that changes the world, NuScale needs experienced, dedicated leaders to help ensure the benefits of our small modular reactors reach every community,” said John Hopkins, President and Chief Executive Officer of NuScale Power. “Jim will be an invaluable asset to the company, and we will undoubtedly benefit from his expertise and counsel as we approach and achieve commercialization.”

Hackett has several decades of executive and Board experience in the energy sector, including three current public boards. He has held major civic leadership roles including Chairman of the Board of the Federal Reserve Bank of Dallas during the financial crisis of 2008. He currently serves as the President of Tessellation Services, LLC, a privately held consulting services firm. Previously, Hackett served as Executive Chairman of Alta Mesa Resources, Inc., a Partner of Riverstone Holdings LLC, and Chairman and CEO of Anadarko Petroleum Corporation. He has an engineering and finance background and previously oversaw the nuclear engineering consulting business at Duke Energy.

Kresa, who was named to the board in January 2020, brings an impressive history of service, which spans leadership roles as the Chairman of the Board and Chief Executive Officer of Northrop Grumman, and on the Boards of Fluor Corporation, General Motors Company (GM), as well as several non-profit organizations and universities, and more.

About NuScale Power

NuScale Power is poised to meet the diverse energy needs of customers across the world. It has developed a new modular light water reactor nuclear power plant to supply energy for electrical generation, district heating, desalination, hydrogen production and other process heat applications. The groundbreaking NuScale Power Module™ (NPM), a small, safe pressurized water reactor, can generate 77 MWe of electricity and can be scaled to meet customer needs. The VOYGR™-12 power plant is capable of generating 924 MWe, and NuScale also offers the four-module VOYGR-4 (308 MWe) and six-module VOYGR-6 (462 MWe) and other configurations based on customer needs. The majority investor in NuScale is Fluor Corporation, a global engineering, procurement, and construction company with a 70-year history in commercial nuclear power.

NuScale is headquartered in Portland, OR and has offices in Corvallis, OR; Rockville, MD; Charlotte, NC; Richland, WA; and London, UK. Follow us on Twitter: @NuScale_Power, Facebook: NuScale Power, LLC, LinkedIn: NuScale-Power, and Instagram: nuscale_power. Visit NuScale Power's website.

Diane Hughes, Vice President, Marketing & Communications, NuScale Power
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(C) (503)-270-9329

HOUSTON--(BUSINESS WIRE)--Tidewater Inc. (NYSE: TDW) (the “Company”) today announced that its Board of Directors has amended its previously adopted Tax Benefits Preservation Plan (the "Plan") to accelerate the termination of the Plan to December 15, 2021. The Plan, previously scheduled to expire on April 13, 2023, was designed to protect the Company’s existing net operating loss carryforwards and foreign tax credits, by deterring an acquisition of the Company's stock in-excess of a threshold amount that could trigger an “ownership change” within the meaning of the Internal Revenue Code.

Quintin Kneen, Tidewater’s President and Chief Executive Officer, commented, “The Plan was established in March of 2020 to protect significant tax attributes that were at risk of being limited under Section 382 of the Internal Revenue Code due to the considerable rolling three-year change in ownership percentage of the Company, which was driven in part by the issuance of shares in the November 2018 acquisition of GulfMark Offshore, Inc. Subsequent to the recent third anniversary of that transaction as well as other factors, the rolling three-year change in ownership was reduced significantly. The Board determined that the Company's tax attributes no longer need the protection of the Plan, and it is in the best interest of the Company's shareholders to promptly terminate the Plan.”

About Tidewater

Tidewater owns and operates one of the largest fleets of offshore support vessels in the industry, with more than 65 years of experience supporting offshore energy exploration, production, generation and offshore wind activities worldwide.

Forward-Looking Statements

In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Tidewater notes that certain statements set forth in this press release contain certain forward-looking statements which reflect our current view with respect to future events and future financial performance. Forward-looking statements are all statements other than statements of historical fact. All such forward-looking statements are subject to risks and uncertainties, many of which are beyond the control of the Company, and our future results of operations could differ materially from our historical results or current expectations reflected by such forward-looking statements. Investors should carefully consider the risk factors described in detail in the Company’s most recent Form 10-K, most recent Form 10-Q, and in similar sections of other filings made by the Company with the SEC from time to time. The Company’s filings can be obtained free of charge on the SEC’s website at www.sec.gov. Except to the extent required by law, the Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this press release to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports filed by the Company with the SEC.

Tidewater Inc.
West Gotcher
Vice President,
Finance and Investor Relations
+1.713.470.5285

TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) was recognized across several key rankings in 2021– including CDP, Dow Jones Sustainability Index, Sustainalytics and MSCI – for the company’s commitment to transparency and governance around climate change. Williams ranked first in its peer group in the DJSI and was the only U.S. energy company to be included in their world index.

CDP, another widely recognized disclosure and scoring process, gave Williams a ‘B’ score for its commitment to transparency around climate change. This ranking exceeds the sector oil and gas storage and transportation activity group average of ‘B-’ as well as the North American regional average of ‘C’. Williams’ score signifies the company is taking coordinated action on climate change. This is the second year Williams participated in the full disclosure and scoring process through the CDP climate change questionnaire.

In addition, S&P Global Platts recently named Williams the winner of its 2021 Award of Excellence – Midstream for the company’s leadership in the industry, particularly as it relates to progressing toward climate goals and incorporating solar, renewable natural gas and green hydrogen into its existing energy infrastructure network.

"I am proud of the strides we are making as a company to tackle emissions with right here, right now solutions while also leveraging new technologies alongside our natural gas infrastructure to deliver clean, reliable and affordable energy,” said Alan Armstrong, president and chief executive officer of Williams. “These recent ESG ratings validate our commitment to holding ourselves accountable and being transparent with customers, employees and shareholders, but we still have lots to accomplish on this journey. I want to thank our employees for their efforts this past year to make all this possible as we continue to execute our clean energy strategy and deliver long-term value to our stakeholders.”

Williams’ focus on sustainable performance ranked as follows in 2021:

• Dow Jones Sustainability Index: Williams ranked first in the oil and gas storage and transportation industry peer group and was included as a member of both the DJSI North America as well as DJSI World indices.
• Sustainalytics: Williams ranked in the top 4% in the Refiners and Pipelines industry group, reflecting strong management of material Environmental, Social and Governance (ESG) issues.
• MSCI: Williams upgraded to a BBB rating, illustrating its ongoing emphasis on ESG developments.
• CDP: Received a ‘B’ score, better than industry average of ‘B-‘ and North America regional average of ‘C’

To read the company’s 2020 Sustainability Report, visit https://www.williams.com/sustainability/

To learn more about how Williams is exploring ways to leverage its existing footprint to incorporate new energy opportunities, visit https://www.williams.com/sustainability/new-energy-ventures/

About Williams

Williams (NYSE: WMB) is committed to being the leader in providing infrastructure that safely delivers natural gas products to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation and storage of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 30,000 miles of pipelines system wide – including Transco, the nation’s largest volume and fastest growing pipeline – and handles approximately 30 percent of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use.

MEDIA:
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(800) 945-8723

INVESTOR CONTACT:
Danilo Juvane
(918) 573-5075

2 MW Plant to Utilize Gazelle's Breakthrough Hybrid Floating Wind Platform

DUBLIN--(BUSINESS WIRE)--#CleanEnergy--Gazelle Wind Power (Gazelle) has signed a memorandum of understanding (MOU) with Maersk Supply Service (Maersk), a leading provider of global offshore marine services and integrated solutions for the energy sector worldwide, to support the development of a 2 MW pilot plant using the company's breakthrough floating wind platform at the Oceanic Platform of the Canary Islands (PLOCAN). Maersk Supply Service will provide the project's engineering, procurement, construction and installation (EPCI), which is expected to be completed in Q2 2023.

Through Maersk's expertise in providing EPCI services, as well as their global offshore project execution in the marine sector, this partnership is the next step in bringing Gazelle's patented, breakthrough hybrid floating wind platform and first-of-its-kind dynamic mooring system to the commercial market.

Having demonstrated the capabilities of its technology with a statement of feasibility by leading worldwide classification organization DNV, Gazelle's platform successfully combines the top attributes of the most popular floating offshore wind platform designs seen today without their drawbacks. The Gazelle platform enables wind farms to be placed in deep waters and is much lighter than conventional platforms. It is also more compact and simpler to build, deploy, and maintain than other floating platforms, which translates to a dramatically lower levelized cost of energy (LCOE).

"Maersk has an impressive track record and we could not have asked for a better organization to work with on this project," said Connie Hedegaard, Non Executive Director, Gazelle Wind Power. "This agreement with Maersk will help Gazelle accelerate the momentum of the development of its hybrid floating platform and open up the massive offshore wind market."

”Green transition and decarbonisation initiatives are at the heart of our strategy,” said Yvan Leyni, Floating Wind Solutions Director at Maersk Supply Service, “We are committed to being at the forefront of the rapidly evolving floating wind industry and are delighted to support the Gazelle pilot project.”

As more industries and world governments commit to decarbonisation and net-zero emissions goals, enabling wind farms to be placed in deeper waters as far as 400 meters will be critical to generate the required energy for a growing worldwide population without fossil fuels. According to DNV, the floating offshore wind market is projected to reach as much as 250 GW of output by 2050.

Gazelle is supported by an elite group of energy industry veterans on its board of directors, including leading global policymakers, government officials, engineers, and CEOs.

About Gazelle Wind Power

Gazelle Wind Power Limited is unlocking the massive deep-water offshore wind market to achieve global decarbonisation. The company's durable, disruptive hybrid floating platform with a high stability attenuated pitch surmounts the current barriers of buoyancy and geographic limitations while reducing costs and preserving fragile marine environments. The company is based in Dublin and has a presence in Dubai, London, Madrid, Paris, and Texas. For more information, visit www.gazellewindpower.com.

For Gazelle Wind Power:
Wendy Prabhu | Mercom Communications
T: +1 512 215 4452
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HOUSTON--(BUSINESS WIRE)--PACIFIC COAST OIL TRUST (OTC–ROYTL) (the “Trust”), a royalty trust formed by Pacific Coast Energy Company LP (“PCEC”), announced today that there will be no cash distribution to the holders of its units of beneficial interest of record on December 27, 2021 based on the Trust’s calculation of net profits generated during October 2021 (the “Current Month”) as provided in the conveyance of net profits interests and overriding royalty interest (the “Conveyance”). If the Trust continues to receive insufficient monthly income from its net profits interests and overriding royalty interest, the Trust is expected to terminate by its terms by the end of 2021. As described further below, based on information from PCEC, the likelihood of distributions to the unitholders in the foreseeable future is extremely remote. The Trust may also be terminated upon the occurrence of other events as described in the Trust’s filings with the SEC. All financial and operational information in this press release has been provided to the Trustee by PCEC.

The Current Month’s distribution calculation for the Developed Properties resulted in operating income of approximately $1.6 million. Revenues from the Developed Properties were approximately $3.4 million, lease operating expenses including property taxes were approximately $1.8 million. The average realized price for the Developed Properties was $79.93 per Boe for the Current Month, as compared to $70.76 per Boe in September 2021. Oil prices generally have continued to rise in recent months, following the sharp decline in the first quarter of 2020, and were higher in the Current Month as compared to October 2020. The cumulative net profits deficit amount for the Developed Properties declined approximately $1.3 million, to approximately $22.0 million in the Current Month versus approximately $23.3 million in the prior month.

The Current Month’s calculation included approximately $109,000 generated from the 7.5% overriding royalty interest on the Remaining Properties from Orcutt Diatomite and Orcutt Field. Average realized prices for the Remaining Properties were $77.80 per Boe in the Current Month, as compared to $68.14 per Boe in September 2021. The cumulative net profits deficit for the Remaining Properties decreased by approximately $233,000 and was approximately $2.4 million for the Current Month.

The monthly operating and services fee of approximately $96,000 payable to PCEC, together with Trust general and administrative expenses of approximately $67,000 and the payment to PCEC of approximately $13,000 of accrued interest under the promissory note between the Trust and PCEC, exceeded the payment of approximately $109,000 received from PCEC from the 7.5% overriding royalty interest on the Remaining Properties, creating a shortfall of approximately $67,000.

PCEC has provided the Trust with a $1 million letter of credit to be used by the Trust if its cash on hand (including available cash reserves) is not sufficient to pay ordinary course administrative expenses as they become due. As of March 31, 2021, the letter of credit has been fully drawn down. Further, the trust agreement provides that if the Trust requires more than the $1 million under the letter of credit to pay administrative expenses, PCEC will, upon written request of the Trustee, loan funds to the Trust in such amount as necessary to pay such expenses. Under the trust agreement, the Trust may only use funds provided under the letter of credit or loaned by PCEC or another source to pay the Trust’s current accounts or other obligations to trade creditors in connection with obtaining goods or services or for the payment of other accrued current liabilities arising in the ordinary course of the Trust’s business. As the Trust has fully drawn down the letter of credit, PCEC will be loaning funds to the Trust to pay the expected shortfall of approximately $67,000, which would bring the total amount of outstanding borrowings (including the amount drawn from the letter of credit, which also must be repaid as provided in the trust agreement) from PCEC to approximately $2,999,000, plus interest thereon, related to shortfalls from prior months. Consequently, no further distributions may be made to Trust unitholders until the Trust’s indebtedness created by such amounts drawn or borrowed, including interest thereon, has been paid in full.

Sales Volumes and Prices

The following table displays PCEC’s underlying sales volumes and average prices for the Current Month:

Update on Estimated Asset Retirement Obligations

As previously disclosed, in November 2019, PCEC informed the Trustee that, as permitted by the Conveyance, PCEC intended to begin deducting its estimated asset retirement obligations (“ARO”) associated with the West Pico, Orcutt Hill, Orcutt Hill Diatomite, East Coyote and Sawtelle fields, thereby reducing the amounts payable to the Trust under its Net Profits Interests. ARO is the accounting recognition related to plugging and abandonment obligations that all oil and gas operators face. PCEC engaged an accounting firm, Moss Adams LLP (“Moss Adams”), acting as third-party consultants, to assist PCEC in determining its estimated ARO, and on February 27, 2020, PCEC informed the Trustee that based on the analysis performed by Moss Adams, PCEC’s estimated ARO, as of December 31, 2019, was $45,695,643, which is approximately $10.0 million less than the undiscounted amount that was originally estimated before Moss Adams completed its analysis, as previously disclosed in the Trust’s Current Report on Form 8‑K filed on November 13, 2019. According to PCEC and its third-party consultants, its estimated ARO, which reflected PCEC’s assessment of current market conditions as of December 31, 2019 and changes in California law, was determined to be approximately $33.2 million for the Developed Properties and approximately $12.5 million for the Remaining Properties, or approximately $26.5 million and approximately $3.1 million net to the Trust, respectively, and PCEC has reflected these amounts beginning with the calculation of the net profits generated during January 2020. The accrual has resulted in a current cumulative net profits deficit of approximately $24.4 million, which must be recouped from proceeds otherwise payable to the Trust from the Trust’s Net Profits Interests. Therefore, until the net profits deficit is eliminated, the only cash proceeds the Trust will receive are pursuant to the 7.5% overriding royalty interest.

PCEC has informed the Trustee that in accordance with generally accepted accounting principles, PCEC will evaluate the ARO on a quarterly basis. As a result of that re-evaluation, the actual ARO incurred in the future may be greater or less than the estimated amounts provided by PCEC. As previously disclosed, PCEC has informed the Trustee that at year-end 2020, and following the end of each of the first, second and third quarters of 2021, in light of the accounting guidance under Accounting Standards Codification 410-20-35-3, which requires the recognition of changes in the asset retirement obligation due to the passage of time and revision of the timing or amount of the originally estimated undiscounted cash flows, PCEC re-evaluated the estimated ARO, which resulted in an aggregate increase to the ARO accrual for the Developed Properties by approximately $5.1 million, net to the Trust’s interest, and an aggregate increase to the ARO accrual for the Remaining Properties by approximately $288,000, net to the Trust’s interest.

Based on PCEC’s estimate of its ARO attributable to the Net Profits Interest, deductions relating to estimated ARO are likely to eliminate the likelihood of any distributions to Trust unitholders for the foreseeable future, as previously disclosed in the Trust’s Current Report on Form 8-K filed on November 13, 2019.

As previously disclosed, the Trust engaged Martindale Consultants, Inc. (“Martindale”), a provider of analysis and compliance review services to the oil and gas industry, to perform an independent review of the estimated ARO in the Moss Adams report that PCEC provided to the Trustee. The Trustee also has engaged an accounting expert to advise the Trustee regarding the accruals that PCEC has booked relating to its estimated ARO. As disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, Martindale has completed its review of the estimated ARO and on December 21, 2020 provided its analysis and recommendations to the Trustee. Based on Martindale’s recommendations provided in its report to the Trust, as disclosed in the Trust’s Current Report on Form 8-K filed on December 29, 2020, the Trustee requested that PCEC promptly make several adjustments to its calculations and methods of deducting ARO from the proceeds to which the Trust is otherwise entitled pursuant to its Net Profits Interests. PCEC has responded to the Trustee, indicating PCEC’s view that the adjustments would violate applicable contracts and accounting standards, and has therefore declined to make any adjustments to the estimated ARO calculation based on those requests and the recommendations of the Martindale report. The Trustee has concluded that it has taken all action reasonably available to it under the Trust’s governing documents in connection with PCEC’s ARO calculation and therefore has determined not to take further action at this time.

As described in more detail in the Trust’s filings with the SEC, the Trust will terminate if the annual cash proceeds received by the Trust from the Net Profits Interests and 7.5% overriding royalty interest total less than $2.0 million for each of any two consecutive calendar years. PCEC is deducting estimated ARO, thereby reducing the amounts payable to the Trust. Unless significant market changes were to occur, no payments will be made by PCEC to the Trust for the foreseeable future, which would result in the total proceeds received by the Trust to total less than $2.0 million in each of 2020 and 2021.

Production Update

PCEC has informed the Trustee that PCEC continues to strategically deploy capital to enhance production. Costs associated with returning wells to service must be recovered before cash flow to the Trust can be created. Although oil prices have improved significantly from their lowest levels in 2020, any monthly payments that PCEC may make to the Trust may not be sufficient to cover the Trust’s administrative expenses and outstanding debt to PCEC, and therefore the likelihood of distributions to the unitholders in the foreseeable future is extremely remote.

Overview of Trust Structure

Pacific Coast Oil Trust is a Delaware statutory trust formed by PCEC to own interests in certain oil and gas properties in the Santa Maria Basin and the Los Angeles Basin in California (the “Underlying Properties”). The Underlying Properties and the Trust’s net profits, and royalty interests are described in the Trust’s filings with the SEC. As described in the Trust’s filings with the SEC, the amount of any periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, development expenses, and the amount and timing of the Trust’s administrative expenses, among other factors. For additional information on the Trust, please visit https://royt.q4web.com/home/default.aspx.

Cautionary Statement Regarding Forward-Looking Information

This press release contains statements that are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include estimates of future asset retirement obligations, expectations regarding the impact of deductions for such obligations on future distributions to unitholders, estimates of future total distributions to unitholders in 2021, expectations regarding the impact of lower commodity prices on oil and gas reserve estimates, statements regarding the impact of returning shut-in wells to production, expectations regarding PCEC’s ability to loan funds to the Trust, and the amount and date of any anticipated distribution to unitholders. In any case, PCEC’s deductions of its estimated asset retirement obligations will have a material adverse effect on distributions to the unitholders and on the trading price of the Trust units and may result in the termination of the Trust. Any anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from PCEC with respect to the relevant period. Any differences in actual cash receipts by the Trust could affect this distributable amount. The amount of such cash received or expected to be received by the Trust (and its ability to pay distributions) has been and will be significantly and negatively affected by prevailing low commodity prices, which declined significantly during 2020, could decline again and could remain low for an extended period of time in light of the economic effects of the COVID-19 pandemic and actions taken by Russia and the members of the Organization of Petroleum Exporting Countries regarding production levels. Other important factors that could cause actual results to differ materially include expenses related to the operation of the Underlying Properties, including lease operating expenses, expenses of the Trust, and reserves for anticipated future expenses. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither PCEC nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by Pacific Coast Oil Trust is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 8, 2019, and if applicable, the Trust’s subsequent Quarterly Reports on Form 10-Q. The Trust's Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q are available over the Internet at the SEC's website at http://www.sec.gov.

Pacific Coast Oil Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555

Green LIB tokens to be backed by leading EV, battery technology sector investments, to build India’s first Gigafactory.

JAKARTA, Indonesia--(BUSINESS WIRE)--#BlockchainTechnology--A group of experienced business professionals have come together to launch Libcoin (LIB), a “governance and reward” crypto token. The Libcoin initiative combines financial engineering borne of the digital economy with heightened excitement over infrastructure development through greater “greening” technologies. The green LIB tokens will be accessed through Ethereum blockchain technology, expected to convert to Ethereum 2.0 in 2022. An initial exchange offering (IEO) will comprise 15% of the total token supply to investors through dozens of crypto currency exchanges and launch pads. Adding an initial dex offering (IDO), also over Ethereum, is planned in due course.

Investment in LIB tokens will support establishment of India’s first lithium-ion manufacturing Gigafactory. India has set an aggressive goal of reaching a greater percentage of electric motor vehicles on its roads by 2030 and plans for the LIB-funded Gigafactory and an EV plant to be constructed by Australia-based Avass Group are under way. Avass is a subsidiary of the Duggal Family Trust, broad-based international business conglomerate active across many industry sectors, with special interest in advancing the causes of clean and renewable energy projects and initiatives. The Avass Touring Bus holds the Guinness World Record for an Electric Bus travelling more than 1,000 km on a single charge, and Avass is also the first Australian Electric Vehicle manufacturer to obtain a World Manufacturer ID (WMI) and be registered with the Department of Transport and Regional Services (DOTARS).

Libcoin Pte Ltd, registered in Singapore, where DFT centralizes much of its activity, chose India as its launch point due to that country’s fifth place standing in world auto sales and as a ripe market for EV sector growth. In addition to India, the Libcoin launch will include Indonesia, whose government demonstrates similar enthusiasm for DFT’s ideas and Libcoin’s plan.

A small supply of LIB tokens will be sold at a discount to strategic investors, inversely proportional to the vesting schedules of long-term investors. Twenty-five percent of net profits will divert to an annual token “burn” that will be monitored by a top-tier auditing company. Early investors will have direct stake in the growth of Libcoin.

Commenting on the launch, Libcoin Executive President George H. Gregor states, “Libcoin comes to the right place at the right time. India is the place, and our talent-integrated team of managers, operators, and financial engineers coalesce just as attention upon clean and renewable energy in improving countries’ infrastructures is being more keenly fixed. We believe that Libcoin is the first crypto asset to offer its holders both financial opportunity and exposure to the thriving battery technology industry. Advanced storage batteries, electric vehicles of all types, and charging stations. Yes, their time is now. . . and here through Libcoin we are uniting the ‘twin technologies’ of EV excellence with the financial means of a governance payback token model. All in one renewable energy sector – for the benefit of people as citizens and as investors.”

Website: www.libcoin.net

Rosilian Raja-+919820888023
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HOUSTON--(BUSINESS WIRE)--US Development Group, LLC (“USD Group” or “USDG”) today announced the appointment of Lt. Gen. Leslie C. Smith to the USD Group Board of Directors.

“We are very pleased to welcome Lt. Gen. Les Smith to the USD Group Board,” said Dan Borgen, USDG’s Chairman and Chief Executive Officer. “Lt. Gen. Smith’s deep level of experience in leadership and logistics will be invaluable to USD Group as we continue to grow our DRU and USD Clean Fuels platforms. I think it is safe to say that Lt. Gen. Smith’s successful track record in the U.S. Army speaks for itself.”

Lt. Gen. Smith previously served more than 35 years in United States Army, most recently serving as the 66th Inspector General of the Army. During his career, Smith served in a number of command and staff positions. Of note, he served as a joint staff non-proliferation planner, and he commanded the 83rd Chemical Battalion and the 3rd Chemical Brigade. He deployed to the Middle East for Operations Desert Shield and Desert Storm, and to Iraq during Operation Iraqi Freedom.

As a general officer, Lt. Gen. Smith served as the Chief of Chemical and the Commandant of the CBRNE School, the 20th Support Command–Chemical, Biological, Radiological, Nuclear and Explosives (CBRNE) command. Lt. Gen. Smith also served as the commanding general of the Maneuver Support Center of Excellence and Fort Leonard Wood, Missouri—the first Chemical Corps officer in either command position.

Lt. Gen. Smith, a native of Atlanta, graduated in 1985 from Georgia Southern University with a bachelor’s degree in accounting. He also holds a Master of Science in Administration from Central Michigan University, as well as a Master of Arts in National Security and Strategic Studies from National Defense University.

About US Development Group, LLC

US Development Group, LLC and its affiliates are engaged in designing, developing, owning, and managing large-scale multi-modal logistics centers and energy-related infrastructure across North America. USDG solutions create flexible market access for customers in significant growth areas and key demand centers, including Western Canada, the U.S. Gulf Coast and Mexico. Among other projects, USDG is currently pursuing the development of a premier energy logistics terminal on the Houston Ship Channel with capacity for substantial tank storage, multiple docks (including barge and deep-water), inbound and outbound pipeline connectivity, as well as a rail terminal with unit train capabilities. For additional information, please visit www.usdg.com. Information on websites referenced in this release are not part of this release.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. federal securities laws, including statements with respect to the growth of USDG’s DRU and Clean Fuels platforms. Words and phrases such as “plans,” “expects,” “will,” “progressing on,” “pursuing,” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are based on management’s expectations, estimates and projections about USDG, its interests, its projects and the energy industry in general on the date this press release was issued. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. The current economic downturn and pandemic introduces unusual risks and an inability to predict all risks that may impact USDG’s business and outlook. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include construction and cost-related risks; risks associated with constructing and operating a terminals; changes in general economic conditions; the effects of competition, in particular, by pipelines and other terminalling facilities; the supply of, and demand for, rail terminalling services for crude oil, refined products and biofuels; hazards and operating risks that may not be covered fully by insurance; disruptions due to equipment interruption or failure at the Hardisty terminal or third-party facilities on which our business is dependent; natural disasters, weather-related delays, casualty losses and other matters beyond our control; and changes in laws or regulations to which we are subject, including compliance with environmental and operational safety regulations, that may increase our costs. USDG is under no 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.

Investor Relations Contacts:

Adam Altsuler, (281) 291-3995
Executive Vice President and Chief Financial Officer

Jennifer Waller, (832) 991-8383
Director, Financial Reporting and Investor Relations

VIENNA--(BUSINESS WIRE)--RIDDLE&CODE Energy Solutions, a subsidiary firm of the leading European blockchain interface company RIDDLE&CODE, today announced a joint venture partnership with the largest energy provider in Austria, Wien Energie. The signing of the agreement took place on 9 December, with the objective of accelerating global decarbonisation efforts and distributing solutions that have proven effective in Vienna to customers worldwide.

Under this agreement, Wien Energie and RIDDLE&CODE will share financial and technological resources to provide cutting-edge services and continue shaping the future of the energy market. A joint venture of two companies that have collaborated for years will leverage Wien Energie’s technical, commercial and legal expertise in the energy sector and access to more than two million customers, and RIDDLE&CODE’s know-how in asset tokenization.

“The energy market is complex, and the complexity further increases with decentralisation,” said Michael Strebl, Wien Energie CEO. “Wien Energie has long-standing experience of decarbonising energy production portfolios. RIDDLE&CODE helps bring more transparency and traceability into the system, while incentivising sustainable business models, such as our dynamic Citizen Solar Power Plant. We are looking forward to strengthening our collaboration with our signature today and opening the next successful chapter for this young company.”

“RIDDLE&CODE and Wien Energie have an extensive track record of successful projects and we look forward to working together again to accelerate the decarbonisation of the world’s economy, while providing an empowering customer experience. The partnership with Wien Energie is in line with RIDDLE&CODE’s growth strategy, centred around tokenization of physical assets, and will build on the company’s existing and long-dated footprint in the energy sector,” said Alexander Koppel, CEO of RIDDLE&CODE.

Citizen Solar Power Plant utilises energy tokenization platform MyPower, patented Trusted Gateway and the regulatory-compliant Token Management Platform, which provides the foundation for trusted data sharing. Upcoming MyPower releases will focus on creating data market interfaces for all machines connected to the energy grid and offering tokenized green power purchase agreements. It will also focus on opening the platform’s capabilities to the automotive industry to create a “Green Mobility Chain of Trust”, which will provide a chain of evidence between green energy sources, charging stations and battery electric vehicles (BEVs).

Wien Energie

Wien Energie is one of Austria’s largest utility providers, responsible for ensuring the reliable supply of electricity, natural gas and heating to around two million people, 230,000 businesses and industrial facilities, and 4,500 farms in the Greater Vienna metropolitan area.

RIDDLE&CODE Energy Solutions

RIDDLE&CODE Energy Solutions, a subsidiary firm of the leading European blockchain interface company RIDDLE&CODE, provides the blockchain-powered infrastructure that enables resilient, low-cost and green electricity production and builds a foundation for a decentralised urban energy marketplace.

More information: www.riddleandcode.com

Media contact:
Aysenur Yükselal Aji
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Company leaders will participate in Goldman Sachs Global Energy and Clean Technology Conference on Jan. 5

HOUSTON--(BUSINESS WIRE)--Greg Garland, Chairman and CEO of Phillips 66 (NYSE: PSX), and other company leaders will participate in a fireside chat at the Goldman Sachs Global Energy and Clean Technology Conference on Wednesday, Jan. 5, 2022, at 11 a.m. EST.

Phillips 66 leaders will discuss the company’s strategic initiatives, including its focus on energy transition activities, and its continued commitment to disciplined capital allocation.

To access the webcast, go to the Events and Presentations section of the Phillips 66 Investors site, https://www.phillips66.com/investors. A replay will be archived on the Events and Presentations page approximately two hours after the event, and a transcript will be available at a later date.

About Phillips 66

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Headquartered in Houston, the company has 14,100 employees committed to safety and operating excellence. Phillips 66 had $56 billion of assets as of Sept. 30, 2021. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.

Jeff Dietert (investors)
832-765-2297
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Shannon Holy (investors)
832-765-2297
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Thaddeus Herrick (media)
855-841-2368
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DUBLIN--(BUSINESS WIRE)--The "Oil Spill Management Market Review 2021 and Strategic Plan for 2022" report has been added to ResearchAndMarkets.com's offering.

The Oil Spill Management Market is expected to register an attractive growth rate during the outlook period driven by technological innovations and application-specific developments.

Market Players in the Oil Spill Management Market business are aligning their operating model to the new normal by pivoting towards digitalization of operations and adapting to emerging technologies in robotic automation and artificial intelligence. Mergers and acquisitions to acquire new technologies, strengthen portfolios, and leverage capabilities to remain key strategies of top companies in the Oil Spill Management Market industry during the outlook period. Investing in R&D and technology to improve product lines will be the major growth driver in the short to medium term for the Oil Spill Management Market amid prevailing tough conditions. The market study provides a comprehensive description of current trends and developments in the Oil Spill Management Market industry along with a detailed predictive and prescriptive analysis to 2028.

Oil Spill Management Market Insights - Latest Trends, Drivers, Opportunities, and Challenges

Customizing products to cater to a specific application than improvising the product characteristics on a whole has been the emerging trend in the Oil Spill Management Market. Enterprises should incorporate digitally connected processes and focus on operational efficiency, diversifying supply sources, and cost management to create opportunities in the Oil Spill Management Market during the forecast period. Uneven recovery in different end markets and geographies is a key challenge in understanding and analyzing the Oil Spill Management Market landscape.

Oil Spill Management Market Structure - Competition, Strategies and Company Profiles

While catering to the short-term needs of the market, Oil Spill Management Market players can address this uncertainty with a clear revision of the product portfolio and a lucid long-term strategy with scenario planning. Investing in innovation, identifying emerging applications, and developing sensible business models to generate sustained growth are the winning strategies in the future Oil Spill Management Market. The report presents detailed profiles of top companies serving the Oil Spill Management Market value chain along with their strategies for the near, medium, and long term period.

Oil Spill Management Market Segmentation - Regional Analysis of different Oil Spill Management Market Product Types, Applications, and End-Users

Near saturated demand in Europe coupled with comparatively slower momentum in China, after many years of exceptional growth trajectory are limiting the Oil Spill Management Market demand from these regions. However, the fast-paced recovery of developing nations from the COVID impact is expected to bolster the Oil Spill Management Market demand.

The research estimates global Oil Spill Management Market revenues in 2021, considering the Oil Spill Management Market prices, supply, demand, and trade analysis across regions. A detailed market share, penetration, and shift in demand for different types, applications, and geographies in the Oil Spill Management Market from 2021 to 2028 is included.

The report covers North America, Europe, Asia Pacific, Middle East, Africa, and LATAM Oil Spill Management Market statistics from 2020 to 2028 with further division by leading product types, applications, and use cases of Oil Spill Management Market. The status of the Oil Spill Management Market in 16 key countries over the world is elaborated to enable an in-depth understanding of the Oil Spill Management Market industry.

Oil Spill Management Market Research Scope

• Global Oil Spill Management Market size and growth projections (CAGR), 2021-2028
• COVID impact on Oil Spill Management Market industry with future scenarios
• Oil Spill Management Market size, share, and outlook across 5 regions and 16 countries, 2021-2028
• Oil Spill Management Market size, CAGR, and Market Share of key products, applications, and end-user verticals, 2021-2028
• Short and long term Oil Spill Management Market trends, drivers, restraints, and opportunities
• Porter's Five forces analysis, Technological developments in Oil Spill Management Market, Oil Spill Management Market supply chain analysis
• Oil Spill Management Market trade analysis, Oil Spill Management Market price analysis, Oil Spill Management Market supply/demand
• Profiles of 5 leading companies in the industry-overview, key strategies, financials, and products
• Latest Oil Spill Management Market news and developments

For more information about this report visit https://www.researchandmarkets.com/r/1nu4zo

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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CARSON CITY, Nevada--(BUSINESS WIRE)--Vidler Water Resources, Inc. (“Vidler”) announced today an alternative energy company has exercised its option to purchase 53,750 Long Term Storage Credits (“LTSC”) at the Company’s recharge facility in the Harquahala Valley, Arizona for $400 per LTSC. The Company expects the sale to close in 2021 and to generate revenue of approximately $21.5 million.

Vidler’s President and Chief Executive Officer, Dorothy Timian - Palmer, commented:

“We are extremely pleased to enter into a sale and purchase agreement with this highly respected alternative energy producer for a significant quantity of our LTSC in the Harquahala basin in Arizona. With the prior sale of 1,250 LTSC to this purchaser earlier in the fourth quarter of 2021, we will have sold approximately 22% of our inventory of LTSC in our recharge facility in the Harquahala Valley for total revenue of $22 million. We have worked with the purchaser on certain of our properties in Nevada and Arizona, and we have found it to be an excellent partner with first rate innovative and sustainable energy solutions for the communities it serves. The purchaser’s parent company is actively involved in the Data Center and Green Hydrogen power space, and on the closing of the sale, our water will provide the purchaser with a resource required to manufacture clean energy. We look forward to other opportunities our business relationship with the purchaser may bring that could allow us, over time, to monetize some of our remaining Harquahala LTSC in the basin where they are stored.

“We are in active discussions with a number of commercial and residential developers and municipalities regarding the sale of our remaining LTSC, not only from our recharge facility in Harquahala but also from our current inventory of approximately 27,000 LTSC in the Phoenix Active Management Area.”

About Vidler Water Resources, Inc.

As of September 30, 2021, our primary holding was Vidler Water Company, Inc. (“Vidler”), a water resource and water storage business, with assets and operations primarily in the Southwestern U.S.

Our business is to source, develop and provide sustainable potable water resources to fast-growing communities throughout the Southwest U.S. that lack, or are running short of, available water resources.

We conduct our business by working closely with many constituents in these communities: regulators, utilities, Native North American tribes, community leaders, residential and commercial developers and alternative energy companies. We ensure the water resources we develop and sell are sustainable and provide benefit to the citizens of the communities and regions we serve.

Currently, we believe the highest potential return to shareholders is from a return of capital. As we monetize our water and real estate assets, rather than reinvest the proceeds, we intend to return capital to shareholders through a stock repurchase program or by other means such as special dividends. Nonetheless, we may, from time to time, reinvest a portion of proceeds from asset monetization in further development of existing assets, if we believe the returns on such reinvestment outweigh the benefits of a return of capital.

OTHER INFORMATION

As of September 30, 2021, we had a market capitalization of $208.6 million, and 18,330,910 shares outstanding.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains statements that may constitute forward-looking statements, which are based on information currently available, usually identified by words such as "anticipates," "believes," "estimates," "plans,'' "projects," "expects," "hopes," "intends," "strategy," ''focus," "outlook," "will," "could," "should," "may," "continue," or similar expressions, and which speak only as of the date the statement was made. Such statements are forward-looking statements and are 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, and such statements are subject to the safe harbor created by those provisions and the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical or current fact, are statements that could be deemed forward-looking statements, including without limitation, statements regarding our business objectives, our ability to monetize our water resources, the future demand for our water resources, our ability to reduce net operating cash use, our ability to source additional revenue streams, our ability to preserve and utilize NOLs to offset taxable income and reduce our federal income liability, and our ability to monetize assets and return capital to shareholders through stock repurchases or through other means. Our forward-looking statements are based on current expectations and assumptions and are subject to risks and uncertainties.

A number of factors may cause actual results to differ materially from our expectations, including: any slow down or downturn in the housing or in the real estate markets in which Vidler operates; fluctuations in the prices of water and water rights; physical, governmental and legal restrictions on water and water rights; a downturn in some sectors of the stock market; general economic conditions; the impacts of the COVID-19 global pandemic on the demand for real estate; the pace of real estate development, and demand for water resources to support residential and commercial real estate development; prolonged weakness in the overall U.S. and global economies; the performance of the businesses in which Vidler operates; the continued service and availability of key management personnel; and potential capital requirements and financing alternatives.

For further information regarding risks and uncertainties associated with our business, please refer to the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” sections of our SEC filings, including our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q, copies of which may be obtained by contacting us at (775) 885-5000 or at http://vidlerwater.com.

We undertake no obligation to (and we expressly disclaim any obligation to) update our forward-looking statements, whether as a result of new information, subsequent events, or otherwise, in order to reflect any event or circumstance which may arise after the date of this press release, except as may otherwise be required by law. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

Dorothy Timian-Palmer
President and Chief Executive Officer
(775) 885-5000

• Technip Energies and GE Gas Power will develop a front-end engineering design (FEED) study for a ‘first of a kind’ large amine-based post combustion carbon capture at scale solution to integrate with a proposed H-Class natural gas fired power plant at Teesside, England
• Following completion of the FEED study, bp will invite Technip Energies and GE Gas Power to bid for the EPC contract to construct the power station and carbon capture facility
• GE Gas Power will provide proven expertise in natural gas combined cycle plant engineering, operability, and plant integration while Technip Energies will focus on carbon capture and compression plant using Shell’s Cansolv carbon capture technology

PARIS--(BUSINESS WIRE)--Technip Energies (Paris:TE) (ISIN:NL0014559478), leader of a consortium with GE Gas Power (NYSE:GE), has been selected by bp, on behalf of its partners, to perform a Front-End Engineering Design (FEED) study for the Net Zero Teesside (NZT) Power project and the Northern Endurance Partnership’s (NEP) carbon compression infrastructure in Teesside, UK.

Located in the UK’s Teesside region, the Net Zero Teesside project comprises industrial, power and hydrogen businesses which aim to decarbonize their operations and become UK’s first decarbonized cluster.

This FEED study covers design and technical solutions development for NZT Power’s proposed 860MW power station and carbon capture facility. The Technip Energies and GE Gas Power consortium will use Shell Cansolv CO₂ capture technology with a planned capture capacity of 2 mtpa⁽¹⁾ and will be supported by Balfour Beatty for the construction. The scope also includes NEP’s planned 4 mpta Teesside high pressure CO₂ compression and export facilities.

The companies will work together to develop a detailed plan for integrating amine-based carbon capture technologies at scale with a highly efficient natural gas combined cycle plant, powered by an advanced GE 9HA.02 gas turbine. This FEED study – a detailed blueprint and operating business guide - will explore gas and steam turbine equipment enhancements to improve the capture process whilst seeking to minimize the impact to plant output and performance and preserve the value that a gas turbine brings to the grid.

Net Zero Teesside Power will be one of the world’s first commercial scale gas fired power station with carbon capture and will share the CO₂ transportation and storage infrastructure being developed by the Northern Endurance Partnership.

Arnaud Pieton, CEO of Technip Energies, commented: “We are honoured to have been selected, along with GE Gas Power, our consortium partner, to work on Net-Zero Teesside Power, a flagship carbon capture project in the UK energy sector. Led by Technip Energies, the consortium will be supported by Shell Catalysts & Technologies, provider of the licensed Cansolv CO₂ capture technology and Balfour Beatty, our UK construction partner. Our capabilities in carbon capture projects and technology integration, combined with GE Gas Power’s expertise in natural gas combined cycle plant engineering, operability, and plant integration, will support bp’s goal of developing one of the first decarbonised industrial clusters in the world. This project perfectly illustrates that cross-industries collaboration is central to reaching net-zero targets.”

Martin O’Neill, VP Strategy at GE Gas Power, added: “GE views FEED studies for CCUS projects as a crucial first step in gas plants’ journey towards decarbonisation and we are looking forward to collaborating with bp on such an important effort: capturing and reducing carbon emissions at scale in the UK. GE continues to advance our gas power technologies toward zero-carbon power generation, and part of this evolution includes building upon our experience in the carbon capture space to support carbon abatement for the combined cycle power plants of the future. Through the collaboration with Technip Energies, we’ll develop a roadmap aimed at supporting bp’s goal of developing one of the first decarbonised industrial clusters in the world.”

Stephen Tarr, Chief Executive Officer of Balfour Beatty’s Major Projects and Highways business, said: “Today represents a significant milestone in the decarbonisation of the UK. One that further demonstrates how, together, we are harnessing the spirit of collaboration to help shape the ambitions that will help us tackle the climate change challenge. Whilst there is inevitably still more to be done, alongside the consortium partners, we are forging a path towards the sustainable infrastructure of the future; putting our foot to the pedal as we work to build back smarter, greener and faster.”

(1) mtpa : million tons per annum

About Technip Energies

Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO₂ management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.

Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.

Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”) traded over-the-counter in the United States.
For further information: www.technipenergies.com.

About GE Gas Power

GE Gas Power is a world leader in natural gas power technology, services, and solutions. Through relentless innovation and continuous partnership with our customers, we are providing more advanced, cleaner and efficient power that people depend on today and building the energy technologies of the future. With the world’s largest installed base of gas turbines and more than 670 million operating hours across GE’s installed fleet, we offer advanced technology and a level of experience that’s unmatched in the industry to build, operate, and maintain leading gas power plants. For more information, please visit www.ge.com/power/gas and follow GE’s gas power businesses on Twitter and LinkedIn.

Important Information for Investors and Security holders

Forward-Looking Statement

This release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of Technip Energies’ operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook,” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on Technip Energies’ current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on Technip Energies. While Technip Energies believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Technip Energies will be those that Technip Energies anticipates.
All of Technip Energies’ forward-looking statements involve risks and uncertainties (some of which are significant or beyond Technip Energies’ control) and assumptions that could cause actual results to differ materially from Technip Energies’ historical experience and Technip Energies’ present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements.
For information regarding known material factors that could cause actual results to differ from projected results, please see Technip Energies’ risk factors set forth in Technip Energies’ filings with the U.S. Securities and Exchange Commission, which include amendment no. 4 to Technip Energies’ registration statement on Form F-1 filed on February 11, 2021.
Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. Technip Energies undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.

Contacts Technip Energies

Investor relations
Phil Lindsay
Vice-President Investor Relations
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Media relations
Stella Fumey
Director Press Relations & Digital Communications
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Jason Hyonne
Press Relations & Social Media Lead
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Contacts GE Gas Power
Laura Aresi
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GE Gas Power
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HOUSTON--(BUSINESS WIRE)--US Development Group, LLC (through a wholly-owned affiliate, collectively USD) and USD Partners LP (NYSE:USDP) (the “Partnership”) announced the diluent recovery unit (DRU) has been declared fully operational and the shipment of DRUbit™ by Rail™ (DBR™) has commenced.

The DRU is located at the Hardisty Energy Terminal (HET) near Hardisty, Alberta and is a 50%/50% joint venture between USD and Gibson Energy Inc. (Gibson). HET is located adjacent to USD Partners’ existing Hardisty Rail Terminal, which is the origination terminal for transloading the DRUbit™ onto railcars for shipment. The current destination terminal for the DRUbit™ is the USD-owned and operated Port Arthur Terminal in Port Arthur, Texas (PAT). This DBR network is highly scalable and is well-positioned for future commercial expansions. USD and Gibson continue to pursue commercial discussions with current and potential producer and refiner customers to secure additional long-term agreements to support future expansions at both the DRU and the PAT.

In association with the initial commencement of operations at the DRU in August 2021, approximately 32% of the Hardisty Terminal’s capacity was extended beyond 2030 pursuant to long-term, multi-year renewals at the Hardisty Terminal executed with a subsidiary of ConocoPhillips.

USD’s patented DRU technology separates the diluent that has been added to the raw bitumen in the production process, which meets two important market needs. It creates DRUbit™, a proprietary heavy Canadian crude oil or bitumen that ships by rail and does not meet any of the defined categories of hazardous materials by U.S. DOT Hazardous Materials regulations and Canada’s Transport of Dangerous Goods regulations, creating safety and environmental benefits. Additionally, it returns the recovered diluent to ConocoPhillips at HET for reuse in the Western Canadian market, which reduces delivered costs for diluent. The DBR network provides meaningful safety, economic and environmental benefits relative to conventional crude by rail.

The DRU at HET is operating at or above its nameplate capacity of 50,000 barrels per day of inlet bitumen blend, which the DRU separates into DRUbit™ and diluent. Transporting DRUbit™ by Rail™ is projected to reduce carbon emissions nearly 20% relative to dilbit by rail alternatives and approximately 30% compared to dilbit by pipeline alternatives.⁽¹⁾

Updated USD Partners and USD Website

In addition, USD and the Partnership announced today that their associated websites (www.usdg.com and www.usdpartners.com) have been updated with information regarding the DRU and PAT projects.

About USD Partners LP

USD Partners LP is a fee-based, growth-oriented master limited partnership formed in 2014 by US Development Group, LLC (“USD”) to acquire, develop and operate midstream infrastructure and complementary logistics solutions for crude oil, biofuels and other energy-related products. The Partnership generates substantially all of its operating cash flows from multi-year, take-or-pay contracts with primarily investment grade customers, including major integrated oil companies and refiners. The Partnership’s principal assets include a network of crude oil terminals that facilitate the transportation of heavy crude oil from Western Canada to key demand centers across North America. The Partnership’s operations include railcar loading and unloading, storage and blending in on-site tanks, inbound and outbound pipeline connectivity, truck transloading, as well as other related logistics services. In addition, the Partnership provides customers with leased railcars and fleet services to facilitate the transportation of liquid hydrocarbons and biofuels by rail.

About USD

USD and its affiliates, which own the general partner of USD Partners LP, are engaged in designing, developing, owning, and managing large-scale multi-modal logistics centers and energy-related infrastructure across North America. USD solutions create flexible market access for customers in significant growth areas and key demand centers, including Western Canada, the U.S. Gulf Coast and Mexico. Among other projects, USD is currently pursuing the development of a premier energy logistics terminal on the Houston Ship Channel with capacity for substantial tank storage, multiple docks (including barge and deepwater), inbound and outbound pipeline connectivity, as well as a rail terminal with unit train capabilities. For additional information, please visit www.usdg.com. DRUbit™, DBR™ and DRUbit™ by Rail™ are trademarks of DRU Assets LLC, a subsidiary of USD, and are used by permission. All rights reserved. Information on websites referenced in this release is not part of this release.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. federal securities laws, including statements with respect to the ability of the Partnership and USD to achieve contract extensions and commitments, new customer agreements and expansions; the ability of the Partnership and USD to develop existing and future additional projects and expansion opportunities and whether those projects and opportunities developed by USD would be made available for acquisition, or acquired, by the Partnership; the impact of the West Colton Renewable Diesel project; the impact of the completion of USD’s DRU project; volumes at, and demand for, the Partnership’s terminals; the amount and timing of future distribution payments and distribution growth; and statements about actions by third parties. Words and phrases such as “expect,” “progressing on,” “plan,” “intent,” “believes,” “projects,” “begin,” “anticipates,” “subject to” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements relating to the Partnership are based on management’s expectations, estimates and projections about the Partnership, its interests, USD’s projects and the energy industry in general on the date this press release was issued. These statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include the impact of the novel coronavirus (COVID-19) pandemic and related economic impact and changes in general economic conditions and commodity prices, as well as those factors set forth under the heading “Risk Factors” and elsewhere in the Partnership’s most recent Annual Report on Form 10-K and in the Partnership’s subsequent filings with the Securities and Exchange Commission (many of which may be amplified by the COVID-19 pandemic and the significant volatility in demand for, and fluctuations in the prices of, crude oil, natural gas and natural gas liquids). The Partnership is under no 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, except as required by law.

Category: Operations

Adam Altsuler
Executive Vice President, Chief Financial Officer
(281) 291-3995
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Jennifer Waller
Director, Financial Reporting & Investor Relations
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Located near Bakersfield, Calif., the facility aims to remove carbon from the air by diverting wood waste from open-air burn and landfills and converting it into carbon-negative hydrogen for transportation

LOS ANGELES--(BUSINESS WIRE)--Climatetech innovator Mote announced today it is establishing its first facility to convert wood waste into hydrogen fuel while capturing, utilizing, and sequestering carbon dioxide (CO₂) emissions resulting from its process. It’s estimated that more than 500 million metric tons of wood and agricultural waste are generated every year in the U.S., which today is either disposed of via natural decay, landfills, or open-air burn, all of which return carbon to the atmosphere. With the engineering work of their first facility underway, Mote expects to produce approximately seven million kilograms of carbon-negative hydrogen and remove 150,000 metric tons of CO₂ from the air annually. That’s equivalent to removing 32,622 cars off the road. Mote expects to start hydrogen production starting as soon as 2024.

“As the world’s first carbon removal project converting biomass to hydrogen, we are addressing the ever-growing demand for renewable hydrogen with a carbon-negative approach,” says co-founder and CEO Mac Kennedy. “Our pioneered technology directly supports California in its carbon-neutrality goals by removing carbon dioxide from the atmosphere with our wood waste conversion process. With this new facility, Mote is laying the groundwork for affordable hydrogen offerings on a global scale while also supercharging natural carbon removal processes.”

Mote’s proprietary integration of proven equipment in a novel process establishes this ground-breaking carbon removal and clean energy generation facility. Mote utilizes wood waste from farms, forestry, and other resources where it would otherwise be open-air burned for disposal, left to decompose, or sent to a landfill. Through gasification and subsequent treatment processes, the remaining carbon dioxide is extracted and permanently placed deep underground for ecologically safe storage.

Mote is also in discussions with carbon utilization company CarbonCure Technologies on the potential of permanently storing its CO₂ in concrete via CarbonCure’s carbon removal technologies, deployed in hundreds of CO₂ mineralization systems at concrete plants worldwide. Through this biomass-to-hydrogen process, Mote contributes to reversing climate change through the functional removal of carbon from the air and putting it deep underground or permanently storing it in concrete at construction sites.

“CarbonCure applauds Mote as it enters the market with its innovative hydrogen production process. Curbing climate change requires creative, complementary solutions to scale up carbon removal rapidly,” CarbonCure Chair and CEO Robert Niven said. “We look forward to ongoing collaboration.”

As head of the carbon capture program at Lawrence Livermore National Laboratory (LLNL), Dr. Joshuah Stolaroff co-authored the award-winning report, Getting to Neutral: Options for Negative Carbon Emissions in California, which lays out the value of biomass-to-hydrogen and addresses practices and technologies for removing CO₂ from the air, providing clear evidence that carbon neutrality in California is possible by 2045.

“After spending the last 20 years researching carbon capture and clean energy, it's amazing to have a solution that can address both and even divert waste to a beneficial use,” said Dr. Stolaroff, Chief Technology Officer of Mote.

“This is exactly the kind of project we need to meet our climate goals at a reasonable cost,” said Roger Aines, Chief Scientist of the Energy Program at LLNL. “Mote understands the energy system, and they are making a smart play for long-term impact.”

Located near Bakersfield, the Mote facility aims to assist California in recycling the 54 million metric tons of wood waste generated annually. The focus on carbon removal and storage sets Mote’s technology apart from other clean hydrogen projects as Mote’s product delivers hydrogen with a producer sale price and carbon intensity score significantly lower than its competitors.

Mote is joined by Fluor Corporation and SunGas Renewables, Inc. to develop its new plant. The engineering firm Fluor will support the integration of proven equipment into the facility. In addition, SunGas Renewables ("SunGas"), a subsidiary of GTI International (GTII), has entered into an Engineering Services Agreement with Mote to provide its gasification systems to the Mote California Central Valley Project.

“Fluor is excited to support Mote in establishing a successful project delivery strategy through early-stage design development,” said Nicole Davies, Vice President, Business Development & Strategy, Energy Solutions. “Mote is positioned to introduce wood-waste-derived green hydrogen to consumers leveraging the latest advancements in equipment and technology. With Energy Transition as a principal focus, we are pleased to join this team.”

“Mote is in a strong position to deploy the first carbon-negative biomass-to-hydrogen gasification project, and we are happy to support them,” said Robert Rigdon, CEO of SunGas Renewables.

While the components for Mote’s process exist and have been commercially operating in various industries, Mote has integrated them to maximize energy efficiency and scalability to achieve carbon reduction at a lower cost than current models of carbon removal.

"Carbon removal and clean hydrogen are booming markets right now. Mote is extraordinarily positioned to scale quickly for huge impact,” said Andy Bonsall, Managing Partner at Counteract, an investor in Mote.

Earlier this year, Mote was selected for the inaugural class of Rice University's Clean Energy Accelerator. They closed a seed round this fall with support from Preston-Werner Ventures, Counteract, and investor Joffre Baker.

About Mote

Mote is a private technology company focused on removing carbon from the air by making hydrogen from wood waste. Mote uses its system integration technologies to deploy proven equipment to make hydrogen from wood waste. With its dual revenue streams of hydrogen and carbon credits, Mote can offer its customers the least expensive hydrogen. For more information about Mote, visit motehydrogen.com or follow us on Twitter or LinkedIn.

About CarbonCure

CarbonCure Technologies, co-winner of the NRG COSIA Carbon XPRIZE, retrofits easy-to-adopt, carbon dioxide removal technologies that enable concrete producers to permanently mineralize captured carbon dioxide in fresh concrete mixes to produce reliable, low-carbon concrete products. Available from hundreds of concrete plants worldwide, more than two million truckloads of CarbonCure mixes have supplied a broad spectrum of sustainable construction projects around the world. For more information, please visit www.carboncure.com or follow CarbonCure on Twitter, LinkedIn, Facebook and Instagram.

About Fluor

Fluor Corporation (NYSE: FLR) is building a better world by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s 44,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $14.2 billion in 2020 and is ranked 196 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has been providing engineering, procurement, and construction services for more than 100 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.

About SunGas Renewables

SunGas Renewables, a subsidiary of GTI International, Inc., delivers cost-effective technology solutions and energy products for companies needing to lower their carbon footprint to address ESG and regulatory goals and mandates. SunGas is driving commercialization by providing licensed technology, equipment systems, and services, as well as through selective investments in renewable energy projects utilizing its technology. For more information, please visit www.sungasrenewables.com.

Technica Communications
Sarah Malpeli
408-806-9626 Ext. 6840
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LEAWOOD, Kan.--(BUSINESS WIRE)--Tallgrass Pony Express Pipeline, LLC (“Pony Express”), operated by Tallgrass, today announced a binding open season soliciting shipper commitments for crude oil transportation from Pony Express’ Guernsey and Sterling origins to its Augusta destination, located in Butler County, Kan., in exchange for incentive tariff rates.

Prospective shippers may review details of the open season after executing a confidentiality agreement obtained by contacting Matt Hester at This email address is being protected from spambots. You need JavaScript enabled to view it..

About Tallgrass

Tallgrass is a leading energy infrastructure company focused on safely, reliably and sustainably delivering the energy and services that fuel homes and businesses and enable quality of life. We are committed to being at the forefront of efforts to decarbonize our world. Visit Tallgrass.com to learn more.

Cautionary Note Concerning Forward-Looking Statements

Disclosures in this press release contain forward-looking statements. All statements, other than statements of historical fact, included in this press release that address activities, events or developments that management expects, believes, or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Tallgrass, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements, and other important factors that could cause actual results to differ materially from those projected, including those set forth in reports and financial statements made available by Tallgrass. Any forward-looking statement applies only as of the date on which such statement is made, and Tallgrass does not intend to correct or update any forward-looking statement, whether because of new information, future events or otherwise, except as required by law.

Tallgrass Energy
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• Wiser Energy Center receives recognition in both the Sustainability and Smart Home categories for redefining home energy management and resiliency
• Merten Ocean Plastic, debuting at CES 2022, receives praise as the first home energy solution made from recycled ocean plastics 
• New Odace Sustainable collection made from recycled materials named Sustainability category honoree
• Awards recognize Schneider Electric’s commitment to sustainability and innovation, pioneering the future of Smart Homes

BOSTON--(BUSINESS WIRE)--#CES2022--Schneider Electric, the leader in the digital transformation of energy management and automation, and the world's most sustainable corporation 2021 as ranked by Corporate Knights, is thrilled to announce four CES 2022 Innovation Awards across the Sustainability and Smart Home categories.

Schneider Electric’s Wiser Energy Center, anchored by the Square D™ Energy Center in the US, Named Honoree in Sustainability and Smart Home Categories
The Wiser Energy Center helps homes contribute to today’s global sustainability goals and was named a CES 2022 Innovation Awards winner in both the Sustainability and Smart Home categories. The Wiser Energy Center is pioneering in the field of smart home sustainability. Less than 10% of homeowners believe their home is a major contributor to climate change, while research from the UN Environment Program confirms that Households consume 29% of global energy and contribute to 21% of resultant CO2 emissions.

This new generation of home electrical panel controls the energy needs of connected devices from one place. And with the help of AI-enabled algorithms, it transforms homes from smart to smart and sustainable. By combining the power of the Wiser Energy Center and Wiser software, consumers gain full control over how energy is produced, stored and distributed in the home. It optimizes the allocation of energy, and can also detect renewable energy sources, switching to use these at the most optimal time of the day.

Merten Ocean Plastic Named Honoree in Sustainability Category
Merten is a market leader in the field of electrical innovation and design. With the launch of the ocean plastic model and collaboration with DSM, Schneider Electric is shaping the future of sustainability by being the first in the market to offer home electrical solutions made from recycled ocean plastics.

According to the United Nations, more than 8 million tons of plastic end up in the ocean, harming marine wildlife, fisheries and causing irreversible damage to ecosystems. Abandoned fishing nets are a significant part of this problem, accounting for 10% of all plastic waste found in the sea. The Merten ocean plastic helps combat this issue and promotes a circular economy by repurposing collected nets and giving them a new life.

Odace Sustainable Smart Switches & Plugs are a Sustainability Category Honoree
The new Odace Sustainable collection from Schneider Electric is a collection of stylish, smart switch and plug solutions for the home. Created from recycled materials collected from electrical drop-off centers and super-markets, waste plastics enter a circular economy loop using a waste electrical and electronic equipment (WEEE) recycling system, transforming discarded materials into new products.

With Odace Sustainable, consumers help to eliminate single-use plastic and give waste plastic a second life. Made from almost 100% recycled sources, this new product from Schneider Electric marks a significant step forward in reducing carbon emissions and landfill waste.

YiFu Qi, Executive Vice-President, Home and Distribution Division, Schneider Electric, says: "CES is a place where innovation is recognized and we have the opportunity to push not only our industries, but society forward. We’re thrilled to receive four CES 2022 Innovation Awards in the two categories representing who we are today and our future. From the ability to put control into the hands of homeowners globally with the Wiser Energy Center to the incredible ingenuity of the Merten Ocean Plastic and Odace Sustainable, we are making sustainability a reality for people around the world and living up to our vision of making homes smart and sustainable.”

Visit Schneider Electric’s Home of the Future exhibition, featuring each of the sustainability-focused innovations at CES, Hall C, Booth 53214.

See a full smart home installation with Schneider’s Wiser Energy Center at the core, connecting smart plugs, window sensors, heating, temperature and motion sensors, EV charging and more to bring efficiency, resiliency and sustainability to every home.

For more information, please visit https://www.se.com/us/en/home/offers/connected-home/.

About Schneider Electric

Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.

Our mission is to be your digital partner for Sustainability and Efficiency.

We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.

We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.

www.se.com

Discover Life Is On Follow us on: Twitter, Facebook, LinkedIn, YouTube, Instagram, Blog

Discover the newest perspectives shaping sustainability, electricity 4.0, and next generation automation on Schneider Electric Insights

Hashtags: #CES2022 #LifeIsOn #HomeoftheFuture #Sustainability

Thomas Eck
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917-797-4974

Cube District Energy will be renamed Captis Energy

NEW YORK & MIAMI--(BUSINESS WIRE)--Fiera Infrastructure Inc. (“Fiera Infrastructure”), a leading global mid-market direct infrastructure investor and an affiliate of Fiera Capital Corporation (TSX: FSZ) (“Fiera Capital”), announced today that it has acquired 100% of the equity interests in Cube District Energy (“Cube”), a premier US landfill gas-to-energy platform, from I Squared Capital.

Cube provides customers with dispatchable renewable power by capturing and repurposing methane emitted by landfills, reducing greenhouse gas emissions and providing an alternative to fossil fuel resources. Cube owns and operates eight assets across the Southeast region of the United States, all under long-term contracts with investment grade counterparties. One of the facilities supplies electricity, steam and chilled water to a corporate entity, while the other seven assets supply power to premier electric utilities.

Cube will be renamed Captis Energy, following the completion of the transaction.

Alina Osorio, President of Fiera Infrastructure, commented:

“Cube is a leading operator of landfill gas-to-energy assets in the United States, offering a replacement for fossil energy sources while supporting methane reduction targets and clean energy initiatives. We believe that the company is well positioned, with a strong management and operations team, to expand its current footprint through scale acquisitions and new development, including both landfill gas-to-power and RNG production projects. We are excited to add this platform to our existing portfolio of high-quality infrastructure assets and support its growth.”

Thomas Lefebvre, Partner of I Squared, remarked:

“Under I Squared’s ownership, Cube District Energy executed various operational initiatives that have positioned the company well for its next chapter of growth. We wish Chris Eastgate and his team every continued success and congratulate Fiera on the transaction.”

Chris Eastgate, Chief Executive Officer of Cube, said:

“I Squared’s ownership and leadership positioned Cube District Energy as a sustainable platform business in the renewable energy sector. Together with our new owners, Fiera, and a committed team at Cube District Energy, I look forward to building on this platform, continuing to grow a successful core business and leveraging off this into adjacent renewables activities.”

Moelis & Company LLC acted as financial advisor and Allen & Overy LLP as legal advisor to Fiera Infrastructure on this transaction. Houlihan Lokey Inc. acted as financial advisor and Troutman Pepper LLP as legal advisor to I Squared Capital on this transaction.

About Cube District Energy

Founded in 2014 and headquartered in Atlanta, Georgia, Cube owns and operates seven landfill gas-to-power assets and one cogeneration asset across the southeastern United States.

About Fiera Infrastructure

Fiera Infrastructure is a leading global mid-market direct infrastructure investor operating across all subsectors of the infrastructure asset class. Led by a team of highly experienced and specialized professionals, the firm leverages strong global relationships, with a local presence in Toronto, London and New York. Fiera Infrastructure has assets under management and commitments of C$3.0 billion as of September 30, 2021. Fiera Infrastructure has invested in 40 infrastructure assets across utilities, telecommunications, transportation, renewables and PPPs.

For further information, please visit www.fierainfrastructure.com. Follow Fiera Infrastructure on LinkedIn.

About Fiera Capital Corporation

Fiera Capital is a leading independent asset management firm with approximately C$180.8 billion in assets under management as of September 30, 2021. The Firm provides institutional, retail and private wealth clients with access to full-service integrated money management solutions across traditional and alternative asset classes. Clients and their portfolios derive benefit from Fiera Capital’s depth of expertise, diversified offerings and outstanding service. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange. For further information, please visit www.fieracapital.com.

Headquartered in Montreal, Fiera Capital, with its affiliates in various jurisdictions, has offices in over a dozen cities around the world, including New York (U.S.), London (UK), and Hong Kong (SAR).

In the U.S., asset management services are provided by the Firm’s U.S. affiliates who are investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC) or exempt from registration. Registration with the SEC does not imply a certain level of skill or training. For details on the particular registration of, or exemptions therefrom relied upon by, any Fiera Capital entity, please consult this webpage.

Additional information about Fiera Capital Corporation, including the Firm's annual information form, is available on SEDAR at www.sedar.com.

About I Squared Capital

I Squared Capital is an independent global infrastructure investment manager with over $32 billion in assets under management focusing on energy, utilities, digital infrastructure, transport and social infrastructure in the Americas, Europe and Asia. The firm has offices in Hong Kong, London, Miami, New Delhi, and Singapore.

Disclaimer

This document is for information purposes only and does not constitute an offering of any security, product, service or fund. This document does not take into account any investor’s investment objectives, strategies, tax status, or investment horizon. This document does not constitute investment advice and may not be used in making any investment decision. This document contains only summary information and no representation or warranty, express or implied, is or will be made in relation to the accuracy or completeness of the information contained herein, by Fiera Capital Corporation, Fiera Infrastructure, or any of their respective affiliates or funds. Some of the statements contained in this document are, or may be deemed to be, “forward-looking statements”. Forward-looking statements are not guarantees of future performance. Past performance is no guarantee of future results. Should any of the descriptions or terms in this document be inconsistent with any applicable governing documents, such documents shall prevail.

United Kingdom: This document is issued by Fiera Capital (UK) Limited which is authorised and regulated by the Financial Conduct Authority.

Fiera Capital (UK) Limited Queensberry House, 3 Old Burlington Street, London W1S 3AE, UK.

Tel: + 44 (0)20 7518 2100 www.fiera.com

European Economic Area (EEA): Fiera Capital (Germany) GmbH (“Fiera Germany”) offers, as a tied agent for the account and under the liability of Netfonds Financial Service GmbH, Heidenkampsweg 73, 20097 Hamburg (NFS), investment brokerage of financial instruments. NFS is a securities institute in accordance with Section 2 (1) WpIG and has the necessary licences from the Federal Financial Supervisory Authority (BaFin). As a tied agent of NFS Netfonds Financial Service GmbH, Fiera Germany are entered in the public register maintained by BaFin at www.bafin.de.

Fiera Capital (Germany) GmbH Walther-von-Cronberg-Platz 13, 60594 Frankfurt, Germany

Tel: +49 69 9202 075-0

Fiera Infrastructure
Ashley Ng
Vice President, Investor Relations
(416) 646-2708
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I Squared Capital
Andreas Moon
Managing Director and Head of Investor Relations
(786) 693-5739
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MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE American: NOG) (“Northern”) today announced a long-term base dividend growth plan. Details can be found in the presentation made available today on Northern’s website at https://www.northernoil.com/investors/company-information/presentations.

MANAGEMENT COMMENT

“Our base dividend growth plan should provide additional clarity to investors on our current plans,” commented Nick O’Grady, Northern’s Chief Executive Officer. “We are dedicated to providing strong capital returns, while maintaining avenues for additional growth to our business. We have made great strides in building a diversified, low-leverage entity, and remain focused on delivering a superior total return for our investors.”

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States. More information about Northern Oil and Gas, Inc. can be found at www.northernoil.com.

SAFE HARBOR

This press release and the presentation referred to herein contain forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933, as amended (the “Securities Act”), and the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements other than statements of historical facts included or referenced in this press release regarding Northern’s dividend plans and practices (including timing, amounts and relative performance), financial position, business strategy, plans and objectives for future operations, industry conditions, cash flow, and borrowings are forward-looking statements. When used in this presentation, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Northern’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in Northern’s capitalization, changes in crude oil and natural gas prices; the pace of drilling and completions activity on Northern’s properties and properties pending acquisition; the effects of the COVID-19 pandemic and related economic slowdown; Northern’s ability to acquire additional development opportunities; the projected capital efficiency savings and other operating efficiencies and synergies resulting from Northern’s acquisition transactions; integration and benefits of property acquisitions, or the effects of such acquisitions on Northern’s cash position and levels of indebtedness; changes in Northern’s reserves estimates or the value thereof; general economic or industry conditions, nationally and/or in the communities in which Northern conducts business; changes in the interest rate environment or market dividend practices, legislation or regulatory requirements; conditions of the securities markets; Northern's ability to consummate any pending acquisition transactions; other risks and uncertainties related to the closing of pending acquisition transactions; Northern’s ability to raise or access capital; changes in accounting principles, policies or guidelines; and financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting Northern’s operations, products, services and prices. Additional information concerning potential factors that could affect future plans and results is included in the section entitled “Item 1A. Risk Factors” and other sections of Northern’s most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause Northern’s actual results to differ from those set forth in the forward-looking statements.

Northern has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond Northern’s control. You are urged not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except as may be required by applicable law or regulation, Northern does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements.

Mike Kelly, CFA
Chief Strategy Officer
952-476-9800
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