Test showcases continuous power flow with zero outages and clean energy integration

CHICAGO--(BUSINESS WIRE)--#ComEd--ComEd today announced it has successfully completed final testing requirements of a $4 million grant awarded by the U.S. Department of Energy Solar Energy Technologies Office to study how microgrids can increase energy security and resilience and support the integration of clean energy – important needs as the climate crisis causes more severe weather events. The tests were conducted on ComEd’s Bronzeville Community Microgrid on Chicago’s South Side.

Microgrids are small power grids with defined boundaries. They can operate in conjunction with the main grid or disconnect and operate standalone to keep power flowing. The tests demonstrated how Distributed Energy Resources (DER), such as solar photovoltaic (PV) and battery energy storage, can be used to support microgrid operations and enhance the resilience of the grid during disruptive events such as storms or natural disasters. In the test, the microgrid successfully disconnected and reconnected to the main power grid without any interruptions in service to customers.

“Demonstrating microgrid technology has presented numerous engineering challenges, and we’ve met them all,” said Michelle Blaise, senior vice president of technical services for ComEd. “These technologies will support a higher level of service to communities throughout our region and drive the entire industry to a more resilient and sustainable future.”

Partnerships with universities, national labs and suppliers have played key roles in the development and testing of the ComEd microgrid technologies. “This project has provided us the opportunity to develop the algorithms that enable utilities to integrate distributed energy technologies while enhancing the resilience of the distribution system,” said Prof. Amin Khodaei, Ritchie School of Engineering and Computer Science, University of Denver. “The impact of this project will be felt the world over as the industry better understands what is possible in integrating clean energy technologies.”

ComEd is scheduled to complete the installation of DER into the microgrid in the coming year, an important step toward the microgrid becoming fully operational. The Bronzeville Community Microgrid will directly serve more than 1,000 residences, businesses and public institutions, as well as customers that provide critical public services, including Chicago police and fire department headquarters.

ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 100 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter and YouTube.

ComEd Media Relations
312-394-3500

• Combined technology portfolio to enable broad, rapid adoption of renewables and Distributed Energy Resources (DERs) at all points on the grid
• Creates interoperable portfolio that will help utilities forecast, manage, optimize, and trade renewables coming onto the electric grid
• Merges a century of continuous GE innovation with a talented team of Opus One engineers and leaders dedicated to grid innovation

SAN RAMON, Calif.--(BUSINESS WIRE)--GE Digital (NYSE:GE) has entered into an agreement to acquire Opus One Solutions Energy Corporation (“Opus One”), a software company that helps electric utilities optimize energy planning, operations, and market management. Opus One’s renewable energy planning capabilities combined with GE Digital’s network management and optimization portfolio will help utilities make decisions about how to integrate renewables and Distributed Energy Resources (DERs) at scale across the electric grid. Transmission, Distribution, and Market Operators will benefit from the combined software solutions, providing the ability to plan, onboard, manage, optimize, and trade renewables and DERs to enable a modern grid that is reliable, sustainable, and affordable for all. The terms of the deal were not disclosed.

“Electric utilities around the world face new obstacles with the rapid growth of renewables and DERs,” said Jim Walsh, General Manager of GE Digital’s Grid Software business. “With increased demand for renewable energy and electric vehicles in every region, challenges for grid and market operators are more acute every day.”

Ontario, Canada-based Opus One Solutions Energy Corporation is an innovator in software solutions with its advanced model-based software platform – GridOS® -- that enables the digital utility. Through multi-year collaborations, GE Digital and Opus One have supported customers transitioning to an intelligent and sustainable energy network with an integrated software portfolio that improves DER scheduling, dispatch, switching, and operations planning. The result is an end-to-end solution for utilities to deliver a resilient and sustainable grid.

“GE’s century of continuous grid innovation combined with Opus One’s energy-focused team will bring together the brightest minds to build the new energy ecosystem with our customers,” Walsh said. “This acquisition reinforces GE Digital’s commitment to helping our customers transition to a sustainable grid.”

“We’ve heard clearly from our utility partners that they need an integrated end-to-end platform to plan, operate, and transact with DERs on their grids. We look forward to becoming an integral part of GE Digital, combining our complementary strengths in best-in-class software solutions,” said Joshua Wong, President & CEO of Opus One. “Our commitment is to empower grid operators with the best strategies and technologies, as they solve some of the world’s toughest challenges and greatest opportunities around distributed energy. It’s an exciting time in our mission to enable the energy transition and the grid of the future.”

The transaction is expected to close within 30 days.

About GE Digital
GE Digital transforms how our customers solve their toughest challenges by putting industrial data to work. Our mission is to bring simplicity, speed, and scale to digital transformation activities, with industrial software that delivers breakthrough business outcomes. GE Digital’s product portfolio – including grid optimization and analytics, asset and operations performance management, and manufacturing operations and automation – helps industrial companies in the utility, power generation, oil & gas, aviation, and manufacturing sectors change the way industry works. For more information, visit www.ge.com/digital.

About Opus One
Opus One Solutions Energy Corporation is a software and solutions company with the vision of a digitalized, decentralized and decarbonized planet. Its intelligent energy network analysis platform, GridOS®, optimizes complex power flows to deliver operational time-frame energy management and integrated planning to distribution utilities and other managers of distributed energy resources. GridOS is modular, scalable, and integrates seamlessly with existing data systems to unlock greater potential for distributed energy resources, including renewable generation, energy storage, and responsive demand.

Media contact:
Ellie Holman
GE Digital
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GE Media Contact
Mary Kate Mullaney
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CEO Andrew Littlefair and CFO Robert Vreeland to present Clean Energy’s renewable natural gas strategic vision and financial outlook for the next five years

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--$CLNE--Clean Energy Fuels Corp (Nasdaq: CLNE) today announced that Andrew J. Littlefair, president and CEO, and Robert Vreeland, chief financial officer, along with other executive management, will host a webcast to inform investors and analysts of the company’s strategic vision around its renewable natural gas (RNG) supply and the growing demand for RNG fuel by fleet customers in its North American station network.

The webcast will be held January 26, 2022, from 7:00-9:00 am PT and will include a management presentation followed by an opportunity for questions. Details about how to participate in the webcast will be announced in the future.

“We’ve made great advancements in our new methane capture business since we launched it a year ago by forming the two joint ventures with TotalEnergies and bp and then making investments in a number of RNG projects at dairies,” said Littlefair. “We now have a good understanding about the amount of RNG fuel we’re going to need to meet our aggressive goals over the next five years, and the investment needed for and the number of supply projects it will take to match that demand. We look forward to sharing the RNG outlook and financial guidance with our investment community.”

About Clean Energy

Clean Energy Fuels Corp. is the country’s largest provider of the cleanest fuel for the transportation market. Our mission is to decarbonize transportation through the development and delivery of renewable natural gas (RNG), a sustainable fuel derived from organic waste. Clean Energy allows thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas. We operate a vast network of fueling stations across the U.S. and Canada. Visit www.cleanenergyfuels.com and follow @ce_renewables on Twitter.

Clean Energy Contact:
Raleigh Gerber
949-437-1397
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• Lightsource bp’s second project in Pueblo to create 300 jobs during construction
• Power contract with Xcel Energy facilitated project financing
• Marks Lightsource bp’s fourth tax equity investment with Bank of America

PUEBLO, Colo.--(BUSINESS WIRE)--#Colorado--Lightsource bp has successfully closed on a $376 million multi-project financing package and mobilized construction on its 293 megawatt (dc) Sun Mountain solar project located in Pueblo, Colorado. Lightsource bp will build, own and operate the facility and deliver the solar energy it generates to Xcel Energy under a long-term power purchase agreement. The project is Lightsource bp’s second in the city, representing cumulatively almost 600 megawatts of renewable energy infrastructure to support Colorado’s clean energy future, the equivalent of taking more than 175,000 cars off the road each year.

Project supported by world-class finance partners committed to growth of renewable energy

Sun Mountain Solar is part of a 466 megawatt, $376 million portfolio financing package for multiple solar projects. The tax equity investment for the portfolio was secured from Bank of America, marking its fourth transaction with Lightsource bp over the past two years. Bank of America is one of the world’s leading financial institutions serving individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management, and other financial and risk management products and services. The company’s focus on environmental, social and governance (ESG) leadership helps it drive responsible growth.

Debt for the portfolio was provided by the following mandated lead arrangers:

• ING Capital LLC, a financial services firm offering a full array of wholesale financial lending products and advisory services to its corporate and institutional clients. ING Capital LLC is an indirect U.S. subsidiary of ING Bank NV, part of ING Group NV, a global financial institution.
• Sumitomo Mitsui Banking Corporation (SMBC), a member of SMBC Group, a top-tier global financial group headquartered in Tokyo. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group.
• HSBC Bank USA, National Association (HSBC Bank USA, N.A.), part of HSBC Group, one of the world’s largest banking and financial services organizations, serving customers through wealth and personal banking, commercial banking, private banking, and global banking and markets segments.
• NatWest, a leading project financing lender in Europe and long-standing partner of Lightsource bp globally. They are a major retail and commercial bank that provides global market access and trading, financing, risk management and transaction banking services. In October 2021 NatWest Group announced an additional £100 billion for Climate and Sustainable Funding and Financing by the end of 2025.

The balance of the equity requirements will be invested by Lightsource bp.

Kevin Smith, CEO of the Americas, Lightsource bp: “This project financing transaction is a demonstration of the continued confidence that top-tier investors have in Lightsource bp, and the quality and bankability of our solar assets. Our commitment to responsible solar development delivers further value and contributes to the environmental, social and governance (ESG) goals of Lightsource bp and our investment partners.”

Alice Jackson, president, Xcel Energy – Colorado: “Xcel Energy is excited to continue our leadership to serve customers with affordable carbon-free electricity, and we’re pleased to bring on Sun Mountain as part of that progress. The project with Lightsource bp takes advantage of southern Colorado’s outstanding solar resources, delivering clean energy to our system while supporting Pueblo’s economy and helping position the region as a growing renewable energy hub.”

Growing renewable energy industry is creating good-paying careers in construction

Full construction has started, with commercial operation expected by late 2022. McCarthy Building Companies was selected by Lightsource bp as the Engineer, Procure, and Construct (EPC) contractor for the project. McCarthy has a proven track record of successfully building large utility-scale projects in Colorado, including Lightsource bp’s Bighorn Solar project, also in Pueblo.

Scott Canada, senior vice president of McCarthy’s Renewable Energy & Storage team: "Partnering with Lightsource bp on another solar project in Pueblo, Colorado is very exciting - it provides another opportunity to offer McCarthy's craft and foreman training programs, which are used at our Lightsource bp projects, and opens the door to new exciting careers in the rapidly growing solar industry for more area residents. We are proud of the success of our programs as many of those who helped build Bighorn Solar will be transitioning to join our team at Sun Mountain, furthering their careers while helping to expand Colorado's diverse energy infrastructure."

The Sun Mountain Solar project will create 300 jobs during the 12-to-14-month construction period, to be filled mainly by local workers. Nearly 100 of the workers from Bighorn Solar will be transitioning to construct Sun Mountain, with 200 additional workers to be recruited from the local community.

Sixto Reyes, Pueblo resident and native, pile driver at Bighorn Solar, now working at Sun Mountain: “I used to be in the restaurant industry. That just wasn’t a good fit for me and my family because of the pay and odd hours. Working in solar means that I have the opportunity to build a career in which I can not only grow and advance but also have more quality time with my family. The job creation that has come with these two solar projects is awesome for our area.”

About Lightsource bp

Lightsource bp is a global leader in the development and management of solar energy projects, and a 50:50 joint venture with bp. Our purpose is to deliver affordable and sustainable solar power for businesses and communities around the world. Our team includes over 600 industry specialists, working across 15 countries. We provide full scope development for our projects, from initial site selection, financing and permitting through to long-term management of solar projects and power sales to our clients. Lightsource bp in the U.S. is headquartered in San Francisco with development offices in Denver, Philadelphia, Atlanta, and Austin. For more information visit lightsourcebp.com, follow us on Twitter @lightsourceBP and Instagram @lightsourcebp or view our LinkedIn page.

Resources

Sun Mountain project website

Mary Grikas
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TORONTO--(BUSINESS WIRE)--#birdcanada--Bird Canada has announced that over 1.3 million trips were taken this year on Bird e-scooters – across Ottawa and Windsor in Ontario; Kelowna in British Columbia; and Calgary, Edmonton, Okotoks, Red Deer, and St. Albert in Alberta – by more than 200,000 unique riders. Based on a combined distance travelled of more than 2.9 million kilometres, Bird riders saved roughly 147,000 litres of gas and prevented an estimated 800 metric tons of CO2 emissions.

“The significant increase in the number of trips taken and jump in the average distance travelled reinforces that Canadians are increasingly adopting e-scooters as a micromobility solution,” said Stewart Lyons, CEO of Bird Canada. “Given the immediate environmental and economic impact of e-scooters, we anticipate many more cities across the country to explore e-scooters pilots in the future.”

From getting groceries to scooting to a business meeting across town, this year e-scooters were a preferred mode of transport for many, with an average e-scooter trip of 2.8km in 2021, an increase over the 2020 average of 2km. While riders in Windsor had the longest average trip length of 4.3km, the longest single journey of 58km was taken in Calgary, followed by 43km in Windsor, 39km in Edmonton, 31km in Okotoks, 28km in Red Deer, 27km in Kelowna, and 15km in St. Albert.

As the Canadian city with the longest-running e-scooter pilot program, Calgary took the top spot for number of trips taken, representing an increase of 187% over 2020. There were 244,467 trips in Ottawa (an increase of 52% over 2020) and 212,386 trips in Edmonton (a 78% year-over-year increase). In the first year of its e-scooter pilot, Windsor riders took 137,298 trips and travelled more than half a million kilometres (564,866).

Based on a recent Emory University study on the economic impact of micromobility on local businesses, Bird Canada estimates that during the 2021 scooting season, e-scooter riders generated $19.8 million in incremental revenue for businesses across the seven Canadian cities in which it operated this year.

In 2021, Bird Canada handed out 1,900 free helmets during safety events, festivals, and community initiatives it participated in.

About Bird Canada
Powered by Bird, Bird Canada Inc. operates an electric vehicle sharing program. Bird Canada is a Canadian-owned and operated company that offers Canadians, and visitors to Canada, a new way to avoid congestion and get around that is affordable and uses the latest and most innovative last-mile mobility solutions for urban areas. For additional information, visit Bird online, on Twitter, and on Instagram.

Note to Media:
Bird Canada images can be found here.

Media
Jodi Echakowitz or Christy Laverty
Boulevard Public Relations (for Bird Canada)
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• Project will create about 200 jobs during construction
• Solar farm will provide over 1,000 acres of habitat for pollinator species and serve as a field testing site for academic ecological research
• Power contract with Verizon helped to facilitate financing

INDIANAPOLIS--(BUSINESS WIRE)--#Colorado--Lightsource bp has successfully closed on a $376 million multi-project financing package and mobilized construction on its 173 megawatt (dc) Bellflower Solar project, located about 40 miles east of Indianapolis in Henry and Rush Counties. A power purchase agreement with Verizon Communications Inc. announced in early 2021 was key to achieving this project milestone.

Kevin Smith, CEO of the Americas, Lightsource bp: “This project financing transaction is a demonstration of the continued confidence that top-tier investors and power offtakers have in Lightsource bp, and the quality of our solar assets. Our commitment to responsible solar development, such as the research we’re doing at Bellflower on co-locating pollinator habitat with solar, further multiplies solar’s contribution to preserving our planet for future generations.”

Project supported by world-class finance partners committed to growth of renewable energy

Bellflower Solar is part of a 466 megawatt, $376 million portfolio financing package for multiple solar projects. The tax equity investment for the portfolio was secured from Bank of America, marking its fourth transaction with Lightsource bp over the past two years. Bank of America is one of the world’s leading financial institutions serving individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management, and other financial and risk management products and services. The company’s focus on environmental, social and governance (ESG) leadership helps it drive responsible growth.

Debt for the portfolio was provided by the following mandated lead arrangers:

• ING Capital LLC, a financial services firm offering a full array of wholesale financial lending products and advisory services to its corporate and institutional clients. ING Capital LLC is an indirect U.S. subsidiary of ING Bank NV, part of ING Group NV, a global financial institution.
• Sumitomo Mitsui Banking Corporation (SMBC), a member of SMBC Group, a top-tier global financial group headquartered in Tokyo. Sumitomo Mitsui Financial Group, Inc. (SMFG) is the holding company of SMBC Group.
• HSBC Bank USA, National Association (HSBC Bank USA, N.A.), part of HSBC Group, one of the world’s largest banking and financial services organizations, serving customers through wealth and personal banking, commercial banking, private banking, and global banking and markets segments.
• NatWest, a leading project financing lender in Europe and long-standing partner of Lightsource bp globally. They are a major retail and commercial bank that provides global market access and trading, financing, risk management and transaction banking services. In October 2021 NatWest Group announced an additional £100 billion for Climate and Sustainable Funding and Financing by the end of 2025.

The balance of the equity requirements will be invested by Lightsource bp.

Construction has mobilized, with the majority of the workers to be hired locally

Projects like Bellflower Solar can help strengthen local rural economies. The project is expected to generate $30 million in property tax revenue to Rush and Henry Counties over its life, benefitting local schools and other community public services. Its operations budget of $2.4 million each year will be primarily spent in the region. And the Bellflower project will create about 200 jobs during construction.

Construction has started with commercial operation expected by late 2022. SOLV Energy was selected by Lightsource bp as the Engineering, Procurement, and Construction (EPC) Contractor for the project. SOLV has a proven track record of successfully building and operating large utility-scale projects across the U.S., including Lightsource bp’s Impact Solar project in Texas.

George Hershman, CEO of SOLV Energy: "Solar is a nationwide industry and job creator, and we're beginning to see large-scale PV projects growing in size and impact throughout the Midwest. Projects like Bellflower are not only expanding access to clean power across the country, but also providing valuable job and training opportunities to American workers in rural communities. SOLV Energy is excited to partner with Lightsource bp in Indiana."

Dual use solar – maximizing benefits to the environment and community

An action plan is underway for Bellflower Solar that aims to enhance local biodiversity while contributing to pioneering research on co-located pollinator habitat on solar farms, funded by the U.S. Department of Energy Solar Energy Technology Office. The site will host over 1,000 acres of high and low density pollinator friendly plantings to boost biodiversity and inform future low impact solar development. The research team consists of the University of Illinois Chicago, the University of Illinois Urbana Champaign, the Argonne National Laboratory, and the National Renewable Energy Laboratory.

Resources

Bellflower Solar project website

Bellflower Solar pollinator conservation research participation

About Lightsource bp

Lightsource bp is a global leader in the development and management of solar energy projects, and a 50:50 joint venture with bp. Our purpose is to deliver affordable and sustainable solar power for businesses and communities around the world. Our team includes over 600 industry specialists, working across 15 countries. We provide full scope development for our projects, from initial site selection, financing and permitting through to long-term management of solar projects and power sales to our clients. Lightsource bp in the U.S. is headquartered in San Francisco with development offices in Denver, Philadelphia, Atlanta, and Austin. For more information visit lightsourcebp.com, follow us on Twitter @lightsourceBP and Instagram @lightsourcebp or view our LinkedIn page.

For media inquiries please contact Mary Grikas at This email address is being protected from spambots. You need JavaScript enabled to view it..

DALLAS--(BUSINESS WIRE)--AECOM (NYSE: ACM), the world’s trusted infrastructure consulting firm, today announced it has been selected to serve as General Engineering Consultant (GEC) by the City of Richardson, Texas to augment city staff and provide program management services for the city’s Capital Improvement Program, including the recently approved 2021 Bond Program. This contract will focus on identifying opportunities that enhance efficiency, minimize public disruption, and reduce costs on citywide projects.

“Our leading global program management capability has a legacy of efficiently managing complex programs while effectively safeguarding our clients’ values,” said Drew Jeter, chief executive of AECOM’s global program management business. “We pride ourselves on partnering with our clients with an outcome-driven focus that incorporates the goals of the program through a streamlined delivery adhering to budgets, schedules, and priorities. We look forward to supporting the City of Richardson on this significant program.”

The City of Richardson’s Capital Improvement Program includes projects totaling nearly $400 million to be delivered over the next five to seven years. These projects are focused on repairs and improvements to streets, public buildings, sidewalks, drainage, and parks. AECOM will provide program coordination, management, and delivery services related to engineering, design, construction, sequencing, community engagement, real estate, and performance monitoring.

“We’re proud to partner with the City of Richardson on its vision to serve the community. This comprehensive bond program will provide necessary renovations to public buildings, parks, and infrastructure across the city, prioritizing critical needs and maximum impact,” said Travis Boone, chief executive of AECOM’s U.S. West region. “Our team has a proven track record in the region, and we’re excited to bring our technical excellence and local knowledge to help deliver the successful completion of this program.”

Projects slated for the program include replacements for high-need residential and commercial streets; enhancements to the city’s traffic signal system; renovations to the public library, City Hall, Fire Station No. 5, and Animal Shelter; improvements to sidewalk accessibility; and upgrades to aging drainage, water, and sanitary infrastructure including an expansion of the Northside Pump Station.

About AECOM

AECOM (NYSE: ACM) is the world’s trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, new energy, and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical expertise and innovation, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of $13.3 billion in fiscal year 2021. See how we are delivering sustainable legacies for generations to come at aecom.com and @AECOM.

Forward-Looking Statements

All statements in this communication other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for future operations, profitability, strategic value creation, coronavirus impacts, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected financial and operational results of AECOM. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, but are not limited to, the following: our business is cyclical and vulnerable to economic downturns and client spending reductions; impacts caused by the coronavirus and the related economic instability and market volatility, including the reaction of governments to the coronavirus, including any prolonged period of travel, commercial or other similar restrictions, the delay in commencement, or temporary or permanent halting of construction, infrastructure or other projects, requirements that we remove our employees or personnel from the field for their protection, and delays or reductions in planned initiatives by our governmental or commercial clients or potential clients; losses under fixed-price contracts; limited control over operations run through our joint venture entities; liability for misconduct by our employees or consultants; failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity; high leverage and potential inability to service our debt and guarantees; exposure to Brexit; exposure to political and economic risks in different countries; currency exchange rate fluctuations; retaining and recruiting key technical and management personnel; legal claims; inadequate insurance coverage; environmental law compliance and adequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; AECOM Capital real estate development projects; managing pension cost; cybersecurity issues, IT outages and data privacy; risks associated with the benefits and costs of various dispositions such as the sale of our Management Services, self-perform at-risk civil infrastructure and power construction, and oil & gas maintenance and turnaround businesses, including the risk that purchase price adjustments, if any, from those transactions could be unfavorable and any future proceeds owed to us as part of those transactions could be lower than we expect; as well as other additional risks and factors that could cause actual results to differ materially from our forward-looking statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement.

Media:
Brendan Ranson-Walsh
Vice President, Global Communications & Corporate Responsibility
1.213.996.2367
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Investor:
Will Gabrielski
Senior Vice President, Finance, Treasurer
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MILL VALLEY, Calif.--(BUSINESS WIRE)--Ambient Photonics today announced that it has been invited to submit a Part II Application for a loan guarantee under the U.S. Department of Energy (DOE) Title XVII Loan Guarantee Program. The proposed $162 million loan guarantee from the DOE would support the development of a large-scale U.S.-based low-light solar cell production facility. With a fully automated production line and capacity for tens of millions of units per year, Ambient’s facility will be the largest low-light energy harvesting technology factory in the world. Construction and operation will create hundreds of jobs for U.S. workers and contribute to transformative reduction of greenhouse gas emissions.

“Energy harvesting is one of the most significant technological advancements of our lifetime,” said Ambient CEO Bates Marshall. “Ambient is producing the most advanced energy harvesting technology in the world and developing a high-volume manufacturing project in the U.S. would demonstrate America’s leadership in this technology of the future.”

Ambient’s customers are many of the largest IoT and smart home device companies in the world who integrate Ambient cells into their connected devices to eliminate the costs, inconveniences and waste associated with replaceable batteries. Ambient technology generates as much as three times more power than traditional amorphous silicon cells and is the only energy harvesting technology able to harness photons across the entire light spectrum, yielding more than 90 percent photon conversion efficiency in low-light conditions.

Employing a breakthrough industrial solar printing process, Ambient’s unique manufacturing approach efficiently and cost effectively produces made-to-order solar photovoltaic cells of any size, deployable in electronics with virtually any shape or structure. Ambient’s printing process coats its proprietary chemistry on thin, durable glass substrates to allow for rapid scale commercialization. The planned Ambient facility is estimated to eliminate tens of thousands of metric tons of greenhouse gas emissions annually. In addition to eliminating the waste of disposable batteries, Ambient technology also reduces the carbon footprint of battery-powered devices by up to 80 percent.

To learn more about Ambient first-of-its kind low light energy harvesting photovoltaic technology, visit: ambientphotonics.com.

About Ambient Photonics

Ambient Photonics was founded in 2019 in California to bring low light energy harvesting technology to mass scale. The company’s low light solar PV cells deliver ground-breaking power density from a broader spectrum of ambient light, inspiring a new era in connected device form and function. Ambient works with leading global smart home and IoT device manufacturers on embedded solar cells to deliver superior design possibilities, performance, sustainability and consumer convenience. Explore endless power at: ambientphotonics.com.

DOE Loan Guarantee

DOE’s invitation to submit a Part II application is not an assurance that DOE will invite an applicant into the due diligence and term sheet negotiation process, that DOE will offer a term sheet to an applicant, that DOE will issue a loan guarantee, or that the terms and conditions of a loan guarantee will be consistent with terms proposed by an applicant. The foregoing matters are wholly dependent on the results of DOE review and evaluation of a Part II Application, and DOE’s determination whether to proceed.

Christine Bennett for Ambient Photonics
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KENNESAW, Ga.--(BUSINESS WIRE)--Athena Technology Acquisition Corp. (NYSE: ATHN) (“ATHN”), a publicly-traded special purpose acquisition company, reminds its shareholders to vote in favor of the previously announced business combination (the “Business Combination”) with Heliogen, Inc. (“Heliogen”), an AI-enabled, modular concentrated solar technology company focused on decarbonizing industry.

Shareholders who owned common stock of ATHN as of the close of business on November 23, 2021 (the “Record Date”), may vote their shares. Shareholders as of the Record Date continue to have the right to vote their shares, regardless of whether such shareholders subsequently sold their shares and do not own such shares as of the date they cast their vote.

The extraordinary general meeting of ATHN shareholders to approve the pending Business Combination (the “Extraordinary General Meeting”) is scheduled to be held on December 28, 2021 at 10:00 a.m. Eastern Time. The Extraordinary General Meeting will be conducted virtually, and can be accessed via live webcast at https://www.cstproxy.com/athenatechnology/2021.

Additional information on how shareholders of record may vote their shares can be found at: https://www.athena1.com/athn-vote

Every shareholder’s vote is important, regardless of the number of shares held. Accordingly, all ATHN shareholders who held shares as of the Record Date who have not yet voted are encouraged to do so as soon as possible so that their votes are received by ATHN no later than 11:59 p.m. Eastern Time December 27, 2021. For the avoidance of doubt, ATHN shareholders who owned shares as of the Record Date and subsequently sold all or a portion of their shares are STILL entitled to vote, and are encouraged to do so.

ATHN’s board of directors recommends you vote “FOR” the Business Combination with Heliogen and “FOR” all of the related proposals described in the definitive proxy statement/prospectus (the “Proxy Statement”) filed by ATHN with the Securities and Exchange Commission (“SEC”) on December 3, 2021.

These are the two easiest and fastest ways to vote – and they are both free:

• Vote Online (Highly Recommended): Follow the instructions provided on the proxy card that was mailed to you, if you are a holder of record, or provided by your broker, bank or other nominee on the Voting Instruction Form mailed (or e-mailed) to you, if you hold your shares “in street name”. To vote online, you will need your voting control number, which you can find on your proxy card or the Voting Instruction Form provided by your broker, bank or other nominee. Votes submitted electronically over the Internet must be received by 11:59 p.m., Eastern Time, on December 27, 2021. However, if you hold your shares through a broker, bank or other nominee, they may have an earlier deadline to receive your vote.

• Vote at the Meeting: Follow the instructions provided by your broker, bank or other nominee on the Voting Instruction Form mailed (or e-mailed) to you. If you plan to attend the online Special Meeting, you will need your 12-digit voting control number to vote electronically at the Special Meeting. You can find your control number and the address for the Special Meeting on your proxy card or the Voting Instruction Form provided by your brokers, bank or nominee.

Additionally, you can also vote by mail:

• Vote by Mail: Follow the instructions provided by your broker, bank or other nominee on the proxy card that was mailed to you, if you are a holder of record, or on the Voting Instruction Form mailed or e-mailed to you. You will need your voting control number which is included on the Voting Instruction Form mailed or e-mailed to you in order to vote by mail. Please be sure to, (1) mark, sign and date your Voting Instruction Form, (2) fold and return your Voting Instruction Form in the postage-paid envelope provided with your proxy material, and (3) mail your Voting Instruction Form to ensure receipt on or before 10:00 a.m., Eastern Time, on December 28, 2021

YOUR CONTROL NUMBER IS FOUND ON YOUR VOTING INSTRUCTION FORM. If you did not receive or misplaced your Voting Instruction Form, contact your bank, broker or other nominee to obtain your control number in order to vote. A bank, broker or other nominee is a person or firm that acts as an intermediary between an investor and the stock exchange who can help you vote your shares.

If any individual ATHN shareholder, who held shares as of the November 23, 2021 record date for voting, does not receive the Proxy Statement, such shareholder should (i) confirm their Proxy Statement’s status with their broker, (ii) contact Morrow Sodali LLC, ATHN’s proxy solicitor, for assistance via e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it. or toll-free call at (800) 662-5200 and banks and brokers can place a collect call to Morrow Sodali at (203) 658-9400, or (iii) contact ATHN by mail at Athena Technology Acquisition Corp., 125 Townpark Drive, Suite 300, Kennesaw, GA 30144.

Cautionary Note Regarding Forward-Looking Statements

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

Additional Information and Where to Find It

In connection with the proposed business combination, Athena Technology Acquisition Corp. (“Athena”) has filed with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 that has been declared effective by the SEC, which includes a prospectus of Athena with respect to the securities to be issued in connection with the business combination with Heliogen, Inc. (“Heliogen”) and a definitive proxy statement of Athena with respect to the Special Meeting. The combined proxy statement/prospectus relating to the proposed business combination will be mailed to Athena’s stockholders on or about December 6, 2021. This press release does not contain all the information that should be considered concerning the proposed business combination and is not intended to form the basis of any investment decision or any other decision in respect of the business combination. The proposed business combination and related transactions will be submitted to stockholders of Athena for their consideration. Athena’s stockholders and other interested persons are advised to read the definitive proxy statement/prospectus and other documents filed in connection with Athena’s solicitation of proxies for its special meeting of stockholders to be held to approve, among other things, the proposed business combination and related transactions, because these materials contain important information about Heliogen, Athena and the proposed business combination and related transactions. The definitive proxy statement/prospectus and other relevant materials for the proposed business combination will be mailed to stockholders of Athena as of November 23, 2021. Stockholders may also obtain a copy of the preliminary or definitive proxy statement/prospectus, once available, as well as other documents filed with the SEC by Athena, without charge, at the SEC’s website located at www.sec.gov or by directing a request to Phyllis Newhouse, President and Chief Executive Officer, Athena Technology Acquisition Corp., 125 Townpark Drive, Suite 300, Kennesaw, GA 30144, or by telephone at (970) 924-0446.

Participants in the Solicitation

Athena, Heliogen and their respective directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from Athena’s stockholders in respect of the proposed business combination and related transactions. Information regarding Athena’s directors and executive officers is available in its Registration Statement on Form S-1 and the prospectus included therein filed with the SEC on March 3, 2021. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests are contained in the definitive proxy statement/prospectus related to the proposed business combination and related transactions, and which can be obtained free of charge from the sources indicated above.

No Offer or Solicitation

This communication shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed transaction. This communication shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Athena Technology Acquisition Corp.

Athena Technology Acquisition Corp. is an entirely women-led special purpose acquisition company whose business purpose is to effect a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses in the technology, direct-to-consumer and fintech industries.

About Heliogen

Heliogen is a renewable energy technology company focused on eliminating the need for fossil fuels in heavy industry and powering a sustainable future. The company’s AI-enabled, modular concentrated solar technology aims to cost-effectively deliver near 24/7 carbon-free energy in the form of heat, power, or green hydrogen fuel at scale – for the first time in history. Heliogen was created at Idealab, the leading technology incubator founded by Bill Gross in 1996. For more information about Heliogen, please visit heliogen.com.

Athena Technology Acquisition Corp. Contacts
For Media:
Berns Communications Group
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(973) 727-8400
(917) 922-4435

Heliogen Contacts
For Media:
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For Investors:
Caldwell Bailey
ICR, Inc.
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LONDON--(BUSINESS WIRE)--Rio Tinto has entered into a binding agreement to acquire the Rincon lithium project ^[1] in Argentina from Rincon Mining, a company owned by funds managed by the private equity group Sentient Equity Partners, for $825 million.

The acquisition demonstrates Rio Tinto’s commitment to build its battery materials business and strengthen its portfolio for the global energy transition.

Rincon is a large undeveloped lithium brine project located in the heart of the lithium triangle in the Salta Province of Argentina, an emerging hub for greenfield projects. The project is a long life, scaleable resource capable of producing battery grade lithium carbonate. It has the potential to have one of the lowest carbon footprints in the industry that can help deliver on Rio Tinto’s commitment to decarbonise its portfolio.

Rio Tinto Chief Executive Jakob Stausholm said “This acquisition is strongly aligned with our strategy to prioritise growth capital in commodities that support decarbonisation and to continue to deliver attractive returns to shareholders. The Rincon project holds the potential to deliver a significant new supply of battery-grade lithium carbonate, to capture the opportunity offered by the rising demand driven by the global energy transition. It is expected to be a long life, low-cost asset that will continue to build the strength of our Battery Materials portfolio, with our combined lithium assets spanning the US, Europe and South America.”

Once acquired by Rio Tinto, the Rincon project will be subject to the completion of studies to confirm the resource and define an Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 (JORC Code) compliant resource statement. Work will be undertaken to determine the development strategy and timing, secure updates to existing Environmental Impact Assessment Permits to allow development and production, and undertake ongoing engagement with communities, the province of Salta and the Government of Argentina. This consultation process will ensure we build a world class operation in the province of Salta.

The direct lithium extraction technology proposed for the project has the potential to significantly increase lithium recoveries as compared to solar evaporation ponds. A pilot plant is currently running at the site and further work will focus on continuing to optimise the process and recoveries.

The market fundamentals for battery grade lithium carbonate are strong, with lithium demand forecast to grow 25-35% per annum over the next decade with a significant supply demand deficit expected from the second half of this decade.

As the project is currently held through an Argentine branch of an Australian company, completion of the transaction is conditional upon approval by Australia’s Foreign Investment Review Board (FIRB). Subject to this FIRB approval, the transaction is expected to be completed in the first half of 2022.

[1] Rio Tinto has agreed to acquire Rincon Mining Pty Limited, www.rinconmining.com, which owns the Salar del Rincón Project in Argentina and Lithium Extraction Technologies (Australia) Pty which holds certain intellectual property which may be applied in conjunction with lithium projects.

Please direct all enquiries to This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Relations, UK
Illtud Harri
M +44 7920 503 600

David Outhwaite
M +44 7787 597 493

Media Relations, Americas
Matthew Klar
T +1 514 608 4429

Investor Relations, UK
Menno Sanderse
M: +44 7825 195 178

David Ovington
M +44 7920 010 978

Clare Peever
M +44 7788 967 877

Rio Tinto plc
6 St James’s Square
London SW1Y 4AD
United Kingdom
T +44 20 7781 2000
Registered in England
No. 719885

Media Relations, Australia
Jonathan Rose
M +61 447 028 913

Matt Chambers
M +61 433 525 739

Jesse Riseborough
M +61 436 653 412

Investor Relations, Australia
Natalie Worley
M +61 409 210 462

Amar Jambaa
M +61 472 865 948

Rio Tinto Limited
Level 7, 360 Collins Street
Melbourne 3000
Australia
T +61 3 9283 3333
Registered in Australia
ABN 96 004 458 404

This announcement is authorised for release to the market by Steve Allen, Rio Tinto’s Group Company Secretary.
riotinto.com

Category: General

 Results Demonstrate Continued Strong Execution of Cash Flow Focused Investment Strategy

Crescent Remains Well-Positioned for Long-Term Value Creation Through Cycles 

HOUSTON--(BUSINESS WIRE)--$CRGY--Crescent Energy Company (“Crescent” or the “Company”) (NYSE: CRGY) today announced pro forma financial and operational results for the nine-month period ended September 30, 2021 (the “Year to Date Period”) related to the business combination between Independence Energy LLC ("Independence") and Contango Oil & Gas Company ("Contango").

Highlights and Recent Developments

- Formed Crescent Energy on December 7, 2021 with the successful completion of the merger between Independence and Contango; stock is now trading on the NYSE under ticker symbol “CRGY”

- Delivered strong pro forma financial results underpinned by predictable, low-decline PDP Base

- Implemented a disciplined capex program focused on risk-adjusted returns

- Reduced risk via balance sheet strength and a consistent commodity hedging program

- Executed on its consolidation strategy, closing three acquisitions in 2H’21 including Contango

- Financial Highlights for the Year to Date and Annualized Period:

- 2022 Outlook:

• Targets quarterly dividends of approximately 10% of Adjusted EBITDAX³ and intends to pay a dividend in the first quarter of 2022, based on fourth quarter 2021 Adjusted EBITDAX
• Low decline asset base with 15% estimated 2022 proved developed producing (PDP) decline rate
• Modest capital requirements with 45% average historical re-investment rate⁴ since 2014
• Plans to release 2022 annual guidance early in the first quarter of 2022

David Rockecharlie, CEO, commented: “We are pleased with what we have accomplished in 2021. Our talented organization continued to execute our disciplined, cash flow-based strategy. The team delivered strong operational performance while closing several valuable acquisitions throughout the year, culminating in the completion of our merger with Contango. The combined business generates significant cash flow, supported by our robust hedge book and low leverage. Given the strength of our underlying base business, we expect to lead industry consolidation by generating superior risk-adjusted returns for our shareholders.”

A summary of certain pro forma financial statements related to the business combination between Independence and Contango are provided in this release. Please refer to the Current Report on Form 8-K/A filed on December 17, 2021, which can be found at the SEC’s website at www.sec.gov, for additional details and information regarding the historical financial results of Independence and Contango and the assumptions made in preparing the pro forma financial statements derived therefrom that are summarized herein.

Generated Impressive Results on a Pro Forma Basis

Total pro forma production averaged 115 thousand barrels of oil equivalent per day (“MBoe/d”) for the Year to Date Period, with pro forma liquids production totaling 66 thousand barrels per day, or 57% of total production.

Pro forma total revenues and net loss for the Year to Date Period totaled $1.3 billion and $678 million, respectively. The net loss was impacted by a significant change in the market value of the Company’s commodity derivatives associated with the rise in oil and gas prices throughout 2021, including $592 million of unrealized derivative losses and $199 million of expense related to an early settlement of certain outstanding derivative oil commodity contracts for open positions associated with calendar years 2022 and 2023. Subsequent to the settlement, the Company entered into new commodity derivative contracts at prevailing market prices.

Pro forma Adjusted Unhedged EBITDAX and pro forma Adjusted EBITDAX for the Year to Date Period totaled $674 million and $467 million, respectively. Pro forma levered free cash flow for the Year to Date Period totaled $286 million with pro forma capital expenditures related to drilling and completion activity of $136 million (brought online 68 gross (16 net) working interest wells in the DJ, Eagle Ford and Permian basins).

Strong Financial Position on a Pro Forma Combined Basis

As of September 30, 2021, the Company had principal amount of indebtedness of $897 million on a pro forma combined basis, which consisted of $500 million of senior unsecured notes and $397 million of outstanding borrowings on its reserve based lending credit facility (“Crescent Credit Facility”). Crescent ended the quarter with a net debt to Annualized Adjusted EBITDAX ratio of 1.3x and a net debt to Annualized Unhedged Adjusted EBITDAX ratio of 0.9x, on a pro forma combined basis.

Upon the closing of the merger with Contango, the Company’s borrowing base increased to $1.3 billion with an elected commitment of $700 million. Based on the elected commitment for the merged company, total liquidity as of September 30, 2021 on a pro forma combined basis was $349 million, including outstanding letters of credit of $21 million and cash and cash equivalents of $67 million. Subsequent to September 30, 2021, Crescent closed on a $71 million acquisition of producing assets and funded the purchase with borrowings under the Crescent Credit Facility and cash on hand.

Acquisitions and Divestitures

On December 7, 2021, Crescent announced the successful completion of the combination of Independence and Contango, creating a premier, diversified and well-capitalized U.S. energy company focused on consolidation. Crescent’s Class A common stock started trading on the New York Stock Exchange under the ticker symbol "CRGY" at the open of trading on December 8, 2021. As previously announced, each eligible share of Contango common stock issued and outstanding immediately prior to the effective time of the transaction was exchanged for 0.2000 shares of Crescent Class A common stock.

Crescent closed three transactions in the second half of 2021, including two asset acquisitions (for approximately $140 million of aggregate consideration) and the merger with Contango.

Dividend Policy

Crescent targets quarterly dividends of approximately 10% of Adjusted EBITDAX, subject to approval by the Board. The Company intends to pay a dividend in the first quarter of 2022, based on fourth quarter 2021 Adjusted EBITDAX.

2022 Guidance

The Company plans to release its 2022 outlook early in the first quarter 2022.

Risk Management - Pro Forma Commodity Hedging⁵

The following table details the Company’s open commodity derivative contracts as of December 1, 2021 on a pro forma combined basis. Crescent actively hedges oil, gas, NGLs, basis and calendar month average roll exposure to protect cash flow and maintain prudent leverage.

About Crescent Energy

Crescent Energy is a diversified, well capitalized, U.S. independent energy company with a portfolio of assets in key proven basins across the lower 48 states. Our core leadership team is a group of experienced investment, financial and industry professionals who continue to execute on the strategy we have employed since 2011. The Company’s mission is to invest in energy assets and deliver better returns, operations and stewardship. For additional information, please visit www.crescentenergyco.com.

Cautionary Statement Regarding Forward-Looking Information

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on current expectations. The words and phrases “should”, “could”, “may”, “will”, “believe”, “plan”, “intend”, “expect”, “potential”, “possible”, “anticipate”, “estimate”, “forecast”, “view”, “efforts”, “goal” and similar expressions identify forward-looking statements and express the Company’s expectations about future events. All statements, other than statements of historical facts, included in this communication that address activities, events or developments that the Company 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 Company’s control. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the impact of pandemics such as COVID-19, actions by the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC oil producing countries, the timing and success of business development efforts, and other uncertainties. Consequently, actual future results could differ materially from expectations. The Company assumes no duty to update or revise their respective forward-looking statements based on new information, future events or otherwise.

Selected Unaudited Pro Forma Condensed Combined Financial Information

The following selected unaudited pro forma condensed combined financial information of Crescent (the “selected pro forma information”) is based on the historical financial statements of Independence, as its predecessor. Under the acquisition method of accounting, Contango’s assets acquired and liabilities assumed by Crescent will be recorded at their fair values measured as of the acquisition date. The excess, if any, of the purchase price over the estimated fair values of Contango’s assets acquired and liabilities assumed will be recorded as goodwill.

The selected pro forma information has been derived from, and should be read in conjunction with, the more detailed unaudited pro forma condensed combined financial statements of Crescent included in the Current Report on Form 8-K/A filed on December 17, 2021, which can be found at the SEC’s website at www.sec.gov and the accompanying notes to the unaudited pro forma condensed combined financial statements. The unaudited pro forma condensed combined financial statements have been prepared from, and should be read in conjunction with, the historical consolidated financial statements of Independence and Contango and the accompanying notes thereto, each of which were also included on such Current Report on Form 8-K/A, adjusted to give effect to the transactions discussed therein (the “Pro Forma Transactions”).

The selected pro forma information has been presented for informational purposes only and is not necessarily indicative of what Crescent’s actual financial position or results of operations would have been had the Pro Forma Transactions been completed as of the dates indicated. In addition, the selected pro forma information does not purport to project the future financial position or operating results of the post-combination business. The following table presents Crescent’s selected unaudited pro forma financial and operating data for the periods indicated:

Crescent Pro Forma Combined Income Statement

Crescent Pro Forma Combined Balance Sheet

Reconciliation of Non-GAAP Measures

This release includes financial measures that have not been calculated in accordance with GAAP. These non-GAAP measures include Adjusted EBITDAX, Annualized Adjusted EBITDAX, Annualized Unhedged Adjusted EBITDAX, Levered Free Cash Flow, Annualized Levered Free Cash Flow and Unhedged Adjusted EBITDAX.

Adjusted EBITDAX, Annualized Adjusted EBITDAX, Annualized Unhedged Adjusted EBITDAX, Levered Free Cash Flow, Annualized Levered Free Cash Flow and Unhedged Adjusted EBITDAX, should be read in conjunction with the information contained in Crescent’s unaudited combined and consolidated financial statements prepared in accordance with GAAP.

Adjusted EBITDAX Definition

Crescent defines Adjusted EBITDAX as net income (loss) before interest expense, realized (gain) loss on interest rate derivatives, income tax expense, depreciation, depletion and amortization, exploration expense, non-cash gain (loss) on derivatives, impairment of oil and natural gas properties, equity-based compensation, (gain) loss on sale of assets, other (income) expense and transaction expenses. Management believes Adjusted EBITDAX is a useful performance measure because it allows for an effective evaluation of the Company’s operating performance when compared against its peers, without regard to financing methods, corporate form or capital structure. The Company excludes the items listed above from net income (loss) in arriving at Adjusted EBITDAX because these amounts can vary substantially within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDAX should not be considered as an alternative to, or more meaningful than, net income (loss) as determined in accordance with GAAP, of which such measure is the most comparable GAAP measure. Certain items excluded from Adjusted EBITDAX are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax burden, as well as the historic costs of depreciable assets, none of which are reflected in Adjusted EBITDAX. The Company’s presentation of Adjusted EBITDAX should not be construed as an inference that its results will be unaffected by unusual or non-recurring items. Crescent’s computations of Adjusted EBITDAX may not be identical to other similarly titled measures of other companies. In addition, the Company’s Credit Agreement and the notes include a calculation of Adjusted EBITDAX for purposes of covenant compliance.

Annualized Adjusted EBITDAX and Annualized Unhedged Adjusted EBITDAX Definition

In certain instances, this release refers to pro forma Annualized Adjusted EBITDAX and pro forma Annualized Unhedged Adjusted EBITDAX. Pro forma Annualized Adjusted EBITDAX and pro forma Annualized Unhedged Adjusted EBITDAX were calculated by multiplying 4/3 by pro forma Adjusted EBITDAX and pro forma Unhedged Adjusted EBITDAX for the nine months ended September 30, 2021, respectively. Pro forma Annualized Adjusted EBITDAX and pro forma Unhedged Adjusted EBITDAX should not be considered as a substitute for a measure of historical or pro forma Adjusted EBITDAX or pro forma Unhedged Adjusted EBITDAX for the twelve-month period ended September 30, 2021, respectively, or as an indicator that pro forma results for such twelve-month period would be equivalent to pro forma Annualized Adjusted EBITDAX or pro forma Unhedged Adjusted EBITDAX, respectively.

Levered Free Cash Flow Definition

Crescent defines Levered Free Cash Flow as Adjusted EBITDAX less interest expense, excluding noncash deferred financing cost amortization, realized gain (loss) on interest rate derivatives, current income tax provision and development of oil and natural gas properties. Levered Free Cash Flow does not take into account amounts incurred on acquisitions. Levered Free Cash Flow is not a measure of performance as determined by GAAP. Levered Free Cash Flow is a supplemental non-GAAP performance measure that is used by Crescent’s management and external users of its financial statements, such as industry analysts, investors, lenders and rating agencies. Management believes Levered Free Cash Flow is a useful performance measure because it allows for an effective evaluation of operating and financial performance and the ability of the Company’s operations to generate cash flow that is available to reduce leverage or distribute to equity holders. Levered Free Cash Flow should not be considered as an alternative to, or more meaningful than, net income (loss) as determined in accordance with GAAP, of which such measure is the most comparable GAAP measure, or as an indicator of actual operating performance or investing activities. The Company’s computations of Levered Free Cash Flow may not be comparable to other similarly titled measures of other companies.

Annualized Levered Free Cash Flow Definition

In certain instances, this release refers to pro forma Annualized Levered Free Cash Flow. Pro forma Annualized Levered Free Cash Flow is calculated by multiplying 4/3 by pro forma Levered Free Cash Flow for the nine months ended September 30, 2021. Pro forma Annualized Levered Free Cash Flow should not be considered as a substitute for a measure of historical or pro forma Levered Free Cash Flow for the twelve-month period ended September 30, 2021, respectively, or as an indicator that pro forma results for such twelve-month period would be equivalent to pro forma Annualized Levered Free Cash Flow.

Pro Forma Combined Adjusted EBITDAX and Free Cash Flow Reconciliation

The following table presents a reconciliation of pro forma Adjusted EBITDAX (non-GAAP) and pro forma Levered Free Cash Flow (non-GAAP) to pro forma net income (loss), the most directly comparable financial measure calculated in accordance with GAAP:

Crescent Energy Company
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View photos and video of the new Mach E taxi cab

For a standard cab fare, New Yorkers and holiday travelers can hail the first of Gravity’s new fleet of Ford Mustang Mach E taxis with custom monitors and panoramic roofs, cutting-edge AI for driver safety, and zero-emissions

NEW YORK--(BUSINESS WIRE)--Gravity, the pioneering electric vehicle fleet and infrastructure start-up, today launched the first in a fleet of all-electric NYC yellow taxis designed to completely reimagine the iconic New York cab. With Gravity, riders will experience the most advanced taxi to ever hit the streets--all for the standard, predictable cab fare. Gravity’s Ford Mustang Mach E—the first to ever serve as a NYC taxi—offers a customized passenger experience, panoramic roofs for sightseeing and industry-leading safety tech.

Gravity intends to deploy a fleet of at least 50 cabs made up of the Mach E and the Tesla Model Y. Gravity’s first Model Y is now undergoing its final hack-up and inspection. Gravity’s fleet combines the company’s own unique innovations with the latest tech from across the industry in one vehicle. Painted a striking Rally Yellow, its cabs come equipped with dynamic passenger controls; a 22-inch display for selfies, music and video; driver-facing AI tech that identifies and prevents distracted driving; and—most importantly—zero emissions on the streets of New York City.

New Yorkers and visitors can hail one of Gravity’s EV yellow cabs on the street or through standard yellow taxi e-hail apps. The cars will be charged during overnight hours at Gravity’s own Midtown Manhattan charging space on West 42^nd Street, maximizing the hours vehicles are available to carry passengers.

“We’ve designed our fleet to be the smartest, safest and most sustainable taxi to ever hit the road—something any New Yorker or visitor would be excited to flag down. We want our advanced EV fleet to not only help reinvigorate the NYC yellow taxi, but help reenergize the city and pull it toward a cleaner future,” said Moshe Cohen, founder and CEO of Gravity, Inc.

The Cars

Gravity’s first vehicle is a Ford Mustang Mach E—making Gravity’s the first taxi fleet to include the Mach E. Gravity will also deploy a Tesla Model Y once final inspections are complete. All vehicles have panoramic roofs to take in the surrounding city. The vehicles are authorized for use as taxis under an EV pilot program adopted by NYC’s Taxi and Limousine Commission earlier this year.

Rear-Seat Passenger Experience Display

All Gravity taxis have a custom, mounted 22-inch tablet with software enabling riders to adjust climate controls, play music, watch videos, snap and send a selfie with filters, and more. Gravity’s systems are designed for riders to make the most of their trip.

Charging

Gravity’s charging hubs at Manhattan Plaza on West 42^nd Street and other future sites will allow the company to rapidly charge vehicles during overnight, off-peak hours. Gravity’s charging equipment is designed to exceed the best-in-class experience of Tesla’s superchargers, with compatibility for a wide range of models to charge in minutes.

Driver Safety

Not only is Gravity deploying some of the safest vehicles on the market, every Gravity taxi is equipped with industry-leading driver-facing AI technology that helps prevent driver distraction as well as monitor the vehicle for safe driving behaviors. The suite of technologies will make drivers, passengers and everyone on the street safer. All Gravity drivers are licensed and approved by the NYC Taxi and Limousine Commission.

Accessibility

Gravity adheres to all TLC rules regarding accessibility and medallion issuance. While there are currently no wheelchair accessible EV models for taxi use on the market, Gravity will become an early adopter as the technology develops and is eager to put zero-emission wheelchair accessible vehicles on the road.

Pricing

All Gravity taxis are priced at standard NYC yellow taxi rates, predictable pricing with no surge or premium rates.

About Gravity:

Gravity, Inc is a sustainable mobility startup focusing on EV fleets and supporting infrastructure. Gravity’s solutions bring together best-in-class equipment and integrated software, seamless customer interfaces and unique amenities that increase productivity. Gravity is opening Manhattan’s first and only True Fast Charging site early 2022 and has just launched a pioneering all-EV yellow taxi fleet, reinvigorating one of New York City’s most iconic brands. Gravity partners with building owners and parking operators to customize portfolio-wide conversions to electric vehicle charging, with the ability to support both individual EV drivers and large EV fleets. Learn more at GravityMobility.com​.

Wiley Norvell, Rubenstein, This email address is being protected from spambots. You need JavaScript enabled to view it., 646-422-9614

Leading clean energy company electrified its work truck fleet with XL Fleet plug-in hybrid and hybrid systems on its F-Series pickup trucks earlier this year

Charging deployment was managed by the XL Grid and World Energy teams and includes 12 chargers across six wind farm facilities in Texas, Oklahoma and Illinois

BOSTON--(BUSINESS WIRE)--XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a leader in vehicle electrification solutions for commercial and municipal fleets, today announced it has completed installation on a series of charging station deployments for Apex Clean Energy (“Apex”), a leading clean energy company that develops, constructs, and operates utility-scale wind and solar power facilities throughout North America.

The deployment includes 12 dual-port, level 2 chargers that were installed at six different wind farm facilities across Texas, Oklahoma and Illinois. The charging infrastructure has been added to power ten Ford F-series pickups equipped with XL Fleet plug-in hybrid electric drive systems that Apex deployed in its service fleet earlier this year, which was previously announced on April 7. In addition, the stations are intended to prepare the facilities for additional EV investments moving forward as Apex continues to invest in meeting its sustainability goals through vehicle electrification.

Installation was managed by the World Energy Efficiency Services team that joined the XL Grid business as a wholly owned subsidiary of XL Fleet in May, extending the Company’s electrification solutions to include a comprehensive and integrated suite of hybrid electric drivetrains, charging infrastructure, and energy efficiency consulting and project management services.

“Apex continues to invest heavily in our commitment to sustainability and driving the clean energy economy, and working with XL Fleet as our electrification partner has enabled us to move forward quickly on our EV strategy,” said Mark Goodwin, president and CEO of Apex Clean Energy.

“XL Fleet is committed to helping Apex and other sustainability-minded companies to accelerate their path to electrification, even in rural areas where access to EVs has been extremely limited,” said Eric Tech, CEO of XL Fleet. “This is a great example of how XL Fleet is leveraging our experience and our solution suite to help customers remove barriers to electrification, gain access to charging infrastructure and move forward on achieving their comprehensive sustainability goals.”

About XL Fleet Corp.

XL Fleet is a leading provider of vehicle electrification solutions for commercial and municipal fleets in North America, with more than 170 million miles driven by customers such as The Coca-Cola Company, Verizon, Yale University and the City of Boston. XL Fleet’s hybrid and plug-in hybrid electric drive systems can significantly increase fuel economy and reduce carbon dioxide emissions, decreasing operating costs and meeting sustainability goals while enhancing fleet operations. For additional information, please visit www.xlfleet.com.

About Apex Clean Energy

Apex Clean Energy develops, constructs, and operates utility-scale wind and solar power facilities across North America. Our mission-driven team of more than 250 renewable energy experts uses a data-focused approach and an unrivaled portfolio of projects to create solutions for the world’s most innovative and forward-thinking customers. For more information on how Apex is leading the transition to a clean energy future, visit apexcleanenergy.com or follow us on Facebook, Twitter, and LinkedIn.

Forward Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to; the effects of pending and future legislation; the highly competitive nature of the Company’s business and the commercial vehicle electrification market; litigation, complaints, product liability claims and/or adverse publicity; cost increases or shortages in the components or chassis necessary to support the Company’s products and services; the introduction of new technologies; the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, regulatory compliance and customer experience; the potential loss of certain significant customers; privacy and data protection laws, privacy or data breaches, or the loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the inability to convert its sales opportunity pipeline into binding orders; risks related to the rollout of the Company’s business and the timing of expected business milestones, including the ongoing global microchip shortage and limited availability of chassis from vehicle OEMs and our reliance on our suppliers; the effects of competition on the Company’s future business; the availability of capital; changes in the preliminary financial results for the quarter ended September 30, 2021 upon completion of the Company’s financial closing procedures or upon review and completion of procedures by the Company’s independent registered public accounting firm, and the other risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed on March 31, 2021, as amended and supplemented by the 10-K/A filed May 17, 2021, and other documents that the Company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update these forward-looking statements.

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NEW YORK--(BUSINESS WIRE)--Liquidity Group leveraged its machine learning due diligence platform to analyze and deploy $7.5 million in growth funding for Zizoo, the leading global boat rental platform that offers more than 40,000 boats in more than 1,000 destinations globally.

“At Liquidity, our technology-driven strategy helps us move at light speed to provide the growth funding companies need to expand and make an impact on the world,” said Ron Daniel, CEO and Co-Founder of Liquidity Group. “We’re pleased to support Zizoo’s work, and we look forward to supporting other companies seeking to use technology to provide great leisure & travel options.”

Based in Berlin, Germany, Zizoo is the largest global SaaS enabled marketplace for boat rentals and on water experiences. Zizoo’s unique technology is used by more than 4,000 boat operating companies worldwide. Zizoo’s platform allows travelers to easily search and book all types of boat vacations with or without crew in a click. The boat rental market is one of the fastest growing travel segments, a trend that has only accelerated recently. Zizoo’s goal is to be the leader of this digital transformation with its technology.

“Zizoo is a one-of-a-kind company that blends expertise in boating with innovative digital technologies,” said Nir Shmueli, Investment Manager at Liquidity Group. “We are pleased to use our technology-driven approach to fund their ability to serve more customers.”

“The Liquidity team has not only provided funding to enable further growth but validated our plans and ambitions through their ‘Liquidity Analysis’ platform,” said Zizoo CEO and co-founder Anna Banicevic. “From the initial discussion, the entire process was effortless and took only days before they presented us with a term sheet. The financing option was a great way to assist us in fueling our growth. At Zizoo, we’re on a mission to bring the joy of boating holidays and days out to millions around the world, making lasting memories.”

About Liquidity Group:

Founded in 2018, the Liquidity Group is a global capital market credit automation company and fund manager providing growth capital through funds focused on the US, Asia, Europe and the Middle East. Liquidity Group’s subsidiary fund, Singapore-based Mars Growth Capital, and its partner MUFG [MUFG:NYSE] jointly handle the company’s South East Asia activity. It combines real-time data with proprietary machine learning technology to offer tailored financing that matches a company’s future growth. Liquidity Group operates three main divisions: Analysis, Capital, and Market Syndication, which together provide global lenders a complete cycle of scaled and quick credit deployment. www.liquiditygroup.com

About Zizoo:

Founded in 2014, Zizooboats GmbH provides boat holidays to millions around the world by bringing digital technologies to the nautical industry. Operating from its headquarters in Berlin, Germany, the company serves customers in more than 30 countries and 1,000 destinations. Zizoo continues to add to its boat fleet to provide holidays to customers worldwide. https://www.zizoo.com

Jared Shapiro at The Tag Experience: This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "GCC Solar Water Heater Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.

This report finds that the GCC solar water heater market reached a value of US$ 59.5 Million in 2020. Looking forward, the publisher expects the GCC solar water heater market to exhibit strong growth during the next five years.

Companies Mentioned

• Ariston
• Orbital Horizon
• Saudi Ceramics
• Viessman
• Ecotherm

Solar water heater is a device which uses solar energy from the sun to heat water. It is generally installed on terrace or in open spaces where abundant sunlight is available. The water is then heated during the day and stored in an insulated tank. The heated water can be used for bathing, cleaning, space heating, industrial process, etc. In the GCC region, the market for solar water heater has been expanding as an increasing number of consumers have become aware about its advantages. Solar water heater is preferred over conventional water heater as it is cost-effective and reduces dependence over fossil fuels.

The market for solar water heater in the GCC region is being driven by a number of favourable factors. Solar water heater offers several long-term advantages over conventional water heater. It reduces electricity consumption, lowers carbon footprints, improves energy independence, etc. The governments in the region are also encouraging the use of solar water heater through building regulation and providing subsidies.

The report has segmented the GCC solar water heater market on the basis of type covering flat plate collector, evacuated tube collector and unglazed water collector. Currently, flat plate collector accounts for the largest market share in the GCC region. The report has also segmented the market on the basis on application. The key applications of solar water heater include commercial, residential, government buildings and others. Country-wise, Saudi Arabia represents the largest market for solar water heater, accounting for the majority of the market share. The report has also analysed the competitive landscape of the market with some of the key players being Ariston, Orbital Horizon, Saudi Ceramics, Viessman, Ecotherm, etc.

Key Questions Answered in This Report:

• How has the GCC solar water heater market performed so far and how will it perform in the coming years?
• What are the key regional markets in the GCC solar water heater industry?
• What has been the impact of COVID-19 on the GCC solar water heater industry?
• What are the key type in the GCC solar water heater industry?
• What are the key end-use segments in the GCC solar water heater industry?
• What are the price trends of solar water heater in the GCC region?
• What are the various stages in the value chain of the GCC solar water heater industry?
• What are the key driving factors and challenges in the GCC solar water heater industry?
• What is the structure of the GCC solar water heater industry and who are the key players?
• What is the degree of competition in the GCC solar water heater industry?
• What are the profit margins in the GCC solar water heater industry?
• What are the key requirements for setting up a GCC solar water heater manufacturing plant?
• How is solar water heater manufactured?

Key Topics Covered:

1 Preface

2 Scope and Methodology

3 Executive Summary

4 Introduction

4.1 Overview

4.2 Key Industry Trends

5 Global Solar Water Heater Industry

5.1 Market Overview

5.2 Market Performance

5.3 Price Trends

5.4 Market Breakup by Region

5.5 Market Breakup by Type

5.6 Market Breakup by End-Use

5.7 Market Forecast

6 GCC Solar Water Heater Industry

6.1 Market Overview

6.2 Market Performance

6.3 Impact of COVID-19

6.4 Market Breakup by Region

6.5 Market Breakup by Type

6.6 Market Breakup by End-Use

6.7 Market Forecast

6.8 SWOT Analysis

6.9 Value Chain Analysis

6.10 Porter's Five Forces Analysis

6.11 Key Success Factors and Risk Factors for Solar Water Heater Manufacturers

7 Saudi Arabia Solar Water Heater Industry

8 UAE Solar Water Heater Industry

9 Kuwait Solar Water Heater Industry

10 Oman Solar Water Heater Industry

11 Qatar Solar Water Heater Industry

12 Bahrain Solar Water Heater Industry

13 Competitive Landscape

13.1 Market Structure

13.2 Market Breakup by Key Players

14 Solar Water Heater Manufacturing Process

14.1 Product Overview

14.2 Detailed Process Flow

14.3 Various Types of Unit Operations Involved

14.4 Mass Balance and Raw Material Requirements

15 Project Details, Requirements and Costs Involved

15.1 Land Requirements and Expenditures

15.2 Construction Requirements and Expenditures

15.3 Plant Machinery

15.4 Raw Material Requirements and Expenditures

15.5 Packaging Requirements and Expenditures

15.6 Transportation Requirements and Expenditures

15.7 Utility Requirements and Expenditures

15.8 Manpower Requirements and Expenditures

15.9 Other Capital Investments

16 Loans and Financial Assistance

17 Project Economics

18 Key Player Profiles

For more information about this report visit https://www.researchandmarkets.com/r/99zpzd

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Solar power and non-flammable long-duration energy storage will support critical facilities during emergencies

WILSONVILLE, Ore.--(BUSINESS WIRE)--$GWH #batterystorage--ESS Tech, Inc. (“ESS,” “ESS Inc.”) (NYSE: GWH), a U.S. manufacturer of long-duration batteries for utility-scale and commercial energy storage applications, announced today that its iron flow batteries are being deployed by San Diego Gas & Electric (SDG&E) in a microgrid project that will strengthen community resilience and back up critical resources in the town of Cameron Corners, California.

The ESS solution will be paired with a large on-site solar array to create a zero-emissions microgrid to support numerous critical community facilities – including a fire station, a health center, and key telecommunications equipment – during Public Safety Power Shutoff (PSPS) events. The first-of-its-kind, utility-scale project will utilize six ESS second-generation Energy Warehouse™ systems to provide up to 3 megawatt-hours (MWh) of stored energy capacity. When the microgrid is not in use, the energy stored in the ESS system will be bid into the California wholesale energy market to earn revenue while supporting grid reliability.

“The Cameron Corners Microgrid Project symbolizes SDG&E’s commitment to keeping our customers safe and building resilience against wildfires and extreme weather,” said Don Balfour, Advanced Clean Technology Program Manager at SDG&E. “By pioneering zero-emissions microgrids, SDG&E seeks to meet the reliability and resiliency needs of our customers as climate change presents growing challenges.”

“SDG&E has demonstrated global leadership in addressing the reliability challenges caused by climate change. This project will demonstrate how microgrids can benefit customers in California and beyond,” said Eric Dresselhuys, ESS Inc. CEO. “ESS is proud to collaborate with SDG&E on this project and to offer a safe, sustainable long-duration energy storage solution to help utilities and energy users achieve their clean energy and resiliency goals.”

The ESS energy storage solution will be integrated with a solar PV array and into SDG&E’s local area distribution controller (LADC) to ensure multi-day continuity of services to first responders and critical customer loads in a remote location. The Cameron Corners Microgrid Project is scheduled to come online in the first quarter of 2022.

In recent years, the need for microgrid-based energy resilience has become more critical, due to the sharp increase in extreme weather events and wildfires across the Western U.S. According to the latest U.S. Department of Energy data, there are now 575 operational microgrids in the U.S., totaling 4.25 gigawatts (GW).

About ESS Inc.

ESS Inc. (NYSE:GWH) designs, builds and deploys environmentally sustainable, low-cost, iron flow batteries for long-duration commercial and utility-scale energy storage applications requiring from 4 to 12 hours of flexible energy capacity. The Energy Warehouse™ and Energy Center™ use earth-abundant iron, salt, and water for the electrolyte, resulting in an environmentally benign, long-life energy storage solution for the world’s renewable energy infrastructure. Established in 2011, ESS Inc. enables project developers, utilities, and commercial and industrial facility owners to make the transition to more flexible, non-lithium-ion storage that is better suited for the grid and the environment. For more information, visit www.essinc.com.

Investors:
Erik Bylin
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Media:
Gene Hunt
Trevi Communications, Inc.
978-750-0333 x.101
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SAN DIEGO--(BUSINESS WIRE)--$DFCO #CleanEnergy--Dalrada Corporation (OTCQB: DFCO, "Dalrada") would like to express its sincere appreciation for its investors, shareholders, staff and followers for their support throughout 2021. This calendar year marks a synchronous period in Dalrada’s history when its impactful innovations and solutions of all its subsidiaries expanded market presence into the top three largest growing industries: clean energy, healthcare, and technology.

All three industries are target markets from Dalrada’s original expansion plan that started in 2019. According to Fundera, these industries anticipate 115 - 121% job growth over ten years (2016-2026). Additional insights into Dalrada’s footprint include:

Technology – The global business software and services market size was valued by at USD 389.86 billion in 2020 (Grandview Research). It is expected to expand at a compound annual growth rate (CAGR) of 11.3% from 2021 to 2028. The rapid increase in the volume of enterprise data and growing automation of business processes across several end-use industries such as retail, manufacturing, healthcare, and transportation are expected to drive the demand for business software and services over the forecast period. Significant rise in deployment of enterprise software and services across IT infrastructure for enabling better strategic decision-making, reducing inventory cost, enhancing profitability, and enabling organizations to improve their market position is estimated to drive the market growth over the forecast period.

Implementation of enterprise applications which improve customer and stakeholder experiences, while tying into backend services in manufacturing, supply channels, delivery, and intelligence is the future of software development strategies. Businesses incorporating end-to-end technology infrastructures will pave the pathways to new innovations and accelerated product development capabilities.

Healthcare - Biotechnology, data management, and personalized health are primary growth factors of the healthcare industry, Fundera’s research reveals. Lack of personnel in the healthcare industry became glaringly evident since the pandemic hit. With North America accounting for the most significant portion of the global healthcare services market at 40% (2019), market analysts expect growth at a CAGR of 7%, reaching $9,725.4 billion in 2023.

Clean Energy – All eyes are on environmental sustainability with COP26 and global goals for achieving net-zero neutrality of carbon emissions by 2050. Allied Market Research estimates the value of the renewable "clean" energy market (hydroelectric power, wind power, bioenergy, solar energy, and geothermal energy) at $881.7 billion (2020). The renewable clean energy market is projected to reach $1,977.6 billion by 2030, growing at a CAGR of 8.4% from 2021 to 2030.

Engaging in these markets required Dalrada’s perseverance to overcome continual supply chain delays created by the pandemic that is now in its second year. Committed to providing safer alternative solutions to complex problems, Dalrada’s portfolio subsidiaries - Dalrada Technologies, Dalrada Health, and Dalrada Precision – achieved milestones in 2021 as each expanded into its respective market.

GLOBAL TRENDS BOLSTER DALRADA’S POSITION

Digital Transformation - Since the pandemic began, consumers have sought innovative ways to connect with data, products, and services online. In both developed and developing countries, significant app growth is occurring. Software and apps are lifelines for connecting industries with individuals.

To quantify why digital transformation is celebrated by customers and demanded by businesses, consumer spending trends reported during COVID-19 now include:

• 18-23% growth in 2021 ($1.09-$1.13 trillion) from online and non-store sales (excludes auto dealers, gas stations, and restaurants - National Retail Foundation).

• 57% of consumers shop online at a higher volume now than before the world health crisis (Feedvisor’s 2021 Amazon Consumer Behavior Report).

Additional data include 47% of people shopping daily or weekly in a physical store during the last 12 months. Online shopping from a mobile phone or smartphone in 2021 is 41% currently, up from 39% in June and 33% in March.

The on-demand nature of online shopping has business executives placing immediate priority on implementing digital business transformation. Market analysts have determined that the rising demand for high-quality, customer-centric software products accelerated the digital transformation timeline by five years, causing added stress to business executives worldwide.

To aid businesses with bridging the technology gap between traditional models and online, Dalrada Technologies Prakat Solutions, Inc. ("Prakat) provides highly efficient, Agile Software Product Development, Engineering, and Test services. Prakat swiftly modernizes legacy business hardware, software programs, and downloadable apps. Its client testimonials span a Fortune 50-ranked financial services firm to regional restaurateur groups and local businesses.

In addition, Prakat’s software product development includes carbon emissions reduction tracking, supply chain-as-a-service, teleservices, and more to aid business continuity and expansion.

Workforce - Analyst data reveals that the employment rate at 4.6% (Oct. 2021) is slightly higher than the pre-pandemic 4.4% (Mar. 2020). Restoring the workforce amplifies consumer purchasing power. According to the Bureau of Economic Analysis, consumers purchases are on the rise:

• $116.26 billion in the third quarter of 2021
• $111.51 billion during the same period in 2020
• $110.14 billion in 2019 Q3

The workforce has undergone forced change as a result of the pandemic and proof of health may be a requirement in some instances.

Facilitating workforce proof of health compliance data, Dalrada Health's CLIA-certified laboratory provides on-site concierge services and holds national capability. This service is available to businesses, K-12 schools, universities, event venues, medical offices, hospitality groups, and more to facilitate the safe return of people to in-person environments. Tests include on-site rapid antigen (results in under 20 minutes) and on-site RT-PCR sample collection (results in 24 hours). With seamless online registration, results are compliantly reported via text message and email.

One of the largest requirements for workforce staff augmentation is within healthcare. Dalrada Health’s International Health Group (IHG) trains, certifies, and places the next generation of certified nurse assistants and medical assistants in careers. In its history, IHG has graduated nearly 8,000 students. This community-focused group provided support to one of the largest healthcare providers in its region at a critical time amid the pandemic, as part of its outreach initiatives. The school’s new location will be opening up in Q1 of 2022 to further ease the shortage and tension of much-needed healthcare workers. The IHG Education Foundation supports scholarships for students, removing the barriers to pursuing a career in healthcare.

Restoring Spaces & Peace of Mind – Amid COVID-19, chemicals' toxic effects became common knowledge with alcohol-based hand sanitizers, sadly, due to avoidable accidents or intentional abuse. Dalrada Health’s GlanHealth™ Advanced Cleaning Sanitizers aid the restoration of industries, businesses, and residences with its safer, non-toxic, longer-lasting, environmentally responsible surface products.

Especially for children, GlanHealth™ advanced hand & body sanitizers are water-based, alcohol-free, safer formulations that provide up to 4-hours of personal protection per application. All GlanHealth™ products contain powerful quaternary ammonium compounds (QAC, organic salts, can be synthesized) that neutralize harmful germs on contact with 99.9% effectiveness, for up to 28-days (industrial-strength 90-days). GlanHealth™ is safe to use on all non-porous and porous surfaces, including washable materials, electronics, and leather. With floor-to-ceiling safer sanitizing coverage in minutes, GlanHealth™ provides persistent peace of mind.

The "dirty jobs" encountered at industrial manufacturing facilities require safer cleaning and degreasers. Dalrada Precision launched its eco-friendly Ignite Industrial Technologies brand of deep cleaning degreasers as an environmentally responsible alternative to toxic chemicals for industrial applications and tough jobs in the garage and home. Ignite products are ecologically responsible and do not require additional wastewater treatment. Ignite's powerful results are time-saving and cost-saving; both improve operational efficiencies.

Personalized Healthcare & Wellness – One of the key growth factors in the healthcare services market is personalized wellness. Dalrada Health's personalized wellness services include CLIA-certified laboratory with national capabilities and on-site testing concierge service and Sòlas Rejuvenation + Wellness' flagship location with medically-driven alternative therapies and traditional spa services.

One of Sòlas' tailored wellness resources is Empower Genomics DNA tests for unique insights based on biological makeup. Genomics test results allow practitioners and patients to set individualized, trackable goals around pharmacogenomics (PGx), cannabis DNA, nutrition DNA, and fitness DNA for personalized health and wellness.

When considering the further expansion of its subsidiary brands, Dalrada will conduct due diligence with potential acquisitions. In the case of Advanced Homecare Online, Dalrada allowed its acquisition offer to expire due to unexpected deal and term requests by AHC post LOI.

DALRADA SUPPORTS WORLD INITIATIVES

Net-Zero & Clean Energy - “There’s an app for that” in developed countries. Yet, more than half of the people in the least developed countries lack access to electricity. How energy is created, sourced, used, tracked, and reported is a world environmental sustainability initiative with mandated reductions in carbon emissions by or before the year 2050. Solutions to shift from legacy dependence on fossil fuel sources to renewable and sustainable energy are in development – and Dalrada Precision’s Likido^® Green Energy is making a difference with its proprietary technology.

Likido^® Green Energy launched its highly efficient, small form factor heat energy recycling solutions as a practical path for industries, institutions, and businesses to transition from carbon-emitting fuels. Benefits of adopting Likido^® water heaters (boilers), ultra-low temperature refrigeration (chillers), and independent power generators include up to 75% in energy savings and 93% reduction in carbon emissions.

In addition, Dalrada formed a Clean Energy Advisory Board with members from diverse professional backgrounds, including former U.S. cabinet members. The group’s purpose is creating a holistic approach to implementing net-zero technology with transparency and accountability. With widespread visibility to what has worked in the past and what stands to be improved, Dalrada's Clean Energy Advisory Board collaborates with policymakers, industry & business leaders, environmental stewards, and community activists who shape the dialogue for efficiently advancing to carbon neutrality.

A World Without Cervical Cancer - Another virus, HPV (human papilloma), is on the mind of the World Health Organization (WHO) that declared "a world without cervical cancer." Overall, cervical cancer holds the fourth highest mortality rate among women. The WHO identified VIA screening tests as the most applicable for developing countries with limited medical resources.

Before the world committed to eliminating cervical cancer by 2050, Dalrada Health was hard at work developing its standardized cerVIA™ kits for healthcare practitioners. Dalrada Health filed a patent on cerVIA™ and began its clinical screening trials in India. Trial results are featured in a peer-reviewed journal article. As part of Dalrada Health's community outreach, Chief Medical Officer, Dr. Payal Keswarpu, presented cerVIA™ clinical study results at the 17th World Congress for Cervical Pathology and Colposcopy before 42 participating countries.

cerVIA™ surpasses traditional cytology screening methods (based on time) and can be combined with other cervical cancer screening test types to validate those results at the time of the procedure. With instant screening test results, both patient and physician receive precious time to develop treatment plans. The second phase of cerVIA™ clinical trials in India is complete, with white paper submissions underway.

Digital Accessibility Compliance - More than 1 billion people live with a disability. Making it easier for uniquely abled individuals to access vital goods and services online requires digital business transformation, software products, and apps. In addition to IT and Systems Engineering services, Prakat supports Global Accessibility Awareness Day (GAAD) as a seven-time host and sponsor. Also, the Prakat Impact Program is dedicated to providing on-the-job training and career placement for individuals with disabilities who have an affinity for IT.

DALRADA ACHIEVES RECORD RESULTS

Leaving an indelible impression in all three top growth industries – especially during these unprecedented times – is a testament to the bold vision, trailblazing, and efficient implementation that is Dalrada.

The Company continues to attract industry powerhouses who compose Dalrada's boards, executive leadership, and operational teams. All are proven leaders who hold diverse professional backgrounds and provide a balanced perspective for innovating positive, lasting change.

By their actions, they are known. Innovation companies are driven. Such is the case with Dalrada that forged ahead, raising the bar on its accomplishments in the calendar year 2021:

• booking a 189% year-over-year revenue increase.
• reporting a 506% quarter-to-quarter revenue increase (Sept 30^th Q1 2020 to 2021).
• increasing gross profit 546% (Sept 30^th, 2021 Q1).
• Reducing stockholder deficit 48%.

At Dalrada, innovation is more than a business classification; it is a movement.

Providing impactful solutions that benefit people and the planet while catalyzing long-lasting positive change is Dalrada’s mission.

As the world continues to contend with the pandemic, Dalrada is uniquely positioned to provide innovative support where it is needed most. Dalrada cares, and by its actions, it is known.

The Dalrada family wishes you and yours a wonderful holiday season. The Company looks forward to sharing additional achievements soon and throughout the New Year.

About Dalrada (DFCO)

With perseverance, valor, dedication, and vision, Dalrada Corporation is dedicated to tackling worldwide challenges of today and tomorrow.

Dalrada is a global company that operates under the tenet of creating impactful innovations that matter for the world. The Company works continually to produce disruptive solutions that bridge the gap of accessibility and accelerate positive change for current and future generations.

Established in 1982, the Company has since grown its footprint to include the business divisions: Dalrada Health, Dalrada Precision, and Dalrada Technologies. Each of Dalrada's subsidiaries actively produces affordable and accessible world-class solutions to global problems. For more information, please visit www.dalrada.com.

Disclaimer

Statements in this press release that are not historical facts, the statements are forward-looking, including statements regarding future revenues and sales projections, plans for future financing, the ability to meet operational milestones, marketing arrangements and plans, and shipments to and regulatory approvals in international markets. Such statements reflect management's current views, are based on certain assumptions, and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors and will be dependent upon a variety of factors including, but not limited to, our ability to obtain additional financing that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events. Factors that may impact the Company's success are more fully disclosed in the Company's most recent public filings with the US Securities and Exchange Commission ("SEC"), including its annual report on Form 10-K.

Denise Mahaffey
858.283.1253
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CARNEGIE, Pa.--(BUSINESS WIRE)--Ampco-Pittsburgh Corporation (NYSE: AP) (the "Corporation" or “Ampco-Pittsburgh”) today announced the appointment of David G. Anderson as President of Air & Liquid Systems Corporation (“Air & Liquid Systems”), a wholly-owned subsidiary of Ampco-Pittsburgh, effective January 1, 2022. Mr. Anderson succeeds Terrence W. Kenny, who has served as Air & Liquid Systems’ President since 2010 and has announced his retirement.

Brett McBrayer, Chief Executive Officer of the Corporation, stated, “Terry’s retirement will cap more than three decades of achievement and growth. He and his valued leadership will be greatly missed. On behalf of the Board and the Corporation, I would like to thank Terry for his exemplary contributions and wish him the very best in his retirement.”

Mr. Anderson brings over 32 years of experience in finance and operations leadership to his role at Air & Liquid Systems, most recently serving as Vice President of Finance for Union Electric Steel Corporation, a wholly-owned subsidiary of Ampco-Pittsburgh. Before this position, Mr. Anderson was Vice President of Air & Liquid Systems.

Mr. McBrayer continued, “Dave joined Air & Liquid Systems in 2010 and has served in roles of increasing responsibility. We look forward to what Dave will bring to Air & Liquid Systems as its President. With an experienced leadership team, Air & Liquid Systems is poised for continued success through this transition.”

About Ampco-Pittsburgh Corporation

Ampco-Pittsburgh Corporation manufactures and sells highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. Through its operating subsidiary, Union Electric Steel Corporation, it is a leading producer of forged and cast rolls for the global steel and aluminum industry. It also manufactures open-die forged products that principally are sold to customers in the steel distribution market, oil and gas industry, and the aluminum and plastic extrusion industries. The Corporation is also a producer of air and liquid processing equipment, primarily custom-engineered finned tube heat exchange coils, large custom air handling systems, and centrifugal pumps. It operates manufacturing facilities in the United States, England, Sweden, Slovenia, and participates in three operating joint ventures located in China. It has sales offices in North and South America, Asia, Europe, and the Middle East. Corporate headquarters is located in Carnegie, Pennsylvania.

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 (the “Act”) provides a safe harbor for forward-looking statements made by or on behalf of Ampco-Pittsburgh Corporation (the “Corporation”). This press release may include, but is not limited to, statements about operating performance, trends, events that the Corporation expects or anticipates will occur in the future, statements about sales and production levels, restructurings, the impact from global pandemics (including COVID-19), profitability and anticipated expenses, future proceeds from the exercise of outstanding warrants, and cash outflows. All statements in this document other than statements of historical fact are statements that are, or could be, deemed “forward-looking statements” within the meaning of the Act and words such as “may,” “will,” “intend,” “believe,” “expect,” “anticipate,” “estimate,” “project,” “forecast” and other terms of similar meaning that indicate future events and trends are also generally intended to identify forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, are not guarantees of future performance or expectations, and involve risks and uncertainties. For the Corporation, these risks and uncertainties include, but are not limited to: cyclical demand for products and economic downturns; excess global capacity in the steel industry; fluctuations of the value of the U.S. dollar relative to other currencies; increases in commodity prices or shortages of key production materials; consequences of global pandemics (including COVID-19); changes in the existing regulatory environment; new trade restrictions and regulatory burdens associated with “Brexit”; inability of the Corporation to successfully restructure its operations; limitations in availability of capital to fund the Corporation’s operations and strategic plan; inoperability of certain equipment on which the Corporation relies; work stoppage or another industrial action on the part of any of the Corporation’s unions; liability of the Corporation’s subsidiaries for claims alleging personal injury from exposure to asbestos-containing components historically used in certain products of those subsidiaries; inability to satisfy the continued listing requirements of the New York Stock Exchange or NYSE American; failure to maintain an effective system of internal control; potential attacks on information technology infrastructure and other cyber-based business disruptions; and those discussed more fully elsewhere in this report and in documents filed with the Securities and Exchange Commission by the Corporation, particularly in Item 1A, Risk Factors, in Part I of the Corporation’s latest Annual Report on Form 10-K. The Corporation cannot guarantee any future results, levels of activity, performance or achievements. In addition, there may be events in the future that the Corporation may not be able to predict accurately or control which may cause actual results to differ materially from expectations expressed or implied by forward-looking statements. Except as required by applicable law, the Corporation assumes no obligation, and disclaims any obligation, to update forward-looking statements whether as a result of new information, events or otherwise.

Melanie L. Sprowson
Director, Investor Relations
412-429-2454
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Benchmark Digital Partners Supports VRF’s Efforts to Empower Investments That Reduce Emissions, Achieve ESG Objectives

CINCINNATI--(BUSINESS WIRE)--As part of its ongoing efforts to leverage data to combat the climate crisis, Benchmark Digital Partners LLC today became an Alliance Member of the Value Reporting Foundation (VRF). Benchmark Digital Partners, a leading provider of cloud-based Environmental, Social and Governance (ESG) software solutions, believes companies can better safeguard against climate risk when they have built a culture of providing strong, transparent climate disclosures. Joining the VRF will help Benchmark Digital Partners achieve that mission by giving companies with a more holistic understanding of the value they provide.

“Climate-related financial disclosures and investment-grade ESG data are key to reversing the climate crisis,” said R Mukund, CEO and Founder of Benchmark Digital. “Investment-grade ESG data empowers investors to allocate trillions of dollars to companies and projects that make a real difference and allows companies to focus on the initiatives making the largest impact. Becoming an Alliance Member of the VRF is a key step in Benchmark Digital’s mission to enable true investment-grade ESG data. As we help our global community of subscribers develop and strengthen their ESG capabilities, the integration of the Integrated Reporting Framework, the Materiality Map and SASB Standards provided by the VRF into our Benchmark ESG platform will allow our subscribers to generate and disclose the ESG data that key stakeholders now demand. It will provide a replicable, reliable process for communicating sustainability performance in a way the investment community, regulators, and NGOs understand.”

The recent announcement of the formation of the International Sustainability Standards Board (ISSB), integrating the VRF and Climate Disclosure Standards Board (CDSB), adds to the momentum behind the SASB Standard and moves the global community one step closer to a consistent, investment-grade data standard. The investment-grade data standard will ultimately enable far more effective ESG investments that put resources behind efforts to combat climate change.

SASB Standards provide industry-specific disclosure topics and metrics to help understand sustainability risks opportunities relevant to enterprise value creation. They are especially effective when used with the Integrated Reporting Framework, which provides principles-based guidance for report structure and content. When these frameworks are used together, companies and investors can understand the relationship between sustainability and financial performance. With SASB Standards now used by 54% of the FTSE 100 index and each of the major indices in the S&P Global 1200, there is global momentum behind strong standards.

“Combatting climate change is a generational effort,” continued Mukund. “The Benchmark Digital Partners team is proud to be aiding in the fight and joining the VRF is just our latest action. We will always do our part.”

About Benchmark ESG™

Benchmark ESG™ enables companies to implement robust cross-functional Environmental, Social, and Governance (ESG) digital solutions – locally, globally and across diverse operating profiles. Our comprehensive cloud-based software suite features intuitive, best-practice process functionality, flexible configurations and powerful extensions. For over two decades and through Year 2020 under the Gensuite® brand, we’ve helped companies to manage safe & sustainable operations worldwide, with a focus on fast return on investment (ROI), service excellence and continuous innovation. Join over 1,500,000 users that trust Benchmark ESG™ with their software system needs for operational risk and compliance, EHS, sustainability, product stewardship and responsible sourcing.

About the Value Reporting Foundation

The Value Reporting Foundation is a global nonprofit organization that offers a comprehensive suite of resources designed to help businesses and investors develop a shared understanding of enterprise value—how it is created, preserved or eroded over time. The resources—including Integrated Thinking Principles, the Integrated Reporting Framework and SASB Standards—can be used alone or in combination, depending on business needs. These tools, already adopted in over 70 countries, comprise the 21st century market infrastructure needed to develop, manage and communicate strategy that creates long-term value and drives improved performance.

Jen Weaver
Benchmark Digital Partners
+1 (610) 703-8852
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Brian Sherry
Stern Strategy Group
908-325-3860

Mark McGough joins H2U Technologies, Inc. as CEO and President.

LOS ANGELES--(BUSINESS WIRE)--H2U Technologies, Inc. (H2U) announced today that Mark McGough has joined the company as President and Chief Executive Officer. Mr. McGough has a long and successful track record commercializing new energy technologies, including introduction of the ultracapacitor as a new class of energy storage technology while President of Maxwell’s Advanced Energy Storage business, and as CEO and commercialization leader of fast growth startups like Ioxus, Energetics and Pentadyne Power.

H2U is developing the world’s lowest cost PEM electrolyzer, the Gramme50, designed specifically for producing the lowest levelized cost green hydrogen, to enable scaling of the Hydrogen Economy. H2U’s key enabling technologies for achieving and maintaining low CAPEX are H2U’s proprietary low cost earth abundant non-PGM catalysts, and its disruptive PEM design which allows for easy upgrades to the catalyst/MEA as H2U continuously improves it’s Platinum and Iridium replacements.

“Green Hydrogen” is the new highly anticipated energy source for decarbonizing the global economy. Green hydrogen is made from renewable energy sources like solar and wind generation, and PEM electrolyzers, which produce hydrogen, are ideally suited for pairing with such resources. Green hydrogen offers the ability to inexpensively store renewable electricity at grid scale for long periods of time, as well as the ability to serve as a carbon free fuel for heavy transportation such as ships, aircraft, trains and trucks – a clear advantage over battery storage.

"I am thrilled to join H2U Technologies - the best science team in this business – and equally excited to lead commercialization of the unique H2U catalyst and electrolyzer product sets that address a key barrier to scaling the Hydrogen Economy," said Mark McGough, the new President and CEO of H2U Technologies. “H2U has the world’s fastest electrocatalyst discovery capability, and we have already demonstrated the ability to produce hydrogen with full replacement of expensive iridium catalyst materials. Also, H2U’s novel low cost electrolyzer design, fitted with our new PGM-free catalysts, will begin customer demonstrations in mid 2022.”

CalTech Professor and H2U Co-Founder Nathan Lewis adds, "I couldn’t be more pleased to welcome Mark onto our team. I founded H2U with the vision of a clean energy future, and we have just hired a highly successful, proven executive with the experience and capabilities to lead us to a realization of that vision."

About H2U Technologies, Inc.

H2U Technologies is a developer of new catalysts used for the electrolysis of water into hydrogen and oxygen. The company also develops a grid-scale PEM electrolyzer, the Gramme 50. The technology underpinning H2U Technologies' products is based on 10 years of research and development funded by the U.S. Department of Energy through Caltech's Joint Center for Artificial Photosynthesis (JCAP). For more information, visit h2utechnologies.com.

Anita Maharaj
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