HOUSTON--(BUSINESS WIRE)--NOV Inc. (NYSE: NOV) today reported second quarter 2021 revenues of $1.42 billion, an increase of 13 percent compared to the first quarter of 2021 and a decrease of five percent compared to the second quarter of 2020. Net loss for the second quarter of 2021 was $26 million, or 1.8 percent of sales, which included pre-tax net charges (“Other Items”, see Other Corporate Items for additional detail) of $15 million. Adjusted EBITDA (operating profit excluding depreciation, amortization, and Other Items) increased sequentially to $104 million, or 7.3 percent of sales.

“Rising demand in oilfield and offshore wind markets led to stronger orders for NOV during the second quarter,” stated Clay Williams, Chairman, President and CEO. “Both Rig Technologies and Completion & Production Solutions segments posted book-to-bill ratios north of 100%. Wellbore Technologies continued to execute well on modestly higher oilfield activity, generating its second quarter in a row of double-digit revenue growth with leverage greater than 50 percent.”

“While our second quarter financial results continued to reflect 2020’s historic decline in oilfield activity and orders, we are encouraged by rising inquiries and activity, and we believe post-pandemic global economic recovery will spur further top-line growth. In the meantime, government-mandated shutdowns continue to disrupt global supply chains, limit raw material availability, and pose challenges for our workforce. NOV did a better job navigating these headwinds in the second quarter, while continuing to advance the Company’s leading-edge technology offerings for the oilfield and renewables markets. NOV’s portfolio of newly-developed technologies positions the Company well to take advantage of what we believe is the beginning of a multi-year growth market for both conventional and clean energy technologies.”

Wellbore Technologies

Wellbore Technologies generated revenues of $463 million in the second quarter of 2021, an increase of 12 percent from the first quarter of 2021 and an increase of five percent from the second quarter of 2020. The increase in revenues was driven by continued growth in North American activity levels and a slight improvement in international markets. Operating profit was $6 million, or 1.3 percent of sales, and included $18 million of Other Items. Adjusted EBITDA increased $29 million sequentially to $63 million, or 13.6 percent of sales.

Completion & Production Solutions

Completion & Production Solutions generated revenues of $497 million in the second quarter of 2021, an increase of 13 percent from the first quarter of 2021 and a decrease of 19 percent from the second quarter of 2020. Improved sales volume in six of the segment’s eight business units drove the improvement in revenue despite continued COVID operational disruptions. Operating loss was $6 million, or 1.2 percent of sales, and included -$6 million in Other Items. Adjusted EBITDA increased $8 million sequentially to $4 million, or 0.8 percent of sales.

New orders booked during the quarter totaled $462 million, representing a book-to-bill of 167 percent when compared to the $276 million of orders shipped from backlog. At June 30, 2021, backlog for capital equipment orders for Completion & Production Solutions was $1.0 billion.

Rig Technologies

Rig Technologies generated revenues of $487 million in the second quarter of 2021, an increase of 13 percent from the first quarter of 2021 and an increase of two percent from the second quarter of 2020. Second quarter revenues included $74 million related to the final settlement from the cancellation of offshore rig projects. Operating profit was $49 million, or 10.1 percent of sales, and included $8 million of Other Items. Adjusted EBITDA, which includes $57 million from the settlement, increased $62 million sequentially to $75 million, or 15.4 percent of sales.

New orders booked during the quarter totaled $232 million, representing a book-to-bill of 138 percent when compared to the $168 million of orders shipped from backlog. At June 30, 2021, backlog for capital equipment orders for Rig Technologies was $2.66 billion.

Other Corporate Items

During the second quarter, the Company recognized $15 million of Other Items, primarily due to severance, facility closures and inventory write downs, net of related credits. See reconciliation of Adjusted EBITDA to Net Income.

Cash flow provided by operations for the second quarter was $177 million and capital expenditures totaled $49 million. During the second quarter, the Company repaid the $183 million (face value) of its 2.60% unsecured Senior Notes due December 2022 using available cash balances. Following the repayment, the Company’s earliest bond maturity is in 2029. As of June 30, 2021, the Company had total debt of $1.69 billion, with $2.00 billion available on its revolving credit facility, and $1.57 billion in cash and cash equivalents.

Significant Achievements

NOV continued its expansion into the offshore wind energy market, utilizing the Company’s expertise in heavy lift and marine design to accelerate the evolution of the next generation of offshore wind equipment. During the quarter, NOV signed a contract for the design and jacking systems for a European client’s new wind installation vessel in addition to a contract for a heavy lift crane upgrade to an existing wind installation vessel that will give it the capability to install next-generation wind turbines. NOV also successfully tested its new in-line chain tensioner that facilitates the offloading of floating wind turbines as well as the mooring operations of FPSO systems, which led to a subsequent project award.

NOV continues to drive innovation in the managed pressure drilling (MPD) market and delivered its first project that integrates the NOVOS™ drilling system and the MPowerD™ MPD system, which enables the automation of multiple drilling sequences with precise pressure control, creating significant drilling time efficiencies while also fostering a safer drilling process. The success of this initial project, which utilized our single-choke 1500SE system, led to an award of three additional packages, for which NOV will provide field operations support, MPD planning advisory, and its 1500SE system.

NOV continued to expand its market with the Company’s growing portfolio of products that enable customers to reduce their carbon footprint while improving economics. NOV worked with a customer to design and deliver a proprietary system that automatically tilts and orients a sailing mast, improving the efficiencies of sails on large vessels. The initial application of this system is for a large cruise ship but can also be used on large cargo vessels. The wind propulsion technology will supplement conventional propulsion systems and is expected to reduce the ship’s carbon footprint by 40 to 50%.

NOV received a contract award to supply a large submerged turret production (STP) system for a floating production storage and offloading (FPSO) vessel in the Barossa gas field offshore of Australia. NOV’s STP system with swivel is designed for high pressures, temperatures, and volumes to transfer all fluids, data, and power between the subsea system and the FPSO, which is designed for a 25-year life of uninterrupted operation without drydocking.

NOV secured a repeat order for our PowerBlade™ hybrid energy storage and regeneration system, which provides up to a 70% reduction in power consumption of the draw-works and significantly reduces drilling rig emissions. NOV also collaborated with a customer to design an interface for unique energy and carbon optimization solutions, enabling the customer to deliver a rig that utilizes smart controls to optimize power deployment and battery storage.

NOV delivered the industry’s first 3 million-pound, 20,000 psi-rated landing string. NOV worked closely with its customers for more than six years to develop a product that meets the offshore market’s most challenging needs. Designed to provide higher tensile capacity, increased elevator capacity, and greater slip-crushing resistance, Grant Prideco™ landing strings are optimized to provide the highest-possible tensile strength to enable running and landing casing and other heavy equipment on offshore wells, particularly in deep water.

NOV technology continued to enable geothermal operators to overcome some of the most challenging drilling conditions. An initial run using ReedHycalog’s™ PDC ION+™ 3D shaped cutters significantly exceeded a key customer’s expectations in an ultrahard rock formation, resulting in the customer’s decision to utilize NOV’s bits on all wells in their critical geothermal research project that will be drilled in the second half of 2021.

NOV won a large contract to supply 59,875 ft of TK-Liner for geothermal wells in the Netherlands. In the past three years, Tuboscope has provided more than 70,000 ft of large-diameter TK-Liner products for the Netherlands’ geothermal market. Available in a variety of connection options, this engineered system is proven to prevent corrosion, reduce heat loss, and minimize friction.

NOV has secured orders for seawater treatment, gas dehydration, and produced water treatment modules for two separate FPSOs to be operated offshore Brazil. The orders demonstrate NOV’s ability to combine global process systems execution capabilities with local content, placing NOV in a strong position for a growing FPSO market in Brazil.

NOV offered the most efficient bit selection for an important drilling campaign in Oman. Our 17½-in. Falcon™ bit, featuring ION™-Alpha cutters, successfully drilled the entire 3,202-m section from shoe to total depth at a ROP of 104 ft/hr, beating the field’s previous best ROP performance by more than 18%. The 12¼-in. Falcon bit, including ION and ION-3D cone and DiamondBacks™ cutters, was used to successfully drill an entire planned interval of 4,019 ft in one run, achieving a 118-ft/hr ROP, outclassing the best competitor field run by 46%.

NOV’s Subsea Production Systems business unit was awarded two large contracts in Brazil. The first contract includes 212 miles of flexible pipe for oil production, gas injection, water injection, and gas export. The pipe will be utilized in the Post-Salt Campos Basin as well as the Pre-Salt Santos Basin, where water depths range from 4,900 to 8,200 ft. The order, which also includes loading, storage, installation, and technical services, is the second largest contract in the history of the Subsea Production Systems business unit. Additionally, the second contract awarded in Brazil was for 57 miles of flexible gas lift risers.

Second Quarter Earnings Conference Call

NOV will hold a conference call to discuss its second quarter 2021 results on July 28, 2021 at 10:00 AM Central Time (11:00 AM Eastern Time). The call will be broadcast simultaneously at www.nov.com/investors. A replay will be available on the website for 30 days.

About NOV

NOV (NYSE: NOV) delivers technology-driven solutions to empower the global energy industry. For more than 150 years, NOV has pioneered innovations that enable its customers to safely produce abundant energy while minimizing environmental impact. The energy industry depends on NOV’s deep expertise and technology to continually improve oilfield operations and assist in efforts to advance the energy transition towards a more sustainable future. NOV powers the industry that powers the world.

Visit www.nov.com for more information.

Cautionary Statement for the Purpose of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995

Statements made in this press release that are forward-looking in nature are intended to be “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934 and may involve risks and uncertainties. These statements may differ materially from the actual future events or results. Readers are referred to documents filed by NOV with the Securities and Exchange Commission, including the Annual Report on Form 10-K, which identify significant risk factors which could cause actual results to differ from those contained in the forward-looking statements.

Certain prior period amounts have been reclassified in this press release to be consistent with current period presentation.

Blake McCarthy
Vice President, Corporate Development and Investor Relations
(713) 815-3535
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• International Organization for Standardization honors Riceboro mill for its energy management, sustainability and efforts to reduce carbon emissions

RICEBORO, Ga.--(BUSINESS WIRE)--Sustainable packaging leader DS Smith’s paper mill in southeast Georgia has earned top honors as an industry leader in energy efficiency.

The International Organization for Standardization (ISO) recently recognized DS Smith’s mill in Riceboro, the first ISO-50001 certified facility in the pulp, paper and paper products industry in North America.

It’s one of only 145 sites in the U.S. to have received that certification since the ISO’s program began 2012, designed to audit and highlight companies that embrace effective energy management systems. According to the most recent ISO survey, it had certified 260 companies worldwide in the pulp, paper and paper products sector, and none was in the U.S. – until DS Smith’s Riceboro.

“The old adage that you can't manage what you don't measure has never been more important than today,” said Giancarlo Maroto, managing director, paper, forestry and recycling for DS Smith North America. “We’re extremely proud of our Riceboro team and the work they put in to pass the rigorous ISO audit and be recognized as the first paper mill in the U.S. to be ISO-50001 certified.”

“This program will guide us in our plans to boost energy efficiency, improve environmental quality and achieve our goal of reducing carbon emissions, a major component of our Now and Next sustainability strategy, and our ambitious climate targets,” Maroto said.

The Riceboro facility, one of the largest employers in Liberty Country, is considered one of the nation’s cleanest effluent paper mills, producing Kraft linerboard.

An ISO-approved audit team visited the mill, certifying that it uses an Energy Management Systems (EnMS), based on the ISO-50001 internationally recognized framework for integrating energy management into its existing processes. An EnMS system enables organizations to better manage their energy performance to operate more efficiently.

DS Smith recently announced a series of carbon reduction targets, including a science-based target that requires a 40% reduction of carbon dioxide emissions per ton of product by 2030, compared to 2019 levels, and a commitment to reach net-zero emissions by 2050.

“This is an important achievement that will ensure energy best practices are identified and delivered across the Riceboro site, and it will enhance cooperation across the entire company,” said Martin Mead, head of energy efficiency at DS Smith “Energy efficiency is a major driver to both decarbonizing our operations and reducing costs. Riceboro’s ISO 50001 certification will ensure that behavioral change contributes to this.”

In addition to its climate action commitment, DS Smith recently announced its $140 million research and development and innovation package to accelerate its work in the circular economy. The new investment underpins DS Smith’s new circular economy led sustainability strategy, Now and Next, which pledges to manufacture 100% recyclable or reusable packaging by 2023 and to take a billion pieces of problem plastics off supermarket shelves by 2025.

The Riceboro paper mill team was supported in adopting the DS Smith Group EnMS by RMK Sustainability Group. TUV-Rheinland, an accredited member of the International Accreditation Forum (IAF), conducted the audit.

Certification is designed improve energy performance, including setting goals, understanding data related to energy consumption and evaluating energy management system performance.

About DS Smith

DS Smith is a leading provider of sustainable fiber-based packaging worldwide, which is supported by recycling and papermaking operations. It plays a central role in the value chain across sectors including e-commerce, fast moving consumer goods and industrials. Through its purpose of ‘Redefining Packaging for a Changing World’ and its Now and Next sustainability strategy, DS Smith is committed to leading the transition to the circular economy, while delivering more circular solutions for its customers and wider society – replacing problem plastics, taking carbon out of supply chains and providing innovative recycling solutions. Its bespoke box-to-box in 14 days model, design capabilities and innovation strategy sits at the heart of this response. Headquartered in London and a member of the FTSE 100, DS Smith operates in 34 countries employing around 30,000 people and is a Strategic Partner of the Ellen MacArthur Foundation. Its history can be traced back to the box-making businesses started in the 1940s by the Smith family.

North American operations are headquartered in Atlanta, with 13 manufacturing, paper and recycling facilities, totaling more than 2,000 employees. Using the combined expertise of its divisions – including Packaging, Recycling, Paper – DS Smith works with customers to develop solutions that reduce complexity and deliver results throughout the supply chain.

Mindy Myrick, Head of Corporate Affairs
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Caroline Curran, Hill+Knowlton Strategies
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DENVER--(BUSINESS WIRE)--Liberty Oilfield Services Inc. (NYSE: LBRT; “Liberty” or the “Company”) announced today second quarter 2021 financial and operational results.

Summary Results and Highlights

• Revenue of $581 million, representing a 5% sequential increase, and net loss¹ of $52 million, or $0.29 fully diluted loss per share for the quarter ended June 30, 2021
• Adjusted EBITDA² of $37 million, representing a 15% sequential increase
• Results included the restoration of field personnel variable compensation one quarter ahead of plan, resulting in an $8 million increase to personnel costs. Excluding this cost, Adjusted EBITDA² would have been $45 million, representing a 41% sequential increase
• Completed successful field test of Liberty’s digiFrac™ pump, the industry’s first purpose-built fully integrated electric frac pump
• Released inaugural ESG report Bettering Human Lives highlighting energy and its place in modern society and Liberty’s ongoing industry leadership in developing technology solutions for producing cleaner energy
• Held Liberty’s first investor day highlighting our culture, technology, financial performance and strategic outlook
• Transitioned OneStim® acquisition from initial integration focus to the next phase of raising operational and capital efficiency through technology, integration and automation

“Liberty delivered another solid quarter of progress as we start to exit the COVID downturn. We achieved a 5% sequential increase in revenue, or a 9% increase when excluding the seasonal impact of the Canadian spring breakup. We reported $37 million in adjusted EBITDA², representing a 15% sequential increase, despite our decision to restore variable compensation plans for field personnel one quarter ahead of schedule that accounted for an $8 million increase to personnel costs. We are pleased with our initial progress integrating the sizable legacy OneStim business, which we expect to continue through the end of the year. Liberty continues to maintain a disciplined approach toward the growing industry activity levels,” commented Chris Wright, Chief Executive Officer.

Mr. Wright continued, “The second quarter marks the anniversary of the extraordinary events of a year ago where the collapse in oil demand drove a near halt in frac activity. We are now seeing the strength of our business one year out from the depths of the cycle with the transformative actions we’ve taken over the past year, including the OneStim acquisition. More broadly, we are also navigating the macroeconomic supply and demand shocks triggered by the pandemic and related re-openings that are creating supply chain constraints and labor shortages. Effective completion scheduling was challenging with producers and service companies dealing with supply chain interruptions, staffing and transportation shortages. Liberty was not immune from staffing issues and the industry’s supply chain challenges. However, we believe these pandemic-driven effects are transitory in nature, and our team is working diligently with our customers and suppliers to streamline service delivery in support of our increased activity levels. We believe the third quarter will benefit from these actions with improved effective utilization.”

Outlook

Global economic growth outlook continues to improve, albeit at a moderating pace. Sentiment is based upon improving positive economic data as countries reopen, partially offset by the impact of global supply chain constraints and virus variant concerns. Commodity markets remain constructive as sustained economic expansion continues to drive rising energy demand while underinvestment in the energy sector constrains supply. This is evidenced by global oil inventory draws, that demonstrate the growth in oil demand is higher than the increase in the oil supply. Looking forward, the recent announcement by OPEC+ for a gradual reinstatement of prior oil supply cuts through 2021 is expected to be more than offset by projected increases in global oil demand. This should support a continued increase in demand for North American completion services.

Exploration and production (“E&P”) capital spending likely increases in 2022 as operators work towards attaining modest oil production growth. They will need to address both a decline in the inventory of drilled but uncompleted wells and the impact of decline curves on their production base. As a result, we anticipate a modest increase in frac activity to support production growth in 2022.

The combined impact of improved E&P economics with greater potential for free cash flow generation, increased completion service activity demand and tightness in next generation frac equipment is expected to underpin a more disciplined frac market and an increase in service prices. The economic rebound across North America has also led to a rise in inflation and wage growth. It is important that service prices continue to rebound from extreme pandemic lows, and the basis for discussions on service pricing with E&P operators have strengthened throughout the year. It is noteworthy that service prices tend to lag broader inflationary increases across the value chain, but these increases are necessary to facilitate the next phase of growth and investment, especially as the service industry contends with inflationary increases.

“As we look ahead, the opportunity excites us. As activity has improved meaningfully over the last year, we are working diligently to provide superior services to our customers, while balancing the management of temporary pandemic-related challenges and the recovery of returns to an acceptable level. We believe we are significantly advantaged with our deep customer relationships, comprehensive best-in-class service offering and a strong balance sheet to navigate the near-term market into the mid-cycle,” commented Mr. Wright.

Second Quarter Results

For the second quarter of 2021, revenue increased 5% to $581 million from $552 million in the first quarter of 2021.

Net loss before income taxes totaled $36 million for the second quarter of 2021 compared to net loss before income taxes of $46 million for the first quarter of 2021.

Net loss¹ (after taxes) totaled $52 million for the second quarter of 2021 compared to net loss¹ of $39 million in the first quarter of 2021. Net loss¹ (after tax) included the impacts of a valuation allowance recorded against a portion of the Company’s deferred tax assets and related remeasurement of the Company’s liability under the tax receivable agreement.

Adjusted EBITDA², increased 15% to $37 million from $32 million in the first quarter. Adjusted EBITDA² includes $8 million of additional personnel costs related to the restoration of variable compensation plans for field personnel that were temporarily halted during the pandemic. Please refer to the reconciliation of Adjusted EBITDA (a non-GAAP measure) to net loss (a GAAP measure) in this earnings release.

Fully diluted loss per share was $0.29 for the second quarter of 2021 compared to $0.21 for the first quarter of 2021.

Balance Sheet and Liquidity

As of June 30, 2021, Liberty had cash on hand of $31 million, a decrease from first quarter levels as working capital increased, and total debt of $106 million, net of deferred financing costs and original issue discount. The term loan requires only a 1% annual amortization of principal, paid quarterly, with no substantial payment due until maturity in September 2022, subject to mandatory prepayments from excess cash flow. There were no borrowings drawn on the ABL credit facility, and total liquidity, including availability under the credit facility, was $277 million.

Conference Call

Liberty will host a conference call to discuss the results at 8:00 a.m. Mountain Time (10:00 a.m. Eastern Time) on Wednesday, July 28, 2021. Presenting Liberty’s results will be Chris Wright, Chief Executive Officer, Ron Gusek, President, and Michael Stock, Chief Financial Officer.

Individuals wishing to participate in the conference call should dial (833) 255-2827, or for international callers (412) 902-6704. Participants should ask to join the Liberty Oilfield Services call. A live webcast will be available at http://investors.libertyfrac.com. The webcast can be accessed for 90 days following the call. A telephone replay will be available shortly after the call and can be accessed by dialing (877) 344-7529, or for international callers (412) 317-0088. The passcode for the replay is 10148929. The replay will be available until August 4, 2021.

About Liberty

Liberty is a leading North American oilfield services firm that offers one of the most innovative suites of completion services and technologies to onshore oil and natural gas exploration and production companies. Liberty was founded in 2011 with a relentless focus on developing and delivering next generation technology for the sustainable development of unconventional energy resources in partnership with our customers. Liberty is headquartered in Denver, Colorado. For more information about Liberty, please contact Investor Relations at This email address is being protected from spambots. You need JavaScript enabled to view it..

Non-GAAP Financial Measures

This earnings release includes unaudited non-GAAP financial and operational measures, including EBITDA, Adjusted EBITDA and Pre-Tax Return on Capital Employed. We believe that the presentation of these non-GAAP financial and operational measures provides useful information about our financial performance and results of operations. Non-GAAP financial and operational measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial and operational measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with U.S. GAAP. See the tables entitled Reconciliation and Calculation of Non-GAAP Financial and Operational Measures for a reconciliation or calculation of the non-GAAP financial or operational measures to the most directly comparable GAAP measure.

Forward-Looking and Cautionary Statements

The information above includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included herein concerning, among other things, the deployment of fleets in the future, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, return of capital to stockholders, business strategy and objectives for future operations, are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “outlook,” “project,” “plan,” “believe,” “intend,” “achievable,” “anticipate,” “will,” “continue,” “potential,” “likely,” “should,” “could,” and similar terms and phrases. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. These forward-looking statements represent our expectations or beliefs concerning future events, and it is possible that the results described in this earnings release will not be achieved. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in Liberty's filings with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for us to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in “Item 1A. Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2020 as filed with the SEC on February 24, 2021 and in our other public filings with the SEC. These and other factors could cause our actual results to differ materially from those contained in any forward-looking statements.

Michael Stock
Chief Financial Officer
303-515-2851
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New senior leadership tapped to strengthen commercial relationship with bp, expand footprint in Europe, and establish an advanced technology center in Colorado

SAN LEANDRO, Calif.--(BUSINESS WIRE)--FreeWire Technologies (“FreeWire”), a category leader in electric vehicle (EV) charging and power solutions, today announced that it has appointed Craig Coburn to its Board of Directors, Martin Bax to the role of Director of European Market Development, and John Seabury to the role of Vice President of Advanced Technology.

Following a decades-long career at bp, most recently as the CFO for bp Midstream Partners (NYSE: BPMP) and CFO for bp America, Coburn brings extensive experience in energy finance, technology commercialization, planning and strategy to the FreeWire Board. Likewise, after several years serving as Senior Business Development Manager within bp’s Advanced Mobility Unit, Bax has been tapped to expand FreeWire’s footprint in the UK and across Europe. Lastly, Seabury will be responsible for driving continuous innovation of FreeWire’s fully-integrated charging solutions and will spearhead the opening of a FreeWire advanced technology center in Colorado.

“FreeWire continues to attract leaders with diverse skillsets from world-class companies like Ascent Solar, Micron and our partner bp,” said Arcady Sosinov, CEO of FreeWire. “Craig, Martin, and John bring decades of senior leadership experience and strong track records from leading energy, technology and transportation companies. These new additions to our senior leadership team will play a crucial role in the execution of our long-term strategy. As our growth accelerates, we are thrilled to welcome them to the FreeWire team.”

Prior to his appointment to the FreeWire Board of Directors, Craig Coburn spent 35 years in a variety of senior roles with Amoco and bp including notable experience in clean energy and energy start-ups. Most recently he served as CFO for bp Midstream Partners (NYSE:BPMP), a bp-formed partnership which owns, operates, develops and acquires pipelines and other midstream assets. He was integral to BPMP’s 2017 IPO and the establishment of the company’s corporate governance, financial reporting and investor relations processes. Concurrently Coburn served as CFO of bp America.

“FreeWire’s pioneering technology positions it at the forefront of the EV charging industry,” Coburn said. “I’m honored to join their Board of Directors and am confident my expertise in energy finance at public companies will benefit the company as it executes on this exciting opportunity.”

Prior to FreeWire, Bax served as eMobility Senior Business Development Manager at bp’s Advanced Mobility Unit, where he was responsible for the development of new business models, partnerships, products and services for the energy giant’s growing EV charging business. He previously served as director of eMobility for bp’s Mobility Taskforce. For five years he was a gas and LNG business development manager for bp’s Supply and Trading Unit.

“With its best in class battery-integrated ultrafast charging technology, FreeWire is well-positioned to lead the EV charging market,” Bax said. “Amid soaring international support for EV adoption in the public and private sectors, FreeWire is poised for phenomenal growth. I’m excited to join this world class team.”

Most recently John Seabury was VP Product Engineering at Ascent Solar Technologies, a designer, developer and manufacturer of solar power solutions for remote locations and extreme environments. He previously served as Director of Mobility Product Development at Micron Technology, a maker of computer memory and data storage devices. He graduated from Hartwick College with a degree in math and physics.

“FreeWire’s fully-integrated Boost Charger addresses the key challenges to deploying ultrafast EV charging infrastructure,” Seabury said. “Thanks to FreeWire’s technology, ultrafast chargers don’t need to wait for costly and time-consuming electric grid upgrades, a development that will greatly accelerate EV adoption. It’s an honor to join this superb team at a historic moment for EV technology.”

About FreeWire Technologies

FreeWire’s turnkey power solutions deliver energy whenever and wherever it’s needed for reliable electrification beyond the grid. With scalable clean power that moves to meet demand, FreeWire customers can tackle new applications and deploy new business models without the complexity of upgrading traditional energy infrastructure.

FreeWire has deployed battery-integrated chargers with Fortune 100 companies, commercial customers, fleets, retail locations, and gas stations. In addition to the expanded partnership with bp pulse, FreeWire and ampm, a bp subsidiary and convenience store chain with over 1,000 locations, have already deployed multiple public charging stations in the U.S.

Learn more at www.freewiretech.com.

Media:
Cory Ziskind
ICR
646-277-1232
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LONDON--(BUSINESS WIRE)--Experts from global energy and environment consultancy Ricardo are leading an international consortium to support the Mexican Government’s plan to reduce greenhouse gas (GHG) emissions in the freight sector.

Over the next 12 months, specialists in sustainable transport will work with organisations, including Mexico-based Centro Mario Molina and Urbanistica, to provide advice to the German Agency for International Cooperation (GIZ) as part of the Sustainable Transport Programme.

The country’s commitment to reducing GHGs by 22% by 2030 depends on the successful decarbonisation of its transport sector, which contributes to 25% of total CO₂ emissions nationally. Road activity is responsible for 97% of all transport emissions and freight transport plays a key role by moving nearly 75% of land-based cargo across the country while railways serve the remaining transport flows.

Lorenzo Casullo, Associate Director, said: “Initiatives addressing greenhouse gas emissions will also improve urban air pollution and noise levels that negatively affect Mexican cities.

“This project demonstrates our growing influence in Central and Latin American countries as we continue to win more work across the region. Being able to deliver the entire project in Spanish, thanks to the multi-lingual capabilities of our team, is a bonus for us and shows the global support Ricardo is able to offer.”

Ricardo’s focus will be on green freight, helping national and local policy makers, as well as freight operators based in Mexico, to reduce the climate change and air pollution impacts of the transport of goods through a series of practical actions.

Specialists will provide regulatory advice to the Mexican Ministry of Environment on how to implement the regulations on air pollution standards for trucks. Ricardo and partners will also engage in capacity building efforts, looking at training courses and case studies covering telematic applications for fleet management and eco-driving.

Further support will come from pilot projects at the sub-national level, helping regions and cities test new business models for more effective vehicle scrapping policies, fleet renewal schemes and urban logistics approaches.

The project will support the cooperation between Mexico and Germany, which aims to promote climate mitigation efforts in Mexico’s road freight sector by supporting ministries, authorities and companies.

Julie Palmer
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Gill Gibbons
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07795 342804

HOUSTON--(BUSINESS WIRE)--Rock Hill Capital (“Rock Hill”) is pleased to announce that its portfolio company, Park Energy Services, LLC (“Park”), has completed the acquisition of certain lower horsepower operating assets from Archrock, Inc. The acquisition enhances the company’s strategic position in South Texas and Pennsylvania. Furthermore, the transaction expands Park’s customer base and bolsters the company’s service capabilities throughout its operating footprint. The transaction is the most recent acquisition by Park as it continues to serve the energy industry as a leading provider of wellhead and vapor recovery compression.

Founded in 2014, Park specializes in compression technology that helps oil and natural gas producers increase well-production volumes and reduce emissions through the capture of vapors that would otherwise be vented or flared.

Tim Knox, President and CEO of Park, remarked, “We are pleased to announce this transaction as we execute on our strategy to become the largest provider of lower horsepower compression to the industry. We seek to provide high quality assets to premier customers in key operating regions, and this acquisition fits perfectly with that objective.”

Tim added, “We will continue to pursue purchase and partnership opportunities with multiple providers as we look to consolidate a fragmented market segment and achieve significant scale from which we can provide a complete array of portable and quick-to-deploy compressor packages for natural gas production, oil production through gas-lift, and vapor recovery, both engine and electric motor drive, all backed by outstanding service.”

Debt financing for the transaction was secured under an expanded senior credit facility provided by Regions Bank, UMB Bank N.A., and Century Bank. Legal representation for the transaction was provided by Winston & Strawn, LLP.

About Park Energy Services

Park Energy Services (www.parkenergyservices.com), headquartered in Oklahoma City, Oklahoma, operates a fleet of compressor units focused on wellhead compression, gas lift and vapor recovery in major producing basins of Texas, Oklahoma, Pennsylvania, Ohio, New Mexico and Colorado.

About Rock Hill Capital

Rock Hill Capital, founded in 2007 and headquartered in Houston, Texas, is a private equity firm that invests in small-to-lower middle market companies located in the South and Southeast United States. Rock Hill is currently investing out of its third committed capital fund focusing on companies in the industrial products and services industries. Take a deeper look at Rock Hill Capital and what makes our investments successful by visiting www.rockhillcap.com.

Rock Hill Capital
Stacey Harper
713.715.7516
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Park Energy Services
Tim Knox
432.238.5150
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Market barriers include inconsistent cannabis legalization, cost, limited access to capital, and technology uncertainty but are outweighed by growth factors

BOULDER, Colo.--(BUSINESS WIRE)--#GuidehouseInsights--A new report from Guidehouse Insights provides a study of the global market potential for horticultural lighting with a focus on LEDs for three types of horticultural applications and five technology types.

The rising acceptance of LED technology and the increase in cannabis cultivation in the US, Europe, and Asia Pacific are the two primary factors driving the horticulture lighting market in 2021. According to a new report from Guidehouse Insights, worldwide horticulture LED lighting shipments are expected to grow at a CAGR of 33% by 2030.

“In the coming months and years, lighting experts anticipate the use of LED lighting will increase and dominate the market, with legacy technologies falling behind,” says Krystal Maxwell, research director with Guidehouse Insights. “This trajectory will likely continue as more US states and other world regions legalize cannabis and growers of other crops better understand the benefits of LED technology for their operations.”

While there are many growth factors, a few dynamics are preventing the market from growing as fast as it could. These barriers include inconsistent cannabis legalization, cost, limited access to capital, and technology uncertainty. As the rise of the LED lighting market continues, especially if cannabis is legalized on the federal level in the US, lighting industry experts foresee a consolidation of the market through merger and acquisition activity, with companies that do not meet emerging standards going out of business.

The report, LED Lighting for Horticultural Applications, provides a study of the global market potential for horticultural lighting with a focus on LEDs, covering unit sales and revenue. The report considers three types of horticultural applications: cannabis, produce, and floriculture. This report also covers five technology types: LED, HPS, fluorescent, metal halide, and other. All major global regions of the world—North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa—are included, and the forecast period extends through 2030. An executive summary of the report is available for free download on the Guidehouse Insights website.

About Guidehouse Insights

Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.

About Guidehouse

Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges and navigate significant regulatory pressures with a focus on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that prepare our clients for future growth and success. The company has more than 10,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.

* The information contained in this press release concerning the report, LED Lighting for Horticultural Applications, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.

Lindsay Funicello-Paul
+1.781.270.8456
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SAN JOSE, Calif.--(BUSINESS WIRE)--#alternativeenergy--The U.S. solar industry is on the upswing, thanks to a pro-renewables presidential administration and increased concern over climate change. Cupertino Electric, Inc. (CEI) has had a front-row seat to this action, with business increasing over the last year. Solar Power World has recognized the company's installation success by ranking CEI at No. 15 on the U.S. 2021 Top Solar Contractors list and at No. 10 among EPC-specific contractors.

The Top Solar Contractors list is developed each year by Solar Power World to honor the work of solar installers in the United States. Solar firms in the utility, commercial and residential markets are ranked by number of kilowatts installed in the previous year. Companies are grouped and listed by specific service, markets and states.

"Not even COVID-19 closures and slowdowns could prevent the solar industry from installing fantastic numbers last year," said Kelly Pickerel, editor in chief of Solar Power World. "The Solar Power World team is so glad to recognize over 400 companies on the 2021 Top Solar Contractors list that not only survived a pandemic but thrived in spite of it."

The U.S. solar industry grew 43% in 2020, with more solar panels installed on homes, businesses and across the country than in any other year on record. The federal government passed a two-year extension on the solar investment tax credit (ITC) at the end of 2020, which will further accelerate solar adoption. After 19.2 GW installed in 2020, research firm Wood Mackenzie expects the U.S. solar market to quadruple by 2030.

About Cupertino Electric

Cupertino Electric employs roughly 3,400 people in field and office roles across the U.S. Since forming its Renewables Division in 2007, the company has installed more than 2 GW of solar. CEI is a private electrical engineering and construction company building commercial, energy and data center projects and is recognized as one of the largest specialty contractors in the nation.

“We’re excited to be recognized alongside the largest U.S. developers and contractors today delivering renewable projects to address climate change,” said Shannon Richardson, senior director of renewables for Cupertino Electric. “To also earn a top spot on the EPC list is significant because it honors our company’s engineering roots and recognizes the hard work of our teams who come together and build great projects across the country.”

About Solar Power World

Solar Power World is the leading online and print resource for news and information regarding solar installation, development and technology. Since 2011, SPW has helped U.S. solar contractors — including installers, developers and EPCs in all markets — grow their businesses and do their jobs better.

Cupertino Electric, Inc.
Autumn Casadonte
(408) 808-8034
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Solar Power World
Kelly Pickerel, Editor in Chief
(216) 860-5259
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DUBLIN--(BUSINESS WIRE)--The "Solar Panel Recycling Market Research Report by Type, by Shelf Life, by Region - Global Forecast to 2026 - Cumulative Impact of COVID-19" report has been added to ResearchAndMarkets.com's offering.

The Global Solar Panel Recycling Market size was estimated at USD 206.19 Million in 2020 and expected to reach USD 230.09 Million in 2021, at a Compound Annual Growth Rate (CAGR) 11.92% to reach USD 405.44 Million by 2026.

Competitive Strategic Window:

The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period.

FPNV Positioning Matrix:

The FPNV Positioning Matrix evaluates and categorizes the vendors in the Solar Panel Recycling Market based on Business Strategy (Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.

Market Share Analysis:

The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.

The report provides insights on the following pointers:

1. Market Penetration: Provides comprehensive information on the market offered by the key players

2. Market Development: Provides in-depth information about lucrative emerging markets and analyze penetration across mature segments of the markets

3. Market Diversification: Provides detailed information about new product launches, untapped geographies, recent developments, and investments

4. Competitive Assessment & Intelligence: Provides an exhaustive assessment of market shares, strategies, products, certification, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players

5. Product Development & Innovation: Provides intelligent insights on future technologies, R&D activities, and breakthrough product developments

The report answers questions such as:

1. What is the market size and forecast of the Global Solar Panel Recycling Market?

2. What are the inhibiting factors and impact of COVID-19 shaping the Global Solar Panel Recycling Market during the forecast period?

3. Which are the products/segments/applications/areas to invest in over the forecast period in the Global Solar Panel Recycling Market?

4. What is the competitive strategic window for opportunities in the Global Solar Panel Recycling Market?

5. What are the technology trends and regulatory frameworks in the Global Solar Panel Recycling Market?

6. What is the market share of the leading vendors in the Global Solar Panel Recycling Market?

7. What modes and strategic moves are considered suitable for entering the Global Solar Panel Recycling Market?

Market Dynamics

Drivers

• Growing demand for renewable power sources/ Increasing usage of solar power sources
• Need to reduce the environmental impact of PV waste and to recover something valuable from it
• Technology developments in recycling process

Restraints

• Limited output of current recovery processes

Opportunities

• Strict regulatory framework in developed markets
• Focus on recovering and recycling silicon based panels

Challenges

• Economy of scale

Companies Mentioned

• Canadian Solar, Inc.
• EIKI SHOJI Co., Ltd.
• ENVARIS GmbH
• First Solar Inc.
• IG Solar Pvt. Ltd
• RECLAIM PV RECYCLING PTY LTD
• Recycle PV Solar, LLC
• Reiling GmbH & Co. KG
• REMA PV System AS
• Rinovasol GmbH
• Silcontel Ltd.
• SunPower Corporation
• Trina Solar Co., Ltd.
• Veolia Environnement SA
• Yingli Solar Co Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/g2olxs

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON & TORONTO--(BUSINESS WIRE)--Peridot Acquisition Corp. (“Peridot”) (NYSE: PDAC), a publicly-traded special purpose acquisition company sponsored by Carnelian Energy Capital, reminds its shareholders to vote in favor of the approval of Peridot’s proposed business combination with Li-Cycle Corp. (“Li-Cycle”), North America’s leading lithium-ion battery resource recycling company, and the related proposals to be voted upon at Peridot’s extraordinary general meeting on August 5, 2021.

The extraordinary general meeting of Peridot’s shareholders to approve, among other things, the proposed business combination will be held in virtual format and physically at 2229 San Felipe Street, Suite 1450, Houston, Texas 77019 on August 5, 2021 at 9:00 a.m. Central Time (10:00 a.m Eastern Time). Peridot strongly recommends that shareholders attend the meeting virtually. In order to attend the meeting virtually, shareholders must pre-register at https://www.cstproxy.com/peridotspac/sm2021. Peridot’s shareholders of record as of the close of business on the record date of May 27, 2021 (the “Record Date”) should submit their vote promptly and no later than 11:59 p.m. Eastern Time on August 4, 2021.

It remains important that all holders who owned Peridot’s shares as of May 27, 2021 – even if they have since sold their shares – vote by 11:59 p.m. Eastern Time on August 4, 2021 to ensure the deal proceeds in a timely manner.

We recommend that you vote your shares online, though you may also vote by mail or telephone. More information on how to vote can be found at https://li-cycle.com/merger-vote/

or, if you hold in street name, by following the instructions provided by your broker, bank or other nominee on the Voting Instruction Form mailed or e-mailed to you. If you did not receive or have misplaced your Voting Instruction Form, contact your bank, broker or other nominee to obtain your control number in order to vote.

Holders of Peridot’s shares who need assistance voting or have questions regarding the extraordinary general meeting may contact Peridot’s proxy solicitor, Morrow Sodali LLC, toll-free at toll-free at (800) 662-5200 or (203) 658-9400 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..

ABOUT LI-CYCLE CORP.

Li-Cycle is on a mission to leverage its innovative Spoke & Hub Technologies™ to provide a customer-centric, end-of-life solution for lithium-ion batteries, while creating a secondary supply of critical battery materials. Lithium-ion rechargeable batteries are increasingly powering our world in automotive, energy storage, consumer electronics, and other industrial and household applications. The world needs improved technology and supply chain innovations to better manage battery manufacturing waste and end-of-life batteries and to meet the rapidly growing demand for critical and scarce battery-grade raw materials through a closed-loop solution. For more information, visit https://li-cycle.com/.

ABOUT PERIDOT ACQUISITION CORP.

Peridot is a blank check company formed for the purpose of entering into a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Peridot’s sponsor is an affiliate of Carnelian Energy Capital Management, L.P., an investment firm that focuses on opportunities in the North American energy space in partnership with best-in-class management teams. For more information, please visit https://peridotspac.com/.

ADDITIONAL INFORMATION AND WHERE TO FIND IT

In connection with the proposed business combination involving Li-Cycle and Peridot, Newco has prepared and filed with the SEC a registration statement on Form F-4 that includes both a prospectus of Newco and a proxy statement of Peridot (the “Proxy Statement/Prospectus”). Peridot will mail the Proxy Statement/Prospectus to its shareholders and file other documents regarding the proposed transaction with the SEC. This communication is not a substitute for any proxy statement, registration statement, proxy statement/prospectus or other documents Peridot or Newco may file with the SEC in connection with the proposed transaction. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENT/PROSPECTUS, ANY AMENDMENTS OR SUPPLEMENTS TO THE PROXY STATEMENT/PROSPECTUS, AND OTHER DOCUMENTS FILED BY PERIDOT OR NEWCO WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the Proxy Statement/Prospectus and other documents filed with the SEC by Peridot or Newco through the website maintained by the SEC at www.sec.gov.

Investors and securityholders will also be able to obtain free copies of the documents filed by Peridot and/or Newco with the SEC on Peridot’s website at www.peridotspac.com or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it..

PARTICIPANTS IN THE SOLICITATION

Li-Cycle, Peridot, Newco, and certain of their respective directors, executive officers and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of proxies in connection with the proposed transaction, including a description of their direct or indirect interests, by security holdings or otherwise, are set forth in the Proxy Statement/Prospectus. Information regarding the directors and executive officers of Peridot is contained in Peridot’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on March 26, 2021 and certain of its Current Reports filed on Form 8-K. These documents can be obtained free of charge from the sources indicated above.

NO OFFER OR SOLICITATION

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities of Peridot or Newco or a solicitation of any vote or approval. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements contained in this communication may be considered forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21 of the Securities Exchange Act of 1934, as amended, including statements regarding the proposed transaction involving Li-Cycle and Peridot and the ability to consummate the proposed transaction. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely”, “believe,” “estimate,” “project,” “intend,” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: (i) the risk that the conditions to the closing of the proposed transaction are not satisfied, including the failure to timely or at all obtain shareholder approval for the proposed transaction or the failure to timely or at all obtain any required regulatory clearances, including under the Hart-Scott Rodino Antitrust Improvements Act; (ii) uncertainties as to the timing of the consummation of the proposed transaction and the ability of each of Li-Cycle and Peridot to consummate the proposed transaction; (iii) the possibility that other anticipated benefits of the proposed transaction will not be realized, and the anticipated tax treatment of the combination; (iv) the occurrence of any event that could give rise to termination of the proposed transaction; (v) the risk that stockholder litigation in connection with the proposed transaction or other settlements or investigations may affect the timing or occurrence of the proposed transaction or result in significant costs of defense, indemnification and liability; (vi) changes in general economic and/or industry specific conditions; (vii) possible disruptions from the proposed transaction that could harm Li-Cycle’s business; (viii) the ability of Li-Cycle to retain, attract and hire key personnel; (ix) potential adverse reactions or changes to relationships with customers, employees, suppliers or other parties resulting from the announcement or completion of the proposed transaction; (x) potential business uncertainty, including changes to existing business relationships, during the pendency of the proposed transaction that could affect Li-Cycle’s financial performance; (xi) legislative, regulatory and economic developments; (xii) unpredictability and severity of catastrophic events, including, but not limited to, acts of terrorism, outbreak of war or hostilities and any epidemic, pandemic or disease outbreak (including COVID-19), as well as management’s response to any of the aforementioned factors; and (xiii) other risk factors as detailed from time to time in Peridot’s reports filed with the SEC, including Peridot’s annual report on Form 10-K, periodic quarterly reports on Form 10-Q, periodic current reports on Form 8-K and other documents filed with the SEC. The foregoing list of important factors is not exclusive. Neither Li-Cycle nor Peridot can give any assurance that the conditions to the proposed transaction will be satisfied. Except as required by applicable law, neither Li-Cycle nor Peridot undertakes any obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

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HAMILTON, Bermuda--(BUSINESS WIRE)--July 27, 2021 – Triton International Limited (NYSE: TRTN) ("Triton")

Highlights:

• Net income attributable to common shareholders for the three months ended June 30, 2021 was $54.7 million or $0.81 per diluted share, which includes $89.9 million of make-whole and other debt termination costs primarily related to the prepayment of $821.0 million of senior secured institutional notes.
• Adjusted net income was $144.2 million or $2.14 per diluted share, an increase of 148.8% from the second quarter of 2020 and 12.0% from the first quarter of 2021.
• Trade volumes and container demand continued to be exceptionally strong in the second quarter. We placed over 400,000 TEU of new containers on-hire during the quarter and utilization increased to 99.5% as of June 30, 2021.
• As of July 23, 2021, Triton has purchased over $3.4 billion of new containers for delivery in 2021, most of which have already been committed to high value, long duration leases.
• Triton issued $1.7 billion of senior secured investment grade bonds during the quarter at an average effective interest rate of 2.2%.
• Triton's Board of Directors announced a quarterly dividend of $0.57 per common share payable on September 23, 2021 to shareholders of record as of September 9, 2021.

Financial Results

The following table summarizes Triton’s selected key financial information for the three and six months ended June 30, 2021 and 2020 and the three months ended March 31, 2021.

Operating Performance

"Triton achieved record performance again in the second quarter of 2021," commented Brian M. Sondey, Chief Executive Officer of Triton. "We generated $2.14 of Adjusted earnings per share in the second quarter, an increase of 12.0% from the first quarter. We also achieved an annualized Return on equity of 26.6%."

"Triton's outstanding results in the second quarter reflect our success in capturing the many opportunities presented by the current very strong market conditions. Trade volumes remain strong and we continue to see incremental demand for containers due to operational disruptions that are slowing our customers' container turn-times. Our utilization increased to 99.5% as of June 30, 2021 and currently stands at 99.6%. New container prices and market lease rates increased further in the second quarter. Container factories are currently quoting over $3,800 for a new 20' dry container, and market lease rates for new containers are significantly higher than the average rates in our lease portfolio. Our average selling prices for used dry containers continued to increase as well, allowing us to generate significantly higher than expected disposal gains in the second quarter despite low disposal volumes."

"Triton is investing heavily in new containers to support our customers. Shipping lines continue to rely on the leasing market to fulfill a large portion of their container requirements, and Triton has secured a meaningful share of leasing transactions due to our industry-leading supply capability and our strong reputation for reliability. Triton has purchased over $3.4 billion of containers for delivery in 2021. Over $1.8 billion of these containers were delivered through the end of the second quarter. Most of the containers not yet delivered are pre-committed to attractive long-term leases. We estimate that our existing orders would translate to over 25% asset growth for Triton in 2021."

"Triton is highly focused on locking-in durable improvements to our business. The average lease duration for containers ordered in 2021 is 13 years. The overall average remaining duration of our long-term lease portfolio has extended to 55 months, and we expect it to extend further as the substantial amount of new containers we have ordered and pre-committed to lease are produced and go on-hire. The very large block of new containers on attractively priced long-term leases and extended lease durations for our container fleet will provide strong foundations to our profitability and cash flow for years to come."

"We also continue to significantly improve the profile of our capital structure. In March 2021, our corporate credit rating was upgraded to BBB- by S&P Global Ratings, reflecting our strong market and financial position. In the second quarter, we issued $1.7 billion of investment grade senior secured notes and prepaid $821.0 million of senior secured institutional notes with substantially higher interest rates. We incurred $89.9 million of make-whole fees and other debt termination costs primarily related to these prepayments, but we will recapture the vast majority of these fees through lower interest expense over the next several years. These prepayments will also facilitate a faster transition of our capital structure toward investment grade unsecured bonds, which should provide further cost and flexibility benefits and extend the advantages we have in our market."

Outlook

Mr. Sondey continued, "Market conditions remain very favorable as we head into the second half of the year. Trade volumes remain strong, operational disruptions continue to drive incremental demand for containers, and we typically experience peak dry container demand in the third quarter as retailers stock up for the back-to-school and holiday seasons. While we anticipate some shift in consumption patterns back to services and experiences as COVID-19 vaccinations are rolled out globally, economists are generally projecting a strong bounce to global GDP which typically supports growth in trade. We also have significant operational momentum with approximately 400,000 TEU of new containers pre-booked for pick-up in the third and fourth quarters."

"We expect our Adjusted EPS will increase from the second to the third quarter of 2021. We expect our leasing margin will increase significantly in the third quarter due to strong ongoing pick up activity and as we benefit from a full quarter of revenue from the large number of containers picked-up during the second quarter. We will also benefit from a lower average effective interest rate resulting from the prepayment of institutional notes. We expect our disposal volumes will decrease further due to very low container drop-off volumes, and we continue to anticipate this will lead to a decrease in our disposal gains from the current extraordinary levels, although it is also possible that further increases in used container selling prices could continue to offset the impact of decreasing volumes. Overall, we expect our profitability and cash flows will remain at very high levels for the foreseeable future due to the durable benefits from our strong leasing activity this year and we expect our net book value per share will increase rapidly due to our strong Return on equity."

Dividends

Triton’s Board of Directors has approved and declared a $0.57 per share quarterly cash dividend on its issued and outstanding common shares, payable on September 23, 2021 to shareholders of record at the close of business on September 9, 2021.

The Company's Board of Directors also approved and declared a cash dividend payable on September 14, 2021 to holders of record at the close of business on September 7, 2021 on its issued and outstanding preferred shares as follows:

Investors’ Webcast

Triton will hold a Webcast at 8:30 a.m. (New York time) on Tuesday, July 27, 2021 to discuss its second quarter results. To listen by phone, please dial 1-877-418-5277 (domestic) or 1-412-717-9592 (international) approximately 15 minutes prior to the start time and reference the Triton International Limited conference call. To access the live Webcast please visit Triton's website at http://www.trtn.com. An archive of the Webcast will be available one hour after the live call.

About Triton International Limited

Triton International Limited is the world’s largest lessor of intermodal freight containers. With a container fleet of 6.9 million twenty-foot equivalent units ("TEU"), Triton’s global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis.

Utilization, Fleet, and Leasing Revenue Information

The following table summarizes the equipment fleet utilization for the periods indicated:

The following table summarizes the equipment fleet as of June 30, 2021, December 31, 2020 and June 30, 2020 (in units, TEUs and CEUs):

The following table summarizes our leasing revenue for the periods indicated (in thousands):

Important Cautionary Information Regarding Forward-Looking Statements

Certain statements in this release, other than purely historical information, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that include the words "expect," "intend," "plan," "seek," "believe," "project," "predict," "anticipate," "potential," "will," "may," "would" and similar statements of a future or forward-looking nature may be used to identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond Triton's control. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements.

These factors include, without limitation, economic, business, competitive, market and regulatory conditions and the following: the impact of COVID-19 on our business and financial results; decreases in the demand for leased containers; decreases in market leasing rates for containers; difficulties in re-leasing containers after their initial fixed-term leases; our customers' decisions to buy rather than lease containers; our dependence on a limited number of customers and suppliers; customer defaults; decreases in the selling prices of used containers; extensive competition in the container leasing industry; difficulties stemming from the international nature of our business; decreases in demand for international trade; disruption to our operations resulting from the political and economic policies of the United States and other countries, particularly China, including but not limited to, the impact of trade wars, duties and tariffs; disruption to our operations from failures of, or attacks on, our information technology systems; disruption to our operations as a result of natural disasters; compliance with laws and regulations related to economic and trade sanctions, security, anti-terrorism, environmental protection and corruption; our ability to obtain sufficient capital to support our growth; restrictions imposed by the terms of our debt agreements; the achievement of our capital structure plans and related timing; changes in tax laws in, Bermuda, the United States and other countries and other risks and uncertainties, including those risk factors set forth in the section entitled "Risk Factors" in our Form 10-K filed with the Securities and Exchange Commission ("SEC"), on February 16, 2021, in any Form 10-Q filed or to be filed by Triton, and in other documents we file with the SEC from time to time.

The foregoing list of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere. Any forward-looking statements made herein are qualified in their entirety by these cautionary statements, and there can be no assurance that the actual results or developments anticipated by us will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on Triton or its business or operations. Except to the extent required by applicable law, we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

-Financial Tables Follow-