Digital Location-based Network Powers Electric Miles and Ignites Opportunity for Brands to Reach Millions of Shoppers Seconds Before They Enter a Store to Buy

New Research Shows Nearly 50% of Potential Customers are Climate Conscious Consumers

SAN FRANCISCO--(BUSINESS WIRE)--Volta Inc. (“Volta”), an industry leader in commerce-centric electric vehicle (“EV”) charging networks, today announced the launch of the Volta Media™ Network, offering advertisers a digital, location-based network that engages consumers where they shop, simultaneously driving measurable business results and environmental impact.

In the next three years, electric cars will be more affordable than internal combustion engine cars. Additionally, $500 billion of U.S. gas stations’ revenue is up for grabs as more and more drivers go electric. People will no longer go to the gas station to fuel up - they will fuel up where they already go. Volta’s EV charging network is predicated on this fundamental shift in transportation and its associated infrastructure needs as the world moves to more sustainable sources of mobility.

Volta's charging stations feature high-impact digital screens directly in front of top commercial locations and display content for drivers who plug their vehicles into the stations and the customers who shop at nearby retailers. Volta Media™ offers brands a dynamic content platform that allows them to engage potential customers and influence behavior right before they walk into a store or other commercial property to make a purchase.

Brands advertising with Volta Media™ have seen a 44% lift in awareness, a 66% lift in consideration, and a 59% increase in purchase intent (source: Volta’s third-party brand study benchmarks).

“The biggest economic opportunity isn’t in conquesting fueling dollars; it’s in unlocking the spend that will accompany the behavior shift around fueling habits. Volta is reinventing retail media by fusing high-impact digital displays with EV charging, connecting brands to the most powerful audience movement in a generation,” said Nadya Kohl, Chief Marketing Officer, Volta. “Consumers are increasingly focused on sustainability, and they’re giving their attention and wallets to the brands that are doing the same. We offer advertisers the ability to participate in a unique medium that showcases their commitment to driving cultural relevance and true environmental impact.”

Campaigns on the Volta Media™ Network also support the transition to an electric future by powering electric miles and reducing CO2 emissions. To date, Volta has offset 44 million pounds of CO2 and delivered 100 million electric miles.

“Now more than ever before, brands are experiencing new sustainability expectations from consumers and working to create more sustainable products, services, and marketing programs to drive growth,” said Keith Kaplan, Global CEO at Kinetic. “Volta has built a unique media network, one that offers our clients beautiful screens, locations immediately before the point of purchase, and alignment with their sustainability commitments. We’re thrilled to see the formal launch of Volta Media and we look forward to continuing to work together to help our clients make an impact.”

According to new, nationwide research by F’inn in September 2021, consumers are prioritizing sustainability, and that focus is increasingly shaping their behaviors and the brands with which they interact:

• Nearly 50% of consumers identify as caring about the environment and make decisions about the brands they choose with environmental practices in mind.
• 35% of U.S. adults say that sustainability is a top priority and that they go out of their way to reduce their environmental impact.
• More than 50% of the general population would be more interested in doing business with a company that commits to various sustainability efforts.

“The rise of electric mobility is one of the largest macroeconomic trends of our time,” said Brandt Hastings, Chief Revenue Officer, Volta. “Climate consciousness has gone mainstream, and brands with a focus on sustainability have the opportunity to capture massive growth. We invite brands to grow with us as we continue to expand our network at grocery stores, pharmacies, retail, and entertainment venues in communities nationwide to reach shoppers right before they make a purchase decision.”

Brands that have partnered with Volta to make an impact include Netflix, Alaska Airlines, smartwater, Chase, Starbucks, Nestle, Anheuser-Busch, Cox, and Hulu.

The full report of research findings is available here.

About Volta

Volta Inc. (NYSE: VLTA) is an industry leader in commerce-centric EV charging networks. Volta’s vision is to build EV charging networks that capitalize on and catalyze the shift from combustion-powered miles to electric miles by placing stations where consumers live, work, shop, and play. By leveraging a data-driven understanding of driver behavior to deliver EV charging solutions that fit seamlessly into drivers’ daily routines, Volta’s goal is to benefit consumers, brands, and real-estate locations while helping to build the infrastructure of the future. As part of Volta’s unique EV charging offering, its stations allow it to enhance its site hosts’ and strategic partners’ core commercial interests, creating a new means for them to benefit from the transformative shift to electric mobility. To learn more, visit www.voltacharging.com.

​​Forward-Looking Statements

This press release includes forward-looking statements, which are subject to the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as "feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, statements regarding Volta’s strategy and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: intense competition faced by Volta in the EV charging market and in its content activities; the possibility that Volta is not able to build on and develop strong relationships with real estate and retail partners to build out its charging network and content partners to expand its content sales activities; market conditions, including seasonality, that may impact the demand for EVs and EV charging stations or content on Volta’s digital displays; risks, cost overruns and delays associated with construction and installation of Volta’s charging stations; risks associated with any future expansion by Volta into additional international markets; cost increases, delays or new or increased taxation or other restrictions on the availability or cost of electricity; rapid technological change in the EV industry may require Volta to continue to develop new products and product innovations, which it may not be able to do successfully or without significant cost; the risk that Volta’s shift to including a pay-for-use charging business model and the requirement of mobile check-ins adversely impacts Volta’s ability to retain driver interest, content partners and site hosts; the EV market may not continue to grow as expected; and the ability to protect its intellectual property rights; and those factors discussed in Volta’s Registration Statement on Form S-1, under the heading “Risk Factors,” filed with the Securities and Exchange Commission (the “SEC”), as supplemented by Quarterly Reports on Form 10-Q, and other reports and documents Volta files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Volta undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

Sabrina Strauss
Goodman Media International, Inc.
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ABERDEEN, Scotland--(BUSINESS WIRE)-- 

Financial Highlights

For the three months ended September 30, 2021, KNOT Offshore Partners LP (“KNOT Offshore Partners” or the “Partnership”):

• Generated total revenues of $66.6 million, operating income of $21.1 million and net income of $13.5 million.
• Generated Adjusted EBITDA of $47.2 million (1)
• Generated distributable cash flow of $18.6 million (1)
• Reported a distribution coverage ratio of 1.03 (2)
• Reported $121.6 million in available liquidity, which included cash and cash equivalents of $66.6 million at September 30, 2021 (compared to $101.6 million of available liquidity and $51.6 million of cash and cash equivalents at June 30, 2021)

Other Partnership Highlights and Events

• Fleet operated with 91.9% utilization for scheduled operations.
• On August 26, 2021, the Partnership entered into a sales agreement with B. Riley Securities, Inc. (the “Agent”). Under the terms of the ‘at the market’ sales agreement, the Partnership may offer and sell up to $100 million of common units (the “ATM program”), from time to time, through the Agent. The Partnership intends to use the net proceeds of any sales of offered units for general partnership purposes, which may include, among other things, the repayment of indebtedness or the funding of acquisitions or other capital expenditures.
• On September 7, 2021, the Partnership entered into an exchange agreement with its sponsor, Knutsen NYK Offshore Tankers AS (“Knutsen NYK”), and its general partner whereby Knutsen NYK contributed to the Partnership all of Knutsen NYK’s incentive distribution rights (“IDRs”), in exchange for the issuance by the Partnership to Knutsen NYK of 673,080 common units and 673,080 Class B Units, whereupon the IDRs were cancelled (the “IDR Exchange”).
• On September 13, 2021 the Partnership’s subsidiaries that own the Tordis Knutsen, the Vigdis Knutsen, the Lena Knutsen, the Anna Knutsen and the Brasil Knutsen, closed the previously announced, new $345 million senior secured credit facility to refinance their existing term loans.
• On September 15, 2021, the Windsor Knutsen commenced on a one-year time charter contract with PetroChina with charterer’s options to extend the charter by one one-year period and then one six-month period.
• On November 10, 2021, the Partnership paid a quarterly cash distribution of $0.52 per common and Class B unit with respect to the quarter ended September 30, 2021 to all common and Class B unitholders of record on October 28, 2021. On November 10, 2021, the Partnership paid a cash distribution to holders of Series A Convertible Preferred Units (“Series A Preferred Units”) with respect to the quarter ended September 30, 2021 in an aggregate amount equal to $1.7 million.

Gary Chapman, Chief Executive Officer and Chief Financial Officer of KNOT Offshore Partners LP, commented, “Even as the Partnership had multiple vessels experiencing temporary off-hire or transitioning into new contracts during the third quarter, the strong diversification of our charter portfolio and the high utilization of the rest of our fleet ensured that we maintained coverage for our quarterly distribution, which remains our top priority. In addition to fixing the Windsor Knutsen to a new one-year charter with PetroChina during the quarter, we also took an important step forward by agreeing to the cash-flow-neutral elimination of our IDRs, ensuring an even clearer alignment of interest between us and our sponsor. In the near term, we are focused on securing employment for those shuttle tankers with availability in upcoming quarters and we are in discussions with customers regarding a number of opportunities. As we look forward beyond 2022, with significant capex being committed by our customers to develop additional offshore deep-water assets particularly in Brazil, our main market, we remain confident in the growth prospects for the shuttle tanker market and in our ability to maintain our leadership position in that market for the benefit of our unitholders.”

Financial Results Overview

Total revenues were $66.6 million for the three months ended September 30, 2021 (the “third quarter”), compared to $70.9 million for the three months ended June 30, 2021 (the “second quarter”). The decrease was mainly due the lower utilization of Windsor Knutsen while idling/waiting to commence on the time charter contract with PetroChina and off hire of Tordis Knutsen due to a technical fault on its azimuth thruster causing the vessel to be off-hire for 37 days.

Vessel operating expenses for the third quarter of 2021 were $17.7 million, an increase of $0.3 million from $17.4 million in the second quarter of 2021. The increase is mainly related to increased costs for the Windsor Knutsen in connection with starting up ordinary operations in the third quarter compared to the vessel’s offhire in the second quarter.

Depreciation was $26.1 million for the third quarter, an increase of $2.3 million from $23.8 million in the second quarter. The increase is mainly related to the change by the Partnership of the useful life estimate of each of the vessels in its fleet from 25 years to 23 years due to prevailing longer-term market trends. This change will increase the non-cash accounting depreciation charge in all future quarters starting July 1, 2021. The increase in depreciation was offset by reduced depreciation for the Windsor Knutsen as a result of the impairment of the vessel in the second quarter.

General and administrative expenses increased $0.2 million from $1.5 million in the second quarter to $1.7 million in the third quarter due to increased legal and administration fees in connection with the IDR Exchange.

Operating income for the third quarter was $21.1 million, compared to operating loss of $1.2 million in the second quarter. The increase in operating income in the third quarter was mainly due to the absence of a write-down in the quarter compared to the $29.4 million write-down in the second quarter related to the Windsor Knutsen.

Interest expense for the third quarter was $7.2 million, an increase of $0.4 million from $6.8 million for the second quarter. The increase was mainly due to higher amortization costs for the Tordis Knutsen, the Vigdis Knutsen, the Lena Knutsen, the Anna Knutsen and the Brasil Knutsen in connection with the $345 million refinancing and the expensing of certain amortization costs related to the vessels’ previous financing.

Realized and unrealized gain on derivative instruments was $0.1 million in the third quarter, compared to a loss of $2.3 million in the second quarter. The unrealized non-cash element of the mark-to-market gain was $2.0 million for the third quarter of 2021, compared to a loss of $0.2 million for the second quarter of 2021. All of the unrealized gain for the third quarter of 2021 is related to a mark-to-market gain on interest rate swaps.

As a result, net income for the third quarter of 2021 was $13.5 million compared to a net loss of $10.9 million for the second quarter of 2021.

Net income for the third quarter of 2021 decreased by $11.6 million to $13.5 million from a net income of $25.1 million for the three months ended September 30, 2020. Operating income for the third quarter decreased by $9.8 million to an operating income of $21.1 million, compared to operating income of $30.9 million in the third quarter of 2020, mainly due and lower utilization of the fleet due to offhire and lack of voyages and increased depreciation costs for the fleet related to the Partnership change of the useful life estimate of the vessels from 25 years to 23 years. This decrease was partially offset by the inclusion of the Tove Knutsen in results of operations from December 31, 2020. Total finance expense for the third quarter increased by $1.7 million to $7.5 million, compared to finance expense of $5.8 million for the third quarter of 2020. The increase in finance expense was mainly due to increased interest expense for the Raquel Knutsen in connection with the sale and leaseback transaction, as a result of which both the financial obligation and interest rate increased, and increased amortization costs for the Tordis Knutsen, the Vigdis Knutsen, the Lena Knutsen, the Anna Knutsen and the Brasil Knutsen in connection with the $345 million refinancing and the expensing of certain amortization costs related to the vessels’ previous financing.

Distributable cash flow was $18.6 million for the third quarter of 2021, compared to $24.0 million for the second quarter of 2021. The decrease in distributable cash flow was mainly due to lower utilization for the fleet due to several offhires and higher operating and administration costs for the fleet during the third quarter compared to the second quarter. This was offset by one extra operational day in the third quarter and increased contributions from the Bodil Knutsen and the Tove Knutsen which had some days of offhire in the previous quarter. The distribution declared for the third quarter was $0.52 per common and Class B unit, equivalent to an annualized distribution of $2.08.

COVID-19

The outbreak of the coronavirus (“COVID-19”) continues to negatively affect global economic activity, however the Partnership has to date avoided any serious or sustained operational impacts, and there have been no effects on the Partnership’s contractual position. Progress in vaccinations and signs of global economic recovery continue to cautiously increase optimism.

The Partnership’s focus remains on ensuring the health and safety of its employees and crew onboard while providing safe and reliable operations for its customers, and a large number of practical steps and changes have been made and taken towards this aim. While full or partial crew changes on all of the Partnership’s vessels have been continuing, the situation remains challenging for the maritime industry as a whole owing to travel restrictions and quarantine regulations.

The COVID-19 situation is dynamic and costs related to maritime personnel and vessel operational logistics, including repairs and maintenance, remain challenging. The Partnership is continuously monitoring the situation to address any changes related to the health, safety and wellbeing of personnel, or to government restrictions and other matters potentially affecting operations.

Other than 17 days of off-hire incurred as a result of a COVID-19 outbreak on the Vigdis Knutsen in July 2021 which was quickly contained with no serious ill-health caused to any persons affected, the Partnership has not had any material service interruptions on its time-chartered vessels as a result of COVID-19.

However, the potential impact of COVID-19 on the Partnership’s business, financial condition and results of operating remains uncertain, although large scale distribution of vaccines seems likely to mitigate some of these uncertainties into the future. It remains too early to definitively judge the speed, scale and overall effect of vaccination efforts.

The closure of, or restricted access to, ports and terminals and passenger air travel in regions affected by the virus may lead to further operational impacts that could result in higher costs. It is possible that a further outbreak onboard a time-chartered vessel could prevent the Partnership from meeting its obligations under a charter, resulting in an off-hire claim and loss of revenue. Any outbreak of COVID-19 on board one of the Partnership’s time-chartered vessels or that affects any of the Partnership’s main suppliers could cause an inability to replace critical supplies or parts, maintain adequate crewing or fulfill the Partnership’s obligations under its time charter contracts, which in turn could result in off-hire or claims for the impacted period.

Announced delays in new capital expenditure by many oil majors in 2020 have had a negative impact on the demand for shuttle tankers and, given the uncertainty around the continuation of the COVID-19 situation, this dampened demand could persist. This has affected the timing and number of new, offshore projects and overall oil production profiles in the short-term, which has impacted the demand and pricing for shuttle tankers. If this situation persists the Partnership may be unable to re-charter its vessels at attractive rates in the future, particularly for vessels that are coming off charter in the next one to two years. Notwithstanding these challenges, the Partnership remains confident in the mid to long term growth opportunities for the shuttle tanker market and that once economic activity begins to regain traction towards pre-COVID-19 levels the Partnership will be well-placed to capture new opportunities, particularly given an absence of speculative vessel ordering in the shuttle tanker sector.

Although the Partnership is exposed to credit risk associated with individual charterers, the Partnership believes that its charter contracts, all with subsidiaries of national oil companies and oil majors, largely insulate the Partnership from this risk. In particular, charter hire is payable in advance and the services the Partnership performs are of a critical nature for the Partnership’s customers. Notwithstanding, any extended period of non-payment or idle time between charters could adversely affect the Partnership’s future liquidity, results of operations and cash flows. The Partnership has not so far experienced any reduced or non-payments for obligations under the Partnership’s time charter contracts and the Partnership has not provided concessions or made changes to the terms of payment for customers.

Operational Review

The Partnership’s vessels operated throughout the third quarter of 2021 with 91.9% utilization for scheduled operations.

During July 2021, the Vigdis Knutsen went off-hire for 17 days due to an outbreak of COVID-19 on board the vessel which was quickly contained with no serious ill-health caused to any persons affected. The vessel went back into operation on July 31, 2021.

On July 19, 2021, the Tordis Knutsen developed a technical fault on its azimuth thruster and the vessel went off-hire. The vessel was repaired and returned to service after 37 days. The Partnership does not expect to collect loss of hire or hull & machinery insurance payments in this instance.

After successfully completing the repairs on the Windsor Knutsen in June 2021 and subsequently performing a limited number of voyages as charterer’s acceptance testing, on September 15, 2021, the Windsor Knutsen commenced on a one-year time charter contract with PetroChina with charterer’s options to extend the charter by one one-year period and then one six-month period. The vessel is expected to operate in Brazil during this time.

In November 2021 the Bodil Knutsen completed the installation of the majority of the volatile organic compound emissions (“VOC”) recovery plant onboard the vessel and the vessel went back onhire on November 8, 2021. Further testing and setup work is now required before the system can be brought into use, which is expected to be completed by the end of December 2021. Although the Partnership is initially funding the installation, loss of hire (at a reduced rate) during the installation and costs related to the installation of the VOC recovery plant on the Bodil Knutsen, are recoverable by the Partnership up to an agreed budget, with interest, from the VOC Industry Co-operation Norwegian Sector (“VOCIC Norway”) over a seven-year period. Costs in excess of the agreed budget will be shared on a fifty/fifty basis. The installation of the VOC recovery plant is expected to cost less than $5 million but will significantly improve the operational attractiveness of the vessel in the North Sea and Norwegian sectors going forward as well as virtually eliminate the non-methane VOC released into the atmosphere arising from the vessel’s cargo. A separate agreement is also in place that allows the Partnership to recover costs from VOCIC Norway related to the ongoing operation of the VOC plant onboard the vessel.

The Bodil Knutsen is currently operating under a rolling charter contract with the sponsor, Knutsen NYK, which currently expires in December 2021. An extension has been agreed for a further three months on the same commercial terms, with three further one-month extensions at the charterer’s option, therefore potentially taking the vessel’s fixed employment to June 2022. The Partnership is still seeking long-term employment for the vessel and the time charter with Knutsen NYK can be terminated early should such a long-term employment opportunity arise.

Financing and Liquidity

As of September 30, 2021, the Partnership had $121.6 million in available liquidity, which consisted of cash and cash equivalents of $66.6 million and $55.0 million of capacity under its existing revolving credit facilities. The revolving credit facilities mature between August 2023 and November 2023. The Partnership’s total interest-bearing obligations outstanding as of September 30, 2021 was $1,000.7 million ($992.6 million net of debt issuance cost). The average margin paid on the Partnership’s outstanding debt during the third quarter of 2021 was approximately 2.06% over LIBOR.

As of September 30, 2021, the Partnership had entered into various interest rate swap agreements for a total notional amount of $469.3 million to hedge against the interest rate risks of its variable rate borrowings. As of September 30, 2021, the Partnership receives interest based on three or six-month LIBOR and pays a weighted average interest rate of 1.87% under its interest rate swap agreements, which have an average maturity of approximately 3.5 years. The Partnership does not apply hedge accounting for derivative instruments, and its financial results are impacted by changes in the market value of such financial instruments.

As of September 30, 2021, the Partnership’s net exposure to floating interest rate fluctuations was approximately $374.4 million based on total interest-bearing contractual obligations of $1,000.7 million, less the Raquel Knutsen sale & leaseback facility of $90.4 million, less interest rate swaps of $469.3 million and less cash and cash equivalents of $66.6 million. The Partnership’s outstanding interest-bearing contractual obligations of $1,000.7 million as of September 30, 2021 are repayable as follows:

ATM Program

On August 26, 2021, the Partnership entered into a sales agreement with B. Riley Securities, Inc., as the Agent. Under the terms of the at the market sales agreement, the Partnership may offer and sell up to $100 million of common units from time to time through the Agent.

From the commencement of the ATM program to November 3, 2021, the Partnership sold 41,940 common units under the program at an average gross sales price of $20.06 per unit and received net proceeds, after sales commissions, of $0.83 million. The Partnership paid an aggregate of $0.01 million in sales commissions to the Agent in connection with such sales.

Refinancing

On September 13, 2021 the Partnership’s subsidiaries that own the Tordis Knutsen, the Vigdis Knutsen, the Lena Knutsen, the Anna Knutsen and the Brasil Knutsen closed the previously announced refinancing of their existing bank debt by entering a new $345 million long-term senior secured credit facility. The credit facility is repayable in 20 consecutive quarterly installments, with a balloon payment of $220 million due at maturity in September 2026. The credit facility bears interest at a rate per annum equal to LIBOR plus a margin of 2.05%. The credit facility is guaranteed by the Partnership and secured by mortgages on the vessels. The senior secured credit facilities will refinance the previously existing term loans related to these vessels which were due to mature between November 2021 and July 2022.

Distributions

On November 10, 2021, the Partnership paid a quarterly cash distribution of $0.52 per common unit and Class B unit with respect to the quarter ended September 30, 2021 to all common and Class B unitholders of record on October 28, 2021. On November 10, 2021, the Partnership paid a cash distribution to holders of Series A Preferred Units with respect to the quarter ended September 30, 2021 in an aggregate amount equal to $1.7 million.

IDR Elimination

On September 7, 2021, the Partnership entered into an exchange agreement with its general partner and Knutsen NYK whereby Knutsen NYK contributed to the Partnership all of Knutsen NYK’s IDRs in exchange for the issuance by the Partnership to Knutsen NYK of 673,080 common units and 673,080 Class B Units, whereupon the IDRs were cancelled. The IDR Exchange closed on September 10, 2021. The Class B Units are a new class of limited partner interests which will not be entitled to receive cash distributions in any quarter unless common unitholders receive a distribution of at least $0.52 for such quarter (the “Distribution Threshold”). When common unitholders receive a quarterly distribution at least equal to the Distribution Threshold, then Class B unitholders will be entitled to receive the same distribution as common unitholders. At the current quarterly common unit distribution level of $0.52, the total combined quarterly distribution for the newly issued common units and Class B Units is equivalent to the quarterly distribution to the IDRs prior to the IDR Exchange.

For each quarter (starting with the quarter ended September 30, 2021) that the Partnership pays distributions on the common units that are at or above the Distribution Threshold, one-eighth of the Class B Units will be converted to common units on a one-for-one basis until such time as no further Class B Units exist. The Class B Units will generally vote together with the common units as a single class. After the payment of the Partnership’s quarterly cash distribution on November 10, 2021 with respect to the third quarter, 84,135 of the Class B Units converted to common units on a one-to-one basis.

Following the IDR Exchange, and on a Class B Unit fully-converted basis, Knutsen NYK will beneficially own 10,004,028 common units, which would represent approximately 29.2% of the Partnership’s outstanding common units.

Assets Owned by Knutsen NYK

In October 2020, Knutsen NYK took delivery of Tove Knutsen’s sister vessel, Synnøve Knutsen, which has been operating under a short-term contract with Petrobras in Brazil. The vessel is expected to commence on a 5-year time charter contract with Equinor in December 2021. Equinor has the option to extend the Synnnøve Knutsen charter for up to a further 15 years.

In February 2021, Tuva Knutsen, was delivered to Knutsen NYK from the yard and commenced on a 5-year time charter contract with a wholly owned subsidiary of the French oil major Total SE.

Questions should be directed to:
Gary Chapman (by telephone +44 1224 618 420, or via email at This email address is being protected from spambots. You need JavaScript enabled to view it.)

• New emissions reduction targets focus on the critical need to achieve Bunge’s industry-leading commitment to eliminate deforestation in its supply chains by 2025.
• The new targets have been validated by the Science Based Targets initiative (SBTi), a collaboration between CDP, the United Nations Global Compact (UNGC), World Resources Institute (WRI) and the World Wildlife Fund (WWF).

ST. LOUIS--(BUSINESS WIRE)--Bunge (NYSE:BG), a global leader in agribusiness, food and ingredients, today announced science-based targets (SBTs), highlighting its commitment to reduce greenhouse gas emissions within the company’s operations and throughout its supply chains. The announcement comes following a joint statement by Bunge and other agriculture leaders at the United Nations Climate Change Conference (COP26) to accelerate industry action towards fighting climate change.

“Today’s announcement underscores our continued leadership in providing low carbon and sustainable solutions for the production of food, feed and fuel to consumers around the globe. This not only reinforces our focus on making real progress toward climate action in our operations and across our value chains, it also further enables growth opportunities into new markets for our company,” said Greg Heckman, Bunge’s Chief Executive Officer.

The company will make significant enhancements across its global operations, promote decarbonization through regenerative farming practices, and enhance shipping and logistics to achieve these targets. A substantial portion of the emissions reduction within its supply chains is expected to be driven by Bunge’s commitment to achieve deforestation-free supply chains by 2025 – the earliest deadline in the industry.

Bunge’s ambitious targets are supported by the company’s decades-long history of enhancements to its operations, investments in renewable energy sources and its strong relationships with value chains partners. The new science-based carbon emissions targets include:

• An absolute reduction of Scope 1 and 2 greenhouse gas emissions of 25% by 2030 from a 2020 baseline year; and,
• An absolute reduction of Scope 3 greenhouse gas emissions of 12% by 2030, from a 2020 baseline year

“We remain focused on creating clear and measurable paths to achieving our sustainability goals and supporting the decarbonization of the industry,” said Rob Coviello, Chief Sustainability Officer and Government Affairs. “Our new science-based targets, which are supported by our Board of Directors, demonstrate our commitment to providing low-carbon and deforestation-free products to our customers, supporting the development of next-generation renewable fuels and deepening our approach to sustainability in our operations and across our value chains.”

The new climate targets have been validated by the Science Based Targets initiative, a global leader in helping companies transition to a lower carbon economy through tangible commitments and ambitious emissions reduction targets.

To read more about Bunge’s sustainability goals, visit bunge.com/sustainability.

About Bunge
At Bunge (NYSE: BG), our purpose is to connect farmers to consumers to deliver essential food, feed and fuel to the world. With more than two centuries of experience, unmatched global scale and deeply rooted relationships, we work to put quality food on the table, increase sustainability where we operate, strengthen global food security, and help communities prosper. As the world’s leader in oilseed processing and a leading producer and supplier of specialty plant-based oils and fats, we value our partnerships with farmers to improve the productivity and environmental efficiency of agriculture across our value chains and to bring quality products from where they’re grown to where they’re consumed. At the same time, we collaborate with our customers to create and reimagine the future of food, developing tailored and innovative solutions to meet evolving dietary needs and trends in every part of the world. Our Company is headquartered in St. Louis, Missouri, and we have more than 23,000 dedicated employees working across approximately 300 facilities located in more than 40 countries.

Website Information
We routinely post important information for investors on our website, www.bunge.com, in the "Investors" section. We may use this website as a means of disclosing material, non-public information and for complying with our disclosure obligations under Regulation FD. Accordingly, investors should monitor the Investors section of our website, in addition to following our press releases, SEC filings, public conference calls, presentations and webcasts. The information contained on, or that may be accessed through, our website is not incorporated by reference into, and is not a part of, this document.

Investor Contact:
Ruth Ann Wisener
Bunge Limited
636-292-3014
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Media Contact:
Bunge News Bureau
Bunge
636-292-3022
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Award-winning commercial installer capitalizes on Tigo Energy Intelligence (EI) software to reduce site visits and provide unparalleled service for large and small solar sites.

CONCORD, Australia--(BUSINESS WIRE)--Tigo Energy Inc., the solar industry’s worldwide leader in Flex MLPE (Module Level Power Electronics), announced today that Australia’s SCE Energy Solutions has deployed more than 7MW of monitored solar energy across 800 commercial, residential, and rural solar installations. SCE has leveraged the Tigo Energy Intelligence (EI) software platform to expand its service-oriented approach to maximize the benefits of the Tigo platform for its clients across Australia.

SCE Energy Solutions uses the advanced chart pages for fleet management and kiosk view from Tigo Energy to enable two unique services for clients. Using the data provided by the EI software platform, SCE conducts weekly maintenance checks for system owners to ensure their systems are operating at peak performance. The kiosk view of the EI platform enables SCE to set up a screen for residential and commercial system owners through which they can showcase energy production and their commitment to renewable energy customers, colleagues, and friends.

“In the Tigo monitoring system we have the best available technology to improve the ROI for our customers, and it has a tremendously positive impact for the many businesses that previously wastes up to 50 percent of the energy they pay for,” said Jon De Martin, CEO and managing director at SCE Energy Solutions. “The kiosk feature of the Tigo Energy Intelligence system provides a powerful way for us to make solar visible, displaying the live energy statistics of our customers’ systems, which they can proudly showcase in public spaces at their business locations.”

SCE Energy Solutions has used Tigo TS4 Flex MLPE optimizers with remote module level monitoring since 2012. Since that time, SCE has implemented Tigo’s technology to service system owners throughout the Commonwealth of Australia, monitor their fleet remotely, and help customers highlight their investments in solar energy. Additionally, SCE provides critical feedback to Tigo for continuous improvement to the platform.

“We support installers’ revenue and strategic goals through a holistic approach to energy management, and SCE Energy Solutions is the ideal Tigo customer because they push the technological envelope and embrace innovation,” says Archie Roboostoff, software vice-president at Tigo Energy. “The SCE team exercises every aspect of our EI software solution to service their customers, reduce truck rolls, optimize energy generation, and maximize solar ROI for customers across Australia. We greatly appreciate the dedication SCE brings to their system owners.”

With more than 40,000 sites monitored worldwide, Tigo Energy processes 47,000 data points per second, resulting in almost a petabyte of monitoring and efficiency data. The platform is available on the internet and as a mobile application named Tigo EI on the Apple App Store and Google Play. To see the EI in action for SCE Energy Solutions, please see the unique insights SCE offers into a live solar site in Australia, here: https://ei.tigoenergy.com/p/C-O7B12J5FVS.

To learn more about Tigo Energy, visit www.tigoenergy.com.

About Tigo Energy

Tigo Energy is the worldwide leader in Flex MLPE (Module Level Power Electronics) with innovative solutions that increase solar energy production, decrease operating costs, and significantly enhance safety of solar energy systems. The Tigo TS4 platform maximizes the benefit of solar and provides customers with the most scalable, versatile, and reliable MLPE solution available. Tigo was founded in Silicon Valley in 2007 to accelerate the adoption of solar energy worldwide. Tigo systems operate on seven continents and produce gigawatt hours of reliable, clean, affordable, and safe solar energy daily. With a global team, Tigo Energy is dedicated to making the best MLPE on earth so more people can enjoy the benefits of solar. Find us online at www.tigoenergy.com.

About SCE Energy Solutions

SCE Energy Solutions is an award-winning sustainability business that prides itself on providing only the highest quality product and latest technologies available for their commercial, rural and residential customers. They have made it their mission to find technologies where clients can gain control of energy costs. This means developing a renewable energy system that is simple & easy to use with predictable payments and a 25-year warranty. We employ a unique five-step-plan: schedule a call, design the best possible system, install that system, get environmentally certified, and then SCE conducts weekly performance checks. They service all areas of Australia and are located in Concord NSW, Australia. For more information, go to www.sce-energysolutions.com.au.

John Lerch
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SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO, “Valero”) announced today that it has commenced tender offers (each individually, with respect to a series of notes, a “Tender Offer,” and collectively, the “Tender Offers”) to purchase for cash (1) any and all of its outstanding 2.700% Senior Notes due 2023 (the “Any and All Tender Offer” and such notes, the “Any and All Notes”) and (2) up to a maximum aggregate purchase price of $1,000,000,000 (such aggregate purchase price, the “Maximum Aggregate Purchase Price”) of its outstanding 1.200% Senior Notes due 2024, 3.650% Senior Notes due 2025, 2.850% Senior Notes due 2025, 10.500% Senior Notes due 2039, 8.750% Senior Notes due 2030, 7.500% Senior Notes due 2032 and 6.625% Senior Notes due 2037 and the 4.375% Senior Notes due 2026 issued by Valero Energy Partners LP and guaranteed by Valero (the “Maximum Tender Offer” and such notes, collectively, the “Maximum Tender Offer Notes”, and the Maximum Tender Offer Notes together with the Any and All Notes, the “Securities”), subject to the acceptance priority levels and the Series Tender Caps (as defined below) noted in the second table below.

The Any and All Tender Offer will expire at 5:00 p.m., New York City time, on November 24, 2021, unless extended or earlier terminated (the “Any and All Expiration Date”). Holders of the Any and All Notes must validly tender and not validly withdraw their Any and All Notes prior to or at the Any and All Expiration Date to be eligible to receive the applicable Total Consideration for such Any and All Notes.

The Maximum Tender Offer will expire at midnight, New York City time, at the end of December 16, 2021, unless extended or earlier terminated (the “Maximum Tender Expiration Date”). Holders of the Maximum Tender Offer Notes must validly tender and not validly withdraw their Maximum Tender Offer Notes prior to or at 5:00 p.m., New York City time, on December 2, 2021, unless extended or earlier terminated (the “Early Tender Date”), to be eligible to receive the applicable Total Consideration for such Maximum Tender Offer Notes, which is inclusive of an amount in cash equal to the applicable amount set forth in the second table above under the heading “Early Tender Payment” (the “Early Tender Payment”). Holders of the Maximum Tender Offer Notes who validly tender their Maximum Tender Offer Notes after the Early Tender Date but prior to or at the Maximum Tender Expiration Date will be eligible to receive the applicable Total Consideration (as defined below) for such Maximum Tender Offer Notes minus the Early Tender Payment (the “Late Tender Offer Consideration”).

All Maximum Tender Offer Notes tendered prior to or at the Early Tender Date will be accepted based on the acceptance priority levels noted in the second table above (subject to any applicable Series Tender Cap) and will have priority over Maximum Tender Offer Notes tendered after the Early Tender Date (subject to any applicable Series Tender Cap), regardless of the acceptance priority levels of the Maximum Tender Offer Notes tendered after the Early Tender Date. Subject to applicable law, Valero may increase, decrease or eliminate the Maximum Aggregate Purchase Price and/or any Series Tender Cap with respect to a particular series, in any case, at any time and in its sole discretion.

The applicable consideration (the “Total Consideration”) payable for each $1,000 principal amount of the Any and All Notes validly tendered and accepted for payment pursuant to the Any and All Tender Offer will be determined in the manner described in the Offer to Purchase by reference to the fixed spread for the Any and All Notes specified in the first table above plus the yield to maturity based on the bid-side price of the U.S. Treasury Reference Security specified in the first table above, calculated as of 2:00 p.m., New York City time, on November 24, 2021, unless extended or earlier terminated. The applicable Total Consideration payable for each $1,000 principal amount of each series of the Maximum Tender Offer Notes validly tendered prior to or at the Early Tender Date and accepted for payment pursuant to the Maximum Tender Offer will be determined in the manner described in the Offer to Purchase by reference to the applicable fixed spread for such Security specified in the second table above plus the applicable yield to maturity based on the bid-side price of the applicable U.S. Treasury Reference Security specified in the second table above, calculated as of 10:00 a.m., New York City time, on December 3, 2021, unless extended or earlier terminated. In addition to the Total Consideration, Valero will also pay accrued and unpaid interest on Securities purchased up to, but not including, the applicable settlement date. The settlement date for the Any and All Tender Offer will occur promptly after the Guaranteed Delivery Expiration Date (as defined in the Offer to Purchase) and is expected to be November 30, 2021. The settlement date for the Maximum Tender Offer Notes validly tendered and accepted for payment on the Early Tender Date will occur promptly after the Early Tender Date and is expected to be December 6, 2021. The settlement date for the Maximum Tender Offer Notes validly tendered and accepted for payment after the Early Tender Date will occur promptly after the Maximum Tender Expiration Date and is expected to be December 20, 2021.

Any and All Notes tendered pursuant to the Any and All Tender Offer may be withdrawn prior to or at, but not after, 5:00 p.m., New York City time, on November 24, 2021, and Maximum Tender Offer Notes tendered pursuant to the Maximum Tender Offer may be withdrawn prior to or at, but not after, 5:00 p.m., New York City time, on December 2, 2021 (such dates and times, as they may be extended with respect to the Any and All Notes or a series of Maximum Tender Offer Notes, the applicable “Withdrawal Deadline”).

After the applicable Withdrawal Deadline, you may not withdraw your tendered Securities unless Valero amends the applicable Tender Offer in a manner that is materially adverse to the tendering holders, in which case withdrawal rights may be extended as Valero determines, to the extent required by law (as determined by Valero), appropriate to allow tendering holders a reasonable opportunity to respond to such amendment. Additionally, Valero, in its sole discretion, may extend a Withdrawal Deadline for any purpose. If a custodian bank, broker, dealer, commercial bank, trust company or other nominee holds your Securities, such nominee may have an earlier deadline or deadlines for receiving instructions to withdraw tendered Securities.

The Tender Offers are being made pursuant to an Offer to Purchase, dated November 18, 2021 (the “Offer to Purchase”), which sets forth a more detailed description of the Tender Offers. Holders of the Securities are urged to read the Offer to Purchase carefully before making any decision with respect to the Tender Offers.

Valero’s obligation to accept for payment and to pay for the Securities validly tendered in the Tender Offers is subject to the satisfaction or waiver of a number of conditions described in the Offer to Purchase, including a financing condition. The Tender Offers may be terminated or withdrawn in whole or terminated or withdrawn with respect to any series of the Securities, subject to applicable law. Valero reserves the right, subject to applicable law, to (1) waive any and all conditions to any of the Tender Offers, (2) extend or terminate any of the Tender Offers, (3) increase, decrease or eliminate the Maximum Aggregate Purchase Price and/or any Series Tender Cap with respect to a particular series or (4) otherwise amend any of the Tender Offers in any respect.

Valero has retained J.P. Morgan Securities LLC, Citigroup Global Markets Inc., BofA Securities, Inc., Mizuho Securities USA LLC and MUFG Securities Americas Inc. as dealer managers (the “Dealer Managers”) for the Tender Offers. Valero has retained D.F. King & Co., Inc. as the tender and information agent for the Tender Offers. For additional information regarding the terms of the Tender Offers, please contact: J.P. Morgan Securities LLC at (866) 834-4666 (toll free) or (212) 834-3424 (collect); or Citigroup Global Markets Inc. at (800) 831-9146. Requests for documents and questions regarding the tendering of securities may be directed to D.F. King & Co., Inc. by telephone at (212) 269-5550 (for banks and brokers only) or (800) 334-0384 (for all others, toll-free), by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or at www.dfking.com/vlo or to the Dealer Managers at their respective telephone numbers.

This announcement is for information purposes only and does not constitute a solicitation to buy or an offer to purchase or sell any securities. The Tender Offers are being made only pursuant to the Offer to Purchase and only in such jurisdictions as is permitted under applicable law. None of Valero, the tender and information agent, the Dealer Managers or the trustees with respect to the Securities, nor any of their affiliates, makes any recommendation as to whether holders should tender or refrain from tendering all or any portion of their Securities in response to the Tender Offers.

Safe-Harbor Statement

Statements contained in this press release that state Valero’s or its management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words “anticipate,” “believe,” “expect,” “plan,” “intend,” “scheduled,” “estimate,” “project,” “projection,” “predict,” “budget,” “forecast,” “goal,” “guidance,” “target,” “could,” “would,” “should,” “may,” “strive,” “seek,” “potential,” “opportunity,” “aimed,” “considering,” “continue,” and similar expressions identify forward-looking statements. Forward-looking statements in this press release include those relating to expected timing of pricing of the Tender Offers, expiration dates for the Tender Offers, Withdrawal Deadlines and settlement dates. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of Valero’s control, such as legislative or political changes or developments, market dynamics, cyberattacks, weather events, and other matters affecting our operations or the demand for our products. These factors also include, but are not limited to, the uncertainties that remain with respect to the COVID-19 pandemic, variants of the virus, governmental and societal responses thereto, including requirements and mandates with respect to vaccines, vaccine distribution and administration levels, and the adverse effects the foregoing may have on our business or economic conditions generally. For more information concerning these and other factors that could cause actual results to differ from those expressed or forecasted, see Valero’s annual report on Form 10-K, the “Risk Factors” section included in the Offer to Purchase, quarterly reports on Form 10-Q, and other reports filed with the Securities and Exchange Commission.

About Valero

Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of transportation fuels and petrochemical products. Valero is a Fortune 500 company based in San Antonio, Texas, and owns 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day and 12 ethanol plants with a combined production capacity of approximately 1.6 billion gallons per year. The petroleum refineries are located in the United States (U.S.), Canada and the United Kingdom (U.K.), and the ethanol plants are located in the Mid-Continent region of the U.S. Valero is also a joint venture partner in Diamond Green Diesel, which owns and operates a renewable diesel plant in Norco, Louisiana. Diamond Green Diesel owns North America’s largest biomass-based diesel plant. Valero sells its products in the wholesale rack or bulk markets in the U.S., Canada, the U.K., Ireland and Latin America. Approximately 7,000 outlets carry Valero’s brand names.

Valero Contacts
Investors:
Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982
Eric Herbort, Senior Manager – Investor Relations, 210-345-3331
Gautam Srivastava, Senior Manager – Investor Relations, 210-345-3992
Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002

HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) announced today that its board of directors declared a 2021 fourth quarter dividend of four and one-half cents ($0.045) a share on the Company’s common stock payable on December 22, 2021, to shareholders of record at the close of business on December 9, 2021.

About Halliburton

Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With approximately 40,000 employees, representing 130 nationalities in more than 70 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.

For Investors:
David Coleman
Investor Relations
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281-871-2688

For News Media:
Emily Mir
Public Relations
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281-871-2601

Twelve’s fossil-free E-Jet® fuel will be 100% compatible with Exosonic’s supersonic jet engines.

LOS ANGELES & BERKELEY, Calif.--(BUSINESS WIRE)--Low boom supersonic transport company Exosonic, Inc. and carbon transformation company Twelve have entered into a Memorandum of Understanding (MOU) to work cooperatively to expand Twelve’s sustainable aviation fuel to be 100% compatible with Exosonic’s supersonic jet engines.

Support and funding from the United States Air Force (USAF) have allowed the two California-based start-ups to accelerate their growth and research. Exosonic and Twelve are working with the USAF through independent small business innovation research (SBIR) contracts sponsored by the Air Force Research Laboratory. Most recently, Twelve announced that the USAF supported the production of the first fossil-free jet fuel from carbon dioxide (CO2) electrolysis called E-Jet®, demonstrating a scalable, energy-efficient path to the de-fossilization of global commercial and military aviation. In addition, Exosonic has received USAF support to develop and modify the company’s commercial supersonic airliner to serve as an executive transport vehicle.

“We’re excited to partner with Twelve, an innovative company developing the carbon-neutral jet fuel of the future,” says Norris Tie, CEO and co-founder of Exosonic. “We believe the aviation industry needs to move towards more sustainable solutions. Exosonic looks forward to working with Twelve to include their fuel in our quiet supersonic airliner and across all of our supersonic UAV product lines. Exosonic must be sustainable from Day 1, and our partnership is a great start to that vision.”

“Shifting our global economy away from fossil fuels requires an all hands on deck approach. This is especially true when it comes to air travel, which is one of the hardest-to-abate sectors. Creating a drop-in ready jet fuel from CO2 enables aviation that can ultimately become carbon neutral. Partnering with Exosonic will enable long distance, supersonic aviation while minimizing emissions,” said Nicholas Flanders, Twelve co-founder and CEO.

For more information about Exosonic, visit www.exosonic.com.

For the latest company news, follow: LinkedIn, Twitter, Facebook, Instagram.

For more information about Twelve, visit www.twelve.co.

For the latest company news, follow: LinkedIn, Twitter, Medium, Instagram.

About Exosonic:

Exosonic is an aerospace company developing the world’s first low boom, quiet supersonic passenger airliner using shaped sonic boom technology. By muting the sonic boom, Exosonic will be able to fly supersonic everywhere - overland and overwater to take passengers to their destinations twice as fast as commercial flights available today. The company was founded with a vision to bring people together through faster travel and with a commitment to environmentally sustainable practices. Exosonic is setting the standard for faster flight with a low boom 5000 NMI range, 70 passenger supersonic airliner. As part of the supersonic airliner development, Exosonic is offering short and medium-term timeline products aligned to Exosonic’s overall mission to shrink the world through faster transportation.

About Twelve:

Twelve is the carbon transformation company, a new kind of chemical company built for the climate era. We make essential products from air, not oil. Our groundbreaking technology eliminates emissions by transforming CO2 into critical chemicals, materials and fuels that today are made from fossil fuels. We call it carbon transformation, and it fundamentally changes how we can address climate change, reduce emissions and reverse the carbon imbalance. Reinventing what it means to be a chemical company, we’re on a mission to create a climate positive world and a fossil free future through the power of chemistry.

Stephanie Werner
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Liz Crumpacker
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Marks major milestone in gas utility’s decarbonization journey

PORTLAND, Ore.--(BUSINESS WIRE)--NW Natural today released Vision 2050: Destination Zero, an in-depth scenario analysis illustrating options to achieve carbon neutrality by 2050 for the energy services it provides to its customers.

“This is one of the first comprehensive assessments of its kind by a gas utility that demonstrates multiple pathways to achieving carbon neutrality,” said David H. Anderson, NW Natural president and CEO. “The renewable supply exists, the technology exists, and our modern storage and energy delivery network is ready. We’re committed to leading the way to solutions that work for our environment, our customers and the communities we serve.”

Drawing on proven approaches, the new report analyzes different scenarios and views of the future, using both supply and demand-side levers by which NW Natural can feasibly achieve carbon neutrality by 2050 serving existing and new customers. All scenarios incorporate varying applications of enhanced building energy efficiency measures, technologies, declining amounts of verified offsets, and lower-carbon fuels such as renewable natural gas, clean hydrogen, and carbon capture.

“The report uses different assumptions and conditions to stress test our ability to achieve our ambitious goal,” said Kim Heiting, senior vice president of operations at NW Natural. “We believe the most likely outcome will be a combination of both demand and supply side drivers, which supports our focus on a broad array of solutions and an ‘all-of-the above’ strategy. We are eager to now share this analysis with customers and key stakeholders.”

“The electric and gas systems depend on each other to serve our communities – with each system providing different benefits that hedge against certain risks posed by extreme weather. A future where wires above ground are delivering renewable electrons and pipes below ground are delivering renewable molecules allows for the flexibility and diversification needed to maintain energy system reliability,” said Anderson. “This analysis is just one more datapoint confirming what we’ve believed for some time: Using our existing gas infrastructure in new ways will help our region reach its climate goals faster, more affordably and more resiliently,” said Anderson.

Read the report at nwnatural.com/destinationzero.

About NW Natural

NW Natural is a local distribution company that currently provides natural gas service to approximately 2.5 million people in more than 140 communities through more than 780,000 meters in Oregon and Southwest Washington with one of the most modern pipeline systems in the nation. NW Natural consistently leads the industry with high J.D. Power & Associates customer satisfaction scores. NW Natural, a part of Northwest Natural Holding Company, (NYSE: NWN) (NW Natural Holdings), is headquartered in Portland, Oregon, and has been doing business for more than 160 years. NW Holdings owns NW Natural, NW Natural Renewables Holdings (NW Natural Renewables), NW Natural Water Company (NW Natural Water), and other business interests. We have a longstanding commitment to safety, environmental stewardship, and taking care of our employees and communities, learn more in our latest ESG Report.

Stefanie Week
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503-818-9845 (pager)

Location-independent and rapid deployment reduce time-to-market and costs

SANTA ROSA, Calif. & OULUNSALO, Finland--(BUSINESS WIRE)--$KEYS #EV--Keysight Technologies, Inc. (NYSE: KEYS), a leading technology company that delivers advanced design and validation solutions to help accelerate innovation to connect and secure the world, and Proventia Oy, an internationally operating Finnish technology company that provides solutions in the engine, machine and vehicle industries to combat climate change, have collaborated to improve electric vehicle (EV) battery test solutions.

Automotive manufacturers, suppliers and test facilities need to increase the driving range of an EV, its performance and safety, while reducing costs. When developing and testing high-voltage EV batteries, time becomes critical in a competitive market. The collaboration between Keysight and Proventia delivers a location-independent and safe test lab with rapid implementation time. The test lab incorporates the following key solutions:

• Keysight’s Scienlab battery test solutions, including the SL1700A series Scienlab Battery test system – pack level test high-voltage batteries with up to 1500 V. It addresses safety concerns with features including redundant measurement and utilizes new high-voltage silicon carbide (SiC) technology allowing an energy recovery capability of 96%.
• Keysight’s Scienlab energy storage discover software, which controls and monitors test systems and lab components from the device under test (DUT), including the battery management system and climatic chambers.
• Keysight’s software PathWave lab operations for battery test helps manage the entire lab and optimize workflow, data acquisition and handling.
• Proventia’s standardized, modular and location-independent test units reduce investment time and costs with scalability that enables customers to choose from right sized test chambers for rapid deployment.
• Proventia’s test laboratories include climatic chamber integration and control, liquid conditioning systems, air conditioning, a control room and DUT preparation space. To prevent hazardous situations and ensure the health of employees when testing batteries, safety features include gas and fire detection, a facility alarm system and access control.

“Combining our experience and knowledge with Keysight has enabled Proventia to quickly deliver an optimized battery test lab that meets our customers’ specific needs,” says Jari Lotvonen, president and CEO from Proventia.

“Working with Proventia has enabled us to offer customers a modular, safe and fast-to-build test lab infrastructure equipped with Keysight’s sophisticated battery test solutions,” said Thomas Goetzl, vice president and general manager for Keysight's Automotive & Energy Solutions business unit. “This enables customers to accelerate time-to-market of their battery products without compromising performance, quality and test coverage.”

Additional Information

To learn more about the partnership and customer benefits, visit Keysight Booth: 6-460 at The Battery Show to be held November 30^th to December 2^nd, 2021 in Messe Stuttgart | Stuttgart, Germany.

About Keysight Technologies

Keysight delivers advanced design and validation solutions that help accelerate innovation to connect and secure the world. Keysight’s dedication to speed and precision extends to software-driven insights and analytics that bring tomorrow’s technology products to market faster across the development lifecycle, in design simulation, prototype validation, automated software testing, manufacturing analysis, and network performance optimization and visibility in enterprise, service provider and cloud environments. Our customers span the worldwide communications and industrial ecosystems, aerospace and defense, automotive, energy, semiconductor and general electronics markets. Keysight generated revenues of $4.2B in fiscal year 2020. For more information about Keysight Technologies (NYSE: KEYS), visit us at www.keysight.com.

About Proventia

Proventia Group is an internationally operating technology company that provides solutions and services in the engine, machine, and vehicle industries to combat climate change and to solve the air pollution problem. Proventia develops and manufactures modular test centers for the product development of electric and hybrid vehicles as well as systems and components that increase the energy efficiency of power trains for non-road machines. Proventia takes people, the environment, and future generations into account in all its operations, with zero emissions being the company's vision.

Additional information about Keysight Technologies is available in the newsroom at https://www.keysight.com/go/news and on Facebook, LinkedIn, Twitter and YouTube.

Proventia Contact
Harri Kervinen, Director, Proventia Test Solutions
+358 45 128 1117
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Keysight Contacts
Geri Lynne LaCombe, Americas/Europe
+1 303 662 4748
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Fusako Dohi, Asia
+81 42 660-2162
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SAN FRANCISCO--(BUSINESS WIRE)--#STEM--Stem, Inc. (“Stem”) (NYSE: STEM) announced today the pricing of $400 million aggregate principal amount of 0.50% Green Convertible Senior Notes due 2028 (the “Notes”) in a private offering (the “Offering”), which was upsized from the previously announced $350 million offering, to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). In connection with the Offering, Stem has granted the initial purchasers of the Notes an option to purchase, for settlement within a 13-day period from, and including, the date when the Notes are first issued, up to an additional $60 million aggregate principal amount of the Notes on the same terms and conditions. The sale of the Notes to the initial purchasers is expected to settle on November 22, 2021, subject to customary closing conditions.

When issued, the Notes will be senior, unsecured obligations of Stem. The Notes will accrue interest payable semi-annually in arrears and will mature on December 1, 2028, unless earlier repurchased, redeemed or converted in accordance with their terms prior to such date. The Notes will be convertible based on an initial conversion rate of 34.1965 shares of Stem’s common stock per $1,000 principal amount of Notes (equivalent to an initial conversion price of approximately $29.24 per share of common stock, which represents a conversion premium of approximately 32.5% to the last reported sale price of Stem’s common stock on The New York Stock Exchange (the “NYSE”) on November 17, 2021). The Notes will be convertible upon the satisfaction of specified conditions into cash, shares of common stock of Stem or a combination thereof, with the form of consideration to be determined at Stem’s election. The Notes will be redeemable, in whole or in part, for cash at Stem’s option at any time, and from time to time, on or after December 5, 2025 and before the 45th scheduled trading day immediately before the maturity date, but only if the last reported sale price per share of Stem’s common stock exceeds 130% of the conversion price for a specified period of time.

In connection with the pricing of the Notes, Stem has entered into privately negotiated capped call transactions with one or more of the initial purchasers or their affiliates and/or other financial institutions (the “option counterparties”). The capped call transactions are expected generally to reduce potential dilution to Stem’s common stock upon any conversion of the Notes and/or offset any potential cash payments Stem is required to make in excess of the principal amount of converted Notes, as the case may be, with such reduction and/or offset subject to a cap. The cap price of the capped call transactions is initially $49.66 per share of common stock, which represents a premium of approximately 125.0% to the last reported sale price of Stem’s common stock on the NYSE on November 17, 2021, and is subject to certain adjustments under the terms of the capped call transactions.

In connection with establishing their initial hedges of the capped call transactions, Stem expects that the option counterparties or their respective affiliates will purchase shares of Stem’s common stock and/or enter into various derivative transactions with respect to Stem’s common stock concurrently with or shortly after the pricing of the Notes. This activity could increase (or reduce the size of any decrease in) the market price of Stem’s common stock or the Notes at that time.

In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Stem’s common stock and/or purchasing or selling Stem’s common stock or selling Stem’s common stock or other securities in secondary market transactions following the pricing of the Notes and prior to the maturity of the Notes (and are likely to do so following any dates the Notes are converted, repurchase or redeemed, if Stem exercises its option to terminate the relevant portion of the capped call transactions). This activity could also cause or avoid an increase or decrease in the market price of Stem’s common stock or the Notes, which could affect noteholders’ ability to convert the Notes and, to the extent the activity occurs during any observation period related to a conversion of Notes, it could affect the number of shares and value of the consideration that noteholders receive upon conversion of the Notes.

Stem intends to use a portion of the net proceeds from the Offering to fund the cost of entering into the capped call transactions described above. Stem intends to allocate an amount equivalent to the net proceeds from the Offering to finance or refinance, in whole or in part, existing or new Eligible Green Expenditures of Stem, including investments related to creating a more resilient clean energy system, optimized software capabilities for energy systems, and reducing waste through operations.

The Notes were offered only to persons reasonably believed to be qualified institutional buyers pursuant to Rule 144A under the Securities Act. The offer and sale of the Notes and any shares of common stock of Stem issuable upon conversion of the Notes, if any, have not been, and will not be, registered under the Securities Act or the securities laws of any other jurisdiction, and unless so registered, the Notes and such shares, if any, may not be offered or sold in the United States except pursuant to an applicable exemption from such registration requirements.

This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer or sale of, the Notes (or any shares of common stock of Stem issuable upon conversion of the Notes) in any state or jurisdiction in which the offer, solicitation, or sale would be unlawful prior to the registration or qualification thereof under the securities laws of any such state or jurisdiction.

About Stem, Inc.

Stem, Inc. (NYSE: STEM) provides advanced energy storage solutions alongside its AI-powered analytics platform to enable customers and partners to optimize energy use by automatically switching between battery power, onsite generation and grid power. Stem’s solutions help enterprise customers benefit from a clean, adaptive energy infrastructure and achieve a wide variety of goals, including expense reduction, resilience, sustainability, environmental and corporate responsibility and innovation. Stem also offers full support for solar partners interested in adding storage to standalone, community or commercial solar projects – both behind and in front of the meter.

Cautionary Statement Regarding Forward-looking Statements

This press release, as well as other statements we make, contain "forward-looking statements" within the meaning of the federal securities laws, which include any statements that are not historical facts. Such statements often contain words such as "expect," "may," "can," "believe," "predict," "plan," "potential," "projected," "projections," "forecast," "estimate," "intend," "anticipate," "ambition," "goal," "target," "think," "should," "could," "would," "will," "hope," "see," "likely," and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as statements about the terms of the Offering, whether Stem will be able to satisfy the closing conditions to consummate the Offering and the anticipated use of proceeds of the Offering. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including changes as a result of market conditions and the risk that the Offering will not be consummated. These forward-looking statements are based upon assumptions and estimates that, while considered reasonable by Stem and its management, depend upon inherently uncertain factors and risks that may cause actual results to differ materially from current expectations, including the additional risks and uncertainties set forth in the section entitled "Risk Factors" in the registration statement on Form S-1 filed with the SEC on July 19, 2021, and Stem’s most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements. Statements in this press release are made as of the date hereof, and Stem disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

Stem, Inc.
Ted Durbin, Stem
Marc Silverberg, ICR
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Technology Leader to Drive Customer & Supply Partner Experience

ATLANTA--(BUSINESS WIRE)--EspriGas, a technology driven industrial gas company, names Ryan Esparza as its Chief Technology Officer. Esparza joins the company to improve the customer and supply partner experience while driving innovation across the EspriGas platform and business offering. Building on his 20 years of experience driving growth strategy for technology companies, Esparza is focused on integrating and advancing EspriGas’ technology platform. He is committed to driving innovation at EspriGas keeping the focus on the customer and supply partner experience.

“We are all thrilled to have Esparza join the team,” said Mike Walsh, CEO of EspriGas. “His leadership and experience in the technology space will undoubtedly strengthen our team and drive growth for our business. I am excited about the immense potential for growth and innovation for our company and confident that Esparza will drive EspriGas to new heights.”

“I am honored to join this team as Chief Technology Officer,” said Esparza. “Thanks to its technology, EspriGas is in a unique position to really change how today’s companies receive and manage their gas supply, making the process simple and streamlined. I look forward to further driving innovation for the company while continuing its focus on the customer and supply partner experience.”

Most recently, Esparza was Chief Information Officer at Jackson Healthcare, where he led innovation within the company. Prior to this role, he was Vice President of Software Engineering at The Weather Company. He’s held leadership positions at other leading Atlanta brands, including Intercontinental Hotels Group, Cox Enterprises and The Home Depot. As an active member of the Atlanta community, he currently serves on the board of Inspiredu and is a member of the Leadership Atlanta Class of 2022.

Esparza holds a bachelor’s degree from the University of Texas at Austin and studied at Tecnológico de Monterrey in Monterrey, Mexico. As a licensed pilot and scuba diver, his hobbies include travel and adventure with his family.

About EspriGas
EspriGas is a technology driven beverage, medical, and industrial gas company. It brings a modern approach to the gas industry by utilizing a network business model to deliver products nationally. The company leverages its unique service and technology capabilities to handle the complex logistical needs of large, multi-site companies through a national network of gas supply partners. EspriGas has been servicing customers with numerous locations dispersed through the country for over 25 years. www.EspriGas.com.

Katie Huff
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MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE American: NOG) (the “Company”) announced today that it has priced its previously announced underwritten public offering of 10,000,000 shares of its common stock, which includes 9,500,000 shares being offered by the Company and 500,000 shares being offered by Cresta Investments, LLC and Cresta Greenwood, LLC (collectively, the “Selling Stockholders”), at a price to the public of $20.00 per share (the “Offering”). The Company has granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares from the Company. The Company will not receive any proceeds from any sale of shares by the Selling Stockholders. The Selling Stockholders’ participation in the Offering is driven solely by tax planning purposes and 100% of proceeds received by Selling Stockholders from the Offering will be used for charitable purposes. The Offering is expected to close on November 22, 2021, subject to the satisfaction of customary closing conditions.

The Company intends to use the net proceeds from the Offering and, to the extent necessary, cash on hand and/or borrowings under its revolving credit facility to fund the cash purchase price of the Company’s recently announced pending acquisition of substantially all of the non-operated Permian Basin assets owned by certain entities affiliated with Veritas Energy, LLC (the “Veritas Acquisition”). Pending the use of proceeds as described above, the Company may temporarily apply a portion of the net proceeds from the Offering to repay outstanding borrowings under its revolving credit facility. The consummation of the Offering is not conditioned upon the completion of the Veritas Acquisition and the consummation of the Offering is not a condition to the completion of the Veritas Acquisition. If the Veritas Acquisition is not consummated, the Company intends to use the net proceeds of the Offering for general corporate purposes, which may include the repayment of outstanding indebtedness.

Morgan Stanley & Co. LLC is acting as lead book-running manager for the Offering and BofA Securities is acting as a joint book-running manager for the Offering. The Offering will be made only by means of a prospectus supplement and the accompanying base prospectuses, which were filed as part of effective shelf registration statements filed with the Securities and Exchange Commission (“SEC”) on Form S-3. Copies of the preliminary prospectus supplement and accompanying base prospectuses relating to the Offering, as well as copies of the final prospectus supplement, once available, may be obtained on the SEC’s website at www.sec.gov or by contacting Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014; or BofA Securities, at NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, Attention: Prospectus Department or by emailing to This email address is being protected from spambots. You need JavaScript enabled to view it..

This press release does not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

ABOUT NORTHERN OIL AND GAS

Northern Oil and Gas, Inc. is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts included in this press release, are forward-looking statements, including, but not limited to, statements regarding the expected closing date of the Offering and the anticipated use of the net proceeds therefrom. When used in this press release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production and sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond the Company’s control) that could cause actual results to differ materially from those set forth in the forward looking statements, including the following: changes in crude oil and natural gas prices; the pace of drilling and completions activity on the Company’s properties and properties pending acquisition; the effects of the COVID-19 pandemic and related economic slowdown; the Company’s ability to acquire additional development opportunities; potential or pending acquisition transactions, including the Veritas Acquisition; the Company’s ability to consummate the Veritas Acquisition, the anticipated timing of such consummation, and any anticipated financing transactions in connection therewith; the projected capital efficiency savings and other operating efficiencies and synergies resulting from the Company’s acquisition transactions; integration and benefits of property acquisitions, including the Veritas Acquisition, or the effects of such acquisitions on the Company’s cash position and levels of indebtedness; changes in the Company’s reserves estimates or the value thereof; disruptions to the Company’s business due to acquisitions and other significant transactions; general economic or industry conditions, nationally and/or in the communities in which the Company conducts business; changes in the interest rate environment, legislation or regulatory requirements; conditions of the securities markets; the Company’s ability to raise or access capital; changes in accounting principles, policies or guidelines; financial or political instability, acts of war or terrorism; and other economic, competitive, governmental, regulatory and technical factors affecting the Company’s operations, products, services and prices. Additional information concerning potential factors that could affect future financial results is included in the section entitled “Item 1A. Risk Factors” and other sections of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and the Company’s Quarterly Report on Form 10-Q for the fiscal quarters ended March 31, 2021, June 30, 2021 and September 30, 2021, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause the Company’s actual results to differ from those set forth in the forward-looking statements.

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

Mike Kelly, CFA
Chief Strategy Officer
952-476-9800
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DUBLIN--(BUSINESS WIRE)--The "Hydrogen Gas Market Review 2021 and Strategic Plan for 2022 - Insights, Trends, Competition, Growth Opportunities, Market Size, Market Share Data and Analysis Outlook to 2028" report has been added to ResearchAndMarkets.com's offering.

The Hydrogen Gas Market is expected to register an attractive growth rate during the outlook period driven by technological innovations and application-specific developments. Market Players in the Hydrogen Gas Market business are aligning their operating model to the new normal by pivoting towards digitalization of operations and adapting to emerging technologies in robotic automation and artificial intelligence.

Mergers and acquisitions to acquire new technologies, strengthen portfolios, and leverage capabilities to remain key strategies of top companies in the Hydrogen Gas Market industry during the outlook period. Investing in R&D and technology to improve product lines will be the major growth driver in the short to medium term for the Hydrogen Gas Market amid prevailing tough conditions. The market study provides a comprehensive description of current trends and developments in the Hydrogen Gas Market industry along with a detailed predictive and prescriptive analysis to 2028.

Latest Trends, Drivers, Opportunities, and Challenges

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

Competition, Strategies and Company Profiles

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

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

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

Hydrogen Gas Market Research Scope

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

Key Topics Covered:

1. Table of Contents

2. Global Hydrogen Gas Market Review, 2020

3. Hydrogen Gas Market Insights

4. Hydrogen Gas Market Trends, Drivers, and Restraints

4.1 Latest Trends and Recent Developments in Hydrogen Gas Market

4.2 Key Factors Driving the Hydrogen Gas Market Growth

4.2 Major Challenges to the Hydrogen Gas Market industry, 2021-2028

4.3 Impact of COVID on Hydrogen Gas Market and Scenario Forecasts to 2028

5 Five Forces Analysis for Global Hydrogen Gas Market

6. Global Hydrogen Gas Market Data - Industry Size, Share, and Outlook

7. Asia Pacific Hydrogen Gas Market Industry Statistics - Market Size, Share, Competition and Outlook

8. Europe Hydrogen Gas Market Historical Trends, Outlook, and Business Prospects

9. North America Hydrogen Gas Market Trends, Outlook, and Growth Prospects

10. Latin America Hydrogen Gas Market Drivers, Challenges, and Growth Prospects

11. Middle East Africa Hydrogen Gas Market Outlook and Growth Prospects

12. Hydrogen Gas Market Structure and Competitive Landscape

12.1 Key Companies in Hydrogen Gas Market Business

12.2 Hydrogen Gas Market Key Player Benchmarking

12.3 Hydrogen Gas Market Product Portfolio

12.4 Financial Analysis

12.5 SWOT and Financial Analysis Review

13. Latest News, Deals, and Developments in Hydrogen Gas Market

14. Appendix

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

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

VANCOUVER, British Columbia--(BUSINESS WIRE)--EverGen Infrastructure Corp. (TSXV: EVGN) (“EverGen” or the “Company”) is providing an update with respect to severe flooding that has occurred in the Abbotsford and Sumas Prairie regions. The Company does not expect a material impact to its business as a result of flooding surrounding its Fraser Valley Biogas (“FVB”) facility or its Net Zero Waste Abbotsford (“NZWA”) facility at this time.

The Company confirms that as of the time of this press release, the areas surrounding EverGen’s FVB facility have been subject to an evacuation order and as a result, the FVB facility has been temporarily shut down. The Company’s NZWA facility remains in operation.

EverGen confirms that the employees from both FVB and NZWA remain accounted for and safe.

EverGen continues to monitor the situation in the Abbotsford and Sumas Prairie regions to ensure employee safety and project security for both facilities, and to determine and assess damage to its property or assets.

EverGen is committed to supporting the residents of Abbotsford as well as the farming community in working through these challenging times.

About EverGen Infrastructure Corp.

EverGen, Canada’s Renewable Natural Gas Infrastructure Platform, is combating climate change and helping communities contribute to a sustainable future, starting on the West Coast. Incorporated in 2020, EverGen is now established to acquire, develop, build, own and operate a portfolio of Renewable Natural Gas, waste to energy, and related infrastructure projects. EverGen is focused on British Columbia, with continued growth expected across other regions in North America.

For more information about EverGen Infrastructure Corp. and our projects, please visit www.evergeninfra.com.

Forward-Looking Information

This news release contains forward-looking statements and/or forward-looking information (collectively, “forward looking statements”) within the meaning of applicable securities laws. When used in this release, such words as “would”, “will”, “anticipates”, “believes”, “explores” and similar expressions, as they relate to EverGen, or its management, are intended to identify such forward-looking statements. Such forward-looking statements reflect the current views of EverGen with respect to future events, and are subject to certain risks, uncertainties and assumptions. Forward looking statements in this press release include statements relating to EverGen’s continuing monitoring of the flooding situation in the Abbotsford and Sumas Prairie regions to determine and assess damage to its property or assets. Many factors could cause EverGen’s actual results, performance or achievements to be materially different from any expected future results, performance or achievement that may be expressed or implied by such forward-looking statements. These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to EverGen’s ability to access the FVB and NZWA facilities and assess the impact and materiality of any related damage due to the uncertainty of the flooding situation, which may be beyond the control of EverGen. Forward-looking statements included in this news release should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such forward looking statements.

The forward-looking statements contained in this release are made as of the date of this release, and except as may be expressly required by law, EverGen disclaims any intent, obligation or undertaking to publicly release any updates or revisions to any forward-looking statements contained herein whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

EverGen’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits EverGen will derive therefrom.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in any jurisdiction.

EverGen Investor Contact
Kelly Castledine
416-576-8158
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EverGen Media Contact
Katie Reiach
604.614.5283
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DUBLIN--(BUSINESS WIRE)--The "Oil and Gas Lubricants Market Review 2021 and Strategic Plan for 2022 - Insights, Trends, Competition, Growth Opportunities, Market Size, Market Share Data and Analysis Outlook to 2028" report has been added to ResearchAndMarkets.com's offering.

The Oil and Gas Lubricants Market is expected to register an attractive growth rate during the outlook period driven by technological innovations and application-specific developments. Market Players in the Oil and Gas Lubricants Market business are aligning their operating model to the new normal by pivoting towards digitalization of operations and adapting to emerging technologies in robotic automation and artificial intelligence.

Mergers and acquisitions to acquire new technologies, strengthen portfolios, and leverage capabilities to remain key strategies of top companies in the Oil and Gas Lubricants Market industry during the outlook period. Investing in R&D and technology to improve product lines will be the major growth driver in the short to medium term for the Oil and Gas Lubricants Market amid prevailing tough conditions. The market study provides a comprehensive description of current trends and developments in the Oil and Gas Lubricants Market industry along with a detailed predictive and prescriptive analysis to 2028.

Oil and Gas Lubricants Market Insights - Latest Trends, Drivers, Opportunities, and Challenges

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

Oil and Gas Lubricants Market Structure - Competition, Strategies and Company Profiles

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

Oil and Gas Lubricants Market Research Scope

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

Key Topics Covered:

1. Table of Contents

2. Global Oil and Gas Lubricants Market Review, 2020

3. Oil and Gas Lubricants Market Insights

3.1 Oil and Gas Lubricants Market Trends to 2028

3.2 Future Opportunities in Oil and Gas Lubricants Market

3.3 Dominant Applications of Oil and Gas Lubricants Market to 2028

3.4 Key Types of Oil and Gas Lubricants Market to 2028

3.5 Leading End Uses of Oil and Gas Lubricants Market to 2028

3.6 High Prospect Countries for Oil and Gas Lubricants Market to 2028

4. Oil and Gas Lubricants Market Trends, Drivers, and Restraints

4.1 Latest Trends and Recent Developments in Oil and Gas Lubricants Market

4.2 Key Factors Driving the Oil and Gas Lubricants Market Growth

4.2 Major Challenges to the Oil and Gas Lubricants Market industry, 2021-2028

4.3 Impact of COVID on Oil and Gas Lubricants Market and Scenario Forecasts to 2028

5 Five Forces Analysis for Global Oil and Gas Lubricants Market

6. Global Oil and Gas Lubricants Market Data - Industry Size, Share, and Outlook

7. Asia Pacific Oil and Gas Lubricants Market Industry Statistics - Market Size, Share, Competition and Outlook

8. Europe Oil and Gas Lubricants Market Historical Trends, Outlook, and Business Prospects

9. North America Oil and Gas Lubricants Market Trends, Outlook, and Growth Prospects

10. Latin America Oil and Gas Lubricants Market Drivers, Challenges, and Growth Prospects

11. Middle East Africa Oil and Gas Lubricants Market Outlook and Growth Prospects

12. Oil and Gas Lubricants Market Structure and Competitive Landscape

12.1 Key Companies in Oil and Gas Lubricants Market Business

12.2 Oil and Gas Lubricants Market Key Player Benchmarking

12.3 Oil and Gas Lubricants Market Product Portfolio

12.4 Financial Analysis

12.5 SWOT and Financial Analysis Review

13. Latest News, Deals, and Developments in Oil and Gas Lubricants Market

14. Appendix

For more information about this report visit https://www.researchandmarkets.com/r/4w6or4

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

GUILDFORD, England--(BUSINESS WIRE)--Black & Veatch has been selected to help guide Marine Power Systems across subsystem design coordination, systems engineering and the certification of Marine Power Systems’ unique and flexible floating wind and wave energy generation hardware.

Black & Veatch is an employee-owned global engineering, procurement, consulting and construction company with deep experience and a long track record of innovation in sustainable infrastructure.

Working as an extension of Marine Power Systems’ technical team, Black & Veatch will lead specific elements of the project, providing technical quality assurance and helping identify and manage technical and programme risk. The role also encompasses quality, health, safety and environment management and supervision as well as supporting the full-scale Marine Power Systems’ technology certification process.

Marine Power Systems’ unique and patented platform technology offers best in class cost compared with its peers due to the significantly reduced system mass. Moreover, its modular and flexible design, enables optimum local content delivery through a decentralised logistics model. These benefits provide utility scale developers maximum flexibility between reducing cost and increasing local economic benefits, whilst in parallel accelerating farm deployment at scale.

The wave energy converter has a unique wave energy capture mechanism – directly and efficiently harnessing both the heave and surge energy of the wave. Each energy absorber can capture over a megawatt of power, and each device has multiple absorbers, leading to significant multi megawatt power output per machine.

Robbie Gibson, Black & Veatch’s Director for Renewable Energy in Europe commented, “A single system that simultaneously captures both wave and wind energy is a more consistent renewable ocean energy source, making maximum use of the lease area from a levelised cost of energy perspective and making intermittence less of a challenge. This project plays directly to our strengths and our experience in delivering major marine energy and offshore wind projects. Our broader design portfolio encompasses very many complex system configurations with multiple products and multiple technologies.”

Graham Foster, CTO at Marine Power Systems commented, “We are continuing to build our best-in-class team here at Marine Power Systems. Our partners and suppliers are very much part of that team and this latest appointment will play a crucial role in providing project and quality assurance. The team at Black & Veatch bring invaluable experience in floating wind and wave energy systems and marine structures, coupled with the ability to manage complex interfaces between them and oversee the pathway towards technology certification.”

Whilst offshore winds in shallow waters have been harnessed by fixed bottom wind turbines the wind and wave energy in deep water remains largely unharnessed and represents around 80% of the exploitable energy resources of our oceans.

Marine Power Systems have developed a flexible floating platform technology that is the only solution of its type that can be configured to harness wind and wave energy either as a combined solution or on their own in deep water. Whilst the market for their technology is utility scale, grid connected farms, additional markets include oil and gas platform electrification and the growing hydrogen economy.

Marine Power Systems are now working on the deployment of a grid connected commercial megawatt scale wind and wave device in northern Spain at the Biscay Marine Energy Platform (BiMEP) as well as the deployment of a pre-commercial scale array at the European Marine Energy Centre (EMEC), Orkney.

Download an image Marine Power Systems’ floating wind and wave energy generation hardware

About Black & Veatch

Black & Veatch is an employee-owned global engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people around the world by addressing the resilience and reliability of our most important infrastructure assets. Our revenues in 2020 exceeded US$3.0 billion. Follow us on www.bv.com and on social media.

Black & Veatch contact
Malcolm Hallsworth I Marketing & Communications I This email address is being protected from spambots. You need JavaScript enabled to view it. I +44 7920 701764

Marine Power Systems contacts
Jon Munro | Marketing and Communications | This email address is being protected from spambots. You need JavaScript enabled to view it. | +44 7831 754 814
Gareth Stockman | CEO | This email address is being protected from spambots. You need JavaScript enabled to view it. | +44 7796 493 209

SNOHOMISH, Wash.--(BUSINESS WIRE)--#2021astorsawards--Cyemptive Technologies, a provider of preemptive cybersecurity products and technology and winner of the Department of Homeland Security’s national competition for most innovative security-related solution in the market, announced today that it has won two 2021 ASTORS Homeland Security Awards from American Security Today. Cyemptive won a Platinum Award for the “Best Anti-Malware Solution” for the Cyemptive Zero Trust Access Solution, and a Silver Award for “Best Cyber Security End to End Encryption Solution” for its Cyemptive Perimeter Fortress Solution.

“We are honored to receive these awards from American Security Today, and for their recognition of our unique approach to combating ransomware and other malware,” said Rob Pike, founder and CEO of Cyemptive Technologies. “With cyber-attacks increasing in speed and sophistication, today’s cybersecurity solutions simply can’t keep up to identify the threats, let alone eliminate them, in time to prevent damage. Instead, cybersecurity threats should never be allowed inside the system in the first place. Cyemptive’s products are the only ones on the market today to do exactly this.”

Cyemptive pre-empts network, root level and firmware attacks using the combination of Cyemptive’s patented CyberSlice® and CyberScan technologies. It is the only solution that actually and effectively preempts the full spectrum of zero-day attacks (both discovered and undiscovered), persistent advanced attacks, AI offensive, today’s quantum computing attacks, unknown malicious encryption, sleeper ransomware, hidden file executables, packers, malware, steganography, and more, prior to infection.

“We are very pleased with the awards,” said Jim DuBois, Cyemptive Chief Strategy Officer and former Chief Information Security Officer for Microsoft. “It is also important to understand that we provide financially-backed SLAs to support our pledge to pre-emptively detect and remediate problems, particularly when combining our recently patented Cyemptive Enterprise Scanner (CES) technology with our Cyemptive Webserver Fortress (CWF), Cyemptive Perimeter Fortress (CPF) and Cyemptive Zero Trust Access (CZTA) to provide a level of zero trust cyber protection not existing in the market today. This approach is the real magic of Cyemptive. The components work together to create a zero trust platform unmatched in today’s cyber marketplace.”

About Cyemptive Technologies

Founded in 2014, Cyemptive is a provider of preemptive cybersecurity products and technology. With a leadership team comprised of executives from several of the world’s most powerful technology and security organizations, including the former CIO of Microsoft and the former Chief Computer Architect for the National Security Agency, the company’s focus is on delivering an alternative approach to security. It is the winner of the Department of Homeland Security’s Border Security Technology Consortium (BSTC) competition for most innovative border security-related solution in the market. More information about Cyemptive Technologies is available at https://www.cyemptive.com.

About American Security Today

American Security Today (AST), the "New Face in Homeland Security," is the premier digital media platform in the U.S. Homeland Security and Public Safety industry, focused on breaking news and in-depth coverage of the newest initiatives and hottest technologies in physical & IT security on the market today. AST highlights the most cutting-edge and forward-thinking security solutions across a wide variety of media products delivered daily, weekly and monthly to over 75,000 qualified government and security industry readers, essential to meeting today's growing security challenges to "Secure our Nation, One City at a Time." For more information, visit https://americansecuritytoday.com/.

Belinda Young
BYPR
206-932-3145
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Rob Pike
Cyemptive Technologies
425-341-9800
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Lynn McLean
SVP of Sales
Cyemptive Technologies, Inc.
415-515-4691
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- B&W Renewable technology will be used to generate power for the equivalent of 95,000 homes and significantly reduce landfill methane emissions

- Plant will divert 435,000 tons of non-recyclable waste from landfills annually

AKRON, Ohio--(BUSINESS WIRE)--$BW #wastetoenergy--Babcock & Wilcox (B&W) (NYSE: BW) announced today that its B&W Renewable segment has been awarded a contract for approximately $58 million to design and supply an advanced waste-to-energy boiler, combustion grate and other equipment for a waste-to-energy power plant in Europe.

B&W Renewable’s technologies, including its advanced DynaGrate^® combustion grate, will help the plant operator divert 435,000 tons of non-recyclable waste from landfills, reducing methane emissions and providing renewable energy for the equivalent of 95,000 homes. The DynaGrate is ideally suited for waste-to-energy applications and features a high level of fuel flexibility, energy recovery and combustion efficiency, while also reducing emissions by destroying dioxins and furans, minimizing formation of nitrogen oxides and limiting unburned carbon.

“Diverting hundreds of thousands of tons of waste each year will significantly reduce the environmental impact of landfilled waste in this region, including from runoff and methane emissions,” said Jimmy Morgan, B&W Chief Operating Officer. “Waste-to-energy, biomass and renewable technologies are an important part of B&W’s business growth strategy, and we’re pursuing other significant renewable energy projects around the world.”

As the world looks to reduce greenhouse gas emissions and reliance on fossil fuels, waste-to-energy technology can play a key role in those efforts while providing renewable, baseload power. In Europe alone, 50 million tons of waste is converted into valuable energy, supplying 27 million residents with power and substantially reducing the need for landfills.

About Babcock & Wilcox

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at www.babcock.com.

About B&W Renewable

Babcock & Wilcox Renewable offers cost-effective technologies for efficient and environmentally sustainable power and heat generation, including waste-to-energy, biomass energy and black liquor systems for the pulp and paper industry. B&W Renewable’s leading technologies support a circular economy, diverting waste from landfills to use for power generation and replacing fossil fuels, while recovering metals and reducing emissions.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the receipt of a contract for more than $58 million to design and supply a waste-to-energy boiler, combustion grate, ash-handling system and other equipment for a waste-to-energy plant in Europe, as well as the corresponding reduction in the environmental impact of landfilled waste in this region. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox
330-860-6802 | 704.625.4944
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Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345
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• H&P's North America Solutions segment exited the fourth quarter of fiscal year 2021 with 127 active rigs, up 5% during the quarter, and expects its first quarter of fiscal year 2022 North America Solutions rig count to exit between 152-157, up over 20%

• Quarterly North America Solutions operating gross margins⁽¹⁾ decreased $6 million to $69 million sequentially, as revenues increased by $12 million to $293 million and expenses increased by $18 million to $224 million

• Reported a fiscal fourth quarter net loss of $(0.74) per diluted share; including select items⁽²⁾ of $(0.12) per diluted share

• During the quarter, the Company sold eight FlexRig® land rigs to ADNOC Drilling for $86.5 million and subsequently made a $100 million cornerstone investment into ADNOC Drilling's initial public offering

• H&P announced an upsized debt offering of $550 million of 2.90% senior notes due 2031 issued at our existing investment-grade⁽³⁾ credit rating with proceeds used to subsequently redeem the previous outstanding 2025 notes

• On September 1, 2021, the Board of Directors of the Company declared a quarterly cash dividend of $0.25 per share, payable on December 1, 2021 to stockholders of record at the close of business on November 23, 2021

TULSA, Okla.--(BUSINESS WIRE)--Helmerich & Payne, Inc. (NYSE: HP) reported a net loss of $79 million, or $(0.74) per diluted share, from operating revenues of $344 million for the quarter ended September 30, 2021, compared to a net loss of $56 million, or $(0.52) per diluted share, on revenues of $332 million for the quarter ended June 30, 2021. The net losses per diluted share for the fourth and third quarters of fiscal year 2021 include $(0.12) and $0.05 of after-tax losses and gains, respectively, comprised of select items⁽²⁾. For the fourth quarter of fiscal year 2021, select items⁽²⁾ were comprised of:

• $0.03 of after-tax gains pertaining to the sale of equipment
• $(0.15) of after-tax losses pertaining to a non-cash impairment for the fair market adjustments to equipment held for sale, closing costs associated with the ADNOC Drilling transactions, restructuring charges, a non-cash fair market adjustment to our equity investment and an inventory write-down

Net cash provided by operating activities was $47 million for the fourth quarter of fiscal year 2021 compared to $31 million for the third quarter of fiscal year 2021.

For fiscal year 2021, the Company reported a net loss of $326 million, or $(3.04) per diluted share, from operating revenues of $1.2 billion. The net loss per diluted share includes $(0.44) of after-tax losses comprised of select items⁽²⁾. Net cash provided by operating activities was $136 million in fiscal year 2021 compared to $539 million in fiscal year 2020.

President and CEO John Lindsay commented, "As we head towards 2022 we expect that the demand for H&P's drilling solutions will continue to improve, and capital discipline, along with the help of strong commodity prices, will strengthen the industry. I am confident we are well-positioned to deliver value in this environment.

"As contemplated, rig activity increases were more measured during our fiscal fourth quarter as we realized more rig churn among customers. Regardless, we are pleased with the 5% incremental rig count increase we experienced during the quarter and are optimistic as we look ahead to the fourth calendar quarter, where we expect to see our rig count increase sequentially at a higher pace as customers begin to reset their annual capital budgets. We are already experiencing increased rig activity with 141 rigs working in North America today. That said, we believe the market will remain disciplined, but customers' budgets will be set based on the higher commodity price environment. We expect utilization of readily available rigs to remain very high and our projected increase in rig demand will be more than we can accommodate with our current active fleet, meaning we will have to reactivate more long-idled rigs to satisfy demand.

"The tightness in the supply of readily available rigs and the sizeable costs associated with rig reactivations have begun to move contract pricing upward in the market. This will likely become even more pronounced in the coming months and we expect pricing to continue to improve as rig demand picks up heading into 2022. It is my belief H&P's new commercial models and digital technology solutions will also continue to drive economic returns higher, not only for our customers, but also for ourselves.

"International activity tends to lag the U.S.; however, we expect to see activity improve in these markets in the coming quarters as well. For example, we recently signed agreements with YPF to put four rigs to work under term contracts in Argentina commencing at different dates in fiscal 2022. Additionally, our recent transactions to sell eight rigs to the Middle East's largest⁽⁴⁾ land driller, ADNOC Drilling, and the subsequent $100 million cornerstone investment in the company's recent initial public offering, provides H&P with a unique opportunity going forward. This is just the beginning of what we look forward to being a fruitful alliance with ADNOC Drilling and represents an initial step in our international expansion plans."

Senior Vice President and CFO Mark Smith also commented, "We expect the Company's strong financial position will be bolstered by improving rig activity levels and pricing, which will give us flexibility to take advantage of additional opportunities. Looking out into fiscal 2022, we have set our initial capex budget to range between $250 and $270 million, representing a substantial sequential increase that tracks with expected activity levels.

"Just prior to our fiscal year end, the Company closed on an upsized $550 million senior notes offering. The notes' coupon of 2.90% represents a record low for a BBB⁽³⁾ rated 10-year or longer tenor from an oilfield service company. Due to the Company's already strong balance sheet, we were able to take advantage of the historically low interest rate environment, securing low cost, long-term capital and extend our refinancing horizon, which provides us greater financial agility and reduced risk."

John Lindsay concluded, “Those who have worked in this industry know it is resilient, and that it has delivered reliable, affordable energy which has been critical to global progress and prosperity. The industry has made significant progress in reducing the environmental impact of its operational emissions and will continue to do so in the future. At H&P, we are optimistic about the future, and we believe our rigs, digital technology, solid financial position, and the commitment of our people position us to lead the recovery by delivering value-added solutions and services to our customers and partners."

Operating Segment Results for the Fourth Quarter of Fiscal Year 2021

North America Solutions:

This segment had an operating loss of $60.7 million compared to an operating loss of $43.7 million during the previous quarter. The increase in the operating loss was primarily due to impairments related to fair market adjustments for equipment held for sale. Absent the select items⁽²⁾ for the quarters, this segment's operating loss declined by $4.1 million on a sequential basis.

Operating gross margins⁽¹⁾ decreased by $5.8 million to $69.1 million. Throughout this fiscal year, we prudently managed our expenses and inventory levels, utilizing previously expensed consumable inventory harvested during stacking activities in 2020 rather than fully costed inventory or purchasing new inventory. However, rig activity levels have increased and remain elevated, while previously expensed inventory has been exhausted, causing the need to issue average cost inventory as well as begin purchasing additional inventory to replenish stock levels. This occurrence, along with costs associated with reactivating rigs, adversely impacted operating results during the quarter. Rig reactivation costs were $6.6 million in the fourth fiscal quarter compared to $5.9 million in the third fiscal quarter.

International Solutions:

This segment had an operating loss of $5.7 million compared to an operating loss of $3.5 million during the previous quarter due to higher SG&A expenses associated with the ADNOC Drilling transactions. Operating gross margins⁽¹⁾ improved slightly to a negative $0.4 million from a negative $1.4 million in the previous quarter. Current quarter results included a $0.7 million foreign currency loss primarily related to our South American operations compared to a $0.6 million foreign currency loss in the third quarter of fiscal year 2021.

Offshore Gulf of Mexico:

This segment had operating income of $4.5 million compared to operating income of $5.7 million during the previous quarter. Operating gross margins⁽¹⁾ for the quarter were $7.7 million compared to $9.2 million in the prior quarter.

Operational Outlook for the First Quarter of Fiscal Year 2022

North America Solutions:

• We expect North America Solutions operating gross margins⁽¹⁾ to be between $75-$85 million, which includes approximately $15 million in estimated reactivation costs
• We expect to exit the quarter at between 152-157 contracted rigs

International Solutions:

• We expect International Solutions operating gross margins⁽¹⁾ to be between $(2)-$0 million, exclusive of any foreign exchange gains or losses

Offshore Gulf of Mexico:

• We expect Offshore Gulf of Mexico operating gross margins⁽¹⁾ to be between $6-$8 million

Other Estimates for Fiscal Year 2022

• Gross capital expenditures are expected to be approximately $250 to $270 million; approximately 50% expected for maintenance, including tubular purchases, roughly 35% expected for skidding to walking conversions and approximately 15% for corporate and information technology. Ongoing asset sales include reimbursements for lost and damaged tubulars and sales of other used drilling equipment that offset a portion of the gross capital expenditures and are expected to total approximately $40 million in fiscal year 2022.
• Depreciation for fiscal year 2022 is expected to be approximately $405 million
• Research and development expenses for fiscal year 2022 are expected to be roughly $25 million
• General and administrative expenses for fiscal year 2022 are expected to be approximately $170 million of which roughly $45-$48 million is expected for the first fiscal quarter

Select Items Included in Net Income per Diluted Share

Fourth quarter of fiscal year 2021 net loss of $(0.74) per diluted share included $(0.12) in after-tax losses comprised of the following:

• $0.03 of after-tax gains related to the sale of equipment
• $(0.01) of non-cash after-tax losses related to fair market value adjustments to equity investments
• $(0.01) of non-cash after-tax losses related to an inventory write-down
• $(0.01) of after-tax losses related to restructuring charges
• $(0.02) of after-tax losses related to closing costs associated with the ADNOC Drilling transactions
• $(0.10) of after-tax losses related to the non-cash impairment for fair market value adjustments to equipment that is held for sale

Third quarter of fiscal year 2021 net loss of $(0.52) per diluted share included $0.05 in after-tax gains comprised of the following:

• $0.01 of non-cash after-tax gains from discontinued operations related to adjustments resulting from currency fluctuations
• $0.02 of non-cash after-tax gains related to fair market value adjustments to equity investments
• $0.05 of income tax adjustments related to certain discrete tax items
• $(0.01) of after-tax losses related to the non-cash impairment for fair market value adjustments to decommissioned rigs that are held for sale
• $(0.01) of after-tax losses related to restructuring charges
• $(0.01) of after-tax losses related to the change in the fair values of certain contingent liabilities

Fiscal year 2021 net loss of $(3.04) per diluted share included $(0.44) in after-tax losses comprised of the following:

• $0.05 of income tax adjustments related to certain discrete tax items
• $0.05 of non-cash after-tax gains related to fair market value adjustments to equity investments
• $0.10 of non-cash after-tax gains from discontinued operations related to adjustments resulting from currency fluctuations
• $0.10 of after-tax gains pertaining to the sale of an offshore platform rig and equipment
• $(0.01) of non-cash after-tax losses related to an inventory write-down
• $(0.01) of after-tax losses related to the change in the fair values of certain contingent liabilities
• $(0.02) of after-tax losses related to closing costs associated with the ADNOC Drilling transactions
• $(0.03) of after-tax losses related to restructuring charges
• $(0.17) of after-tax losses pertaining to the sale of excess drilling equipment and spares
• $(0.50) of after-tax losses related to non-cash impairment for fair market value adjustments to decommissioned rigs and equipment that are held for sale

Conference Call

A conference call will be held on Thursday, November 18, 2021 at 11:00 a.m. (ET) with John Lindsay, President and CEO, Mark Smith, Senior Vice President and CFO, and Dave Wilson, Vice President of Investor Relations, to discuss the Company’s fourth quarter fiscal year 2021 results. Dial-in information for the conference call is (800) 895-3361 for domestic callers or (785) 424-1062 for international callers. The call access code is ‘Helmerich’. You may also listen to the conference call that will be broadcast live over the Internet by logging on to the Company’s website at http://www.helmerichpayne.com and accessing the corresponding link through the investor relations section by clicking on “Investors” and then clicking on “News and Events - Events & Presentations” to find the event and the link to the webcast.

About Helmerich & Payne, Inc.

Founded in 1920, Helmerich & Payne, Inc. (H&P) (NYSE: HP) is committed to delivering industry leading levels of drilling productivity and reliability. H&P operates with the highest level of integrity, safety and innovation to deliver superior results for its customers and returns for shareholders. Through its subsidiaries, the Company designs, fabricates and operates high-performance drilling rigs in conventional and unconventional plays around the world. H&P also develops and implements advanced automation, directional drilling and survey management technologies. At September 30, 2021, H&P's fleet included 236 land rigs in the United States, 30 international land rigs and seven offshore platform rigs. For more information, see H&P online at www.helmerichpayne.com.

Forward-Looking Statements

This release includes “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, and such statements are based on current expectations and assumptions that are subject to risks and uncertainties. All statements other than statements of historical facts included in this release, including, without limitation, statements regarding the registrant’s future financial position, operations outlook, business strategy, dividends, budgets, projected costs and plans and objectives of management for future operations are forward-looking statements. For information regarding risks and uncertainties associated with the Company’s business, please refer to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s SEC filings, including but not limited to its annual report on Form 10‑K and quarterly reports on Form 10‑Q. As a result of these factors, Helmerich & Payne, Inc.’s actual results may differ materially from those indicated or implied by such forward-looking statements. We undertake no duty to update or revise our forward-looking statements based on changes in internal estimates, expectations or otherwise, except as required by law.

We use our Investor Relations website as a channel of distribution for material company information. Such information is routinely posted and accessible on our Investor Relations website at www.helmerichpayne.com.

Note Regarding Trademarks. Helmerich & Payne, Inc. owns or has rights to the use of trademarks, service marks and trade names that it uses in conjunction with the operation of its business. Some of the trademarks that appear in this release or otherwise used by H&P include FlexRig, which may be registered or trademarked in the United States and other jurisdictions.

(1) Operating gross margin is defined as operating revenues less direct operating expenses.
(2) See the corresponding section of this release for details regarding the select items. The Company believes identifying and excluding select items is useful in assessing and understanding current operational performance, especially in making comparisons over time involving previous and subsequent periods and/or forecasting future periods results. Select items are excluded as they are deemed to be outside of the Company's core business operations.
(3) Investment grade rating of BBB+ from S&P Global and Baa1 from Moody's.
(4) Largest in terms of fleet size.

Dave Wilson, Vice President of Investor Relations
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(918) 588‑5190

Eco-Smart allows Wallbox users to charge their electric vehicle with solar energy at home;

Power Boost measures a home’s real-time energy usage and automatically adjusts EV charging based on the electrical panel’s maximum capacity.

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Wallbox (NYSE:WBX), a leader in electric vehicle charging and energy management solutions worldwide, today announced the launch of Eco-Smart and Power Boost, the company’s first home energy management features available for EV drivers in the U.S. Eco-Smart and Power Boost come standard with Pulsar Plus, the smallest available smart home EV charger in North America, capable of 48Amp (11.5kW) charging. With these new features, Wallbox continues to extend its market leadership in energy management and provide its users with intelligent charging solutions for sustainable home energy use.

“These latest features represent a leap forward in how EV owners can charge their vehicles at home,” said Douglas Alfaro, General Manager of Wallbox North America. “With the release of Eco-Smart and Power Boost, we have reimagined the way in which energy is monitored, used, accessed and optimized for EV owners throughout the home. As energy costs and demand are expected to continue to rise, intelligently managed EV chargers will become not only a cost-savings measure, but a way to facilitate the transition to clean energy in the future.”

Maximize clean energy consumption

Eco-Smart uses a power meter to measure the energy from a home’s rooftop solar system to charge an EV in an efficient and sustainable way. This feature lets homeowners determine the source and mix of power to be delivered to the EV and is available in two modes:

• Full-Green Mode detects when there is enough surplus green energy available from the home solar PV system to charge an EV, so that the EV is charged with renewable energy.
• Eco Mode blends grid energy with surplus green energy from home solar panels, maximizing charging speed while taking advantage of the available power from the home solar PV system.

Eco-Smart can be controlled through the myWallbox app on a mobile device if the user prefers to switch to all-grid power.

Enable more powerful EV charging at home

Power Boost is designed to allow installation of a more powerful charger where the home's electrical capacity might otherwise require limiting the power available for EV charging.

Power Boost is able to measure the real-time energy usage of a household and dynamically adjust EV charging power. This permits users to install a more powerful EV charger in their homes. When electrical consumption of the household is increased, for example, when air conditioning is in use, EV charging power can be dynamically reduced to avoid overloading the electrical system. As household electrical consumption decreases, EV charging power is increased so that users can charge at maximum speed.

The heart of the energy management system

Both Power Boost and Eco-Smart features are embedded within Pulsar Plus and are easily activated through the myWallbox app and with the professional installation of a power meter kit (available at wallbox.com or via a Wallbox-certified reseller).

Pulsar Plus, Wallbox’s best selling home charger worldwide, is compatible with all EVs, including Teslas, using the Tesla-provided J1772 adapter. Features include flexible amperage setting, Bluetooth and Wi-Fi connectivity, charge scheduling, power sharing, the myWallbox app, and voice control via Amazon Alexa and Google Home.

About Wallbox

Wallbox is a global technology company, dedicated to changing the way the world uses energy. Wallbox creates advanced electric vehicle charging and energy management systems that redefine users' relationship to the grid. Wallbox goes beyond electric vehicle charging to give users the power to control their consumption, save money, and live more sustainably. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public and public use in more than 80 countries.

Founded in 2015 and headquartered in Barcelona, the company now employs over 700 people in its offices in Europe, Asia, and the Americas.

For additional information, please visit www.wallbox.com.

Wallbox Forward Looking Statements

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the expected cost savings expected from the use of Eco-Smart and Power Boost and the ability for Eco-Smart and Power Boost to reduce electrical consumption. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "may," "can," "should," "could," "might," "plan," "possible," "project," "strive," "budget," "forecast," "expect," "intend," "will," "estimate," "predict," "potential," "continue" or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.

These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Wallbox’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: Wallbox’s history of operating losses as an early stage company; the adoption and demand for electronic vehicles including the success of alternative fuels, changes to rebates, tax credits and the impact of government incentives; Wallbox’s ability to successfully manage its growth; the accuracy of Wallbox’s forecasts and projections including those regarding its market opportunity; competition; risks related to health pandemics including those of COVID-19; losses or disruptions in Wallbox’s supply or manufacturing partners; Wallbox’s reliance on the third-parties outside of its control; risks related to Wallbox’s technology, intellectual property and infrastructure; and other important factors discussed under the caption "Risk Factors" in Wallbox’s final prospectus on Form 424(b)(3) filed with the SEC on September 20, 2021, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investors Relations section of Wallbox’s website at investors.wallbox.com.

These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement that Wallbox makes in this press release speaks only as of the date of such statement. Except as required by law, Wallbox disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.

###

Sara Long
Spark for Wallbox
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