Winter is Almost Here: Act Now to Prepare and Save Energy this Season

SAN FRANCISCO--(BUSINESS WIRE)--Winter chills mean the heating system and water heaters in your home may need to work harder, which ultimately impacts pocketbooks. And, this year, the commodity price of natural gas is rising across the nation and around the world, which will affect all of us. Pacific Gas and Electric Company (PG&E) passes through the commodity cost of natural gas to our customers with no markup.

“We use various strategies throughout the year to secure favorable pricing for the natural gas we purchase for our customers, in addition to offering a variety of programs to help customers manage energy costs. As we continue to attempt to alleviate the price swings, we encourage our customers to take extra steps now that will help them get ready and save all winter long,” said Marlene Santos, PG&E’s Chief Customer Officer.

PG&E takes several steps to reduce the impact of volatile gas prices on our customers. These include:

• Buying natural gas at times throughout the year when it’s less expensive,
• Using our gas storage facilities like McDonald Island, as well as other independently owned gas storage fields in northern California to store less expensive gas purchases for cold winter months, when prices and customer demand are higher,
• Contracting for pipeline access to multiple gas production geographic areas to secure lower priced gas, and
• Engaging in financial hedging to limit the impact of price volatility on customer bills.

PG&E wants customers to be aware of ways to save energy and money as we head into the winter months. PG&E offers the following tips to safely reduce the cost of keeping warm.

• Lower thermostat: Setting the thermostat to 68 degrees (health permitting) during the cooler months can save up to 15% on energy bills. Save about 2% on your heating bill for each degree the thermostat is lowered (if the turndown lasts a good part of the day or night).
  
  
• Control water temperature: Set your water heater thermostat at 120°F or lower. This way you'll reduce the amount of energy it takes to produce and maintain your hot water by not overheating it.
  
  
• Stop drafts in their tracks: Save up to 10% on annual energy costs by reducing drafts and saving energy by sealing holes around pipes, wiring, vents or recessed lights with foam or caulk.
  
  
• Keep warm air moving: Reverse your fan in winter to produce a gentle updraft, forcing warm air near the ceiling down into the living space.
  
  
• Don’t close vents in unused rooms: Closed registers force the same amount of air through other ducts. This builds pressure in the system and makes the HVAC work harder to distribute air where needed.
  
  
• Invest in energy-saving products: Install a programmable thermostat to save about $180 annually in energy costs.
  
  
• Enroll in a monthly discount program: Qualifying customers can apply for a monthly discount through the California Alternate Rates for Energy Program (CARE)
  
  
• Get help making energy-saving improvements: Qualifying customers can receive free energy efficiency upgrades through the Energy Savings Assistance Program.

For more tips on saving energy this winter, visit www.pge.com/winter.

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.

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JACKSONVILLE, Fla.--(BUSINESS WIRE)--$RDW--Redwire Corporation (NYSE: RDW), a leader in space infrastructure for the next generation space economy, is providing critical navigation components and roll-out solar array (ROSA) technology for NASA’s Double Asteroid Redirection Test (DART) mission, the world’s first planetary defense test mission. The mission is set to launch no earlier than November 23 at 10:20 p.m. PST from Vandenberg Space Force Base in California.

Redwire delivered two Roll-Out Solar Arrays (ROSA) for the DART program through a contract with Johns Hopkins Applied Physics Laboratory (APL). The two solar arrays, which each unfurl to 28 feet when fully deployed, will power the entire spacecraft. The arrays will feature Redwire’s Flexible Array Concentrator Technology (FACT) Solar Power Modules, which use high efficiency SolAero Inverted Metamorphic Module 4J Photovoltaic solar cells, as a Transformational Solar Array demonstration. Redwire also delivered a Digital Sun Sensor system consisting of five Digital Sun Sensor heads and one Digital Sun Sensor electronics processing unit, which will be used for attitude control and fail-safe recovery throughout the mission.

“Redwire is proud to partner with APL and NASA on this historic mission and it’s incredibly exciting to see our technology used to advance Earth’s planetary defense capabilities,” said Andrew Rush, President and COO of Redwire. “As a critical mission partner, we are leveraging our innovative, flight-proven technology to enable truly game-changing missions, like DART, that are expanding our understanding of the solar system and ushering in an exciting new era of exploration.”

DART will be the first demonstration of the kinetic impactor technique to change the motion of an asteroid in space. The DART spacecraft will travel millions of miles to a binary asteroid, Didymos, where it will crash into its moonlet to adjust its speed and trajectory. As humankind’s first planetary defense mission, DART will demonstrate critical technology that could one day be used to protect Earth from a dangerous asteroid or comet.

First demonstrated on the International Space Station (ISS) in 2017, Redwire‘s ROSA technology is compact, modular and scalable, making it ideal for use on various spaceflight platforms. In June 2021, two ROSA arrays were successfully installed and deployed on the ISS to provide a critical power boost, and four more arrays under contract with Boeing will be installed over the next two years. Redwire is also producing various modular versions of ROSA for many government and commercial spaceflight applications, including Maxar’s Power and Propulsion Element for NASA’s Gateway program and the Ovzon 3 GEO spacecraft for Maxar’s Legion-class satellites.

Redwire’s Digital Sun Sensor has a rich flight heritage and is valued for its accuracy, durability, and compact and lightweight design. Other missions and spacecraft the Digital Sun Sensors have supported include: Mars Pathfinder, Mars Exploration Rovers A and B, Mars Science Lander Curiosity, Mars 2020 Perseverance, IRIS, and Cassini-Huygens.

Building on decades of flight heritage combined with new space technology, Redwire’s advanced sensors and components are enabling unparalleled navigation and power generation capabilities, providing more flexibility and capability on-orbit with more processing power and smaller form factors.

To learn more about Redwire's involvement in this historic mission, visit www.redwirespace.com.

About Redwire

Redwire Corporation (NYSE: RDW) is a leader in mission critical space solutions and high reliability components for the next generation space economy, with valuable IP for solar power generation and in-space 3D printing and manufacturing. With decades of flight heritage combined with the agile and innovative culture of a commercial space platform, Redwire is uniquely positioned to assist its customers in solving the complex challenges of future space missions. For more information, please visit www.redwirespace.com.

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Leader in industrial scale woody biomass to renewable gasoline and hydrogen selects sites for the construction of its renewable gasoline and hydrogen plants

HOUSTON--(BUSINESS WIRE)--Arbor Renewable Gas, LLC (“Arbor Gas”) announced today that it has selected a 53-acre site in Beaumont, Texas as the home of its first renewable gasoline plant. The “Spindletop Plant” is located on the Beaumont, Nederland border. The site was selected for its access to critical infrastructure and feedstock as well a talented and experienced workforce, along with longstanding community support for modern fuel plants.

The plant will produce approximately 1,000 barrels per day of high quality, environmentally responsible “drop-in” renewable gasoline for sale into the renewable fuels marketplace. The gasoline will be produced from woody biomass generated from the East Texas woodshed in compliance with the EPA rules under the Renewable Fuel Standard (“RFS”). Once produced, the gasoline will be shipped to consumers that require the fuel under the Low Carbon Fuel Standard (“LCFS”).

“The Arbor Gas team is extremely excited to build its first plant in the City of Beaumont,” said Timothy Vail, CEO of Arbor Gas. “Both the City of Beaumont and Jefferson County have been very welcoming and supportive of our development efforts.” Mr. Vail continued to say, “Just as the Spindletop area opened the door to the petroleum revolution in 1901, Arbor Gas and the City of Beaumont are reinventing the way transportation fuels are produced, and decarbonizing transportation fuel for all consumers of gasoline.”

Construction of the Spindletop Plant will commence in the first quarter of 2022 with an expected completion date in late 2023. Commercial production from the facility is expected to begin in early 2024.

Additionally, Arbor Gas has tentatively selected a site in Pasadena, Texas for continued later expansion. The “Red Bluff Road” site is ideally located in the Bayport industrial district near large consumers of hydrogen. This site offers a unique location to produce renewable hydrogen on an industrial scale with the ability to efficiently transport the product via pipeline directly to end-users.

About Arbor Renewable Gas, LLC

Arbor Gas’ mission is to build and own a portfolio of cost-effective, safe, and reliably sourced woody biomass to renewable gasoline and green hydrogen plants around the world. With an initial focus on the Texas and Louisiana Gulf Coast, Arbor Gas brings a unique blend of intellectual capital, technology, financing, and project execution skills to successfully advance its vision of a clean, low carbon transportation fuel utilizing existing infrastructure and vehicles.

For more information, visit www.arborgas.com.

Heather Haley
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DNV, Amazon, FlexGen, Heila Technologies, CELI, and SEIA as Gold Honorees Among the Diverse Class of Winners

ARLINGTON, Va.--(BUSINESS WIRE)--The Cleanie Awards®, the leading awards program focused on recognizing innovators and those making an impact on the clean energy industry, announced its 2021 winners today at its virtual The Cleanie Awards® 2021 Award Ceremony. The awards program recognizes people and brands delivering on the promise of a clean energy future. Among the diverse group of winners included organizations such as DNV, Amazon, FlexGen, Heila Technologies, Clean Energy Leadership Institute, and Solar Energy Industries Association.

BNEF reported an estimate of nearly $174 billion was invested in renewable energy projects and companies in the first half of 2021. The clean energy industry continues to grow, and this year’s total investments reached a record high. This year’s program added two people’s choice categories and introduced new categories, the Best Corporate Sustainability Strategy and Best Journalist, to address the growing needs of this sector. This was the most competitive in the awards history with a triple-digit increase in the number of submissions from 2020.

“We launched the awards in 2017 as a recognition program, welcoming 10 names into our winner’s circle for the inaugural year. Now, four years later, we have grown 600 percent with our winner’s circle nearing 100 people and brands driving the clean energy economy,” said Randee Gilmore, Executive Director, The Cleanie Awards. “We have established ourselves as the #1 comprehensive clean energy awards program, and we feel like we’re just getting started. To say I’m excited about this year’s class of winners is an understatement.”

The full list of 2021 The Cleanie Award winners is as follows:

Enterprise Company of the Year

• Gold: DNV
• Silver: Blattner Company
• Bronze: Generac Power Systems
• Hon. Mention: McCarthy Building Companies, Inc.

Midsize Company of the Year

• Gold: FlexGen
• Silver: Pine Gate Renewables
• Bronze: Edison Energy
• Hon. Mention: World Energy

Startup Company of the Year

• Gold: Heila Technologies

Non-Profit Company of the Year

• Gold: Clean Energy Leadership Institute (CELI)

Best Corporate Sustainability Program

• Gold: Amazon
• Silver: Black & Veatch
• Bronze: Resolute Forest Products
• Hon. Mention: Pine Gate Renewables

Journalist of the Year

• Gold: Brian Eckhouse, Bloomberg
• Silver: Jeff St. John, Canary Media

Community Contributor of the Year

• Gold: Stuart McCafferty, Eamonn McCormick, and David Fofia, Contributors at Energy Central

Podcaster of the Year

• Gold: Stephen Lacey, Post Script Media

DE&I Champion (Corporate)

• Gold: Solar Energy Industries Association (SEIA)
• Silver: Renewables Forward
• Bronze: Atlas Renewable Energy
• Hon. Mention: Leyline Renewable Capital

DE&I Champion (Individual)

• Gold: Catherine McLean, Dylan Green

College Excellence, Sponsored by REpowering Schools

• Gold: Avery Taylor, Student at Penn State University
• Silver: Callie Chaplain and Meghan Jennings, James Madison University

Corporate Investment Leader of the Year:

• Gold: FullCycle

Individual Investment Leader of the Year:

• Gold: Meghan Schultz, Invenergy

Keep the Power On:

• Gold: Connexus Energy

Pioneer in New Technology

• Gold: FlexGen
• Silver: Plug Power
• Bronze: Schneider Electric
• Hon. Mention: SOLV Energy

Rising Star – Under 40

• Gold: Kevin Magayah, CS Energy

Rising Star – Under 30

• Gold: Miles Braxton, Goldman Sachs Renewable Power Group/Black Oak Collective

Trailblazer

• Gold: Annika Colston, AC Power

Women of the Year

• Gold: Abigail Ross Hopper, Solar Energy Industries Association (SEIA)

Project of the Year – PEOPLE’S CHOICE

• Gold: Ameresco

Project of the Year – JUDGES’ CHOICE

• Gold: Fluence

BEST MEDIA OUTLET – PEOPLE’S CHOICE

• Gold: Canary Media

Visit www.thecleanieawards.com to learn more about the program and sign up for notifications about next year’s application process.

About The Cleanie Awards®

The Cleanie Awards® is the first comprehensive awards program exclusive to the cleantech industry. It generates much needed visibility for innovators and disruptors in the industry who are creating life- and planet-changing solutions. The campaigns recognized by the award program aim to influence public opinion about technologies delivering on the promise of a clean energy future.

Randee Gilmore
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WALL, N.J.--(BUSINESS WIRE)--New Jersey Natural Gas (NJNG) today received approval from the New Jersey Board of Public Utilities (BPU) on the settlement of its base rate case and conclusion of its Safety Acceleration and Facility Enhancement (SAFE II) and New Jersey Reinvestment in System Enhancement (NJ RISE) programs, resulting in a $79.269 million increase to its base rates. NJNG requested the increase to recover costs associated with the responsible operation of its business, system enhancements and infrastructure investments, including an emission-reducing green hydrogen project, the Southern Reliability Link (SRL) and a new safety training facility.

“This is a reasonable, fair settlement that recognizes the value of the more than $800 million of investments we’ve made in our system and operations since 2019,” said Steve Westhoven, President and CEO of New Jersey Natural Gas. “These investments have significantly enhanced the reliability of our delivery system, driven down emissions and supported the critical operation of our lifeline utility service. We thank the Board of Public Utilities for their work in reaching an outcome that balances the interests of our customers and our company.”

After a thorough review by regulators, the settlement reflects a rate base of $2.523 billion, an increase in revenue requirement of $79 million, an overall rate of return of 6.84 percent and a composite depreciation rate of 2.78%.

The BPU also authorized a $269,000 rate increase related to SAFE II and NJ RISE investments through June 30, 2021, effectively concluding those programs. Approved in 2016 and 2014, respectively, SAFE II and NJ RISE replaced unprotected base steel main in NJNG’s pipeline network and enhanced system resiliency in the most storm prone areas of its service territory.

The approved rates include recovery of NJNG’s new emission-reducing green hydrogen facility. This cutting-edge project is the first of its kind on the East Coast to generate zero-carbon green hydrogen and blend that energy with natural gas on an existing distribution system serving customers. The project results in lower emissions from the energy NJNG delivers, without any change to the way its customers receive or consume energy.

Also included is the recovery of all capital investments related to the SRL and a new safety training facility. The SRL is a 30-mile transmission pipeline that significantly strengthens NJNG’s delivery system and provides greater reliability and supply diversity to customers at the southern end of its service territory. The training facility is a part of NJNG’s commitment to safety. It will provide mandated operator qualification and safety-related training, including classroom and simulated field activities for NJNG employees and third-party contractors, as well as training opportunities for local emergency personnel.

Separately, the BPU approved a 1.4% increase related to Basic Gas Supply Service (BGSS) recoveries. The BGSS represents the cost of the commodity that is passed through to customers. Any change to this rate does not result in a change in earnings for NJNG.

The new rates will go into effect on December 1, 2021.

As a result of the BGSS and base rate adjustments approved by the BPU, the typical residential heating customer using 100 therms a month will see an increase of $13.23, or 11.3%, on their monthly bill, from $117.05 to $130.28. Even with this change, customers’ bills are still 23.4% lower than they were in 2008.

Energy assistance is available for customers struggling to pay their natural gas bill. Email This email address is being protected from spambots. You need JavaScript enabled to view it. or call 800-221-0051 to learn more about eligibility and available programs. NJNG also offers energy-efficiency programs through The SAVEGREEN PROJECT®, including rebates and financing options for high-efficiency equipment, to help customers save energy and money. For more information, visit savegreenproject.com.

About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

• New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,500 miles of natural gas transportation and distribution infrastructure to serve over half a million customers in Monmouth, Ocean and parts of Morris, Middlesex and Burlington counties in New Jersey.
• NJR Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of more than 365 megawatts, providing residential and commercial customers with low-carbon energy solutions.
• NJR Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
• Storage & Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River Energy Center and the Adelphia Gateway Pipeline Project, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility.
• NJR Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its more than 1,200 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve^® and initiatives such as The SAVEGREEN Project^® and The Sunlight Advantage^®.

Follow us on Twitter @NJNaturalGas.

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Addition of protein-focused transportation business represents first step in ambitious Brazil growth strategy

SÃO PAULO, Brazil--(BUSINESS WIRE)--Add after last paragraph of release: 44 Capital Finanças Corporativas acted as financial advisor and Lefosse Advogados acted as legal advisor to Emergent LatAm.

The updated release reads:

EMERGENT COLD LATIN AMERICA ACQUIRES DMX LOGÍSTICA

Addition of protein-focused transportation business represents first step in ambitious Brazil growth strategy

Emergent Cold Latin America (Emergent LatAm), Latin America’s newest temperature-controlled warehousing and logistics provider, announced today the acquisition of DMX Logística, the premier transportation company supporting Brazil’s protein industry. This acquisition is Emergent LatAm’s first investment in Brazil and represents an important piece of its growth strategy in a key global food trade market.

Based in Itajaí, Santa Catarina, DMX Logística operates a modern fleet of more than 400 trucks and trailers across 13 locations, in addition to rail, cabotage and other modals, serving the largest reefer ports in South Brazil. It enjoys a stellar reputation throughout the protein industry for its expansive market coverage and customer service. As part of Emergent LatAm, DMX Logística will embark upon an ambitious growth plan that includes technology investment and geographic expansion.

“It is with a great pleasure that we welcome the team of DMX Logística to Emergent Cold Latin America,” said Evandro Calanca, Managing Director of Emergent Cold Brazil. “This transaction represents our first step towards building a large and fully integrated cold chain network in Brazil, including storage and transportation. We have a number of exciting announcements planned that will serve to meet our customers’ growing demand in this important global market.”

“We are very pleased to join Emergent Cold Latin America,” said Mayckon Cabral, Director and Co-Owner of DMX Logística. “With this transaction, our customers will gain access to a more integrated logistics solution, and our employees will enjoy new growth opportunities. The entire DMX team is honored to be part of this exciting project.”

44 Capital Finanças Corporativas acted as financial advisor and Lefosse Advogados acted as legal advisor to Emergent LatAm.

About Emergent Cold Latin America

Emergent Cold Latin America (www.emergentcoldlatam.com) is building the highest quality cold storage network to provide integrated, end-to-end temperature-controlled logistics solutions to customers throughout Latin America. The Company was founded to fill a need for modern cold-chain solutions within the market and to serve the increasing demand from domestic and global trade customers.

About DMX Logística

DMX Logística (https://dmxlogistica.com/) has its headquarters in Itajaí, and though its operating bases operates 24 hours a day with more than 200 employees and a large transportation fleet. In addition to service in all regional cold stores, we also have service in ports throughout South Brazil. Since 2012, DMX Logística has had a base directly dedicated to operations involving multimodal transport such as maritime and rail. Our operations also rely on road transport for the collection or delivery of containers, which reduces costs to the customer and facilitates the distribution of demand.

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While aging infrastructure remains a concern, focus on cybersecurity and grid modernization reflects rising challenges for service providers

OVERLAND PARK, Kan.--(BUSINESS WIRE)--Facing mounting demand to integrate increasing amounts of renewable energy onto the grid and elevate their resilience to power-disrupting weather events and wildfires, U.S. electric utilities continue to wage a transformation keying on their need to modernize in a decarbonizing world. Black & Veatch’s new survey-driven Electric Report puts into focus the blend of challenges and opportunities for a sector tasked with bolstering their reliability in a rapidly evolving energy ecosystem.

Applying its expert analyses to survey data from nearly 500 electric industry stakeholders – and released on the heels of the influential COP26 global summit about climate change – Black & Veatch’s 15^th annual report details a path forward for the sector as “new energy” from solar and wind – and the ascension of hydrogen – continue to reshape the domestic power landscape.

Highlighted during the recent U.N. Climate Change Conference in Glasgow, Scotland, unrelenting demands from governments, corporations, activists and shareholders for lower carbon footprints also are prompting utilities to balance their energy portfolios with cleaner, more environmentally friendly options. Cyber threats and the pressing need to invest in charging infrastructure for a proliferating electric vehicle (EV) market add to such headwinds as the industry prepares for a surge in demand after more than a decade of slow growth.

Detailing the push for utilities and power developers to become more sustainable, reliable and resilient, the report offers key insights, including:

• While aging infrastructure has been a relative constant as the industry’s most-cited top challenge for more than a decade, roughly one-third of survey respondents now rate the integration of renewables as their No. 1 challenge, moving up one spot from last year. Cybersecurity jumped four spots to second place, with aging infrastructure now third.
• Over the next decade, the energy sector expects to see solar and wind power as critical to meeting clean energy goals and/or cutting their emissions and carbon output. Those numbers drop considerably beyond 10 years, giving way to more deployments of hydrogen — the most-cited option beyond the next decade — and battery energy storage.
• Industry concerns regarding the future of renewables at scale center on three major barriers, with cost leading the way.
• With no universal approach in preparing grids for extreme climate events, each energy asset owner and provider will need a customized strategy that accounts for system constraints, geographic location, asset vulnerabilities, budgetary considerations and workforce availability.
• Government incentives and policies, along with increased governmental pressure and influence, are the top two factors driving the respondents’ renewable energy investments in their regions.

“As the surge of clean energy fuels, advancements in energy storage and extreme weather events and wildfires continue to have a profound impact on the U.S. power grid’s resilience, electric utilities must embrace the opportunity to innovate and repower themselves,” said Mario Azar, president of Black & Veatch's energy and process industries business. “It’s a pivotal time for forward-looking, proactive energy approaches that deliver the reliability and lower carbon impacts that consumers and enterprises, big and small, demand from critical infrastructure services.”

Other notable findings in the report include:

• Nine out of 10 respondents expect energy storage investments to increase in the next five years in their region, up from 80 percent last year. More than half — 56 percent — expect their generation capacity investment in hydrogen to rise over the same half-decade time frame, double the 26 percent of respondents who anticipated as much in 2020.
• Nearly 80 percent of respondents are committed to reducing carbon dioxide (CO₂) and other greenhouse gas emissions while furthering their own clean energy goals. More than half (57 percent) are doing this independently from any regulatory mandate.
• Seventy-five percent of respondents say they are directing their capital toward clean renewable energy investment, yet less than 10 percent believe a 100-percent clean energy generation model has been validated.
• Four out of five respondents consider asset hardening to be more important today than in previous years. This may be due to the immediacy of this year’s weather issues – or reflect the business community’s awareness of the significant financial and reputational risk they face from extreme weather events.
• Nearly three-quarters of survey respondents acknowledge there is local pressure on their utilities to commit to decarbonization. Roughly one-third of respondents say they’re feeling increased demand for clean energy solutions from commercial and industrial clients, up nearly three-fold from last year.

Editor’s Notes:

• Black & Veatch’s report is based on a survey of nearly 500 electricity industry stakeholders. To download a free copy of the report, click here.

About Black & Veatch’s Industry Reports

Black & Veatch’s high-impact reports, in a series previously known as Strategic Directions publications, provide industry insights and analysis based on market-leading research. Encompassing several annual reports examining the electric, water and other sectors, the series serves to inform and educate industry players on key issues, challenges and opportunities. Visit https://www.bv.com/reports to learn more.

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.

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DALLAS & STAMFORD, Conn.--(BUSINESS WIRE)--CBRE Group, Inc., the world’s largest commercial real estate firm, and Altus Power, Inc. (“Altus Power”), a market-leading clean electrification company, have partnered to develop an advanced proprietary tool to identify locally sited clean energy opportunities that help commercial real estate owners and occupiers meet their energy needs while reducing their carbon footprints.

The offering leverages CBRE’s vast commercial real estate data platform, advanced analytics and proprietary algorithms to identify and model clean energy opportunities for commercial & industrial properties, community solar projects, and electric vehicle charging stations.

CBRE collects and analyzes billions of datapoints on more than 100 billion square feet of commercial real estate – ranging from property information to transaction detail to rooftop sizes to energy consumption information.

Altus Power and CBRE have developed a proprietary application that leverages artificial intelligence to rapidly identify promising rooftops from CBRE’s dataset. Using CBRE’s proprietary algorithms with access to advanced satellite imagery and CBRE’s up-to-date information, the application can accurately model building energy demand, potential power generation and identify opportunities where solar energy and/or battery storage can be deployed to accelerate owners’ and occupiers’ carbon reduction efforts.

“Our partnership with CBRE is tremendous,” said Julia Sears, Chief Digital Officer of Altus Power. “The early success of our technology collaboration accelerates our ability to identify attractive opportunities for clients to deploy clean energy solutions at scale to deliver decarbonization outcomes and reduce energy bills at no cost to those clients.”

“Our vast trove of data, combined with Altus Power’s clean energy expertise and distribution network, provides a unique advantage to property owners and occupiers that are looking to drive down energy costs while lessening their impact on the environment,” said Bill Bernabei, Global Head of Business Analytics in CBRE’s Global Workplace Solutions business.

CBRE is the parent company of CBRE Acquisition Sponsor, LLC, the sponsor of CBRE Acquisition Holdings, Inc. (NYSE: CBAH), a blank-check company, which announced plans for a business combination with Altus Power that is expected to result in Altus Power becoming a publicly traded company.

About Altus Power

Altus Power, based in Stamford, Connecticut, is creating a clean electrification ecosystem, serving its commercial, public sector and community solar customers with locally sited solar generation, energy storage, and EV-charging stations across the U.S. Since its founding in 2009, Altus Power has developed or acquired over 350 megawatts from Vermont to Hawaii. Visit altuspower.com to learn more.

About CBRE

CBRE Group, Inc., a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2020 revenue). The company has more than 100,000 employees serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.

About CBRE Acquisition Holdings, Inc.

CBRE Acquisition Holdings, Inc. (“CBAH”) (NYSE: CBAH) is a blank-check company formed solely for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. CBAH is sponsored by CBRE Acquisition Sponsor, LLC, which is a subsidiary of CBRE Group, Inc.

Important Information About the Business Combination and Where to Find It

CBAH has filed with the U.S. Securities and Exchange Commission (“SEC”) a Registration Statement on Form S-4 (the “Registration Statement”), which includes a proxy statement/prospectus in connection with the proposed business combination between Altus Power and CBAH (the “business combination”) and the other transactions contemplated by the business combination agreement entered into by Altus Power and CBAH. The Registration Statement was declared effective by the SEC on November 5, 2021 and CBAH also filed the definitive proxy statement/prospectus with respect to the business combination on that date. CBAH has mailed a definitive proxy statement/prospectus and other relevant documents to its stockholders as of October 27, 2021, the record date for the Special Meeting. CBAH’s stockholders and other interested persons are advised to read the definitive proxy statement/prospectus in connection with CBAH’s solicitation of proxies for its stockholders’ Special Meeting to be held to approve the business combination because the proxy statement/prospectus contains important information about CBAH, Altus Power and the business combination. Stockholders will also be able to obtain copies of the Registration Statement and the proxy statement/prospectus, without charge at the SEC’s website at www.sec.gov or by directing a request to CBRE Acquisition Holdings, Inc., 2100 McKinney Avenue, Suite 1250, Dallas, TX 75201.

Participants in the Solicitation

CBAH, Altus Power and certain of their respective directors and officers may be deemed participants in the solicitation of proxies of CBAH’s stockholders with respect to the approval of the business combination. CBAH and Altus Power urge investors, stockholders and other interested persons to read the Registration Statement and the definitive proxy statement/prospectus and exhibits thereto, as well as other documents filed with the SEC in connection with the business combination, as these materials contain important information about Altus Power, CBAH and the business combination. Information regarding CBAH’s directors and officers and a description of their interests in CBAH is contained in the Registration Statement and the definitive proxy statement/prospectus.

Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “could”, “continue”, “expect”, “estimate”, “may”, “plan”, “outlook”, “future” and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to CBAH’s and Altus Power’s future prospects, developments and business strategies. In particular, such forward-looking statements include statements concerning the timing of the business combination, the business plans, objectives, expectations and intentions of CBAH once the business combination and the other transactions contemplated thereby (the “Transactions”) and change of name are complete (“New Altus”), and New Altus’s estimated and future results of operations, business strategies, competitive position, industry environment and potential growth opportunities. These statements are based on CBAH’s or Altus Power’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events.

Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside CBAH’s or Altus Power’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the occurrence of any event, change or other circumstances that could give rise to the termination of the business combination agreement; (2) the inability to complete the Transactions due to the failure to obtain approval of the stockholders of CBAH or Altus Power or other conditions to closing in the business combination agreement; (3) the ability of New Altus to meet NYSE’s listing standards (or the standards of any other securities exchange on which securities of the public entity are listed) following the business combination; (4) the inability to complete the private placement of common stock of CBAH to certain institutional accredited investors; (5) the risk that the announcement and consummation of the Transactions disrupts Altus Power’s current plans and operations; (6) the ability to recognize the anticipated benefits of the Transactions, which may be affected by, among other things, competition, the ability of New Altus to grow and manage growth profitably, maintain relationships with customers, business partners, suppliers and agents and retain its management and key employees; (7) costs related to the Transactions; (8) changes in applicable laws or regulations and delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals required to complete the Transactions; (9) the possibility that Altus Power and New Altus may be adversely affected by other economic, business, regulatory and/or competitive factors; (10) the impact of COVID-19 on Altus Power’s and New Altus’s business and/or the ability of the parties to complete the Transactions; (11) the outcome of any legal proceedings that may be instituted against CBAH, Altus Power, New Altus or any of their respective directors or officers, following the announcement of the Transactions; and (12) the failure to realize anticipated pro forma results and underlying assumptions, including with respect to estimated stockholder redemptions and purchase price and other adjustments.

Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found in CBAH’s most recent annual report on Form 10-K, subsequently filed quarterly reports on Form 10-Q and current reports on Form 8-K, which are available, free of charge, at the SEC’s website at www.sec.gov, and are provided in the Registration Statement and CBAH’s definitive proxy statement/prospectus. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made, and CBAH and Altus Power undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.

This communication is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in CBAH and is not intended to form the basis of an investment decision in CBAH. All subsequent written and oral forward-looking statements concerning CBAH and Altus Power, the Transactions or other matters and attributable to CBAH and Altus Power or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above.

Altus Power Contacts
For Media:
Cory Ziskind
ICR, Inc.
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For Investors:
Caldwell Bailey
ICR, Inc.
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CBRE Acquisition Holdings Contacts
Cash Smith
CBRE Acquisition Holdings, Inc.
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Steven Iaco
CBRE Corporate Communications
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• Named to Dow Jones Sustainability Index North America for 12th Consecutive Year
• Achieves Level 4 Status in Transition Pathway Initiative 2021 Report

NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE: HES) has earned a place on the prestigious Dow Jones Sustainability Index (DJSI) North America for the 12th consecutive year and is one of only three oil and gas companies included in the North America Index. The DJSI, which recognizes public companies for outstanding performance across economic, environmental and social factors, is used as a reference by shareholders who consider sustainability when making investment decisions. Only the most sustainable companies in each industry are considered each year for index membership.

In addition, the Transition Pathway Initiative (TPI) recently published its 2021 report on the progress of more than 190 energy companies in transitioning to a low carbon economy and supporting efforts to mitigate climate change in line with the Task Force on Climate-related Financial Disclosures (TCFD) recommendations. In TPI’s 2021 report, Hess is one of only three U.S. oil and gas companies to achieve its top Level 4 status, which is the highest level awarded to companies that demonstrably manage climate-related risks and opportunities from a governance, operational and strategic perspective.

“We are honored to be recognized by both the Dow Jones Sustainability Index and the Transition Pathway Initiative for delivering industry leading environmental, social and governance performance and disclosure,” said Alex Sagebien, Vice President, Environment, Health and Safety.

Hess’ Sustainability Report describes the company’s sustainability strategy and performance on environmental, social and governance programs and initiatives. The report is available at: www.hess.com/sustainability/sustainability-reports.

Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information about the company is available at www.hess.com.

For Hess Corporation

Investor Contact:
Jay Wilson
(212) 536-8940

Media Contact:
Lorrie Hecker
(212) 536-8250

Report highlights SWN’s leading approach to ESG performance, risk management and sustainable value creation

SPRING, Texas--(BUSINESS WIRE)--Southwestern Energy Company (NYSE: SWN) (the “Company” or “Southwestern”) today released its 8^th annual corporate responsibility report. The report highlights the Company’s core values of Environmental, Social and Governance (“ESG”) and health and safety (“HSE”) underlying its comprehensive approach to sustainable value creation from responsible natural gas development. The report can be accessed at www.swn.com/responsibility. Key report highlights include:

• Methane intensity 73% lower than 2025 ONE Future target;
• GHG intensity in top quartile among AXPC peers;
• Fifth consecutive year of fresh water neutrality, returning 14.3 billion gallons of fresh water to the environment in communities where we work and live;
• Removed 1.3 million truck loads from roads since 2015 due to integrated water management systems;
• Company record safety performance with Total Recordable Incident Rate of 0.36 for employees and contractors;
• Over 30,000 hours of HSE employee training;
• Broadened diversity and inclusion initiatives, including a women’s development program, partnerships with diversity-focused organizations and leadership education and awareness sessions;
• Average women’s salary 104% of average men’s salary;
• 44% of board members are diverse (gender, nationality or ethnicity);
• Expanded disclosures in line with GRI, TCFD and SASB reporting frameworks;
• Increased weighting of ESG-related compensation metrics to 15% of annual bonus;
• Commitment to obtain independent responsibly sourced gas (RSG) certification and continuous emissions monitoring across its Appalachia basin operations; and
• Announced expected ESG-related investment of $15 to $20 million in 2022.

“The release of our 8^th annual Corporate Responsibility report underscores the importance of ESG and HSE as core values of Southwestern Energy. Our approach to ESG aligns with our strategic intent to be the preferred investment vehicle for institutional investors looking to gain exposure to responsible natural gas development,” said Bill Way, Southwestern Energy President and Chief Executive Officer.

“SWN is continuously building on existing programs and practices, such as fresh water neutrality, responsibly sourced gas and our ONE Team HSE culture. The Company remains committed to investing in projects to pursue further reduction of emissions, assessing long-term emission goals and further progressing diversity and inclusion initiatives. We’re confident these actions will strengthen our leading position in the development of natural gas which is foundational to a low-carbon future,” continued Way.

About Southwestern Energy

Southwestern Energy Company (NYSE: SWN) is a leading U.S. producer of natural gas and natural gas liquids focused on responsibly developing large-scale energy assets in the nation’s most prolific shale gas basins. SWN’s returns-driven strategy strives to create sustainable value for its stakeholders by leveraging its scale, financial strength and operational execution. For additional information, please visit www.swn.com and www.swn.com/responsibility.

Forward Looking Statement

Certain statements and information in this news release may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Exchange Act, as amended. The words “believe,” “expect,” “anticipate,” “plan,” "predict," “intend,” "seek," “foresee,” “should,” “would,” “could,” “attempt,” “appears,” “forecast,” “outlook,” “estimate,” “project,” “potential,” “may,” “will,” “likely,” “guidance,” “goal,” “model,” “target,” “budget” and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. Statements may be forward looking even in the absence of these particular words. Examples of forward-looking statements include, but are not limited to our financial position, business strategy, production, reserve growth and other plans and objectives for our future operations, and generation of free cash flow. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. The forward-looking statements contained in this document are largely based on our expectations for the future, which reflect certain estimates and assumptions made by our management. These estimates and assumptions reflect our best judgment based on currently known market conditions, operating trends, and other factors. Although we believe such estimates and assumptions to be reasonable, they are inherently uncertain and involve a number of risks and uncertainties that are beyond our control. As such, management’s assumptions about future events may prove to be inaccurate. For a more detailed description of the risks and uncertainties involved, see “Risk Factors” in our most recently filed Annual Report on Form 10-K, subsequent Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other SEC filings. We do not intend to publicly update or revise any forward-looking statements as a result of new information, future events, changes in circumstances, or otherwise. These cautionary statements qualify all forward-looking statements attributable to us, or persons acting on our behalf. Management cautions you that the forward-looking statements contained herein are not guarantees of future performance, and we cannot assure you that such statements will be realized or that the events and circumstances they describe will occur. Factors that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements herein include, but are not limited to: the timing and extent of changes in market conditions and prices for natural gas, oil and natural gas liquids (“NGLs”), including regional basis differentials and the impact of reduced demand for our production and products in which our production is a component due to governmental and societal actions taken in response to COVID-19 or other public health crises and any related company or governmental policies and actions to protect the health and safety of individuals or governmental policies or actions to maintain the functioning of national or global economies and markets; our ability to fund our planned capital investments; a change in our credit rating, an increase in interest rates and any adverse impacts from the discontinuation of the London Interbank Offered Rate; the extent to which lower commodity prices impact our ability to service or refinance our existing debt; the impact of volatility in the financial markets or other global economic factors; difficulties in appropriately allocating capital and resources among our strategic opportunities; the timing and extent of our success in discovering, developing, producing and estimating reserves; our ability to maintain leases that may expire if production is not established or profitably maintained; our ability to transport our production to the most favorable markets or at all; the impact of government regulation, including changes in law, the ability to obtain and maintain permits, any increase in severance or similar taxes, and legislation or regulation relating to hydraulic fracturing, climate and over-the-counter derivatives; the impact of the adverse outcome of any material litigation against us or judicial decisions that affect us or our industry generally; the effects of weather; increased competition; the financial impact of accounting regulations and critical accounting policies; the comparative cost of alternative fuels; credit risk relating to the risk of loss as a result of non-performance by our counterparties; and any other factors listed in the reports we have filed and may file with the SEC that are incorporated by reference herein. All written and oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary statement.

Brittany Raiford
Director, Investor Relations
(832) 796-7906
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DUBLIN--(BUSINESS WIRE)--The "Pipeline Security Systems - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Amid the COVID-19 crisis, the global market for Pipeline Security Systems estimated at US$7 Billion in the year 2020, is projected to reach a revised size of US$11.5 Billion by 2027, growing at a CAGR of 7.4% over the analysis period 2020-2027.

Natural Gas, one of the segments analyzed in the report, is projected to record a 8.9% CAGR and reach US$3.6 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Crude Oil segment is readjusted to a revised 6.7% CAGR for the next 7-year period.

The U.S. Market is Estimated at $1.9 Billion, While China is Forecast to Grow at 11.4% CAGR

The Pipeline Security Systems market in the U.S. is estimated at US$1.9 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$2.6 Billion by the year 2027 trailing a CAGR of 11.4% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 3.9% and 6.7% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 4.8% CAGR.

Hazardous Liquid Pipelines/Chemicals Segment to Record 6.1% CAGR

In the global Hazardous Liquid Pipelines/Chemicals segment, USA, Canada, Japan, China and Europe will drive the 5.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$362.9 Million in the year 2020 will reach a projected size of US$530.9 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.6 Billion by the year 2027, while Latin America will expand at a 7.3% CAGR through the analysis period.

Select Competitors (Total 49 Featured):

• ABB Group
• Future Fibre Technologies Pty., Ltd.
• GE Grid Solutions
• Modcon Systems Ltd.
• OptaSense
• POLUS-ST LLC
• Senstar Corporation
• SFC Energy AG - EFOY
• Siemens AG
• Silixa Ltd.
• Westminster International Ltd.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• Influencer Market Insights
• World Market Trajectories
• Impact of Covid-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/n7lbog

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

SAN FRANCISCO--(BUSINESS WIRE)--#STEM--Stem, Inc. (“Stem”) (NYSE: STEM) announced today its intention to offer, subject to market conditions and other factors, $350 million aggregate principal amount of green Convertible Senior Notes due 2028 (the “Notes”) in a private offering (the “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 expects to grant 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 $52.5 million aggregate principal amount of the Notes on the same terms and 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 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. The redemption price will be equal to the principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any, to, but excluding, the redemption date. The interest rate, initial conversion rate and other terms of the Notes will be determined at the pricing of the Offering.

In connection with the pricing of the Notes, Stem expects to enter 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. If the initial purchasers exercise their option to purchase additional Notes, Stem expects to enter into additional capped call transactions with the option counterparties. 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 will be 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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DEERFIELD BEACH, Fla.--(BUSINESS WIRE)--Capstone Companies, Inc. (OTC: CAPC) (“Capstone” or the “Company”), a designer, manufacturer and marketer of consumer inspired products that simplify daily living through technology reported its third quarter 2021 financial results on Monday, November 15, 2021. As a direct result of ongoing delays of certification and testing, the Company’s planned product launch for Q3 2021 was delayed and no revenues were generated in the third quarter accordingly.

The Company’s plan to produce an estimated 3,000 mirrors in 2021 remains intact. The remarkable increase in costs and limited availability of transport as widely reported in daily news coverage will impact the stateside availability dates for the second production run of 2,000 mirrors. The cost mitigation plan implemented in 2020 and the $1.5 million private equity placement in April 2021 has enabled the Company to sustain operations during these unprecedented times.

Stewart Wallach, Capstone’s Chairman & Chief Executive Officer, commented, “While the outbreaks of COVID have minimally effected the workforce in China and Thai factories in Q3, the certifications and testing, specifically FCC EMC, remain pending precluding the Company from shipping mirrors in Q3 as anticipated."

He added, "Management continues to exhaust every effort in addressing the delays which frankly are inexplicable. We have confirmed (as per my October 11^th PR) that the FCC EMC product testing was completed and that the certification is forthcoming. We are aggressively following up daily to bring this matter to a close. In the thirty-five years that your management team has been creating and bringing new consumer products to market, we have never experienced anything like this before.”

Wallach further commented, “On a positive note, to avoid any further delays, we have pre-paid an estimated $700 thousand for components and production for the first 1,000 mirrors are scheduled at the factory pending the publication of the FCC certification. We are standing ready for initial product release. The insiders and directors remain resolute, and have continued to support the Company with an additional $1 million in inventory funding made available on October 18^th. In addition to the funding, the largest insider shareholders have not sold any shares. I realize the shareholder community is anxious as communications have been limited since mid-October and accordingly, I will be scheduling a webcast prior to Thanksgiving to share material updates on the Smart Mirror program.”

About Capstone Companies, Inc.

Capstone Companies, Inc. is a public holding company that engages, through its wholly owned subsidiaries, Capstone Industries, Inc., Capstone Lighting Technologies, LLC, and Capstone International HK, Ltd., in the development, manufacturing and marketing of consumer products to retail channels throughout North America and certain international markets.

Visit our websites; www.capstonecompaniesinc.com for more information about the Company and www.capstoneconnected.com for information on our current product offerings. Contents of referenced URL’s are not incorporated herein.

Forward Looking Statements. This press release contains forward-looking statements that involve substantial risks and uncertainties. All statements, other than statements of historical facts, included in this press release regarding strategy, future operations, and plans, including assumptions underlying such statements, are forward-looking statements, and should not be relied upon as representing Company’s views as of any subsequent date. Such forward-looking statements are based on information available to the Company as of the date of this press release and involve a number of risks and uncertainties, some beyond the Company’s control or ability to foresee, that could cause actual results to differ materially from those anticipated by these forward-looking statements, including, including the impact of Coronavirus/COVID-19 pandemic on the Smart Mirror product line, any difficulty in marketing Company products in its target markets, competition in the market, and impact of evolving technologies in Smart Mirrors on Company’s prospects and products. Additional information that could lead to material changes in Company’s performance is contained in its filings with the Securities and Exchange Commission.

Company is under no obligation to, and expressly disclaims any responsibility to, update or alter forward-looking statements contained in this release, whether as a result of current information, future events or otherwise. Any investment in the Company’s common stock, which is a “penny stock,” is highly risky and not suitable for investors who require liquidity and are unable to withstand the loss of their investment. Investors should only rely on public information in our filings with the SEC, especially disclosures of Risk Factors, as a basis for investment decisions about Company common stock. Company’s SEC filings can be accessed through SEC website: www.sec.gov or the corporate website listed below.

FINANCIAL TABLES FOLLOW. THE FOLLOWING SUMMARY FINANCIAL STATEMENT SHOULD BE READ ALONG WITH THE FORM 10K FINANCIAL STATEMENT FILED BY THE COMPANY WITH THE SECURITIES AND EXCHANGE COMMISSION.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Aimee C. Brown
Corporate Secretary
(954) 252-3440, ext. 313

HAMILTON, Bermuda--(BUSINESS WIRE)--November 16, 2021 – Triton International Limited (NYSE: TRTN) ("Triton") will host a virtual investor day tomorrow during which members of the executive team will provide a detailed discussion of current market trends and Triton’s performance, present new insights to show how Triton has locked-in long-term benefits from the current exceptional market and elaborate on ways that Triton drives long-term shareholder value. The management presentations will be followed by a Q&A session.

The event will begin at 10:30 a.m. ET. The webcast can be accessed by visiting the Investors section of Triton’s website at http://www.trtn.com. Please allow extra time prior to the start of the event to download any necessary software that may be needed to view the webcast. Presentation materials will be available on the website and an archived replay will be available on the website shortly after the event concludes.

About Triton International Limited

Triton International Limited is the world’s largest lessor of intermodal freight containers. With a container fleet of 7.1 million twenty-foot equivalent units ("TEU"), Triton’s global operations include acquisition, leasing, re-leasing and subsequent sale of multiple types of intermodal containers and chassis.

Website Information

We routinely post important information for investors on our website, www.trtn.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.

Important Cautionary Information Regarding Forward-Looking Statements

Certain statements in this release, other than purely historical information, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that include the words "expect," "intend," "plan," "seek," "believe," "project," "predict," "anticipate," "potential," "will," "may," "would" and similar statements of a future or forward-looking nature may be used to identify forward-looking statements. All forward-looking statements address matters that involve risks and uncertainties, many of which are beyond Triton's control. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements and, therefore, you should not place undue reliance on any such statements. These factors include, without limitation, economic, business, competitive, market and regulatory conditions and the following: the impact of COVID-19 on our business and financial results; decreases in the demand for leased containers; decreases in market leasing rates for containers; difficulties in re-leasing containers after their initial fixed-term leases; our customers' decisions to buy rather than lease containers; our dependence on a limited number of customers and suppliers; customer defaults; decreases in the selling prices of used containers; extensive competition in the container leasing industry; difficulties stemming from the international nature of our business; decreases in demand for international trade; disruption to our operations resulting from the political and economic policies of the United States and other countries, particularly China, including but not limited to, the impact of trade wars, duties and tariffs; disruption to our operations from failures of, or attacks on, our information technology systems; disruption to our operations as a result of natural disasters; compliance with laws and regulations related to economic and trade sanctions, security, anti-terrorism, environmental protection and corruption; the availability and cost of capital; restrictions imposed by the terms of our debt agreements; changes in tax laws in Bermuda, the United States and other countries; and other risks and uncertainties, including those risk factors set forth in the section entitled "Risk Factors" in our most recent Form 10-K filed with the Securities and Exchange Commission ("SEC"), in any Form 10-Q filed or to be filed by Triton, and in other documents we file with the SEC from time to time. Except to the extent required by applicable law, we undertake no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Triton International Limited
Andrew Greenberg
Senior Vice President
Business Development & Investor Relations
(914) 697-2900

DUBLIN--(BUSINESS WIRE)--The "Power Transformers - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Transformers play a pivotal role in the generation, transmission and distribution (T&D) of electricity. Growth in the global market is steered by rising demand for electricity and the resulting new power projects coupled with expansion of the T&D network. The urgent need to replace and upgrade aging power infrastructure in the developed countries, growing prominence of renewable energy, expansion and interconnection of grid infrastructures, and exponential increase in power consumption in both developed and developing countries requiring efficient management of electricity transmission and distribution represent important factors driving growth.

Amid the COVID-19 crisis, the global market for Power Transformers estimated at US$23.9 Billion in the year 2020, is projected to reach a revised size of US$32.6 Billion by 2026, growing at a CAGR of 5.1% over the analysis period. Oil Immersed, one of the segments analyzed in the report, is projected to grow at a 5.4% CAGR to reach US$20.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Dry Type segment is readjusted to a revised 4.6% CAGR for the next 7-year period.

The U.S. Market is Estimated at $6.9 Billion in 2021, While China is Forecast to Reach $6.6 Billion by 2026

The Power Transformers market in the U.S. is estimated at US$6.9 Billion in the year 2021. The country currently accounts for a 27.1% share in the global market. China, the world`s second largest economy, is forecast to reach an estimated market size of US$6.6 Billion in the year 2026 trailing a CAGR of 7.8% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 2.8% and 4.6% respectively over the analysis period.

Select Competitors (Total 93 Featured) -

• ABB Limited
• ASTOR TRANSFORMER A.S
• Bharat Heavy Electricals Limited
• Bowers Electricals Ltd.
• CG Power and Industrial Solutions Limited
• DAIHEN Corporation
• EFACEC Group
• GE Grid Solutions
• Hammond Power Solutions, Inc.
• Howard Industries, Inc.
• Hyosung Heavy Industries
• Hyundai Electric & Energy Systems Co., Ltd.
• Imefy Group
• JSHP Transformer
• Kirloskar Electric Company Limited
• KONCAR Group
• Mitsubishi Electric Corporation
• Olsun Electrics Corporation
• Schneider Electric SA
• SGB-SMIT Group
• Shihlin Electric & Engineering Corporation
• Siemens AG
• SPX Transformer Solutions, Inc.
• TBEA Co., Ltd.
• Toshiba Energy Systems & Solutions Corporation
• Wilson Power Solutions
• Wilson Transformer Company
• Winder Power Ltd.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• Influencer Market Insights
• World Market Trajectories
• Impact of Covid-19 and a Looming Global Recession
• Power Transformers: The Power to Manage Power with Greater Reliability, Efficiency, Resilience, and Durability
• Market Fortunes Intrinsically Linked to Power T&D Equipment Industry
• Surge in Energy Consumption and Resulting Expansion in Power Production and T&D Investments
• Transformations in Power Transmission Technology over the Years
• Steady Growth Projected for Power Transformers
• Developing Regions Emerge as Core Markets Amid Rising Power Infrastructure Spending
• Aging Power Transformer Fleet Underscores Need for Replacement and Upgrades in Developed Regions
• COMPETITIVE LANDSCAPE
• Power Transformers: A Consolidated Marketplace

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

• Rising Utility Investments in Power Infrastructure for Transitioning to the Smart Grid Standard Drive Healthy Market Growth
• Power Infrastructure to Experience Considerable Transformation Driven by Modern Technology and Renewables
• Wind Power Makes Robust Progress within the Renewables Sector
• Solar Power Emerges as Reliable Renewable Energy Source
• Microgrids Ease Network Burden
• Utilities Bet on Big Data
• Renewable Energy: A Statistical Perspective
• Myriad Benefits and Superior Attributes over Traditional Transformers Drive Strong Demand for Smart Transformers
• Smart Transformers for Smarter Power Transmission and Distribution
• Traditional Vs. Smart Transformers: A Comparison
• Growing Prominence of Smart Cities and Smart Homes of the Future Necessitates Highly Capable Power T&D Networks
• Technology Improvements and Product Innovations Spearhead Market Expansion
• SGB-SMIT's Smart Transformers
• ABB AbilityT Power Transformer
• Self-Cooling Transformers from ABB
• Siemens' Ester Fluid-based Phase Shifting Power Transformer
• Hybrid Power Transformers Technology
• Energy Efficient and Eco-Friendly Power Transformers
• Wireless Power Transmission
• Innovative Alternative Fluids
• Design Innovation in Large Power Transformers (LPTs)
• Dryformers by ABB
• Superconductor Based Power Transformers
• HTS Transformers: Energy Efficient, Lightweight, and Small Sized
• Gas-Insulated Power Transformers
• Future for Gas-Insulated Transformers Appears Bright
• IEC Standards for Gas-Insulated Transformers
• Powerformer: A Superior Replacement for Step-Up Transformer
• Innovative On-load Tap Changers (OLTCs) Improves Reliability and Safety
• Stabilizing Regulatory Environment Augurs Well
• Proposed/Approved Standards for Transformers in Select Countries
• Demographic and Socio-Economic Trends Strengthen Market Prospects
• Ballooning Global Population
• Exponential Increase in Urban Dwellers

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/gu7s3o

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--Tidewater Inc. (NYSE: TDW) (the “Company”) today announced that it has closed the Company’s offering of USD $175 million aggregate principal amount of 8.5% senior secured bonds due 2026. An application will be made for the bonds to be listed on the Nordic ABM within six months of the issue date for the bonds.

The Company used the net proceeds from the bond issue towards the refinancing of the Company’s outstanding debt and for general corporate purposes.

The bonds were privately placed in the United States in accordance with U.S. securities laws and sold outside the United States pursuant to Regulation S under the Securities Act of 1933.

The bonds have not been registered under the Securities Act of 1933 or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act of 1933 and applicable state laws.

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

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

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

New corporate form, approved by a vote of the company’s board and shareholders, formalizes Generate’s longstanding commitment to building a sustainable world

SAN FRANCISCO--(BUSINESS WIRE)--Generate, a leading sustainable infrastructure investment and operating platform, today announced its official conversion to a Public Benefit Corporation (PBC). Since its founding in 2014, Generate’s vision has been to rebuild the world with sustainable infrastructure, aligning the incentives of our stakeholders for the long term. Converting to a PBC reinforces the company’s commitment to its mission.

Following approval from the company’s shareholders, Generate filed an amendment to its corporate charter and certificate of incorporation, reincorporating the company as Generate Capital, PBC. The company will continue on its existing growth trajectory, enabled by its values, its people, and its business model, which is designed to align the many stakeholders of sustainability.

“Becoming a Public Benefit Corporation makes the company’s charter consistent with the core values we have espoused since our founding in 2014,” said Scott Jacobs, CEO and co-founder of Generate. “This conversion represents a commitment to our purpose and will keep our business focused on solving the big problems that matter in the urgent fight against climate change, water scarcity, food insecurity and energy poverty. We will keep our focus on the long-term outcomes of sustainability – as we say at Generate: our time horizon is forever.”

The PBC structure and mission embodies Generate’s proven belief that there need not be a tradeoff between financial results and sustainability. As a Delaware Public Benefit Corporation, Generate’s board of directors will have a mandate to balance the economic interests of shareholders with the material interests of other stakeholders affected by the company’s operations and its stated public benefit. Generate will report biennially on its progress in achieving its public benefit.

“To build the resilient, climate-aligned infrastructure that meets our net zero emissions goals, we need everyone focused on bringing all stakeholders into the process,” said Ross Israel, Head of Global Infrastructure at Australia’s QIC and a Generate board member. “We’ve been proud to be investors in Generate because of its pioneering role in building, financing and operating projects profitably and sustainably and we believe this PBC conversion will support the company’s growth and mission.”

Generate builds, owns, operates and finances sustainable infrastructure that delivers affordable and reliable resource solutions for companies, governments and communities. Over the last seven years, Generate has invested billions of dollars to build a leading portfolio of sustainable infrastructure assets across the energy, waste, water, agriculture and transportation markets. Generate recognizes deploying proven solutions that can have an immediate impact on reducing greenhouse gas emissions and improving resource efficiency. The conversion follows Generate’s $2 billion capital raise announced in July to expand the company’s mission to new regions and sectors including smart cities and sustainable agriculture.

Generate works with more than 40 technology and project development partners to build infrastructure that serves the mission-critical needs of over 2,000 customers, including companies, universities, school districts, cities and non-profits across North America. Generate’s projects have helped create thousands of jobs across communities and the infrastructure assets already on its balance sheet are expected to prevent over 43 million metric tons of CO2e from entering the atmosphere over the course of their operating lives.

About Generate

Generate Capital, PBC is a leading sustainable infrastructure company driving the infrastructure revolution. Generate builds, owns, operates and finances solutions for clean energy, water, waste and transportation. Founded in 2014, Generate partners with over 40 technology and project developers and owns and operates more than 2,000 assets globally. Generate is the one-stop shop offering pioneers of the infrastructure revolution tailored funding and support needed to get projects built. Our Infrastructure-as-a-Service model delivers affordable, reliable and sustainable resources to over 2,000 customers, companies, communities, school districts and universities. Together, we are rebuilding the world. For more information, please visit www.generatecapital.com.

Media Contact
Emily Chasan
(415) 480-2914
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WEST SPRINGFIELD, Mass.--(BUSINESS WIRE)--ESG Clean Energy, LLC (“ESG”), developers of Net Zero Carbon Footprints and clean energy solutions for distributed power generation, released a statement today in response to a report issued by Kerrisdale Capital about Camber Energy (NYSE Amex: CEI) and Viking Energy Group (“Viking”) (OTCQB: VKIN) that ESG believes contains misleading and inaccurate information about ESG.

The full statement can be viewed here.

For more information about ESG Clean Energy, please visit www.ESGCleanEnergy.com.

About ESG Clean Energy, LLC

ESG Clean Energy, LLC (ESG) develops Net Zero Carbon Footprints and clean energy solutions for businesses and power providers using natural gas. The ESG system utilizes patented, off-the-shelf technology to efficiently produce electricity while capturing and converting 100% of the carbon dioxide and water vapor, which can be used in the production of various commodities, such as distilled water, ethanol, and urea. More information about ESG Clean Energy, its technology, and its current projects can be found at www.ESGcleanEnergy.com.

Media:
Bill Wrinn
978-559-1970

EDISON, N.J.--(BUSINESS WIRE)--#blowers--Fuji Electric Corp. of America has expanded their product portfolio with the addition of the Direct Drive 20hp blower to FDC Series. The units are equipped with dual voltage TEFC motor and the housing position is field adjustable to fit installation requirements.

The FDC series offers a complete lineup of energy efficient, UL-certified and RoHS compliant Turbo Blower models that are ideal for a wide variety of industrial applications including Cooling, Blow-off, drying, Wastewater treatment, and more.

“The FDC Series offers customers the same level of high reliability, performance, and quality that they expect from Fuji Electric,” said Bill Maier, National Sales Manager for FEA’s Ring Compressor & Blower Department. “We have responded to the market requirement for Direct Driven High Flow Devices."

The VFZ Series, now available for shipment to customers from Fuji Electric’s warehouse location New Jersey, is comprised of Direct Driven Turbo Blowers with a maximum pressure of 30 in. H2O, and a maximum capacity of 5850 SCFM. Featuring direct motors from 1 HP to 20 HP and available voltages of 115 single phase, 230 single phase, 230/460 3-phase (dependent upon motor size), these new models utilize Premium Efficiency motors. This lineup joins Fuji Electric’s portfolio of Regenerative Blowers, High Pressure Blowers, Turbo Style Blowers, and Vacuum systems.

About Fuji Electric Corp. of America

Fuji Electric Corp. of America is a wholly owned subsidiary of Fuji Electric Co., Ltd., headquartered in Tokyo, Japan and has been responsible for sales and distribution of the company’s products since 1970. Fuji Electric Co., Ltd. began developing power electronics equipment in 1923, and is a global leader in industrial products ranging from semiconductors, HMIs, contactors, relays, and power generation equipment to AC drives and uninterruptible power supply systems. For more information, please visit https://americas.fujielectric.com/ or follow us on LinkedIn and Twitter.

Business Contact:
Bill Maier
National Sales Manager, Ring Compressor & Blower Dept.
Fuji Electric Corp. of America
973-727-1372
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HIGHLIGHTS

• Agreement to acquire non-operated properties located in the Permian Basin from entities affiliated with Veritas Energy, LLC
• Purchase price of $406.5 million in cash and ~1.9 million common equity warrants with an exercise price of $28.30 per share
• Current production of ~11,500 Boe per day (3-stream basis) or ~9,100 Boe per day (60% oil, 2-stream) with an estimated PV-10 on the PDP, WIPs/AFEs of approximately $429 million
• Significant upside associated with approximately 6,000 net acres in the core of the Delaware Basin including over 40 risked net undeveloped Delaware locations
• Forward 1-year unhedged cash flow from operations expected to be approximately $185 million at current strip pricing, representing an attractive cash purchase price transaction multiple of approximately 2.2x
• Significantly accretive to key valuation metrics, including TEV / EBITDA, earnings per share and free cash flow
• Leverage ratio enhancing on a forward basis based on contemplated financings
• Upon closing of the acquisition, management intends to submit another request to the Board of Directors to raise the quarterly dividend 50% to $0.12 per share (from $0.08 per share), marking the third increase to NOG’s dividend since its initiation in the second quarter of 2021
• Pro forma Northern forecasts becoming a 70,000+ Boe per day company from a diversified asset base, with greater than 40% of Northern’s 2022 production expected to come from the Permian and Marcellus

MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE American: NOG) (“Northern”) today announced that it has agreed to acquire substantially all of the non-operated Permian Basin assets (the “Assets”) owned by certain entities affiliated with Veritas Energy, LLC (“Veritas” or the “Seller”).

PERMIAN BASIN ACQUISITION

Northern has entered into a definitive agreement to acquire non-operated oil and gas properties located in the Delaware and Midland Basins for a cash purchase price of $406.5 million, subject to typical closing adjustments. The assets are primarily located in Lea and Eddy counties, NM, and Loving, Reeves, Ward and Winkler counties, TX.

As part of the transaction, Northern will issue the Seller ~1.9 million seven-year equity warrants with a strike price of $28.30 at closing. Northern expects to commence a public equity offering to fund a portion of the acquisition.

Current production on the assets is approximately ~9,100/11,500 Boe per day (2-stream/3-stream, ~60% oil), and Northern expects average production of more than 10,500 Boe per day in 2022 (2-stream, ~60% oil). During the pre-closing period, Northern expects the assets to generate approximately $43 to $45 million of cash flow from operations in the fourth quarter of 2021 with $50 million of capital expenditures and expected closing adjustments. Northern expects the assets to be immediately self-funding at closing. Forward 1-year unhedged cash flow from operations from the effective date is expected to be approximately $185 million and 2022 unhedged cash flow from operations is expected to exceed $180 million, based on current strip pricing. Northern expects $35 to $40 million in capital expenditures on the assets in 2022. The acquired assets include 31.7 net producing wells, 5.6 net wells in process, 4.0 AFE’d or permitted net wells and 40.8 risked net future development locations. The assets are managed by multiple, best-in-class operators in the Permian Basin, including Mewbourne, Devon, ConocoPhillips, and EOG as the largest operators accounting for an estimated 64% of the expected 2022 production across the Assets.

The effective date for the transaction is October 1, 2021 and Northern expects to close the transaction in the first quarter of 2022.

RISK MANAGEMENT

In connection with signing the transaction, the Company plans to hedge a substantial portion of the expected oil and natural gas production on the acquired Assets for 2022 and additional hedges for PDP volumes in 2023 and 2024.

INCREASED STOCKHOLDER RETURNS

Given the strong cash flows from the Assets, Northern’s Management intends to submit a request to the Board of Directors for a 50% increase to the common stock dividend for the first quarter of 2022, for shareholders on record as of March 30, 2022. If approved, this increase to a dividend of $0.12 per common share would represent a 300% increase since Northern’s initiation of a dividend program in May 2021. Under Delaware law, the Board may not declare a dividend more than 60 days before the record date.

MANAGEMENT COMMENTS

“This transaction completes the strategic transformation of our business that began in 2018,” commented Nick O’Grady, Chief Executive Officer of Northern. “It will drive immediate significant accretion across the board to our investors, increased cash returns, and importantly, creates a truly diversified business of scale, with substantial free cash flow that can self-fund future growth.”

“The Veritas transaction marks our fourth significant transaction in 2021 as we return focus to the Delaware basin, further scaling our business and building inventory with premier operators,” commented Adam Dirlam, Chief Operating Officer of Northern. “Northern continues to set the standard for non-operated energy management and will remain steadfast in our focus on consolidating high quality, low-breakeven assets.”

CONFERENCE CALL

Northern has recorded a conference call to discuss the aquisition. Those wishing to listen to the conference call may do so by going to the Company's website under the News/Events section.

ADVISORS

Morgan Stanley & Co. LLC is Northern’s lead financial advisor. Bank of America is a co-advisor to Northern on the transaction. Kirkland & Ellis LLP is serving as Northern’s legal advisor. Tudor, Pickering, Holt & Co. is financial advisor to Veritas. Willkie Farr & Gallagher LLP is serving as Veritas’s legal advisor.

ABOUT NORTHERN OIL AND GAS

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

ABOUT VERITAS ENERGY, LLC

Veritas Energy, LLC, an independent oil and natural gas company based in Fort Worth, Texas, with equity financing from affiliates of Carnelian Energy Capital Management, L.P. and Old Ironsides Energy, LLC and from the Veritas management team, is focused on leasing, developing and operating oil and gas properties, primarily in the Permian Basin. For more information, please visit www.veritasenergyllc.com.

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 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this release regarding Northern’s financial position, common stock dividends, including any increases thereto, business strategy, plans and objectives of management for future operations and industry conditions are forward-looking statements. When used in this 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 sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Northern’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in crude oil and natural gas prices, the pace of drilling and completions activity on Northern’s properties and properties pending acquisition, the effects of the COVID-19 pandemic and related economic slowdown, Northern’s ability to acquire additional development opportunities, changes in Northern’s reserves estimates or the value thereof, general economic or industry conditions, nationally and/or in the communities in which Northern conducts business, changes in the interest rate environment, legislation or regulatory requirements, conditions of the securities markets, Northern’s ability to consummate any pending acquisition transactions (including the transactions described herein), other risks and uncertainties related to the closing of pending acquisition transactions (including the transactions described herein), Northern’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 Northern’s operations, products, services and prices.

Northern has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond Northern’s control. Northern does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.

Mike Kelly, CFA
Chief Strategy Officer
(952) 476-9800
This email address is being protected from spambots. You need JavaScript enabled to view it.