ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE:AGR) will be releasing its fourth quarter & full year 2021 financial results on Tuesday, February 22, 2022, after the market closes in a news release to be posted to the Investors’ section of the company’s website at www.avangrid.com/wps/portal/avangrid/Investors. The company will issue an advisory news release over Business Wire the evening of February 22^nd, which will include a link to the financial results news release on the company’s website.

In conjunction with the earnings release, AVANGRID will conduct a webcast conference call with financial analysts on Wednesday, February 23, 2022 beginning at 10:00 A.M. ET. AVANGRID’s Executive team will present an overview of the financial results followed by a question and answer session.

Interested parties, including analysts, investors and the media, may listen to a live audio-only webcast by accessing a link located in the Investors’ section of AVANGRID’s website at www.avangrid.com/wps/portal/avangrid/Investors.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $39 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by Forbes and Just Capital as one of the 2021 and 2022 JUST 100 companies – a list of America’s best corporate citizens. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.

Analysts: Patricia Cosgel 203-499-2624
Media: Zsoka McDonald 203-997-6892

Solidifies Stem as global-leader in AI-driven software intelligence for clean energy assets

Drives immediate accretion and accelerates Stem’s software growth

SAN FRANCISCO--(BUSINESS WIRE)--#STEM--Stem, Inc. (“Stem” or “the Company”) (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy storage software and services, today announced that it has completed its previously announced acquisition of Also Energy Holdings, Inc. (“AlsoEnergy”). Through this acquisition, Stem solidifies its position as a global leader in clean energy intelligence and optimization software, adding 32.85 gigawatts (GW) of solar assets under management in more than 50 countries.

John Carrington, Chief Executive Officer of Stem, commented, “We are very pleased to begin this new chapter of the combined company. The acquisition of AlsoEnergy is a significant milestone for Stem and represents accretive high margin software products, marquee customers, and a substantial increase of assets under management. Together, our employees will help accelerate the tremendous growth of renewable energy onto the power grid. Our market-leading software solutions will unlock significant value for our customers as they increasingly seek to manage and optimize integrated solar and energy storage assets. We expect the combination to be immediately accretive and will boost our growth, enhance our margins, and accelerate our expansion as a global provider of clean energy intelligent software solutions.”

The transaction combines AlsoEnergy’s market-leading solar asset performance monitoring and control platform, PowerTrack, with Stem’s best-in-class AI-driven analytics platform, Athena®. The combined company will deliver a compelling one-stop-shop solution for front-of-meter and commercial & industrial (C&I) customers with solar and storage needs.

In the fiscal year ended December 31, 2020, AlsoEnergy generated approximately $49 million in revenue and realized a 60% gross margin across its software, grid edge monitoring, controls, and services businesses. AlsoEnergy will continue to operate under its own brand and provide the same services to its customers in the immediate timeframe.

The Company intends to provide combined company guidance for full-year 2022, inclusive of AlsoEnergy, when it releases fourth quarter 2021 and full-year 2021 financial results.

Robert Schaefer, former Chief Executive Officer of AlsoEnergy, who has assumed the role of President of AlsoEnergy, a Stem company, commented, “The AlsoEnergy team is thrilled to join Stem. Our combined company’s market leading offerings in solar and energy storage management and optimization will create many opportunities for our customers to enhance their energy asset performance. We are excited to build the future of energy optimization software and services together.”

About Stem, Inc.

Stem (NYSE: STEM) provides solutions that address the challenges of today’s dynamic energy market. By combining advanced energy storage solutions with Athena®, a world-class AI-powered analytics platform, Stem enables 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. With the acquisition of AlsoEnergy, Stem is a leader in clean energy intelligence and optimization, bringing project developers, asset owners and commercial customers an integrated solution to maximize the value of solar and energy storage. For more information, visit www.stem.com.

Cautionary Statement regarding Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not statements of historical fact, such as the expected benefits and synergies of the transaction, expected future opportunities for the combined company, forecasts regarding future financial performance and any other statements regarding future expectations, beliefs, plans, objectives, financial conditions, assumptions or future events or performance, are forward-looking statements within the meaning of the federal securities laws. Stem can give no assurance that such forecasts, expectations, beliefs, plans or assumptions will prove correct. These statements are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to differ materially from expectations or results projected or implied by such forward-looking statements. These risks include, but are not limited to: challenges, disruptions and costs of integrating the combined companies and achieving anticipated synergies, or such synergies taking longer to realize than expected; risks that the transaction disrupts current plans and operations that may harm the combined company’s business; the amount of any costs, fees, expenses, impairments and charges related to the transaction; uncertainty as to the effects of the transaction on the combined company’s financial performance; uncertainty as to the effects of the transaction on the long-term value of Stem’s common stock; the business, economic and political conditions in the markets in which Stem and AlsoEnergy operate; the effect of the coronavirus pandemic on the workforce, operations, financial results and cash flows of the combined company; the combined company’s ability to continue to grow and to manage its growth effectively; the combined company’s ability to develop innovative new technologies and remain market leaders; the combined company’s ability to attract and retain qualified employees and key personnel; the combined company’s ability to comply with, and the effect on their businesses of, evolving legal standards and regulations, particularly concerning data protection and consumer privacy and evolving labor standards; and other risk factors that are discussed in Stem’s most recent reports on Form 10-K, Form 10-Q, Form 8-K and other filings with 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. The forward-looking statements speak only as of the date of this press release, 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 Investor Contacts
Ted Durbin, Stem
Marc Silverberg, ICR
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Stem Media Contact
Cory Ziskind, ICR
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PORTLAND, Ore.--(BUSINESS WIRE)--NW Natural ranks second in the West for large utilities in the J.D. Power 2021 Gas Utility Residential Customer Satisfaction Study.

In the 2021 study, NW Natural received 778 points out of 1,000 in the West large utility segment, which represents utilities serving 500,000 or more residential customers. NW Natural also saw a five-point increase over the previous year.

“We’re honored to receive this recognition from our customers who trust us to deliver safe, reliable and affordable energy, and provide excellent customer service,” said David H. Anderson, NW Natural president and CEO. “It is a testament to the hard work and dedication of our employees committed to serving our customers and communities with great care.”

Now in its 20th year, the study measures residential customer satisfaction with natural gas utilities across six factors: safety and reliability, customer care, billing and payment, price, corporate citizenship, and communications.

The 2021 results are based on more than 58,000 responses from residential customers of the 84 largest gas utility brands across the United States, which represent more than 62.9 million households. The study was conducted from January 2021 through October 2021.

About NW Natural

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

Elaina Medina, This email address is being protected from spambots. You need JavaScript enabled to view it., 503-739-9902

OVERLAND PARK, Kan.--(BUSINESS WIRE)--The following unaudited balance sheet information and asset coverage ratio update is provided for Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF).

As of January 31, 2022, the company’s unaudited total assets were approximately $253.1 million and its unaudited net asset value was $229.0 million, or $16.97 per share.

As of January 31, 2022, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 1,083%. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Set forth below is a summary of the company’s unaudited balance sheet at January 31, 2022.

Unaudited balance sheet

The top 10 holdings for TEAF as of the most recent month-end can be found on the fund’s portfolio web page at cef.ecofininvest.com/funds/teaf.

For additional information on this fund, please visit cef.ecofininvest.com.

TCA Advisors is the adviser to Ecofin Sustainable and Social Impact Term Fund and Ecofin Advisors Limited is the fund’s sub-adviser.

Safe harbor statement

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

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the fund and TCA believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the fund and TCA do not assume a duty to update this forward-looking statement.

Jen Ashlock, (913) 981-1020
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TULSA, Okla.--(BUSINESS WIRE)--Williams’ (NYSE: WMB) board of directors has approved a regular dividend of $0.425 per share, or $1.70 annualized, on the company’s common stock, payable on March 28, 2022, to holders of record at the close of business on March 11, 2022.

This is a 3.7% increase from Williams’ first-quarter 2021 quarterly dividend of $.41 per share, paid in March 2021.

Some portion of this distribution may be considered a return of capital for tax purposes. Additional information regarding return of capital distributions is available at Williams’ investor relations website.

Williams has paid a common stock dividend every quarter since 1974.

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

Portions of this document may constitute “forward-looking statements” as defined by federal law. Although the company believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the “safe harbor” protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in the company’s annual and quarterly reports filed with the Securities and Exchange Commission.

MEDIA:
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(800) 945-8723

INVESTOR CONTACTS:
Danilo Juvane
(918) 573-5075

Grace Scott
(918) 573-1092

OVERLAND PARK, Kan.--(BUSINESS WIRE)--Tortoise today announced the following unaudited balance sheet information and asset coverage ratio updates for TYG, NTG, TTP, NDP and TPZ.

Tortoise Energy Infrastructure Corp. (NYSE: TYG) today announced that as of January 31, 2022, the company’s unaudited total assets were approximately $587.1 million and its unaudited net asset value was $437.7 million, or $36.69 per share.

As of January 31, 2022, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 550%, and its coverage ratio for preferred shares was 411%. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Set forth below is a summary of the company’s unaudited balance sheet at January 31, 2022.

Tortoise Midstream Energy Fund, Inc. (NYSE: NTG) today announced that as of January 31, 2022, the company’s unaudited total assets were approximately $295.2 million and its unaudited net asset value was $229.9 million, or $40.74 per share.

As of January 31 2022, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 683%, and its coverage ratio for preferred shares was 467%. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Set forth below is a summary of the company’s unaudited balance sheet at January 31, 2022.

Tortoise Pipeline & Energy Fund, Inc. (NYSE: TTP) today announced that as of January 31, 2022, the company’s unaudited total assets were approximately $89.8 million and its unaudited net asset value was $69.8 million, or $31.32 per share.

As of January 31, 2022, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 660%, and its coverage ratio for preferred shares was 455%. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Set forth below is a summary of the company’s unaudited balance sheet at January 31, 2022.

Tortoise Energy Independence Fund, Inc. (NYSE: NDP) today announced that as of January 31, 2022, the company’s unaudited total assets were approximately $57.1 million and its unaudited net asset value was $54.5 million, or $29.52 per share.

As of January 31, 2022, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 2,371%. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Set forth below is a summary of the company’s unaudited balance sheet at January 31, 2022.

Tortoise Power and Energy Infrastructure Fund, Inc. (NYSE: TPZ) today announced that as of January 31, 2022, the company’s unaudited total assets were approximately $127.9 million and its unaudited net asset value was $103.5 million, or $15.86 per share.

As of January 31, 2022, the company’s asset coverage ratio under the 1940 Act with respect to senior securities representing indebtedness was 531%. For more information on the company’s coverage ratios, please refer to the leverage summary web page at https://cef.tortoiseecofin.com.

Set forth below is a summary of the company’s unaudited balance sheet at January 31, 2022.

The top 10 holdings for TYG, NTG, TTP, NDP and TPZ as of the most recent month-end can be found on each fund’s portfolio web page at https://cef.tortoiseecofin.com.

About Tortoise

Tortoise focuses on energy & power infrastructure and the transition to cleaner energy. Tortoise’s solid track record of energy value chain investment experience and research dates back more than 20 years. As one of the earliest investors in midstream energy, Tortoise believes it is well-positioned to be at the forefront of the global energy evolution that is underway. With a steady wins approach and a long-term perspective, Tortoise strives to make a positive impact on clients and communities. To learn more, please visit www.TortoiseEcofin.com.

Tortoise Capital Advisors, L.L.C. is the adviser to Tortoise Energy Infrastructure Corp., Tortoise Midstream Energy Fund, Inc., Tortoise Pipeline & Energy Fund, Inc., Tortoise Energy Independence Fund, Inc. and Tortoise Power and Energy Infrastructure Fund, Inc.

For additional information on these funds, please visit cef.tortoiseecofin.com.

Safe harbor statement

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

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.

For more information contact Jen Ashlock at (913) 981-1020 or This email address is being protected from spambots. You need JavaScript enabled to view it..

SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Carlisle Companies Incorporated (NYSE:CSL) today announced the acquisition of MBTechnology, Inc., (MBT) a leading manufacturer of energy-efficient, styrene-butadiene-styrene modified bitumen roofing and underlayment systems for residential and commercial applications. The purchase of MBT is consistent with Carlisle’s Vision 2025 strategy to build scale in our highest returning businesses through synergistic acquisitions to drive in excess of $15 of earnings per share. MBT will become part of the Carlisle Construction Materials (CCM) operating segment and is a strategic bolt-on to Carlisle’s recent Henry Company acquisition.

Founded in 1983 and based in Fresno, California, MBTechnology, Inc. provides product line extensions, turnkey capacity to meet rolled goods demand and further expansion into West Coast markets over the coming years.

Chris Koch, Chairman, President and Chief Executive Officer, said, “The acquisition of MBTechnology, Inc., together with our recent acquisition of Henry Company, is consistent with our stated strategy to invest in our building products platform, expand our presence throughout the building envelope and continue to provide our customers with energy-efficient solutions.”

Henry Company President, Frank Ready, stated, “We are excited to have MBT join CCM’s Carlisle Weatherproofing Technologies (CWT) business where they will expand CWT’s modified bitumen roofing offerings and provide additional capacity for roofing underlayments. MBT also shares Carlisle’s commitment to improving the energy-efficiency of buildings in several ways. First, MBT manufactures systems to control the flow of water, vapor, air and energy in a building; second, more than half of MBT’s consumed energy is derived from on-site solar panels; and third, MBT’s Ecotorch product, a modified bitumen torch applied roofing membrane, is made partially from recycled tires, which complements our Ultimate RB business. Leveraging the Carlisle Experience and our culture of continuous improvement, I am confident this transaction will create significant value for all our stakeholders. We welcome MBTechnology’s experienced team to Carlisle.”

About Carlisle Companies Incorporated

Carlisle Companies Incorporated is a leading supplier of innovative Building Envelope products and energy-efficient solutions for customers creating sustainable buildings of the future. Through its Construction Materials (CCM) business and family of leading brands, Carlisle delivers innovative, labor-reducing and environmentally responsible products and solutions to customers through the Carlisle Experience. Over the life of a building, Carlisle’s products help drive lower greenhouse gas emissions, improve energy savings for building owners and operators, and increase a building’s resiliency to the elements. Driven by its strategic plan, Vision 2025, Carlisle is committed to generating superior shareholder returns and maintaining a balanced capital deployment approach, including investments in our businesses, strategic acquisitions, share repurchases and continued dividend increases. Carlisle also is a leading provider of products to the Aerospace, Medical Technologies and General Industrial markets through its Interconnect Technologies (CIT) and Fluid Technologies (CFT) business segments.

Jim Giannakouros, CFA
Vice President of Investor Relations
Carlisle Companies Incorporated
(480) 781-5135
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Company to Commercialize Patented Electrochemical Capture System to Remove Carbon Dioxide from Atmosphere and Industrial Emission Sources

BOSTON--(BUSINESS WIRE)--Verdox, an electric carbon capture and removal company, launched today and announced $80M in committed capital from a syndicate including Breakthrough Energy Ventures (BEV), Prelude Ventures, and Lowercarbon Capital. The investment will be leveraged to develop and deploy the company’s novel electrochemical carbon capture technology.

“Combating climate change requires the world to prevent further increases in atmospheric carbon dioxide concentrations and eventually return them to pre-industrial levels,” according to Dr. Brian Baynes, Founder and CEO of Verdox. “Many industries, however, still lack a plan for complete decarbonization, because of the high cost and energy consumption of currently available capture technologies. Unlike these predecessors, Verdox’s technology has the potential to capture carbon from any industrial source or the air – and at up to 70% relative energy savings, giving us the ability to intervene completely.”

Atmospheric carbon dioxide concentrations reached a record high 420 ppm last year, on a path to easily exceeding the IPCC’s estimated 2°C warming threshold of 450 ppm. Based on nearly 40 billion metric tons of current annual carbon dioxide emissions, this level would be reached in the next 10 to 20 years. The need for an emissions drawdown is so large that it requires a multi-pronged approach of both natural and technological solutions, including capture from emission sources and the air. “The high energy efficiency and scalability of Verdox’s technology could enable the company to play a major role in addressing the carbon removal challenge,” says Carmichael Roberts from BEV. “This innovation has provided a paradigm change for both industrial and air capture – and the Verdox team has made great strides to reduce the concept to economical commercial practice.”

Verdox’s core technology was developed by Prof. T. Alan Hatton and Dr. Sahag Voskian at the Massachusetts Institute of Technology (MIT). Prof. Hatton now serves on the Scientific Advisory Board and Dr. Voskian is the company’s CTO. Prof. Hatton and Dr. Voskian rethought carbon removal by combining the efficiency of electrochemistry with the tunability of organic chemistry. This unique pairing allows for the targeted use of electrical energy to capture and release carbon dioxide at any concentration and unparalleled selectivity. Significantly, this approach eliminates the need for the large amounts of heat and water upon which current carbon dioxide removal solutions rely. The technology breakthrough was first published in 2019 in Energy & Environmental Science: “Faradaic electro-swing reactive adsorption for CO2 capture.”

About Verdox

Verdox is making scalable, cost-effective carbon capture and removal a reality. Founded in late 2019 by Dr. Brian Baynes, Prof. T. Alan Hatton, and Dr. Sahag Voskian, the company is commercializing its electroswing adsorption (ESA) platform technology, originally developed at MIT, to remove carbon dioxide from industrial emissions and the air with 70% energy savings versus conventional approaches. More information can be found at https://www.verdox.com/.

Jonte Boysen; This email address is being protected from spambots. You need JavaScript enabled to view it.; +1 (617) 837-6837

ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company, has been named to the 2022 Sustainability Yearbook, S&P Global’s annual and comprehensive listing of the world’s most sustainable companies. This is the company’s second consecutive year appearing on the prestigious list.

“Sustainability is in our DNA and this recognition is a testament to our team’s dedication and our forward-looking ESG+F strategy,” said Dennis V. Arriola, CEO of AVANGRID. “We believe in doing business in a better and balanced way—creating long-term, sustainable value for all the stakeholders we serve—by investing in clean energy technologies, building an engaged, vibrant workforce, and operating with the highest degree of ethics and purpose.”

To be included in the Yearbook, companies must be in the top 15% of their industry and achieve an S&P Global ESG score that is within 30% of the best in their sector. AVANGRID earned an overall ESG score of 76 out of 100, improving on its rating of 72 out of 100 in 2020. The company, on average, earned a score 42 points higher than the electric utility industry average score in the environmental, social and governance categories.

The 2022 edition of the Yearbook is the result of the analysis of 61 different industries and a detailed assessment of more than 7,500 companies, for which more than 13 million data points were collected. The results of this assessment help investors identify companies that are successfully addressing the opportunities and risks of the global sustainability challenge.

“As one of the cleanest energy companies in the United States, AVANGRID continuously demonstrates that a better business helps build a better society,” said Zsoka McDonald, chief sustainability officer and senior vice president, corporate communications at AVANGRID. “From becoming the first U.S. utility to set a carbon neutrality goal in 2017 to breaking ground in 2021 on America’s first commercial-scale offshore wind farm, Vineyard Wind, we remain squarely focused on building a cleaner, more sustainable energy future for all.”

AVANGRID’s sustainability strategy is organized into five key areas of focus:

• Reducing the company’s carbon footprint;
• Conscious action on social investment;
• Creating a more sustainable and diverse supply chain;
• Investing in its people; and
• Operating with the highest ethical and governance standards.

Manjit Jus, managing director, global head of ESG research S&P Global: “We congratulate AVANGRID on inclusion in The Sustainability Yearbook 2022. Over 7,000 companies were assessed, and this distinction highlights dedication to sustainable business practices.”

The full Sustainability Yearbook 2022 is available at www.spglobal.com/esg/csa/yearbook/ and AVANGRID’s ESG rating can be found here.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $39 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 7,000 people and has been recognized by JUST Capital in 2021 and 2022 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2021 for the third consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.

MEDIA:
Sarah Warren
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585-794-9253

CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSE: IMO, NYSE American: IMO) today declared a quarterly dividend of 34 cents per share on the outstanding common shares of the company, payable on April 1, 2022, to shareholders of record at the close of business on March 3, 2022.

This first quarter 2022 dividend compares with the fourth quarter 2021 dividend of 27 cents per share.

Imperial has a long and successful history of growth and financial stability in Canada as a leading member of the petroleum industry. The company has paid dividends every year for over a century and has increased its annual dividend payment for 27 consecutive years.

Source: Imperial

After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada’s energy resources. As Canada’s largest petroleum refiner, a major producer of crude oil, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to high standards across all areas of our business.

Investor relations
(587) 476-4743

Media relations
(587) 476-7010

WILSONVILLE, Ore.--(BUSINESS WIRE)--ESS Tech, Inc. (“ESS,” “ESS Inc.”) (NYSE:GWH), a U.S. manufacturer of long-duration batteries for utility-scale and commercial energy storage applications, announced today that it will hold a conference call on Thursday, February 24, 2022 at 5:00 p.m. EST to discuss financial results for its fourth quarter and full year of 2021 ended December 31, 2021.

The news release announcing the fourth quarter and full year 2021 financial results will be disseminated on February 24, 2022 after the market closes.

Interested parties may join the conference call beginning at 5:00 p.m. EST on Thursday, February 24, 2022 via telephone by calling (844) 200-6205 in the U.S., or for international callers, by calling (646) 904-5544 and entering conference ID 994302. A telephone replay will be available until March 3, 2022, by dialing (866) 813-9403 in the U.S., or for international callers, (929) 458-6194 with conference ID 867508. A live webcast of the conference call will be available on ESS’ Investor Relations website at http://investors.essinc.com/.

A replay of the call will be available via the web at http://investors.essinc.com/.

About ESS, Inc.

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

Investors:
Erik Bylin
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Media:
Gene Hunt
Trevi Communications, Inc.
978-750-0333 x.101
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STAFFORD, Texas--(BUSINESS WIRE)--Microvast Holdings, Inc. (NASDAQ:MVST) (“Microvast” or the “Company”), a technology innovator that designs, develops and manufactures lithium-ion battery solutions, today confirms that its revenue performance for the fiscal year ended December 31, 2021 will be within the previously announced guidance of $145-$155 million. This represents 42% growth compared to $108 million for the fiscal year ended December 30, 2020 (calculated using the midpoint of the range).

“We are pleased to close out 2021 with a strong revenue performance in the fourth quarter and a promising backlog heading into 2022. I am proud of our team’s accomplishments and ability to grow top line revenue against the backdrop of a challenging year. We look forward to carrying this positive momentum into 2022 as we continue on our electrification journey,” said Yang Wu, Microvast’s President and Chief Executive Officer.

The Company will issue a press release reporting its consolidated financial results for the fourth quarter and full fiscal year ended December 31, 2021 after the market closes on Tuesday, March 29, 2022. Following the earnings press release, Microvast management will host a webcast and earnings conference call at 5:00 p.m. Central Time (6:00 p.m. Eastern Time) to discuss the business results and outlook, as well as details on two new products being brought to market in 2022.

The webcast will be accessible from the Events & Presentations tab of Microvast’s investor relations website (https://ir.microvast.com/events-presentations/events). A replay will be available following the conclusion of the live event. Investment community professionals interested in participating in the Q&A session may join the call by dialing +1 (631) 891-4304.

Retail and institutional shareholders may submit questions via the “Contact Us” page on Microvast’s investor relations website. Questions will be accepted beginning today through March 18, 2022. Microvast management will incorporate responses to a selection of frequently asked questions during the webcast. Please include the hashtag #askmicrovast in the subject line.

About Microvast

Microvast is a technology innovator that designs, develops and manufactures lithium-ion battery solutions. Microvast is renowned for its cutting-edge cell technology and its vertical integration capabilities which extend from core battery chemistry (cathode, anode, electrolyte, and separator) to modules and packs. By integrating the process from raw material to system assembly, Microvast has developed a family of products covering a breadth of market applications, including electric vehicles, energy storage and battery components. Microvast was founded in 2006 and is headquartered near Houston, Texas. For more information, please visit www.microvast.com or follow us on LinkedIn or Twitter (@microvast).

Cautionary Statement Regarding Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements about future financial and operating results, our plans, objectives, expectations and intentions with respect to future operations, products and services; and other statements identified by words such as “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimated,” “believe,” “intend,” “plan,” “projection,” “outlook,” “guidance” or words of similar meaning. These forward-looking statements include, but are not limited to, statements regarding Microvast’s industry and market sizes, future opportunities for Microvast and the combined company and Microvast’s estimated future results. Such forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are difficult to predict and generally beyond our control. Actual results and the timing of events may differ materially from the results anticipated in these forward-looking statements.

In addition to factors identified elsewhere in this communication, the following factors, among others, could cause actual results and the timing of events to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) a delay or failure to realize the expected benefits from the business combination; (2) the impact of the ongoing COVID-19 pandemic; (3) changes in the highly competitive market in which Microvast competes, including with respect to its competitive landscape, technology evolution or regulatory changes; (4) changes in the markets that Microvast targets; (5) risk that Microvast may not be able to execute its growth strategies or achieve profitability; (6) the risk that Microvast is unable to secure or protect its intellectual property; (7) the risk that Microvast’s customers or third-party suppliers are unable to meet their obligations fully or in a timely manner; (8) the risk that Microvast’s customers will adjust, cancel, or suspend their orders for Microvast’s products; (9) the risk that Microvast will need to raise additional capital to execute its business plan, which may not be available on acceptable terms or at all; (10) the risk of product liability or regulatory lawsuits or proceedings relating to Microvast’s products or services; (11) the risk that Microvast may not be able to develop and maintain effective internal controls; (12) the outcome of any legal proceedings that may be instituted against Microvast or any of its directors or officers; and (13) risks of operations in the People’s Republic of China.

Actual results, performance or achievements may differ materially, and potentially adversely, from any projections and forward-looking statements and the assumptions on which those forward-looking statements are based. There can be no assurance that the data contained herein is reflective of future performance to any degree. You are cautioned not to place undue reliance on forward-looking statements as a predictor of future performance as projected financial information and other information are based on estimates and assumptions that are inherently subject to various significant risks, uncertainties and other factors, many of which are beyond our control. All information set forth herein speaks only as of the date hereof in the case of information about Microvast or the date of such information in the case of information from persons other than Microvast, and we disclaim any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this communication. Forecasts and estimates regarding Microvast’s industry and end markets are based on sources we believe to be reliable, however there can be no assurance these forecasts and estimates will prove accurate in whole or in part. Annualized, pro forma, projected and estimated numbers are used for illustrative purpose only, are not forecasts and may not reflect actual results.

Sarah Alexander
(346) 309-2562
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Call scheduled for Wednesday, February 2, 2022 at 8:00 a.m. Eastern Time

MILWAUKEE--(BUSINESS WIRE)--#earnings--Zurn Water Solutions Corporation (NYSE:ZWS):

Fourth Quarter Highlights

• On October 4, 2021 Zurn Water Solutions Corporation ("Zurn" or the "Company"), formerly known as Rexnord Corporation, completed the spin-off of its Process & Motion Control ("PMC") business in a Reverse Morris Trust transaction (the "Transaction").
• Results presented represent the standalone Zurn business (PMC reported as discontinued operations in all periods).
• Net sales in the quarter increased 23% to $232 million compared with $188 million in last year’s December quarter (+16% core sales⁽¹⁾, +7% acquisitions).
• Net income from continuing operations was $3 million (diluted EPS from continuing operations of $0.02), inclusive of the $20 million loss on debt extinguishment in conjunction with the Transaction, compared with net income from continuing operations of $6 million (diluted EPS from continuing operations of $0.05) in the year-ago quarter.
• Adjusted EPS⁽¹⁾ was $0.22 compared with $0.09 in the year-ago quarter.
• Adjusted EBITDA⁽¹⁾ was $45 million (19.4% of net sales) compared with $36 million (18.9% of net sales) in last year's fourth quarter. Both periods were inclusive of $11 million of corporate costs.
• Net debt leverage of 2.3x as of December 31, 2021. Proforma for the anticipated $20 million of annual corporate costs, net debt leverage was 2.0x.
• Completed acquisition of Wade Drains.

Calendar Year 2021 Highlights

• Net sales were $911 million and increased by 22% from the comparable $746 million in calendar year 2020 (+13% core sales, +8% acquisitions, +1% foreign currency translation).
• Net income from continuing operations was $50 million (diluted EPS from continuing operations of $0.40), compared with $29 million (diluted EPS from continuing operations of $0.23) in calendar year 2020.
• Adjusted EPS was $0.77, compared with $0.50 in the prior calendar year.
• Adjusted EBITDA was $196 million (21.5% of net sales) compared with $165 million (22.1% of net sales) in calendar year 2020. Inclusive of $40 million and $35 million of corporate costs in 2021 and 2020, respectively.

Todd A. Adams, Chairman and Chief Executive Officer, commented, “The fourth quarter completes a transformational year for our Company as we transitioned from Rexnord Corporation to Zurn Water Solutions. The transition to Zurn could not have come at a better time as a solid demand backdrop coupled with the number of organic growth initiatives we are executing on gives us confidence in our ability to continue to profitably grow the business. During the year we saw Zurn core sales grow 13% on top of the core growth we delivered in 2020 despite the pandemic. This growth further demonstrates the compounding effect of the growth initiatives we have implemented over the years focused on expanding into adjacent markets, leading product innovation, and executing on acquisitions focused on broadening our product portfolio and increasing addressable market share, all while having best in class margins. With our broadest sustainable product portfolio of water management solutions to improve health, human safety and the environment, we are confident in our ability to continue to create shareholder value in 2022 and beyond."

"In the fourth quarter, demand trends in our Zurn business remained strong and year over year sales grew 23% with our core sales growing 16%, which was slightly better than our expectations. The core growth we delivered in the quarter was on top of double-digit core sales growth in the prior year fourth quarter. Operationally, we continue to execute well as we delivered adjusted EBITDA margins, excluding corporate costs, of 24% which were in-line with our expectations provided 90 days ago."

"In the coming weeks you will see us release our first sustainability report as a stand-alone water business. Operating as a pure-play water company our ESG profile and impact will be more visible and heightened. In the report you will see us publish specific ESG related targets, including commitments to reduce greenhouse gas emissions and energy use and goals for diversity among leadership and suppliers. We are excited to continue to build on the momentum we have around ESG in our company."

March Quarter and 2022 Outlook

Adams continued, “For the first quarter of 2022 we expect Zurn total sales to increase year over year by a high teens percentage, Adjusted EBITDA margin, excluding corporate costs, to range between 24% and 24.5% and for our corporate expenses to approximate $7 million. We continue to expect double digit core growth for 2022 with robust Adjusted EBITDA margins and strong free cash flow."

Fourth Quarter 2021 Overview

Zurn net sales were $232.3 million during the three months ended December 31, 2021, an increase of 23% year over year. Excluding a 7% increase in net sales resulting from our prior-year acquisition of Hadrian and the current quarter acquisition of Wade Drains, core sales increased 16% year over year driven by increased demand across nearly all of our product categories.

Zurn income from operations excluding corporate costs of $24.2 million was $37.4 million or 16.1% of net sales. Income from operations as a percentage of net sales decreased by 370 basis points year over year as the favorable impact of year over year sales growth was offset primarily by the year-over-year change in the adjustment to state inventories at last-in-first-out cost, the mix impact of the Hadrian acquisition in the prior year fourth quarter and the Wade Drains acquisition in the current year fourth quarter, and higher year-over-year non-cash stock based compensation expense.

Adjusted EBITDA⁽¹⁾ excluding corporate costs of $10.7 million in both periods was $55.8 million, or 24.0% of net sales during the three months ended December 31, 2021 compared to $46.2 million, or 24.5% of net sales during the three months ended December 31, 2020.

(1) Refer to "Non-GAAP Measures" for a definition of this non-GAAP metric, as well as the accompanying reconciliations to GAAP.

Non-GAAP Financial Measures

The following non-GAAP financial measures are utilized by management in comparing our operating performance on a consistent basis. We believe that these financial measures are appropriate to enhance an overall understanding of our underlying operating performance trends compared to historical and prospective periods and our peers. Management also believes that these measures are useful to investors in their analysis of our results of operations and provide improved comparability between fiscal periods as well as insight into the compliance with our debt covenants. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information calculated in accordance with GAAP. Investors are encouraged to review the reconciliation of these non-GAAP measures to their most directly comparable GAAP financial measures. A reconciliation of non-GAAP financial measures presented above to our GAAP results has been provided in the financial tables included in this press release.

Core Sales

Core sales excludes the impact of acquisitions (such as Hadrian and Wade Drains), divestitures and foreign currency translation. Management believes that core sales facilitates easier and more meaningful comparison of our net sales performance with prior and future periods and to our peers. We exclude the effect of acquisitions and divestitures because the nature, size and number of acquisitions and divestitures can vary dramatically from period to period and between us and our peers, and can also obscure underlying business trends and make comparisons of long-term performance difficult. We exclude the effect of foreign currency translation from this measure because the volatility of currency translation is not under management's control.

Adjusted Net Income and Adjusted Earnings Per Share

Adjusted net income and adjusted earnings per share (calculated on a diluted basis) exclude actuarial gains and losses on pension and postretirement benefit obligations, restructuring and other similar charges, gains or losses on divestitures, discontinued operations, gains or losses on extinguishment of debt, the impact of acquisition-related fair value adjustments in connection with purchase accounting, amortization of intangible assets, the adjustment to state inventories at last-in first-out costs, and other non-operational, non-cash or non-recurring losses, net of their income tax impact. The tax rates used to calculate adjusted net income and adjusted earnings per share are based on a transaction specific basis. We believe that adjusted net income and adjusted earnings per share are useful in assessing our financial performance by excluding items that are not indicative of our core operating performance or that may obscure trends useful in evaluating our continuing results of operations. All references to Net Income and EPS within this earnings release refer to net income attributable to Zurn Water Solutions common stockholders and net income per diluted share attributable to Zurn Water Solutions common stockholders, respectively.

EBITDA

EBITDA represents earnings from continuing operations before interest and other debt related activities, taxes, depreciation and amortization. EBITDA is presented because it is an important supplemental measure of performance and it is frequently used by analysts, investors and other interested parties in the evaluation of companies in our industry. EBITDA is also presented and compared by analysts and investors in evaluating our ability to meet debt service obligations. Other companies in our industry may calculate EBITDA differently. EBITDA is not a measurement of financial performance under GAAP and should not be considered as an alternative to cash flow from operating activities or as a measure of liquidity or an alternative to net income as indicators of operating performance or any other measures of performance derived in accordance with GAAP. Because EBITDA is calculated before recurring cash charges, including interest expense and taxes, and is not adjusted for capital expenditures or other recurring cash requirements of the business, it should not be considered as a measure of discretionary cash available to invest in the growth of the business.

Adjusted EBITDA

“Adjusted EBITDA” is the term we use to describe EBITDA as defined and adjusted in our credit agreement, which is net income, adjusted for the items summarized in the Reconciliation of GAAP to Non-GAAP Financial Measures table below. Adjusted EBITDA is intended to show our unleveraged, pre-tax operating results and therefore reflects our financial performance based on operational factors, excluding non-operational, non-cash or non-recurring losses or gains. In view of our debt level, it is also provided to aid investors in understanding our compliance with our debt covenants. Adjusted EBITDA is not a presentation made in accordance with GAAP, and our use of the term Adjusted EBITDA varies from others in our industry. In addition to Adjusted EBITDA we also use the term "Adjusted EBITDA excluding corporate costs" which is used to described our total Adjusted EBITDA at the operating level without being burdened by the EBITDA costs associated with our corporate functions. Adjusted EBITDA should not be considered as an alternative to net income, income from operations or any other performance measures derived in accordance with GAAP. Adjusted EBITDA has important limitations as an analytical tool, and you should not consider it in isolation, or as a substitute for, analysis of our results as reported under GAAP. For example, Adjusted EBITDA does not reflect: (a) our capital expenditures, future requirements for capital expenditures or contractual commitments; (b) changes in, or cash requirements for, our working capital needs; (c) the significant interest expenses, or the cash requirements necessary to service interest or principal payments, on our debt; (d) tax payments that represent a reduction in cash available to us; (e) any cash requirements for the assets being depreciated and amortized that may have to be replaced in the future; or (f) the impact of earnings or charges resulting from matters that we and the lenders under our credit agreement may not consider indicative of our ongoing operations. In particular, our definition of Adjusted EBITDA allows us to add back certain non-cash, non-operating or non-recurring charges that are deducted in calculating net income, even though these are expenses that may recur, vary greatly and are difficult to predict and can represent the effect of long-term strategies as opposed to short-term results.

In addition, certain of these expenses can represent the reduction of cash that could be used for other corporate purposes. Further, although not included in the calculation of Adjusted EBITDA below, the measure may at times allow us to add estimated cost savings and operating synergies related to operational changes ranging from acquisitions to dispositions to restructurings and/or exclude one-time transition expenditures that we anticipate we will need to incur to realize cost savings before such savings have occurred. Further, management and various investors use the ratio of total debt less cash to Adjusted EBITDA (which includes a full pro-forma last-twelve-month impact of acquisitions), or "net debt leverage", as a measure of our financial strength and ability to incur incremental indebtedness when making key investment decisions and evaluating us against peers. Lastly, management and various investors use the ratio of the change in Adjusted EBITDA divided by the change in net sales (referred to as “incremental margin” in the case of an increase in net sales or “decremental margin” in the case of a decrease in net sales) as an additional measure of our financial performance and is utilized when making key investment decisions and evaluating us against peers.

Free Cash Flow

We define Free Cash Flow as cash flow from operations less capital expenditures, and we use this metric in analyzing our ability to service and repay our debt and to forecast future periods. However, this measure does not represent funds available for investment or other discretionary uses since it does not deduct cash used to service our debt. We define Free Cash Flow Conversion as Free Cash Flow divided by net income.

Return on Invested Capital (“ROIC”)

ROIC is used because we believe it is an important supplemental measure of financial performance and it is also currently a performance measure under our long-term incentive plan. ROIC is frequently used by analysts, investors and other interested parties in the evaluation of companies in our industry. ROIC is also used by investors and analysts to evaluate management’s deployment of capital to create shareholder value. We define ROIC as tax-effected net operating income for the last 12 months divided by average total invested capital over a rolling four-quarter period. Total invested capital is defined as shareholders equity plus debt, less cash and cash equivalents. Other companies may not define or calculate ROIC in the same way.

About Zurn Water Solutions

Headquartered in Milwaukee, Wisconsin, Zurn Water Solutions is a growth oriented, pure-play water business that designs, procures, manufactures and markets what we believe is the broadest sustainable product portfolio of water management solutions to improve health, human safety and the environment. The Zurn product portfolio includes professional grade water control and safety, water distribution and drainage, finish plumbing, hygienic and environmental and site works products for public and provide spaces. Additional information about the Company can be found at www.zurnwatersolutions.com.

Conference Call Details

Zurn Water Solutions will hold a conference call on Wednesday, February 2, 2022, at 8:00 a.m. Eastern Time to discuss its fourth quarter 2021 results, provide a general business update and respond to investor questions. Zurn Chairman and CEO, Todd Adams, and Senior Vice President and CFO, Mark Peterson, will co-host the call. The conference call can be accessed via telephone as follows:

Domestic toll-free #: 888-510-2359
International toll #: 646-960-0215
Access Code: 7660247

A live webcast of the call will also be available on the Company's investor relations website. Please go to the website (investors.zurnwatersolutions.com) at least 15 minutes prior to the start of the call to register, download and install any necessary audio software.

If you are unable to participate during the live teleconference, a replay of the conference call will be available from 10:00 a.m. Central Time February 2, 2022 until 10:59 p.m. Central Time, February 9, 2022. To access the replay, please dial 800-770-2030 (domestic) or 647-362-9199 (international). The Conference ID for the replay is: 7660247. The replay will also be available as a webcast on the Company’s investor relations website.

Cautionary Statement on Forward-Looking Statements

Information in this release may involve outlook, expectations, beliefs, plans, intentions, strategies or other statements regarding the future, which are forward-looking statements. These forward-looking statements involve risks and uncertainties. All forward-looking statements included in this release are based on information available to Zurn Water Solutions Corporation as of the date of the release, Zurn assumes no obligation to update any such forward-looking statements. The statements in this release are not guarantees of future performance, and actual results could differ materially from current expectations. Numerous factors could cause or contribute to such differences. Please refer to “Risk Factors” and “Cautionary Notice Regarding Forward-Looking Statements” in our transition report on Form 10-K for the period ended December 31, 2020, as well as the Company’s subsequent annual, quarterly and current reports filed on Forms 10-K, 10-Q and 8-K from time to time with the Securities and Exchange Commission for a further discussion of the factors and risks associated with the business.

(1) Other expense, net, for the periods indicated, consists primarily of gains and losses from foreign currency transactions, and the non-service cost components of net periodic benefit credits associated with our defined benefit plans.

Dave Pauli
Vice President - Investor Relations
414.223.7770

Agreement Adds Fuel to 15-Year Partnership with Launch of the New Exxon Mobil Smart Card+™

NEW YORK & HOUSTON--(BUSINESS WIRE)--Citi Retail Services, one of North America's largest and most experienced retail credit solution providers, and ExxonMobil announced today an extension of their wide-reaching credit card relationship.

For the last 15 years, the two brands have been deeply committed to providing best-in-class offerings which drive significant value to consumer credit card customers. This shared ‘customer first’ commitment is exemplified by today’s launch of the Exxon Mobil Smart Card+. Offered as an upgrade to existing ExxonMobil™ Smart Card cardmembers and available for new applicants, the Exxon Mobil Smart Card+ provides instant savings at the pump with up to 12 cents per gallon* on Synergy Supreme+™ premium fuel and 10 cents per gallon* on other Synergy™ fuel grades at over 12,000 Exxon™ and Mobil™ stations in the U.S. Cardmembers are also eligible to receive 5% back* as a statement credit on in-store purchases and car washes at Exxon and Mobil locations for the first $1,200 spent on non-fuel purchases per year.

“We are excited to launch an enhanced Exxon Mobil consumer credit card alongside Citi Retail Services,” said Yan Cote, ExxonMobil Marketing Consumer Offer Manager. “We continuously evaluate our branded programs and saw an opportunity to bring consumers more savings on everyday purchases at Exxon and Mobil stations. Citi Retail Services has been a valued partner who shares a vision of innovation and providing significant benefits to cardmembers.”

“We are delighted to announce another multi-year extension of our partnership with ExxonMobil,” said Leslie McNamara, Business Head, Partner Management, Citi Retail Services. “Starting with the new credit card launching today, we will continue to work closely with ExxonMobil to provide value and drive increased loyalty among new and existing customers.”

To learn more about the new Exxon Mobil Smart Card+, please visit: exxon.com/smartcardplus.

Citi

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi.

ExxonMobil

ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor.

Follow us on Twitter and LinkedIn.

*Card terms:

*Account must be open and in good standing to qualify. You will receive ongoing fuel savings of 12 cents per gallon on Synergy Supreme+™ premium fuel and 10 cents per gallon on other Synergy™ fuel grades, which will be received as a reduced fuel price at the point of sale. In the event discounts at the point of sale are unavailable for any reason, you will receive the earned discounts as a statement credit. You can earn 5% back in statement credit rebates on your first $1,200 in Exxon and Mobil non-fuel purchases made each year with your card at Exxon and Mobil locations. Qualifying in-store purchases exclude lottery tickets, money orders and gift cards. Exxon Mobil Rewards+™ points will not be earned on purchases made with the Exxon Mobil Smart Card+™ credit card. Terms & Conditions of the Exxon Mobil Smart Card+ Program apply.

Media

Citi
Elana Rueven
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Expanded InnoSwitch3 family slashes component count and boosts efficiency in EV and industrial applications

SAN JOSE, Calif.--(BUSINESS WIRE)--$POWI #PowerIntegrations--Power Integrations (Nasdaq: POWI), the leader in high-voltage integrated circuits (ICs) for energy-efficient power conversion, today announced the addition of two new AEC-Q100 qualified, 1700-volt rated ICs to its InnoSwitch™3-AQ family. The new devices are the industry’s first automotive-qualified switching power supply ICs to incorporate a silicon carbide (SiC) primary switching MOSFET. Delivering up to 70 watts of output power, the new ICs are targeted for use in 600- and 800-volt battery and fuel-cell electric passenger vehicles, as well as electric buses, trucks and a wide range of industrial power applications.

Highly integrated InnoSwitch ICs reduce the number of components required to implement a power supply by as much as 50 percent, saving significant circuit-board space, enhancing system reliability and mitigating component sourcing challenges. Devices from the award-winning InnoSwitch family are now available with a choice of cost-effective silicon, high-efficiency gallium nitride (GaN) and high-voltage SiC transistors, permitting designers to optimize their power solution across a broad range of consumer, computer, communications, industrial and automotive applications.

Peter Vaughan, director of automotive business development at Power Integrations, said: "800-volt batteries are becoming standard for EVs. Multiple vehicle systems are connected to this powerful electrical source, yet delicate electronic control circuits require just a few volts for operation and communication. InnoSwitch devices allow the electronics to safely sip from the firehose of energy available on the main bus, using minimal board area and without wasting energy. Most exciting is the opportunity to dramatically simplify the emergency power supply for the main traction inverter, which may be called upon at a moment’s notice to operate from any voltage between 30 volts and 1000 volts. Our SiC-based InnoSwitch3-AQ devices handle this vast range with incredible ease.”

Offered in a compact InSOP™-24D package, the new ICs use a FluxLink™ feedback link, providing reinforced isolation up to 5000 V_RMS for secondary-side control. FluxLink technology enables direct sensing of the output voltage, providing benefits such as accurate regulation and extremely fast transient response. The circuit will start from 30 volts without external circuitry – critical for functional safety. Additional protection features include input under-voltage, output over-voltage and over-current limiting.

The inclusion of synchronous rectification and a quasi-resonant (QR) / CCM flyback controller achieves greater than 90% efficiency, easily meeting the strictest OEM requirements. These new parts consume less than 15 mW at no-load, which is ideal for reducing self-discharge in battery management systems.

The InnoSwitch3-AQ 1700-volt parts are also suitable for industrial markets, where the integrated solution replaces discrete controller-plus-MOSFET designs, saving space, time and cost while increasing reliability in applications such as renewables, industrial motor drives, battery storage and metering.

Availability & Resources

A reference design, DER-913Q, and hardware kit RDK-919Q, are available for designers wishing to evaluate the InnoSwitch3-AQ 1700-volt IC. Devices are priced at $5.64 for part number INN3947CQ-TL and $9.02 for part number INN3949CQ-TL in 1,000-unit quantities. For further information contact a Power Integrations sales representative or one of the company’s authorized worldwide distributors: Digi-Key, Farnell, Mouser and RS Components, or visit power.com.

About Power Integrations

Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information, please visit www.power.com.

Power Integrations, InnoSwitch, FluxLink, InSOP, power.com and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc. All other trademarks are the property of their respective owners.

Media Contact
Linda Williams
Power Integrations
(408)-414-9837
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Press Agency Contact
Nick Foot
BWW Communications
+44-1491-636-393
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Former Meritor Executive Chairman of the Board and Chief Executive Officer brings extensive product innovation and commercialization experience

AUSTIN, Texas--(BUSINESS WIRE)--Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 semi-trucks, today announced that Jeffrey A. (Jay) Craig will join its board of directors.

A highly recognized leader in the commercial vehicle space, Craig oversaw the advancement of Meritor’s product portfolio during his tenure as Chief Executive Officer, where he guided the development of a multitude of electrification products—some of which are now used on the Hyliion Hypertruck ERX™. Craig also worked closely with numerous commercial vehicle OEMs to make Meritor products part of their standard and electric vehicle offerings.

Prior to serving as Meritor’s CEO, Craig held other executive positions with the company, including Senior Vice President and Chief Financial Officer, and President and Chief Operations Officer, where he oversaw both Commercial Truck & Industrial and Aftermarket & Trailer business segments.

“Jay’s extensive background in driving product development in the commercial trucking industry paired with his sharp financial acumen makes him a strong addition to the Hyliion board. He joins at a pivotal and exciting time in the Hypertruck ERX commercialization process, as we continue to execute on our product roadmap and deliver a powertrain solution that will change the future of trucking,” said Thomas Healy, Founder and CEO of Hyliion. “Hyliion will certainly benefit from his experience leading a global drivetrain company into the electrification space as well as his support of our vision of a cleaner environment through innovative technology,” Healy added.

Before beginning his career at Meritor, Craig was President and Chief Executive Officer of General Motors Acceptance Corporation ("GMAC") Commercial Finance and President and Chief Executive Officer of GMAC’s Business Credit division. He joined GMAC as general auditor from Deloitte & Touche, where he served as an audit partner.

Craig holds a Bachelor of Science degree in accounting from Michigan State University and a Master of Business Administration from Duke University in Durham, North Carolina.

About Hyliion

Hyliion Holdings Corp.’s (NYSE: HYLN) mission is to reduce the carbon intensity and greenhouse gas (GHG) emissions of Class 8 commercial trucks by being a leading provider of electrified powertrain solutions. Leveraging advanced software algorithms and data analytics capabilities, Hyliion offers fleets an easy, efficient system to decrease fuel and operating expenses while seamlessly integrating with their existing fleet operations. Headquartered in Austin, Texas, Hyliion designs, develops, and sells electrified powertrain solutions that are designed to be installed on most major Class 8 commercial trucks, with the goal of transforming the commercial transportation industry’s environmental impact at scale. For more information, visit www.hyliion.com.

Forward Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial and operational performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion expressly disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, Hyliion’s ability to disrupt the powertrain market, Hyliion’s focus in 2021 and beyond, the effects of Hyliion’s dynamic and proprietary solutions on its commercial truck customers, accelerated commercialization of the Hypertruck ERX, the ability to meet 2021 and future product milestones, the impact of COVID-19 on long-term objectives, the ability to reduce carbon intensity and greenhouse gas emissions and the other risks and uncertainties set forth in “Risk Factors” section of Hyliion’s annual report on Form 10-K/A filed with the Securities and Exchange Commission (the “SEC”) on May 17, 2021 for the year ended December 31, 2020. Given these risks and uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion’s operations and projections can be found in its filings with the SEC. Hyliion’s SEC Filings are available publicly on the SEC’s website at www.sec.gov, and readers are urged to carefully review and consider the various disclosures made in such filings.

Hyliion Holdings Corp.
Ryann Malone
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Sharon Merrill Associates, Inc.
Nicholas Manganaro
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LEMOORE, Calif.--(BUSINESS WIRE)--CIM Group today welcomed government, labor, business, and civic leaders at a celebratory event commemorating the completion and operation of Aquamarine, the 250-megawatt project within the 20,000-acre Westlands Solar Park (WSP). Guests were hosted on-site amidst Aquamarine’s rows of solar panels and the project’s impressive substation. Addressing the attendees were Wade Crowfoot, California’s Natural Resources Secretary; Avi Shemesh, Co-Founder and Principal, CIM Group; George Hershman, CEO of SOLV Energy; and Ronny Jungk, business manager and financial secretary, IBEW Local 100.

Aquamarine is the first utility-scale solar project within WSP. Construction of Aquamarine began in 2020 and concluded at year-end 2021, on time and on budget, at which time it began contributing renewable energy to the California grid. WSP is one of the largest permitted solar parks in the United States, with the capacity to grow to more than 2,700-megawatts (2.7 gigawatts) of renewable energy at full buildout and with the potential to provide clean energy to more than 1,200,000 homes.

“California is blazing a path forward toward 100 percent carbon-free energy generation by 2045,” said California Natural Resources Agency Secretary Wade Crowfoot. “Aquamarine and the next projects will help us get there.”

The master-planned Westlands Solar Park encompasses more than 20,000 acres in California’s San Joaquin Valley in western Fresno and Kings Counties and is designed to be developed as multiple projects to meet the needs of public and private utilities, businesses and other energy consumers. CIM Group anticipates commencing construction of additional solar projects within WSP in 2022.

"Westlands is an incredible project that's creating good union jobs, driving local wages and developing a skilled workforce to power the green energy economy," said George Hershman, CEO of SOLV Energy and Board Chair of Solar Energy Industry Association. "Together with innovative leaders like CIM Group, we look forward to working toward smart solutions to our climate and energy crises. Congratulations to all partners involved in making the first stage of this landmark facility a success."

Construction of Aquamarine created approximately 500 construction jobs, employing workers from throughout Kings County as well as the nearby communities of Fresno, Tulare and Madera. Many workers benefited from an apprenticeship program provided by IBEW Local 100 with graduates trained in the skills necessary for a career in solar and clean energy development.

“The Aquamarine project employed many apprentices and graduates of the IBEW’s apprenticeship program that has educated and trained scores of workers, setting them on a career path in the growing solar energy industry. The IBEW Local 100 provided 307 electrical workers to Aquamarine, 128 of which were Kings County residents, benefiting the workers, the community and the local economy,” said Ronny Jungk, business manager and financial secretary, IBEW Local 100.

Aquamarine is now generating power for the California grid and delivering on its previously executed Power Purchase Agreements including with the Sacramento Municipal Utility District for renewable energy credits associated with 75 megawatts of capacity, a 50-megawatt contract with Valley Clean Energy Alliance, and with the City of Santa Clara, CA (Silicon Valley Power) for renewable energy credits associated with 75 megawatts of capacity. CIM Group is currently negotiating additional PPAs with other potential counterparties for Aquamarine and future projects within WSP.

“CIM Group’s commitment to becoming a resource for renewable energy, such as at Aquamarine and the future projects within Westlands Solar Park, aligns with our company’s overarching directive, to meet the needs of communities. We anticipate that approximately $3 billion will be invested in developing projects within Westlands Solar Park as we complete build out, continuing the creation of clean energy construction jobs, economic development throughout the region and contributing renewable energy to meet California’s clean energy goals,” said Avi Shemesh, Co-Founder and Principal, CIM Group.

WSP benefits from an alignment of interest among disparate groups, farming, environmental, labor, the Westlands Water District, the State of California and the federal government, all of which support the development. WSP has a completed and certified programmatic environmental impact report for the entire project, positioning it to permit and move forward on projects within WSP. Further, WSP is one of the few renewable energy zones identified as a Competitive Renewable Energy Zone (CREZ) thru the Renewable Energy Transmission Initiative (RETI) process.

WSP and environmental sustainability

CIM Group actively looks for opportunities to apply sustainable principles across its real asset portfolios, and at WSP, CIM is repurposing selenium-contaminated and drainage impaired farmland for the development of clean energy. In addition, WSP seeks to improve air quality in the San Joaquin Valley as the solar park doesn’t generate fine particulate pollution which is a major contributor to the area’s historic poor air quality. WSP has garnered strong support from environmental communities including the Sierra Club, NRDC, Defenders of Wildlife, and the Center for Biological Diversity. The goal of CIM’s clean energy projects is to provide solutions to multiple policy objectives for the state of California’s renewable energy mandate including greenhouse gas reduction and carbon free energy.

CIM Group infrastructure and sustainable investment

Since its inception in 1994, CIM has focused on investing in real estate and infrastructure projects located in or serving densely-populated communities throughout the Americas. WSP, located in a designated Opportunity Zone as defined under the 2017 Tax Cuts and Jobs Act, is an example of CIM’s commitment to investing in sustainable assets across communities. CIM is a UNPRI signatory and its infrastructure projects have been recognized for sustainability by the California Organized Investment Network (COIN), a division of the California Department of Insurance.

About CIM Group

CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com

Karen Diehl
Diehl Communications
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Fairbanks Energy Services, acquired by Mantis Innovation in February 2021, will officially rebrand under the Efficiency Solutions division of Mantis as companies across the US seek increased support for energy efficiency solutions

HOUSTON--(BUSINESS WIRE)--#Rebrand--Mantis Innovation, provider of smart, sustainable solutions to improve facility performance, today announced that subsidiary Fairbanks Energy Services is rebranding under the Efficiency Solutions division, marking another point of growth for the Mantis brand. This rebranding effort for the Efficiency Solutions division reflects the demands of a market seeking increased energy efficiency and sustainability solutions, as well as affirms Mantis’ commitment to meeting the needs of today’s businesses as they work towards improved facility performance.

The Efficiency Solutions division of Mantis Innovation aims to decrease the energy use in a building to lower costs and improve environmental impact. The integration of the Fairbanks brand into this division will strengthen Mantis’ offerings in:

• LED lighting and advanced lighting controls integrations
• HVAC retrofit projects, including boilers, chillers, air handlers, fans, pumps, piping, and many other types of equipment in mechanical systems
• Building automation system integrations and updates for improved building performance, including enabling use of open protocol systems
• Comprehensive data center optimizations, including airflow management and loop optimization
• Securing utility incentive program qualification to offset project cost

“We look forward to the impact of rebranding Fairbanks Energy Services with Mantis Innovation,” said Adam Fairbanks, President of the Mantis Efficiency Solutions division (formerly Fairbanks Energy Services). “This is a natural next step in the growth of our organization following our partnership last year. By integrating our brand and expanding our offerings through Mantis, we are reaffirming our commitment to providing clients with a broader suite of sustainable, turnkey solutions and managed facility services.”

“We are thrilled to announce the rebrand of Fairbanks Energy Services under the Mantis Innovation name,” said Dan Marzuola, CEO of Mantis Innovation. “Our partnership with the Fairbanks team has proven to be a valuable addition to our growing solutions portfolio and to welcome them under the Mantis brand is an exciting next step. We look forward to continuing our work providing superior sustainability solutions and effective facility management support to our client base.”

About Mantis Innovation

Mantis Innovation is a tech-enabled service provider that works with customers to deliver better building performance and improved energy efficiency. The company offers a full suite of services, including: energy procurement and demand management; solar, roofing, building envelope, and pavement, design, assessment and maintenance; and LED lighting, HVAC/mechanical and building automation systems implementation. Mantis is headquartered in Houston, Texas, with 17 locations across the United States from Massachusetts to Washington.

Learn more at https://mantisinnovation.com/

Mantis Innovation
Caroline Haley
Marketing Director
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HOUSTON--(BUSINESS WIRE)--Geospace Technologies (NASDAQ: GEOS) today announced a net loss of $6.8 million, or $(0.52) per diluted share, on revenue of $18.0 million for its first quarter ended December 31, 2021. This compares with a net loss of $1.1 million, or ($0.08) per diluted share, on revenue of $28.5 million for the first quarter of the prior year.

Walter R. (“Rick”) Wheeler, President and CEO of Geospace Technologies (the “Company”) said, “The first quarter of fiscal year 2022, which ended December 31, 2021, saw a decrease in revenue of $10 million from last year’s first quarter. In retrospect, last year’s results were bolstered by $8 million received on a government contract providing the U.S. Border Patrol with a unique border security solution developed by our Quantum Technology Sciences subsidiary. With this considered, first quarter revenue still represents a good start for fiscal year 2022, having exceeded all first quarter results of the prior five years, beginning with the first quarter of fiscal year 2020. First quarter contributions from rentals of our OBX ocean-bottom marine nodes saw an increase compared to last year’s same period. In addition, our products revenue includes proceeds from the sale of more than 1,700 OBX nodes out of our rental fleet. This purchase was made by an international seismic contractor that last year purchased 7,500 units. Nonetheless, our Oil and Gas Markets segment remains challenged overall, as reflected by the decrease in revenue of more than 24% compared to last year. We believe this is the result of exploration and production (E&P) companies choosing to make minimal capital investments in new exploration and production, despite higher oil prices. As hard evidence, recent reports show that discoveries of new oil and gas reserves in 2021 fell to the lowest levels recorded in 75 years. E&P companies have instead directed cash toward shareholders in the form of dividends and stock buybacks as well as toward reducing debt. We believe this trend will likely continue for the time being. In our last earnings release, we mentioned that we had received a request from a major oil company for proposal of a permanent reservoir monitoring (PRM) system. After a thorough evaluation, we decided that certain immutable terms and conditions of the offer were not amenable, and thus we did not provide a proposal. However, future PRM projects with this company remain possible, and our ongoing discussions and engineering engagements with other customers regarding opportunities for several different PRM systems remain very encouraging.”

Wheeler continued, “Consistent with our business diversification strategy, revenue from our Adjacent Markets products experienced an increase of 18% in the first quarter compared to last year. This is a historic level of first quarter revenue for this segment and a great return for the investments we have made in this portion of our business.

We expect this segment to see additional revenue later this fiscal year with the roll out of our Aquana smart water valves and cloud-based control platform. Thus, in conjunction with other product developments to further expand our Adjacent Markets, this segment is very well positioned to experience additional growth. In our Emerging Markets segment, our Quantum subsidiary generated very little revenue in the first quarter compared to last year’s contribution related to our U.S. Border Patrol efforts. However, we believe we are well positioned for follow-on Border Patrol work and contracts with other government customers for our border and perimeter security systems once firm federal budgets have been established. Recently, variants of our SADAR system were deployed in our Joint Industry Partnership with Carbon Management Canada. These systems are yielding valuable information demonstrating SADAR’s capabilities for high-resolution and low-cost monitoring of carbon capture operations, as well as other passive seismic interests.”

Oil and Gas Markets Segment

Revenue from the Company’s Oil and Gas Markets segment totaled $9.7 million for the three months ended December 31, 2021. This compares with $12.8 million for the equivalent three-month period a year ago, reflecting a decrease of 24%. The decrease for the three-month period is due to lower demand for the purchase of wireless OBX nodal marine products, partially offset by higher utilization of the Company’s OBX rental fleet. Despite higher crude oil prices, the Company’s Oil and Gas Markets segment will remain challenged in the near term due to lack of capital investment into exploration by oil and gas exploration producers.

For the three months ended December 31, 2021, revenue from our traditional exploration products was $0.6 million, a decrease of $0.4 million, or 41% from the corresponding period of the prior fiscal year. The decrease for the three months ended December 31, 2021 primarily reflects lower demand for our sensor products. Continued higher crude oil commodity prices will not result in improved demand for these products until there is an end to capital limitations, expiration of unfavorable price hedges held by the oil and gas companies and a depletion of the under-utilized seismic equipment owned by our customers.

Wireless Seismic products contributed $8.7 million of revenue for the three-month period ending December 31, 2021, compared to $11.7 million from the same period of the past fiscal year. This reflects a 26% decrease of revenue. The reduction in revenue is due to lower sales of OBX wireless products partially offset by higher utilization of our OBX rental fleet.

For the three months ended December 31, 2021, revenue from our reservoir products was $0.3 million, compared to $29,000 from the corresponding period of the prior fiscal year. The increase in demand for the three months ended December 31, 2021 was primarily due to higher service revenue. Management believes that contracts for the manufacture and deployment of permanent reservoir monitoring (PRM) systems offer the greatest opportunity for meaningful revenue from this product category. The Company has the largest installed base of PRM systems in the world. In the third quarter of fiscal year 2021, the Company received a request from a major oil and gas producer for the implementation of a large-scale seabed PRM system. The Company declined to provide a bid to the oil and gas producer due to unfavorable commercial requirements in the contract. The Company is continuing its ongoing discussions with other major oil and gas producers for possible PRM systems.

Adjacent Markets Segment

For the three-months ending December 31, 2021, the Company’s Adjacent Markets segment contributed $8.2 million of revenue compared to $6.9 million for the same prior year period, reflecting an increase of 18%. The increase in revenue is due to higher demand for industrial sensors, contract manufacturing service, water meter cables and connectors, and imaging products. The Company’s supply chain group and engineering group are working aggressively to mitigate COVID-19 supply chain shortages, that could affect this segment.

Emerging Markets Segment

The Emerging Markets segment generated $0.1 million of revenue for the three-month period ended December 31, 2021. This compares with $8.8 million from the same prior year period. The decrease in revenue is due to the near completion of the contract in the prior fiscal year with the U.S. Customs and Border Protection, U.S. Border Patrol. The contract, awarded in April 2020 to the Company’s Quantum subsidiary, provides an advanced technology border and perimeter security solution to the Department of Homeland Security. Management believes its systems are very well aligned to provide the U.S. Federal Government with high technology means and methods for protecting the U.S. border and other strategic assets.

Balance Sheet and Liquidity

For the three-month period ended December 31, 2021, the Company used $7.3 million in cash and cash equivalents from operating activities. The Company generated $1.9 million of cash from investment activities that included net proceeds of $1.8 million from the sale of short-term investments, and $1.0 million in proceeds from the sale of used rental equipment. These sources of cash were partially offset by $0.8 million used for additions to its rental equipment fleet. The Company used $1.5 million for financing activities for the payment of contingent consideration and purchases of treasury stock. The purchase of treasurer stock completes the Company’s $7.5 million stock buyback program authorized by the Board of Directors. As of December 31, 2021, the Company had $14.8 million in cash, cash equivalents and short-term investments. The Company additionally owns unencumbered property and real estate in both domestic and international locations. The Company is currently seeking a new credit facility with multiple lenders and expects to have a new credit facility in place in the second quarter of fiscal year 2022. The Company plans to fund its operations from its existing liquidity and cash from operations.

Wheeler concluded, “As fiscal year 2022 progresses, our Oil and Gas Markets segment will continue to face near-term commercial challenges that are difficult to forecast in today’s uncertainties. While longer-term PRM systems opportunities for this segment are in active discussion and remain very promising, we will ensure that proposed terms and conditions for such projects are of appropriate risk. Meanwhile, we are excited about the results of our Adjacent Markets segment and its consistent path of growth. These results give significant validation to our strategic moves to diversify the business and create revenue alternatives to our oil and gas product lines. Similar alternatives reside in our Emerging Markets segment where the advanced security and intelligence gathering systems developed with our Quantum subsidiary provide unique solutions to the U.S. Border Patrol as well as other government entities. In addition, our migration of Quantum’s SADAR system technology for use in monitoring carbon capture and storage operations opens new revenue opportunities within our Oil and Gas Markets segment. The advanced capability of these systems could well position us as the technological leader for monitoring operations in the unique developing market of carbon capture and storage.”

Conference Call Information

Geospace Technologies will host a conference call to review its first quarter fiscal year 2022 financial results on February 2, 2022, at 10:00 a.m. Eastern Time (9 a.m. Central). Participants can access the call at (877) 876-9176 (US) or (785) 424-1670 (International). Please reference the conference ID: GEOSQ122 prior to the start of the conference call. A replay will be available for approximately 60 days and may be accessed through the Investor Relations tab of our website at www.geospace.com.

About Geospace Technologies

Geospace principally designs and manufactures seismic instruments and equipment. We market our seismic products to the oil and gas industry to locate, characterize and monitor hydrocarbon-producing reservoirs. We also market our seismic products to other industries for vibration monitoring, border and perimeter security and various geotechnical applications. We design and manufacture other products of a non-seismic nature, including water meter products, imaging equipment, offshore cables, remote shutoff water values and Internet of Things (IoT) platform and provide contract manufacturing services.

Forward Looking Statements

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements can be identified by terminology such as “may”, “will”, “should”, “intend”, “expect”, “plan”, “budget”, “forecast”, “anticipate”, “believe”, “estimate”, “predict”, “potential”, “continue”, “evaluating” or similar words. Statements that contain these words should be read carefully because they discuss future expectations, contain projections of our future results of operations or of our financial position or state other forward-looking information. Examples of forward-looking statements include, statements regarding our expected operating results, the adoption, results and success of our rollout of Aquana smart water valves and cloud based control platform, future demand for Quantum security solutions the adoption and sale of products in various geographic regions, potential tenders for PRM systems, future demand for OBX systems, the completion of new orders for channels of our GCL system, the fulfillment of customer payment obligations, the impact of and the recovery from the impact of the coronavirus (COVID-19) pandemic, our ability to manage changes and the continued health or availability of management personnel, volatility and direction of oil prices, anticipated levels of capital expenditures and the sources of funding therefor, our ability to secure a new credit facility, and our strategy for growth, product development, market position, financial results and the provision of accounting reserves. These forward-looking statements reflect our current judgment about future events and trends based on currently available information. However, there will likely be events in the future that we aren’t able to predict or control. The factors listed under the caption “Risk Factors” in our most recent Annual Report on Form 10-K which is on file with the Securities and Exchange Commission, as well as other cautionary language in such Annual Report, any subsequent Quarterly Report on Form 10-Q, or in our other periodic reports, provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Such examples include, but are not limited to, the failure of the Quantum or OptoSeis^® or Aquana technology transactions to yield positive operating results, decreases in commodity price levels and continued adverse impact of COVID-19, which could reduce demand for our products, the failure of our products to achieve market acceptance (despite substantial investment by us), our sensitivity to short term backlog, delayed or cancelled customer orders, product obsolescence resulting from poor industry conditions or new technologies, bad debt write-offs associated with customer accounts, inability to collect on promissory notes, lack of further orders for our OBX systems, failure of our Quantum products to be adopted by the border and security perimeter market or a decrease in such market due to governmental changes, and infringement or failure to protect intellectual property. The occurrence of the events described in these risk factors and elsewhere in our most recent Annual Report on Form 10-K or in our other periodic reports could have a material adverse effect on our business, results of operations and financial position, and actual events and results of operations may vary materially from our current expectations. We assume no obligation to revise or update any forward-looking statement, whether written or oral, that we may make from time to time, whether as a result of new information, future developments or otherwise, except as required by applicable securities laws and regulations.

Caroline Kempf, This email address is being protected from spambots. You need JavaScript enabled to view it., 321.341.9305

CAMPBELL, Calif.--(BUSINESS WIRE)--ChargePoint Holdings, Inc. (NYSE: CHPT), a leading electric vehicle (EV) charging network, participated in the Bloomberg New Energy Finance (BNEF) Summit in San Francisco on Monday, January 31, 2022.

ChargePoint Chief Marketing Officer Colleen Jansen spoke during the expert panel titled “Delivering Charging Infrastructure for All.'' Moderated by BloombergNEF’s Electrified Transport specialist Ryan Fisher, the panel discussed critical success factors in the expansion of electrification. Jansen was joined by other leading experts from General Motors and Energy Impact Partners.

During the panel, she shared ChargePoint’s leadership in all facets of charging fleets and passenger vehicles whether at home, at work and around town, as well as its technology investments in creating a driver experience that is smart, intuitive and integrated. “Software is the magic that makes it all work,” said Jansen, speaking on electrification during the hybrid event to more than 1,000 registered attendees.

Such discussions around infrastructure are prompted by recent EV momentum. In research conducted by BNEF, passenger EV sales in Europe & North America grew 48 percent year over year from between Q3 2020 and Q3 2021. BNEF has also predicted that passenger EV sales will hit 14 million in 2025, an increase from 3.1 million in 2020.

Since 2008, the BNEF Summit has convened leading minds across the transportation category to share insights, focusing this year’s summit on capitalizing on technological change and shaping a cleaner future. This is the second consecutive year ChargePoint has been invited to speak at this industry setting event.

About ChargePoint

ChargePoint is creating a new fueling network to move people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and a comprehensive portfolio of charging solutions available today. ChargePoint’s cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds-of-thousands of places to charge in North America and Europe. To date, more than 105 million charging sessions have been delivered, with drivers plugging into the ChargePoint network approximately every two seconds. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it..

CHPT-IR

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Jennifer Bowcock
VP, Communications
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VP, Capital Markets and Investor Relations
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