Business Wire News

The industry leader in next-gen ultrafast charging and energy management solutions cements its place at the nexus of innovation and execution

NEWARK, Calif.--(BUSINESS WIRE)--On Tuesday, FreeWire Technologies Inc. showcased its new Global Headquarters, R&D, and Manufacturing Facility in Newark, CA. The event provided an inside look at the company’s new 66,000-square-foot facility to accelerate the development and introduction of new ultrafast charging and energy storage solutions while delivering hundreds of high-quality manufacturing and engineering jobs across the community.


“FreeWire has had a year of robust demand, and with this $20 million investment in our new facility, we are well-positioned for scale,” said Arcady Sosinov, FreeWire’s Founder and CEO. “As state and federal policymakers set ambitious and necessary electrification goals to foster an electrified future, FreeWire, and our technology stand ready to meet this moment with the urgency and innovation it demands.”

The new facility will create more than 200 well-paying engineering and manufacturing jobs in electrification and clean energy across the community. The facility will be fully operational by Fall 2022, putting FreeWire at the center of the San Francisco Bay Area’s transportation technology hub.

“This is a win-win-win for the environment, local communities, and our economy,” continued Sosinov, “We’re tremendously thankful for our world-class team, supportive investors, and local and federal officials that appreciate the solution we bring to bear.”

FreeWire is investing and expanding U.S. operations, driven by policies enacted in the Bipartisan Infrastructure Law last November. The Newark facility boasts an impressive footprint and will focus on manufacturing and scaling FreeWire’s Buy America-compliant battery-integrated EV charging equipment as well as research and development to support the company’s robust product roadmap.

“Freewire’s innovative EV charging technology fills an important gap in the market and will help make it possible for electric vehicles to go mainstream,” added David Hochschild, Chairman of the California Energy Commission (CEC).

Earlier this month, FreeWire unveiled its next-generation charger —the Boost Charger 200– which offers impressive performance and a battery-integrated design that allows seamless connection to existing infrastructure without burdensome construction costs and permitting restraints.

FreeWire continues to disrupt the EV charging market with its Boost Charger, recently showcased as a finalist in Fast Company’s 2022 World Changing Ideas Awards’ Transportation Category.

As FreeWire leads the way in battery-integrated EV charging, investors have also taken note. Last month, FreeWire raised an additional $125 million in new capital from investors, including asset manager BlackRock Inc.

About FreeWire Technologies

Founded in 2014, FreeWire Technologies is the leading manufacturer of battery-integrated EV charging stations and power solutions in the U.S. The Company’s fully-integrated Boost ChargerTM plugs into existing and ubiquitous low-voltage utility service and delivers high-power charging in areas that typically require extensive grid upgrades. The Boost Charger’s combination of proprietary battery and power conversion technology enables ultrafast EV charging at all locations, freeing customers from the costs of providing fast charging using power directly from the electric grid. FreeWire has deployed battery-integrated chargers with Fortune 100 companies, commercial customers, fleets, retail locations, and gas stations across the U.S. and has partnered with bp pulse to deploy Boost Charger in its operations across the UK.


Contacts

Daniel Zotos, Director of Communications
(617) 448-7497 | This email address is being protected from spambots. You need JavaScript enabled to view it.

DALLAS--(BUSINESS WIRE)--Matador Resources Company (NYSE: MTDR) (“Matador” or the “Company”) will hold its 2022 Annual Meeting of Shareholders on Friday, June 10, 2022 at 9:30 a.m. Central Time.


The Annual Meeting will be held at Hilton Dallas Lincoln Centre, Lakeside Ballroom, 5410 LBJ Freeway, Dallas, Texas 75240. A continental breakfast will be provided beginning at 8:30 a.m. Central Time to provide shareholders the opportunity to socialize with directors, management and senior staff prior to the meeting.

The Annual Meeting will be webcast live. To access the live webcast, you can use the following link https://onlinexperiences.com/Launch/QReg/ShowUUID=19F39F3D-6AB8-49A1-AF99-12F56D145686 or visit the Events page located under the Investor Relations tab on Matador’s website at www.matadorresources.com.

About Matador Resources Company

Matador is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. Its current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. Matador also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, Matador conducts midstream operations, primarily through its midstream joint venture, San Mateo, in support of its exploration, development and production operations and provides natural gas processing, oil transportation services, natural gas, oil and produced water gathering services and produced water disposal services to third parties.

For more information, visit Matador Resources Company at www.matadorresources.com.


Contacts

Mac Schmitz
Vice President – Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
(972) 371-5225

DUBLIN--(BUSINESS WIRE)--The "Micro-mobility Charging Infrastructure Market Size, Share & Trends Analysis Report by Vehicle Type, by Charger Type, by Power Source, by End Use, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.


The global micro-mobility charging infrastructure market size is expected to reach USD 27.70 billion by 2030, growing at a CAGR of 25.2% from 2022 to 2030

Increasing awareness about green transportation modes is expected to drive the adoption of micro-mobility vehicles across the globe. An increasing number of people are preferring e-scooters for traveling over shorter distances as these vehicles take less parking space and can recharge within a shorter time.

Additionally, several charging stations for e-scooters provide a dedicated parking space, which helps reduce traffic congestion. Furthermore, these charging stations can be efficiently designed as per the available space and are adaptable to any e-scooter design. These factors are expected to create growth opportunities for the market over the forecast period.

The growing preference for wireless charging stations to charge micro-mobility vehicles at a faster rate with more convenience is expected to drive the demand for wireless charging stations. Several companies are also launching intelligent dock systems called wireless charging systems that work both indoors and outdoors.

For instance, in May 2020, Magment GmbH, a charging station provider, launched its intelligent wireless charging systems to provide flexible wireless charging to e-scooters. These wireless charging stations can be easily installed near streetlamps, parks, and electronic advertisement boxes.

The introduction of solar-powered charging stations with smart parking systems is expected to create growth opportunities for the micro-mobility charging infrastructure market. Market players are also focusing on developing and providing solar-powered charging stations for e-scooters.

Solar-powered charging stations help to charge network operators to reduce their dependency on grid stations. For instance, in October 2020, Swiftmile Inc introduced free solar-powered charging stations across various locations in the U.S.

The COVID-19 pandemic is expected to adversely impact the market. The market suffered during the pandemic but is expected to witness growth opportunities in the near future as citizens avoid public transport amid the pandemic. Moreover, the demand for wireless charging stations has increased as they offer touchless operations and help eliminate the risk of spreading the virus.

Micro-mobility Charging Infrastructure Market Report Highlights

  • Numerous micro-mobility companies are focusing on implementing dockless systems for e-scooters in parking zones. This is expected to drive the growth of the e-scooters vehicle type segment over the forecast period.
  • In terms of charger type, the wireless segment is expected to witness significant growth over the forecast period. Wireless charging stations are made of coil technology and magnetic concrete, which enables excellent alignment tolerance and better vertical wireless power transmission distance.
  • The demand for solar-powered charging stations has increased substantially among e-scooters and e-bike users. Along with being more eco-friendly, these stations are simpler to integrate with vehicle charging tools. Moreover, buildings with solar panels can charge vehicle batteries through these stations.
  • Smart cities and smart workplace initiatives across the globe are expected to encourage the uptake of micro-mobility vehicles globally. This is expected to create growth opportunities for the residential segment over the forecast period.
  • Around 50 million people in the U.S. travel using bicycles regularly. This large base of potential customers is expected to fuel the North American regional market growth.

Market Dynamics

Market driver analysis

  • Rise in the adoption of e-scooters due to the increasing fuel prices
  • Growing demand for shared mobility solutions

Market challenge analysis

  • Lack of strong policy framework

Penetration and Growth Prospect Mapping

Micro-mobility Charging Infrastructure Market - Porter's Five Forces Analysis

Micro-mobility Charging Infrastructure Market - PESTEL Analysis

Competitive Landscape

  • Ather Energy
  • bike-energy
  • Bikeep
  • Flower Turbines
  • Get Charged, Inc.
  • Giulio Barbieri SRL
  • Ground Control Systems
  • Magment GmbH
  • Perch Mobility
  • Robert Bosch GmbH
  • Solum PV
  • SWIFTMILE
  • The Mobility House GmbH

For more information about this report visit https://www.researchandmarkets.com/r/wie77x


Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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IRVINE, Calif.--(BUSINESS WIRE)--On Wednesday, May 25, 2022, at 11:45 am PT / 2:45pm ET, Rivian’s Founder and CEO RJ Scaringe will participate in the 7th Annual Morgan Stanley Sustainable Futures Conference.


A live webcast of the session will be available here.

About Rivian:

Rivian exists to create products and services that help our planet transition to carbon neutral energy and transportation. Rivian designs, develops, and manufactures category-defining electric vehicles and accessories and sells them directly to customers in the consumer and commercial markets. Rivian complements its vehicles with a full suite of proprietary, value-added services that address the entire lifecycle of the vehicle and deepen its customer relationships. Learn more about the company, products, and careers at rivian.com.


Contacts

Investor Contact
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Contact
Amy Mast: This email address is being protected from spambots. You need JavaScript enabled to view it.

  • Guidehouse Insights released its 2022 Energy as a Service leaderboard ranking Schneider Electric No. 2
  • Top ranking represents Schneider Electric’s comprehensive offerings and market growth trajectory with joint ventures AlphaStruxure and GreenStruxure

BOSTON--(BUSINESS WIRE)--Schneider Electric, the leader in the digital transformation of energy management and automation, together with joint ventures AlphaStruxure and GreenStruxure has been recognized as an industry leader in the Energy as a Service (EaaS) market with a No. 2 ranking by Guidehouse Insights EaaS Leaderboard. Schneider Electric’s top ranking results from its integrated, end-to-end, EaaS solution offerings and its opportunistic position for market growth.


The Guidehouse Insights report assesses the competitive landscape for EaaS solutions and how well companies are positioned to address customer needs. It’s intended to help customers, and market participants better understand solution offerings, differentiation, and record of accomplishment for EaaS projects.

“Schneider is a leader in the EaaS market, supported by its extensive vision, innovative go-to-market strategy, effective public presence, and technology excellence, among other factors,” said Sasha Wedekind, Principal Research Analyst with Guidehouse Insights. “It has had many public and confidential project announcements in the past year, such as the Montgomery County Brookville Smart Energy Bus Depot with AlphaStruxure, and a recent announcement of a GreenStruxure multi-site project with Bimbo Bakeries.”

Schneider Electric has and continues to expand its EaaS offering to serve the full spectrum of customer needs – as evidenced by the Microgrid Competency Center, AlphaStruxure, GreenStruxure, the recent formation of a global Sustainability Business, and its GreeNext joint venture. Schneider Electric has strategically positioned itself to be at the forefront of the market in the New Energy Landscape.

“Energy as a Service arms companies with the power to meet their energy outcomes by freeing up capital through a single, long-term energy partner. This model is helping our customers gain a competitive advantage,” said Jana Gerber, President, North America Microgrid at Schneider Electric, “With the understanding that customer priorities continue to evolve as energy demands shift, we made significant strides developing our EaaS offer, focusing on new customer verticals, and forming strategic partnerships.”

Schneider’s AlphaStruxure and GreenStruxure joint ventures unlock ambitious energy transformations for energy-intensive private and public sector organizations by designing, building, owning, operating, and maintaining tailored energy infrastructure, including microgrids. With no up-front CapEx, AlphaStruxure and GreenStruxure’s innovative EaaS models maximize results and minimize risk:

  • Transferred risk: Tailored energy infrastructure is designed, built, operated, and maintained by experts who also bear all owning, operating, and performance risks.
  • Cost-predictability: Avoid up-front expenditures and benefit from a contract that provides price certainty for long-term energy costs.
  • Guaranteed performance: Long-term resilience, reliability, greenhouse gas reduction, and cost stability goals are realized with an accountable, fully invested energy partner

As defined by Guidehouse Insights, EaaS solutions allow customers to address sustainability, resiliency, and deferred maintenance while upgrading facilities with OpEx-only payments and immediate ROI. Outsourcing all or part of energy management to a provider is increasingly compelling because of the rising complexity of available distributed energy technologies and the challenge of meeting long-term greenhouse gas emission reduction standards. Because of these various benefits, customers across all industries are continuing to adopt and explore EaaS solutions at scale.

For more information about Schneider Electric's EaaS solutions, please access the e-guide, or visit schneider-electric.us/microgrid and schneider-electric.us/en/eaas.

For more information on AlphaStruxure, please visit alphastruxure.com and for additional information on GreenStruxure, please visit greenstruxure.com.

About Schneider Electric

Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On. Our mission is to be your digital partner for Sustainability and Efficiency.

We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.

We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values. www.se.com

Discover Life Is On Follow us on: Twitter, Facebook, LinkedIn, YouTube, Instagram, Blog

Hashtags: #EnergyAsAService #Microgrid #LifeIsOn #SchneiderElectric #EaaS #AlphaStruxure #GreenStruxure

About AlphaStruxure

AlphaStruxure is a leading Energy as a Service (EaaS) provider that designs, builds, owns, operates, and maintains tailored energy infrastructure, including microgrids. Unlike other EaaS providers, AlphaStruxure owns its clients’ systems for their lifecycle, making it fully accountable for long-term outcomes on resilience, reliability, greenhouse gas reduction, and cost stability — without the CapEx or complexity. AlphaStruxure’s unique joint-venture model combines Carlyle’s capital backing with Schneider Electric’s 185+ year legacy and its track record as the #1 microgrid technology provider, with over 300 successful projects across North America. As a steadfast innovator in the new energy landscape, AlphaStruxure unlocks ambitious transformations for energy-intensive private and public sector organizations. AlphaStruxure is based in Boston, MA and operates across North America while leveraging global capabilities.
More information at alphastruxure.com | Follow AlphaStruxure at linkedin.com/company/AlphaStruxure

About GreenStruxure

GreenStruxure is your new energy supply, delivering on-site, zero carbon, digital energy for commercial and industrial buildings in the U.S. You get the energy outcomes you need – affordable, decarbonized energy, bill optimization and sustainability credits - and we make it simple and hassle free for you with no capital upfront or operational risks. GreenStruxure is backed by our strategic partners Schneider Electric and ClearGen, a Blackstone company. We are your new long-term energy partner bringing certainty and predictability in times of high volatility and rising costs.
For more information, go to www.greenstruxure.com or https://www.linkedin.com/company/greenstruxure.


Contacts

Schneider Electric Media Relations – Vicki True; 774-613-1158; This email address is being protected from spambots. You need JavaScript enabled to view it.
PR agency for Schneider Electric – Lexie Janney; 202-478-1163 ext. 92401; This email address is being protected from spambots. You need JavaScript enabled to view it.

VANCOUVER, British Columbia--(BUSINESS WIRE)--$LPEN--Loop Energy (TSX: LPEN) is pleased to announce that all of the nominees proposed as Directors and listed in the Company’s Management Information Circular dated May 20, 2021 (the “Circular”) were elected as Directors of Loop Energy at its Annual General Meeting of shareholders held on May 24, 2022. At the AGM, KPMG LLP were also reappointed as auditors of Loop Energy.


According to proxies received, the votes at the Meeting were as follows:

 

Business

Outcome
of Vote

Votes For

Votes
Against

Votes
Withheld

1. 

To set the number of Directors at seven.

Approved

10,907,684
(99.83%)

18,820
(0.17%)

 

2.

Resolution electing:

 

 

 

 

 

Benjamin Nyland

Approved

10,908,368

(99.83%)

 

18,136

(0.17%)

 

Andreas Truckenbrodt

Approved

10,854,718

(99.34%)

 

(71,786

0.66%)

 

Allan Collings

Approved

10,807,921

(98.91%)

 

118,583

(1.09%)

 

Sophia Langlois

Approved

10,912,418

(99.87%)

 

14,086

(0.13%)

 

Neil Murdoch

Approved

10,914,318

(99.89%)

 

12,186

(0.11%)

 

Christopher Clulow

Approved

10,908,568
(99.84%)

 

17,936
(0.16%)

 

Peter Johansson

 

As directors of the Company.

 

Approved

10,914,018

(98.89%)

 

12,486

(0.11%)

3. 

Resolution reappointing KPMG LLP, as auditors of the Company for the ensuing year and authorizing the directors of the Company to fix their remuneration.

Approved

10,809,427

(98.93%)

 

117,077

(1.07%)

*In addition to the proxies received in advance of the meeting, there were 38,333 shares voted in person at the meeting in favour of all of the motions proposed by management and in favour of the election all of the directors nominated by management. These shares that were voted in person are not included in the above totals. Total votes cast at the meeting, including shares voted in person, were 10,964,837 representing 32.27% of the outstanding shares of the Company.

About Loop Energy Inc.

Loop Energy is a leading designer and manufacturer of fuel cell systems targeted for the electrification of commercial vehicles, including light commercial vehicles, transit buses and medium and heavy-duty trucks. Loop’s products feature the Company’s proprietary eFlow™ technology in the fuel cell stack’s bipolar plates. eFlow™ is designed to enable commercial customers to achieve performance maximization and cost minimization. Loop works with OEMs and major vehicle sub-system suppliers to enable the production of hydrogen fuel cell electric vehicles. For more information about how Loop is driving towards a zero-emissions future, visit www.loopenergy.com.


Contacts

Investor Inquiries:
Bill Zhang | Tel: +1 604.222.3400 Ext. 299 | This email address is being protected from spambots. You need JavaScript enabled to view it.
Laine Yonker | Tel: +1 646.653.7035 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Inquiries:
Lucas Schmidt | Tel: +1.604.222.3400 Ext. 603 | This email address is being protected from spambots. You need JavaScript enabled to view it.

SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today provided an overview of the company’s business plans and operations at its annual stockholders meeting.


“We are focused on delivering higher returns, lower carbon and superior shareholder value,” said Michael Wirth, Chevron’s chairman and CEO. “Our strategy is clear: leverage our strengths to deliver lower carbon intensity energy to a growing world. Our capabilities, assets, and customers are distinct advantages. We're building on these strengths as we aim to lead in lower carbon intensity oil, products, and natural gas, and to advance new products and solutions that reduce the carbon emissions of major industries.”

In the past year, Chevron completed the transformation of the organization, integrated Noble Energy’s people and assets, and formed Chevron New Energies.

The company is working toward achieving updated targets to reduce the carbon intensity of operations. “We intend to be a leader in carbon-efficient production of traditional energy while building new energy businesses, where we have competitive advantages,” Wirth added.

Chevron announced the proposed acquisition of Renewable Energy Group, Inc. (NASDAQ: REGI) in February, which is expected to be completed around the middle of this year.

“Chevron is doing its part to grow domestic supply, with U.S. oil and gas production up 10 percent over the first quarter of last year,” Wirth said. “Our total of 2022 capital spending plus announced acquisitions is expected to be more than 50 percent higher than 2021.”

The company maintains a clear and consistent approach through the business cycle, including its top financial priorities: growing the dividend; reinvesting to grow future cash flows; strengthening the balance sheet; and returning excess cash to stockholders.

“We look to the future with optimism, applying over 140 years of experience to tackle the difficult problems that must be solved,” Wirth concluded.

The preliminary results from the meeting can be accessed online at chevron.com. Final voting results will be posted in the same location after they have been reported on a Form 8-K, which will be filed with the U.S. Securities and Exchange Commission. Specific information about the proposals before Chevron stockholders this year may be found in the “Investors” section of the company’s website under “Stockholder Services – Annual Meeting Materials.”

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and seeking to grow lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.

NOTICE

As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.

Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements relating to Chevron’s operations and energy transition plans that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market, and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 25 of the Company’s 2021 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.


Contacts

Braden Reddall -- +1 925-842-2209

SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO, “Valero”) announced today that it will participate in the Wells Fargo 2022 Energy Conference, the RBC Global Energy, Power & Infrastructure Conference and the J.P. Morgan 2022 Energy, Power & Renewables Conference in June.


About Valero
We are a multinational manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and we sell our products primarily in the United States (U.S.), Canada, the United Kingdom (U.K.), Ireland, and Latin America. We own 15 petroleum refineries located in the U.S., Canada, and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day (BPD). We are a joint venture member in Diamond Green Diesel Holdings LLC (DGD), which owns a renewable diesel plant in Norco, Louisiana with a production capacity of 700 million gallons per year, and we own 12 ethanol plants located in the Mid-Continent region of the U.S. with a combined production capacity of approximately 1.6 billion gallons per year. We manage our operations through our Refining, Renewable Diesel, and Ethanol segments. Please visit www.investorvalero.com for more information.


Contacts

Investors:
Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982
Eric Herbort, Senior Manager – Investor Relations, 210-345-3331
Gautam Srivastava, Senior Manager – Investor Relations, 210-345-3992

Media:
Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002

SOLON, Ohio--(BUSINESS WIRE)--Energy Focus, Inc. (NASDAQ:EFOI) (“Energy Focus” or the “Company”), a leader in sustainable, energy-efficient lighting and controls systems and ultraviolet-c light disinfection products for the commercial, military maritime and consumer markets, today announced that the Company’s Annual Meeting of Stockholders (the “Annual Meeting”) scheduled for Wednesday, May 25, 2022 at 9:00 a.m. Eastern Time, was convened and adjourned without any business being conducted due to lack of the required quorum.

A quorum consists of the holders of a majority in voting power of all issued and outstanding stock entitled to vote, including common stock, par value $0.0001 per share, of the Company (“Common Stock”) and Series A Convertible Preferred Stock, par value $0.0001 per share (the “Series A Preferred Stock”), being present in person or represented by proxy. At the convening of the Annual Meeting, there was present less than a majority in voting power entitled to vote, either in person or by proxy. The Annual Meeting therefore had no quorum and the meeting was adjourned to 9:00 a.m. Eastern Time on Wednesday, June 15, 2022.

The virtual Annual Meeting can be accessed by visiting www.virtualshareholdermeeting.com/EFOI2022. We encourage you to access the Annual Meeting before the start time of 9:00 a.m., Eastern Time, on June 15, 2022. Please allow ample time for online check-in, which will begin at 8:45 a.m., Eastern Time, on June 15, 2022.

During the current adjournment, the Company continues to solicit votes from its stockholders with respect to the proposals set forth in the Company’s definitive proxy statement filed with the United States Securities and Exchange Commission (the “SEC”) on April 13, 2022 (the “Proxy Statement”).

Only stockholders of record at the close of business on March 28, 2022 (the “Record Date”) will be entitled to notice of and to vote during the Annual Meeting and any adjournments or postponements thereof. The Company had 6,453,777 shares of Common Stock and 876,447 shares of Series A Convertible Preferred Stock issued and outstanding as of the Record Date. At the time the Annual Meeting was adjourned, proxies had been submitted by stockholders representing approximately 46.3% of voting power of all issued and outstanding stock entitled to vote at the Annual Meeting. Proxies previously submitted in respect of the Annual Meeting will be voted at the adjourned Annual Meeting unless properly revoked, and stockholders who have previously submitted a proxy or otherwise voted need not take any action.

The Company encourages all stockholders of record on March 28, 2022, who have not yet voted, to do so by June 14, 2022 at 11:59 p.m. Eastern Time. Stockholders who have any questions require any assistance with completing a proxy or voting instruction form or who do not have the required materials may contact This email address is being protected from spambots. You need JavaScript enabled to view it..

If the number of additional shares of common stock voted at the adjourned Annual Meeting is not sufficient to reach a quorum, the Company intends to adjourn the Annual Meeting again, which will require the Company to incur additional costs.

About Energy Focus

Energy Focus is an industry-leading innovator of sustainable light-emitting diode (“LED”) lighting and lighting control technologies and solutions, as well as UV-C Disinfection technologies and solutions. As the creator of the first flicker-free LED lamps, Energy Focus develops high quality LED lighting products and controls that provide extensive energy and maintenance savings, as well as aesthetics, safety, health and sustainability benefits over conventional lighting. Our EnFocus™ lighting control platform enables existing and new buildings to provide quality, convenient and affordable, dimmable and color-tunable, circadian and human-centric lighting capabilities. In addition, our patent-pending UVCD technologies and products aim to provide effective, reliable and affordable UVCD solutions for buildings, facilities and homes. Energy Focus’ customers include U.S. and U.S. ally navies, U.S. federal, state and local governments, healthcare and educational institutions, as well as Fortune 500 companies. Since 2007, Energy Focus has installed approximately 900,000 lighting products across the U.S. Navy fleet, including tubular LEDs, waterline security lights, explosion-proof globes and berth lights, saving more than five million gallons of fuel and 300,000 man-hours in lighting maintenance annually. Energy Focus is headquartered in Solon, Ohio. For more information, visit our website at www.energyfocus.com.


Contacts

Investor Contact:
Hayden IR
Brett Maas
646-536-7331
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THE WOODLANDS, Texas--(BUSINESS WIRE)--Excelerate Energy, Inc. (NYSE: EE) (the "Company" or “Excelerate”) today reported its financial results for the first quarter ended March 31, 2022.

RECENT HIGHLIGHTS

  • Reported Net Income of $12.8 million and Adjusted EBITDAR of $71.4 million(1) for the first quarter
  • Executed gas sales at Northeast Gateway terminal in Boston harbor
  • Completed first full quarter of natural gas sales at the Bahia terminal in Brazil
  • Advanced Moheshkhali LNG expansion project in Bangladesh
  • Awarded seasonal tender for Bahia Blanca GasPort in Argentina
  • Received approval in principle for the Payra LNG project in Bangladesh
  • Signed binding agreement for regasification services with Gasgrid Finland

CEO COMMENT

“The financial results we delivered for the first quarter underscore the resilience of our business model and the value our customers place on maintaining flexible access to global LNG supply,” said President and Chief Executive Officer Steven Kobos. “Although the European energy crisis created headwinds early in the year, including the flattening of the JKM to TTF price spread which resulted in fewer opportunities to sub-charter our available vessels to third parties, performance in our base business has remained solid as we demonstrate our proven ability to provide critical regasification services for our customers. In addition, we continue to advance the development of our growth projects in new and existing markets, driving meaningful value creation for our stakeholders.

“This is an exciting time in the history of our Company and the LNG industry,” continued Kobos. “We understand the important role that Excelerate plays in supporting the global transition to a lower-carbon energy future. Every day our operations are helping to keep the lights on for hundreds of millions of people and providing energy security to countries that desperately need it. Recent geopolitical events have further highlighted the need for energy security, not only for European countries who have been dependent on Russian gas, but for countries around the world. Moving forward, we expect to benefit from the increased demand for flexible access to LNG.”

FIRST QUARTER 2022 FINANCIAL RESULTS

 

 

For the three months ended

 

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

(in millions)

 

2022

 

 

2021

 

 

2021

 

Revenues

 

$

591.7

 

 

$

338.8

 

 

$

164.8

 

Operating Income

 

$

39.1

 

 

$

23.0

 

 

$

62.8

 

Net Income/(loss)

 

$

12.8

 

 

$

(1.8

)

 

$

38.0

 

Adjusted EBITDA (1)

 

$

62.3

 

 

$

56.0

 

 

$

89.5

 

Adjusted EBITDAR (1)

 

$

71.4

 

 

$

63.7

 

 

$

96.6

 

(1) See the reconciliation of non-GAAP financial measures to the most comparable GAAP financial measure in the section titled "Non-GAAP Reconciliation" below.

KEY PROJECT UPDATES

Finland LNG Terminal

In April 2022, the government of Finland announced its intention to stop purchases of Russian pipeline natural gas and instead to utilize a floating storage and regasification unit (FSRU) to meet its natural gas consumption needs by year-end 2022. The government of Estonia has made a similar decision. Due to the proximity and good relations between the two countries, Estonia will participate in the Finnish project rather than pursuing a project of its own. In May 2022, Excelerate and Gasgrid Finland signed a 10-year, time charter party agreement for Excelerate to provide LNG regasification service that is expected to start in the fourth quarter of 2022. Gasgrid Finland has initiated the development of a new jetty in Southern Finland, near the Balticconnector pipeline, for the FSRU Exemplar to moor.

Payra LNG

In May 2022, the Payra LNG project was approved in principle by the government of Bangladesh, a significant milestone in the approval process. Excelerate has commenced negotiations of the integrated deal, which includes an LNG supply agreement that would allow the Company to sell three to four million tons per annum of LNG to the country. The Payra LNG project would represent Excelerate’s largest deployment of capital to date and has the potential to significantly increase the scale of the Company’s operations from a global perspective.

MLNG Expansion

In February 2022, the Moheshkhali LNG (“MLNG”) expansion project was approved in principle by the government of Bangladesh. MLNG is one of Excelerate’s three E-FIT integrated terminals. Excelerate has commenced commercial negotiations for the expansion of the terminal, the extension of our regasification agreement by five years to 2038, and an LNG supply agreement to sell up to 1.5 million tons per annum.

Vlora LNG Terminal

In January 2022, Excelerate received approval from the Albanian government to proceed with the second phase of the feasibility study for the Vlora LNG terminal and power plant. Under the previously announced MOU with Albgaz, Albania's natural gas transmission system operator, and Snam, one of the largest energy infrastructure owners and operators in the world, Excelerate is continuing to explore solutions to connect the Vlora LNG Terminal with other European natural gas infrastructure.

Bahia Blanca

In March 2022, Excelerate was awarded a seasonal charter for the FSRU Exemplar at the Bahia Blanca GasPort terminal in Argentina. Following regasification services at the Northeast Gateway Deepwater Port, the Exemplar sailed to Argentina. The vessel arrived at Bahia Blanca in May 2022 and will provide regasification services during the winter in Argentina.

LIQUIDITY AND CAPITAL RESOURCES

As of March 31, 2022, Excelerate had $82.9 million in cash and cash equivalents. On April 18, 2022, the Company entered into a new $350 million senior secured revolving credit facility (the “Facility”). As of May 20, 2022, the Company had letters of credit issued of $52 million and no outstanding borrowings under the Facility. The Facility, which has a three-year maturity that expires in April 2025, will further enhance Excelerate’s liquidity and balance sheet strength.

2022 FINANCIAL OUTLOOK

For the full year 2022, the Company expects Adjusted EBITDA to range between $249 million and $269 million. In addition, the Company expects Adjusted EBITDAR to range between $285 million and $305 million.(1)

Actual results may differ materially from the Company’s outlook as a result of, among other things, the factors described under “Forward-Looking Statements” below.

INVESTOR CONFERENCE CALL AND WEBCAST

The Excelerate management team will host a conference call for investors and analysts at 10:00 am Eastern Time (9:00 a.m. Central Time) on Wednesday, May 25, 2022. Investors are invited to access a live webcast of the conference call via the Investor Relations page on the Company’s website at www.excelerateenergy.com. An archived replay of the call and a copy of the presentation will be on the website following the call.

ABOUT EXCELERATE ENERGY:

Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Founded in 2003 by George B. Kaiser, Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with an objective of delivering rapid-to-market and reliable LNG solutions to customers. Excelerate offers a full range of flexible regasification services from FSRU to infrastructure development to LNG supply. Excelerate has offices in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Ho Chi Minh City, Manila, Rio de Janeiro, Singapore, and Washington, DC. For more information, please visit www.excelerateenergy.com.

USE OF NON-GAAP FINANCIAL MEASURES

The Company reports financial results in accordance with accounting principles generally accepted in the United States (“GAAP”). Included in this press release are certain financial measures that are not calculated in accordance with GAAP. They are designed to supplement, and not substitute, Excelerate’s financial information presented in accordance with U.S. GAAP. The non-GAAP measures as defined by Excelerate may not be comparable to similar non-GAAP measures presented by other companies. The presentation of such measures, which may include adjustments to exclude non-recurring items, should not be construed as an inference that Excelerate’s future results, cash flows or leverage will be unaffected by other nonrecurring items. Management believes that the following non-GAAP financial measures provide investors with additional useful information in evaluating the Company's performance and valuation. See the reconciliation of non-GAAP financial measures to the most comparable GAAP financial measure, including those measures presented as part of the Company’s 2022 Financial Outlook, in the section titled “Non-GAAP Reconciliation” below.

Adjusted Gross Margin

The Company uses Adjusted Gross Margin, a non-GAAP financial measure, which it defines as revenues less direct cost of sales and operating expenses, excluding depreciation and amortization, to measure its operational financial performance. Management believes Adjusted Gross Margin is useful because it provides insight on profitability and true operating performance excluding the implications of the historical cost basis of its assets. The Company's computation of Adjusted Gross Margin may not be comparable to other similarly titled measures of other companies, and you are cautioned not to place undue reliance on this information.

Adjusted EBITDA and Adjusted EBITDAR

Adjusted EBITDA is a non-GAAP financial measure included as a supplemental disclosure because the Company believes it is a useful indicator of its operating performance. The Company defines Adjusted EBITDA, a non-GAAP measure, as net income before interest, income taxes, depreciation and amortization, and items such as charges and non-recurring expenses that management does not consider as part of assessing ongoing operating performance. Adjusted EBITDAR is a non-GAAP financial measure included as a supplemental disclosure because the Company believes it is a valuation measure commonly used by financial statement users to more effectively compare the results of its operations from period to period and against other companies without regard to its financing methods or capital structure. The Company defines Adjusted EBITDAR, a non-GAAP measure, as Adjusted EBITDA adjusted to eliminate the effects of rental expenses for vessels and other infrastructure, which are normal, recurring cash operating expenses necessary to operate its business.

The Company adjusts net income for the items listed above to arrive at Adjusted EBITDA and Adjusted EBITDAR because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures, and the method by which the assets were acquired. Adjusted EBITDA and Adjusted EBITDAR should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of the Company's operating performance or liquidity. These measures have limitations as certain excluded items are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA and Adjusted EBITDAR. Adjusted EBITDAR should not be viewed as a measure of overall performance or considered in isolation or as an alternative to net income because it excludes rental expenses for vessels and other infrastructure, which is a normal, recurring cash operating expense that is necessary to operate the Company's business. The Company's presentation of Adjusted EBITDA and Adjusted EBITDAR should not be construed as an inference that its results will be unaffected by unusual or non-recurring items. The Company's computations of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies. For the foregoing reasons, each of Adjusted EBITDA and Adjusted EBITDAR has significant limitations which affect its use as an indicator of its profitability and valuation, and you are cautioned not to place undue reliance on this information.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements about Excelerate and its industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding Excelerate’s future results of operations or financial condition, business strategy and plans, expansion plans and strategy, economic conditions, both generally and in particular in the regions in which Excelerate operates, and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “believe,” “consider,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “may,” “intend,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” “shall,” “should,” “anticipate,” “opportunity” or the negative thereof or other variations thereon or comparable terminology. These statements appear throughout this press release and include, but are not limited to, statements regarding Excelerate’s plans, objectives, expectations, and intentions.

You should not rely on forward-looking statements as predictions of future events. Excelerate has based the forward-looking statements contained in this press release primarily on its current expectations and projections about future events and trends that it believes may affect its business, financial condition, and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties, and other factors. All forward-looking statements are based on assumptions or judgments about future events that may or may not be correct or necessarily take place and that are by their nature subject to significant uncertainties and contingencies, many of which are outside the control of Excelerate. The occurrence of any such factors, events, or circumstances would significantly alter the results set forth in these statements.

Moreover, Excelerate operates in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, for example, the invasion of Ukraine by Russia, and it is not possible for Excelerate to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. The unprecedented nature of the Covid-19 pandemic may give rise to risks that are currently unknown or amplify the risks associated with many of the foregoing events or factors. The results, events, and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events, or circumstances could differ materially from those described in the forward-looking statements.

In addition, statements that “Excelerate believes” and similar statements reflect Excelerate’s beliefs and opinions on the relevant subject. These statements are based on information available to Excelerate as of the date of this press release. And while Excelerate believes that information provides a reasonable basis for these statements, that information may be limited or incomplete. Excelerate’s statements should not be read to indicate that it has conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Excelerate undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. Excelerate may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on its forward-looking statements. Excelerate’s forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures, or investments.

Excelerate Energy Limited Partnership

Consolidated Statements of Income (Unaudited)

 

 

 

For the three months ended

 

 

 

March 31,

 

 

December 31,

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

2021

 

 

 

(In thousands)

 

Revenues

 

 

 

 

 

 

 

 

 

FSRU and terminal services

 

$

97,592

 

 

$

115,731

 

 

$

125,863

 

Gas sales

 

 

494,081

 

 

 

223,072

 

 

 

38,950

 

Total revenues

 

 

591,673

 

 

 

338,803

 

 

 

164,813

 

Operating expenses

 

 

 

 

 

 

 

 

 

Cost of revenue and vessel operating expenses

 

 

50,063

 

 

 

60,308

 

 

 

39,205

 

Direct cost of gas sales

 

 

463,352

 

 

 

210,568

 

 

 

23,338

 

Depreciation and amortization

 

 

23,743

 

 

 

26,588

 

 

 

26,109

 

Selling, general and administrative expenses

 

 

12,634

 

 

 

12,975

 

 

 

13,345

 

Restructuring, transition and transaction expenses

 

 

2,753

 

 

 

5,361

 

 

 

 

Total operating expenses

 

 

552,545

 

 

 

315,800

 

 

 

101,997

 

Operating income

 

 

39,128

 

 

 

23,003

 

 

 

62,816

 

Other income (expense)

 

 

 

 

 

 

 

 

 

Interest expense

 

 

(7,054

)

 

 

(7,334

)

 

 

(8,292

)

Interest expense – related party

 

 

(12,173

)

 

 

(11,447

)

 

 

(12,550

)

Earnings from equity method investment

 

 

778

 

 

 

832

 

 

 

804

 

Other income (expense), net

 

 

(4,116

)

 

 

193

 

 

 

(243

)

Income before income taxes

 

 

16,563

 

 

 

5,247

 

 

 

42,535

 

Provision for income taxes

 

 

(3,719

)

 

 

(7,035

)

 

 

(4,512

)

Net income (loss)

 

 

12,844

 

 

 

(1,788

)

 

 

38,023

 

Less net income (loss) attributable to non-controlling interest

 

 

(816

)

 

 

883

 

 

 

759

 

Less net income (loss) attributable to non-controlling interest – ENE Onshore

 

 

(237

)

 

 

2,384

 

 

 

(1,995

)

Net income (loss) attributable to partners

 

$

13,897

 

 

$

(5,055

)

 

$

39,259

 

 

Excelerate Energy Limited Partnership

Consolidated Balance Sheets

 

 

 

March 31, 2022

 

 

December 31, 2021

 

 

 

(Unaudited)

 

 

 

 

ASSETS

 

(In thousands)

 

Current assets

 

 

 

 

 

 

Cash and cash equivalents

 

$

82,905

 

 

$

72,786

 

Current portion of restricted cash

 

 

3,347

 

 

 

2,495

 

Accounts receivable, net

 

 

116,405

 

 

 

260,535

 

Accounts receivable, net – related party

 

 

11,214

 

 

 

11,140

 

Inventories

 

 

52,207

 

 

 

105,020

 

Current portion of net investments in sales-type leases

 

 

12,775

 

 

 

12,225

 

Other current assets

 

 

28,382

 

 

 

26,194

 

Total current assets

 

 

307,235

 

 

 

490,395

 

Restricted cash

 

 

16,104

 

 

 

15,683

 

Property and equipment, net

 

 

1,412,474

 

 

 

1,433,169

 

Operating lease right-of-use assets

 

 

98,598

 

 

 

106,225

 

Net investments in sales-type leases

 

 

409,543

 

 

 

412,908

 

Investment in equity method investee

 

 

22,343

 

 

 

22,051

 

Other assets

 

 

29,331

 

 

 

20,305

 

Total assets

 

$

2,295,628

 

 

$

2,500,736

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

Accounts payable

 

$

22,515

 

 

$

303,651

 

Accounts payable to related party

 

 

8,951

 

 

 

7,937

 

Accrued liabilities and other liabilities

 

 

112,639

 

 

 

105,034

 

Current portion of deferred revenue

 

 

8,547

 

 

 

9,653

 

Current portion of long-term debt

 

 

19,939

 

 

 

19,046

 

Current portion of long-term debt – related party

 

 

7,250

 

 

 

7,096

 

Current portion of operating lease liabilities

 

 

31,884

 

 

 

30,215

 

Current portion of finance lease liabilities

 

 

21,278

 

 

 

21,903

 

Current portion of finance lease liabilities – related party

 

 

17,118

 

 

 

15,627

 

Total current liabilities

 

 

250,121

 

 

 

520,162

 

Derivative liabilities

 

 

509

 

 

 

2,999

 

Long-term debt, net

 

 

209,729

 

 

 

214,369

 

Long-term debt, net – related party

 

 

250,518

 

 

 

191,217

 

Operating lease liabilities

 

 

71,261

 

 

 

77,936

 

Finance lease liabilities

 

 

225,036

 

 

 

229,755

 

Finance lease liabilities – related party

 

 

206,589

 

 

 

210,992

 

Asset retirement obligations

 

 

35,296

 

 

 

34,929

 

Other long-term liabilities

 

 

17,741

 

 

 

14,451

 

Total liabilities

 

$

1,266,800

 

 

$

1,496,810

 

Commitments and contingencies

 

 

 

 

 

 

Equity interest

 

$

1,149,666

 

 

$

1,135,769

 

Related party note receivable

 

 

(159

)

 

 

(6,759

)

Accumulated other comprehensive loss

 

 

(3,720

)

 

 

(9,178

)

Non-controlling interest

 

 

13,560

 

 

 

14,376

 

Non-controlling interest – ENE Onshore

 

 

(130,519

)

 

 

(130,282

)

Total equity

 

$

1,028,828

 

 

$

1,003,926

 

Total liabilities and equity

 

$

2,295,628

 

 

$

2,500,736

 

 

Excelerate Energy Limited Partnership

Consolidated Statements of Cash Flows (Unaudited)

 

 

 

For the three months ended

 

 

 

March 31, 2022

 

 

March 31, 2021

 

Cash flows from operating activities

 

(In thousands)

 

Net income

 

$

12,844

 

 

$

38,023

 

Adjustments to reconcile net income to net cash from operating activities

 

 

 

 

 

 

Depreciation and amortization

 

 

23,743

 

 

 

26,109

 

Amortization of operating lease right-of-use assets

 

 

7,663

 

 

 

5,651

 

Accretion expense

 

 

367

 

 

 

352

 

Amortization of debt issuance costs

 

 

277

 

 

 

320

 

Deferred income taxes

 

 

176

 

 

 

 

Share of net earnings in equity method investee

 

 

(778

)

 

 

(804

)

Distributions from equity method investee

 

 

2,700

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

144,056

 

 

 

(12,680

)

Inventories

 

 

52,813

 

 

 

16,760

 

Other current assets and other assets

 

 

(11,924

)

 

 

(1,517

)

Accounts payable and accrued liabilities

 

 

(264,001

)

 

 

(21,665

)

Derivative liabilities

 

 

554

 

 

 

274

 

Current portion of deferred revenue

 

 

(1,106

)

 

 

1,445

 

Net investments in sales-type leases

 

 

2,815

 

 

 

2,356

 

Operating lease assets and liabilities

 

 

(5,041

)

 

 

(5,317

)

Other long-term liabilities

 

 

3,489

 

 

 

(2,030

)

Net cash provided by (used in) operating activities

 

$

(31,353

)

 

$

47,277

 

Cash flows from investing activities

 

 

 

 

 

 

Purchases of property and equipment

 

 

(11,029

)

 

 

(5,184

)

Net cash used in investing activities

 

$

(11,029

)

 

$

(5,184

)

Cash flows from financing activities

 

 

 

 

 

 

Proceeds from long-term debt – related party

 

 

566,300

 

 

 

12,100

 

Repayments of long-term debt – related party

 

 

(506,844

)

 

 

(1,713

)

Repayments of long-term debt

 

 

(4,025

)

 

 

(6,454

)

Related party note receivables

 

 

 

 

 

(45,000

)

Collections of related party note receivables

 

 

6,600

 

 

 

 

Principal payments under finance lease liabilities

 

 

(5,345

)

 

 

(8,846

)

Principal payments under finance lease liabilities – related party

 

 

(2,912

)

 

 

(3,798

)

Net cash provided by (used in) financing activities

 

$

53,774

 

 

$

(53,711

)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

 

11,392

 

 

 

(11,618

)

 

 

 

 

 

 

 

Cash, cash equivalents and restricted cash

 

 

 

 

 

 

Beginning of period

 

$

90,964

 

 

$

109,539

 

End of period

 

$

102,356

 

 

$

97,921

 

 

Excelerate Energy Limited Partnership

Non-GAAP Reconciliation (Unaudited)

 

The following table presents a reconciliation of adjusted gross margin to the GAAP financial measures of gross margin for each of the periods indicated.

 

 

 

For the three months ended

 

 

 

March 31, 2022

 

 

December 31, 2021

 

 

March 31, 2021

 

 

 

(In thousands)

 

FSRU and terminal services revenues

 

$

97,592

 

 

$

115,731

 

 

$

125,863

 

Gas sales revenues

 

 

494,081

 

 

 

223,072

 

 

 

38,950

 

Cost of revenue and vessel operating expenses

 

 

(50,063

)

 

 

(60,308

)

 

 

(39,205

)

Direct cost of gas sales

 

 

(463,352

)

 

 

(210,568

)

 

 

(23,338

)

Depreciation and amortization expense

 

 

(23,743

)

 

 

(26,588

)

 

 

(26,109

)

Gross Margin

 

$

54,515

 

 

$

41,339

 

 

$

76,161

 

Depreciation and amortization expense

 

 

23,743

 

 

 

26,588

 

 

 

26,109

 

Adjusted Gross Margin

 

$

78,258

 

 

$

67,927

 

 

$

102,270

 


Contacts

Investors
Craig Hicks
Excelerate Energy
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Media
Stephen Pettibone / Frances Jeter
Sard Verbinnen & Co
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  • Annual Shareholders Meeting highlights company’s plans to play a leading role in the energy transition
  • Strategy focused on five priorities to sustainably grow shareholder value
  • Streamlined business structure to take advantage of technology, scale and integration

IRVING, Texas--(BUSINESS WIRE)--ExxonMobil said today it plans to grow shareholder value by delivering solutions that help meet the global need for energy and for lower greenhouse gas emissions to address climate change. Darren Woods, chairman and chief executive officer, outlined how the company’s strategy leverages its capabilities and competitive advantages at the annual meeting of shareholders.


“We have opportunities to play a leading role in helping society achieve its net-zero ambitions and in meeting the world’s growing demand for energy and essential products,” said Woods. “Recent events have reminded us how globally connected energy markets are. They’ve also underscored the importance of our role in creating sustainable solutions that improve quality of life, while supporting a lower- emissions future.”

ExxonMobil in April streamlined its business structure to consist of three core businesses – Upstream, Product Solutions and Low Carbon Solutions – to fully leverage the company’s competitive advantages of scale, integration, technology, functional excellence and highly skilled workforce.

ExxonMobil is focused on five key strategic priorities to sustainably grow shareholder value:

  • Leading industry in financial, operational and environmental performance, including across key metrics of safety, reliability, greenhouse gas emissions intensity reductions, earnings and cash flow growth.
  • Being an essential partner through creation of innovative solutions for customers, partners and stakeholders.
  • Upgrading the company’s advantaged portfolio to ensure it leads competition and delivers value across a range of external environments and through volatile and evolving markets.
  • Continuing to innovate, providing solutions that meet the growing needs of society reliably and affordably. This means new products, technologies and approaches that better meet today's and tomorrow's needs and can be deployed at scale to create meaningful impact.
  • Developing the company’s workforce and maintaining a diverse and engaged organization that provides every individual unrivalled opportunities for personal and professional growth with impactful work meeting society’s evolving needs.

Woods highlighted the company’s strong performance in 2021, noting that earnings significantly improved to $23 billion and cash flow from operating activities totaled $48 billion, the highest since 2012. Future plans include structural cost savings of $9 billion per year by 2023, compared to 2019, and more than $15 billion of investments through 2027 on initiatives to lower greenhouse gas emissions. They include investments to reduce emissions from company operations and to advance critical technologies like carbon capture and storage, hydrogen and biofuels, which together are expected to develop into multi-trillion-dollar markets in the decades ahead.

“Long-term, we have the portfolio flexibility necessary to pace our investments consistent with advancements in technology, markets and supportive policy,” Woods said. “As we move forward, we’ll remain focused on executing our strategy, sustainably growing value across a broad range of scenarios and time horizons, and importantly, leading the industry, now and through the energy transition.”

In the near term, ExxonMobil is increasing production of the energy resources and products the world needs.

For example, in Guyana, the company has two oil fields in production and two more in development, and made new discoveries that increased the estimated recoverable resource to nearly 11 billion barrels of oil equivalent.

In the Permian Basin in the United States, ExxonMobil expects to produce more than 550,000 oil equivalent barrels per day this year, which would represent a production increase of 25% on top of the increase achieved in 2021. The company’s state-of-the-art Corpus Christi chemical complex started production on schedule and under budget and delivered positive earnings and cash flow in its first quarter of operations.

ExxonMobil continues to mitigate emissions from its operations and achieved its 2025 emission-reduction plans four years earlier than planned. This progress supports the company’s more aggressive 2030 greenhouse gas emission-reduction plans and its ambition to achieve net-zero scope 1 and 2 greenhouse gas emissions from operated assets by 2050.

During the annual meeting, shareholders re-elected ExxonMobil’s board of director nominees, supported the company’s executive compensation program, ratified PricewaterhouseCoopers LLP as independent auditors and passed one proposal by shareholders. The proxy voting results will be made available on the company’s website as soon as practical.

About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy and petrochemical companies, creates solutions that improve quality of life and meet society’s evolving needs.

The corporation’s primary businesses - Upstream, Product Solutions and Low Carbon Solutions - provide products that enable modern life, including energy, chemicals, lubricants, and lower-emissions technologies. ExxonMobil holds an industry-leading portfolio of resources, and is one of the largest integrated fuels, lubricants and chemical companies in the world. To learn more, visit exxonmobil.com and the Energy Factor.

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Cautionary Statement

Statements of future events or conditions in this press release are forward-looking statements. Similarly, emission-reduction roadmaps to drive toward net zero are dependent on future market factors, such as continued technological progress and policy support, and represent forward-looking statements. Actual future results, including financial and operating performance; earnings, cash flow, and rates of return; structural cost savings, total capital expenditures and mix, including allocations of capital to low carbon solutions; cost reductions and efficiency gains, including the ability to meet or exceed announced cost and expense reduction objectives; plans to reduce future emissions and emissions intensity; technology efforts, including timing and outcome of projects to capture and store CO2, produce biofuels, integrate hydrogen projects, and use plastic waste as recycled feedstock; achievement of ambitions to reach Scope 1 and Scope 2 net zero from operated assets by 2050, or Scope 1 and Scope 2 net zero in Upstream Permian operated assets by 2030, the elimination of routine flaring in-line with World Bank Zero Routine Flaring, or the completion of major asset emission-reduction roadmaps; maintenance and turnaround activity; price and margin recovery; shareholder distributions; the ability to access debt markets; resource recoveries and production rates; and product sales levels and mix could differ materially due to a number of factors including global or regional changes in oil, gas, petrochemicals, or feedstock prices, differentials, or other market or economic conditions affecting the oil, gas, and petrochemical industries and the demand for our products; policy and consumer support for emission-reduction products and technology; the outcome of competitive bidding and project wins; regulatory actions targeting public companies in the oil and gas industry; changes in local, national, or international laws, regulations, and policies affecting our business including with respect to the environment; the development and transportation of our products; taxes, trade sanctions, and actions taken in response to pandemic concerns; the pace of regional and global economic recovery from the pandemic and the occurrence and severity of future outbreaks; the ability to realize efficiencies within and across our business lines and to maintain cost reductions without impairing our competitive positioning; the outcome and timing of exploration and development projects; reservoir performance; timely completion of construction projects; war and other security disturbances; actions of consumers and changes in consumer preferences; opportunities for and regulatory approval of investments or divestments that may arise; the outcome of our or competitors’ research efforts and the ability to bring new technology to commercial scale on a cost-competitive basis; the development and competitiveness of alternative energy and emission reduction technologies; unforeseen technical or operating difficulties including the need for unplanned maintenance; and other factors discussed here and in Item 1A. Risk Factors of our Annual Report on Form 10-K and under the heading “Factors Affecting Future Results” available through the Investors page of our website at exxonmobil.com. All forward-looking statements are based on management’s knowledge and reasonable expectations at the time of this press release and we assume no duty to update these statements as of any future date. Neither future distribution of this material nor the continued availability of this material in archive form on our website should be deemed to constitute an update or re-affirmation of these figures or statements as of any future date. Any future update will be provided only through a public disclosure indicating that fact.

This press release references third party scenarios such as the IEA’s Net Zero Emissions by 2050 Scenario. Third party scenarios reflect the modeling assumptions and outputs of their respective authors, not ExxonMobil, and their use and inclusion herein is not an endorsement by ExxonMobil of their likelihood or probability. Energy demand modeling aims to replicate system dynamics of the global energy system, requiring simplifications. In addition, energy demand scenarios require assumptions on a variety of parameters. As such, the outcome of any given scenario using an energy demand model comes with a high degree of uncertainty. For example, the IEA describes its NZE scenario as extremely challenging, requiring unprecedented innovation, unprecedented international cooperation and sustained support and participation from consumers.

Actions needed to advance the Company’s 2030 greenhouse gas emission-reductions plans are incorporated into its medium-term business plans, which are updated annually. The reference case for planning beyond 2030 is based on the Company’s Energy Outlook research and publication, which contains the Company’s demand and supply projections based on its assessment of current trends in technology, government policies, consumer preferences, geopolitics, and economic development. Reflective of the existing global policy environment, the Energy Outlook does not project the degree of required future policy and technology advancement and deployment for the world, or ExxonMobil, to meet net zero by 2050. As future policies and technology advancements emerge, they will be incorporated into the Outlook, and the Company’s business plans will be updated accordingly.

ExxonMobil reported emissions, including reductions and avoidance performance data, are based on a combination of measured and estimated data. Calculations are based on industry standards and best practices, including guidance from the American Petroleum Institute (API) and IPIECA. The uncertainty associated with the emissions, reductions and avoidance performance data depends on variation in the processes and operations, the availability of sufficient data, the quality of those data and methodology used for measurement and estimation. Changes to the performance data may be reported as updated data and/or emission methodologies become available. ExxonMobil works with industry, including API and IPIECA, to improve emission factors and methodologies, including measurements and estimates.

The term “resource” refers to the total remaining estimated quantities of oil and natural gas that are expected to be ultimately recoverable. The term “resource” or similar terms is not intended to correspond to SEC definitions such as “probable” or “possible” reserves.

Structural cost savings describe decreases as a result of operational efficiencies, workforce reductions and other cost saving measures that are expected to be sustainable compared to 2019 levels. The total change between periods in expenses will reflect both structural cost savings and other changes in spend, including market factors, such as energy costs, inflation, and foreign exchange impacts, as well as changes in activity levels and costs associated with new operations. Forward-looking estimates of structural cost savings are based on Company plan, and may include management adjustments.


Contacts

Media Relations
(972) 940-6007

VANCOUVER, British Columbia--(BUSINESS WIRE)--EverGen Infrastructure Corp. (“EverGen'' or the “Company”) (TSXV: EVGN) (OTCQB: EVGIF), today reported financial results as at and for the three-month period ended March 31, 2022 (“Q1 2022”). All amounts are in Canadian dollars unless otherwise stated and are in accordance with IFRS.


For further information on the results please see the Company’s Consolidated Financial Statements and Management’s Discussion and Analysis filed on SEDAR at www.sedar.com and on EverGen’s website at www.evergeninfra.com.

First Quarter Events & Updates

“EverGen is in a strong position to expedite growth as Canada’s RNG infrastructure platform and we have continued to deliver on our goals,” said Chase Edgelow, CEO of EverGen. “We were able to expand our footprint into Alberta with the LOI to acquire a 67% interest in GrowTEC, a stepping stone project towards our regional expansion in a strategic jurisdiction and expected consolidation of the RNG industry in Canada.”

During Q1 2022, EverGen recognized more than $1.7 million of insurance progress payments, which covers all of the lost revenues and flood-related expenses to date at the FVB facility and approximately 60% of the flood related expenses through March 31, 2022 at EverGen’s NZWA facility. EverGen expects to receive further proceeds throughout the remainder of 2022 to cover any additional flood related expenses. Net loss and Adjusted EBITDA were positively impacted by the recognition of these insurance proceeds in Q1 2022 and EverGen expects full financial recovery with limited to no financial impact from the floods.

As previously announced, during Q1 2022 EverGen entered into a letter of intent (“LOI”) to acquire a 67% interest in Grow the Energy Circle Ltd. (“GrowTEC”), a biogas facility in Alberta. GrowTEC has an offtake agreement with FortisBC and is currently in Phase 1 of a development which is expected to produce 80,000 gigajoules of RNG annually and is expected to be completed by year-end 2022.

Event Subsequent to the First Quarter

As previously announced, on May 20, 2022 EverGen acquired a 50% interest in Project Radius, a portfolio of late-development-stage projects in Ontario for a cash contribution of $1.5 million. Collectively the three projects are capable of producing ~1.7 million GJ/year of RNG and will be constructed throughout 2023 and 2024.

Q1 2022 Financial Highlights

The operating results included below exceeded management’s expectations and were further strengthened by the recognition of insurance proceeds during Q1 2022.

  • Revenues of $1.4 million were relatively in line with Q1 2021 revenue of $1.6 million, taking into account seasonal fluctuations.
  • Net loss of $0.2 million significantly improved from Q1 2021 net loss of $1.2 million, with insurance proceeds offsetting lost revenues and flood-related expenses.
  • Adjusted EBITDA of $0.6 million increased by 211% relative to Q1 2021 Adjusted EBITDA of $0.2 million, due to an increase in the overall profitability of our business.
  • Cash and cash equivalents (including restricted cash) of $20.2 million and a working capital surplus of $19.2 million as at March 31, 2022.

The following table presents EverGen’s Consolidated Financial and Operating Summary:

 

 

Three Months Ended

 

 

Mar 31,

 

Mar 31,

 

Dec 31,

In thousands of Canadian Dollars

 

2022
$

 

2021
$

 

2021
$

FINANCIAL

 

 

 

 

 

 

Revenue (1)

 

1,427

 

1,585

 

2,693

Net loss (2)(3)

 

(219)

 

(1,158)

 

(1,113)

Net loss per share ($), basic and diluted

 

($0.02)

 

($0.13)

 

($0.08)

EBITDA (3)(4)

 

481

 

(960)

 

(512)

Adjusted EBITDA (3)(4)

 

631

 

203

 

(18)

 

 

 

 

 

 

 

Capital expenditures

 

1,355

 

146

 

1,004

Total assets

 

79,771

 

61,912

 

80,610

Total long-term liabilities

 

14,522

 

14,347

 

14,764

Working capital surplus (4)

 

19,196

 

11,579

 

20,545

 

 

 

 

 

 

 

OPERATING

 

 

 

 

 

 

Incoming organic feedstock (tonnes)

 

16,047

 

17,164

 

26,110

Organic compost and soil sales (yards)

 

5,400

 

7,087

 

5,119

RNG (gigajoules) (1)

 

5,772

 

-

 

12,682

(1)

RNG volumes commenced on April 16, 2021, upon the acquisition of FVB. RNG volumes were impacted during the first quarter of 2022 and fourth quarter of 2021 as a direct result of flooding events in the Abbotsford and Sumas Prairie regions, which resulted in the shut down of the FVB facility on November 15, 2021, until operations were restored. Since March 2, 2022, FVB has been operating and producing daily volumes of up to 334 GJ/d, restoring production volumes to historical levels.

(2)

Operating expenses and cost of goods sold increased during Q1 2022 and Q4 2021 at FVB and Net Zero Waste Abbotsford (“NZWA”) as a direct result of the flooding events.

(3)

EverGen recognized $1.7 million of insurance proceeds, for which $0.9 million was recorded in net income relating to lost revenues and additional costs incurred as a result of the floods as at March 31, 2022.

(4)

Please refer to “Non-IFRS Measures”.

About EverGen Infrastructure Corp.

EverGen, Canada’s Renewable Natural Gas Infrastructure Platform, is combating climate change and helping communities contribute to a sustainable future, starting on the West Coast of Canada. EverGen is an established independent renewable energy producer which acquires, develops, builds, owns and operates a portfolio of Renewable Natural Gas, waste to energy, and related infrastructure projects. EverGen is focused on Canada, with continued growth expected across other regions in North America and beyond.

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

Non-IFRS Measures

EverGen uses certain financial measures referred to in this press release to quantify its results that are not prescribed by IFRS. The terms EBITDA, adjusted EBITDA and working capital are not recognized measures under IFRS and may not be comparable to that reported by other companies. EverGen believes that, in addition to measures prepared in accordance with IFRS, the non-IFRS measurement provide useful information to evaluate the Company’s performance and ability to generate cash, profitability and meet financial commitments.

These non-IFRS measures are intended to provide additional information and should not be considered in isolation or as a substitute for other measures of performance prepared in accordance with IFRS.

EBITDA is defined as net income (loss) before interest, tax and depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for share-based payment expenses (recoveries) and unusual or non-recurring items. Working capital is calculated as current assets less current liabilities.

Forward-Looking Information

This news release contains forward-looking statements and/or forward-looking information (collectively, “forward looking statements”) within the meaning of applicable securities laws. When used in this release, such words as “would”, “will”, “anticipates”, believes”, “explores” and similar expressions, as they relate to EverGen, or its management, are intended to identify such forward-looking statements. Such forward-looking statements reflect the current views of EverGen with respect to future events, and are subject to certain risks, uncertainties and assumptions. Many factors could cause EverGen's actual results, performance or achievements to be materially different from any expected future results, performance or achievement that may be expressed or implied by such forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits EverGen will derive therefrom. These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to: the impact of general economic conditions in Canada, including the ongoing COVID19 pandemic; industry conditions including changes in laws and regulations and/or adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, in Canada; volatility of prices for energy commodities; change in demand for clean energy to be offered by EverGen; competition; lack of availability of qualified personnel; obtaining required approvals of regulatory authorities, in Canada; ability to access sufficient capital from internal and external sources; optimization and expansion of organic waste processing facilities and RNG feedstock; the realization of cost savings through synergies and efficiencies expected to be realized from the Company’s completed acquisitions; the sufficiency of EverGen’s liquidity to fund operations and to comply with covenants under its credit facility; continued growth through strategic acquisitions and consolidation opportunities; continued growth of the feedstock opportunity from municipal and commercial sources, and the factors discussed under “Risk Factors” in the Company’s Annual Information Form dated January 31, 2022, many of which are beyond the control of EverGen.

Forward-looking statements included in this news release should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such forward looking statements.

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

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


Contacts

EverGen Investor Contact
Kelly Castledine
416-576-8158
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EverGen Media Contact
Katie Reiach
604.614.5283
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DUBLIN--(BUSINESS WIRE)--The "United States Transportation Growth Opportunities" report has been added to ResearchAndMarkets.com's offering.


This study provides an overview of the United States transportation industry, identifying innovative developments, focus areas, growth drivers, and growth opportunities.

It offers an in-depth look into the transportation trends and initiatives of 20 states across seven segments: roadway, railway, public transit and shared mobility, electric vehicle, autonomous mobility, port, and aviation. These 20 states, including California, Florida, and New York, are front-runners advancing the US transportation sector.

The United States provides fertile ground for stakeholders in the transportation sector to develop, adapt, and implement futuristic transportation technologies. The country is the pioneer of ride-hailing services and has one of the most forward-looking regulatory landscapes for autonomous vehicle development, testing, and deployment. Many autonomous mobility pilot programs are underway in the country, while some solutions are already commercialized, such as Waymo's driverless ride-hailing service.

The country is also a hotbed for air taxis, with home-grown companies like Joby Aviation and Kitty Hawk paving the way for global air taxi development. Drones and robot deliveries have increased post-pandemic, with Nuro becoming the country's first company authorized to mass-produce driverless vehicles and commercialize autonomous deliveries.

Additionally, technology companies such as Masabi, Cubic, Transit, and Modeshift drive the adoption of contactless ticketing among public transit agencies, creating avenues for mobility-as-a-service solutions.

Key Topics Covered:

1. Strategic Imperatives

  • Why is it Increasingly Difficult to Grow?
  • The Strategic Imperative
  • The Impact of the Top Three Strategic Imperatives on the US Transportation Industry
  • Growth Opportunities Fuel the Growth Pipeline Engine

2. Growth Environment - Overview

  • Leading State Initiatives for Transportation
  • Growth Drivers
  • Growth Restraints
  • Service Overview and Focus - Amalgamated Across States
  • Key Focus Areas - Snapshot of 20 US States
  • Arizona - Transportation Snapshot
  • California - Transportation Snapshot
  • Colorado - Transportation Snapshot
  • Florida - Transportation Snapshot
  • Georgia - Transportation Snapshot
  • Illinois - Transportation Snapshot
  • Massachusetts - Transportation Snapshot
  • Michigan - Transportation Snapshot
  • Minnesota - Transportation Snapshot
  • New Jersey - Transportation Snapshot
  • New York - Transportation Snapshot
  • North Carolina - Transportation Snapshot
  • Ohio - Transportation Snapshot
  • Oklahoma - Transportation Snapshot
  • Pennsylvania - Transportation Snapshot
  • Tennessee - Transportation Snapshot
  • Texas - Transportation Snapshot
  • Virginia - Transportation Snapshot
  • Washington - Transportation Snapshot
  • Wisconsin - Transportation Snapshot

3. Growth Environment - Deep Dive

  • Macroeconomic Overview
  • Macroeconomic Insights
  • State Transportation - Focus Areas
  • Transportation Landscape
  • State Transportation - Service Overview
  • State Transportation - Growth Opportunity Areas

4. Growth Opportunity Universe

  • Growth Opportunity 1 - Shared Mobility Services to Reduce Private Car Usage
  • Growth Opportunity 2 - Public Transit Electrification to Promote Sustainability
  • Growth Opportunity 3 - Multimodal Connectivity and Autonomous Mobility to Enhance Transportation Demand Management

5. Conclusion

Companies Mentioned

  • Cubic
  • Joby Aviation
  • Kitty Hawk
  • Masabi
  • Modeshift
  • Nuro
  • Transit
  • Waymo

For more information about this report visit https://www.researchandmarkets.com/r/q87jmd


Contacts

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

HOUSTON--(BUSINESS WIRE)--Texas LNG Brownsville LLC (“Texas LNG”), a four million tonnes per annum (“MTPA”) liquefied natural gas (“LNG”) export terminal to be constructed in the Port of Brownsville, Texas owned by Glenfarne Group, LLC (“Glenfarne”), is pleased to announce it has executed an agreement with Technip Energies USA, Inc. (“Technip Energies”) and Samsung Engineering Co., Ltd (“Samsung Engineering”) to lead the delivery of the facility via a joint venture.


Technip Energies, a leading technology and global engineering, procurement, construction and project management company that has delivered more than 20 percent of worldwide operating LNG capacity, will partner with Samsung Engineering, a global engineering, procurement, construction and project management firm who also holds a minority equity interest in Texas LNG. Under a project financeable structure, the two companies will be responsible for all facets of the liquefaction facility’s delivery including engineering, construction coordination, start-up, and commissioning.

“We’re proud to have selected such preeminent businesses as Technip Energies and Samsung Engineering to build our Texas LNG export facility,” said Glenfarne CEO and Founder Brendan Duval. “With the help of these partners, Texas LNG will be one of the cleanest LNG export facilities in the world, powered by renewable energy and providing access to secure energy supply for economies across the world.”

“We’re looking forward to supporting Texas LNG in its promise to provide environmentally-responsible, clean natural gas using our all electric, emissions free, SnapLNG™ design to its customers around the world,” said Loic Chapuis, SVP Gas and Low Carbon Energies, Technip Energies. “Our team of world-class LNG project engineers, working jointly with Samsung Engineering, will ensure that the facility will be capable of safe, reliable, and efficient natural gas export to global markets.”

“Our team is excited to partner with Technip Energies and leverage our combined capabilities to drive the successful completion of this important project,” said Cheonhong Park, EVP and Head of Solution Business Division of Samsung Engineering. “The combined resources of our two leading companies will be able to deliver excellence to Texas LNG and its global customers.”

“Texas LNG will be one of the greenest LNG facilities globally with its innovative ‘green by design’ strategy that uses renewable energy to power the entire liquefaction process. In addition, Texas LNG is exploring partnerships with other like-minded companies to ensure that the upstream resources coming to the plant are responsibly produced,” said Vlad Bluzer, Managing Director of Glenfarne and President of the Company’s LNG business.

Glenfarne, a developer, owner, and operator of energy transition infrastructure, is the majority owner and managing member of Texas LNG. Texas LNG expects to achieve a final investment decision in 2022 and commence commercial operations in 2026. Glenfarne is also the sole owner and developer of the 8.8 MTPA Magnolia LNG in Lake Charles, Louisiana.

About Texas LNG
Texas LNG is a four MTPA modularized natural gas liquefaction and export facility that is located in South Texas on the Port of Brownsville’s deep water ship channel with pipeline access to the vast Permian and Eagle Ford gas basins. It is permitted by FERC and has both FTA and non-FTA export authorizations from the DOE.

Glenfarne is the developer and majority owner of Texas LNG, and Samsung Engineering Co., Ltd. is an indirect minority equity owner and strategic partner to Texas LNG.

Additional information about the Texas LNG Project may be found on its website at www.texaslng.com.

About Glenfarne Group, LLC
Glenfarne is a privately held energy and infrastructure development and management firm based in New York City and Houston, with offices in Dallas, Texas; Panama City, Panama; Santiago, Chile; Bogota, Colombia; Florianopolis, Brazil; Seoul, South Korea; and Ho Chi Minh City, Vietnam. Glenfarne’s seasoned executive team, asset managers, and operators develop, acquire, manage, and operate energy infrastructure assets throughout North and South America, Asia and Europe. For more information, please visit www.GlenfarneGroup.com.

About Technip Energies
Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO2 management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering. Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”) traded over the counter in the United States. For further information: www.technipenergies.com.

About Samsung Engineering
At Samsung Engineering, we aim to create value based on the world’s best technological competence and contribute to our clients, society and people. Samsung Engineering as one of the world’s leading EPC&PM companies, has served clients in a variety of industries such as oil-refining, gas-processing, petrochemicals, infra-structure & environmental sector and bio-industry. Providing professional services across the whole project cycle ranging from professional feasibility-studies to design, procurement, construction, commissioning, maintenance & operation. Samsung Engineering has completed more than 1,000 projects worldwide.

To prepare for ESG-based eco-friendly businesses for the future, we expanded our value chain to the business of operating green infrastructure, such as water treatment facilities and incinerators, and green solution business for energy optimization and carbon neutrality. To preemptively respond to changes in the global energy industry and take the lead in resolving global warming, we will provide optimal solutions based on our technologies and expertise. For more information, please visit: www.samsungengineering.com.


Contacts

Kris Cole
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NORMAN, Okla.--(BUSINESS WIRE)--A large federal power marketing entity (Client) successfully joined the Western Energy Imbalance Market (WEIM) operated by the California Independent System Operator (CAISO), with a go-live date of May 3, by leveraging PCI’s state-of-the-art cloud technology platform.


PCI President and COO Javier Martin said PCI’s software and cloud infrastructure, along with a hard-working and determined team, facilitated delivery of this complex project in which the Client integrated its Federal Columbia River Power System with PCI’s WEIM solutions for its merchant and transmission workflows.

“This go-live marks the beginning of our long-term relationship with our Client in a new business context of being part of a wholesale imbalance market,” Martin said. “Participating in the Western EIM will help our Client optimize hydropower capacity and load service, providing operational and economic benefits for surplus power and savings on short-term purchases.”

In addition to this Client, six other neighboring balancing authorities updated their PCI transmission system configurations to accommodate interchange scheduling with the new WEIM participants. They are Tacoma Power (TPU), Puget Sound Energy (PSE), Avista (AVA), Arizona Public Service (APS), Salt River Project (SRP), and Public Service of New Mexico (PNM).

About Power Costs, Inc. (PCI)

PCI is the leading provider of energy trading software, superior customer support, and value-added services for energy companies worldwide. Founded in 1992, PCI continues to refine and develop new solutions that meet the ever-evolving needs of its clients, including investor-owned, municipal, and cooperative utilities, renewable energy companies, energy marketers and traders, and independent power producers. PCI optimizes more than half the power generated in North America, and more than 70% of Fortune 500 Utilities in the U.S. are PCI customers. The firm is privately held and based in Norman (OK), with regional offices in Houston (TX), Raleigh (NC), Mexico City, and Sydney (AUS). To learn more, visit powercosts.com.


Contacts

Morgan Day
Power Costs, Inc. (PCI)
(405) 447-6933
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BELMONT, N.C.--(BUSINESS WIRE)--Piedmont Lithium Inc. (“Piedmont” or the “Company”) (NASDAQ: PLL; ASX: PLL), a leading, diversified developer of lithium resources required to enable the U.S. electric vehicle supply chain, today announced that Piedmont’s partner, Sayona Mining (ASX:SYA), recently published a prefeasibility study (“NAL PFS” or the “NAL Study”) for the restart of spodumene concentrate operations at the North American Lithium Project in Quebec (“NAL”). The NAL PFS contemplates average annual production of approximately 168,000 tonnes per year of 6% spodumene concentrate over a mine life of 27 years. The NAL Study highlights estimated competitive cash operating costs and an estimated capital cost for the mine and concentrator restart of approximately US$80 million.


Piedmont and Sayona acquired the previously-producing NAL operations in August 2021. Following the positive results of the NAL Study, the partners expect to proceed with full capital expenditure authorization. According to Sayona’s study results, operations could recommence in the first half of 2023.

Importantly, the NAL Study has identified a number of de-bottlenecking and process improvements within the spodumene concentrator which will improve operational availability, lithium recovery, and product quality. Process improvements include equipment upgrades in the crushing plant, additional crushed ore storage, expanded ore sorting, iron removal processing equipment, and upgrades to the flotation circuit and product dewatering processes. Operations are expected to be converted to dry-stacked tailings over time.

Piedmont owns a 25% project interest in the NAL and Authier Projects via its equity stake in Sayona Quebec as well as its equity interest of approximately 16.5% in Sayona Mining. With the publication of the NAL PFS, Piedmont will now begin to explore marketing options for its share of spodumene concentrate production contemplated in its offtake agreement with Sayona, which provides Piedmont with the right to purchase the greater of 50% of production or 113,000 metric tonnes per year from the NAL Project.

“The proposed restart of production at North American Lithium in the first half of 2023 represents the next step in helping Piedmont achieve its vision of becoming the leading lithium hydroxide producer in North America,” said Piedmont COO, Patrick Brindle. Mr. Brindle added, “We are happy and excited for our partners. Sayona Quebec is one of the largest and best-located spodumene businesses in Canada and, as a past-producer with the bulk of plant and equipment in place, we believe is also the most advanced. Piedmont is committed to funding our share of the NAL restart capital, and we look forward to working with Sayona to formalize the full authorization of the NAL restart project in the coming weeks in order to achieve first production in the first half of 2023.”

The statements in the link below were prepared by, and made by, Sayona. The following disclosures are not statements of Piedmont and have not been independently verified by Piedmont. Sayona is not subject to U.S. reporting requirements or obligations, and investors are cautioned not to put undue reliance on these statements. Sayona’s original announcement can be found here.

About Piedmont Lithium

Piedmont Lithium (Nasdaq: PLL; ASX: PLL) is developing a world-class, multi-asset, integrated lithium business focused on enabling the transition to a net zero world and the creation of a clean energy economy in North America. Our goal is to become one of the largest lithium hydroxide producers in North America by processing spodumene concentrate produced from assets where we hold an economic interest. Our projects include our wholly-owned Carolina Lithium and LHP-2 Projects in the United States and partnerships in the Abitibi Hub in Quebec with Sayona Mining (ASX:SYA) and in Ghana together with Atlantic Lithium (AIM:ALL). These geographically diversified operations will enable us to play a pivotal role in supporting America’s move toward decarbonization and the electrification of transportation and energy storage. For more information, visit www.piedmontlithium.com.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of or as described in securities legislation in the United States and Australia, including statements regarding exploration, development, and construction activities of Sayona and Piedmont; current plans for Piedmont’s mineral and chemical processing projects; strategy; and strategy. Such forward-looking statements involve substantial and known and unknown risks, uncertainties, and other risk factors, many of which are beyond our control, and which may cause actual timing of events, results, performance or achievements and other factors to be materially different from the future timing of events, results, performance, or achievements expressed or implied by the forward-looking statements. Such risk factors include, among others: (i) that Piedmont or Sayona will be unable to commercially extract mineral deposits, (ii) that Piedmont’s or Sayona’s properties may not contain expected reserves, (iii) risks and hazards inherent in the mining business (including risks inherent in exploring, developing, constructing and operating mining projects, environmental hazards, industrial accidents, weather or geologically related conditions), (iv) uncertainty about Piedmont’s ability to obtain required capital to execute its business plan, (v) Piedmont’s ability to hire and retain required personnel, (vi) changes in the market prices of lithium and lithium products, (vii) changes in technology or the development of substitute products, (viii) the uncertainties inherent in exploratory, developmental and production activities, including risks relating to permitting, zoning and regulatory delays related to our projects as well as the projects of our partners in Quebec and Ghana, (ix) uncertainties inherent in the estimation of lithium resources, (x) risks related to competition, (xi) risks related to the information, data and projections related to Sayona Quebec and Atlantic Lithium, (xii) occurrences and outcomes of claims, litigation and regulatory actions, investigations and proceedings, (xiii) risks regarding our ability to achieve profitability, enter into and deliver product under supply agreements on favorable terms, our ability to obtain sufficient financing to develop and construct our projects, our ability to comply with governmental regulations and our ability to obtain necessary permits, and (xiv) other uncertainties and risk factors set out in filings made from time to time with the U.S. Securities and Exchange Commission (“SEC”) and the Australian Securities Exchange, including Piedmont’s most recent filings with the SEC. The forward-looking statements, projections and estimates are given only as of the date of this presentation and actual events, results, performance, and achievements could vary significantly from the forward-looking statements, projections and estimates presented in this presentation. Readers are cautioned not to put undue reliance on forward-looking statements. Piedmont disclaims any intent or obligation to update publicly such forward-looking statements, projections, and estimates, whether as a result of new information, future events or otherwise. Additionally, Piedmont, except as required by applicable law, undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of Piedmont, its financial or operating results or its securities.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources

The terms "mineral resource", "measured mineral resource", "indicated mineral resource" and "inferred mineral resource" are terms defined by the U.S. Securities and Exchange Commission (“SEC”) in Regulation S-K, Item 1300 (“S-K 1300”) as well as the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the “JORC Code”) and the Canada Securities Administrators National Instrument 43-101 Standards for Disclosure for Mineral Projects (“NI 43-101”). In Sayona’s announcement, it indicates that it has prepared resources information in accordance with the standards set forth in the 2012 Edition of the JORC Code and NI 43-101. Such standards differ from the requirements of U.S. securities laws that would apply if Sayona were a reporting company in the United States. Therefore, the mineral resources reported by Sayona Mining are not be comparable to similar information made public by U.S. companies subject to reporting and disclosure requirements under the U.S. federal securities laws and the rules and regulations thereunder. U.S. investors are urged to consider closely the context and nature of Sayona’s disclosures in its public communications, as well as the disclosure in Piedmont’s Form 10-KT, a copy of which may be obtained from Piedmont or from the EDGAR system on the SEC’s website at http://www.sec.gov/.


Contacts

Keith Phillips
President & CEO
T: +1 973 809 0505 T: +1 412 818 0376
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Patrick Brindle
Executive Vice President & COO
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LOS ANGELES--(BUSINESS WIRE)--AltaSea at the Port of Los Angeles, in collaboration with Cal State Northridge’s (CSUN) Institute for Sustainability, The Los Angeles Coalition for the Economy & Jobs, and Santa Monica College announced their second annual series of webinars focused on aquaculture, called “Blue + Green 2022.” Pre-registration for the events is required and can be found here: https://altasea-project-blue.org/blue-green-2022/.


The series comprises four, one-hour webinars, scheduled on the first four Thursdays of June. The webinars will feature aquaculture and sustainability experts from some of the top colleges and research institutions in the world, as well as founders from some of the most innovative startup companies.

As defined by the National Oceanic and Atmospheric Administration (NOAA), aquaculture is “the breeding, rearing, and harvesting of fish, shellfish, algae, and other organisms in all types of water environments.” One of AltaSea’s tenants, Pacific6, holds the permit for the first offshore aquaculture facility in U.S. Federal waters.

“Our goal with this series is to shine a spotlight on the emerging aquaculture sector in the blue economy – an area that is important to the sustainability of our oceans,” said AltaSea CEO Terry Tamminen. “We’re pleased to partner with CSUN’s Institute for Sustainability and the Los Angeles Coalition for the Economy & Jobs to promote the incredible potential and importance of the aquaculture sector.”

Aquaculture and the supporting technologies bring together many key ingredients, including the future growth opportunities that support coastal ecosystems, the economy, jobs, and the local communities. This webinar series reimagines partnerships between business, government, universities, and communities through regenerative ocean research, exploration, and equity-based economic development.

“This year, we are particularly excited to highlight Indigenous aquaculture practices and tribal food sovereignty initiatives,” said Natale Zappia, Director of the CSUN Institute for Sustainability.

“Our planet’s oceans have the answers to some of mankind’s most perplexing challenges, but it will take a workforce with a 21st century skill set and the right mindset to explore and harness the unlimited resources it offers,” said Michael Kelly, Executive Director at The Los Angeles Coalition. “The good news is this ‘Blue Economy,’ which includes aquaculture, algae fuels, and robotic exploration of the unmapped depths, is growing right here in Southern California, creating not only good middle-class jobs, but opportunities for Angelenos to help drive a more sustainable future for all of us.”

“Training a workforce to do the crucial jobs needed in this growing industry is exciting and fulfilling because it provides well-paying careers to those who also want to make a difference,” said Ferris Kawar, SMC’s Sustainability Project Manager.

The series is being sponsored by AltaSea at the Port of Los Angeles, The Los Angeles Coalition for the Economy & Jobs, Santa Monica College, and CSUN’s Institute for Sustainability. The webinars include:

Thursday, June 2: Seaweed Startups: Growing a Crop-Based Business

Panelists:

  • Julia Marsh, Co-founder and CEO of Sway, a venture-backed materials company producing packaging made from seaweed
  • Pat Schnettler, Co-founder of 12 Tides, a seaweed snack brand
  • Ashlan Cousteau, Principal Founder of SeaWeed Naturals, a first-of-its-kind wellness lifestyle brand that is combining the benefits of cannabis with the benefits of seaweed.

Moderator: Ann Carpenter, founder and CEO of Braid Theory, a vertically integrated venture advisory.

Thursday, June 9: Traditional Knowledge in Regenerative Aquaculture

Panelists:

  • Matt Teutimez, Tribal Biologist, Gabrieleño Band of Mission Indians – Kizh Nation

Moderator: Nat Zappia, Institute for Sustainability, CSUN

Thursday, June 16: Aquafarming Jobs of the Future: Building a Regenerative Farming Workforce

Panelists:

  • Ferris Kawar, Sustainability Project Manager, Santa Monica College
  • Meredith Brooks, Program and Grants Manager Consultant, AltaSea
  • Kendall Barbery, Programs Director, Greenwave

Moderator: Michael H. Kelly, Executive Director, The Los Angeles Coalition for the Economy & Jobs

Thursday, June 23: Sea Through the Weeds: Navigating the Policies and Politics of Offshore Seaweed Farming in CA

Panelists:

  • Diane Windham, California Regional Aquaculture Coordinator, NOAA Fisheries West Coast Region
  • David Telling, Pacific6

Moderator: Wendy Greuel, Former Controller, City of Los Angeles.

EDITOR’S NOTE: Please note that the final list of speakers is still being finalized. The most up-to-date list of moderators and panelists, along with their bios, can be found here.

About AltaSea at the Port of Los Angeles

AltaSea at the Port of Los Angeles, located on 35 acres at North America’s leading seaport by both container volume and cargo value, is dedicated to accelerating scientific collaboration, advancing an emerging blue economy through business innovation and job creation, and inspiring the next generation, all for a more sustainable, just, and equitable world.

For more information on AltaSea, please see our website: https://altasea.org.

About California State University, Northridge, Institute for Sustainability

Founded in 2008, the Institute for Sustainability works with stakeholders across campus to integrate sustainability into all aspects of the university from operations and infrastructure to outreach, education, and research. The Institute serves all the colleges of the university, working to increase interdisciplinary and cross-functional communication, education, and research on sustainability.

About The Los Angeles Coalition for the Economy & Jobs

The L.A. Coalition brings together leaders from business, labor, academia, and nonprofits to advance initiatives that generate economic growth, create quality jobs and a skilled workforce, and improve the region's overall quality of life.

About Santa Monica College

Santa Monica College is a California Community College accredited by the Accrediting Commission for Community and Junior Colleges (ACCJC) of the Western Association of Schools and Colleges (WASC). For 31 consecutive years, SMC has been California’s leading transfer college to UCLA, UC Berkeley, and other University of California campuses. The college also tops in transfers to the University of Southern California and Loyola Marymount University and is the top feeder west of the Mississippi to the Ivy League Columbia University. More than 110 career training degrees and certificates at SMC—in fields ranging from the traditional (Accounting, Early Childhood Education, Nursing) to the emerging (Sustainable Technologies, Technical Theatre, and a baccalaureate degree in Interaction Design)—offer professional preparation for students interested in directly entering the job market, transferring to a four-year school, or upgrading specific skills. SMC provides news and cultural enrichment through its NPR radio station KCRW (89.9 FM), the Broad Stage at the SMC Performing Arts Center, and lifelong learning through distinctive programs such as its Emeritus Program for older adults.


Contacts

Jacob Scott
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Award is the Next Step in Offering EVgo Fleet Charging Solutions to the Federal Fleet as they Start to Electrify up to 650,000 Vehicles

LOS ANGELES--(BUSINESS WIRE)--EVgo Inc. (NASDAQ: EVGO), a first mover in fleet electrification and owner and operator of the nation’s largest public fast charging network for electric vehicles (EVs) and first powered by 100% renewable electricity, and OSC~WEBco, a leading global provider of comprehensive, fully integrated solutions to the Federal Government announced today that they have been awarded participation in a new five-year Blanket Purchase Agreement (BPA) with the United States General Services Administration (GSA) to furnish Electric Vehicle Supply Equipment (EVSE) and ancillary services. This BPA is the next step in a process for EVgo to offer a variety of fast charging and level 2 charging solutions for federal fleet vehicles across government agencies, the military, and more.


OSC~WEBco, with EVgo as a subcontractor, is one of only 16 awardees, and one of two awarded Veteran-Owned Small Businesses for this BPA round. The Combined OSC~WEBco EVgo team’s products and services include charging solutions to fit a wide range of fleet charging needs, including Level 2 and DC fast charging stations, as well as network and operations/maintenance plans, site planning and preparation, power management, metering and basic install assistance.

OSC~WEBco and EVgo are well positioned to provide the products and services required to support this critical infrastructure for Federal Fleet electrification. The team’s EVSE products, as well as ordering resources will be published on the GSA Multiple Award Schedule (MAS) and GSA EVSE webpages in the coming weeks.

With the BPA, federal agencies and approved government buyers will be able to work with EVgo and OSC~WEBco to plan, build and install charging stations for their fleets without lengthy procurement processes.

“EVgo knows that partnership is critical to getting fleets electrified and teaming up with OSC~WEBco to offer charging solutions to the federal fleet is a winning proposition,” said Cathy Zoi, CEO of EVgo. “From rideshare and autonomous vehicles to delivery and soon federal fleets, EVgo is positioned to help everyone take advantage of the benefits of driving electric.”

According to the GSA FY20 Federal Fleet Report, U.S. Federal Fleet includes over 650,000 vehicles and consumed 372 million gallons of gasoline in 2020. Less than 3% of the fleet is currently electric. While the U.S. Government currently owns about 1,100 charging stations, supporting an electric Federal Fleet could require more than 100,000 additional stations over the next decade, per testimony from the Government Accountability Office (GAO.)

The Biden-Harris administration is working to transition the entire federal fleet to zero-emission vehicles, with targets of 100% zero-emission vehicle acquisitions by 2035 and 100% zero-emission light-duty vehicle acquisitions by the end of fiscal year 2027. The administration’s proposed budget for FY23 includes $300 million for GSA and $457 million for other agencies to help facilitate this goal.

Visit GSA’s Sustainability Priorities website for more information about how GSA is advancing the administration's sustainability priorities.

About OSC~WEBco: OSC~WEBco is a worldwide sales, marketing and logistics company dedicated to the U.S. Government Market. Founded in 1947, OSC~WEBco fields a diverse global workforce outfitted with state-of-the-art systems to provide consistent superior service for its Federal Government customers.

About EVgo: EVgo (Nasdaq: EVGO) is the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. With more than 850 charging locations, EVgo’s owned and operated charging network serves over 60 metropolitan areas across more than 30 states and approximately 375,000 customer accounts. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.


Contacts

EVgo:
For Investors:
Ted Brooks, VP of Investor Relations
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310-954-2943

For Media:
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OSC~WEBco Media Contact:
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Awards Honor Fleets, Operations, and Individuals for Achievements in Safety, Efficiency, Performance, Sustainability, and Innovation

SAN FRANCISCO--(BUSINESS WIRE)--#SamsaraConnectedOperations--Samsara Inc. (NYSE: IOT), the pioneer of the Connected Operations Cloud, today announced the winners of its 2022 Connected Operations Awards. This year, Samsara expanded its awards program to honor fleets, operations, and individuals for their achievements in safety, efficiency, performance, sustainability, and innovation. The 2022 Samsara Connected Operations Award winners stand apart as leaders and innovators among their peers and within their communities.



“Samsara customers keep the world moving. The Samsara 2022 Connected Operations Awards winners have made great strides in improving their operations and the lives of employees and the people they serve,” said Robert Stobaugh, Chief Customer Officer of Samsara. “We’re excited to recognize their outstanding accomplishments and support them as they continue to digitally transform their operations.”

Safest Operator: Chalk Mountain Services

This award celebrates an organization that protects employees, prevents incidents, and safeguards the communities it serves. The 2022 Safest Operator Award winner, Chalk Mountain Services, a leader in the oilfield services industry, built a safety program that positively engages drivers and delivers powerful results. Using Samsara’s video-based safety solutions, Chalk Mountain transformed how it rewards, coaches, and protects drivers. The organization improved its Compliance, Safety, and Accountability (CSA) scores and achieved a record milestone of over 20 million miles driven without a Department of Transportation (DOT)-recordable preventable accident. It also saw an 86% decrease in preventable accident costs, a 43% decrease in worker’s compensation costs, and a 15% improvement in driver retention.

Excellence in Efficiency: Southern California Edison

This award celebrates an organization achieving exceptional gains in operational efficiency. The 2022 Excellence in Efficiency Award winner, Southern California Edison (SCE), one of the largest public utility companies in California, built an impressive maintenance system that drives efficiency across its vast operations, saves countless hours, and keeps drivers safe. Using Samsara’s Vehicle Gateways, SCE digitized maintenance processes and streamlined communications by creating a dedicated alert for Driver Vehicle Inspection Report (DVIR) and Diagnostic Trouble Code (DTC) issues. As a result, mechanics are now spending more time working on their vehicles and less time managing paperwork and requests.

Most Sustainable Operations: Summit Materials (NYSE: SUM)

This award celebrates an organization leading the charge on building greener and cleaner operations. The 2022 Most Sustainable Operations Award winner, Summit Materials, ​​a leader in construction materials with operations in the United States and Canada, is raising the bar in its industry by setting and making great progress on its sustainability goals. Summit Materials strives to be the most socially responsible integrated construction materials company and has a goal to achieve net-zero emissions by 2050. With Samsara’s advanced fuel data and reporting, Summit Materials was able to get a more unified picture of its operations and set meaningful targets. Summit Materials can track fuel usage, idling time, and emissions, rather than tracking fuel purchased, as it had with a previous provider. As a result of greater visibility on vehicle performance, reduced idle time, and improved fuel efficiency, Summit Materials is targeting savings of approximately $1 million per year.

Operations Innovator: Liberty Energy (NYSE: LBRT)

This award celebrates an organization improving performance by connecting data and technology. The 2022 Operations Innovator award winner, Liberty Energy, a leading North American oilfield services firm, is looking to reshape the future of hydraulic fracturing through its innovative use of technology, increasing safety, efficiency, and sustainability in complex work environments. To ensure employee safety while operating in remote locations, Liberty Energy uses Samsara’s AI Dash Cams and coaching workflows to improve visibility in the cab and keep drivers safe. As a result, it reduced its motor vehicle accident rate by 50%. Dash cam footage also helped the organization exonerate drivers in 50% of reportable incidents that same year. Further, Liberty Energy relied on Samsara to connect and manage multiple disparate systems—from tax and payroll to maintenance and dispatching to load planning. By implementing custom integrations with Samsara’s open API, Liberty Energy saved over 10,000 hours and $300,000 in administrative costs per year. It also created a custom integration with its tax service provider and expects to save $10 million per year due to the accuracy of Samsara’s real-time location tracking.

Digital Transformation of the Year: Artera

This award celebrates an organization using technology to drive significant changes throughout its business. The 2022 Digital Transformation of the Year award winner, Artera, a leading provider of integrated essential and critical infrastructure services, consolidated distributed data and drove a number of efficiency and safety improvements. With Samsara’s Connected Operations Cloud, Artera right-sized its fleet, which drove savings of over $1 million. The organization was able to reduce its rental fleet by 10% last year and reallocate underutilized assets across its operating companies. Further, centralizing information systems helped Artera scale safety best practices and ensure every business unit was effectively coaching driving behavior with customized approaches. As a result, Artera decreased its Preventable Motor Vehicle Incident Rate (PVMI) by 25% in the first year and has seen a more than 40% decrease, year to date.

Excellence in Performance, Public Sector: City of Orlando and Clayton County Public Schools

This award celebrates an organization driving change for citizens and communities. Samsara recognizes two award winners for 2022, one for cities and one for K-12 schools: the City of Orlando and Clayton County Public Schools.

The City of Orlando provides services for over 315,000 residents. As part of its plans to become a Future Ready City, the City of Orlando had committed to the sustainability goal of using 100% alternatively fueled vehicles by 2030. By installing Samsara across the vast majority of its 2,800 vehicle and equipment inventory, the City of Orlando now has full visibility into the status of its fleet. Now, the City can easily identify which vehicles should be replaced with electric vehicles (EVs). It also uses Samsara routing data to identify where to place charging stations to ensure that EVs have the power and range they need to conduct daily services. The City of Orlando plans to use Samsara to transition more of its fleet to EVs. Today, 91% of its fleet is powered using alternative fuels, up from 85%—this puts the City of Orlando right on track to hit its goal.

Clayton County Public Schools is the fifth-largest school district in Georgia, serving over 52,000 students throughout 65 schools and over 350 bus routes. Before Samsara, the school district had inconsistent data on bus delays and was overwhelmed with calls from parents seeking answers about bus locations. Using Samsara’s Fleet Tracking GPS solution, Clayton County now has the data to pinpoint a school bus in real time. If a bus delay occurs, parents have visibility into where the bus is located and the estimated time of arrival. As a result, Clayton County reduced parent call volume by 50%. Samsara also helped Clayton County accelerate response rates for events such as bus breakdowns and student-related emergencies.

Technology Leader of the Year: Nathan Slemmons, Univar Solutions (NYSE: UNVR)

This award celebrates an individual who has embraced technology to transform their operations. The 2022 Technology Leader of the Year award winner, Nathan Slemmons, helped Univar Solutions transform into a more nimble and innovative company. Slemmons is a Senior IT Analyst at Univar Solutions, a leading global commodity and specialty chemical and ingredient distributor and provider of value-added services. Slemmons is responsible for enabling the transportation unit, from implementing and improving the telematics system, to managing integrations and enhancements, to pulling data and reporting. He helped Univar Solutions bring more robust reporting, integrations, and technological sophistication, which supported deeper customer relationships. Slemmons successfully rolled out Samsara solutions to 900 drivers, 300 administrators, and over 1,000 vehicles in only five months. Since then, the organization has seen a reduction in service visit points for technical hardware issues and a reduced service-level agreement time with its service provider.

Driver of the Year: Jaime Herrera, All Aboard America!

This award celebrates an individual with an exemplary driving record. The 2022 Driver of the Year Award winner, Jaime Herrera, cares deeply about providing an excellent experience and takes his responsibility for passenger safety seriously. Herrera is a driver for All Aboard America!, the fourth-largest motorcoach operator in the U.S. Safety is ingrained into its culture, and Herrera deeply embodies this value. With a goal of continuous improvement, the organization effectively coaches safe driving behavior with the help of Samsara AI Dash Cams. Herrera is an advocate for Samsara Dash Cams and consistently promotes their use to his peers. Through regular coaching sessions and practice, Herrera reduced speeding incidents by 100% in 2021. When he’s behind the wheel, passengers feel confident that they will be transported safely to their destination.

To learn more about the 2022 Connected Operations Awards, please visit www.samsara.com.

About Samsara

Samsara is the pioneer of the Connected Operations Cloud, which allows businesses that depend on physical operations to harness IoT (Internet of Things) data to develop actionable business insights and improve their operations. Samsara operates in North America and Europe and serves tens of thousands of customers across a wide range of industries including transportation, wholesale and retail trade, construction, field services, logistics, utilities and energy, government, healthcare and education, manufacturing, and food and beverage. The company's mission is to increase the safety, efficiency, and sustainability of the operations that power the global economy.

Samsara is a registered trademark of Samsara Inc. All other brand names, product names or trademarks belong to their respective holders.


Contacts

Stephanie Burke
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NEWBURY PARK, Calif.--(BUSINESS WIRE)--Kolibri Global Energy Inc. (the “Company” or “KEI”) (TSX: KEI, OTCQB: KGEIF – (temporarily: KGEID)) is pleased to announce that the Barnes 8-4H well (99.8% working interest) has averaged 605 Barrels of oil equivalent per day (BOEPD), of which 515 barrels are oil, for the first 30 days of initial production (“IP30”). The well is located in the Company’s Tishomingo field in Oklahoma.


Wolf Regener, President and CEO, commented, “I am pleased to report that our latest well continues to perform exceptionally well. The Barnes 8-4H well has averaged 615 BOEPD (517 BOPD) over the last 7 days of production. The well wasn’t optimized until last week due to the workover rig being delayed on its previous job. To put the performance of this well in perspective, the 30-day proved forecast curve case IP30 utilized by our third-party engineering firm for our reserve report is 388 BOEPD (“Reserve Report IP30”) and the initial 30-day rate from the type curve utilized by the Company’s management assumes a 472 BOEPD IP30 rate (“Management IP30"). The Barnes 8-4H IP30 rate is 56 percent higher than the Reserve Report IP30 and 28 percent higher than the Management IP30. The Company’s management type curve generates a 145% Internal Rate of Return at a $100 a barrel oil price. The Barnes 8-4H has an early production rate similar to the Glenn 16-2H well. The Glenn 16-2H is projected to produce 765,000 barrels of oil equivalents (BOEs) based on our third-party engineering firm estimates.”

About Kolibri Global Energy Inc.

Kolibri Global Energy Inc. is an international energy company focused on finding and exploiting energy projects in oil, gas, and clean and sustainable energy. Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the OTCQB under the stock symbol KGEIF.

Cautionary Statements

In this news release and the Company’s other public disclosure: The references to barrels of oil equivalent ("Boes") reflect natural gas, natural gas liquids and oil. Boes may be misleading, particularly if used in isolation. A Boe conversion ratio of 6 Mcf:1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. The type curve utilized by the Company’s management is the average of the 7 Caney wells that are located in the Corridor (well names can be found on the Company’s Corporate presentation), with lateral lengths normalized to a 4,900 ft lateral length, the other assumptions are the same as in the Company’s December 31, 2021 independent reserves evaluation.

Readers should be aware that references to initial production rates and other short-term production rates are preliminary in nature and are not necessarily indicative of long-term performance or of ultimate recovery. Readers are referred to the full description of the results of the Company's December 31, 2021 independent reserves evaluation and other oil and gas information contained in its Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information for the year ended December 31, 2021, which the Company filed on SEDAR on March 8, 2022.

Caution Regarding Forward-Looking Information

Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws and “forward-looking statements” within the meaning of United States securities laws (collectively, “forward looking information”), including statements regarding the timing of and expected results from planned wells development, a projected Internal Rate of Return and estimated production. Forward-looking information is based on plans and estimates of management and interpretations of data by the Company's technical team at the date the data is provided and is subject to several factors and assumptions of management, including that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, management’s assumption of a 472 BOEPD IP30 rate for the initial 30-day type curve, $100 a barrel oil price, that required regulatory approvals will be available when required, that no unforeseen delays, unexpected geological or other effects, including flooding and extended interruptions due to inclement or hazardous weather conditions, equipment failures, permitting delays or labor or contract disputes are encountered, that the necessary labor and equipment will be obtained, that the development plans of the Company and its co-venturers will not change, that the offset operator’s operations will proceed as expected by management, that the demand for oil and gas will be sustained, that the price of oil will be sustained or increase, that the Company will continue to be able to access sufficient capital through financings, farm-ins or other participation arrangements to maintain its projects, and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business, its ability to advance its business strategy and the industry as a whole. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions on which such forward looking information is based vary or prove to be invalid, including that the Company or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that unexpected geological results are encountered, that equipment failures, permitting delays, labor or contract disputes or shortages of equipment or labor are encountered, the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration and development projects or capital expenditures; the uncertainty of reserve and resource estimates and projections relating to production, costs and expenses, and health, safety and environmental risks, including flooding and extended interruptions due to inclement or hazardous weather conditions), the risk of commodity price and foreign exchange rate fluctuations, that the offset operator’s operations have unexpected adverse effects on the Company’s operations, that completion techniques require further optimization, that production rates do not match the Company’s assumptions, that very low or no production rates are achieved, that the price of oil will decline, that the Company is unable to access required capital, that occurrences such as those that are assumed will not occur, do in fact occur, and those conditions that are assumed will continue or improve, do not continue or improve, and the other risks and uncertainties applicable to exploration and development activities and the Company's business as set forth in the Company's management discussion and analysis and its annual information form, both of which are available for viewing under the Company's profile at www.sedar.com, any of which could result in delays, cessation in planned work or loss of one or more concessions and have an adverse effect on the Company and its financial condition. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.


Contacts

Wolf E. Regener +1 (805) 484-3613
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.kolibrienergy.com

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