Business Wire | Page 1157

: Business Wire; Posted On Jul 29, 2021

Columbus McKinnon Reports Financial Results for First Quarter Fiscal Year 2022

BUFFALO, N.Y.--(BUSINESS WIRE)--Columbus McKinnon Corporation (Nasdaq: CMCO), a leading designer, manufacturer and marketer of intelligent motion solutions for material handling, today announced financial results for its fiscal year 2022 first quarter, which ended June 30, 2021. Results include the addition of Dorner Manufacturing Corporation, which was acquired on April 7, 2021.

First Quarter Highlights (compared with prior year period)

Revenue of $213.5 million up 53%, supported by organic growth of 24%
Gross margin expanded 250 bps to 34.7%; Achieved record adjusted gross margin of 36.3% with incremental 80 bps contribution from Dorner acquisition
Operating margin expanded 370 bps to 5.0%; Adjusted operating margin expanded
750 bps to 11.1%
Advancing Blueprint for Growth 2.0 strategy and focusing on growth initiatives

David Wilson, President and CEO of Columbus McKinnon, commented, “We had a very good start to fiscal 2022 delivering strong growth, expanding margins and achieving record backlog. We are encouraged by increasing demand in all markets. Importantly, we are also having success with our new products and customer solutions, as we continue to advance our Blueprint for Growth 2.0 strategy. Dorner, our new conveying solutions platform, is seeing strong demand and is outpacing expectations. We are working across the enterprise to drive growth initiatives as we pursue the many opportunities in front of us.”

First Quarter Fiscal 2022 Sales

($ in millions)	Q1 FY 22			Q1 FY 21			Change		% Change
Net sales	$	213.5		$	139.1		$	74.4	53.5	%
U.S. sales	$	124.5		$	74.7		$	49.8	66.7	%
% of total	58		%	54		%
Non-U.S. sales	$	89.0		$	64.4		$	24.6	38.2	%
% of total	42		%	46		%

For the quarter, sales increased $74.4 million, or 53.5%. The Dorner acquisition added $34.2 million in sales. In the U.S., volume improved $20.8 million, or 27.8%, and price improved $0.6 million, or 0.9%. U.S. sales related to the acquisition were $28.3 million. Outside the U.S., volume improved $10.5 million, or 16.4%, and price improved $1.3 million, or 2.0%. The Dorner acquisition added $5.9 million of sales outside the U.S. Foreign currency translation was favorable $6.9 million, or 5.0% of total sales.

First Quarter Fiscal 2022 Operating Results

($ in millions)	Q1 FY 22				Q1 FY 21				Change			% Change
Gross profit	$	74.1			$	44.8			$	29.3		65.3	%
Gross margin	34.7			%	32.2			%	250 bps
Income from operations	$	10.7			$	1.8			$	9.0		500.7	%
Operating margin	5.0			%	1.3			%	370 bps
Adjusted income from operations*	$	23.6			$	5.0			$	18.6		371.2	%
Adjusted operating margin*	11.1			%	3.6			%	750 bps
Net income (loss)	$	(7.3	)		$	(3.0	)		$	(4.3	)	NM
Net income (loss) margin	(3.4		)	%	(2.1		)	%	(130) bps
Diluted EPS	$	(0.27	)		$	(0.12	)		$	(0.15	)	NM
Adjusted EPS*	$	0.69			$	0.17			$	0.52		305.9	%
Adjusted EBITDA*	$	34.1			$	12.1			$	22.0		181.8	%
Adjusted EBITDA margin*	16.0			%	8.7			%	730 bps

*Adjusted operating income, adjusted operating margin, adjusted EPS, adjusted EBITDA, and adjusted EBITDA margin are non-GAAP measures. See accompanying discussion and reconciliation tables in this release regarding adjusted operating income, adjusted operating margin, adjusted EPS, and the reconciliation of GAAP net income (loss) to adjusted EBITDA.

Dorner contributed $5.1 million in operating income excluding inventory step up expense of $3.0 million and acquisition deal costs of $1.0 million. Adjusted earnings per diluted share was $0.69 in the fiscal 2022 first quarter compared with $0.17 in the prior year. Adjusted EPS excludes amortization of intangible assets related to acquisitions. The Company believes this better represents its inherent earnings power and cash generation capability.

Second Quarter Fiscal 2022 Outlook

The Company expects second quarter fiscal 2022 sales to be within a range of approximately $225 million to $230 million at current exchange rates.

Mr. Wilson concluded, “We are excited about the progress we are making and are increasingly encouraged by our potential over the longer term. With record backlog and increasing order trends, we expect to deliver a solid year of recovery even as we navigate the dynamic landscape of supply chain and staffing challenges. More importantly, we are making the investments necessary to execute on our strategy and implement the Columbus McKinnon Business System (“CMBS”) to drive further growth, enable scalability, improve our earnings power and achieve our goal of 19% adjusted EBITDA margin in fiscal 2023.”

Teleconference/webcast

Columbus McKinnon will host a conference call and live webcast today at 10:00 AM Eastern Time, at which management will review the Company’s financial results and strategy. The review will be accompanied by a slide presentation, which will be available on Columbus McKinnon’s website at investors.columbusmckinnon.com. A question and answer session will follow the formal discussion.

The conference call can be accessed by dialing 412-317-6026. The listen-only audio webcast can be monitored at investors.columbusmckinnon.com. To listen to the archived call, dial 412-317-6671 and enter the passcode 10158268. The telephonic replay will be available from 1:00 PM Eastern Time on the day of the call through Thursday, August 5, 2021. Alternatively, an archived webcast of the call can be found on the Company’s website. In addition, a transcript of the call will be posted to the website once available.

About Columbus McKinnon

Columbus McKinnon is a leading worldwide designer, manufacturer and marketer of intelligent motion solutions that efficiently and ergonomically move, lift, position and secure materials. Key products include hoists, crane components, precision conveyor systems, rigging tools, light rail workstations and digital power and motion control systems. The Company is focused on commercial and industrial applications that require the safety and quality provided by its superior design and engineering know-how. Comprehensive information on Columbus McKinnon is available at www.columbusmckinnon.com.

Safe Harbor Statement

This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements concerning future sales and earnings, involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Company to differ materially from the results expressed or implied by such statements, including the ability of the Company to integrate Dorner, the impact of supply chain and staffing challenges, the ability of the Company to achieve its Blueprint for Growth 2.0 strategy and execute CMBS; and the amount of integration costs and the Company’s efforts to reduce costs, maintain liquidity and generate cash, the Company’s ability to grow market share, the ability to achieve revenue expectations, global economic and business conditions, conditions affecting the industries served by the Company and its subsidiaries, the Company's customers and suppliers, competitor responses to the Company's products and services, the overall market acceptance of such products and services, the ability to expand into new markets and geographic regions, and other factors disclosed in the Company's periodic reports filed with the Securities and Exchange Commission. The Company assumes no obligation to update the forward-looking information contained in this release.

Financial tables follow.

COLUMBUS McKINNON CORPORATION Condensed Consolidated Income Statements - UNAUDITED (In thousands, except per share and percentage data)

	Three Months Ended
	June 30, 2021				June 30, 2020				Change
Net sales	$	213,464			$	139,070			53.5		%
Cost of products sold	139,401				94,273				47.9		%
Gross profit	74,063				44,797				65.3		%
Gross profit margin	34.7			%	32.2			%
Selling expenses	23,482				18,695				25.6		%
% of net sales	11.0			%	13.4			%
General and administrative expenses	30,143				18,429				63.6		%
% of net sales	14.1			%	13.3			%
Research and development expenses	3,583				2,769				29.4		%
% of net sales	1.7			%	2.0			%
Amortization of intangibles	6,109				3,115				96.1		%
Income from operations	10,746				1,789				500.7		%
Operating margin	5.0			%	1.3			%
Interest and debt expense	5,812				3,188				82.3		%
Cost of debt refinancing	14,803				—				NM
Investment (income) loss	(433		)		(577		)		(25.0	)	%
Foreign currency exchange (gain) loss	94				84				11.9		%
Other (income) expense, net	250				3,026				(91.7	)	%
Income (loss) before income tax expense (benefit)	(9,780		)		(3,932		)		NM
Income tax expense (benefit)	(2,517		)		(963		)		NM
Net income (loss)	$	(7,263	)		$	(2,969	)		NM

Average basic shares outstanding	26,762				23,802				12.4		%
Basic income (loss) per share	$	(0.27	)		$	(0.12	)		NM

Average diluted shares outstanding	26,762				23,802				12.4		%
Diluted income (loss) per share	$	(0.27	)		$	(0.12	)		NM

COLUMBUS McKINNON CORPORATION Condensed Consolidated Balance Sheets (In thousands)

	June 30, 2021			March 31, 2021
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	88,654		$	202,127
Trade accounts receivable	123,168			105,464
Inventories	138,658			111,488
Prepaid expenses and other	31,696			22,763
Total current assets	382,176			441,842

Property, plant, and equipment, net	99,597			74,753
Goodwill	621,939			331,176
Other intangibles, net	401,859			213,362
Marketable securities	10,072			7,968
Deferred taxes on income	1,160			20,080
Other assets	63,827			61,251
Total assets	$	1,580,630		$	1,150,432

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable	$	71,570		$	68,593
Accrued liabilities	113,143			110,816
Current portion of long-term debt and finance lease obligations	60,501			4,450
Total current liabilities	245,214			183,859

Term loan and finance lease obligations	398,795			244,504
Other non-current liabilities	212,168			191,920
Total liabilities	856,177			620,283

Shareholders’ equity:
Common stock	284			240
Additional paid-in capital	495,541			296,093
Retained earnings	286,539			293,802
Accumulated other comprehensive loss	(57,911		)	(59,986		)
Total shareholders’ equity	724,453			530,149
Total liabilities and shareholders’ equity	$	1,580,630		$	1,150,432

COLUMBUS McKINNON CORPORATION Condensed Consolidated Statements of Cash Flows - UNAUDITED (In thousands)

	Three Months Ended
	June 30, 2021			June 30, 2020
Operating activities:
Net income (loss)	$	(7,263	)	$	(2,969	)
Adjustments to reconcile net income (loss) to net cash provided by (used for) operating activities:
Depreciation and amortization	10,467			7,081
Deferred income taxes and related valuation allowance	(245		)	(1,500		)
Net loss (gain) on sale of real estate, investments, and other	(391		)	(494		)
Stock based compensation	2,262			2,071
Amortization of deferred financing costs	471			665
Cost of debt refinancing	14,803			—
Non-cash pension settlement expense	—			2,722
Non-cash lease expense	1,989			1,876
Changes in operating assets and liabilities, net of effects of business acquisitions and divestitures:
Trade accounts receivable	2,043			27,955
Inventories	(10,802		)	3,924
Prepaid expenses and other	(5,714		)	(2,766		)
Other assets	35			(39		)
Trade accounts payable	(5,879		)	(18,248		)
Accrued liabilities	(5,945		)	(7,926		)
Non-current liabilities	(3,227		)	(2,836		)
Net cash provided by (used for) operating activities	(7,396		)	9,516

Investing activities:
Proceeds from sales of marketable securities	2,181			1,034
Purchases of marketable securities	(4,137		)	(880		)
Capital expenditures	(3,648		)	(1,088		)
Proceeds from sale of building, net of transaction costs	—			6,363
Proceeds from insurance reimbursement	482			—
Purchase of business, net of cash acquired	(475,311		)	—
Net cash provided by (used for) investing activities	(480,433		)	5,429

Financing activities:
Proceeds from issuance of common stock	290			185
Borrowings under line-of-credit agreements	—			25,000
Repayment of debt	(455,040		)	(1,112		)
Proceeds from issuance of long-term debt	650,000			—
Proceeds from equity offering	207,000			—
Fees related to debt and equity offering	(25,292		)	—
Payment of dividends	(1,439		)	(1,427		)
Other	(1,764		)	(927		)
Net cash provided by (used for) financing activities	373,755			21,719

Effect of exchange rate changes on cash	601			1,122

Net change in cash and cash equivalents	(113,473		)	37,786
Cash, cash equivalents, and restricted cash at beginning of year	202,377			114,700
Cash, cash equivalents, and restricted cash at end of period	$	88,904		$	152,486

COLUMBUS McKINNON CORPORATION Q1 FY 2022 Sales Bridge

	Quarter
($ in millions)	$ Change		% Change
Fiscal 2021 Sales	$	139.1
Acquisitions	34.2		24.6	%
Volume	31.3		22.5	%
Pricing	2.0		1.4	%
Foreign currency translation	6.9		5.0	%
Total change	$	74.4	53.5	%
Fiscal 2022 Sales	$	213.5

COLUMBUS McKINNON CORPORATION Q1 FY 2022 Gross Profit Bridge

($ in millions)	Quarter
Fiscal 2021 Gross Profit	$	44.8
Acquisition	14.0
Sales volume and mix	11.6
Productivity, net of other cost changes	2.9
Foreign currency translation	2.4
Prior year factory closure costs	1.9
Pricing, net of material cost inflation	0.7
Prior year business realignment costs	0.3
Acquisition integration costs	(0.5		)
Tariffs	(1.0		)
Acquisition inventory step-up expense	(3.0		)
Total change	29.3
Fiscal 2022 Gross Profit	$	74.1

	U.S. Shipping Days by Quarter
	Q1	Q2	Q3	Q4	Total
FY 22	63	64	61	63	251

FY 21	63	64	61	63	251

COLUMBUS McKINNON CORPORATION Additional Data - UNAUDITED

	June 30, 2021				March 31, 2021			June 30, 2020
($ in millions)
Backlog	$	247.4			$	171.7		$	130.7
Long-term backlog
Expected to ship beyond 3 months	$	107.3			$	68.0		$	52.8
Long-term backlog as % of total backlog	43.4			%	39.6		%	40.4		%

Trade accounts receivable
Days sales outstanding	52.5			days	51.5		days	63.1		days

Inventory turns per year
(based on cost of products sold)	4.0			turns	4.4		turns	3.0		turns
Days' inventory	90.8			days	83.3		days	120.6		days

Trade accounts payable
Days payables outstanding	52.4			days	58.7		days	44.4		days

Working capital as a % of sales	12.5			%	9.3		%	14.9		%

Net cash provided by (used for) operating activities	$	(7.4	)		$	26.9		$	9.5
Capital expenditures	$	3.6			$	6.4		$	1.1
Free cash flow⁽¹⁾	$	(11.0	)		$	20.5		$	8.4

Debt to total capitalization percentage	38.8			%	32.0		%	37.1		%

Debt, net of cash, to net total capitalization	33.8			%	8.1		%	20.9		%

⁽¹⁾		Free cash flow is defined as cash from operations less capital expenditures. Free cash flow is not a measure determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP, and may not be comparable with the measures as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP information, such as free cash flow, is important for investors and other readers of the Company’s financial statements.
		Components may not add due to rounding.

COLUMBUS McKINNON CORPORATION
Reconciliation of GAAP Gross Profit to Non-GAAP Adjusted Gross Profit
($ in thousands, except per share data)

	Three Months Ended June 30,
	2021			2020
GAAP gross profit	$	74,063		$	44,797
Add back (deduct):
Acquisition inventory step-up expense	2,981			—
Acquisition integration costs	521			—
Factory closures	—			1,928
Business realignment costs	—			329
Non-GAAP adjusted gross profit	$	77,565		$	47,054

Sales	$	213,464		$	139,070
Gross margin - GAAP	34.7		%	32.2		%
Adjusted gross margin - Non-GAAP	36.3		%	33.8		%

Adjusted gross profit is defined as gross profit as reported, adjusted for certain items. Adjusted gross profit is not a measure determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP, and may not be comparable with the measures as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP information, such as adjusted gross profit, is important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current year's gross profit to the historical periods' gross profit, as well as facilitates a more meaningful comparison of the Company’s gross profit to that of other companies.

COLUMBUS McKINNON CORPORATION
Reconciliation of GAAP Income from Operations to Non-GAAP Adjusted Income from Operations
($ in thousands, except per share data)

	Three Months Ended June 30,
	2021			2020
GAAP income from operations	$	10,746		$	1,789
Add back (deduct):
Acquisition deal and integration costs	9,242			—
Acquisition inventory step-up expense	2,981			—
Business realignment costs	623			821
Factory closures	—			2,256
Insurance recovery legal costs	—			141
Non-GAAP adjusted income from operations	$	23,592		$	5,007

Sales	$	213,464		$	139,070
Operating margin - GAAP	5.0		%	1.3		%
Adjusted operating margin - Non-GAAP	11.1		%	3.6		%

Adjusted income from operations is defined as income from operations as reported, adjusted for certain items. Adjusted income from operations is not a measure determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP, and may not be comparable with the measures as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP information, such as adjusted income from operations, is important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current year's income from operations to the historical periods' income from operations, as well as facilitates a more meaningful comparison of the Company’s income from operations to that of other companies.

COLUMBUS McKINNON CORPORATION
Reconciliation of GAAP Net Income and Diluted Earnings per Share to
Non-GAAP Adjusted Net Income and Diluted Earnings per Share
($ in thousands, except per share data)

	Three Months Ended June 30,
	2021			2020
GAAP net income (loss)	$	(7,263	)	$	(2,969	)
Add back (deduct):
Amortization of intangibles	6,109			3,115
Cost of debt refinancing	14,803			—
Acquisition deal and integration costs	9,242			—
Acquisition inventory step-up expense	2,981			—
Business realignment costs	623			821
Non-cash pension settlement expense	—			2,722
Factory closures	—			2,256
Insurance recovery legal costs	—			141
Normalize tax rate to 22%⁽¹⁾	(7,792		)	(2,090		)
Non-GAAP adjusted net income	$	18,703		$	3,996

Average diluted shares outstanding	27,159			23,922

Diluted income (loss) per share - GAAP	$	(0.27	)	$	(0.12	)

Diluted income per share - Non-GAAP	$	0.69		$	0.17

⁽¹⁾

Applies a normalized tax rate of 22% to GAAP pre-tax income and non-GAAP adjustments above, which are each pre-tax.

Adjusted net income and diluted EPS are defined as net income and diluted EPS as reported, adjusted for certain items, including amortization of intangible assets, and also adjusted for a normalized tax rate. Adjusted net income and diluted EPS are not measures determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP, and may not be comparable with the measures used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP information, such as adjusted net income and diluted EPS, is important for investors and other readers of the Company’s financial statements and assists in understanding the comparison of the current quarter’s and current year's net income and diluted EPS to the historical periods' net income and diluted EPS, as well as facilitates a more meaningful comparison of the Company’s net income and diluted EPS to that of other companies. The Company believes that representing adjusted EPS provides a better understanding of its earnings power inclusive of adjusting for the non-cash amortization of intangible assets, reflecting the Company’s strategy to grow through acquisitions as well as organically.

COLUMBUS McKINNON CORPORATION
Reconciliation of GAAP Net Income to Non-GAAP Adjusted EBITDA
($ in thousands)

	Three Months Ended June 30,
	2021				2020
GAAP net income (loss)	$	(7,263	)		$	(2,969	)
Add back (deduct):
Income tax expense (benefit)	(2,517		)		(963		)
Interest and debt expense	5,812				3,188
Investment (income) loss	(433		)		(577		)
Foreign currency exchange (gain) loss	94				84
Other (income) expense, net	250				3,026
Depreciation and amortization expense	10,467				7,081
Cost of debt refinancing	14,803				—
Acquisition deal and integration costs	9,242				—
Acquisition inventory step-up expense	2,981				—
Business realignment costs	623				821
Factory closures	—				2,256
Insurance recovery legal costs	—				141
Non-GAAP adjusted EBITDA	$	34,059			$	12,088

Sales	$	213,464			$	139,070
Net income (loss) margin - GAAP	(3.4		)	%	(2.1		)	%
Adjusted EBITDA margin - Non-GAAP	16.0			%	8.7			%

Adjusted EBITDA is defined as net income before interest expense, income taxes, depreciation, amortization, and other adjustments. Adjusted EBITDA is not a measure determined in accordance with generally accepted accounting principles in the United States, commonly known as GAAP, and may not be comparable with the measures as used by other companies. Nevertheless, Columbus McKinnon believes that providing non-GAAP information, such as adjusted EBITDA, is important for investors and other readers of the Company’s financial statements.

Contacts

Gregory P. Rustowicz
Vice President - Finance and Chief Financial Officer
Columbus McKinnon Corporation
716-689-5442
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations:
Deborah K. Pawlowski
Kei Advisors LLC
716-843-3908
This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Jul 29, 2021

Microvast and eVersum to Jointly Drive Urban Commercial Vehicle Electrification

Top-notch battery solutions for eVersum next-gen electric commercial vehicle
Potential supply volume estimated to be in excess of EUR 100 million over six years

HOUSTON & GRAZ, Austria--(BUSINESS WIRE)--Microvast Holdings, Inc. (“Microvast”), a leading global provider of next-generation battery technologies for commercial and specialty vehicles (Nasdaq:MVST), and eVersum, a high-tech vehicle OEM specializing in the design, development and build of the most purposefully engineered electric commercial vehicles for passenger transport, will join forces to develop state-of-the-art battery solutions to electrify the current and future lines of eVersum’s purpose-built, purely “eBorn,” electric vehicles.

The highly demanded eVersum eShuttle, which is the realization of a 21^st century electric vehicle seeking to define its own new category in the electric shuttle bus segment, will be outfitted with a newly developed battery solution. eShuttles are modularly designed and able to comfortably transport from 15 to 50 passengers, for a variety of applications at a competitive cost.

“eVersum selected Microvast as its primary battery partner due to strategic considerations and a desire to work with a manufacturer that offers a high degree of vertical integration,” said Pete Speck, Managing Partner responsible for supplier development at eVersum.

“Such capabilities extend from core battery chemistry to R&D and production, including cathode and anode materials, electrolyte, and membrane separators, proprietary cell manufacturing, application technologies including battery management systems (BMS) and other power electronics. Using a variety of cell chemistries, from NMC to LFP to LTO, gives us maximum flexibility while applying the same physical battery packs with the possibility to connect such packs adaptively in series and/or in parallel to achieve the required voltage and energy levels,” he continued.

eShuttle is expected to be the first among several types of electric buses and special vehicles. Both companies will bring their expertise together to seize momentum as the world shifts toward electrification. The first prototype battery system has been delivered to eVersum and test-bench load simulations are being performed. The parties have agreed upon terms and are currently finalizing a framework supply agreement to memorialize the commercial relationship for the supply of battery systems estimated to total more than EUR 100 million over six years, including products manufactured at Microvast’s new European facility.

About Microvast

Microvast Holdings, Inc. is a technology innovator that designs, develops and manufactures lithium-ion battery solutions. Founded in 2006 and headquartered in Houston, TX, Microvast is renowned for its cutting-edge cell technology and its vertical integration capabilities which extends from core battery chemistry (cathode, anode, electrolyte, and separator) to battery packs. By integrating the process from raw material to system assembly, Microvast has developed a family of products covering a broad breadth of market applications. More information can be found on the corporate website: www.microvast.com.

About eVersum

eVersum is a privately held company (GmbH) with headquarters in Austria, and engineering & manufacturing sites in Austria and Slovenia. As an OEM of electric city buses, mid-size shuttles and on-road & off-road electric trains, combined with complementary products and services, eVersum is able to facilitate an efficient transition from combustion engine based public transport to a paradigm changing, affordable because TCO optimized and electrified transport system that is positively perceived by customers. eVersum builds up on years of experience & expertise of its multi-national core team, which makes eVersum a trustworthy, tangible, through and through European partner in enabling the creation of sustainable urban transport environments.

Cautionary Statement Regarding Forward-Looking Statements

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

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

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

Contacts

Press:

Microvast Investor Relations
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Microvast Public Relations
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: Business Wire; Posted On Jul 29, 2021

Valero Energy Reports Second Quarter 2021 Results

Reported net income attributable to Valero stockholders of $162 million, or $0.39 per share.
Reported adjusted net income attributable to Valero stockholders of $197 million, or $0.48 per share.
Returned $401 million in cash to stockholders through dividends.
Declared a regular quarterly cash dividend of $0.98 per share payable in the third quarter.
Advanced the expected completion of the Diamond Green Diesel project at Port Arthur (DGD 3) to the first half of 2023 versus the prior estimate of the second half of 2023.

SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO, “Valero”) today reported net income attributable to Valero stockholders of $162 million, or $0.39 per share, for the second quarter of 2021, compared to $1.3 billion, or $3.07 per share, for the second quarter of 2020. Excluding the adjustments shown in the accompanying earnings release tables, second quarter 2021 adjusted net income attributable to Valero stockholders was $197 million, or $0.48 per share, compared to an adjusted net loss attributable to Valero stockholders of $504 million, or $1.25 per share, in the second quarter of 2020. Second quarter 2020 adjusted results exclude the benefit from an after-tax lower of cost or market, or LCM, inventory valuation adjustment of $1.8 billion.

Refining

The refining segment reported $349 million of operating income for the second quarter of 2021, compared to $1.8 billion for the second quarter of 2020. The second quarter 2021 adjusted operating income was $361 million, compared to an adjusted operating loss of $383 million in the second quarter of 2020, which excludes the LCM inventory valuation adjustment. Refinery throughput volumes averaged 2.8 million barrels per day in the second quarter of 2021, which was 514 thousand barrels per day higher than the second quarter of 2020.

“Our system’s flexibility and the team’s relentless focus on optimization in a weak, but otherwise improving, margin environment enabled us to deliver positive earnings in the second quarter,” said Joe Gorder, Valero Chairman and Chief Executive Officer. “More importantly, cash provided by operating activities more than covered our cash used in investing and financing activities for the quarter, even without the cash benefits from our receipt of the 2020 income tax refund and the proceeds from the sale of a portion of our interest in the Pasadena terminal.”

Renewable Diesel

The renewable diesel segment, which consists of the Diamond Green Diesel (DGD) joint venture, reported $248 million of operating income for the second quarter of 2021, compared to $129 million for the second quarter of 2020. Renewable diesel sales volumes averaged 923 thousand gallons per day in the second quarter of 2021, which was 128 thousand gallons per day higher than the second quarter of 2020.

“Our renewable diesel segment continues to perform exceptionally well,” said Gorder. “The segment once again set records for renewable diesel operating income and sales volumes, highlighting DGD’s ability to process a wide range of discounted feedstocks, combined with Valero’s operational and technical expertise.”

Ethanol

The ethanol segment reported $99 million of operating income for the second quarter of 2021, compared to $91 million for the second quarter of 2020. Excluding the LCM inventory valuation adjustment, the second quarter 2020 adjusted operating loss was $20 million. Ethanol production volumes averaged 4.2 million gallons per day in the second quarter of 2021, which was 1.9 million gallons per day higher than the second quarter of 2020.

Corporate and Other

General and administrative expenses were $176 million in the second quarter of 2021, compared to $169 million in the second quarter of 2020. The effective tax rate for the second quarter of 2021 was 37 percent, which is higher than the second quarter of 2020 due to the remeasurement of our deferred tax liabilities primarily as a result of an increase in the U.K. statutory tax rate that will be effective in 2023.

Investing and Financing Activities

Capital investments totaled $548 million in the second quarter of 2021, of which $252 million was for sustaining the business, including costs for turnarounds, catalysts and regulatory compliance. Excluding capital investments attributable to our partner’s 50 percent share of DGD and those related to other variable interest entities, capital investments attributable to Valero were $417 million.

Net cash provided by operating activities was $2.0 billion in the second quarter of 2021. Included in this amount was a $1.1 billion favorable impact from working capital and $132 million associated with our joint venture partner’s share of DGD’s net cash provided by operating activities, excluding changes in DGD’s working capital. Excluding these items, adjusted net cash provided by operating activities was $809 million.

Valero returned $401 million to stockholders through dividends for a payout ratio of 50 percent of adjusted net cash provided by operating activities in the second quarter of 2021.

Valero continues to target a long-term total payout ratio between 40 and 50 percent of adjusted net cash provided by operating activities. Valero defines total payout ratio as the sum of dividends and stock buybacks divided by net cash provided by operating activities adjusted for changes in working capital and DGD’s net cash provided by operating activities, excluding changes in its working capital, attributable to our joint venture partner’s ownership interest in DGD.

Liquidity and Financial Position

Valero ended the second quarter of 2021 with $14.7 billion of total debt and finance lease obligations and $3.6 billion of cash and cash equivalents. The debt to capitalization ratio, net of cash and cash equivalents, was 37 percent as of June 30, 2021.

Strategic Update

Valero continues to advance economic projects that lower the carbon intensity of its products. The large-scale carbon sequestration project with BlackRock and Navigator is moving ahead with strong interest from additional parties in the binding open season. Valero is expected to be the anchor shipper with eight of Valero’s ethanol plants connected to this system, producing a lower carbon intensity ethanol product to be marketed in low-carbon fuel markets.

In addition, Valero and its joint venture partner continue to steadily expand DGD’s capacity to produce low-carbon intensity renewable diesel. The DGD plant expansion at St. Charles (DGD 2), which is expected to increase renewable diesel production capacity by 400 million gallons per year, remains on budget and is still on track to be completed and operational in the middle of the fourth quarter of 2021. The St. Charles expansion will also provide the capability to market 30 million gallons per year of renewable naphtha into low-carbon fuel markets. The new DGD plant at Port Arthur (DGD 3), which is expected to increase renewable diesel production capacity by 470 million gallons per year, is also progressing well and is now expected to commence operations in the first half of 2023, increasing DGD’s total annual production capacity to approximately 1.2 billion gallons of renewable diesel and 50 million gallons of renewable naphtha.

Refinery optimization projects that are expected to reduce cost and improve margin capture are progressing on schedule. The Pembroke Cogen project is on track to be completed in the third quarter of 2021 and the Port Arthur Coker project is expected to be completed in 2023.

Capital investments attributable to Valero are forecasted to be $2.0 billion in 2021, of which approximately 60 percent is for sustaining the business and approximately 40 percent is for growth projects. Over half of Valero’s 2021 growth capital is allocated to expanding the renewable diesel business.

“As demand for low-carbon fuels expands globally, we continue to expand our long-term competitive advantage through innovation in renewables,” said Gorder. “In addition to quadrupling our renewable diesel production capacity in the next couple of years, we are evaluating and developing other renewable fuels opportunities with carbon sequestration, renewable naphtha, sustainable aviation fuel, and renewable hydrogen.”

Conference Call

Valero’s senior management will hold a conference call at 10 a.m. ET today to discuss this earnings release and to provide an update on operations and strategy.

About Valero

Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of transportation fuels and petrochemical products. Valero is a Fortune 500 company based in San Antonio, Texas, and owns 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day and 13 ethanol plants with a combined production capacity of approximately 1.7 billion gallons per year. The petroleum refineries are located in the United States (U.S.), Canada and the United Kingdom (U.K.), and the ethanol plants are located in the Mid-Continent region of the U.S. Valero is also a joint venture partner in Diamond Green Diesel, which owns and operates a renewable diesel plant in Norco, Louisiana. Diamond Green Diesel is North America’s largest biomass-based diesel plant. Valero sells its products in the wholesale rack or bulk markets in the U.S., Canada, the U.K., Ireland and Latin America. Approximately 7,000 outlets carry Valero’s brand names. Please visit www.investorvalero.com for more information.

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

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

Safe-Harbor Statement

Statements contained in this release and the accompanying tables that state the company’s or management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words “believe,” “expect,” “should,” “estimates,” “intend,” “target,” “will,” “plans,” “forecast,” and other similar expressions identify forward-looking statements. Forward-looking statements in this release and the accompanying tables include those relating to our greenhouse gas emissions targets, expected timing of completion and performance of projects, future market and industry conditions, future operating and financial performance and management of future risks. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of the company’s control, such as delays in construction timing and other factors, including but not limited to the impacts of COVID-19. For more information concerning factors that could cause actual results to differ from those expressed or forecasted, see Valero’s annual report on Form 10-K, quarterly reports on Form 10-Q, and other reports filed with the Securities and Exchange Commission and available on Valero’s website at www.valero.com.

COVID-19 Disclosure

Some governmental authorities began lifting restrictions intended to prevent the spread of COVID-19 in the latter part of 2020 and this has continued throughout the first six months of 2021 as the distribution of vaccines has helped decrease rates of infection. These actions have contributed to increasing levels of individual movement and travel and a resulting increase in the demand for and market prices of our products. However, some governmental authorities continue to impose, or have recently reimposed, some level of restrictions due in part to new outbreaks, including those related to new variants of the COVID-19 virus. The ongoing distribution of vaccines may result in the continued lifting of restrictions globally and may be seen as a key factor contributing to the ongoing restoration of public confidence, and thus also to stimulating and increasing economic activity. However, the risk remains that vaccines may not be distributed widely on a timely basis, they may not be as effective against new variants of the virus, the distribution of some or all of the vaccines may be paused or withdrawn due to concerns with potential side effects, and/or the level of individuals’ willingness to receive a vaccine may not be as strong or as timely as needed. Based on these and other circumstances that cannot be predicted, the broader implications of the pandemic on our results of operations and financial position remain uncertain and may continue to be significant. We believe we have proactively responded to many of the known impacts of the pandemic on our business to the extent practicable and we strive to continue to do so, but there can be no assurance that these or other measures will be fully effective. For more information, see our annual report on Form 10-K, quarterly reports on Form 10-Q, and other reports filed with the Securities and Exchange Commission.

Use of Non-GAAP Financial Information

This earnings release and the accompanying earnings release tables include references to financial measures that are not defined under U.S. generally accepted accounting principles (GAAP). These non-GAAP measures include adjusted net income (loss) attributable to Valero stockholders, adjusted earnings (loss) per common share – assuming dilution, refining margin, renewable diesel margin, ethanol margin, adjusted refining operating income (loss), adjusted ethanol operating income (loss), adjusted net cash provided by operating activities, and capital investments attributable to Valero. These non-GAAP financial measures have been included to help facilitate the comparison of operating results between periods. See the accompanying earnings release tables for a reconciliation of non-GAAP measures to their most directly comparable U.S. GAAP measures. Note (f) to the earnings release tables provides reasons for the use of these non-GAAP financial measures.


VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES FINANCIAL HIGHLIGHTS (millions of dollars, except per share amounts) (unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Statement of income data
Revenues	$	27,748		$	10,397		$	48,554		$	32,499
Cost of sales:
Cost of materials and other (a)	25,249			9,079			44,241			29,031
Lower of cost or market (LCM) inventory valuation adjustment (b)	—			(2,248		)	—			294
Operating expenses (excluding depreciation and amortization expense reflected below) (a)	1,214			1,027			2,870			2,151
Depreciation and amortization expense	576			566			1,142			1,135
Total cost of sales	27,039			8,424			48,253			32,611
Other operating expenses	12			3			50			5
General and administrative expenses (excluding depreciation and amortization expense reflected below)	176			169			384			346
Depreciation and amortization expense	12			12			24			25
Operating income (loss)	509			1,789			(157		)	(488		)
Other income, net (c)	102			27			147			59
Interest and debt expense, net of capitalized interest	(150		)	(142		)	(299		)	(267		)
Income (loss) before income tax expense (benefit)	461			1,674			(309		)	(696		)
Income tax expense (benefit) (d)	169			339			21			(277		)
Net income (loss)	292			1,335			(330		)	(419		)
Less: Net income attributable to noncontrolling interests	130			82			212			179
Net income (loss) attributable to Valero Energy Corporation stockholders	$	162		$	1,253		$	(542	)	$	(598	)

Earnings (loss) per common share	$	0.39		$	3.07		$	(1.34	)	$	(1.48	)
Weighted-average common shares outstanding (in millions)	407			406			407			407

Earnings (loss) per common share – assuming dilution	$	0.39		$	3.07		$	(1.34	)	$	(1.48	)
Weighted-average common shares outstanding – assuming dilution (in millions) (e)	407			407			407			407

See Notes to Earnings Release Tables.


VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES FINANCIAL HIGHLIGHTS BY SEGMENT (millions of dollars) (unaudited)

	Refining			Renewable Diesel		Ethanol			Corporate and Eliminations			Total
Three months ended June 30, 2021
Revenues:
Revenues from external customers	$	25,968		$	496	$	1,284		$	—		$	27,748
Intersegment revenues	1			76		84			(161		)	—
Total revenues	25,969			572		1,368			(161		)	27,748
Cost of sales:
Cost of materials and other	24,000			281		1,130			(162		)	25,249
Operating expenses (excluding depreciation and amortization expense reflected below)	1,064			31		119			—			1,214
Depreciation and amortization expense	544			12		20			—			576
Total cost of sales	25,608			324		1,269			(162		)	27,039
Other operating expenses	12			—		—			—			12
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—			—		—			176			176
Depreciation and amortization expense	—			—		—			12			12
Operating income by segment	$	349		$	248	$	99		$	(187	)	$	509

Three months ended June 30, 2020
Revenues:
Revenues from external customers	$	9,615		$	239	$	543		$	—		$	10,397
Intersegment revenues	2			57		38			(97		)	—
Total revenues	9,617			296		581			(97		)	10,397
Cost of sales:
Cost of materials and other	8,539			135		501			(96		)	9,079
LCM inventory valuation adjustment (b)	(2,137		)	—		(111		)	—			(2,248		)
Operating expenses (excluding depreciation and amortization expense reflected below)	928			20		79			—			1,027
Depreciation and amortization expense	533			12		21			—			566
Total cost of sales	7,863			167		490			(96		)	8,424
Other operating expenses	3			—		—			—			3
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—			—		—			169			169
Depreciation and amortization expense	—			—		—			12			12
Operating income by segment	$	1,751		$	129	$	91		$	(182	)	$	1,789

See Operating Highlights by Segment. See Notes to Earnings Release Tables.


VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES FINANCIAL HIGHLIGHTS BY SEGMENT (millions of dollars) (unaudited)

	Refining			Renewable Diesel		Ethanol			Corporate and Eliminations			Total
Six months ended June 30, 2021
Revenues:
Revenues from external customers	$	45,437		$	848	$	2,269		$	—		$	48,554
Intersegment revenues	4			155		144			(303		)	—
Total revenues	45,441			1,003		2,413			(303		)	48,554
Cost of sales:
Cost of materials and other (a)	42,022			468		2,054			(303		)	44,241
Operating expenses (excluding depreciation and amortization expense reflected below) (a)	2,535			60		275			—			2,870
Depreciation and amortization expense	1,077			24		41			—			1,142
Total cost of sales	45,634			552		2,370			(303		)	48,253
Other operating expenses	50			—		—			—			50
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—			—		—			384			384
Depreciation and amortization expense	—			—		—			24			24
Operating income (loss) by segment	$	(243	)	$	451	$	43		$	(408	)	$	(157	)

Six months ended June 30, 2020
Revenues:
Revenues from external customers	$	30,600		$	545	$	1,354		$	—		$	32,499
Intersegment revenues	4			110		102			(216		)	—
Total revenues	30,604			655		1,456			(216		)	32,499
Cost of sales:
Cost of materials and other	27,666			265		1,314			(214		)	29,031
LCM inventory valuation adjustment (b)	277			—		17			—			294
Operating expenses (excluding depreciation and amortization expense reflected below)	1,923			40		188			—			2,151
Depreciation and amortization expense	1,069			23		43			—			1,135
Total cost of sales	30,935			328		1,562			(214		)	32,611
Other operating expenses	5			—		—			—			5
General and administrative expenses (excluding depreciation and amortization expense reflected below)	—			—		—			346			346
Depreciation and amortization expense	—			—		—			25			25
Operating income (loss) by segment	$	(336	)	$	327	$	(106	)	$	(373	)	$	(488	)

See Operating Highlights by Segment. See Notes to Earnings Release Tables.


VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS REPORTED UNDER U.S. GAAP (f) (millions of dollars, except per share amounts) (unaudited)

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Reconciliation of net income (loss) attributable to Valero Energy Corporation stockholders to adjusted net income (loss) attributable to Valero Energy Corporation stockholders
Net income (loss) attributable to Valero Energy Corporation stockholders	$	162		$	1,253		$	(542	)	$	(598	)
Adjustments:
Gain on sale of MVP interest (c)	(62		)	—			(62		)	—
Income tax expense related to gain on sale of MVP interest	14			—			14			—
Gain on sale of MVP interest, net of taxes	(48		)	—			(48		)	—
Diamond Pipeline asset impairment (c)	24			—			24			—
Income tax benefit related to Diamond Pipeline asset impairment	(5		)	—			(5		)	—
Diamond Pipeline asset impairment, net of taxes	19			—			19			—
Income tax expense related to change in statutory tax rates (d)	64			—			64			—
LCM inventory valuation adjustment (b)	—			(2,248		)	—			294
Income tax expense (benefit) related to the LCM inventory valuation adjustment	—			491			—			(60		)
LCM inventory valuation adjustment, net of taxes	—			(1,757		)	—			234
Total adjustments	35			(1,757		)	35			234
Adjusted net income (loss) attributable to Valero Energy Corporation stockholders	$	197		$	(504	)	$	(507	)	$	(364	)

Reconciliation of earnings (loss) per common share – assuming dilution to adjusted earnings (loss) per common share – assuming dilution
Earnings (loss) per common share – assuming dilution (e)	$	0.39		$	3.07		$	(1.34	)	$	(1.48	)
Adjustments:
Gain on sale of MVP interest (c)	(0.12		)	—			(0.12		)	—
Diamond Pipeline asset impairment (c)	0.05			—			0.05			—
Income tax expense related to change in statutory tax rates (d)	0.16			—			0.16			—
LCM inventory valuation adjustment (b)	—			(4.32		)	—			0.58
Total adjustments	0.09			(4.32		)	0.09			0.58
Adjusted earnings (loss) per common share – assuming dilution (e)	$	0.48		$	(1.25	)	$	(1.25	)	$	(0.90	)

See Notes to Earnings Release Tables.


VALERO ENERGY CORPORATION EARNINGS RELEASE TABLES RECONCILIATION OF NON-GAAP MEASURES TO MOST COMPARABLE AMOUNTS REPORTED UNDER U.S. GAAP (f) (millions of dollars) (unaudited)

	Three Months Ended June 30,					Six Months Ended June 30,
	2021		2020			2021			2020
Reconciliation of operating income (loss) by segment to segment margin, and reconciliation of operating income (loss) by segment to adjusted operating income (loss) by segment
Refining segment
Refining operating income (loss)	$	349	$	1,751		$	(243	)	$	(336	)
Adjustments:
LCM inventory valuation adjustment (b)	—		(2,137		)	—			277
Operating expenses (excluding depreciation and amortization expense reflected below) (a)	1,064		928			2,535			1,923
Depreciation and amortization expense	544		533			1,077			1,069
Other operating expenses	12		3			50			5
Refining margin	$	1,969	$	1,078		$	3,419		$	2,938

Refining operating income (loss)	$	349	$	1,751		$	(243	)	$	(336	)
Adjustments:
LCM inventory valuation adjustment (b)	—		(2,137		)	—			277
Other operating expenses	12		3			50			5
Adjusted refining operating income (loss)	$	361	$	(383	)	$	(193	)	$	(54	)

Renewable diesel segment
Renewable diesel operating income	$	248	$	129		$	451		$	327
Adjustments:
Operating expenses (excluding depreciation and amortization expense reflected below)	31		20			60			40
Depreciation and amortization expense	12		12			24			23
Renewable diesel margin	$	291	$	161		$	535		$	390

Ethanol segment
Ethanol operating income (loss)	$	99	$	91		$	43		$	(106	)
Adjustments:
LCM inventory valuation adjustment (b)	—		(111		)	—			17
Operating expenses (excluding depreciation and amortization expense reflected below) (a)	119		79			275			188
Depreciation and amortization expense	20		21			41			43
Ethanol margin	$	238	$	80		$	359		$	142

Ethanol operating income (loss)	$	99	$	91		$	43		$	(106	)
Adjustment: LCM inventory valuation adjustment (b)	—		(111		)	—			17
Adjusted ethanol operating income (loss)	$	99	$	(20	)	$	43		$	(89	)

See Notes to Earnings Release Tables.

Contacts

Read full story here

: Business Wire; Posted On Jul 29, 2021

Flowserve Announces Dates for Second Quarter 2021 Financial Results

DALLAS--(BUSINESS WIRE)--Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced that it plans to release its results for the second quarter 2021 after the close of the New York Stock Exchange (NYSE) on Thursday, August 5.

The following morning, on Friday, August 6, the company will hold its conference call with the financial community at 11 a.m. Eastern time. Scott Rowe, president and chief executive officer, and other members of management will present.

The earnings materials and webcast of the conference call can be accessed by shareholders and other interested parties at www.flowserve.com under the "Investor Relations" section.

About Flowserve: Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 55 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com.

Safe Harbor Statement: This news release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; our ability to execute and realize the expected financial benefits from our strategic manufacturing optimization and realignment initiatives; economic, political and other risks associated with our international operations, including military actions or trade embargoes that could affect customer markets, particularly Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; a foreign government investigation regarding our participation in the United Nations Oil-for-Food Program; expectations regarding acquisitions and the integration of acquired businesses; our ability to anticipate and manage cybersecurity risk, including the risk of potential business disruptions or financial losses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon third-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; and other factors described from time to time in our filings with the Securities and Exchange Commission.

All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.

Contacts

Flowserve Contacts
Investor Contacts:
Jay Roueche, Vice President, Investor Relations & Treasurer, (972) 443-6560
Mike Mullin, Director, Investor Relations, (972) 443-6636

Media Contact:
Lars Rosene, Vice President, Corporate Communications & Public Affairs, (972) 443-6644

: Business Wire; Posted On Jul 29, 2021

ESG (Environmental, Social, and Governance) in Power Thematic Research Report 2021 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "ESG (Environmental, Social, and Governance) in Power - Thematic Research" report has been added to ResearchAndMarkets.com's offering.

Managing environmental, social, and governance (ESG) issues is critical for power companies in 2021.

Not only are investors, customers, and other stakeholders demanding lower carbon emissions, but companies that are not taking a holistic approach to sustainability will also fall behind.

Events in 2021 have shown that those power companies without a credible ESG plan will face a backlash in the courts, boardrooms, and the public arena. This trend will intensify in the coming decade. Power companies bear much responsibility for climate change and its resulting social effects. Those that can prove they are doing something about it - not just greenwashing - will emerge as leaders.

Investment in renewable, low-carbon generation methods has become much easier due to significant reductions in price, especially in offshore wind. Leaders in the power industry are reducing exposure to fossil fuel generation and replacing it with low carbon sources. At the consumer level, individuals now want to power their homes and businesses with renewable power. Not only does renewable generation improve sustainability credentials, but it is also beginning to improve revenues.

As power companies scramble to reduce emissions, attention must be paid to social and governance issues too. Any company failing in these categories will severely damage its ESG credentials. For instance, lax workplace safety measures or weak cybersecurity protocols are not hallmarks of a sustainable company and repel confidence and investment.

Scope

The publisher's ESG framework which contains contributing factors to environmental, social and governance issues, with mitigating actions for each issue.
Technology and macroeconomic trends in the power industry. Certain technologies are enabling power companies to improve their ESG credentials and macroeconomic forces are compelling them to rethink ESG strategy.
The publisher's ESG action feedback loop describes how stakeholders are demanding action on ESG and the effect this has on company disclosures.
ESG challenges currently faced by those in the power industry and how companies can address them.
Case studies on ESG leaders and laggards in the power industry.
Detailed assessment of leading power companies and their competitive positions in the ESG theme.

Reasons to Buy

Develop long term ESG strategies by identifying your company's contributing factors then employing our recommended mitigating actions.
Protect against risk by exploring ESG challenges in the power sector, equipping your company with the knowledge of how to combat future ESG tests.
Identify current leaders in the power industry. Use this report's assessment of current players in the power industry to inform potential investments or partnerships.
Avoid ESG failures and follow in the footsteps of ESG leaders by incorporating our case studies into your strategy.
Benchmark your company against competitors and justify key areas of investment by using the publisher's thematic scorecard, which ranks the top 40 power companies globally on the 10 most important industry themes.

Key Topics Covered:

Executive summary
The Publisher's ESG framework
Contributing factors and mitigating actions
Trends
Technology trends
Macroeconomic trends
The ESG action feedback loop
ESG challenges in power
Environmental challenges
Social challenges
Governance challenges
Case Studies
Environmental
Social
Governance
ESG timeline
Companies
Sector scorecard
Power utilities sector scorecard
Glossary

Companies Mentioned

AES
BP
Chevron
Dominion Energy
Duke Energy
EDF
Enel
Engie
E.ON
Exelon
Fortum
Gazprom
General Electric
Iberdrola
National Grid
NextEra
NRG
Schneider
Shell
Southern Company
Stem
Vattenfall
Xcel Energy

For more information about this report visit https://www.researchandmarkets.com/r/qint36

Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

: Business Wire; Posted On Jul 29, 2021

Empire Petroleum Selects PCG Advisory for Investor Relations and Digital Media Strategies

Empire is a Production-Driven Oil & Gas Company Focused On Optimizing Production

TULSA, Okla.--(BUSINESS WIRE)--Empire Petroleum Corporation (“Empire”) (OTCQB: EMPR), a production-driven oil and gas company focused on optimizing production, today announced that it has retained PCG Advisory, Inc. (“PCG Advisory”), a leading investor relations and digital strategies firm, to serve as an advisor for investor relations, digital strategies, and strategic communications.

Tommy Pritchard, Chief Executive Officer of Empire, commented, “With Empire’s rapid growth and future goals, the timing is right to engage with a quality investor relations firm to enhance our corporate communications and investor outreach. After a selection process we have chosen to work with PCG Advisory who will provide high-level capital markets consulting, strategic corporate communications, and investor outreach through both traditional and social and digital platforms. We believe that PCG’s seasoned team has the right combination of contacts, skills and strategies to help us reach our investor relations goals and we look forward to working with them.”

Jeff Ramson, founder and Chief Executive Officer of PCG Advisory, added, “We believe that the Empire Petroleum story will resonate well with both energy and growth investors given its profile and value proposition. The Company’s focused strategy on synergistic acquisitions and optimizing production provides multiple avenues for growth. Our team looks forward to using its expertise to increase Empire’s visibility with all key stakeholders and executing a successful investor relations and digital strategies program for them.”

About Empire Petroleum Corporation

Empire Petroleum Corporation is a publicly traded, Tulsa-based oil and gas company with current producing assets in Texas, Louisiana, North Dakota, Montana and New Mexico. Management is focused on targeted acquisitions of proved developed assets with synergies with its existing portfolio of wells. Empire looks for assets where its operational team can deploy rigorous field/well management techniques to reduce unit operating costs and improve margins while optimizing production. For more information, please visit: www.EmpirePetroleumCorp.com

About PCG Advisory, Inc.

PCG Advisory is a leading investor relations firm dedicated to the delivery of top-tier strategic services that encompass investor relations, capital markets navigation, digital strategies and corporate communications for innovative and emerging companies from around the globe. PCG Advisory has extensive experience with life sciences, technology, and other emerging growth companies.

PCG Advisory is part of PCG Holdings Inc., a holding company for a network of resources dedicated to the discovery and creation of value in the small and micro-cap equity market that was founded in 2008. All subsidiaries of PCG Holdings are geared toward helping investors identify value where it is not most obvious by facilitating a dynamic flow of information between its clients and the investment community.

PCG Holdings operating subsidiaries also includes PCG Digital which owns, partners with and/or licenses innovative aggregation, distribution, and engagement platforms. PCG Digital reaches thousands of individual, retail, and institutional investors and stakeholders through its proprietary and extensive distribution network as well as through the use of unique multimedia marketing and audience development techniques. For more information, please go to: www.pcgadvisory.com.

Forward Looking Statements

This press release includes certain statements that may be deemed “forward-looking statements” within the meaning of the federal securities laws. All statements, other than statements of historical facts that address activities, events or developments that Empire expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties. Actual results may vary materially from the forward-looking statements. For a list of certain material risks relating to Empire, see Empire’s Form 10-K for the fiscal year ended December 31, 2020.

Contacts

Tommy Pritchard, CEO
Mike Morrisett, President
539-444-8002

PCG Advisory, Inc.
Jeff Ramson
(646) 863-6341
This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Jul 29, 2021

IPO Edge to Host Fireside Chat with Spire Global CEO

Webinar to discuss Spire’s proprietary satellite technology and space-based data analytics solutions, as well as its pending business combination with NavSight Holdings

VIENNA, Va. & RESTON, Va.--(BUSINESS WIRE)--Spire Global, Inc. (“Spire,” “Spire Global” or the “Company”), a leading provider of space-based data, analytics and space services, today announced that Peter Platzer, Founder and Chief Executive Officer of Spire, will participate in a fireside chat with IPO Edge on Wednesday, August 4, 2021 at 1:00 PM ET.

The live event is expected to focus on Spire’s value proposition across the Company’s data and space services solutions to global customers, ranging from civil and defense government agencies to corporations across a range of industries, including maritime, aviation, and weather. The discussion will also address the previously announced merger of NavSight Holdings Inc. (“NavSight”) (NYSE: NSH) and Spire (the “Business Combination”) that has been declared effective by the U.S. Securities and Exchange Commission as of July 22, 2021. IPO Edge Editor-in-Chief John Jannarone will moderate the conversation with Mr. Platzer, which will last approximately 60 minutes and include a Q&A segment with the audience.

To register for the event, please CLICK HERE.

Special Meeting of NavSight Stockholders to Approve Business Combination

A previously announced special meeting of NavSight’s stockholders (the “Special Meeting”) is expected to be held on August 13, 2021 at 10:00 AM ET to, among other things, allow stockholders to vote to approve the proposed Business Combination with Spire. The Special Meeting will be completely virtual and conducted via live webcast. Stockholders of record of NavSight common stock as of the close of business on the record date of June 21, 2021 may vote at or before the Special Meeting. If the proposals at the Special Meeting are approved, the parties anticipate that the Business Combination will close shortly thereafter, subject to the satisfaction or waiver (as applicable) of all other closing conditions. Upon the closing of the Business Combination, the parties expect that the combined company will operate as Spire Global, Inc., and that the shares of common stock and the warrants of the combined company are expected to be listed on New York Stock Exchange under the symbols “SPIR” and “SPIR.WS,” respectively.

NavSight stockholders who need assistance voting, have questions regarding the Special Meeting, or would like to request documents may contact NavSight Holdings, Inc., 12020 Sunrise Valley Drive, Suite 100, Reston, Virginia 20191, by telephone at (571) 500-2236, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it., or NavSight’s proxy solicitor D.F. King & Co., Inc. by calling (800) 207-3158 or banks and brokers can call at (212) 269-5550, or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it..

About Spire Global, Inc.

Spire is a leading global provider of space-based data, analytics, and space services, offering access to unique datasets and powerful insights about Earth from the ultimate vantage point so that organizations can make decisions with confidence, accuracy, and speed. Spire uses one of the world’s largest multi-purpose satellite constellations to source hard to acquire, valuable data and enriches it with predictive solutions. Spire then provides this data as a subscription to organizations around the world so they can improve business operations, decrease their environmental footprint, deploy resources for growth and competitive advantage, and mitigate risk. Spire gives commercial and government organizations the competitive advantage they seek to innovate and solve some of the world’s toughest problems with insights from space. Spire has offices in San Francisco, Boulder, Washington DC, Glasgow, Luxembourg, and Singapore. To learn more, visit http://www.spire.com.

About NavSight Holdings, Inc.

NavSight Holdings, Inc. is a newly organized blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

Additional Information and Where to Find It

In connection with the proposed Business Combination (the “Proposed Transaction”), NavSight has filed the Registration Statement with the SEC, which includes a proxy statement which has been distributed to holders of NavSight’s common stock in connection with NavSight’s solicitation of proxies for the vote by NavSight’s stockholders with respect to the Proposed Transaction and other matters as described in the Registration Statement, a prospectus relating to the offer of the securities to be issued to Spire’s stockholders in connection with the Proposed Transaction, and an information statement to Spire’s stockholders regarding the Proposed Transaction. NavSight has mailed a definitive proxy statement/prospectus/information statement and other relevant documents to its stockholders of record as of June 21, 2021, the record date established for the Special Meeting. Investors and security holders and other interested parties are urged to read the proxy statement/prospectus/information statement, any amendments thereto and any other documents filed or that will be filed with the SEC carefully and in their entirety as they become available because they will contain important information about NavSight, Spire and the Proposed Transaction. Investors and security holders may obtain free copies of the proxy statement/prospectus/information statement and other documents filed with the SEC by NavSight (when available) through the website maintained by the SEC at http://www.sec.gov, or by directing a request to: NavSight Holdings, Inc., 12020 Sunrise Valley Drive, Suite 100, Reston, VA 20191.

Participants in Solicitation

NavSight and Spire and their respective directors and certain of their respective executive officers and other members of management and employees may be considered participants in the solicitation of proxies with respect to the Proposed Transaction. Information about the directors and executive officers of NavSight is set forth in its final prospectus filed on July 22, 2021 (the “NavSight Prospectus”). Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is included in the Registration Statement, the NavSight Prospectus and other relevant materials filed or that will be filed with the SEC regarding the Proposed Transaction as they become available. Stockholders, potential investors and other interested persons should read the Registration Statement and NavSight Prospectus carefully before making any voting or investment decisions. These documents can be obtained free of charge from the sources indicated above.

No Offer or Solicitation

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

Forward-Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of the federal securities laws with respect to the Proposed Transaction. Forward-looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding Spire’s data and space services solutions to global customers, ranging from civil and defense government agencies to corporations across a range of industries potential benefits of the Proposed Transaction and the potential success of Spire’s market and growth strategies, and expectations related to the terms and timing of the Proposed Transaction. These statements are based on various assumptions and on the current expectations of NavSight’s and Spire’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of NavSight and Spire. These forward-looking statements are subject to a number of risks and uncertainties, including (i) the risk that the Proposed Transaction may not be completed in a timely manner or at all, which may adversely affect the price of NavSight's securities; (ii) the risk that the Proposed Transaction may not be completed by NavSight's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by NavSight; (iii) the failure to satisfy the conditions to the consummation of the Proposed Transaction, including the approval of the Proposed Transaction by the stockholders of NavSight, the satisfaction of the minimum trust account amount following any redemptions by NavSight's public stockholders and the receipt of certain governmental and regulatory approvals; (iv) the inability to complete the PIPE investment in connection with the Proposed Transaction; (v) the failure to realize the anticipated benefits of the Proposed Transaction; (vi) the effect of the announcement or pendency of the Proposed Transaction on Spire’s business relationships, performance, and business generally; (vii) risks that the Proposed Transaction disrupts current plans of Spire and potential difficulties in Spire employee retention as a result of the Proposed Transaction; (viii) the outcome of any legal proceedings that may be instituted against NavSight or Spire related to the business combination agreement or the Proposed Transaction; (ix) the ability to maintain the listing of NavSight’s securities on the New York Stock Exchange; (x) the ability to address the market opportunity for Space-as-a-Service; (xi) the risk that the Proposed Transaction may not generate expected net proceeds to the combined company; (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the Proposed Transaction, and identify and realize additional opportunities; (xiii) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; (iv) the risk of downturns, new entrants and a changing regulatory landscape in the highly competitive space data analytics industry; and those factors discussed in the NavSight Prospectus under the heading “Risk Factors,” and other documents of NavSight filed, or to be filed, with the SEC. If any of these risks materialize or Spire’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither NavSight nor Spire presently know or that NavSight and Spire currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect NavSight’s and Spire’s expectations, plans or forecasts of future events and views as of the date of this press release. NavSight and Spire anticipate that subsequent events and developments will cause NavSight’s and Spire’s assessments to change. However, while NavSight and Spire may elect to update these forward-looking statements at some point in the future, NavSight and Spire specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing NavSight’s and Spire’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Contacts

For Spire Global, Inc.:
Hillary Yaffe
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For NavSight Holdings, Inc.:
Jack Pearlstein
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: Business Wire; Posted On Jul 29, 2021

Spire Global, Inc. Announces Preliminary First Half 2021 Selected Financial Results, Provides Updated Guidance for 2021

VIENNA, Va. & RESTON, Va.--(BUSINESS WIRE)--Spire Global, Inc. (“Spire Global”, “Spire”, or “the Company”) a leading global provider of space-based data, analytics and space services, today announced its preliminary financial results for the six months ended June 30, 2021 and provided updated guidance for the year ending December 31, 2021. On July 26, 2021, Spire also announced that the registration statement on Form S-4 (File No. 333-256112) of NavSight Holdings, Inc. (“NavSight”), relating to the previously announced merger of NavSight and Spire (the “Business Combination”) was declared effective by the U.S. Securities and Exchange Commission as of July 22, 2021, and that the special meeting of stockholders (the “Special Meeting”) to approve the Business Combination would be held on August 13, 2021 at 10:00 AM ET.

"We believe that the need for space-based Earth data to solve the greatest challenges facing businesses, governments and humanity is growing every day. We feel privileged to partner with some of the leading organizations and agencies around the world to execute on their missions, solve problems and address these issues," said Peter Platzer, Chief Executive Officer of Spire. "We are encouraged by our customer and pipeline growth as well as other market and industry activity, particularly due to our strengthened market position once we become a public company."

Fiscal Second Quarter Highlights:

Achieved Significant Increase in the Number of New ARR Solution Customers — Across Spire’s four solutions (Maritime, Aviation, Weather & Space Services), Spire added 33 net new ARR solution customers during the second fiscal quarter of 2021, ending the period with just over 200 ARR solution customers. This represented an ARR solution customer growth of 73% versus the prior year period.
Enhanced Capabilities, with the Launch of Eight New Satellites — Through launching Spire’s newest proprietary technology into orbit on-board eight new satellites, Spire increased the number of aviation tracking satellites, added space sensors for soil moisture and hurricane wind speeds, introduced optical intersatellite links, and deployed supercomputing in-orbit with artificial intelligence and machine learning capabilities.
Further Expanded Space Services - In addition to the geographical expansion of Space Services into the Middle East and Asia with new customer wins, Spire successfully initiated and expanded significant research missions and space services solutions for government customers, including the European Space Agency and the UK Space Agency.

Six Months Ended June 30, 2021 Preliminary Results:

Revenue was in the range of $18.6 million and $19.0 million, an increase of between 33% and 35% from the six months ended June 30, 2020. Revenue growth for the six months ended June 30, 2020 included a one-time historical data purchase of $2.3 million that did not recur in the six months ended June 30, 2021.
Gross profit was in the range of $11.2 million and $12.0 million, an increase of between 30% and 39% from the six months ended June 30, 2020.
Net loss was in the range of $47.5 million and $46.6 million, an increase of between 223% and 217% from the six months ended June 30, 2020. As the Company prepares to go public and is executing on closing the Business Combination announced on March 1, 2021, there are significant one-time and recurring expenses negatively impacting the financials. Impact on six months ended June 30, 2021 operating loss was approximately $4.0 million. In addition, net loss was impacted by approximately $5.3 million associated with one-time charges from the settlement of certain debt obligations.
EBITDA was in the range of negative $37.7million and negative $36.8 million, an increase of between 315% and 306% from the six months ended June 30, 2020.
Adjusted EBITDA was in the range of negative $16.2 million and negative $15.3 million, an increase of between 110% and 99% from the six months ended June 30, 2020.
ARR was approximately $36.6 million as of June 30, 2021, an increase of 37% from ARR as of June 30, 2020.
There were approximately 202 ARR Solution Customers under contract as of June 30, 2021, an increase of 73% from the number of ARR Solution Customers under contract as of June 30, 2020.

The table below provides a reconciliation of Spire’s preliminary estimate for net loss to EBITDA and from EBITDA to Adjusted EBITDA.

	Fiscal Quarter
	Six Months Ended June 30, 2021
(in millions)	Low Range			High Range

Net Loss	$	(47.5	)	$	(46.6	)
Depreciation and amortization		3.6			3.3
Net Interest		5.7			5.7
Taxes		0.8			0.5
EBITDA		(37.7	)		(36.8	)
Loss on satellite deorbit and launch failure⁽¹⁾		0.0			0.0
Change in fair value of warrant liabilities		10.3			10.1
Other expense (income), net⁽²⁾		(1.4	)		(1.6	)
Stock-based compensation⁽³⁾		4.6			4.5
Mergers and acquisition related expenses⁽⁴⁾		2.7			2.5
Other unusual one-time costs⁽⁵⁾		5.4			6.1
Adjusted EBITDA	$	(16.2	)	$	(15.3	)

(1)	Represents loss on satellite deorbit and launch failure. Absent the recognized loss, there would have been depreciation that would have also been excluded as part of the EBITDA calculation.
(2)	Other income, net consists primarily of tax credits, grant income, the impact of foreign exchange gains and losses and sales and local taxes.
(3)	Represents non-cash expenses related to our incentive compensation program.
(4)	Includes merger and acquisition-related costs associated with the Business Combination.
(5)	Includes other IPO market assessment expenses and Eastward Capital and European Investment Bank debt settlement charges.

The selected, estimated preliminary financial results set forth are unaudited and should be considered preliminary and subject to change. Spire has provided an estimate for the selected, preliminary results described above as Spire’s final results remain subject to the completion of its closing procedures, final adjustments, developments that may arise between now and the time the financial results are finalized, and management’s and the audit committee’s final reviews. Accordingly, you should not place undue reliance on this preliminary data, which may differ materially from the final results. These preliminary results should not be viewed as a substitute for Spire’s full financial statements for the six months ended June 30, 2021 prepared in accordance with U.S. generally accepted accounting principles (GAAP). In addition, they are not necessarily indicative of the results to be achieved in any future period. These preliminary results have been prepared by and are the responsibility of management. This preliminary financial data included in this announcement has been prepared by, and is the responsibility of, Spire's management. Neither Spire's independent registered public accounting firm nor any other independent registered public accounting firm has audited, reviewed, compiled, or applied agreed-upon procedures with respect to the preliminary financial data. Accordingly, neither Spire's independent registered public accounting firm nor any other independent registered public accounting firm has expressed an opinion or any other form of assurance with respect thereto. Spire plans to report its full results for the six months ended June 30, 2021 pursuant to an 8-K to be filed with the Securities and Exchange Commission following the closing of the Business Combination.

Financial Outlook:

In light of Spire’s preliminary financial results for the six months ended June 30, 2021, Spire is updating its guidance for the fiscal year ending December 31, 2021 provided in the analyst day presentation made on June 4, 2021 and filed with the Securities and Exchange Commission. Spire is lowering its anticipated revenue primarily due to certain project-based revenue contracts experiencing delays related to customers or third-party launch providers, along with delays in the anticipated closing of several large new customer contracts. Spire expects that this lower expected revenue will also increase its net loss, and decrease its EBITDA and Adjusted EBITDA for the fiscal year ending December 31, 2021.

Spire is providing guidance for its fiscal year ending December 31, 2021 as follows (numbers excludes any potential inorganic activity):

Revenue of between $40.0 million and $42.0 million, an increase of between 40% and 47% from the twelve months ended December 31, 2020, updated from the previously disclosed projected revenue of $54 million.
Non-GAAP gross profit of between $24.5 million and $27.1 million, an increase of between 35% and 49% from the twelve months ended December 31, 2020, updated from the previously disclosed projected gross profit of $35 million.
Non-GAAP operating loss of between $48.5 million and $44.4 million, an increase of between 86% and 71% from the twelve months ended December 31, 2020, updated from the previously disclosed projected operating loss of $31 million.
EBITDA of between negative $63.8 million and negative $59.8 million, an increase of between 195% and 177% from the twelve months ended December 31, 2020, updated from the previously disclosed projected EBITDA of negative $25 million.
Adjusted EBITDA of between negative $37.8 million and negative $33.8 million, an increase of between 114% and 92% from the twelve months ended December 31, 2020, updated from the previously disclosed projected Adjusted EBITDA of negative $19 million.
ARR of between $48.4 million and $52.0 million as of December 31, 2021, an increase of between 34% and 44% from ARR as of December 31, 2020, updated from the previously disclosed projected ARR of $70 million.
ARR Solution Customers under contract of between 240 and 252 at December 31, 2021, an increase of between 56% and 64% from ARR Solution Customers under contract as of December 31, 2020, updated from the previously disclosed projected range of ARR Solution Customers of 258 to 286.
The guidance does not include any forecasted impact due to foreign exchange fluctuations.

Spire’s actual results could be significantly impacted by any merger or acquisition related activity, new customer wins, customer renewals and customer non-renewals, contract increases from existing customers, contract decreases from existing customers, the timing of revenue recognition as well as unexpected IPO or public company expenses. The Company’s ending ARR as of December 31, 2021 may have an impact on the previously projected outlook for fiscal 2022.

A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Spire’s results computed in accordance with GAAP.

Spire is unable to determine the impact on its projected results for fiscal years 2022 through 2025 at this time; however, Spire does not believe that project-based revenue contracts experiencing delays relates to customers or third-party launch providers, and delays in the anticipated closing of several large new customer contracts will have a material impact on Spire’s longer-term projected results. Despite these delays, Spire has seen its overall pipeline continue to grow consistently each quarter versus the previous quarter end.

About Spire Global

Spire is a global provider of space-based data, analytics and space services that offers unique datasets and powerful insights about Earth from the ultimate vantage point so that organizations can make decisions with confidence, accuracy, and speed. Spire uses one of the world’s largest multi-purpose satellite constellations to source hard to acquire, valuable data and enriches it with predictive solutions. Spire then provides this data as a subscription to organizations around the world so they can improve business operations, decrease their environmental footprint, deploy resources for growth and competitive advantage, and mitigate risk. Spire gives commercial and government organizations the competitive advantage they seek to innovate and solve some of the world’s toughest problems with insights from space. Spire has offices in San Francisco, CA, Boulder, CO, Washington DC, Glasgow, Luxembourg, and Singapore. On March 1, 2021 Spire announced plans to go public through an anticipated business combination with NavSight Holdings, Inc. (NYSE: NSH), to be traded on the NYSE under the ticker symbol “SPIR.” To learn more, visit spire.com.

About NavSight Holdings, Inc.

NavSight Holdings, Inc. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.

Additional Information and Where to Find It

In connection with the Business Combination (the “Proposed Transaction”), NavSight has filed the Registration Statement with the SEC, which includes a proxy statement which has been distributed to holders of NavSight’s common stock in connection with NavSight’s solicitation of proxies for the vote by NavSight’s stockholders with respect to the Proposed Transaction and other matters as described in the Registration Statement, a prospectus relating to the offer of the securities to be issued to Spire’s stockholders in connection with the Proposed Transaction, and an information statement to Spire’s stockholders regarding the Proposed Transaction. NavSight has mailed a definitive proxy statement/prospectus/information statement and other relevant documents to its stockholders of record as of June 21, 2021, the record date established for the Special Meeting. Investors and security holders and other interested parties are urged to read the proxy statement/prospectus/information statement, any amendments thereto and any other documents filed or that will be filed with the SEC carefully and in their entirety as they become available because they will contain important information about NavSight, Spire and the Proposed Transaction. Investors and security holders may obtain free copies of the proxy statement/prospectus/information statement and other documents filed with the SEC by NavSight (when available) through the website maintained by the SEC at http://www.sec.gov, or by directing a request to: NavSight Holdings, Inc., 12020 Sunrise Valley Drive, Suite 100, Reston, VA 20191.

Participants in Solicitation

No Offer or Solicitation

Forward-Looking Statements

The information in this press release includes "forward-looking statements" within the meaning of the federal securities laws with respect to the Proposed Transaction. Forward-looking statements may be identified by the use of words such as "estimate," "plan," "project," "forecast," "intend," "will," "expect," "anticipate," "believe," "seek," "target" or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding expectations of Spire’s pipeline, the statements under the headings “Six Months Ended June 30, 2021 Preliminary Results” and “Financial Outlook,” Spire’s future growth, estimates and forecasts of financial and performance metrics, expectations of achieving and maintaining profitability, projections of total addressable markets, market opportunity and market share, the net proceeds from the Proposed Transactions, potential benefits of the Proposed Transaction and the potential success of the Company’s market and growth strategies, and expectations related to the terms and timing of the Proposed Transaction. These statements are based on various assumptions and on the current expectations of NavSight’s and the Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of NavSight and the Company. These forward-looking statements are subject to a number of risks and uncertainties, including (i) the risk that the Proposed Transaction may not be completed in a timely manner or at all, which may adversely affect the price of NavSight's securities; (ii) the risk that the Proposed Transaction may not be completed by NavSight's business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by NavSight; (iii) the failure to satisfy the conditions to the consummation of the Proposed Transaction, including the approval of the Proposed Transaction by the stockholders of NavSight, the satisfaction of the minimum trust account amount following any redemptions by NavSight's public stockholders and the receipt of certain governmental and regulatory approvals; (iv) the inability to complete the PIPE investment in connection with the Proposed Transaction; (v) the failure to realize the anticipated benefits of the Proposed Transaction; (vi) the effect of the announcement or pendency of the Proposed Transaction on Spire’s business relationships, performance, and business generally; (vii) risks that the Proposed Transaction disrupts current plans of Spire and potential difficulties in Spire employee retention as a result of the Proposed Transaction; (viii) the outcome of any legal proceedings that may be instituted against NavSight or Spire related to the business combination agreement or the Proposed Transaction; (ix) the ability to maintain the listing of NavSight’s securities on the New York Stock Exchange; (x) the ability to address the market opportunity for Space-as-a-Service; (xi) the risk that the Proposed Transaction may not generate expected net proceeds to the combined company; (xii) the ability to implement business plans, forecasts, and other expectations (including the expected and projected financial results under the headings “Six Months Ended June 30, 2021 Preliminary Results” and “Financial Outlook” above), both before and after the completion of the Proposed Transaction, and identify and realize additional opportunities; (xiii) the occurrence of any event, change or other circumstance that could give rise to the termination of the business combination agreement; (xiv) the risk of downturns, new entrants and a changing regulatory landscape in the highly competitive space data analytics industry; and those factors discussed in the NavSight Prospectus under the heading "Risk Factors," and other documents of NavSight filed, or to be filed, with the SEC. If any of these risks materialize or the Company’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that neither NavSight nor the Company presently know or that NavSight and the Company currently believe are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect NavSight’s and the Company’s expectations, plans or forecasts of future events and views as of the date of this press release. NavSight and the Company anticipate that subsequent events and developments will cause NavSight’s and the Company’s assessments to change. However, while NavSight and the Company may elect to update these forward-looking statements at some point in the future, NavSight and the Company specifically disclaim any obligation to do so. These forward-looking statements should not be relied upon as representing NavSight’s and the Company’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

Contacts

Investor Relations Contacts:

For Spire Global, Inc.
Hillary Yaffe
917-764-4297
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Michael Bowen (ICR)
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For NavSight Holdings, Inc.
Jack Pearlstein
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: Business Wire; Posted On Jul 29, 2021

Momentus’ Latest-Generation Thruster Achieves 350 Test Cycles in Ground Testing

SANTA CLARA, Calif.--(BUSINESS WIRE)--$SRAC--Momentus Inc. ("Momentus" or the "Company"), a U.S. commercial space company that plans to offer in-space infrastructure services, today announced that its latest-generation Microwave Electrothermal Thruster (MET) has completed 350 test cycles during the initial stages of “life testing” - the final stage of the thruster’s ground test campaign. The testing to date has produced results that are consistent with the Company’s expectations for engine performance and the resilience of the engine design for the time tested.

This latest-generation thruster improves on earlier thruster designs by incorporating several design innovations to the nozzle to extend the thruster’s total lifetime. The thruster is expected to extend Vigoride's range and pave the way for ultra-long-life thrusters needed for future reusable vehicles. Momentus is developing Vigoride to support services in Low-Earth Orbit. The Company has completed the manufacturing of two Vigoride vehicles, one with a 30W thruster and a second with a 550W thruster. A third Vigoride vehicle is currently in build and incorporates a 750W thruster.

“The latest-generation thruster has reached 350 cycles with no detectable performance degradation,” said Momentus Chief Technology Officer Rob Schwarz. “We have been undertaking a comprehensive ground test campaign that we anticipate completing in November of this year. Our objective is to validate the thruster’s performance which includes thrust, specific impulse, and achievable lifetime.”

The ground test campaign is expected to serve as a stepping stone to future in-space demonstrations, which the Company is targeting to begin with its inaugural flight of Vigoride slated for no earlier than June 2022. Vigoride’s first flight is expected to provide essential on-orbit functional proof of principle and performance verification data for its MET technology. This data will be used to assess the efficacy of the MET, and identify potential refinements or upgrades for future versions of the MET.

Momentus believes that its MET technology can provide a unique competitive advantage for its vehicles and services. The MET water plasma-based thruster was launched in July 2019 in a mission known as El Camino Real. The mission did not meet its pre-launch success criteria. At the same time, Momentus believes there were aspects of the mission that were clearly significant. El Camino Real was the first time an MET thruster was fired in space, and also the first time a water plasma-based propulsion system was used for the firing of a thruster in space. Since then, the Company has continued to evolve its design. The latest 750W thruster now in ground-testing is approximately 25 times more powerful than the original thruster design.

Additional Information and Where to Find It

In connection with the proposed transaction contemplated by the merger agreement between Stable Road Acquisition Corp. (“Stable Road”) and Momentus (the “Proposed Transaction”), Stable Road has filed with the SEC a registration statement on Form S-4, as amended (the “Registration Statement”) that includes a proxy statement of Stable Road, a consent solicitation statement of Momentus and prospectus of Stable Road, and each party will file other documents with the SEC regarding the Proposed Transaction. The Registration Statement has been declared effective by the SEC. A definitive proxy statement/consent solicitation statement/prospectus and other relevant documents have been sent to the stockholders of Stable Road and Momentus, seeking any required stockholder approval, and is not intended to provide the basis for any investment decision or any other decision in respect of such matters. STABLE ROAD’S STOCKHOLDERS AND OTHER INTERESTED PERSONS ARE ADVISED TO READ THE EFFECTIVE REGISTRATION STATEMENT AND DEFINITIVE PROXY STATEMENT/CONSENT SOLICITATION/PROSPECTUS IN CONNECTION WITH STABLE ROAD’S SOLICITATION OF PROXIES FOR STABLE ROAD’S SPECIAL MEETING OF STOCKHOLDERS TO APPROVE THE TRANSACTIONS CONTEMPLATED BY THE MERGER AGREEMENT, BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The definitive proxy statement/consent solicitation statement/prospectus was mailed to Stable Road’s stockholders as of the record date (July 7, 2021) established for voting on the Proposed Transaction and the other matters to be voted upon at the special meeting of stockholders. Stable Road’s stockholders are also able to obtain copies of the proxy statement/consent solicitation statement/prospectus, and all other relevant documents filed or that will be filed with the SEC in connection with the Proposed Transaction, without charge at the SEC’s website at http://www.sec.gov or by directing a request to: Stable Road Capital LLC, James Norris, CPA, Chief Financial Officer, 1345 Abbot Kinney Blvd., Venice, CA 90291; Tel: 310-956-4919; This email address is being protected from spambots. You need JavaScript enabled to view it..

Forward Looking Statements

This press release may contain a number of “forward-looking statements”. Forward-looking statements include statements about the anticipated capabilities of Momentus’ technology currently in development. These forward-looking statements are based on Momentus’ management’s current expectations, estimates, projections and beliefs, as well as a number of assumptions concerning future events. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements.

These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Momentus’ management’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: changes in domestic and foreign business, market, financial, political and legal conditions; the inability of the parties to successfully or timely consummate the proposed business combination, including the risk that any required regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the proposed business combination or that the approval of the stockholders of Stable Road or Momentus is not obtained; failure to realize the anticipated benefits of the proposed business combination; risks relating to the uncertainty of the projected financial information with respect to Momentus; risks related to the development of our water-based propulsion system (microwave electrothermal thruster) and other technology, including failures, setbacks or delays in reaching objectives and other milestones; risks related to the ability of customers to cancel contracts for convenience; risks related to compliance with the National Security Agreement; risks related to the rollout of Momentus’ business and the timing of expected business milestones; the effects of competition on Momentus’ future business; level of product service or product or launch failures that could lead customers to use competitors’ services; developments and changes in laws and regulations, including increased regulation of the space transportation industry; the impact of significant investigative, regulatory or legal proceedings; the amount of redemption requests made by Stable Road’s public stockholders; the ability of Stable Road or the combined company to issue equity or equity-linked securities in connection with the proposed business combination or in the future; and other risks and uncertainties indicated from time to time in the definitive proxy statement/consent solicitation statement/prospectus relating to the proposed business combination, including those under “Risk Factors” therein, and other documents filed or to be filed with the SEC by Stable Road. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made.

Forward-looking statements included in this press release speak only as of the date of this press release. Except as required by law, neither Stable Road nor Momentus undertakes any obligation to update or revise its forward-looking statements to reflect events or circumstances after the date of this release. Additional risks and uncertainties are identified and discussed in the Stable Road’s reports filed with the SEC and available at the SEC’s website at www.sec.gov.

Participants in the Solicitation

Stable Road, Momentus and certain of their respective directors, executive officers and other members of management and employees may be deemed participants in the solicitation of proxies of Stable Road’s stockholders in connection with the Proposed Transaction. STABLE ROAD’S STOCKHOLDERS AND OTHER INTERESTED PERSONS MAY OBTAIN, WITHOUT CHARGE, MORE DETAILED INFORMATION REGARDING THE DIRECTORS AND OFFICERS OF STABLE ROAD IN ITS ANNUAL REPORT ON FORM 10-K/A FOR THE FISCAL YEAR ENDED DECEMBER 31, 2020, WHICH WAS FILED WITH THE SEC ON JUNE 10, 2021. INFORMATION REGARDING THE PERSONS WHO MAY, UNDER SEC RULES, BE DEEMED PARTICIPANTS IN THE SOLICITATION OF PROXIES TO STABLE ROAD’S STOCKHOLDERS IN CONNECTION WITH THE PROPOSED TRANSACTION AND OTHER MATTERS TO BE VOTED AT THE PROPOSED TRANSACTION SPECIAL MEETING IS SET FORTH IN THE EFFECTIVE REGISTRATION STATEMENT FOR THE PROPOSED TRANSACTION. Additional information regarding the interests of participants in the solicitation of proxies in connection with the Proposed Transaction is included in the effective Registration Statement that Stable Road filed with the SEC.

No Offer or Solicitation

This press release is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy any securities or the solicitation of any vote in any jurisdiction pursuant to the Proposed Transaction or otherwise, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Contacts

Investors
Darryl Genovesi at This email address is being protected from spambots. You need JavaScript enabled to view it.

Media
Jessica Pieczonka at This email address is being protected from spambots. You need JavaScript enabled to view it.

: Business Wire; Posted On Jul 29, 2021

Joby Begins Journey to Becoming First eVTOL Airline

Kicks off FAA Part 135 air carrier certification process

Now in first of five stages towards becoming certified airline

Expects to achieve certification in 2022

SANTA CRUZ, Calif.--(BUSINESS WIRE)--Joby Aero Inc. (“Joby”), a California-based company developing all-electric aircraft for commercial passenger service, today announced it had taken the first step towards building the first eVTOL airline, by beginning the process to receive a Part 135 Air Carrier Certificate issued by the Federal Aviation Administration (“FAA”).

A Part 135 Air Carrier Certificate is required for Joby to operate its revolutionary aircraft as an air taxi service in cities and communities around the United States. Alongside a Type Certificate and Production Certificate, this is one of three regulatory approvals critical to the planned launch of Joby’s all-electric aerial ridesharing service in 2024.

The Company is now in the first of five stages necessary for Joby to achieve Part 135 certification in 2022. It expects to start the next stage of the process in August, with the submission of additional application materials including the full complement of airline operating manuals. Once that documentation is approved, the FAA will visit Joby locations to observe training sessions and witness flight operations before issuing its final approval.

As Joby’s all-electric vertical take-off and landing (“eVTOL”) aircraft is not expected to receive its type certification until 2023, the company intends to operate traditional, existing, certified aircraft under the Part 135 air carrier certification from 2022 before adding the Joby aircraft to the airline operating certificate once it is certified.

The process is led by Joby’s Head of Air Operations, Bonny Simi, an aviation executive who held key operational and strategic positions at JetBlue Airways as it underwent a period of rapid growth. Simi also has over 30 years of experience as an airline pilot at JetBlue and United Airlines.

“We’re excited to reach this milestone on the path toward becoming the first eVTOL airline in the world,” said Simi. “We look forward to working closely with the FAA as we prepare to welcome passengers to a new kind of air travel — one that is environmentally friendly, quiet enough to operate close to cities and communities, and will save people valuable time.”

Joby’s air operations team includes numerous aviation industry veterans with extensive experience, including Kellen Mollahan, a former MV-22 pilot with the U.S. Marine Corps, as assistant director of operations; Matthew Lykins, an expert maintenance safety inspector and auditor, avionics technician and pilot with more than 30 years of experience, as director of maintenance; Peter Wilson, former lead test pilot for the F-35B program with more than 35 years of flight test and instructor experience, as director of flight standards and training; and Jill Wilson, an aviation safety leader who has held roles at Embraer, XO Jet and Cape Air.

Joby’s all-electric aircraft is designed to transport a pilot and four passengers with zero operation emissions. The aircraft has a range of 150 miles, can travel at speeds up to 200 mph and has a revolutionary low noise footprint.

Last year, Joby agreed to a “G-1” certification basis with the FAA for its aircraft in line with existing Part 23 requirements for Normal Category Airplanes, with special conditions introduced to address requirements specific to Joby’s unique aircraft. In line with this certification approach, Joby will employ commercial airline pilots licensed under existing FAA regulations to fly its passenger service.

In February 2021, Joby announced its intention to merge with Reinvent Technology Partners (“Reinvent” or “RTP”) (NYSE:RTP), a special purpose acquisition company that takes a “venture capital at scale” approach to partnering with bold leaders and companies. RTP announced that an Extraordinary General Meeting of Shareholders has been scheduled for August 5, 2021 to vote on the approval and adoption of RTP’s business combination with Joby.

About Joby

Joby Aero, Inc. is a California-headquartered transportation company developing an all-electric vertical take-off and landing aircraft which it intends to operate as part of a fast, quiet, and convenient air taxi service beginning in 2024. The aircraft, which has a range of 150 miles on a single charge, can transport a pilot and four passengers at speeds of up to 200 mph. It is designed to help reduce urban congestion and accelerate the shift to sustainable modes of transit. Founded in 2009, Joby employs more than 800 people, with offices in Santa Cruz, San Carlos, and Marina, California, as well as Washington D.C. and Munich, Germany. To learn more, visit www.jobyaviation.com.

Forward Looking Statements

This Press Release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the proposed transaction between RTP and Joby Aviation. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” in “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this Press Release, including but not limited to: (i) the risk that the transaction may not be completed in a timely manner or at all, which may adversely affect the price of RTP’s securities, (ii) the risk that the transaction may not be completed by RTP’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by RTP, (iii) the failure to satisfy the conditions to the consummation of the transaction, including the adoption of the Agreement and Plan of Merger, dated as of February 23, 2021 (the “Merger Agreement”), by and among RTP, Joby and RTP Merger Sub Inc., a Delaware corporation and a direct wholly owned subsidiary of RTP, by the shareholders of RTP, the satisfaction of the minimum trust account amount following redemptions by RTP’s public shareholders and the receipt of certain governmental and regulatory approvals, (iv) the lack of a third party valuation in determining whether or not to pursue the transaction, (v) the inability to complete the PIPE investment in connection with the transaction, (vi) the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement, (vii) the effect of the announcement or pendency of the transaction on Joby Aviation’s business relationships, operating results and business generally, (viii) risks that the proposed transaction disrupts current plans and operations of Joby Aviation and potential difficulties in Joby Aviation employee retention as a result of the transaction, (ix) the outcome of any legal proceedings that may be instituted against Joby Aviation or against RTP related to the Merger Agreement or the transaction, (x) the ability to maintain the listing of RTP’s securities on a national securities exchange, (xi) the price of RTP’s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which RTP plans to operate or Joby Aviation operates, variations in operating performance across competitors, changes in laws and regulations affecting RTP’s or Joby Aviation’s business and changes in the combined capital structure, (xii) the ability to implement business plans, forecasts, and other expectations after the completion of the transaction, and identify and realize additional opportunities, and (xiii) the risk of downturns and a changing regulatory landscape in the highly competitive aviation industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of RTP’s Annual Report on Form 10-K for the year ended December 31, 2020, as amended, the registration statement on Form S-4 (File No. 333-254988) and other documents filed by RTP from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and RTP and Joby Aviation assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither RTP nor Joby Aviation gives any assurance that either RTP or Joby Aviation or the combined company will achieve its expectations.

Contacts

For Joby
Investors:
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+1-831-201-6006

Media:
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: Business Wire; Posted On Jul 29, 2021

Vine Energy Inc. Schedules Second-Quarter 2021 Earnings Release and Conference Call Date

PLANO, Texas--(BUSINESS WIRE)--Vine Energy Inc. (the “Company”) announced today that it expects to release second-quarter 2021 financial and operating results on Monday, August 16, 2021, before commencement of trading.

The Company will host a conference call to discuss the results the same day at 9 a.m. Central Time (10 a.m. Eastern Time). The webcast will be archived for replay on the Company’s website following the call.

How to Listen

Webcast: listen-only participants are encouraged to access the call via the live audio webcast, which is accessible from the Investor Relations page of the company’s website located at https://www.vineenergy.com/investors.

Telephonic: securities analysts can access an open phone line by dialing (844) 912-3900 using conference ID 1935439. International participants can dial (236) 714-3354.

About Vine Energy Inc.

Vine Energy Inc., based in Plano, Texas, is an energy company focused on the development of natural gas properties in the stacked Haynesville and Mid-Bossier shale plays in the Haynesville Basin of Northwest Louisiana. The Company is listed on the New York Stock Exchange under the symbol “VEI”.

Contacts

David Erdman
(469) 605-2480
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: Business Wire; Posted On Jul 29, 2021

TeraWatt Infrastructure Appoints Two New Senior Executives to Lead the Development of the Emerging EV Charging Asset Class

West Owens brings nearly two decades of experience as a finance executive in the energy transition space to his new role as TeraWatt’s SVP of finance and structuring
David Schlosberg, former head of eMobility energy services for Enel X North America, is new VP of solutions at TeraWatt

SAN FRANCISCO--(BUSINESS WIRE)--#CyrusCapital--TeraWatt Infrastructure, a company founded to develop, own, and finance electric vehicle charging infrastructure in the U.S., today announced the appointment of two senior executives: West Owens as senior vice president of finance and structuring, and David Schlosberg as vice president of solutions.

“As a reliable, credible, long term partner for electric fleet operators and the companies that support them, TeraWatt is building the team most qualified to fill the multi-trillion dollar investment gap for commercial EV charging infrastructure,” said Neha Palmer, CEO of TeraWatt. “The combined experience of these two accomplished executives and their shared commitment to this breakthrough moment in electrification will be instrumental to our success in building out the permanent transportation infrastructure of tomorrow.”

A finance executive for more than 17 years, West Owens specializes in opening up new asset classes to scalable capital market financing, including solar, distributed energy resources (DER) and virtual power plants (VPP). In his new role at TeraWatt, Owens will be responsible for setting the capital strategy and execution for TeraWatt, including the creation of deal structures, nurturing relationships with and managing investors, and the buildout of a financing platform. Owens has advised multiple early stage energy companies, including OhmConnect, where he structured the first residential VPP financing across thousands of homes. As vice president of structured finance at SolarCity, a company acquired by Tesla, West raised more than $2 billion in diversified capital and securitized the first solar service agreements and loans in the asset-backed security market. He also served as CFO and COO at Advanced Microgrid Solutions (AMS), where he financed the first large scale portfolio of energy storage DERs worth more than $200 million.

“The transition to electrified transport is a defining moment in history, and I’m thrilled to be at the forefront of this burgeoning asset class,” said Owens. “With Neha Palmer leading along with the well regarded team at Keyframe Capital and Cyrus Capital, there is no other player on the market right now that is as well positioned to be the long-term owner and operator of charging assets as TeraWatt Infrastructure.”

Leveraging his deep experience in project development, energy market regulation, networked electric vehicle charging and distributed energy resources, David Schlosberg will spearhead the definition and development of custom charging energy solutions for TeraWatt’s customers. Previously, Schlosberg served as the head of eMobility energy services for Enel X North America, where he led the business line's participation in energy and environmental markets, load management programs for electric utilities, smart charging partnerships with electric vehicle automakers, and strategy for vehicle-to-grid integration technology. Prior to that, he was a principal energy market analyst within Google’s Access & Energy division and held origination, project development and regulatory affairs roles at BrightSource Energy, a provider of large scale solar thermal power plants.

“Electrifying transportation is a monumental challenge and essential societal task that is only achievable with the right cooperation between the electric utilities, regulators and transportation providers,” said Schlosberg. “TeraWatt is uniquely positioned to orchestrate and facilitate this massive economic transition, and I am commiting my expertise to ensure a seamless transition to electrification for TeraWatt’s customers.”

ABOUT TERAWATT INFRASTRUCTURE

TeraWatt Infrastructure is building the permanent EV charging infrastructure of tomorrow through a robust combination of property assets, financing vehicles and deep energy expertise. The company designs, operates and owns on-site distributed energy systems that take the cost and complexity out of EV charging infrastructure, while providing market protection and upside opportunities through capital backing and ownership. With a business model based on well-established economics of renewable energy project development and a proven real estate strategy, Terawatt was founded, in the absence of anything like it, to be the nation’s reliable, long-term partner in the inevitable transition to all-electric transportation. For more information: www.terawattinfrastructure.com

Contacts

Annika Harper, Director at Antenna Group
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: Business Wire; Posted On Jul 29, 2021

Global Integrated Marine Automation Systems Market (2020 to 2026) - by Autonomy, Ship Type, System, End-user and Region - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Integrated Marine Automation Systems Market Research Report by Autonomy, by Ship Type, by System, by End-user, by Region - Global Forecast to 2026 - Cumulative Impact of COVID-19" report has been added to ResearchAndMarkets.com's offering.

The Global Integrated Marine Automation Systems Market size was estimated at USD 4,732.90 Million in 2020 and expected to reach USD 5,262.56 Million in 2021, at a Compound Annual Growth Rate (CAGR) 11.52% to reach USD 9,108.84 Million by 2026.

Competitive Strategic Window:

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

FPNV Positioning Matrix:

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

Market Share Analysis:

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

The report provides insights on the following pointers:

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

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

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

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

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

The report answers questions such as:

1. What is the market size and forecast of the Global Integrated Marine Automation Systems Market?

2. What are the inhibiting factors and impact of COVID-19 shaping the Global Integrated Marine Automation Systems Market during the forecast period?

3. Which are the products/segments/applications/areas to invest in over the forecast period in the Global Integrated Marine Automation Systems Market?

4. What is the competitive strategic window for opportunities in the Global Integrated Marine Automation Systems Market?

5. What are the technology trends and regulatory frameworks in the Global Integrated Marine Automation Systems Market?

6. What is the market share of the leading vendors in the Global Integrated Marine Automation Systems Market?

7. What modes and strategic moves are considered suitable for entering the Global Integrated Marine Automation Systems Market?

Market Dynamics

Drivers

High growth in the maritime tourism industry
Volumetric growth in seaborne trades
Rising awareness about maritime safety rules

Restraints

Issues related to the risk of unauthorized access or malicious attacks

Opportunities

Rising initiatives for the development of autonomous ships
Advancement in sensor technologies for improved navigation systems in vessels

Challenges

Lack of skilled & trained professionals

Companies Mentioned

ABB
API Marine, Inc.
Aselsan A.S.
Buffalo Automation
Consilium
DNV GL
Fincantieri S.p.A
Fugro
General Electric
Honeywell International Inc.
Hyundai Heavy Industries
Jason Marine Group
Kongsberg
L3Harris ASV
Logimatic
Marine Technologies LLC
Marlink
Mitsui E&S Holdings Co. Ltd.
MTU Friedrichshafen
Northrop Grumman Corporation
Praxis Automation & Technology B.V.
RH Marine
Rockwell Automation, Inc.
Rolls-Royce plc
Samsung Heavy Industries Co. Ltd.
Sea Machines Robotics, Inc.
Sedni Marine Systems
Shone, Automation Inc.
Siemens
SMEC Automation Pvt. Ltd.
Thales Group
Tokyo Keiki
Ulstein
Valmet
Wartsila

For more information about this report visit https://www.researchandmarkets.com/r/joaq75

Contacts

: Business Wire; Posted On Jul 29, 2021

Nutrien and EXMAR Partner in Building a Vessel Powered by Low-Carbon Ammonia

Leaders in low-carbon ammonia manufacturing and liquified gas transportation team up to reduce maritime emissions

SASKATOON, Saskatchewan--(BUSINESS WIRE)--$NTR--Nutrien (TSX and NYSE: NTR) and EXMAR (EURONEXT: EXM) announced today that they have signed a Collaboration Agreement to jointly develop and build a low-carbon, ammonia-fueled vessel. Partners for over three decades in transporting ammonia globally, Nutrien is one of the world’s largest producers of low-carbon ammonia and EXMAR is a leading player and innovator in the transportation of liquefied gas products.

Decarbonization of Shipping

Nutrien and EXMAR support the decarbonization of shipping and the International Maritime Organization’s (IMO) Green House Gas (GHG) Strategy to reduce emissions. Their new collaboration aims to significantly reduce Nutrien’s maritime transportation emissions and enable the commercial development of an ammonia-fueled vessel. Together, they will chart a clear path for wide adoption of low-carbon ammonia as a clean fuel for the maritime industry.

Nutrien has actively been pursuing the development of low-carbon ammonia for more than a decade, and has approximately 1 million tonnes of production capability through its Redwater and Joffre Alberta operations, as well as its Geismar, Louisiana facility which employs carbon capture and sequestration technology to reduce the carbon intensity of its ammonia for use as a maritime fuel.

“Nutrien is excited to partner with EXMAR on our shared journey to drive transformative reductions in maritime emissions,” says Raef Sully, Nutrien’s Executive Vice President and CEO of Nitrogen and Phosphate. “This initiative demonstrates how we are taking action to achieve our Feeding the Future Plan’s 2030 sustainability commitments, which include investing in low-carbon ammonia innovations.”

Ambitious Goal Setting

When compared to conventional fuels, it is anticipated that the use of Nutrien’s existing low-carbon ammonia will achieve a reduction of greenhouse gas emissions of up to 40%. Emissions reductions of up to 70% can be achieved with the development of low-carbon ammonia using proven, scalable, best available technology and permanent sequestration of CO2.

Nutrien and EXMAR are confident that development of a vessel powered by low-carbon ammonia can align with IMO’s 2050 goals, and expect deep decarbonization of the maritime industry to be achievable prior to 2030.

“EXMAR has always strived to contribute to innovations and increase efficiencies in gas logistics and transportation. The development of an ammonia-fueled vessel together with our long-standing partner Nutrien is an exciting and logical next step for us,” says Jens Ismar, Executive Director Shipping.

Under the Collaboration Agreement, Nutrien and EXMAR will, amongst others, collaborate on the following:

Select an ammonia engine and supply system manufacturer
Select a shipyard capable of building an ammonia-powered vessel
Use Nutrien’s existing low-carbon ammonia supply from Geismar, LA as a fuel
Deploy an ammonia-fueled vessel as early as 2025

About Nutrien

Nutrien is the world's largest provider of crop inputs and services, playing a critical role in helping growers increase food production in a sustainable manner. We produce and distribute around 27 million tonnes of potash, nitrogen and phosphate products world-wide. With this capability and our leading agriculture retail network, we are well positioned to supply the needs of our customers. We operate with a long-term view and are committed to working with our stakeholders as we address our economic, environmental and social priorities. The scale and diversity of our integrated portfolio provides a stable earnings base, multiple avenues for growth and the opportunity to return capital to shareholders.

Learn more at www.nutrien.com.

About EXMAR NV

EXMAR is a provider of floating solutions for the operation, transportation and transformation of gas. EXMAR’s mission is to serve customers with innovations in the field of offshore extraction, transformation, production, storage and transportation by sea of liquefied natural gases, petrochemical gases and liquid hydrocarbons. EXMAR creates economically viable and sustainable energy value chains in long-term alliances with first-class business partners. EXMAR designs, builds, certifies, owns, leases and operates specialised, floating maritime infrastructure for this purpose as well as aiming for the highest standards in performing commercial, technical, quality assurance and administrative management for the entire maritime energy industry. EXMAR is listed on Euronext Brussels (EXM) and is part of the BEL Small Index.

Forward-looking information

Certain statements and other information included in this news release constitute "forward-looking information" or "forward-looking statements" (collectively, "forward-looking statements"). Although Nutrien believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Nutrien can give no assurance that they will prove to be correct. Forward-looking statements are subject to various risks and uncertainties which could cause actual results and experience to differ materially from the anticipated results or expectations expressed in this news release. For additional information on the assumptions made, and the risks and uncertainties which could cause actual results to differ from the anticipated results, refer to the risk factors detailed from time to time in Nutrien reports filed with the Canadian securities regulatory authorities and the United States Securities and Exchange Commission.

The forward-looking statements in this news release are made as of the date hereof and Nutrien disclaims any intention or obligation to update or revise any forward-looking statements resulting from new information or future events, except as may be required under applicable securities laws.

Contacts

Nutrien Media Contact
Kathy Baker | Manager, Communications, Retail & NPK | 403-225-7760

EXMAR Media Contact
Jens Ismar | Executive Director Shipping | +32 3 247 56 57

: Business Wire; Posted On Jul 29, 2021

Paradox Resources Announces Completion of Strategic Pipeline and First Deliveries of Helium Rich Gas from Capitol Operating Group on the Navajo Nation

HOUSTON--(BUSINESS WIRE)--#MRI--Paradox Resources, LLC (“Paradox Resources” or the “Company”) today announced that—for the first time in history—Helium rich Navajo Nation gas produced by Capitol Operating Group, LLC is flowing to and being processed and sold at the Lisbon Valley Gas and Helium Processing Plant in southeast Utah. Capitol Operating Group, LLC is among the largest producers of helium in the 4 Corners area. This achievement was made possible by the completion of a new pipeline connection by Paradox Resources, which unlocked bottlenecks impeding the Navajo Nation’s access to the Lisbon Valley Gas and Helium Processing Plant.

“The completion of this highly strategic pipeline connection was made possible by the continued support of the Navajo Nation and Navajo Minerals Department for which we are thankful,” said Todd A. Brooks, Paradox Resources’ Chairman and Chief Executive Officer.

In conjunction with connecting the resources of the Navajo Nation to the Lisbon Valley Gas and Helium Processing Plant, Paradox Resources is continuing to advance the helium optimization and automation initiatives already underway at its Lisbon Valley Gas and Helium Processing Plant as it continues to expand the Company’s midstream system.

“Paradox Resources can process and sell the highest quality, purified and liquified helium, which is in short supply globally and is a critical element for the Semiconductor, Medical, Research, Space, and Defense Industries. The Company’s Lisbon Valley Gas and Helium Processing Plant is one of only eight material helium liquefiers in the United States, representing 7% of total North American helium liquefaction capacity,” explained Mr. Brooks.

About Paradox Resources:

Paradox Resources, LLC is an integrated energy company that now owns multiple producing oil and gas fields in Utah and Colorado and owns or operates ~600 miles of interconnected Pipelines and Gathering Systems in 4 states – the Four Corners Region of the US – all of which now interconnect enabling integrated and diversified gas flows to its Lisbon Valley Gas and Helium Processing Plant. The Lisbon Valley Gas and Helium Processing Plant is an advanced processing facility capable of treating 60 MMcf/d of natural gas with a 45 MMcf/d cryogenic plant and a 7,500 Bbl/d fractionation train. High quality residue gas, propanes, butanes, natural gasolines, and helium are all currently being sold at the Lisbon Plant. The once mothballed Lisbon Plant was restarted by the Company in 2018 and has since undergone material upgrades. At full capacity, it will strip and polish up to 1,100 Mcf/d of Helium to “6 Nines”, or 99.9999% purity. The Paradox Basin has been noted by the U.S. Geological Survey as having one of the largest undeveloped oil and natural gas fields in the United States and contains reservoirs with world-class helium content of up to 8% of the total natural gas stream. The vast majority of these volumes are now accessible by the Lisbon Valley Gas and Helium Processing Plant. More information about the Company may be found at paradoxresources.com.

Contacts

Joanna Barrett
Paradox Resources
+1 6178754447

: Business Wire; Posted On Jul 29, 2021

Trinity Industries, Inc. Announces Third Quarter 2021 Investor Conference Schedule

DALLAS--(BUSINESS WIRE)--Trinity Industries, Inc. (NYSE: TRN) (“Trinity”) announced today that it will participate in the following investor conferences during the third quarter of 2021.

Jefferies Industrials Conference:

Date:		August 3, 2021
Location:		Virtual
Management:		Jean Savage – CEO and President

Susquehanna Energy, Industrials & Airlines Conference:

Date:		August 10, 2021
Location:		Virtual
Management:		Eric Marchetto – EVP and Chief Financial Officer

Cowen 14^th Annual Global Transportation & Sustainable Mobility Conference:

Date:		September 10, 2021
Location:		Virtual
Management:		Eric Marchetto – EVP and Chief Financial Officer

Company Description

Trinity Industries, Inc., headquartered in Dallas, Texas, owns businesses that are leading providers of rail transportation products and services in North America. Our rail-related businesses market their railcar products and services under the trade name TrinityRail®. The TrinityRail integrated platform provides railcar leasing and management services, as well as railcar manufacturing, maintenance and modifications. Trinity also owns businesses engaged in the manufacture of products used on the nation’s roadways and in traffic control, as well as logistical and transportation businesses. Trinity reports its financial results in three principal business segments: the Railcar Leasing and Management Services Group, the Rail Products Group, and the All Other Group. For more information, visit: www.trin.net.

Contacts

Investor Contact:
Eric Marchetto
Executive Vice President and Chief Financial Officer
Trinity Industries, Inc.
(Investors) 214/631-4420

Media Contact:
Jack L. Todd
Vice President, Public Affairs
Trinity Industries, Inc.
(Media Line) 214/589-8909

: Business Wire; Posted On Jul 29, 2021

Clarios Announces Postponement of Plans for Initial Public Offering and Listing

MILWAUKEE, Wisc.--(BUSINESS WIRE)--Clarios International Inc. (“Clarios”), a world leader in advanced energy storage solutions, today announced it has decided to postpone its initial public offering of shares of its common stock and shares of its series A mandatory convertible preferred stock, which was announced on July 20, 2021, amid market volatility. Clarios will reassess the market conditions in the coming months and will keep the market informed.

Each of the proposed offerings will be made only by means of a prospectus. Copies of the preliminary prospectus relating to each offering, when available, may be obtained from: BofA Securities, Attention: Prospectus Department, 200 North College Street, 3rd Floor, Charlotte, NC 28255, telephone: 1-800-294-1322 or email: This email address is being protected from spambots. You need JavaScript enabled to view it.; or J.P. Morgan Securities LLC, Attention: Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717 or by telephone at (866) 803-9204 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..

A registration statement relating to these securities has been filed with the U.S. Securities and Exchange Commission but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended (“Securities Act”). This announcement is being issued in accordance with Rule 134 under the Securities Act.

Forward-Looking Statements

This news release may contain forward-looking statements, which involve risks and uncertainties. Readers are cautioned not to place undue reliance on any of these forward-looking statements. These forward-looking statements speak only as of the date hereof. Clarios undertakes no obligation to update any of these forward-looking statements to reflect events or circumstances after the date of this news release or to reflect actual outcomes, unless required by law.

About Clarios:

Clarios is a world leader in advanced energy storage solutions. We partner with our aftermarket and original equipment customers to meet increasing market demand for smarter applications, on a global scale. Our 16,000 employees develop, manufacture and distribute a portfolio of evolving battery technologies for virtually every type of vehicle. Our technologies deliver uniquely sustainable, next-generation performance, and bring reliability, safety and comfort to everyday lives. We add value at every link in the supply chain, ensuring that up to 99% of the materials in our batteries are recovered, recycled and reused, contributing to the progress of the communities we serve and the planet we all share. Clarios is a subsidiary of Brookfield Business Partners.

Contacts

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

Media Contact:
James McCusker
This email address is being protected from spambots. You need JavaScript enabled to view it.
1-414-214-6522

: Business Wire; Posted On Jul 29, 2021

Chevron Announces Leadership Changes

Jeff Gustavson Appointed President, Chevron New Energies

Ryder Booth Named Vice President, Mid-Continent Business Unit

SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation (NYSE: CVX) today named Jeff Gustavson president, Chevron New Energies, effective August 2, 2021. Gustavson will serve as a corporate officer and report to Chevron Chairman and CEO Michael Wirth.

Gustavson, 49, will lead a new, dedicated organization focused on low carbon business prospects that have the potential to scale. Chevron New Energies’ initial focus will include commercialization opportunities in hydrogen, carbon capture, and offsets and support of ongoing growth in biofuels. Additional detail about these efforts will be provided on September 14^th during the company’s Energy Transition Spotlight investor presentation.

“Chevron New Energies reflects our higher returns, lower carbon strategy,” said Wirth. “We believe the dedication of resources in a new organization will accelerate growth in multiple business lines that we expect to be part of a lower carbon energy system.”

Gustavson is currently vice president of Chevron North America Exploration & Production Company and oversees its Mid-Continent Business Unit. He previously served as president of Chevron Canada Limited, and has held positions in Investor Relations, Corporate Strategic Planning, Finance, Mergers & Acquisitions, and Supply & Trading.

In a separate appointment, Ryder Booth, 52, has been named vice president of Chevron North America Exploration & Production Company, leading the Mid-Continent Business Unit and succeeding Gustavson. Booth, currently vice president, Capital Projects, will be responsible for a large resource base of oil and liquids-rich assets in the mid-continent United States, including Chevron’s significant Permian assets in Texas and New Mexico. His appointment is effective August 2, 2021.

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. To advance a lower-carbon future, we are focused on cost efficiently lowering our carbon intensity, increasing renewables and offsets in support of our business, and investing in low-carbon technologies that enable commercial solutions. More information about Chevron is available at www.chevron.com.

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 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” 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 our 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; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic and political conditions; changing refining, marketing and chemicals margins; the company’s ability to realize anticipated cost savings, expenditure reductions and efficiencies associated with enterprise transformation initiatives; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; technological developments; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during extended periods of low prices for crude oil and natural gas 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 ability to achieve the anticipated benefits from the acquisition of Noble Energy, Inc.; 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 pay future dividends; 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 18 through 23 of the company's 2020 Annual Report on Form 10-K and in other 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

: Business Wire; Posted On Jul 29, 2021

Cold Bore Technology Closes $14M Financing

Cold Bore’s revolutionary SmartPAD platform provides the key to safer, lower emissions and more efficient, fully automated fracing
The autonomous technology allows producers to meet heightened ESG commitments through significantly reducing their environmental impact
Cold Bore on pace to exceed 100% year-on-year growth during 2021
Lead investor bp ventures was joined by co-investor Canadian Business Growth Fund (CBGF)

CALGARY, Alberta--(BUSINESS WIRE)--Cold Bore Technology Inc. (“Cold Bore” or “the Company”), the leader in frac completions automation and platform technology, today announced it has closed $14M in growth financing. The round was led by bp ventures with participation from the Canadian Business Growth Fund (CBGF). Existing investors include the Rice Investment Group (RIG), a $200M multi-strategy, energy sector investment fund.

Cold Bore is leading a major shift in the completions (fracing) industry towards safer, more autonomous operations by providing oil & gas companies (operators) with a centralized digital platform called SmartPAD. SmartPAD is an end-to-end, fully integrated software and hardware platform designed to collect, analyze, and report data which would otherwise be underutilized. Better utilization of this data unlocks operators’ ability to make step-change improvements across all key performance indicators.

SmartPAD deployments are on pace to exceed 100% year-on-year growth in 2021, as more and more operators recognize Cold Bore as a key enabler for keeping workers safe and meeting heightened ESG commitments.

Results from a recent SmartPAD implementation with Hibernia Resources, saw the Permian-based producer able to reduce the duration of their completions program by 15 days (27%), with commensurate reductions in cost and emissions.

Along with this investment from bp ventures, bp will be deploying Cold Bore’s SmartPAD in bpx energy’s US onshore operations. The technology will support bpx’s efforts to continuously improve its operations.

“The oil & gas industry has realized that technological innovation is key to meeting growing calls for reduced emissions and improved returns. Cold Bore is proud to be playing a leadership role in the future of oil & gas operations,” said Brett Chell, Co-founder & President at Cold Bore Technology.

“As we scale to meet incredible demand, we’re excited to have a strong strategic partner in bp, a forward-thinking international energy company, and to play a part in helping bp reach its carbon and operational targets. We believe the caliber of our customers and investors demonstrates the market opportunity before us. The future of the oil & gas industry is autonomous operations,” Brett added.

Commenting on their 19th investment to date, CBGF CEO, George Rossolatos shared, “We are proud to back Brett and the Cold Bore team alongside bp ventures as part of our first investment in an Alberta-based company and we are excited to work with other entrepreneurs in the province!”

About Cold Bore
Cold Bore Technology Inc. (“Cold Bore”) is a global leader in completion optimization technology, developing the first Completions Operating System through Cold Bore’s SmartPAD service.

For more information: https://www.coldboretechnology.com/

About bp ventures
bp ventures was set up more than 10 years ago to identify and invest in private, high growth, game-changing technology companies, accelerating innovation across the entire energy spectrum. Since then, bp has invested almost $700 million in technology companies across more than 31 active investments with more than 250 co-investors. bp ventures focuses on connecting and growing new energy business. It makes strategic equity investments across a portfolio of relevant technology businesses including advanced mobility, low carbon and digital.

For more information visit: https://www.bp.com/en/global/bp-ventures.html

About Canadian Business Growth Fund (CBGF)
Launched in 2018, the Canadian Business Growth Fund (CBGF) provides long-term, patient, minority capital to ambitious entrepreneurs to fund growth and expansion of mid-market businesses in Canada with investments between $3 and $20 million. An evergreen investment fund with capital commitments of $545 million from Canadian financial institutions, CBGF is committed to long-term partnerships with the companies it invests in. As part of its mission to drive growth, CBGF connects its partner businesses to its broad network of experienced business leaders, sector experts and international relationships to help them achieve their full potential.

For more information: www.cbgf.com and @CBGFinvestments.

Contacts

For media enquiries or interviews:
Josh Stanbury | This email address is being protected from spambots. You need JavaScript enabled to view it. | 416-628-7441

: Business Wire; Posted On Jul 29, 2021

Exelon Appoints W. Paul Bowers to Board of Directors

Former energy executive brings organizational leadership, financial expertise and industry insight to the board

CHICAGO--(BUSINESS WIRE)--Exelon today announced that its board of directors elected W. Paul Bowers to join the board as a director. Bowers, 64, recently retired from his position as chairman and chief executive officer of Georgia Power Company, having also served as president of the company from 2011 to 2020.

“Paul’s executive experience in the energy sector will be invaluable to the board,” said Mayo Shattuck, chairman of Exelon. “His background serving as both a CEO and a CFO gives him a unique perspective on long-term strategy, decisive leadership and the financial imperatives we face as a company.”

Prior to his retirement from Southern Company subsidiary Georgia Power Company, Bowers served as chief financial officer of Southern Company, where he was rated by Institutional Investors magazine as one of the industry’s “Top Three CFOs in America.” He joined Southern Company’s family of companies at Gulf Power Company in 1979 and held executive leadership positions at multiple subsidiaries. In 1998, Bowers became president and CEO of South Western Electricity LLC (Southern Company’s former U.K. subsidiary), which he later transformed into Western Power Distribution, a distribution network company. In 2001, he became president of Southern Company Generation. He also served as CEO of Southern Power Company.

Bowers serves on the boards of AFLAC (lead director), Children’s Healthcare of Atlanta and Brand Safeway, and as curator for the Georgia Historical Society. He is a past member of the Federal Reserve Bank of Atlanta’s Energy Policy Council, the Nuclear Electric Insurance Ltd. and the Board of Regents of the University System of Georgia. He also serves on the board of trustees for the University of West Florida.

For his professional achievements and his commitment to the well-being of the citizens of Georgia, Bowers has received the American Jewish Committee’s National Human Relations Award and the Council for Quality Growth’s Four Pillar Award, and has been inducted into the Junior Achievement Business Hall of Fame. In 2018, Bowers was inducted as a Georgia Trustee by the governor of Georgia for exemplifying the highest standard of selflessness in his life and career.

A Pensacola, Fla., native, Bowers holds a bachelor’s degree from the University of West Florida and a master’s degree from Troy University. He is also a Harvard Business School AMP graduate.

About Exelon
Exelon Corporation (Nasdaq: EXC) is a Fortune 100 energy company with the largest number of electricity and natural gas customers in the U.S. Exelon does business in 48 states, the District of Columbia and Canada and had 2020 revenue of $33 billion. Exelon serves approximately 10 million customers in Delaware, the District of Columbia, Illinois, Maryland, New Jersey and Pennsylvania through its Atlantic City Electric, BGE, ComEd, Delmarva Power, PECO and Pepco subsidiaries. Exelon is one of the largest competitive U.S. power generators, with more than 31,000 megawatts of nuclear, gas, wind, solar and hydroelectric generating capacity comprising one of the nation’s cleanest and lowest-cost power generation fleets. The company’s Constellation business unit provides energy products and services to approximately 2 million residential, public sector and business customers, including three fourths of the Fortune 100. Follow Exelon on Twitter @Exelon.

Contacts

Liz Keating
Corporate Communications
312-848-0176
This email address is being protected from spambots. You need JavaScript enabled to view it.

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