JANESVILLE, Wis.--(BUSINESS WIRE)--SHINE Medical Technologies LLC today announced that construction of the exterior structure of its first-of-a-kind medical isotope production facility is complete and the building is weathertight, a major milestone with significance for SHINE, the medical isotope industry and patients around the world.

Reaching the weathertight milestone moves SHINE one step closer to providing a flexible, reliable supply of molybdenum-99 (Mo-99) and other neutron-produced isotopes to customers, physicians and patients. It means that the 46,000-square-foot building is now sealed against the elements and the installation of SHINE’s high-tech process equipment can begin. The production facility has been built to withstand tornados, airplane crashes and other catastrophic events, and is expected to be a major producer of medicine for decades to come.

“This milestone marks a leveling-up for our team, which includes our internal staff, but also all those who helped do the work in the field,” said Greg Piefer, founder and CEO of SHINE. “We’ve now demonstrated we can execute against a challenging first-of-a-kind nuclear build and do so within schedule and budget contingencies— all during a global pandemic. I am incredibly proud of the grit, dedication and skill of all those involved as we worked together to tackle complicated problems in challenging conditions. The results of the team’s hard work say a lot about their extraordinary dedication, talent and commitment to improving the lives of patients everywhere.”

Please click here to view a short video about SHINE’s achievement of this milestone.

The plant is expected to be the largest medical isotope production facility in the world by capacity. SHINE is installing the specialized process equipment in the facility during the next year, and expects to begin producing Mo-99 in late 2022.

“Baker Concrete Construction is proud to be one of SHINE’s partner in the construction of this important facility and we’re excited to have been given the opportunity to play a key role in getting the project to weathertight,” said Matt Jorn, project executive of Baker. “We understand what this plant means, not just to SHINE, but to patients around the globe. This commitment makes our involvement in the facility’s construction even more meaningful. Doing our part to bring the facility to weathertight is something that the entire Baker team takes great pride in.”

In addition to Baker, SHINE’s construction partners include J.H. Findorff & Son Inc., Sargent & Lundy LLC, Lycon Inc., and Westphal & Co.

About SHINE Medical Technologies

SHINE is a nuclear technology company committed to improving the lives of patients around the world. The company is focused initially on the commercialization of medical isotopes, including molybdenum-99, a diagnostic isotope used to diagnose heart disease, cancer and other diseases, and lutetium-177, a therapeutic isotope that holds the promise of significantly improving the outcomes for some cancer patients. SHINE has created isotope production processes that will deliver products to benefit physicians and patients and help solve critical supply problems in the United States and markets in Europe and around the world. SHINE has a long-term strategy to solve some of humanity’s biggest problems and advance our vision for progressively broad and impactful uses of nuclear technology. For more information, please visit our website at www.shinemed.com.

MALLORY PROUTY
CORPORATE COMMUNICATIONS PROJECT MANAGER, MBA
P: 608-530-5606 | M: 630-945-2379
This email address is being protected from spambots. You need JavaScript enabled to view it.

ROD HISE
DIRECTOR OF STRATEGIC COMMUNICATIONS
P 608-530-5659 | M 608-770-7850
This email address is being protected from spambots. You need JavaScript enabled to view it.

LAS VEGAS--(BUSINESS WIRE)--$AP #7kW_wall_mount--Ault Global Holdings, Inc. (NYSE American: DPW) a diversified holding company (the “Company”), announced today that its power electronics business, Coolisys Technologies Corp. (“Coolisys”), has received a $10.5 million purchase order for 30,000 7kW residential EV charging systems. Coolisys received the purchase order in conjunction with entering into a three-year Purchase and Resale Agreement (“Agreement”) for the residential chargers with Origin Micro and its subsidiary, iNetSupply.com (collectively, “iNet”). Coolisys anticipates that it will, in connection with fulfilling the purchase order, sell accessories to the residential charging EV systems in the approximate amount of $1.5 million through iNet. The 7kW wall-mount charging system runs on 208/240 volts and is compatible with the SAE J1772 charging connector, with the option to add an adapter to charge Tesla vehicles.

iNet is a leader in distributing new products for many popular brands including Lenovo, Dell, HP and Cisco through its strong relationships with traditional and e-commerce channels and platforms. The 7kW wall-mount residential charger and its peripherals will be available for purchase and preorder at iNetSupply.com. We expect that the 7kW wall-mount charger and peripherals will during the next few months be listed on Newegg.com, NeweggBusiness.com, Amazon.com, eBay.com and Walmart.com. iNet is highly regarded for delivering product integrity and customer service to businesses and consumers.

iNet’s President, Donald G. Doney, Jr. stated, “The future of humanity’s daily transportation lies in the development of EV and EV infrastructure. Affordable, rapid charging of those millions of EV’s requires expertly engineered devices that are easy to use and install. We are excited to enter this agreement with Coolisys and navigate the growth of Coolisys’ groundbreaking residential line of chargers to the public.”

Coolisys’ President and CEO, Amos Kohn said, “We are pleased to announce this purchase and resale agreement with iNet along with our second purchase order from iNet. We look forward to cultivating the opportunities that iNet can provide in what we anticipate being a burgeoning relationship. iNet provides the level of experience, knowledge, integrity, and professionalism that we believe to be required to launch, manage, and grow our residential EV charging product line. We believe our EV residential charger product line will be well positioned to address the expected rapid expansion of infrastructure required to support broad adoption of electric vehicles globally.”

For more information on Ault Global Holdings and its subsidiaries, the Company recommends that stockholders, investors and any other interested parties read the Company’s public filings and press releases available under the Investor Relations section at www.AultGlobal.com or available at www.sec.gov.

About Ault Global Holdings, Inc.

Ault Global Holdings, Inc. is a diversified holding company pursuing growth by acquiring undervalued businesses and disruptive technologies with a global impact. Through its wholly and majority-owned subsidiaries and strategic investments, the Company provides mission-critical products that support a diverse range of industries, including defense/aerospace, industrial, automotive, telecommunications, medical/biopharma, and textiles. In addition, the Company extends credit to select entrepreneurial businesses through a licensed lending subsidiary. Ault Global Holding’s headquarters are located at 11411 Southern Highlands Parkway, Suite 240, Las Vegas, NV 89141; www.AultGlobal.com.

About Coolisys Technologies Corp.

Coolisys designs and manufactures innovative, feature-rich, and top-quality power products for mission-critical applications in the harshest environments and lifesaving, life-sustaining applications and electric vehicle supply equipment across diverse markets including automotive, defense/aerospace, medical/healthcare, industrial and telecommunications. Coolisys’ headquarters are located at 1635 South Main Street, Milpitas, CA 95035; www.Coolisys.com.

Forward-Looking Statements

This press release contains “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect the Company’s business and financial results are included in the Company’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, the Company’s Forms 10-K, 10-Q and 8-K. All filings are available at www.sec.gov and on the Company’s website at www.AultGlobal.com.

This email address is being protected from spambots. You need JavaScript enabled to view it. or 1-888-753-2235

Effective Friday, March 26, 2021

LOS ANGELES--(BUSINESS WIRE)--Global Clean Energy Holdings, Inc. (OTCQB: GCEH) (“GCEH” or the “Company”) today announced that it has filed a Certificate of Amendment to its Certificate of Incorporation to effect a reverse stock split of its issued and outstanding common stock, at a ratio of 1-for-10. The effective time of the reverse stock split will be 8:00 a.m. ET on March 26, 2021. GCEH common stock will begin trading on a split-adjusted basis commencing upon market open on March 26, 2021. The reverse stock split was approved by GCEH’s stockholders at the Company’s annual meeting held on November 17, 2020.

“GCEH is a fully integrated farm-to-fuel provider of ultra low-carbon sustainable biofuels,” said CEO Richard Palmer. “This reverse stock split, as we previewed in our last shareholder’s letter, is a key part of our strategy to build shareholder value and keep powering future growth as we prepare to move to a national exchange like Nasdaq.”

When the reverse stock split becomes effective, every 10 shares of GCEH’s issued and outstanding common stock will be automatically combined and converted into one issued and outstanding share of common stock without any change in the par value per share or the total number of authorized shares. This will reduce the number of outstanding shares of the Company’s common stock from approximately 358.5 million shares to approximately 35.9 million shares. GCEH’s common stock will continue to trade on the OTCQB Venture Market under the symbol “GCEH,” but will be assigned a new CUSIP number, 378989206.

The reverse stock split will affect all shares of GCEH’s common stock outstanding immediately prior to the effective time of the reverse stock split, as well as the number of shares of common stock available for issuance under GCEH’s equity incentive plans. In addition, the reverse stock split will affect a reduction in the number of shares of common stock issuable upon the conversion of outstanding convertible securities (including Series B Convertible Preferred Stock) or upon the exercise of stock options or warrants outstanding immediately prior to the effectiveness of the reverse stock split.

No fractional shares shall be issued in connection with the reverse stock split. No certificates representing fractional shares of common stock shall be issued in connection with the reverse stock split and all certificates that otherwise would represent fractional shares shall be rounded up to the next whole share.

The reverse stock split impacts all holders of GCEH’s common stock proportionally and will not impact any stockholder’s percentage ownership of common stock (except to the extent the reverse stock split results in any stockholder receiving a whole share in lieu of a fractional share).

Registered stockholders holding their shares of common stock in book-entry or through a bank, broker or other nominee form do not need to take any action in connection with the reverse stock split. Stockholders holding physical stock certificates may send them to the Company's transfer agent, Colonial Stock Transfer Co., Inc., and exchange them for new certificates representing the post-split number of shares. Colonial Stock Transfer Co., Inc. can be reached at 801-355-5740.

About Global Clean Energy Holdings

Global Clean Energy Holdings, Inc. (“GCEH”) is a uniquely positioned vertically integrated renewable fuels company. Our strategy has been consistent from the company’s inception; control the full integration of our entire supply chain from the development, production and processing of feedstocks through to the refining and distribution of renewable fuels. GCEH’s wholly-owned plant science subsidiary, Sustainable Oils, Inc., owns an industry leading portfolio of intellectual property rights, including patents and production know-how, for the production of its proprietary varieties of Camelina sativa as a non-food based ultra low-carbon biofuels feedstock. GCEH is retooling and constructing its renewable diesel refinery in Bakersfield, California, which when completed in early 2022 will be the largest renewable fuels facility in the western United States and the largest in the country that produces renewable fuels from non-food based feedstocks. To learn more about the company, visit www.gceholdings.com.

Forward Looking Statements

Certain matters discussed in this press release are “forward-looking statements” of Global Clean Energy Holdings, Inc. as that term is defined under the federal securities laws. GCEH may, in some cases, use terms such as “believes,” “potential,” “continue,” “estimates,” “anticipates,” “expects,” “plans,” “intends,” “may,” “could,” “might,” “will,” “should” or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. The forward-looking statements include, but are not limited to, risks and uncertainties relating to the consummation and effect of the reverse stock split, the success and timing of the activities required to retool the Bakersfield refinery, the sufficiency of the funding available under the two credit facilities to complete the retooling and the startup of the refinery, the cost and availability of feedstocks to be used in the repurposed renewable fuels refinery, the effects of the COVID-19 pandemic, general economic and business conditions, and other risks described in GCEH’s filings with the United States Securities and Exchange Commission. Forward-looking information is based on information available at the time and/or management's good faith belief with respect to future events and is subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the statements. GCEH undertakes no obligation to update or revise any such forward-looking statements to reflect events or circumstances that occur, or which GCEH becomes aware of, after the date hereof, except as required by applicable law or regulation.

Communications Contact:

Melody Kean Haller (424) 318-3518

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

DAYTON, Ohio--(BUSINESS WIRE)--REX American Resources Corporation (NYSE: REX) (“REX” or “the Company”) today reported financial results for its fiscal 2020 fourth quarter (“Q4 ‘20”) ended January 31, 2021. REX management will host a conference call and webcast today at 11:00 a.m. ET.

REX American Resources’ Q4 ‘20 results principally reflect its interests in six ethanol production facilities and its refined coal operation. The One Earth Energy, LLC (“One Earth”) and NuGen Energy, LLC (“NuGen”) ethanol production facilities are consolidated, as is the refined coal entity, while those of its four other ethanol plants are reported as equity in income of unconsolidated ethanol affiliates. The Company reports results for its two business segments as ethanol and by-products, and refined coal.

REX’s Q4 ‘20 net sales and revenue were $126.0 million, compared with $120.9 million in Q4 ‘19. The year-over-year net sales and revenue increase was primarily due to higher pricing of dried distillers grains and modified distillers grains, as well as higher ethanol production levels, which more than offset lower ethanol pricing. Primarily reflecting these factors, Q4 ‘20 gross profit for the Company’s ethanol and by-products segment increased to $8.3 million, compared with $8.1 million in Q4 ‘19. As a result, the ethanol and by-products segment had income before income taxes of $5.3 million in Q4 ‘20, compared to income of $5.0 million in Q4 ‘19. The Company’s refined coal operation incurred a $1.4 million gross loss and a $1.6 million loss before income taxes in Q4 ‘20, compared to a $1.5 million gross loss and a loss before income taxes of $1.4 million in Q4 ‘19. REX reported Q4 ‘20 income before income taxes and non-controlling interests of $3.2 million, compared with income before income taxes and non-controlling interests of $2.8 million in the comparable year ago period. While the refined coal operation negatively impacted gross profit and income before income taxes, it contributed a tax benefit of $1.7 million and $1.5 million for Q4 ‘20 and Q4 ‘19, respectively.

Net income attributable to REX shareholders in Q4 ‘20 was $3.5 million, compared to net income of $4.4 million in Q4 ‘19. Q4 ‘20 basic and diluted net income per share attributable to REX common shareholders was $0.59, compared to net income per share of $0.70 in Q4 ‘19. Per share results in Q4 ‘20 and Q4 ‘19 are based on 6,008,000 and 6,320,000 diluted weighted average shares outstanding, respectively.

REX American Resources’ Chief Executive Officer, Zafar Rizvi, commented, “Fiscal 2020 proved to be a challenging year with the impact of Covid, however we are pleased to report earnings per share of $0.59 for the fourth quarter on the back of a profitable third quarter, reflecting the resiliency of our business and the efficiency of our plants and operations.”

“As we move forward into 2021 with all of our plants in operation, we remain optimistic for improved ethanol demand as we emerge from the impact of the pandemic and continue to be focused on creating additional shareholder value through our disciplined operating approach and strategic use of our strong balance sheet and liquidity position.”

Balance Sheet

At January 31, 2021, REX had cash and cash equivalents and short-term investments of $180.7 million, $48.2 million of which was at the parent company, and $132.5 million of which was at its consolidated production facilities. This compares with cash, cash equivalents and short-term investments at January 31, 2020, of $205.7 million, $62.3 million of which was at the parent company, and $143.4 million of which was at its consolidated ethanol production facilities.

Supplemental data related to REX’s ethanol interests:

Fourth Quarter Conference Call

REX will host a conference call at 11:00 a.m. ET today. Senior management will discuss the quarterly financial results and host a question and answer session. The dial in number for the audio conference call is 212/231-2920 (domestic and international callers).

Participants can also listen to a live webcast of the call on the Company’s website, www.rexamerican.com/Corp/Page4.aspx. A webcast replay will be available for 30 days following the live event at www.rexamerican.com/Corp/Page4.aspx.

About REX American Resources Corporation

REX American Resources has interests in six ethanol production facilities, which in aggregate shipped approximately 605 million gallons of ethanol over the twelve-month period ended January 31, 2021. REX’s effective ownership of the trailing twelve-month gallons shipped (for the twelve months ended January 31, 2021) by the ethanol production facilities in which it has ownership interests was approximately 222 million gallons. In addition, the Company acquired a refined coal operation in August 2017. Further information about REX is available at www.rexamerican.com.

This news announcement contains or may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements can be identified by use of forward-looking terminology such as “may,” “expect,” “believe,” “estimate,” “anticipate” or “continue” or the negative thereof or other variations thereon or comparable terminology. Readers are cautioned that there are risks and uncertainties that could cause actual events or results to differ materially from those referred to in such forward-looking statements. These risks and uncertainties include the risk factors set forth from time to time in the Company’s filings with the Securities and Exchange Commission and include among other things: the effect of pandemics such as COVID-19 on the Company’s business operations, including impacts on supplies, demand, personnel and other factors, the impact of legislative and regulatory changes, the price volatility and availability of corn, distillers grains, ethanol, non-food grade corn oil, gasoline and natural gas, ethanol and refined coal plants operating efficiently and according to forecasts and projections, changes in the international, national or regional economies, weather, results of income tax audits, changes in income tax laws or regulations, the impact of U.S. foreign trade policy, changes in foreign currency exchange rates and the effects of terrorism or acts of war. The Company does not intend to update publicly any forward-looking statements except as required by law.

- statements of operations follow -

- balance sheets follow -

- statements of cash flows follow -

Douglas Bruggeman Joseph Jaffoni, Norberto Aja
Chief Financial Officer JCIR
(937) 276‑3931 (212) 835-8500
This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) today announced that Crestwood Gas Services Holdings LLC, a company controlled by an investment fund sponsored by First Reserve, has priced a private placement of six million common units representing limited partner interests of Crestwood for gross proceeds of $132 million. The private placement is expected to close March 30, 2021, subject to customary closing conditions. Crestwood is not selling any common units and will not receive any proceeds from the private placement.

Citigroup acted as sole placement agent for the private placement of common units.

The securities offered in the private placement have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws. This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities described herein.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934. The words “expects,” “believes,” “anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although Crestwood believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance that any such forward-looking statements will materialize. Important factors that could cause actual results to differ materially from those expressed in or implied from these forward-looking statements include the risks and uncertainties described in Crestwood’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on our website. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made, and Crestwood assumes no obligation to update these forward-looking statements.

Crestwood Equity Partners LP
Investor Contacts

Josh Wannarka, 713-380-3081
This email address is being protected from spambots. You need JavaScript enabled to view it.
Senior Vice President, Investor Relations, ESG & Corporate Communications

Rhianna Disch, 713-380-3006
This email address is being protected from spambots. You need JavaScript enabled to view it.
Director, Investor Relations

Sustainability and Media Contact

Joanne Howard, 832-519-2211
This email address is being protected from spambots. You need JavaScript enabled to view it.
Vice President, Sustainability and Corporate Communications

First-Ever Implementation of Intelligent Factory Control Guarantees Water and Chemical Safety

HOUSTON & BROOKLYN, N.Y.--(BUSINESS WIRE)--#IntelligentFactoryControl--Solugen Inc., an emerging specialty chemicals manufacturer and the world’s first and only producer of bioperoxide^TM solutions and carbon negative glucaric acid, and Nanotronics, developer of the world’s most advanced robotic industrial microscope that combines AI, automation, and sophisticated imaging for industrial inspection, today announced a partnership intended to ensure clean water production and safety. The collaboration will address any risks associated with chemical contamination and prevent potential malicious activity by incorporating Nanotronics’ proprietary Intelligent Factory Control during the production process. The partnership agreement is in the midst of a 2-year pilot program enabling autonomous chemical plants for Solugen, powered by Nanotronics.

“This is an industrial vigilance that doesn’t exist within chemical plants currently and with Nanotronics technology, we are able to detect irregularities and autonomously correct the production process in real-time,” says Gaurab Chakrabarti, M.D., PhD, and co-founder and CEO of Solugen, Inc. “Our current data gathered from the pilot program and the added security measure baked within the production process brings our vision of smaller, autonomous chemical plants, closer to reality.”

Founded in 2016, Solugen produces bio-based solutions that are fundamentally changing the chemicals industry. The company’s first product, Bioperoxide™, was created using patented enzymatic technology to convert plant sugars into hydrogen peroxide and led to the manufacturing of a comprehensive line of products such as its flagship BioSol™ and ScavSol™ solutions. Today, BioSol and ScavSol help treat, clean and oxidize water uses with oil and gas, waste-water treatment and mining chemicals. Solugen’s solutions remove the need for highly combustible and toxic petrochemical-based chemicals to clean water as its products are more efficacious, cheaper, safer to produce, and less hazardous for customers and their employees as well as fully biodegradable. This unique process in concert with the utilization of Nanotronics’ Intelligent Factory Control, reduces waste from the factory itself.

Intelligent Factory Control uses Artificial Intelligence to continuously monitor the production of Solugen products and through reinforcement learning agents, is able to determine whether there are anomalies in the process that are too subtle for humans or traditional control systems to detect. It works inline and defects or anomolies are discovered as they happen, as opposed to further along in the production process. Invisible to the human eye, the process prevents expensive backtracking.

“Sophisticated attacks, or even subtle process variations, have been incredibly challenging to identify even when using the most advanced production protocols. Using AI in this manner will provide a higher level of quality and safety,” says Matthew Putman, CEO and cofounder of Nanotronics. “I applaud Solugen for being the first to address this issue using advanced biology.”

About Solugen

Founded in 2016 by Gaurab Chakrabarti, M.D., Ph.D., and Sean Hunt, Ph.D., Solugen is a specialty chemicals manufacturer and world’s first and only producer of bio-based chemical peroxide solutions that applies green chemistry principles to re-design the production of a variety of ingredients. Solugen's mission is to help the fight against climate change by creating cleaner, greener, and safer chemical processes that reduce reliance on non-renewable resources and energy-intensive manufacturing, without sacrificing safety and efficacy. To learn more, visit www.solugentech.com.

About Nanotronics

Nanotronics is a science technology company that has redefined factory control through the invention of a platform that combines AI, automation and sophisticated imagining to assist human ingenuity in detecting flaws and anomalies in manufacturing. Industry agnostic but customer specific, we work with leading-edge companies across the globe from aerospace to electronics and healthcare, to drive up yield, reduce footprint and waste, lower costs, and speed up design iteration.

Nanotronics is a key player in helping to solidify New York’s role as a global center of the innovation economy. To learn more visit https://nanotronics.co/. Follow the company on LinkedIn, Twitter, Facebook, and Instagram.

Mary Cunney, Nanotronics
Chief Marketing/Communications Officer
This email address is being protected from spambots. You need JavaScript enabled to view it.

Jack Kerwin, Nanotronics
Business Development Associate
This email address is being protected from spambots. You need JavaScript enabled to view it.

Solugen, Inc
LoongYi Tan
This email address is being protected from spambots. You need JavaScript enabled to view it.

LYNCHBURG, Va.--(BUSINESS WIRE)--BWX Technologies, Inc. (NYSE: BWXT) today announced a $28 million, 12-month contract award from the Department of Defense’s (DoD) Strategic Capabilities Office (SCO) for the final design of a transportable microreactor prototype under the second phase of its Project Pele initiative.

SCO is partnering with the U.S. Department of Energy to develop, prototype and demonstrate a mobile microreactor that can be used to provide resilient power needs for the DoD for a variety of operational needs. Consistent with its role as an independent safety and security regulator, the Nuclear Regulatory Commission is providing SCO with additional technical expertise and information on regulatory and licensing processes for advanced reactors to ensure a safe, secure and innovative design. Such reactors provide the opportunity to make the DoD’s domestic infrastructure more resilient to an electric grid attack, while fundamentally simplifying energy logistics and delivery for forward operating bases without increasing carbon emissions.

BWXT announced a $14 million award in March 2020 for initial design under the first phase of this project. Following completion of this second design phase of the project, as well as of the ongoing environmental analysis under the National Environmental Policy Act, SCO could competitively award the manufacturing and deployment of the transportable nuclear reactor prototype in a demonstration phase.

“We believe that our innovative designs, combined with our existential licensed facilities and manufacturing capabilities, set BWXT apart in the microreactor market,” said Ken Camplin, president of BWXT’s Nuclear Services Group. “Our engineering capabilities are ideally suited for projects like this that require pairing first-of-a-kind technological solutions with proven production techniques to develop a fresh option for meeting power generation needs.”

A team led by BWXT’s Advanced Technologies LLC subsidiary will conduct the work primarily at one of its Lynchburg, Virginia locations beginning in March 2021.

Forward Looking Statements

BWXT cautions that this release contains forward-looking statements, including statements relating to the performance, timing, impact and value, to the extent contract value can be viewed as an indicator of future revenues, of the second phase of the SCO contract, future work with SCO, or the exercise of any contract options. These forward-looking statements involve a number of risks and uncertainties, including, among other things, modification or termination of the contract, funding of current or future work, and delays in and proving the technology. If one or more of these or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, please see BWXT’s annual report on Form 10-K for the year ended Dec. 31, 2020 filed with the Securities and Exchange Commission. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

About BWXT

At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. Headquartered in Lynchburg, Va., BWXT provides safe and effective nuclear solutions for national security, clean energy, environmental remediation, nuclear medicine and space exploration. With approximately 6,700 employees, BWXT has 12 major operating sites in the U.S. and Canada. In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and NASA facilities. Follow us on Twitter at @BWXTech and learn more at www.bwxt.com.

Media Contact
Jud Simmons
Director, Media & Public Relations
434.522.6462
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Contact
Mark Kratz
Vice President, Investor Relations
980.365.4300
This email address is being protected from spambots. You need JavaScript enabled to view it.

KANSAS CITY, Mo.--(BUSINESS WIRE)--Northern Genesis Acquisition Corp. (NYSE: NGA) announces that its proposed business combination partner, The Lion Electric Company (Lion), a leading manufacturer of all-electric medium and heavy-duty urban vehicles, today announced that the company has received a purchase order from Pride Group Enterprises (Pride) for the acquisition of 100 all-electric Lion6 and Lion8 trucks. The order represents Lion’s largest single order of zero-emission trucks to date.

Pride will be integrating the all-electric trucks into its existing logistics, full maintenance, leasing, rental and equipment retail operations throughout the U.S. and Canada, as well as deploying them with a selection of its fleet management clients. The majority of the trucks are expected to be delivered to Pride during 2021, with the remainder of deliveries expected to take place in 2022.

“Partnering with Lion on our zero-emission heavy-duty trucking efforts gives Pride the unique advantage of deploying these vehicles on the road in the very short term, and significantly contributes to our goal of 100% electric vehicles, while gaining valuable experience in zero-emission operations,” said Pride Group Enterprises CEO, Sam Johal. “The ability to offer truly zero-emission freight to our customers is a huge step for our business and environment. Along with the support from one of our long-tern financial partners Hitachi Capital, we are excited about partnering with a Canadian EV OEM and promoting the Canadian brand, in the North American market.”

In addition to supplying the vehicles, Lion will also work to support Pride in key aspects of fleet electrification, including the installation of adequate charging infrastructure as well as integrating advanced telematics services into its operations – data which is critical to maximizing return on investment (ROI) in electric fleets. The Lion6 and Lion8 trucks have ranges of 180 and 165 miles respectively, and will be used for regional shipping operations.

All of Lion’s vehicles are purpose-built for electric propulsion from the ground up, and are manufactured at Lion’s North American facility, which has a current capacity to produce approximately 2,500 electric trucks per year. Over the last decade, Lion has established itself as a leader in the all-electric heavy-duty vehicle industry, having delivered over 300 all-electric heavy-duty vehicles in North America with over 6 million miles driven since 2016.

About Lion Electric

Lion Electric is an innovative manufacturer of zero-emission vehicles. The company creates, designs and manufactures all-electric class 5 to class 8 commercial urban trucks and all-electric buses and minibuses for the school, paratransit and mass transit segments. Lion is a North American leader in electric transportation and designs, builds and assembles all its vehicles’ components, including chassis, battery packs, truck cabins and bus bodies.

Always actively seeking new and reliable technologies, Lion vehicles have unique features that are specifically adapted to its users and their everyday needs. Lion believes that transitioning to all-electric vehicles will lead to major improvements in our society, environment and overall quality of life.

About Northern Genesis Acquisition Corp.

Northern Genesis Acquisition Corp. (NYSE: NGA) is a special purpose acquisition company formed for the purpose of effecting a merger, stock exchange, acquisition, reorganization or similar business combination with one or more businesses. The Northern Genesis management team brings a unique entrepreneurial owner-operator mindset and a proven history of creating shareholder value across the sustainable power and energy value chain. Northern Genesis is committed to helping the next great public company find its path to success; a path which will most certainly recognize the growing sensitivity of customers, employees and investors to alignment with the principles underlying sustainability.

Transaction with Northern Genesis

On November 30, 2020, Lion announced that it had entered into a business combination agreement and plan of reorganization pursuant to which, subject to the satisfaction of customary closing conditions, a wholly-owned subsidiary of Lion will merge with Northern Genesis Acquisition Corp. (NYSE: NGA), a publicly traded special purpose acquisition company focused on a commitment to sustainability and strong alignment with environmental, social and governance principles. Upon completion of the transaction, Lion is expected to be listed on the New York Stock Exchange (NYSE) under the new ticker symbol “LEV”.

Important Information and Where to Find It

In connection with the proposed business combination, Lion Electric filed a registration statement on Form F-4 with the SEC that was declared effective on March 24, 2021 (the “Registration Statement”), which includes a proxy statement of Northern Genesis and a prospectus of Lion Electric. The Registration Statement has been declared effective by the SEC and the definitive proxy statement/prospectus has been mailed out to Northern Genesis’ stockholders. Investors and security holders of Northern Genesis and other interested parties are urged to read the Registration Statement and the definitive proxy statement/prospectus (the “Joint Proxy Statement/Prospectus”), any amendments to the foregoing, and any other documents filed with the SEC, when available, because they will contain important information about Lion Electric, Northern Genesis and the proposed business combination. Investors and security holders of Northern Genesis may obtain free copies of the Joint Proxy Statement/Prospectus and other documents filed with the SEC by Northern Genesis and Lion Electric through the website maintained by the SEC at www.sec.gov or by directing a request to: Northern Genesis Acquisition Corp., 4801 Main Street, Suite 1000, Kansas City, MO 64112 or (816) 514-0324. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.

Participants in the Solicitation

Northern Genesis and its directors and executive officers and other persons may be deemed to be participants in the solicitations of proxies from Northern Genesis’ stockholders in respect of the proposed business combination. Lion Electric and its officers and directors may also be deemed participants in such solicitation. Information regarding Northern Genesis’ directors and executive officers is available under the heading “Director and Executive Officers” in its Annual Report on Form 10-K filed with the SEC on March 9, 2021 (the “IPO Prospectus”). Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, which may, in some cases, be different than those of their stockholders generally, are contained in the Joint Proxy Statement/Prospectus and will be contained in other relevant materials to be filed with the SEC in connection with the proposed business combination when they become available. Stockholders, potential investors and other interested persons should read the Joint Proxy Statement/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 or constitute a solicitation of any vote or approval. No offer of securities, other than with respect to the concurrent private placement of Lion shares as described in the Registration Statement, shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

Forward-Looking Statements

All statements other than statements of historical facts contained in this press release constitute “forward-looking statements” (which shall include forward-looking information within the meaning of Canadian securities laws) within the meaning of Section 27A of the Securities Act. Forward-looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “could,” “plan,” “project,” “potential,” “seem,” “seek,” “future,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters, although not all forward-looking statements contain such identifying words. These forward-looking statements include, but are not limited to, statements regarding the transaction, including with respect to timing and closing thereof and the ability to consummate the transaction. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Lion Electric’s and Northern Genesis’ management and are not predictions of actual performance. Forward-looking statements involve inherent risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Lion Electric and Northern Genesis, and are based on a number of assumptions, as well as other factors that Lion Electric and Northern Genesis believe are appropriate and reasonable in the circumstances, but there can be no assurance that such estimates and assumptions will prove to be correct or that the Lion Electric’s vision, business, objectives, plans and strategies will be achieved. Many risks and uncertainties could cause Lion Electric’s actual results, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including those factors discussed in the Registration Statement and Joint Proxy Statement/Prospectus, as well as other documents filed or to be filed by Lion Electric or Northern Genesis in accordance with applicable securities laws. These factors are not intended to represent a complete list of the factors that could affect Northern Genesis or Lion Electric, and there may be additional risks that neither Northern Genesis nor Lion Electric presently know or that Northern Genesis and Lion Electric 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 Northern Genesis’ and Lion Electric’s expectations, plans or forecasts of future events and views as of the date of this press release. Northern Genesis and Lion Electric anticipate that subsequent events and developments will cause their respective assessments to change. However, while Northern Genesis and Lion Electric may elect to update these forward-looking statements at some point in the future, Northern Genesis and Lion Electric have no intention and undertake no obligation to do so except as required by applicable law. These forward-looking statements should not be relied upon as representing Northern Genesis’ and Lion Electric’s assessments as of any date subsequent to the date of this press release.

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

Crestwood and First Reserve have agreed to a series of transactions that provide First Reserve a complete exit from its investment in Crestwood Equity Partners LP, transferring control of the general partner interest to Crestwood and transitioning Crestwood to a publicly elected board of directors in accordance with ESG strategy

Transaction results in greater than 15% accretion to distributable cash flow per unit, increased free cash flow, larger public trading float and enhanced credit profile

Strong performance year-to-date and favorable full-year 2021 outlook drive an increased full-year 2021 Adjusted EBITDA estimate of $575 million to $625 million

HOUSTON--(BUSINESS WIRE)--Crestwood Equity Partners LP (NYSE: CEQP) (“Crestwood”) today announced that it and Crestwood Holdings LLC (“Crestwood Holdings”) have executed a series of definitive agreements whereby Crestwood will acquire approximately 11.5 million common units and the general partner interest from Crestwood Holdings for total consideration of approximately $268 million. In addition, in a separate press release issued today, Crestwood announced that First Reserve priced a private placement of six million common units for total proceeds of $132 million. With the combination of these transactions, First Reserve expects to have fully exited its investment in Crestwood. Crestwood will retire the approximate 11.5 million outstanding common units currently held by First Reserve, and transition to a publicly elected Board of Directors. Additionally, the Board of Directors has authorized a $175 million opportunistic common and preferred unit repurchase program.

Highlights of the Transactions and Updated Strategic Initiatives:

• Enhanced corporate governance: The transactions enable the implementation of a traditional public company governance structure with a publicly elected board of directors further ensuring alignment between management and the Board of Directors with common unitholders, consistent with Crestwood’s long-term ESG strategy.
• Significantly accretive: Distributable cash flow per unit metrics are significantly enhanced with the buyback and retirement of approximately 11.5 million common units, or approximately 15% of total common units outstanding, resulting in annual common distribution savings of approximately $29 million based on the current annual rate of $2.50 per common unit.
• Larger and more diversified investor base: The transactions and related dispositions of Crestwood common units by First Reserve are expected to result in the increase of Crestwood’s public trading float by approximately 12% with more diverse institutional ownership and allow First Reserve to exit its large block ownership position of approximately 24% of total common units outstanding in Crestwood in a strategic and well executed manner.
• Credit enhancing: The transactions improve Crestwood’s outlook with the rating agencies with the complete repayment of the Term Loan B at Crestwood Holdings and improve Crestwood’s consolidated capital structure under the agencies’ methodology.
• Unit Repurchase Program: In connection with the transactions and enhancements to Crestwood’s future governance structure and investor alignment, Crestwood’s Board of Directors has also approved a $175 million common unit and preferred unit repurchase program effective through December 31, 2022.

“Today marks a great milestone in the history of Crestwood with the buy-in of First Reserve’s interest in a transaction that enhances our alignment with common unitholders, improves our financial flexibility, and advances our strategic objectives to be a best-in-class midstream infrastructure company and maximize returns to our unitholders,” stated Robert G. Phillips, Chairman, President and Chief Executive Officer of Crestwood’s general partner. “I would like to thank the First Reserve organization for their support, guidance and partnership over the last ten years as they helped us tremendously to build Crestwood into a premier midstream company. Crestwood has established a track record of solid execution, disciplined capital allocation and a commitment to embracing a best-in-class MLP sustainability program. Today’s announcements are the next logical steps in our strategy to drive peer leading governance and set the stage for future growth by simplifying our organizational structure, increasing our public float and liquidity, and enhancing our financial flexibility as we strive to generate long-term value for our unitholders.”

Gary D. Reaves, Managing Director of First Reserve said, “First Reserve would like to thank the Crestwood organization for its partnership over the past ten years. While today marks the culmination of over a decade of First Reserve’s ownership of Crestwood, we will certainly maintain our long-standing relationships with the Crestwood team and all Crestwood stakeholders, and we exit this investment proud of all that Crestwood has achieved in the past decade including its leadership role in MLP sustainability initiatives. We continue to believe the outlook is bright for the Crestwood organization and look forward to watching its future success in the years to come.”

Transaction Details

Under the terms of the transactions, First Reserve will exit its investment in Crestwood which included 17.5 million common units, approximately 24% of total common units outstanding, and control of the general partner. In a series of transactions, First Reserve has entered into agreements with third parties to sell six million common units representing limited partner interests in Crestwood, with expected total proceeds of $132 million. In addition, Crestwood expects to repurchase the general partner interest and the remaining 11.5 million units held by First Reserve with $268 million drawn on its existing $1.25 billion revolving credit facility.

Following completion of the transactions, Crestwood will have approximately 62.8 million common units outstanding, representing an approximate 15% reduction in total common unit count. Crestwood’s buyback of First Reserve’s common units results in annual cash distribution savings of approximately $29 million based on the current annual distribution rate of $2.50 per common unit. The closing of the repurchase of First Reserve’s common units is expected to occur on March 30, 2021 and the closing of the acquisition of the general partner interest is expected to occur in the coming months and is not subject to any closing conditions.

The transactions between Crestwood and First Reserve were unanimously approved by the Conflicts Committee of the Board of Directors of the general partner of Crestwood following review with legal counsel Akin Gump Strauss Hauer & Feld LLP and rendering of a fairness opinion to the Conflicts Committee from Evercore. Following the approval by the Conflicts Committee, these transactions were unanimously approved by the Board of Directors of the general partner, with First Reserve affiliated directors abstaining.

Today’s announcement does not affect Crestwood’s nor First Reserve’s ownership in Crestwood Permian Basin Holdings LLC (“CPJV”). CPJV was formed in November 2016 to develop, own, and operate vital midstream infrastructure assets in the Delaware Basin and is held in a separate 10-year fund that First Reserve formed in 2014.

Crestwood to Transition to an Elected Board

Gary D. Reaves and William R. Brown will resign from the Board of Directors at closing of the initial transaction, which is scheduled for March 30, 2021. Going forward, to enhance its corporate governance sustainability initiatives, Crestwood will transition to a fully elected board with traditional public company oversight that includes a staggered board feature, term limits, and a continued commitment to board diversity. Crestwood will maintain a board composed of seven directors until such time as it can appoint two independent replacements.

Revised 2021 Outlook

Based on preliminary results, Crestwood estimates it will exceed its first quarter 2021 budget as a result of outperformance driven by stronger than expected commodity prices. Based on Crestwood’s preliminary first quarter 2021 results, today’s announced transactions, and a favorable commodity price outlook for the remainder of 2021, Crestwood is revising its full-year financial outlook as it no longer expects the previous Adjusted EBITDA range of $550 million to $610 million to accurately reflect business performance in 2021. These projections are subject to risks and uncertainties as described in the “Forward-Looking Statements” section at the end of this release.

• Net income of $100 million to $150 million
• Adjusted EBITDA of $575 million to $625 million
• Contribution by operating segment is set forth below:

• Distributable cash flow available to common unitholders of $335 million to $385 million
• Free cash flow after distributions of $130 million to $180 million
• Full-year 2021 coverage ratio expected to be greater than 2.00x
• Full-year 2021 leverage ratio expected to be lower than 4.25x
• Growth project capital and joint venture contributions and maintenance capital spending remain unchanged in the range of $35 million to $45 million and $20 million to $25 million, respectively

Common and Preferred Unit Repurchase Program

Crestwood announced that its Board of Directors has authorized a $175 million common unit and preferred unit repurchase program effective immediately through December 31, 2022. This program is intended to supplement the company’s deleveraging goals and utilize additional free cash flow to optimize its long-term cost of capital and generate value for common unitholders. Crestwood plans to continue to prioritize its capital allocation strategies towards first achieving its long-term leverage target of 3.5x to 4.0x, but believes that the unit repurchase program is an incremental tool that can be used for allocation of strong free cash flow generation going forward to accomplish its chief objective of maximizing value for its investors. Crestwood may purchase common and preferred units from time to time in the open market in accordance with applicable securities laws at current market prices, in privately negotiated transactions or pursuant to a trading plan meeting the requirements of Rule 10b5-1 under the Securities Exchange Act of 1934. The timing and amount of purchases under the program will be determined based on ongoing assessments of leverage goals, growth capital opportunities, financial performance and outlook, and other factors, including acquisition opportunities and market conditions. The unit repurchase program does not obligate Crestwood to purchase any specific dollar amount or number of units and may be suspended or discontinued at any time.

Advisors

Citi served as Crestwood’s financial advisor and Hunton Andrews Kurth LLP and Vinson & Elkins LLP served as legal advisors. Evercore served as financial advisor to Crestwood’s Conflicts Committee and Akin Gump Strauss Hauer & Feld LLP served as legal advisor. Simpson Thacher & Bartlett LLP served as legal advisor to First Reserve. Baker Botts L.L.P. served as legal advisor to Citi.

Non-GAAP Financial Measures

Adjusted EBITDA, distributable cash flow and free cash flow are non-GAAP financial measures. The accompanying schedules of this news release provide reconciliations of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with GAAP. Our non-GAAP financial measures should not be considered as alternatives to GAAP measures such as net income or operating income or any other GAAP measure of liquidity or financial performance.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities and Exchange Act of 1934. The words “expects,” “believes,” “anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements, including statements regarding our revised 2021 outlook, are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although Crestwood believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance that any such forward-looking statements will materialize. Important factors that could cause actual results to differ materially from those expressed in or implied from these forward-looking statements include the risks and uncertainties described in Crestwood’s reports filed with the Securities and Exchange Commission, including its Annual Report on Form 10-K and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on our website. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s view only as of the date made, and Crestwood assumes no obligation to update these forward-looking statements.

About First Reserve

First Reserve is a leading global private equity investment firm exclusively focused on energy, including related industrial markets. With over 35 years of industry insight, investment expertise and operational excellence, the firm has cultivated an enduring network of global relationships and raised more than $32 billion of aggregate capital since inception. First Reserve has completed approximately 700 transactions (including platform investments and add-on acquisitions), creating several notable energy companies throughout the firm’s history. Its portfolio companies have operated on six continents, spanning the energy spectrum from upstream oil and gas to midstream and downstream, including resources, equipment and services, and associated infrastructure. Please visit www.firstreserve.com for further information.

About Crestwood Equity Partners LP

Houston, Texas, based Crestwood Equity Partners LP (NYSE: CEQP) is a master limited partnership that owns and operates midstream businesses in multiple shale resource plays across the United States. Crestwood Equity is engaged in the gathering, processing, treating, compression, storage and transportation of natural gas; storage, transportation, terminalling and marketing of NGLs; gathering, storage, terminalling and marketing of crude oil; and gathering and disposal of produced water. Visit Crestwood Equity Partners LP at www.crestwoodlp.com; and to learn more about Crestwood’s sustainability efforts, please visit https://esg.crestwoodlp.com.

1. Includes gain (loss) on modification/extinguishment of debt, net
2. Does not include any potential impact on our earnings from unconsolidated affiliates related to Consolidated Edison, Inc.'s evaluation of strategic alternatives with respect to our Stagecoach Gas Services LLC equity investment.
3. Cash interest expense less amortization of deferred financing costs.
4. Maintenance capital expenditures are defined as those capital expenditures which do not increase operating capacity or revenues from existing levels.
5. Cash received from customers of our Powder River Basin operations pursuant to certain contractual minimum revenue commitments in excess of related revenue recognized under FASB ASC 606.
6. Includes cash distributions to preferred unitholders and Crestwood Niobrara preferred unitholders.
7. Distributable cash flow is defined as Adjusted EBITDA, adjusted for cash interest expense, maintenance capital expenditures, income taxes, the cash received from our Powder River Basin operations in excess of revenue recognized, and our proportionate share of our unconsolidated affiliates' distributable cash flow. Distributable cash flow should not be considered an alternative to cash flows from operating activities or any other measure of financial performance calculated in accordance with generally accepted accounting principles as those items are used to measure operating performance, liquidity, or the ability to service debt obligations. We believe that distributable cash flow provides additional information for evaluating our ability to declare and pay distributions to unitholders. Distributable cash flow, as we define it, may not be comparable to distributable cash flow or similarly titled measures used by other companies.
8. Free cash flow after distributions is defined as distributable cash flow attributable to common unitholders less growth capital expenditures and distributions to common unitholders. Free cash flow after distributions should not be considered an alternative to cash flows from operating activities or any other measure of liquidity calculated in accordance with generally accepted accounting principles as those items are used to measure liquidity or the ability to service debt obligations. We believe that free cash flow after distributions provides additional information for evaluating our ability to generate cash flow after paying our distributions to common unitholders and paying for our growth capital expenditures.

Crestwood Equity Partners LP
Investor Contacts

Josh Wannarka, 713-380-3081
This email address is being protected from spambots. You need JavaScript enabled to view it.
Senior Vice President, Investor Relations, ESG & Corporate Communications

Rhianna Disch, 713-380-3006
This email address is being protected from spambots. You need JavaScript enabled to view it.
Director, Investor Relations

Sustainability and Media Contact

Joanne Howard, 832-519-2211
This email address is being protected from spambots. You need JavaScript enabled to view it.
Vice President, Sustainability and Corporate Communications

Conference Call to be Held Today at 11 am ET

SOLON, Ohio--(BUSINESS WIRE)--Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable and human-centric lighting (“HCL”) technologies, and who recently announced development of a range of UV-C disinfection (“UVCD”) products, today announced financial results for its fourth quarter and fiscal year ended December 31, 2020.

Full Year 2020 and Subsequent Business Highlights

• Net sales of $16.8 million, up 32.5% from 2019
• Gross profit margin of 30.8%, up from 15.5% last year; gross profit more than doubled to $5.2 million from $2.0 million
• Loss from operations of $4.1 million, a year-over-year improvement of $2.9 million
• Cash of $1.8 million as of December 31, 2020 compared to $0.4 million as of December 31, 2019
• Subsequent to year-end, $0.8 million Paycheck Protection Program loan was forgiven

“Fourth quarter 2020 results reflect the cyclical slowness in our military and maritime business, as well as the broad impact of the COVID-19 pandemic on our commercial business, general shipping cost increases and supply chain disruptions,” commented James Tu, Chairman and CEO of Energy Focus. “For full year 2020, despite the unprecedented headwinds we encountered for our commercial business due to the pandemic, which dramatically slowed down lighting retrofit activities, we continued to improve our operational and financial performance, significantly growing our military and maritime business, while increasing our gross margin percentages and reducing our operating losses, all while still strengthening our balance sheet and liquidity.”

“We entered 2021 poised for exciting growth, driven particularly by our commercial lighting business and the forthcoming UVCD product lines,” continued Mr. Tu. “The overall customer reaction to our new family of patent-pending EnFocus^TM lighting control platform has been quite positive and enthusiastic, and we significantly strengthened our sales and marketing organizations that resulted in an expanded distribution network with new agency and channel partners. These developments give us optimism and confidence for our growth prospects as the reopening of the economy accelerates throughout 2021.”

“Meanwhile, our portfolio of germicidal UVCD products, with advanced, patent-pending technologies designed to destroy over 99.9 percent of various pathogens, including coronavirus and influenza, are garnering significant commercial interest,” Mr. Tu added. “In addition, our recently developed robotic UV-C surface disinfection services, mUVeCrew, is now being piloted at potential customer sites. We believe that these innovative and unique products and solutions, currently being finalized and will start deliveries later in second quarter of 2021, will help people and organizations return to normal social activities through effective and powerful disinfection capabilities. They also open up a completely new, emerging and potentially large market that could propel our growth in the coming quarters and likely years.”

“We are particularly grateful for the tireless efforts and contributions from our employee team members, the proactive collaborations from our suppliers, and continued business from our customers during the past year as we navigated through the COVID-19 pandemic,” concluded Mr. Tu. “We believe that our rapidly expanding human-centric lighting product offerings - ranging from flicker-free, high-quality LED lamps and modular fixtures, to EnFocus^TM dimmable and color tunable control systems, as well as our comprehensive, cutting-edge UVCD solutions - represent the most advanced and sustainable lighting product portfolio in the marketplace today that optimizes financial, environmental and human impacts, and we are aiming to achieve a breakout year in 2021 as the macro-economic environment improves and the adoptions of our existing and new products expand in meaningful ways.”

Full-Year 2020 Financial Results

Net sales were $16.8 million for 2020, compared with $12.7 million for 2019. Net sales from commercial products were $5.4 million, or 32.1% of total net sales, for 2020, compared with $7.9 million, or 62.0% of total net sales, for 2019. The decrease in net sales of commercial products reflects fluctuations in the timing, pace and size of commercial projects, including impacts of the COVID-19 pandemic. Net sales from military and maritime market (“MMM”) products were $11.4 million, or 67.9% of total net sales, for 2020, compared with $4.8 million, or 38.0% of total net sales, for 2019. In addition to new contracts awarded and in-house sales growth in 2020, MMM sales were lower in 2019 primarily due to two of our products that were pending evaluation by government procurement authorities.

Gross profit was $5.2 million, or 30.8% of net sales, for 2020, compared with gross profit of $2.0 million, or 15.5% of net sales for 2019. The year-over-year increase in gross margin was driven primarily by sales product mix, the margin impact from increased MMM product sales, favorable price and usage variances for material and labor of $0.9 million, or 5.5% of net sales, and favorable inventory reserve adjustments of $0.6 million, or 3.7% of net sales, which more than offset unexpected additional manufacturing costs due to supply chain challenges relating primarily to MMM products. Adjusted gross margin, as defined under “Non-GAAP Measures” below, was 27.1% for full-year 2020, compared to 15.9% in the prior year.

Operating loss was $4.1 million for 2020. This compares with an operating loss of $7.0 million for 2019.

Net loss was $6.0 million for 2020, inclusive of a $1.1 million non-cash, pre-tax loss resulting from the revaluation of the warrant liability, compared with a net loss of $7.4 million for 2019. Net loss per basic and diluted share of common stock was $1.83 for 2020, compared with a net loss per basic and diluted share of common stock of $2.99 for 2019.

On December 22, 2020, all warrant holders agreed to a modification of certain of the terms of their warrants that qualified the warrants for equity accounting. At that time, the liability relating to the remaining 467,306 warrants was fair-valued with the offsetting adjustment recorded in income. The $1.4 million warrant liability was then reclassified into equity and the warrants are no longer subject to re-measurement at each balance sheet date. As a result, beginning with the first quarter of 2021, the Company’s Statement of Operations will no longer include fair value adjustments for the warrants and the Company’s net income will not be subject to volatility resulting from those adjustments.

Adjusted EBITDA, as defined under “Non-GAAP Measures” below, was a loss of $3.5 million for 2020, compared with a loss of $5.9 million for 2019.

Cash was $1.8 million as of December 31, 2020 as compared to $0.4 million as of December 31, 2019. As of December 31, 2020, the Company had total availability, as defined under “Non-GAAP Measures” below, of $3.5 million, which consisted of $1.8 million of cash and $1.7 million of additional borrowing availability under its credit facilities. This compares to total availability of $1.9 million as of December 31, 2019.

Fourth Quarter 2020 Financial Results:

Net sales were $3.7 million for the fourth quarter of 2020, up 6.1% compared with $3.5 million in the fourth quarter of 2019. Net sales from commercial products were $1.1 million, or 30.8% of total net sales, for the fourth quarter of 2020, down from $2.0 million, or 57.5% of total net sales, in the fourth quarter of 2019. The decrease was mainly due to fluctuations in the timing, pace, and size of commercial projects, including impacts of the COVID-19 pandemic. Net sales from MMM products were $2.6 million, or 69.2% of total net sales, for the fourth quarter of 2020, up from $1.5 million, or 42.5% of total net sales, in the fourth quarter of 2019. MMM sales were lower in the fourth quarter of 2019 primarily due to two of our products that were pending evaluation by the Defense Logistics Agency, during which time the U.S. Navy was not allowed to purchase these two products and also due to federal government funding restrictions. Sales were also higher in the fourth quarter of 2020, as compared to fourth quarter 2019, due to a large order from a U.S. shipbuilder that drove a significant part of the MMM business. Sequentially, net sales were down 37.2% compared to $6.0 million in the third quarter of 2020, reflecting a shift in the timing of the shipment of a portion of a $3.4 million U.S. Navy order for the Company’s new generation of military Intellitubes. The shipment, which was originally expected to contribute approximately $1.7 million to the Company’s revenues during the second quarter, was shifted into the third quarter. Additionally, the decrease in sales from third quarter 2020 related to the negative impacts on the commercial business from the COVID-19 pandemic.

Gross profit was $1.4 million, or 38.3% of net sales, for the fourth quarter of 2020, compared with gross profit of $1.0 million, or 27.1% of net sales, in the fourth quarter of 2019. Sequentially, this compares with a gross profit of $1.4 million, or 23.1% of net sales, in the third quarter of 2020. The year-over-year improvement in gross profit margin was primarily driven by sales product mix, the margin impact from increased MMM product sales, favorable price and usage variances for material and labor of $0.2 million, or 5.6% of net sales, and favorable inventory reserve adjustments of $0.4 million, or 10.5% of net sales, in 2020. Adjusted gross margin, as defined under “Non-GAAP Measures” below, was 27.7% for the fourth quarter of 2020, compared to 28.5% in the fourth quarter of 2019 and compared sequentially to 24.6% in the third quarter of 2020.

Operating loss was $0.9 million for the fourth quarter of 2020, compared with an operating loss of $1.2 million in the fourth quarter of 2019. Sequentially, this compares to an operating loss of $1.0 million in the third quarter of 2020. The year-over-year improvement was primarily attributable to reduced sales commissions, partially offset by the SG&A impact of increased headcount and salaries.

Net income was $0.1 million, inclusive of a $1.2 million non-cash, pre-tax gain resulting from the revaluation of warrant liability, compared with a net loss of $1.3 million in the fourth quarter of 2019. Sequentially, this compares to a net loss of $1.2 million, in the third quarter of 2020, inclusive of a $0.2 million non-cash, pre-tax gain resulting from the revaluation of warrant liability.

Net income per basic and diluted share of common stock was $0.01 for the fourth quarter of 2020, compared with a net loss per basic and diluted share of common stock of $0.53 in the fourth quarter of 2019. Sequentially, this compares to a net loss per basic and diluted share of common stock of $0.35 in the third quarter of 2020.

Adjusted EBITDA, as defined under “Non-GAAP Measures” below, was a loss of $0.8 million for the fourth quarter of 2020, compared with a loss of $1.0 million in the fourth quarter of 2019 and a loss of $0.9 million in the third quarter of 2020.

PPP Loan Forgiveness

Subsequent to year-end, the Small Business Administration approved the Company’s request for forgiveness of the Company’s Paycheck Protection Program (“PPP”) loan for approximately $0.8 million. The loan was originally issued to the Company in April 2020 pursuant to the PPP under Division A of the Coronavirus Aid, Relief and Economic Security Act. The entire principal balance and interest were forgiven on February 11, 2021. The forgiveness income will be recorded as other income in the Consolidated Statements of Operations during the first quarter of 2021.

Earnings Conference Call

The Company will host a conference call and webcast today, March 25, 2021 at 11:00 a.m. ET to review the 2020 results, followed by a Q&A session. To participate in the call, please dial toll-free 1-877-451-6152 or international 1-201-389-0879, and referencing the conference ID# 13717301.

The conference call will be simultaneously webcast. To listen to the webcast, log on to it at: http://public.viavid.com/index.php?id=143849. The webcast will be available at this link through April 1, 2021. Financial information presented on the call, including the earnings press release, will be available on the investors section of Energy Focus’ website at investors.energyfocus.com.

About Energy Focus

Energy Focus is an industry-leading innovator of sustainable LED lighting and lighting control technologies and solutions. As the creator of the first flicker-free LED lamps, Energy Focus develops high quality LED lighting products that provide extensive energy and maintenance savings, as well as aesthetics, safety, health and sustainability benefits over conventional lighting. Our EnFocus^TM lighting control platform enables existing and new buildings to provide quality, convenient and affordable, dimmable and color-tunable, circadian and human-centric lighting capabilities. Our patent-pending UVCD technologies and products, announced in October 2020, aim to provide effective, reliable and affordable UVCD solutions for buildings, facilities and homes. Energy Focus’ customers include U.S. and foreign navies, U.S. federal, state and local governments, healthcare and educational institutions, as well as Fortune 500 companies. Since 2007, Energy Focus has installed approximately 900,000 lighting products across the U.S. Navy fleet, including tubular LEDs, waterline security lights, explosion-proof globes and berth lights, saving more than 5,000,000 gallons of fuel and 300,000 man-hours in lighting maintenance annually. Energy Focus is headquartered in Solon, Ohio. For more information, visit our website at www.energyfocus.com.

Forward-Looking Statements:

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “feels,” “seeks,” “forecasts,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could” or “would” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies, capital expenditures, and the industry in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Although we base these forward-looking statements on assumptions that we believe are reasonable when made in light of the information currently available to us, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and industry developments may differ materially from statements made in or suggested by the forward-looking statements contained in this release. We believe that important factors that could cause our actual results to differ materially from forward-looking statements include, but are not limited to: (i) disruptions and a slowing in the U.S. and global economy and business interruptions experienced by us, our customers and our suppliers as a result of the COVID-19 pandemic and related stay-at-home orders, quarantine policies, school attendance restrictions and restrictions on travel, trade and business operations; (ii) our ability to realize the expected novelty, disinfection effectiveness, affordability and estimated delivery timing of our UVCD products and their performance and cost compared to other products; (iii) our ability to extend our product portfolio into commercial services and consumer products; (iv) market acceptance of our LED lighting, control and UVCD technologies and products; (v) our need for additional financing in the near term to continue our operations; (vi) our ability to refinance or extend maturing debt on acceptable terms or at all; (vii) our ability to continue as a going concern for a reasonable period of time; (viii) our ability to implement plans to increase sales and control expenses; (ix) our reliance on a limited number of customers for a significant portion of our revenue, and our ability to maintain or grow such sales levels; (x) our ability to add new customers to reduce customer concentration; (xi) our reliance on a limited number of third-party suppliers and research and development partners, our ability to manage third-party product development and obtain critical components and finished products from such suppliers on acceptable terms and of acceptable quality, and the impact of our fluctuating demand on the stability of such suppliers; (xii) our ability to timely and efficiently transport products from our third-party suppliers to our facility by ocean marine channels; (xiii) our ability to increase demand in our targeted markets and to manage sales cycles that are difficult to predict and may span several quarters; (xiv) the timing of large customer orders, significant expenses and fluctuations between demand and capacity as we invest in growth opportunities; (xv) our ability to compete effectively against companies with lower cost structures or greater resources, or more rapid development efforts, and new competitors in our target markets; (xvi) our ability to successfully scale our network of sales representatives, agents, and distributors to match the sales reach of larger, established competitors; (xvii) our ability to attract and retain qualified personnel, and to do so in a timely manner; (xviii) the impact of any type of legal inquiry, claim or dispute; (xix) general economic conditions in the United States and in other markets in which we operate or secure products; (xx) our dependence on military maritime customers and on the levels and timing of government funding available to such customers, as well as the funding resources of our other customers in the public sector and commercial markets; (xxi) business interruptions resulting from geopolitical actions, including war and terrorism, natural disasters, including earthquakes, typhoons, floods and fires, or from health epidemics or pandemics or other contagious outbreaks; (xxii) our ability to respond to new lighting technologies and market trends, and fulfill our warranty obligations with safe and reliable products; (xxiii) any delays we may encounter in making new products available or fulfilling customer specifications; (xxiv) any flaws or defects in our products or in the manner in which they are used or installed; (xxv) our ability to protect our intellectual property rights and other confidential information, and manage infringement claims by others; (xxvi) our compliance with government contracting laws and regulations, through both direct and indirect sale channels, as well as other laws, such as those relating to the environment and health and safety; (xxvii) risks inherent in international markets, such as economic and political uncertainty, changing regulatory and tax requirements and currency fluctuations, including tariffs and other potential barriers to international trade; (xxviii) our ability to maintain effective internal controls and otherwise comply with our obligations as a public company; and (xxix) our ability to maintain compliance with the continued listing standards of The Nasdaq Stock Market. For additional factors that could cause our actual results to differ materially from the forward-looking statements, please refer to our most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.

Investor Contact:
Brett Maas
(646) 536-7331

HOUSTON--(BUSINESS WIRE)--$NEXT #carboncapture--NextDecade Corporation (NextDecade) (NASDAQ: NEXT), a clean energy company accelerating the path to a net-zero future, and Oxy Low Carbon Ventures (OLCV), a subsidiary of Occidental (NYSE: OXY) and global leader in carbon dioxide (CO₂) management, today announced that they have executed a term sheet for the offtake and permanent geologic storage of CO₂ captured from NextDecade’s planned Rio Grande LNG project in the Port of Brownsville, Texas.

Earlier this month, NextDecade announced the formation of NEXT Carbon Solutions, a wholly owned subsidiary that is expected to – among other things – develop one of the largest carbon capture and storage (CCS) projects in North America at Rio Grande LNG. NEXT Carbon Solutions’ CCS project at Rio Grande LNG is expected to enable the capture and permanent geologic storage of more than five million tonnes of CO₂ per year.

Under the terms of the agreement, OLCV will offtake and transport CO₂ from the Rio Grande LNG project and permanently sequester it in an underground geologic formation in the Rio Grande Valley, where there is vast CO₂ storage capacity, pursuant to a CO₂ Offtake Agreement and a Sequestration and Monitoring Agreement to be negotiated by the parties.

“We are pleased to be working with OLCV to design, construct, and operate a CO₂ pipeline and permanent storage facility in South Texas,” said Matt Schatzman, NextDecade’s Chairman and Chief Executive Officer. “OLCV’s expertise and reliability complement the transformative and impactful contributions our NEXT Carbon Solutions business is making to the global energy industry, and in particular the proprietary processes we are advancing to lower the cost of utilizing CCS technology.”

“We are excited to partner with NextDecade to enable the supply of low-carbon natural gas to international markets. Signing this agreement is an important milestone in scaling up OLCV’s pure sequestration business and providing services to help others achieve their net zero goals,” said Richard Jackson, Occidental’s President, Operations, U.S. Onshore Resources and Carbon Management. “The CO₂ sequestration facility proposed for South Texas is a great example of the many sequestration hubs that OLCV plans to develop across the United States, and eventually around the globe.”

To realize the significant benefits associated with co-development of Rio Grande LNG and the CCS project, NextDecade anticipates achieving final investment decision (FID) on a minimum of two trains at Rio Grande LNG in 2021 and FID on NEXT Carbon Solutions’ CCS project soon after FID at Rio Grande LNG.

About NextDecade Corporation

NextDecade Corporation (NextDecade) is committed to providing the world access to cleaner energy. NextDecade, through its wholly owned subsidiaries Rio Grande LNG and NEXT Carbon Solutions, is developing a 27 mtpa LNG export project in South Texas along with one of the largest carbon capture and storage projects in North America. The Rio Grande LNG project is expected to be the largest and greenest U.S. LNG export solution linking Permian Basin and Eagle Ford Shale natural gas to the global LNG market. NextDecade’s common stock is listed on the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is headquartered in Houston, Texas. For more information, visit www.next-decade.com.

About Oxy Low Carbon Ventures

Oxy Low Carbon Ventures, LLC (OLCV) is a subsidiary of Occidental, an international energy company with assets in the United States, Middle East, Africa and Latin America. OLCV is focused on advancing cutting-edge, low-carbon technologies and business solutions that enhance Occidental’s business while reducing emissions. OLCV also invests in the development of low-carbon fuels and products, as well as sequestration services to support carbon capture projects globally. Visit www.oxylowcarbon.com for more information.

NextDecade Forward-Looking Information

This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “contemplate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “might,” “will,” “would,” “could,” “should,” “can have,” “likely,” “continue,” “design” and other words and terms of similar expressions are intended to identify forward-looking statements, and these statements may relate to the business of NextDecade and its subsidiaries. These statements have been based on NextDecade’s current assumptions, expectations, and projections about future events and trends and involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include uncertainties about progress in the development of NextDecade’s LNG liquefaction and export projects and the timing of that progress; NextDecade’s final investment decision (“FID”) in the construction and operation of a LNG terminal at the Port of Brownsville in southern Texas (the “Terminal”) and the timing of that decision; the successful completion of the Terminal by third-party contractors and an approximately 137-mile pipeline to supply gas to the Terminal being developed by a third-party; NextDecade’s ability to secure additional debt and equity financing in the future to complete the Terminal; the accuracy of estimated costs for the Terminal; statements that the Terminal, when completed, will have certain characteristics, including amounts of liquefaction capacities; the development risks, operational hazards, regulatory approvals applicable to the Terminal’s and the third-party pipeline's construction and operations activities; NextDecade’s anticipated competitive advantage and technological innovation which may render its anticipated competitive advantage obsolete; the global demand for and price of natural gas (versus the price of imported LNG); the availability of LNG vessels worldwide; changes in legislation and regulations relating to the LNG industry, including environmental laws and regulations that impose significant compliance costs and liabilities; NextDecade’s ability to develop and implement carbon capture and storage or similar technology to reduce anticipated carbon emissions from the Terminal; the novel coronavirus pandemic and its impact on NextDecade’s business and operating results, including any disruptions in NextDecade’s operations or development of the Terminal and the health and safety of NextDecade’s employees, and on NextDecade’s customers, the global economy and the demand for LNG; risks related to doing business in and having counterparties in foreign countries; NextDecade’s ability to maintain the listing of its securities on a securities exchange or quotation medium; changes adversely affecting the business in which NextDecade is engaged; management of growth; general economic conditions; NextDecade’s ability to generate cash; compliance with environmental laws and regulations; the result of future financing efforts and applications for customary tax incentives; and other matters discussed in the “Risk Factors” section of NextDecade’s Annual Report on Form 10-K for the year ended December 31, 2020 and other subsequent reports filed with the Securities and Exchange Commission, all of which are incorporated herein by reference. Additionally, any development of the Terminal remains contingent upon completing required commercial agreements, acquiring all necessary permits and approval, securing all financing commitments and potential tax incentives, achieving other customary conditions and making a final investment decision to proceed. The forward-looking statements in this press release speak as of the date of this release. Although NextDecade believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that the expectations will prove to be correct. NextDecade may from time to time voluntarily update its prior forward-looking statements, however, it disclaims any commitment to do so except as required by securities laws.

NextDecade
Patrick Hughes
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 (832) 209-8131

Oxy Low Carbon Ventures
Eric Moses
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 (713) 497-2017

Volvo Penta and TICO are taking the first step in their ambitions to introduce an emission-free, electric terminal tractor.

This partnership and project represent another milestone in Volvo Penta’s electromobility journey and aligns with its wider sustainability ambitions.

GOTHENBURG, Sweden--(BUSINESS WIRE)--#EV--In line with Volvo Penta’s wider sustainability ambitions, the company has taken another step in its emobility journey together with TICO, a North American pioneer in fleet services, terminal services, and terminal tractor manufacturing. The two companies have announced a joint effort in the development of emissions-free, fully-electric terminal truck prototypes. Terminal tractors – used in ports, distribution centers, and rail terminals – represent a viable future application for EVs.

“Volvo Penta's vision is to be a leader in sustainable power solutions and we are working closely with our customers to transform the industry and drive the research and development of sustainable technology. It’s an exciting journey ahead together with TICO,” says Heléne Mellquist, CEO and President of Volvo Penta.

Proven electric vehicles powertrain

TICO sought to team up with a trusted and technologically advanced electric powertrain solutions provider. One that would not only take a full system approach when providing a reliable electric driveline but also offer deep technical expertise throughout the entire design and development stages.

“TICO has always been at the forefront of bringing alternative powertrain solutions to the market,” says Frank Tubbert, General Manager, TICO. “We recognized the need for an EV application and wanted a partner who could deliver electric power solutions, characterized by proven technology and backed by a trusted brand and superior support. We found all this and more in Volvo Penta.”

As part of the Volvo Group, Volvo Penta has a unique position in helping its customers within the area of electromobility. Its electric driveline draws on tested and proven technology from Volvo Group. Volvo Penta is already working with OEM Rosenbauer, in the development of an electric fire truck. This electric fire truck is being put to use in real-life call-outs in Berlin and is scheduled for market introduction later this year.

“We respect Volvo Group’s global brand and more importantly so do our customers,” says Tubbert. “We work with many of the largest fleets in the US that already use the Volvo Group powertrain. We know that this first-class company will remain at the edge of key technology for the future; including in areas such as the battery.”

A transformational partnership

In addition to its manufacturing operations, TICO also manages a fleet of more than 1,500 terminal tractors, creating a unique business model as both an OEM and an operator.

“Working closely with customers is a cornerstone of our approach to bringing new solutions to market,” explains Martin Bjuve, President of Volvo Penta of the Americas. “It’s a truly transformational partnership, where TICO gives us an inherent understanding of the specific needs and challenges of fleet operators to ensure we’re developing a viable electric solution for the long-run”

TICO has experienced strong growth over the past few years and continues to diversify its powertrain portfolio. Together the two companies will start building the first prototypes and begin testing this year. Additionally, TICO is also partnering with Volvo Penta to offer an alternative diesel powertrain within its existing line-up.

###

Volvo Penta, with approximately 3,500 dealers in over 130 countries, is a world-leading and global manufacturer of engines and complete power systems for boats, vessels and industrial applications. The engine program comprises diesel and gasoline engines with power outputs of between 10 and 1000 hp. Volvo Penta is part of the Volvo Group, one of the world’s leading manufacturers of heavy trucks, buses and construction equipment.

Ann Parmar
PR & Communication Industrial
AB Volvo Penta
Tel: int +46 (0) 31 32 207 69
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Christine Carlson McKone
Marketing Communications Manager
Volvo Penta of the Americas
Tel: +1-757-272-6054
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

• A new energy storage system in California integrating the microgrid already deployed in 2020
• 9.6 MWh energy storage to increase the resilience of the microgrid enhancing grid stability and mitigating the effects of blackouts
• The system responds to the main challenges in a microgrid, such as the lack of spinning reserve, while maximizing the penetration of 8.9 GWh of solar energy every year

PARIS & MILAN--(BUSINESS WIRE)--Regulatory News:

Engie EPS (Paris:EPS) announces to have been awarded for the development of a new energy storage system in Anza, California, confirming again the competitive strength and excellence of the Industrial Solutions business line.

The new system will work synergically with the energy storage system that Engie EPS deployed in 2020 enhancing the performance of the microgrid commissioned in December last year.

Engie EPS’ will supply its cutting-edge technology to boost the microgrid storage capacity up to 4.8 MVA and 9.6 MWh – a system size that could alone provide clean spinning reserve to thermal generation up to 150 MW.

Engie EPS’ energy storage system will increase the resilience of the microgrid enhancing grid stability through peak shaving and will maximize the integration of 4.6 MWp PV generation that will generate approx. 8.9 GWh of solar energy every year. Powering critical and emergency loads, the energy storage system will also enable a seamless transition to off-grid operation in case of grid blackouts.

“This is the latest result in a long series of successes in the American continent confirming Engie EPS’ competitive strength in this highly competitive market, where we not only have 600 MWh of secured projects under development but also a strong record of excellence in deploying complex microgrids. Our 15-year expertise in microgrids allows us to integrate all kind of power sources, coupling traditional thermal generation with renewables, granting our clients a cleaner energy mix with the best of performance and reliability”, commented Carlalberto Guglielminotti, CEO and General Manager of Engie EPS.

The project execution phase has already started and commissioning is scheduled for November 2021.

* * *

ENGIE EPS

Engie EPS is the technology and industrial player within the ENGIE group, developing technologies to revolutionize the paradigm in the global energy system towards renewable energy sources and electric mobility. Listed on Euronext Paris regulated market (EPS.PA), Engie EPS forms part of the CAC® Mid & Small and CAC® All-Tradable financial indices. Its registered office is in Paris, with research, development and production located in Italy.
For further information, go to www.engie-eps.com

Press Office: Simona Raffaelli, Image Building, +39 02 89011300, This email address is being protected from spambots. You need JavaScript enabled to view it.
Corporate and Institutional Communication: Cristina Cremonesi, +39 345 570 8686, This email address is being protected from spambots. You need JavaScript enabled to view it.
follow us on LinkedIn

MELBOURNE, Australia--(BUSINESS WIRE)--Hansen Technologies (ASX:HSN) is pleased to announce today that it has signed a new agreement with Massachusetts-based Hampshire Power Corporation.

Under the terms of this agreement, Hansen will provide the Hansen CIS software platform and managed services to support Hampshire Power’s retail energy and community solar business lines, initially covering Massachusetts, Maine, New York and Rhode Island. At a time when Commercial and Industrial (C&I) business owners face a rising level of complexity in a fragmented energy sector, Hampshire Power, a vertically integrated retail electricity provider, aims to simplify the value proposition, and to maximize and monetize energy systems for renewable energy asset owners. Hampshire Power provides a fully integrated and managed Energy-as-a-Service solution that leverages revenue and savings into a single financial statement and energy experience for the C&I customer.

Todd Ford, President and CEO, Hampshire Power, commented: “With their unique expertise in the North American retail and community solar power market, we at Hampshire Power are confident that Hansen Technologies is well-placed to enable the integrated Energy-as-a-Service offering that we envision for our customers. We look forward to the support of invaluable partners such as Hansen, as we look to chart even more expansion in the United States in the years to come.”

John May, CEO Americas, Hansen Technologies, commented: “At a time of industry-wide change and complexity, the integrated Energy-as-a-Service solution from Hampshire Power will serve to function as a major market differentiator. We could not be more pleased to support them in their journey to unlock value for their customers in the C&I segment. With the proven capabilities afforded by Hansen CIS, we have no doubt that they will.”

Hansen CIS is a purpose-built customer information software solution for the energy and utilities sector, including emerging community solar operators. The software is designed to handle every aspect of the customer life cycle using open architecture, an understanding of local regulations and technology standards to speed integration with business and operational systems. Hansen CIS architecture is based on standardized technology enhanced by a modular approach and an open-API library. The product is offered in various global markets and caters to energy and utilities companies operating in competitive and regulated markets.

For further information about Hansen Technologies, please visit www.hansencx.com.

About Hansen Technologies

Hansen Technologies (ASX: HSN) is a leading global provider of software and services to the energy, water and communications industries. With its award-winning software portfolio, Hansen serves 550+ customers in over 80 countries, helping them to create, sell, and deliver new products and services, manage and analyze customer data, and control critical revenue management and customer support processes.

For more information, visit www.hansencx.com

About Hampshire Power Corporation

Hampshire Power (“Hampshire”) is an innovative and integrated Energy-as-a-Service solutions provider creating savings and income for commercial and industrial businesses. Using our revenue + lease model, coupled with advanced, analytic-focused energy optimization, and a curated marketplace of best-in-class products and services, we are able to provide solutions that simplify and coordinate your energy needs with no upfront costs.

Join Hampshire on LinkedIn and Twitter and/or visit www.hampshirepower.com for more information.

Adnan Bashir
Senior Corporate Communications Manager
Hansen Technologies
+1 647-204-0999

TempSafe Electrocard available for pre-order.

VANCOUVER, British Columbia--(BUSINESS WIRE)--$YNV #coldchain--Ynvisible Interactive Inc. (the "Company" or "Ynvisible") (TSX-V: YNV, FSE: 1XNA, OTCQB: YNVYF) announces its first commercial delivery of a new temperature indication solution to market with SpotSee, the global leader in shock, vibration and temperature monitoring through low-cost, connected solutions.

Working with SpotSee, Ynvisible tailored a low power, branded, calibrated temperature indication label for cold-chain and temperature-controlled shipment and storage of goods such as blood bags, premium foods, biomaterials, and medicines. Ynvisible manufactures the electrochromic display in high volumes and delivers the display driving protocol, while supporting the integration of the display in the final smart-label. Ynvisible's displays allow users to view the indication with the unaided eye.

“With the TempSafe Electrocard, we now expand our solutions offering with a temperature measuring electronic smart-label, a fully customizable time/temperature indicator solution, that can achieve sub-zero temperatures, as well as visually indicate Above and Below thresholds with Ynvisible´s electrochromic displays." says Tony Fonk, CEO SpotSee.

“Ynvisible's design, prototyping, printed electronics production, and technology transfer services make speed to market easy for our customers," continues Tommy Hoglund, VP of Sales and Marketing Ynvisible.

“We are honored to work with the industry experts to design, produce, and market a smart label solution incorporating ynvisible™ printed electrochromic displays. TempSafe Electrocard are the first temperature indicators in market to incorporate Ynvisible’s low-power, printed electrochromic display," says Michael Robinson, CEO Ynvisible.

"Ynvisible is now increasingly focused on the smart-label markets. We have proven our ability to produce hundreds of thousands of electrochromic displays in roll-to-roll format. This format makes it easy for scalable integration into smart labels. We can print in several tens of millions of units per year. Our customers’ solutions will benefit from our electrochromic display know-how and production capacity.” Mr. Robinson continues.

More info and pre-order: https://www.ynvisible.com/tempsafe

In addition to launching the TempSafe Electrocard, SpotSee and Ynvisible are also collaborating on next generation capabilities for temperature sensing and indication in smart labels. Both companies are partners in the project CHARISMA funded by European Union’s Horizon 2020Marie Skłodowska-Curie Actions program. The project co-ordinated by the Institute of Organic Chemistry, Vienna University (Austria), includes also universities Universida de Nova de Lisboa (Portugal), Tampere University (Finland), plus other partner companies Science Made Simple, Packdesign ID Oy, and Trelic Oy.

ABOUT SPOTSEE

SpotSee is an internet of things end-to-end solution provider that enables customers to spot damage in their operations and see it in real time. SpotSee’s mission is to help customers deter, detect and diagnose changing conditions and deliver that data to customers’ fingertips from anywhere in the world. SpotSee devices monitor shock, vibration, temperature and other environmental conditions through its market-leading brands such as ShockWatch®, ShockLog®, SpotBot™, OpsWatch, WarmMark®, Thermax®, TempSafe®, TMC Hallcrest and LCR Hallcrest. The company has a global network of over 1,800 sales and technical service partners in 62 countries. SpotSee is headquartered in Dallas, Texas, with operations in Brazil, Netherlands, United Kingdom, China, Mexico, Illinois, and Texas. For more information, visit www.spotsee.io

ABOUT YNVISIBLE INTERACTIVE INC.

Ynvisible aims to be a leading company in the emerging printed and flexible electronics sector. Given the cost and power-consumption advantages over conventional electronics, printed electronics are a key enabler of mass adoption of the Internet of Things ("IoT") and smart objects. Ynvisible has the experience, know-how and intellectual property in electrochromic materials, inks, and systems. Ynvisible's interactive printed graphics solutions solve the need for ultra-low power, mass deployable, & easy-to-use electronic displays and indicators for everyday smart objects, IoT devices, and ambient intelligence (intelligent surfaces). Ynvisible offers a mix of services, materials and technology to brand owners developing smart objects and IoT products. Additional information on Ynvisible is available at www.ynvisible.com

ON BEHALF OF THE BOARD OF DIRECTORS

"Michael Robinson," CEO, Ynvisible Interactive Inc.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains forward-looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. All statements, other than statements of historical fact, that address activities, events or developments the Company believes, expects or anticipates will or may occur in the future, including, without limitation, statements about the Company's forecast of sales, cost of sales, operating expenses and income from other sources; the Company's business strategy, plans and outlooks; the future financial or operating performance of the Company; and future marketing and operating plans are forward-looking statements. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: the impact of COVID-19; risks and uncertainties related to additional costs being subsequently identified and the allocation of costs between reporting periods; and the possibility that the actual financial results will not be consistent with the Company's expectations. Actual results may differ materially from those currently anticipated in such statements. Readers are encouraged to refer to the Company's public disclosure documents for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation to publicly update or revise any forward-looking statements, unless required pursuant to applicable laws.

Jill Malone, Director of Marketing at SpotSee
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations
+1 778-683-4324
This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Tyre Derived Fuel (TDF) Market - Global Industry Analysis (2017 - 2020), Growth Trends and Market Forecast (2021 - 2025)" report has been added to ResearchAndMarkets.com's offering.

The global tyre-derived fuel (TDF) market is expected to reach a valuation of US$430.3 Mn by the end of 2025.

The amount of waste generated is directly proportional to the development of a country. The monumental improvement of economic conditions in developing countries has therefore resulted in the generation of tyre scraps. Needless to say, even developed parts of the world are adding to the piles of tire scraps. Report indicates that a billion tyre scraps generated annually.

Soaring Fuel Prices to Up Usage of Tyre-derived Fuel

Tyre-derived fuel is often used as a supplemental fuel at cement and paper & pulp facilities. In recent years its demand is seen a steady rise as TDF improves boiler efficiency, reduces carbon emissions, and cuts down fuel costs. As end-use industries regain momentum in the post-COVID-19 economy, analysts anticipate that they will stoke the usage of TDF as well. As of 2019, the cement industry held a 50% share in the global tyre-derived fuel market. The publisher predicts the trend will continue as construction activities make a comeback in full swing.

North America and Asia Pacific Stand Out as Players See High Value Proposition

North America is currently an extremely prominent market for tyre derived fuel, primarily owing to the abundant supply of end-of-life tires. The US Tire Manufacturers Association is one of the many bodies working toward maximizing and capitalizing on scrap tire value, while also reducing the debilitating impact of the automotive industry on the environment. This, supported by the rising popularity of electric vehicles, creates a lucrative scenario for TDF facilities and players.

Asia Pacific also serves as a profitable market for tyre derived fuel thanks to the ever-growing presence of leading automobile companies and ongoing expansions of their manufacturing plants in the region. The cement manufacturing industry is perhaps the largest consumer of tyre derived fuel in Asia Pacific, with companies using whole tires as well as TDF as a supplemental fuel in cement kilns. Renelux is one of the major TDF players that caters to the Indian cement market.

In April 2017, the company signed an agreement with The India Cements to source solid fuels. Renelux continues to strengthen its relationship with India, and in 2019, discussed new opportunities within the domestic cement industry.

Key Players to Expand Capacities to Beat New Players

With the increasing fleet of personal vehicles on roads, the soaring prices of traditional fuel, and growing awareness about the benefits of TDF, the prospects of tyre-derived fuel as a market seem increasingly lucrative and attractive to players. While more and more companies are looking to venture into this market, existing players are focusing on expanding their capacities to compete with the onslaught of new entrants.

For instance, the leading provider of tire recycling services in North America Liberty Tire Recycling acquired California-based Lakin Tire in March 2020 to continue its commitment to sustainability and offer environment-friendly tire recycling services. Prior to this acquisition, Liberty Tire Recycling collected and recycled over 140 million tires each year, which rose to 180 million since partnering with Lakin Tire.

Key Highlights of Global Tyre-derived Fuel Market:

• Tyre-derived fuel holds high potential to bring down the overall fuel cost of cement industry by 50%
• Usage of TDF to allow cement plant operators to trade 'carbon credit certificates' thereby generating new revenue pocket
• Higher calorific value than coal of 25-50% and 100-200% higher than wood and municipal waste makes TDF ideal fuel option for end users
• Demand for TDF to benefit from strict bans imposed on landfilling of scrap tyres in the U.S. and Europe.
• Overflowing Landfills to Push Tyre-derived Market to find Quick Solutions

Companies Mentioned

• Emanuel Tyre, LLC
• L & S Tyre Company
• Liberty Tyre Recycling
• Ragn-Sells Group
• Reliable Tyre Disposal
• Renelux Group
• ResourceCo Pty Ltd.
• Scandinavian Enviro Systems AB

For more information about this report visit https://www.researchandmarkets.com/r/a43bwj

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

Hydrogen use cases for microgrids include resiliency, renewables integration, and clean mobility

BOULDER, Colo.--(BUSINESS WIRE)--#CleanEnergy--A new report from Guidehouse Insights provides detailed and actionable recommendations on how distributed hydrogen systems can help microgrids reach 100% clean energy and net zero carbon goals.

Hydrogen is enjoying a resurgence among energy ecosystem and clean transportation stakeholders, and a variety of governments and private sector vendors are now experimenting with new applications for green and blue hydrogen. Though many of these efforts are focused on large-scale infrastructure plays, promising innovation is occurring with smaller distribution systems applicable for microgrids. Click to tweet: According to a new report from @WeAreGHInsights, distributed hydrogen systems can drive clean energy microgrids.

“Hydrogen is emerging as a key enabling technology for microgrids and is helping to further enable resiliency, renewables integration, and clean mobility,” says Peter Asmus, research director with Guidehouse Insights. “In the coming years, incremental innovation and strategic partnerships should help to drive hydrogen adoption in microgrids.”

To position for success, Guidehouse Insights recommends stakeholders develop an incremental approach to hydrogen deployment to mirror current microgrid practices, learn about scale and synergy of distributed hydrogen systems from early pilot projects, forge strategic partnerships for multiservice microgrids (electricity, thermal, transit, and water), and choose projects in the most challenging markets initially before moving to the most promising.

The report, Distributed Hydrogen Systems Drive Clean Energy Microgrids, looks at early pilot programs showcasing distributed hydrogen systems and microgrids. The majority of microgrids deploying distributed hydrogen systems as of early 2021 have been remote microgrids developed in locations where there is no traditional grid, let alone pipeline infrastructure for natural gas that could be repurposed for hydrogen. Hydrogen was the key enabling technology to reach 100% renewable energy for most of the case studies presented in the report. An executive summary of the report is available for free download on the Guidehouse Insights website.

About Guidehouse Insights

Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.

About Guidehouse

Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges and navigate significant regulatory pressures with a focus on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that prepare our clients for future growth and success. The company has more than 8,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.

* The information contained in this press release concerning the report, Distributed Hydrogen Systems Drive Clean Energy Microgrids, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.

Lindsay Funicello-Paul
+1.781.270.8456
This email address is being protected from spambots. You need JavaScript enabled to view it.

SAN JOSE, Calif.--(BUSINESS WIRE)--QuantumScape Corporation (NYSE: QS), today announced the pricing of an underwritten public offering of 10,400,000 shares of its Class A common stock (the “Shares”) for gross proceeds of $416.0 million. QuantumScape has granted the underwriters a 30-day option to purchase up to an additional 1,560,000 Shares at the public offering price less the underwriting discount. No shareholders are selling in this offering. The offering is expected to close on March 29, 2021, subject to customary closing conditions.

Goldman Sachs & Co. LLC and Morgan Stanley are acting as joint lead book-running managers for the Offering. Deutsche Bank Securities is acting as an additional book-running manager.

A registration statement relating to the securities sold in this offering was declared effective by the Securities and Exchange Commission on March 25, 2021. Copies of the final prospectus relating to this offering may be obtained by contacting: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by phone at (866) 471‐2526, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.

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

About QuantumScape Corporation

QuantumScape is a leader in the development of next generation solid-state lithium-metal batteries for use in electric vehicles. The company's mission is to revolutionize energy storage to enable a sustainable future.

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

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

MIDLAND, Texas--(BUSINESS WIRE)--ProPetro Holding Corp. (“ProPetro”) (NYSE: PUMP), a Midland, Texas based hydraulic fracturing service company, today announced a new partnership with Fluid Energy Group Ltd.® (“Fluid”) and Solnexus Chemical LLC (“Solnexus”) to become one of the largest distributors of the Enviro-Syn® Modified Acid™ and Synthetic Acid™ product line in the West Texas and Permian Basin region. Fluid’s proprietary product line will expand ProPetro and Solnexus’ chemical service offering to provide safer, more sustainable, eco-friendly and technologically advanced chemical systems to their customers in the area.

“ProPetro is committed to identifying new technologies in hydraulic fracturing that reduce overall environmental impact and allow us to produce hydrocarbons in the safest and most efficient manner possible,” said Phillip Gobe, Chief Executive Officer of ProPetro. “We identified Fluid’s Modified Acid™ technology, which helps reduce the environmental impact associated with one of the most hazardous chemicals used in hydraulic fracturing operations, hydrochloric acid. We are proud to partner with both Fluid and Solnexus to push this innovative and sustainable product into our supply chain. This partnership is consistent with our corporate objectives including environmental, social and governance (ESG) goals. The ability to deliver ESG-friendly alternatives to our customers is a value-added opportunity which benefits all stakeholders.”

Hydrochloric acid (HCl) is commonly used in hydraulic fracturing operations to decrease pumping pressures so that injection fluids can be pumped at sufficiently high rates to initiate fractures within the formation. However, HCl is extremely hazardous if not handled properly.

Due to the low-corrosive nature and easier handling properties of Fluid’s Modified Acid™ and Synthetic Acid™ systems, these products can be delivered and utilized far more efficiently than traditional HCl by:

• Delivering concentrated material and diluting onsite, reducing truck traffic deliveries by up to 66%
• Speeding up stage completion times, resulting in reduced idle horsepower time and decreasing diesel consumption
• Reducing water volume requirements for stage completions, saving up to 1.5MM gallons of water per well

“Fluid’s patented or patent-pending Modified Acid™ and Synthetic Acid™ portfolio offers options that are non-corrosive to dermal tissue, eco-friendly, biodegradable and demonstrate low toxicity compared to HCl, as well as being non-regulated for ground transportation in the United States,” explained Clay Purdy, CEO of Fluid. “We are very pleased to partner with ProPetro on this important initiative.”

About ProPetro

ProPetro Holding Corp. is a Midland, Texas-based oilfield services company providing pressure pumping and other complementary services to leading upstream oil and gas companies engaged in the exploration and production of North American unconventional oil and natural gas resources. For more information, please visit www.propetroservices.com.

About Fluid Energy Group Ltd.

Fluid Energy Group Ltd.®, along with its subsidiaries, branches and brands Fluid Norge™, Fluid USA™ Inc., Fluid Holland™, Fluid Luxembourg™, SixRing™ Inc. and SciencePak™ Inc. and Triton Cleaning Products™, is a global chemical company specializing in the development and manufacture of eco-friendly, low-hazard, technically advanced chemical systems. We service several industries including Energy & Petroleum, HI&I, Food & Beverage, Life Sciences, Marine & Transportation, Water Treatment, and Construction & Coatings. With over 130,000 sq. ft. of Canadian R&D, manufacturing and packaging, and international third-party production and packaging sites across four continents, we are well positioned to service your chemical needs. www.fluidenergygroup.com.

About Solnexus Chemical, LLC

Solnexus Chemical, LLC is a subsidiary of Agri-Empresa, LLC based in Midland, Texas. Since its founding in 2014, Solnexus has quickly grown into one of the largest independent providers of a full spectrum of custom-formulated completion, production and water treatment chemicals used in the Permian Basin. Solnexus has built and maintained this position by leveraging its unique rail, blending and storage capabilities to source and store raw materials at the lowest possible cost before blending to customer specifications for quick delivery to the field. Solnexus has the ability to design, test and validate these formulations using its state-of-the-art laboratory and large staff of in-house technicians. For more information, please visit www.solnexuschemical.com.

Forward-Looking Statements

Except for historical information contained herein, the statements in this news release are forward-looking statements that are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the future performance of newly improved technology such as Modified Acid™ and Synthetic Acid™. Forward-looking statements are subject to a number of risks and uncertainties that may cause actual events and results to differ materially from the forward-looking statements. Such risks and uncertainties include the operational disruption and market volatility resulting from the COVID-19 pandemic and other factors described in ProPetro’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, particularly the “Risk Factors” sections of such filings, and other filings with the Securities and Exchange Commission. In addition, ProPetro may be subject to currently unforeseen risks that may have a materially adverse impact on it. Accordingly, no assurances can be given that the actual events and results will not be materially different than the anticipated results described in the forward-looking statements. The forward-looking statements in this news release are made as of the date of this news release. ProPetro does not undertake, and expressly disclaims, any duty to publicly update these statements, whether as a result of new information, new developments or otherwise, except to the extent that disclosure is required by law.

ProPetro Holding Corp
Investors - Sam Sledge, 432-688-0012
Chief Strategy and Administrative Officer
This email address is being protected from spambots. You need JavaScript enabled to view it.

Sales – Shelby Fietz, 432-631-5567
Vice President of Business Development, Sales and Marketing
This email address is being protected from spambots. You need JavaScript enabled to view it.

Fluid Energy Group
Joe Michetti, 936-524-2876
Vice President
This email address is being protected from spambots. You need JavaScript enabled to view it.

Solnexus Chemical, LLC
Chris Howard, 432-694-1994
Senior Vice President
This email address is being protected from spambots. You need JavaScript enabled to view it.

Providing Increased Capability to Meet Clean Energy Goals for Transition of the Gas Network Nationwide

VANCOUVER, British Columbia--(BUSINESS WIRE)--EverGen, Canada’s Renewable Natural Gas (RNG) Infrastructure Platform, announces that it has completed raising an additional $17 million to address a significant gap in renewable infrastructure across Canada, specifically focused on acquiring and building RNG & sustainable waste to energy projects. EverGen has raised $8 million in equity capital (via a special warrants offering) and secured a senior debt facility of $9 million to pursue this strategy. This follows EverGen’s previous financing and major project acquisitions of Sea to Sky Soils in Pemberton, BC and Net Zero Waste Abbotsford Inc. that were completed in December 2020.

“There is a dire need for a Canadian-based platform focused on building, owning and operating renewable natural gas infrastructure to support the clean energy goals and demand of FortisBC and other utilities across Canada,” explains EverGen Co-Founder and CEO Chase Edgelow. “Starting in BC, but with plans for further expansion, EverGen has the leadership and capability to 'infra-tize' Canada’s fragmented renewable natural gas industry, meaning we apply a disciplined and practical approach to developing the necessary infrastructure to ensure long term sustainable returns for our investors, our communities and our stakeholders.”

About EverGen’s Projects

Sea-to-Sky-Soils Facility

Sea to Sky Soils, located near Pemberton, British Columbia, is a composting and organic processing facility with existing municipal and commercial partnerships throughout the Sea to Sky corridor and Lower Mainland. The facility accepts organic waste (diverted from the landfill via green bin programs) and recycles it using proven composting technology into soil amendments and Class A compost for use by local farms and developers as part of the circular economy. Sea to Sky Soils is proud to be in partnership with the Lil'wat Nation and committed to the Lil'wat community, having operated on Lil’wat Nation land since 2012. In addition, Sea to Sky Soils has employed a majority of staff from the First Nation since inception and supports social, cultural and recreation programs in Mount Currie.

Net Zero Waste Abbotsford Facility

Net Zero Waste Abbotsford, is a composting and organic processing facility located in Abbotsford, British Columbia, with existing municipal and commercial partnerships throughout the Lower Mainland. The facility accepts municipal organic/green bin waste (diverted from the landfill via green bin programs) and recycles it using proven composting technology into soil amendments and Class A compost for use by local farms and developers as part of the circular economy.

Sustainable RNG Infrastructure Projects

EverGen’s projects involve the construction of infrastructure to capture and clean biogas (which may come from a variety of feedstock sources including organic waste, agricultural waste and wastewater) using proven technology to create sustainable or renewable natural gas as a clean energy source for our future.

For more information about EverGen Infrastructure Corp., visit www.evergeninfra.com.

About EverGen Infrastructure Corp.

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

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

Cautionary Note Regarding Forward-Looking Information

This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements.

These forward-looking statements are based on reasonable assumptions and estimates of management of the Company at the time such statements were made. Actual future results may differ materially as forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to materially differ from any future results, performance or achievements expressed or implied by such forward-looking statements.

For inquiries, please contact:
EverGen Media Contact
Alison Gallagher
778-837-5623
This email address is being protected from spambots. You need JavaScript enabled to view it.