NY Green Bank Founding President Alfred Griffin to Lead New Division

SAN FRANCISCO--(BUSINESS WIRE)--Generate, a leading sustainable infrastructure company, today announced it is launching a dedicated credit business to provide flexible financing solutions to technology companies and project developers at the forefront of the Infrastructure Revolution. Alfred Griffin, founding president of the NY Green Bank, has joined Generate to lead the new Generate Credit division.

Today’s announcement represents an important expansion of Generate’s franchise, where its core business of financing, building, owning and operating sustainable infrastructure has established Generate as the only “one-stop-shop” for sustainable infrastructure pioneers.

“Credit is a critical part of the financial ecosystem for clean energy and sustainable infrastructure solutions, and we are thrilled to expand access to this important tool that we’ve used to support our partners since inception,” said Scott Jacobs, chief executive officer and co-founder of Generate. “Generate has been a pioneer in electric bus leasing, renewable energy development lending, and fleet financing for electric and hydrogen mobility, in addition to our core business building, owning and operating assets. Our partners are asking us to take additional roles in financing, developing and deploying proven solutions to some of the world’s most pressing problems. We are excited to bring Alfred on board to accelerate this business.”

Griffin, a leading national figure in renewable energy, brings 25 years of banking and finance experience to Generate. At NY Green Bank, a New York State-sponsored specialty finance company, he led the organization from concept to lending over $1 billion to support sustainable infrastructure projects in areas such as renewable energy generation and energy efficiency. Prior to the Green Bank, Griffin held roles in investment banking, capital markets and risk management at Citigroup Global Markets Inc.

“Generate has been the clear market leader in financing the deployment of innovative and highly impactful clean energy business models and technologies, thanks to its dedicated expertise and singular focus on sustainability,” said Griffin. “I’m thrilled to join Generate to expand its credit platform for sustainable infrastructure and work with this industry-leading team. Our fight against climate change demands fast results, and it’s imperative to provide the right kind of capital at the right time to projects and companies who are driving the Infrastructure Revolution.”

Generate Credit will focus on the same areas of the Infrastructure Revolution that have been Generate’s core markets since inception, including renewable power, energy efficiency, microgrids, energy storage, electric mobility, hydrogen, wastewater, waste management, and sustainable agriculture. Generate has made more than $600 million in similar types of clean energy loans since its founding.

With broad financing capabilities, a permanently capitalized balance sheet, and a leading operating platform for distributed assets, Generate offers project developers and technology companies the world’s most comprehensive and flexible range of financial and operational solutions. The new credit business will build on the company’s track record, targeting new loans that expand the market for the deployment of sustainable infrastructure.

About Generate

Generate Capital, Inc. is a leading sustainable infrastructure company driving the infrastructure revolution. Generate builds, owns, operates and finances solutions for clean energy, water, waste and transportation. Founded in 2014, Generate partners with over 35 technology and project developers and owns and operates more than 2,000 assets globally. Generate is the one-stop shop offering pioneers of the infrastructure revolution tailored funding and support needed to get projects built. Our Infrastructure-as-a-Service model delivers affordable, reliable and sustainable resources to over 1,000 customers, companies, communities, school districts and universities. Together, we are rebuilding the world. For more information, please visit www.generatecapital.com.

Emily Chasan
(415) 480-2914
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Colombia’s Largest Petroleum Company Deploys Aspen GDOT Software to Optimize Margin in Cartagena and Barrancabermeja Refineries

BEDFORD, Mass.--(BUSINESS WIRE)--Aspen Technology, Inc. (NASDAQ:AZPN), a global leader in asset optimization software, today announced that Ecopetrol, the largest petroleum company in Colombia, has selected Aspen GDOT™ dynamic optimization software as part of its digitalization initiative to improve refining margins at its two refineries in Cartagena and Barrancabermeja, and upgrading to Aspen DMC3™ advanced process control software in Barrancabermeja refinery.

“Optimizing production and increasing margins in today’s downstream business environment requires digital technology that enables refineries to see the entire process and make adjustments based on real-time data,” said Francisco Trespalacios Vergara, digital downstream champion at Ecopetrol. “This combination of AspenTech solutions gives us unparalleled visibility and control so that we can respond to changes in market conditions and align our planning, optimization and control strategies at our Cartagena and Barrancabermeja facilities with our global models. These solutions also fit in with our corporate digitalization initiative that we call ‘Best of the Best,’ which is an effort to deploy the ideal technology solutions to meet our needs across the organization.”

Aspen GDOT and Aspen DMC3 join other AspenTech solutions currently used by Ecopetrol, including Aspen PIMS-AO™ for planning, aspenONE® Engineering for process optimization, Aspen Petroleum Scheduler™ and Aspen Refinery Multi-Blend Optimizer™ for scheduling, and Aspen Operations Reconciliation and Accounting™ for mass balance reconciliation. With Aspen GDOT, Ecopetrol aims to improve performance and margin by closed-loop coordination of multiple refining units in real time. Ecopetrol will use Aspen DMC3 to sustain optimal performance with adaptive process control technology that enables simultaneous process optimization, background model maintenance and testing.

“Ecopetrol is applying a truly innovative, state-of-the-art approach to production optimization and closing the gap between planning, scheduling and operations,” said Alex Muro, Vice President of Regional Sales for Latin America at Aspen Technology. “These solutions will give these Ecopetrol facilities the agility and operational flexibility they need to adapt to customer demands and will allow Ecopetrol to achieve greater time to value by integrating with the AspenTech software already in place.”

Supporting Resources

• Aspen GDOT™
• Aspen DMC3™
• Aspen PIMS-AO™
• aspenONE® Engineering
• Industrial AI

About Aspen Technology

Aspen Technology (AspenTech) is a global leader in asset optimization software. Its solutions address complex, industrial environments where it is critical to optimize the asset design, operation and maintenance lifecycle. AspenTech uniquely combines decades of process modelling expertise with artificial intelligence. Its purpose-built software platform automates knowledge work and builds sustainable competitive advantage by delivering high returns over the entire asset lifecycle. As a result, companies in capital-intensive industries can maximize uptime and push the limits of performance, running their assets safer, greener, longer and faster. Visit AspenTech.com to find out more.

© 2021 Aspen Technology, Inc. AspenTech,, the Aspen leaf logo, Aspen GDOT™, Aspen DMC3™, Aspen PIMS-AO™ and aspenONE^® are trademarks of Aspen Technology, Inc.

Aspen Technology, Inc.
Andy Rodger
+ 1 781-221-4252
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DUBLIN--(BUSINESS WIRE)--The "Compressor Oil Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.

The global compressor oil market reached a value of US$ 5.8 Billion in 2020. Looking forward, the publisher expects the global compressor oil market to exhibit moderate growth during the next five years.

Compressor oil is a lubricant used for reducing heat and cooling down the compressors in air conditioning and refrigeration systems. It ensures the proper functioning of the metal components and improves machinery performance with its anti-rust properties. Compressor oil also has exceptional oxidation stability and leaves a low carbon residue that reduces the operation and maintenance costs for the user. It is manufactured using a combination of base oil and various other additives. The type of base oil used, such as synthetic, mineral, semi-synthetic and bio-based, determines the quality and longevity of the compressor oil. With cost- and energy-saving properties, it finds extensive applications in various industries ranging from construction, general manufacturing, mining, power generation, chemical and petrochemical, etc.

The need for cost optimization is one of the key factors driving the market growth. Compressor oil assists in heat dissipation and maintaining the temperature of the compressor. This subsequently leads to reduced wear and tear of the compressor and aids in its smooth operation, thereby helping manufacturers to avoid high repair costs.

Furthermore, significant growth in the heating, ventilation, and air conditioning (HVAC) industry along with the establishment of cold chain facilities, particularly in the developing regions, is also augmenting the demand for compressor oil. Other factors such as increasing investments in research and development (R&D) activities to develop improved product variants, such as environment-friendly compressor oil, are also favoring the growth of the market.

Companies Mentioned

• Royal Dutch Shell PLC
• ExxonMobil Corporation
• BP International Limited
• Chevron Corporation
• Total S.A.
• Sinopec Group
• The PJSC Lukoil Oil Company
• Indian Oil Corporation Ltd.
• The Fuchs Group
• Idemitsu Kosan Co. Ltd.
• Petroliam Nasional Berhad (Petronas)
• DuPont de Nemours Inc (DuPont)
• Croda International PLC.
• Sasol Limited
• The Phillips 66 Company
• Bel-Ray Company LLC.
• Morris Lubricants Limited and Penrite Oil Company

Key Questions Answered in This Report:

• How has the global compressor oil market performed so far and how will it perform in the coming years?
• What are the key regional markets in the global compressor oil industry?
• What has been the impact of COVID-19 on the global compressor oil industry?
• What is the breakup of the market based on the compressor type?
• What is the breakup of the market based on the base oil?
• What is the breakup of the market based on the application?
• What is the breakup of the market based on the end use industry?
• What are the various stages in the value chain of the global compressor oil industry?
• What are the key driving factors and challenges in the global compressor oil industry?
• What is the structure of the global compressor oil industry and who are the key players?
• What is the degree of competition in the global compressor oil industry?
• What are the profit margins in the global compressor oil industry?

Key Topics Covered:

1 Preface

2 Scope and Methodology

3 Executive Summary

4 Introduction

4.1 Overview

4.2 Key Industry Trends

5 Global Compressor Oil Market

5.1 Market Overview

5.2 Market Performance

5.3 Impact of COVID-19

5.4 Market Breakup by Compressor Type

5.5 Market Breakup by Base Oil

5.6 Market Breakup by Application

5.7 Market Breakup by End Use Industry

5.8 Market Breakup by Region

5.9 Market Forecast

6 Market Breakup by Compressor Type

6.1 Positive Displacement Compressor

6.1.1 Market Trends

6.1.2 Market Forecast

6.2 Dynamic Compressor

6.2.1 Market Trends

6.2.2 Market Forecast

7 Market Breakup by Base Oil

7.1 Synthetic Oil

7.1.1 Market Trends

7.1.2 Market Forecast

7.2 Mineral Oil

7.2.1 Market Trends

7.2.2 Market Forecast

7.3 Semi-Synthetic Oil

7.3.1 Market Trends

7.3.2 Market Forecast

7.4 Bio-Based Oil

7.4.1 Market Trends

7.4.2 Market Forecast

8 Market Breakup by Application

8.1 Gas Compressor

8.1.1 Market Trends

8.1.2 Market Forecast

8.2 Air Compressor

8.2.1 Market Trends

8.2.2 Market Forecast

9 Market Breakup by End Use Industry

9.1 General Manufacturing

9.2 Construction

9.3 Oil and Gas

9.4 Mining

9.5 Chemical and Petrochemical

9.6 Power Generation

9.7 Others

10 Market Breakup by Region

10.1 Asia Pacific

10.2 Europe

10.3 North America

10.4 Middle East and Africa

10.5 Latin America

11 SWOT Analysis

12 Value Chain Analysis

13 Porters Five Forces Analysis

14 Price Analysis

15 Competitive Landscape

15.1 Market Structure

15.2 Key Players

15.3 Profiles of Key Players

For more information about this report visit https://www.researchandmarkets.com/r/ex1zag

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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WILLISTON, Vt.--(BUSINESS WIRE)--$ISUN #EV--iSun, Inc. (NASDAQ: ISUN) (“iSun” or the “Company”), a leading solar energy and clean mobility infrastructure company with 50 years of construction experience for solar, electrical and data services, today announced that it has made a $1.5 million strategic investment in Gemini Electric Mobility Co. (“Gemini”) and a $1 million investment in Nad Grid Corp (“AmpUp”).

Highlights

• Establishes strategic relationships to drive future opportunities to install, own and operate large networks of EV charging stations with high utilization
• Consistent with iSun’s strategy to invest in companies that help iSun provide energy as a service
• Provides iSun with access to software development capabilities necessary for EV charging services
• Investments aim to accelerate the adoption of electric mobility

“The investments in Gemini and AmpUp are important steps forward for iSun as we seek to expand our presence in the clean mobility market and further establish the Company as a leader in solar infrastructure, inside and outside of our traditional regional markets from Maine to California,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “These investments complement our new product offerings acquired in January and are part of our ongoing growth strategy that targets companies serving new markets and that help iSun provide energy as a service to enable our customers to convert from dirty energy to clean energy. We believe the investments in Gemini and AmpUp fit well within that framework. They provide iSun with a unique advantage to serve our customers in the clean mobility infrastructure market and provide growth opportunities for our solar installation business. The investments also expand our opportunities to own and operate electric vehicle charging assets and to increase our base of recurring revenue and earnings.”

Gemini Electric Mobility Co. has developed a sustainable fintec solution for mobility, which accelerates the adoption of electric vehicles for those who drive the most. Their solution delivers on EV’s GHG reduction and clean air promises, by increasing accessibility and by maximizing utilization over the full vehicle lifecycle.

AmpUp (Nad Grid Corp) was founded by Thomas Sun, Timotej Gavrilovic and Ronnie Nguyen in 2019. AmpUp is an electric vehicle (EV) software company and network provider that enables drivers, hosts, and fleets to charge stress-free. With three issued and four pending patents, their technology gives businesses and property owners the ability to efficiently manage multiple charge stations and locations in one platform. Advanced features, such as smart scheduling, dynamic access control and energy optimization provide site hosts more flexibility and affordability for their charger investment. AmpUp’s network and software solutions have been deployed for customers across North America requiring installation and management of multiple electric vehicle chargers. AmpUp has been working with iSun on the development of its proprietary iSunOS solution, which provides site owners with metrics across solar power generation, electric vehicle charging status, clean miles driven, air quality and battery management capacities.

ABOUT iSUN

Headquartered in Williston, VT, iSun, Inc. (NASDAQ: ISUN) is a business rooted in values that align people, purpose, innovation and sustainability. Ranked by Solar Power World as one of the leading commercial solar contractors in the United States, iSun provides solar energy and clean mobility infrastructure to customers for projects from smart solar mobile phone and electric vehicle charging, up to multi-megawatt renewable energy solutions. iSun’s innovations were recognized this year by the Solar Impulse Foundation of Bertrand Piccard as one the globe’s Top 1000 Sustainability Solutions. As a winner, this award will result in the iSun solution being presented to hundreds of government entities around the world, including various municipal, state and federal agencies in the United States. Since entering the renewable energy market in 2012, iSun has installed over 200 megawatts of rooftop, ground mount and EV carport solar systems (equal to power required for 38,000 homes). We continue to focus on profitable growth opportunities. For more information, visit www.isunenergy.com

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (i) iSun’s plans, objectives, expectations and intentions and other statements contained in this press release that are not historical facts; and (ii) other statements identified by words such as “expects” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “targets,” “projects,” or words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based upon the current beliefs and expectations of the respective management of iSun and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of iSun. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed in these forward-looking statements because of possible uncertainties.

INVESTOR CONTACT
Chase Jacobson
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802-264-2040

New Contracts and Market Strength Fuel 2021 Outlook

LOUISVILLE, Ky.--(BUSINESS WIRE)--$SYPR--Sypris Solutions, Inc. (Nasdaq/GM: SYPR) today reported financial results for its fourth quarter and full-year ended December 31, 2020. Having completed a series of strategic initiatives over the past several years, Sypris Solutions is now well positioned to achieve long-term growth and increasing margins. These initiatives have included reducing and realigning the Company’s cost structure while diversifying its book of business in terms of both customers and markets.

The Company’s results for 2020 fundamentally reflected these expectations, highlighted by the improved performance of Sypris Electronics. The essential nature of the defense and communication programs served by Sypris Electronics continued to enable this segment to sustain operations at planned levels throughout the year. The commercial vehicle and automotive markets served by Sypris Technologies recovered during the second half of 2020 from the sharp reduction in demand during the second quarter, as the global economic impact of the COVID-19 pandemic continued to lessen. Favorable market conditions for both segments are forecasted in 2021, positioning the Company for top line growth and expanding margins.

HIGHLIGHTS

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• Consolidated gross margin for the full year 2020 increased 280 basis points from 2019 to 14.0% despite a 6.3% decrease in revenue primarily attributable to the impact of COVID-19 in the second quarter.
• Consolidated gross profit for the full year 2020 improved 17.0% from 2019 and, when combined with lower spending for selling, general and administrative expenses, contributed to a 102.1% increase in operating income compared to 2019.
• Earnings per diluted share for the full year 2020 increased to $0.08 compared to a loss of $0.19 per share for the prior year, reflecting the improvement in operating income and the release of a valuation allowance on certain foreign deferred tax assets.
• Full year 2020 revenue for Sypris Electronics increased 41.3% from the prior year, reflecting its strong backlog and improved electronic component availability. Gross margin improved 1,420 basis points from the prior year to 14.6% in 2020.
• Subsequent to quarter-end, Sypris Electronics announced a contract award to manufacture and test a variety of electronic power supply modules for a mission-critical, long-range, precision-guided anti-ship missile system, with production to begin during 2021.
• Subsequent to quarter-end, Sypris Technologies announced a long-term contract extension with a leading commercial vehicle manufacturer. The new contract continues the existing product lines and includes the award of two additional axle shaft model lines to begin production in 2021 and the adoption of certain Sypris Ultra^® series lightweight axle shaft design features.
• Subsequent to quarter-end, Sypris Technologies also announced awards from two high-pressure energy projects. The contracts, which provide for the use of closures in the Anchor Field development project in the Gulf of Mexico and the planned upgrade of a natural gas pipeline system in North America, call for shipments to begin prior to year-end 2021.
• The impact of these recent contract wins, when combined with current positive market conditions, is forecast to fuel an increase of 20% in revenue, a 200 to 300 basis point expansion of margins and strong double-digit percentage growth in cash flow from operations for the year.

────────────────────

“While the economic headwinds and disruptions in 2020 had an impact on our results, we are pleased with our performance during the year. Our operations performed extremely well during 2020 and returned to profitability, despite the adverse conditions incurred during the second quarter, which continued during the course of the year,” commented Jeffrey T. Gill, President and Chief Executive Officer. “Last year presented historic challenges brought on by the pandemic, yet our businesses pulled together to protect our employees, while balancing the needs of our customers, communities and business partners during these difficult times. The effort and execution by our people resulted in a strong performance for the year.

“Full year revenue for Sypris Electronics increased 41.3% from the prior year, reflecting its strong backlog and improved electronic component availability. Gross margin improved 1,420 basis points from the prior year to 14.6% in 2020, and recent contact wins are expected to provide important support for the growth of the business during the coming year. We have been designated as an essential supplier to our customers serving the defense and communications industries and as such, our team has done an excellent job making sure that we were able to provide for their increasing needs during 2020.

“Demand from customers serving the automotive, commercial vehicle, sport utility, and off-highway markets recovered in the second half of 2020, with Class 8 North American production up almost 32% over the first half. The recent announcement of the long-term contract extension with one of our key customers combined with the improved outlook for these markets, gives us a clear path to support our growth objectives in the coming year.

“The energy markets faced unprecedented pressures in 2020, with the COVID-19 outbreak driving depressed demand, uncertainty and spending reductions for the entire oil and gas industry. We have remained vigilant in our pursuit of new opportunities in these markets, which has resulted in recent contract awards. While we expect activity levels in this market to remain challenging during the first half of 2021, steadily improving commodity prices, gradually reopening economies and increasing pipeline activity is anticipated to lead to year-over-year growth.

“Gross profit for 2020 was $11.6 million, or 14.0% of revenue, as compared to gross margin of 11.2% for 2019. Given 2020 margin performance includes the burden of the pandemic’s impact on the second quarter, we are pleased to be maintaining this trend line. Our margins have improved steadily since 2016, and we expect further improvement in 2021.”

Concluding, Mr. Gill said, “Our customer base and the markets we serve are considerably more diversified than at any point in our recent history. As an essential business, we have a responsibility to ensure that our defense, communications, energy, and transportation sectors remain vibrant. We will continue to monitor developments, act promptly to mitigate risks and take the necessary steps required to ensure deliveries continue to be made to our customers in a timely manner.”

Fourth Quarter and Full-Year Results

The Company reported revenue of $20.6 million for the fourth quarter ended December 31, 2020, compared to $21.6 million for the prior-year period. Additionally, the Company reported a net loss of $1.2 million for the fourth quarter of 2020, or $0.06 per share, compared to a net loss of $0.9 million, or $0.04 per share, for the prior-year period. Results for the quarter ended December 31, 2020, include a loss of $0.6 million on the disposal of assets. Results for the quarter ended December 31, 2019, include a $0.2 million gain on the sale of assets.

For the full-year 2020, the Company reported revenue of $82.3 million compared with $87.9 million for the prior year. The Company reported net income of $1.7 million, or $0.08 per diluted share, for 2020 compared with a net loss of $3.9 million, or $0.19 per share, for the prior-year. Results for 2020 include an income tax benefit of $3.0 million, primarily from the release of a valuation allowance on certain foreign deferred tax assets and net gains of $0.2 million from the sale or disposal of idle assets. Results for 2019 include a gain of $1.5 million in connection with a contract settlement with a customer and net gains of $0.7 million from the sale of idle assets, partially offset by costs of $0.5 million related to preparing the Broadway facility for sale.

Sypris Technologies

Revenue for Sypris Technologies was $12.1 million in the fourth quarter of 2020 compared to $13.0 million for the prior-year period, primarily reflecting reduced demand in the oil and gas market partially offset by a rebound in the commercial vehicle market. Gross profit for the fourth quarter of 2020 was $1.5 million, or 12.7% of revenue, compared to $2.0 million, or 15.4% of revenue, for the same period in 2019.

Sypris Electronics

Revenue for Sypris Electronics was $8.5 million in the fourth quarter of 2020 compared to $8.6 million for the prior-year period. Shipments during the fourth quarter of 2020 were impacted by delays on certain programs due to customer design modifications. However, management was able to largely offset these delays by increasing production on other programs, reflecting the impact of a growing backlog. Additionally, many of the challenges faced during the prior year with electronic component shortages and extensive lead-times have been resolved. Gross profit for the fourth quarter of 2020 was $1.0 million, or 11.9% of revenue, compared to $0.7 million, or 8.2% of revenue, for the same period in 2019.

Outlook

Commenting on the future, Mr. Gill added, “First and foremost, we remain focused on the health and safety of our employees, their families and our customers. While the future potential impact of the pandemic remains unknown, we are optimistic regarding the current economic outlook for 2021.

“Demand has strengthened significantly from customers serving the automotive, commercial vehicle and sport utility markets, with Class 8 forecasts showing year-over-year production increases of over 41% for 2021. Similarly, demand from customers in the defense and communications sector remains robust. While the energy market continues to be volatile, we continue to secure new orders on important projects around the world.

“The continuing momentum of new contract awards, when combined with increasingly positive market conditions, provide important support for our financial outlook for 2021, which includes 20% growth in the Company’s top line, 200 to 300 basis points of further expansion in the Company’s gross margin and strong double digit percentage growth in cash flow generated from operations.

“As we prepare for 2021, we remain focused on meeting the important needs of our customers who serve defense, communications, energy, transportation, and other critical infrastructure industries. With a strong backlog and recovering markets, we believe that the outlook for the coming year has the potential to be very positive for Sypris and we approach our new fiscal year with optimism.”

About Sypris Solutions

Sypris Solutions is a diversified provider of truck components, oil and gas pipeline components and aerospace and defense electronics. The Company produces a wide range of manufactured products, often under multi-year, sole-source contracts. For more information about Sypris Solutions, visit its Web site at www.sypris.com.

Forward Looking Statements

This press release contains “forward-looking” statements within the meaning of the federal securities laws. Forward-looking statements include our plans and expectations of future financial and operational performance. Such statements may relate to projections of the company’s revenue, earnings, and other financial and operational measures, our liquidity, our ability to mitigate or manage disruptions posed by the current coronavirus disease (“COVID-19”), and the impact of COVID-19 and economic conditions on our future operations, among other matters. In March 2020, the President of the United States declared the COVID-19 outbreak a national emergency. COVID-19 continues to spread throughout the United States and other countries across the world, and the duration and severity of its effects are currently unknown. The COVID-19 pandemic has resulted, and is likely to continue to result, in significant economic disruption and has and will likely adversely affect our business. The Company has continued to operate at each location and sought to remain compliant with government regulations imposed due to the COVID-19 pandemic.

Each forward-looking statement herein is subject to risks and uncertainties, as detailed in our most recent Form 10-K and Form 10-Q and other SEC filings. Briefly, we currently believe that such risks also include the following: the impact of COVID-19 and economic conditions on our future operations; possible public policy response to the pandemic, including legislation or restrictions that may impact our operations or supply chain; our failure to successfully complete final contract negotiations with regard to our announced contract “orders”, “wins” or “awards”; our failure to successfully win new business; the termination or non-renewal of existing contracts by customers; our failure to achieve and maintain profitability on a timely basis by steadily increasing our revenues from profitable contracts with a diversified group of customers, which would cause us to continue to use existing cash resources or require us to sell assets to fund operating losses; breakdowns, relocations or major repairs of machinery and equipment, especially in our Toluca Plant; the cost, quality, timeliness, efficiency and yield of our operations and capital investments, including the impact of tariffs, product recalls or related liabilities, employee training, working capital, production schedules, cycle times, scrap rates, injuries, wages, overtime costs, freight or expediting costs; dependence on, retention or recruitment of key employees and distribution of our human capital; disputes or litigation involving governmental, supplier, customer, employee, creditor, stockholder, product liability, warranty or environmental claims; our failure to achieve targeted gains and cash proceeds from the anticipated sale of certain equipment; the fees, costs and supply of, or access to, debt, equity capital, or other sources of liquidity; our ability to comply with the requirements of the SBA and seek forgiveness of all or a portion of our Paycheck Protection Program loan; our inability to develop new or improved products or new markets for our products; cost, quality and availability or lead times of raw materials such as steel, component parts (especially electronic components), natural gas or utilities; our ability to maintain compliance with the NASDAQ listing standards minimum closing bid price; our reliance on a few key customers, third party vendors and sub-suppliers; inventory valuation risks including excessive or obsolescent valuations or price erosions of raw materials or component parts on hand or other potential impairments, non-recoverability or write-offs of assets or deferred costs; other potential weaknesses in internal controls over financial reporting and enterprise risk management; failure to adequately insure or to identify product liability, environmental or other insurable risks; unanticipated or uninsured disasters, public health crises, losses or business risks; unanticipated or uninsured product liability claims; volatility of our customers’ forecasts, scheduling demands and production levels which negatively impact our operational capacity and our effectiveness to integrate new customers or suppliers, and in turn cause increases in our inventory and working capital levels; the costs of compliance with our auditing, regulatory or contractual obligations; labor relations; strikes; union negotiations; pension valuation, health care or other benefit costs; costs associated with environmental claims relating to properties previously owned; our inability to patent or otherwise protect our inventions or other intellectual property from potential competitors; adverse impacts of new technologies or other competitive pressures which increase our costs or erode our margins; U.S. government spending on products and services that Sypris Electronics provides, including the timing of budgetary decisions; changes in licenses, security clearances, or other legal rights to operate, manage our work force or import and export as needed; risks of foreign operations; currency exchange rates; war, terrorism, or political uncertainty; cyber security threats and disruptions; inaccurate data about markets, customers or business conditions; risk related to owning our common stock including increased volatility; or unknown risks and uncertainties. We undertake no obligation to update our forward-looking statements, except as may be required by law.

Anthony C. Allen
Chief Financial Officer
(502) 329-2000

Invests in Solar Generation Assets Under EnfraGen Subsidiary Fontus Renewables

Increasing Contribution to the Energy Transition Trend Across Latin America

NEW YORK & SANTIAGO, Chile--(BUSINESS WIRE)--EnfraGen, LLC ("EnfraGen"), a developer, owner, and operator of specialized sustainable and renewable power and grid stability assets in Latin America owned by leading global private markets firm Partners Group, on behalf of its clients, and Glenfarne Group, LLC ("Glenfarne"), announced today an expansion of its renewables business through new investments in solar energy generation assets, which further enhance EnfraGen’s infrastructure market leadership in the energy transition.

EnfraGen, through its Fontus Renewables division, has recently acquired 10 ready-to-build solar photovoltaic (PV) projects and three nine-megawatt operating solar PV plants, all of which are located in Chile.

EnfraGen also announced it has entered into EPC contracts with Metka – EGN Limited and its Chilean subsidiary Metka EGN Chile SpA, as well as with Elecnor S.A. and its Chilean subsidiary Elecnor Chile S.A., to construct the 10 ready-to-build projects. EnfraGen has provided Metka and Elecnor with a limited notice to proceed beginning the construction process.

The 10 projects, once completed and in operations, will total approximately 90 MWac installed capacity and when combined with the newly acquired and existing operating projects owned by EnfraGen, the portfolio totals 126 MWac. All projects will qualify for Chile’s stabilized price regime as PMG/PMGD plants and add to EnfraGen’s existing value-added renewable power business, Fontus Renewables.

Brendan Wolters, Head of Solar for Fontus Renewables, said, “Chile has some of the greatest potential for solar photovoltaic power generation in the world and an energy policy designed to support its advancement. Fontus Renewables’ solar efforts leverage our existing capabilities and expertise in the region, and contribute to Chile’s energy transition to renewable power.”

Ed Diffendal, Managing Director, Private Infrastructure Americas, Partners Group, adds, "EnfraGen continues to grow as a premier platform of renewable power and grid stability assets in Latin America, providing essential renewable solar power to local communities. We are proud of the significant transformation the business has gone through to date, as well as the broad positive impact it has by securing sustainable power for the region. Partners Group looks forward to further supporting EnfraGen's growth and leadership in the transition to a more sustainable future."

“The acquisition of these 13 solar assets marks another significant milestone for the EnfraGen business, which has grown into one of the pre-eminent power businesses in Latin America,” said Brendan Duval, Chief Executive Officer of EnfraGen, LLC, and Founder and Managing Partner of Glenfarne Group, LLC. “Chile has made great strides to incorporate renewable energy sources into its power grid in recent years, and we see further growth potential to enhance our power infrastructure portfolio in Latin America going into 2021 and beyond.”

About EnfraGen, LLC

EnfraGen is a developer, owner, and operator of grid stability and value-added renewable energy infrastructure businesses across Latin American investment-grade countries. EnfraGen’s grid stability assets supply flexible capacity and energy to local and regional grids in support of renewable power plant intermittent energy production. EnfraGen’s renewable plants are smaller scale, distributed solar photovoltaic and hydroelectric assets that take advantage of unique access points to electrical infrastructure or are located in optimized geographical locations. The business’ mission is to support the transition to zero-carbon emission electric grids.

EnfraGen is jointly controlled by Glenfarne Group, LLC, and global private markets investment manager Partners Group, on behalf of its clients, and has operational and in-construction assets across its subsidiaries totaling over 1.7GW of installed capacity in operation. The company, including its affiliates and subsidiaries, is supported by a team of approximately 325 professionals. EnfraGen maintains offices and assets in Chile, Panama, Colombia, and the United States.

About Glenfarne Group, LLC

Glenfarne is a privately held energy and infrastructure development and management firm based in New York City and Houston, Texas with offices in Dallas, Texas, Panama City, Panama; Santiago, Chile, and Bogota, Colombia. Glenfarne's seasoned executives, asset managers, and operators develop, acquire, manage, and operate energy and infrastructure assets throughout North and South America and Asia. For more information, please visit www.glenfarnegroup.com.

About Partners Group

Partners Group is a leading global private markets firm. Since 1996, the firm has invested over USD 145 billion in private equity, private real estate, private debt and private infrastructure on behalf of its clients globally. Partners Group is a committed, responsible investor and aims to create broad stakeholder impact through its active ownership and development of growing businesses, attractive real estate and essential infrastructure. With over USD 109 billion in assets under management as of 31 December 2020, Partners Group serves a broad range of institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,500 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN). For more information, please visit www.partnersgroup.com or follow us on LinkedIn or Twitter.

Kris Cole
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(310) 652-1411

• The French defence procurement agency (DGA) has awarded Thales a contract to develop, qualify and manufacture the SonoFlash air-droppable sonobuoy.
• Complementing the other anti-submarine warfare systems in service with the French Navy, this new-generation sonobuoy is a strategic asset that allows France to have a sovereign solution in high-performance sonobuoys.
• Manufactured in France with local SMEs, the SonoFlash buoyfeatures an innovative design and advanced technology to bring naval aviation units best-in-class performance.

PARIS--(BUSINESS WIRE)--The French Navy has selected the SonoFlash new-generation sonobuoy from Thales. Unveiled at the Euronaval show in October 2018, SonoFlash will enable France to reach its strategic capability goal for acoustic sensors.

The threat posed by submarines is evolving rapidly. Three decades ago, only the superpowers had a true undersea warfare capability, but numerous countries now deploy modern submarine fleets. At the same time, forces increasingly operate in littoral waters, which are much more complex for sonar systems, rather than in the relative certainty of open-ocean environments.

Responding to this evolving threat environment, Thales developed the SonoFlash buoy, a new-generation sonobuoy with an unequalled performance-to-mass ratio that builds on decades of expertise in sonars and acoustic sensors to offer an ambitious new solution.

Its innovative design and advanced technology include a number of key features to deliver unrivalled performance. Today's sonobuoys are either passive or active. By contrast, the SonoFlash buoy offers the best of both modes, combining a powerful, optimised low-frequency transmitter with a high-directivity passive receiver. With the combination of these two capabilities, and the added advantage of long endurance, the SonoFlash buoy is suitable for a wide array of deployment scenarios.

Fully compatible with the other families of Thales sonars, the SonoFlash buoy offers high tactical flexibility and opens up promising new opportunities for multistatic operation. Coupled with the FLASH dipping sonar, for example, the SonoFlash buoy enables an aircraft to expand its coverage area and respond with greater agility to evasive manoeuvres by a submarine. Thanks to its digitised signal and optimal communication range, the SonoFlash buoy data can be readily exploited by any piloted or remotely piloted aircraft, naval vessel or shore centre equipped with a sonobuoy processing system.

The French Navy will be the first operational user of the SonoFlash buoy, which will be deployed by the modernised Atlantique 2 maritime patrol aircraft and NH90 Caiman tactical transport helicopters. It will be delivered to the Navy from 2025 and could be available in export markets to equip all modern maritime patrol aircraft and helicopters as well as all types of unmanned platforms, including autonomous surface vehicles and rotary-wing (VTOL) and fixed-wing UAVs equipped with a suitable multi-sonobuoy dispenser.

Manufactured in France with a network of SMEs such as TELERAD, SelhaGroup and Realmeca, the SonoFlash buoy relies on Thales’s expertise in acoustic sensor technology to contribute to France’s desire for independence in strategic industries.

“Thales has packed 10 years of innovation in hardware and digital technologies into a tube measuring 91.4 cm long and 12.3 cm in diameter. SonoFlash extends the range of a naval force's anti-submarine warfare operations, outclassing all other sonobuoys in the market today and offering a versatile and easy-to-deploy solution for tracking submarines from any piloted or remotely piloted aircraft, frigate or unmanned surface vehicle. We are grateful to the DGA and the Navy for the trust they have placed in us and delighted to be working with French partner SMEs to bring this project to a successful conclusion and restore France's sovereign capabilities in sonobuoys.” Alexis Morel, VP Underwater Systems, Thales.

About Thales

Thales (Euronext Paris: HO) is a global leader in advanced technologies, investing in digital and “deep tech” innovations – connectivity, big data, artificial intelligence, cybersecurity and quantum computing – to build a confident future crucial for the development of our societies. The Group provides its customers – businesses, organisations and governments – in the defense, aeronautics, space, transport, and digital identity and security domains with solutions, services and products that help them fulfil their critical role, consideration for the individual being the driving force behind all decisions.

Thales has 81,000 employees in 68 countries. In 2020 the Group generated sales of €17 billion.

Thales, Media Relations
Land and Naval Defence
Faïza Zaroual
+33 (0)7 64 25 99 31
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SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO, “Valero”) announced today that it will be participating in the Simmons Energy Conference on March 23, 2021 and the Scotia Howard Weil Energy Conference on March 24, 2021.

About Valero

Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of transportation fuels and petrochemical products. Valero is a Fortune 50 company based in San Antonio, Texas, and it operates 15 petroleum refineries with a combined throughput capacity of approximately 3.2 million barrels per day and 13 ethanol plants with a combined production capacity of approximately 1.69 billion gallons per year. The petroleum refineries are located in the United States (U.S.), Canada and the United Kingdom (U.K.), and the ethanol plants are located in the Mid-Continent region of the U.S. Valero is also a joint venture partner in Diamond Green Diesel, which owns and operates a renewable diesel plant in Norco, Louisiana. Diamond Green Diesel is North America’s largest biomass-based diesel plant. Valero sells its products in the wholesale rack or bulk markets in the U.S., Canada, the U.K., Ireland and Latin America. Approximately 7,000 outlets carry Valero’s brand names. Please visit www.investorvalero.com for more information.

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

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

Aetna’s expertise working with retail, hospitality and grocery sectors will help make EV charging more accessible and readily available to a wide range of drivers

LIBERTYVILLE, Ill. & CAMBRIDGE, Mass.--(BUSINESS WIRE)--Electrical services and energy solutions provider Aetna Corp. and global electric vehicle charging solutions company EVBox Group today announced a strategic partnership to help grow EV charging infrastructure in the United States, with a focus on New England and the Mid-Atlantic states — an area Aetna Corp. has served for more than 90 years. Aetna’s expertise in serving retail, hospitality and grocery establishments is expected to play a key role in delivering EV charging to drivers in the places they visit most.

“There has never been a better time for businesses to invest in EV charging, and we are pleased we can now offer EVBox charging solutions to our customers. The electric vehicle industry is growing at a rate of 40% year-over-year. Favorable government policies and support through tax credits, utility rebates and incentives make it more affordable than ever. Companies can help accelerate society’s shift to a cleaner mobility future while also realizing business benefits, such as increased traffic and revenue.” – Chris Angelou, vice president of sales and marketing at Aetna Corp.

While Aetna Corp. has been offering EV charging services since 2017, it is adding EVBox Group to its offerings because of the company’s flexible and scalable approach and the fact that all EVBox products are Open Charge Point Protocol (OCPP) compliant. This allows Aetna Corp. to build customized charging options for its customers and ensure the hardware it sells is future-proof. EVBox Group’s wide range of AC and fast-charging DC hardware options means there is an EV charging solution for every need.

“Aetna Corp.’s expertise in retail and hospitality segments, together with its long history of serving the New England and Mid-Atlantic regions, has the potential to expand and deliver EV charging to tens of thousands more drivers each year. By prioritizing charging solutions with open standards, they are also giving business owners the confidence they need to meet the nation’s rising demand for accessible and readily-available EV charging.” – Kristof Vereenooghe, CEO of EVBox Group.

Aetna Corp. believes retailers and hospitality companies that have already installed EV charging are enjoying the benefits of attracting new customers and as a result, increasing sales. EV charging also helps their customers establish sustainability leadership and stand out from their competition.

In addition to its regional focus, Aetna Corp. offers EV charging services at a national level through its network of installers and provides solutions beyond retail and hospitality for workplace, fleets, multi-family and municipality sectors. The company will also support EVBox Group and its customers by serving as a Field Service partner, performing preventive and corrective maintenance on EVBox stations from Maine to Virginia.

Aetna Corp.’s extensive network of local technicians and energy services experts are available to help businesses plan for their EV futures so they can welcome more customers looking to charge up throughout their day. Companies can schedule a consultation by visiting the Aetna Corp. website. To learn more about EVBox charging solutions, visit www.EVBox.com.

About Aetna Corp.

Aetna Corp. is a national electrical services and energy solutions provider headquartered in Cambridge, Massachusetts. Its forward-thinking perspective combined with over 90 years of experience makes Aetna Corp. one of the most reputable companies in the industry. Aetna Corp. provides turnkey EV charging, efficient interior and exterior lighting solutions, electrical construction and specialty project services. Visit www.aetnacorp.com to learn more.

About EVBox Group

Founded in 2010, EVBox Group empowers forward-thinking businesses to build a sustainable future by providing flexible and scalable electric vehicle charging solutions. With its extensive portfolio of commercial and ultra-fast EVBox charging stations, as well as scalable charging management software engineered by Everon, EVBox Group ensures that electric mobility is accessible to everyone.

EVBox Group is a leader in R&D, with facilities across Europe and North America developing groundbreaking electric vehicle charging technology. With offices across the globe, including Amsterdam, Bordeaux, Munich and Chicago, and strong foundations in dozens of markets, EVBox Group is working to shape a sustainable future of transportation.

In 2021, EVBox Group will become a public company listed on the New York Stock Exchange via a business combination with TPG Pace Beneficial Finance (NYSE: TPGY) and initial investors BlackRock, Inclusive Capital, Neuberger Berman Funds, and Wellington Management. Visit www.EVBox.com to learn more.

EVBox Group Contacts

Investors:
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Media:
EVBox:
Job Karstens
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+31 (0)6 22 26 55 25

Madeline Vidak
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+31 (0)6 30 71 06 93

DUBLIN--(BUSINESS WIRE)--The "Global Autonomous Ships Market 2020-2030 by Component, Ship Type (Commercial, Defense, Passenger), Level of Autonomy (Semi, Fully), Fuel Type, End Use (Linefit, Retrofit) and Region: Trend Forecast and Growth Opportunity" report has been added to ResearchAndMarkets.com's offering.

The global autonomous ships market will reach $77.71 billion by 2030, growing by 8.4% annually over 2020-2030 driven by the demand for operational safety of ships, retrofitting of existing ships, increase in trade activities, and technological advancements in automation systems.

This report is based on a comprehensive research of the entire global autonomous ships market and all its sub-segments through extensively detailed classifications. Profound analysis and assessment are generated from premium primary and secondary information sources with inputs derived from industry professionals across the value chain. The report is based on studies on 2015-2020 and provides forecast from 2021 till 2030 with 2020 as the base year.

Key Players

• ABB Ltd.
• Automated Ships Ltd.
• General Electric Co.
• Honeywell International
• Kongsberg Gruppen AS
• L3 ASV
• Marine Technologies LLC
• Mitsui O.S.K. Lines
• Northrop Grumman Corporation
• Rolls-Royce Holding PLC
• Siemens
• Ulstein Group ASA
• Vigor Industrial LLC
• Wartsila Corporation

In-depth qualitative analyses include identification and investigation of the following aspects:

• Market Structure
• Growth Drivers
• Restraints and Challenges
• Emerging Product Trends & Market Opportunities
• Porter's Five Forces

The trend and outlook of global market is forecast in optimistic, balanced, and conservative view by taking into account of COVID-19. The balanced (most likely) projection is used to quantify global autonomous ships market in every aspect of the classification from perspectives of Component, Ship Type, Level of Autonomy, Fuel Type, End Use, and Region.

The report also covers current competitive scenario and the predicted trend; and profiles key vendors including market leaders and important emerging players.

Specifically, potential risks associated with investing in global autonomous ships market are assayed quantitatively and qualitatively through a Risk Assessment System. According to the risk analysis and evaluation, Critical Success Factors (CSFs) are generated as a guidance to help investors & stockholders identify emerging opportunities, manage and minimize the risks, develop appropriate business models, and make wise strategies and decisions.

Key Topics Covered:

1 Introduction

2 Market Overview and Dynamics

2.1 Market Size and Forecast

2.1.1 Impact of COVID-19 on World Economy

2.1.2 Impact of COVID-19 on the Market

2.2 Major Growth Drivers

2.3 Market Restraints and Challenges

2.4 Emerging Opportunities and Market Trends

2.5 Porter's Five Forces Analysis

3 Segmentation of Global Market by Component

3.1 Market Overview by Component

3.2 System and Structure

3.3 Software

3.4 Service

4 Segmentation of Global Market by Ship Type

4.1 Market Overview by Ship Type

4.2 Commercial Ships

4.3 Defense Ships

4.4 Passenger Ships

5 Segmentation of Global Market by Level of Autonomy

5.1 Market Overview by Level of Autonomy

5.2 Semi-Autonomous Ships

5.3 Fully Autonomous Ships

6 Segmentation of Global Market by Fuel Type

6.1 Market Overview by Fuel Type

6.2 Heavy Fuel Oil (HFO)

6.3 Carbon Neutral Fuels

6.4 Liquefied Natural Gas (LNG)

6.5 Electric Batteries

7 Segmentation of Global Market by End Use

7.1 Market Overview by End Use

7.2 Linefit

7.3 Retrofit

8 Segmentation of Global Market by Region

8.1 Geographic Market Overview 2020-2030

8.2 North America Market 2020-2030 by Country

8.3 European Market 2020-2030 by Country

8.4 Asia-Pacific Market 2020-2030 by Country

8.5 South America Market 2020-2030 by Country

8.6 MEA Market 2020-2030 by Country

9 Competitive Landscape

9.1 Overview of Key Vendors

9.2 New Product Launch, Partnership, Investment, and M&A

9.3 Company Profiles

10 Investing in Global Market: Risk Assessment and Management

10.1 Risk Evaluation of Global Market

10.2 Critical Success Factors (CSFs)

For more information about this report visit https://www.researchandmarkets.com/r/udiax5

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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THE WOODLANDS, Texas--(BUSINESS WIRE)--NorthStar HoldCo Energy, LLC ("NorthStar"), a portfolio company of funds managed by Oaktree Capital Management, L.P. (“Oaktree”), is pleased to report that the expansion of JAX LNG and the construction of the 5,400 cubic meter LNG articulated tug barge unit ("ATB"), Clean Canaveral, continue as expected towards being in service by Q4 2021. In addition, NorthStar recently closed on a $137 million debt financing facility to support these LNG expansions.

NorthStar and its partner at JAX LNG, Pivotal LNG, a subsidiary of BHE GT&S, are tripling the facility’s production capability to 360,000 gallons per day and doubling LNG storage capacity to four million gallons. The JAX LNG facility has been in service since the fourth quarter of 2018 and, through its integrated LNG marine loading dock, JAX LNG has safely completed more than 150 deliveries of LNG to the Clean Jacksonville bunker barge. JAX LNG has also been servicing additional customers in the shipping, over-the-road trucking and aerospace segments.

“With the excellent support we have from our construction contractors, we are excited to commence our expanded operations, particularly for our new anchor customer beginning its LNG-powered voyages in 2022,” said Tim Casey Senior Vice President – LNG for NorthStar. “The expansion of JAX LNG and the construction of the Clean Canaveral will allow us to supply our existing customers, take on new customers and deliver LNG to points anywhere from Savannah, Georgia to Miami, Florida. The market for LNG as a bunker fuel is accelerating as more LNG powered ships are put into service. JAX LNG and Polaris New Energy are prepared to support the shipping industry’s important effort to reduce its carbon footprint by using LNG, an environmentally friendly fuel that can reduce greenhouse gas emissions by over 20 percent.”

Last week, NorthStar, through a newly formed entity, Seaside LNG Holdings, LLC, closed on a $137 million debt financing facility supporting its interest in JAX LNG and Polaris New Energy. Proceeds from the financing will be used to fund construction of the JAX LNG expansion and the ATB.

“We are pleased to have the project finance community support our growth. Our lenders recognize the critical importance of LNG in the maritime sector and share in NorthStar’s excitement as a first-mover in LNG bunkering domestically. The financing facility provides the flexibility to stay at the forefront of these segments as we look toward future growth opportunities,” explained Matt McKenzie, Senior Vice President – Finance and Administration of NorthStar.

About JAX LNG

JAX LNG, LLC is a joint venture between NorthStar Midstream and Pivotal LNG, a subsidiary of BHE GT&S, currently operating a 120,000 gallon per day LNG plant with two million gallons of storage in Jacksonville, Florida. The LNG facility was constructed to bring liquefied natural gas to the southeast U.S. and Puerto Rico. For more information on JAX LNG, visit www.jaxlng.com

About Polaris New Energy

Polaris New Energy is a wholly owned subsidiary of NorthStar formed to supply marine transportation logistics to the growing demand for marine transportation of LNG in the U.S. Jones Act market. For more information, visit www.polarisnewenergy.com

About NorthStar

NorthStar is a diversified logistics company providing flexible crude oil, sand and LNG services, including storage and transportation solutions, to the North American energy industry. NorthStar’s assets include a 375-acre crude oil and sand logistics transloading and transportation terminal with 500,000 barrels of crude storage and over 23 tons of sand storage located in East Fairview, North Dakota, a crude oil terminal with 160,000 barrels of crude storage located in Alexander, North Dakota, a FERC-regulated crude oil pipeline located in McKenzie County, North Dakota providing access to the Dakota Access Pipeline via the terminals in East Fairview and Alexander, and an LNG production facility, marine loading dock and LNG barging operation in Jacksonville, Florida. For more information, visit www.northstarmidstream.com

About Pivotal LNG

Pivotal LNG, Inc. (Pivotal LNG) is a wholly-owned subsidiary of BHE GT&S, a Berkshire Hathaway Energy company, with more than forty years of experience providing clean, alternative energy solutions to industries throughout the United States – from power generation and manufacturing to marine transportation and heavy-duty trucking. With liquefied natural gas production, transportation and delivery capabilities, the company offers a number of reliable, flexible, and cost-effective solutions. Pivotal LNG owns and operates the Trussville LNG facility in Alabama and has 50% ownership of the JAX LNG facility in Florida. Pivotal LNG’s affiliate owns and operates the Towanda Facility in Bradford County, Pennsylvania. Visit www.pivotallng.com for more information on Pivotal LNG.

About Oaktree

Oaktree is a leader among global investment managers specializing in alternative investments, with $148 billion in assets under management as of December 31, 2020. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 1,000 employees and offices in 19 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.

Tim Casey
(713) 244-5992
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NEW YORK & OSLO, Norway--(BUSINESS WIRE)--FREYR has issued Invitations to Tender for equipment packages needed for the battery cell production line for FREYR’s pilot plant in Mo i Rana, Norway. The announcement of the chosen supplier is targeted for the end of May 2021.

“The pilot plant site is prepared so that the first stages of construction can begin. With the tender processes for the production line machinery underway, FREYR is on track to achieve the milestones outlined in our project plan,” said Einar Kilde, FREYR executive vice president in charge of projects.

Prior to issuing the request for tender, pre-qualification of potential vendors was carried out in close collaboration with 24M Technologies (“24M”). FREYR has a definitive License and Services Agreement to use 24M’s SemiSolid lithium-ion battery platform technology. The license agreement provides FREYR with rights to unlimited production of battery cells based on all of 24M’s current and future technology.

“FREYR is well on our way to building Norway’s first lithium-ion battery cell manufacturing facility at industrial scale. In the pilot plant, we will optimize and further industrialize 24M’s technology to produce clean, low-cost and high-energy density battery solutions based on renewable energy. It is exciting to see the development of our pilot plant materialize according to plan, which includes completing construction of the facility in 2022,” says Tom Einar Jensen, CEO of FREYR.

On 29 January 2021, FREYR announced that it will become a publicly-listed company through a business combination with Alussa Energy Acquisition Corp., raising approximately USD 850 million in equity proceeds to accelerate the development of clean battery cell manufacturing capacity in Norway. Subject to closing conditions being met, the combined company will be named “FREYR Battery” (“Pubco”) and its common stock is expected to start trading on the New York Stock Exchange under the ticker symbol FREY upon closing, expected in the second quarter of 2021. On 16 February 2021, the extraordinary general meeting of FREYR AS approved the business combination.

About FREYR AS

FREYR plans to develop up to 43 GWh of battery cell production capacity by 2025 to position the company as one of Europe’s largest battery cell suppliers. The facilities will be located in the Mo i Rana industrial complex in Northern Norway, leveraging Norway’s highly skilled workforce and abundant, low-cost renewable energy sources from hydro and wind in a crisp, clear and energized environment. FREYR will supply safe, high energy density and cost competitive clean battery cells to the rapidly growing global markets for electric vehicles, energy storage, and marine applications. FREYR is committed to supporting cluster-based R&D initiatives and the development of an international ecosystem of scientific, commercial, and financial stakeholders to support the expansion of the battery value chain in our region. For more information, please visit www.freyrbattery.com.

About Alussa Energy Acquisition Corp.

Alussa Energy is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While Alussa Energy may pursue an acquisition opportunity in any industry or sector, Alussa Energy intends to focus on businesses across the entire global energy supply chain. For more information, please visit: https://www.alussaenergy.com.

Forward-looking statements

The information in this press release includes forward-looking statements and information based on management’s expectations as of the date of this press release. All statements other than statements of historical facts, including statements regarding FREYR’s business strategy, anticipated business combination with Alussa Energy (the “Transaction”) and the terms of such combination, anticipated benefits of FREYR’s technologies and projected production capacity are forward-looking statements. The words “may,” will,” “expect,” “plan,” “target,” or similar terminology are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. FREYR may not actually achieve the plans or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Factors that may cause actual results to differ materially from current expectations, include FREYR’s ability to execute on its business strategy and develop and increase production capacity in a cost-effective manner; changes adversely affecting the battery industry; the further development and success of competing technologies; the failure of 24M technology or FREYR’s batteries to perform as expected; and our ability to complete the business combination with Alussa Energy on the terms that we currently expect or at all.

No Offer or Solicitation

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

No Assurances

There can be no assurance that the Transaction will be completed, nor can there be any assurance, if the Transaction is completed, that the potential benefits of combining the companies will be realized.

Important Information about the Transaction and Where to Find It

In connection with the Transaction, Alussa Energy and Pubco will file relevant materials with the SEC, including a Form S-4 registration statement to be filed by Pubco (the “S-4”), which will include a prospectus with respect to Pubco’s securities to be issued in connection with the proposed business combination and a proxy statement (the “Proxy Statement”) with respect to Alussa Energy’s shareholder meeting at which Alussa Energy’s shareholders will be asked to vote on the proposed Business Combination and related matters. ALUSSA ENERGY SHAREHOLDERS AND OTHER INTERESTED PERSONS ARE ADVISED TO READ, WHEN AVAILABLE, THE S-4 AND THE AMENDMENTS THERETO AND OTHER INFORMATION FILED WITH THE SEC IN CONNECTION WITH THE TRANSACTION, AS THESE MATERIALS WILL CONTAIN IMPORTANT INFORMATION ABOUT ALUSSA ENERGY, PUBCO, FREYR AND THE TRANSACTION. When available, the Proxy Statement contained in the S-4 and other relevant materials for the Transaction will be mailed to shareholders of Alussa Energy as of a record date to be established for voting on the proposed business combination and related matters. The preliminary S-4 and Proxy Statement, the final S-4 and definitive Proxy Statement and other relevant materials in connection with the Transaction (when they become available), and any other documents filed by Alussa Energy with the SEC, may be obtained free of charge at the SEC’s website (www.sec.gov) or by writing to Alussa Energy Acquisition Corp. at c/o PO Box 500, 71 Fort Street, Grand Cayman KY1-1106, Cayman Islands.

FREYR
Steffen Føreid, CFO, +47 9755 7406, This email address is being protected from spambots. You need JavaScript enabled to view it.
Harald Bjørland, Investor Relations, +47 908 58 221, This email address is being protected from spambots. You need JavaScript enabled to view it.
Hilde Rønningsen, Director of Communications,+47 453 97 184, This email address is being protected from spambots. You need JavaScript enabled to view it.

Alussa Energy
Chi Chow, Alussa Energy, Strategy & Investor Relations, +1 929-303-6514, This email address is being protected from spambots. You need JavaScript enabled to view it.

WASHINGTON--(BUSINESS WIRE)--#energy--U.S. government leaders recently joined the National Association of Energy Service Companies (NAESCO) for its annual Federal Market Workshop to make one thing clear: there is a wealth of opportunity for Energy Services Companies (ESCOs) to leverage energy savings performance contracts (ESPCs) to support the Biden-Harris administration’s pursuit of net-zero greenhouse gas (GHG) emissions economy-wide by 2050.

Richard G. Kidd IV, the Deputy Assistant Secretary of Defense for Environment & Energy Resilience, underscored the pervasiveness of the administration’s climate priorities on the first day of the workshop stating, “the DoD is treating the climate crisis as a national security priority, and we anticipate an increase in funding for more complex projects that bring together private and public sectors focusing on resilience.”

Proven pathways towards achieving these goals include retrofitting, upgrading and otherwise adapting the nation’s aging public building infrastructure to meet target energy efficiency, emissions and resilience performance outcomes.

“We host this event every year to better equip our federal partners with the tools, resources, and information they need to achieve our shared climate and resiliency goals. But this year is arguably the most important,” said NAESCO Executive Director Dr. Timothy D. Unruh. “Investment in our aging public infrastructure should be a priority as we emerge from the pandemic and fully reopen facilities. With the new administration’s focus on climate change, it’s crucial federal agencies continue to partner with ESCOs through ESPCs to work towards upgrading our mission-critical facilities for a more sustainable, resilient future.”

President of the Alliance to Save Energy Paula R. Glover echoed these comments stating, “There’s a broad consensus that critical facilities are clearly past due for investment. The 2021 Open Back Better Act, a provision of the recent climate package introduced by House Democrats, will fulfill that obvious need for investment by delivering billions of dollars in federal funding to retrofit public facilities to make them more resilient and energy efficient. The federal funding will be matched with performance contracting and other financing mechanisms to leverage almost $100 billion in private investment.”

Kelly Speakes-Backman, Acting Assistant Secretary for Energy Efficiency and Renewable Energy (EERE) at the U.S. Department of Energy (DOE) disclosed that EERE’s clean energy programs will need to benefit all Americans and American jobs.

“Our focus is building back better after the pandemic and creating jobs and economic activity is of the utmost importance,” said Speakes-Backman. “Additionally, we need to make investments in ensuring our energy system is equitable. Right now, minority communities feel the impacts of pollution and climate change the hardest, and lower income households face the highest-energy burden. Our programs will work to ensure all Americans have access to new technologies and a brighter, cleaner future.”

During the three-day virtual conference, prominent federal officials tasked with setting and implementing federal energy efficiency and infrastructure improvement measures discussed their respective organization’s energy efficiency priorities and continued efforts to meet climate goals. A full list of the 2021 Federal Market Workshop speakers includes:

• Kelly Speakes-Backman, Acting Assistant Secretary for Energy Efficiency and Renewable Energy, U.S. Department of Energy
• Paula R. Glover, President, Alliance to Save Energy
• Richard G. Kidd IV, Deputy Assistant Secretary of Defense for Environment & Energy Resilience
• J.E. "Jack" Surash, Acting Deputy Assistant Secretary for Energy & Sustainability, Department of the Army
• James Balocki, Deputy Assistant Secretary, Installations and Facilities, Department of the Navy
• Mark A. Correll, Deputy Assistant Secretary for Environment, Safety & Infrastructure, Department of the Air Force
• Leslie Nicholls, Director, Federal Energy Management Program, Department of Energy
• Catherine Johnson, Performance Contracting Team Lead, Energy Management Program Service, Department of Veterans Affairs
• Kevin Kampschroer, Director, Office of Federal High-Performance Buildings, General Services Administration

Learn more about NAESCO’s 2021 Federal Market Workshop by visiting www.naesco.org/past-events. And for more about NAESCO, its members, membership benefits and accreditation process at www.naesco.org and follow NAESCO on Twitter (@NaescoNews) and LinkedIn (@naesco).

About NAESCO

The National Association of Energy Service Companies (NAESCO) is the leading advocacy and accreditation organization for Energy Service Companies (ESCOs) and is dedicated to modernizing America’s building infrastructure through performance contracting. Uniting the energy service industry, NAESCO promotes favorable government policies; sponsors a rigorous accreditation program; provides training and education; and champions the interests of ESCOs across the nation.

ESCOs contract with private and public sector energy users to provide cost-effective energy efficiency retrofits across a wide spectrum of client facilities, from college campuses to water treatment plants. Effectively utilizing a performance-based contract business model, ESCOs have implemented more than $50 billion in comprehensive energy efficiency retrofit projects over the last three decades.

Amanda Jada
+1 (813) 808-0736
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DUBLIN--(BUSINESS WIRE)--The "Offshore Drilling Rigs Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The offshore drilling rigs market is expected to grow at a CAGR of more than 1% during the forecast period of 2021 - 2026.

The COVID-19 pandemic has severely affected the market due to the decline in oil prices in 2020 and delays in oil and gas upstream projects in offshore areas. However, the recovery of crude oil prices after the scenario in 2020 is expected to make offshore drilling profitable.

Company Profiles

• Offshore Rig Manufacturers
• Keppel Corporation Limited
• Samsung Heavy Industries Co. Ltd
• Sembcorp Marine Ltd
• Daewoo Shipbuilding & Marine Engineering Co. Ltd
• Hyundai Heavy Industries Co. Ltd
• Friede & Goldman Ltd
• Damen Shipyards Group
• Irving Shipbuilding Inc.
• Offshore Drilling Contractors
• Transocean Ltd
• Seadrill Ltd
• ENSCO PLC
• Noble Drilling PLC
• Diamond Offshore Drilling Inc

Key Market Trends

Deepwater and Ultra-deepwater Segment to Witness Significant Growth

• From 2014 to 2019, global deepwater expenditure has increased and countries/regions, such as Brazil, the United States Gulf of Mexico (GoM), North Sea, Angola, and Nigeria constitute for a large amount of this capital expenditure, respectively, with West Africa anticipated to have the greatest regional growth.
• In the southern hemisphere, a new exploration permit was awarded in April 2019 by the Argentine government to the consortium formed by ExxonMobil and Qatar Petroleum, for exploration in Malvinas Oeste Basin. 13 companies offered approximately USD 995 million for exploration licenses of areas within the Austral, Argentina Norte, and Malvinas Oeste basins. All three basins are offshore, combining a total tendered area of more than 200,000 sq. km. never explored before.
• In 2019, Argentina's neighboring country, Brazil held its sixth successful oil and gas bid round in just over a year and awarded all four blocks in the prospective pre-salt area for BRL 6.82 billion. The latest investment and upcoming projects in deep-water are likely to drive the growth of the deep-water drilling market during the forecast period in the South America region.
• Moreover, the recent waves of cost reductions and critical technological breakthroughs have enabled many oil and gas exploration and production companies to expand their portfolio of sustainable deep-water developments.
• Therefore, with the increase in deep-water activities and the technology breakthrough, the deep-water and ultra-deep water segment is expected to witness a significant growth during the forecast period.

Middle-East and Africa to Witness Significant Growth

• Many countries in the Middle-East and Africa region have large-scale offshore reserves of oil and gas. The world's largest gas field - the South Pars Gas Complex in the Persian Gulf or the new discoveries of oil and gas reserves in the eastern Mediterranean sea are all expected to aid the growth of the market.
• The Angolan offshore acreage is among the most prospective plays in Africa and continues to draw high levels of investment. Drilling results are broadly positive, with exploration yielding several high-impact discoveries in recent years.
• In January 2020, Eni started production at the Agogo-1 deepwater field and won exploration rights to Block 28 in the Namibe Basin, while Total, active in Angola for more than 60 years, was awarded Block 29.
• On the flipside, with Angola's most prospective acreage in the deepwater, ultra-deepwater, and pre-salt areas, exploration can be characterized as high-risk, high-reward. The bulk of drilling is expected to continue to target deepwater and pre-salt prospects, spearheaded by industry giants, such as Chevron, BP, Eni, Exxon Mobil, Statoil, and Total, along with national oil company Sonangol.
• Nigeria holds the top position among the ten countries, with the largest remaining crude oil and condensate deepwater reserves. The majority of reserves are along the country's Niger River Delta and offshore in the Bight of Benin, the Gulf of Guinea, and the Bight of Bonny. As of now, exploration activities are mostly focused on the deep and ultra-deep offshore, although some onshore exploration is also taking place.

Key Topics Covered:

1 INTRODUCTION

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY

4 MARKET OVERVIEW

4.1 Introduction

4.2 Market Size and Demand Forecast in USD billion, till 2026

4.3 Historical Average Day Rates of Floaters and Jackup Rigs, till 2019

4.4 Major Offshore Upstream Projects

4.5 Recent Trends and Developments

4.6 Market Dynamics

4.6.1 Drivers

4.6.2 Restraints

4.7 Supply Chain Analysis

4.8 Porter's Five Forces Analysis

5 MARKET SEGMENTATION

5.1 Type

5.2 Water Depth

5.3 Geography

5.3.1 North America

5.3.2 Europe

5.3.3 Asia-Pacific

5.3.4 South America

5.3.5 Middle-East and Africa

6 COMPETITIVE LANDSCAPE

6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

6.2 Strategies Adopted by Leading Players

6.3 Market Share Analysis - Service Providers

6.4 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/4f0las

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE: HES) announced today that it has entered into an agreement to sell its subsidiary Hess Denmark ApS, which holds a 61.5% interest in the South Arne Field, to Ineos E&P AS for a total consideration of $150 million, effective January 1, 2021.

“The sale of our Denmark asset enables us to further focus our portfolio and strengthen our cash and liquidity position,” CEO John Hess said. “Proceeds will be used to fund our world class investment opportunity in Guyana.”

The South Arne Field produced an average of 5,800 barrels of oil equivalent per day net to Hess in the fourth quarter of 2020.

The sale is expected to close in the third quarter of 2021, subject to government approvals and customary closing conditions.

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

Cautionary Statements

This news release contains “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “would,” “believe,” “intend,” “project,” “plan,” “predict,” “will,” “target” and similar expressions identify forward-looking statements, which are not historical in nature. These forward-looking statements may include, without limitation, the expected timing and completion of the proposed sale and use of proceeds. Forward-looking statements are subject to certain known and unknown risks and uncertainties that could cause actual results to differ materially from our historical experience and our current projections or expectations of future results expressed or implied by these forward-looking statements. The following important factors could cause actual results to differ materially from those in our forward-looking statements: the ability of our contractual counterparties to satisfy their obligations to us, the ability to satisfy the conditions to the proposed sale; contract and other laws, regulations and governmental actions applicable to our business; and other factors described in the Risk Factor section in our Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and any additional risks described in our other filings with the Securities and Exchange Commission. As and when made, we believe that our forward-looking statements are reasonable. However, given these risks and uncertainties, caution should be taken not to place undue reliance on any such forward-looking statements since such statements speak only as of the date when made and there can be no assurance that such forward-looking statements will occur and actual results may differ materially from those contained in any forward-looking statement we make. Except as required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events or otherwise.

Investor Contact:
Jay Wilson
(212) 536-8940
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Media Contact:
Lorrie Hecker
(212) 536-8250
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Research shows that 90 percent of the power system can be decarbonized reliably and affordably using today’s technologies, with evolving approaches to planning and operating the grid

WASHINGTON--(BUSINESS WIRE)--Today, the REBA Institute and Grid Strategies released the Designing the 21^st Century Electricity System report, which synthesizes complex energy market research and analyses to create a roadmap of recommendations for leaders dedicated to accelerating the transition to a zero-carbon energy future.

“A re-envisioned 21^st century electricity system needs to be both resilient for extreme weather events and decarbonized to prevent the worsening damages of climate change,” said Miranda Ballentine, CEO of REBA Institute. “Decarbonizing the power system cannot happen at the rate and scale necessary without updated market design, and that includes integrating insights and needs of customers throughout the process.”

The current power system is designed to optimize an outdated resource mix dependent on fossil-fuel powered sources and there is a lack of consensus on key pathways toward a zero-carbon future. The REBA Institute report cuts through the noise with a clear, comprehensive review of all academic and technical evidence and recommendations to help establish a common understanding of current challenges that hinder decarbonization.

“Key high-impact market design elements – if prioritized by planning institutions – can decarbonize 90 percent of our electricity system,” said Rob Gramlich, founder and president of Grid Strategies. “It’s vital that stakeholders across the markets spectrum – markets experts, operators, transmission planning entities, and the federal government – collaborate to optimize existing structures and methods, and partner with large electricity customers to design the system of the future.”

The 21^st century power system requires fundamental changes to achieve climate action targets, provide affordable electricity to all customers, and ensure reliability and resilience, including:

• Large regional transmission organizations (RTOs) with best practice market design in all regions to facilitate movement of power across large areas and non-discriminatory access to the transmission system. This includes fast dispatch and locational and value-based pricing along with hedging and circuit-breaker mechanisms to protect consumers.
• Transmission planning and cost allocation to expand regional and interregional capacity based on appropriate recognition of the future electricity portfolio and the resilience value of transmission.
• Resource adequacy assessments and “stress testing” of the integrated power, gas, water, and other infrastructure systems.
• Reliability and generation performance standards to ensure reliability and resilience.
• Well-functioning energy procurement structures, on a voluntary or mandatory basis, to facilitate long-term contracting, resource adequacy, and lower financing costs for the large amount of new generation needed.
• Research and development in two principal areas to bring the costs down and improve the performance of (1) clean long-duration storage sources and (2) high-voltage direct current (HVDC) converter stations.

“The REBA Institute report is distinct in that it encapsulates the entire menu of organized market design concepts needed for the sustainable grid of the future. It helps create a roadmap for large electricity customers to work with key stakeholders to translate conceptual solutions into actionable proposals,” said Peter Freed, Head of Energy Strategy at Facebook. “We are in a pivotal moment for the energy industry transition, and we need a re-envisioned electricity system that can help achieve decarbonization goals quickly, reliably and for the benefit of all electricity customers.”

Large electricity customers have championed renewable energy for more than a decade by addressing persistent policy and regulatory market barriers that includes developing new contracting structures and utilizing emerging technologies to meet their own ambitious climate goals. The report highlights the particular importance of engaging this group as each customer has created a path to renewables that previously did not exist, and each individual has unique insights that will only strengthen the re-envisioned electricity system of the future.

Read the full report here.

Marisa Long, Inspire PR Group, 412-877-7592, This email address is being protected from spambots. You need JavaScript enabled to view it.

• Corporation reports EPS of $0.12 per share for Q4 2020, sequentially higher than Q3 2020.
• Full year 2020 EPS of $0.56 per share versus $(1.67) loss in full year 2019. First full year of profitability since 2015 despite impact of COVID-19.
• Capitalization significantly improved from 2019. Total debt reduced by $33.6 million or 47% from December 31, 2019.

CARNEGIE, Pa.--(BUSINESS WIRE)--Ampco-Pittsburgh Corporation (NYSE: AP) (the "Corporation" or “Ampco-Pittsburgh”) reported net income for the three and twelve months ended December 31, 2020, of $2.2 million, or $0.12 per common share, and $8.0 million, or $0.56 per common share, respectively. By comparison, the Corporation reported net income for the three months ended December 31, 2019, of $3.1 million, or $0.24 per common share, and a net loss of $(21.0) million, or $(1.67) per common share, for the twelve months ended December 31, 2019. For the full year 2019, this includes a loss from discontinued operations, net of tax, of $(9.1) million, or $(0.72) per common share.

Sales from continuing operations were $87.0 million and $328.5 million for the three and twelve months ended December 31, 2020, respectively, compared to $97.0 million and $397.9 million for the three and twelve months ended December 31, 2019, respectively. The decrease is primarily attributable to a lower volume of shipments for the Forged and Cast Engineered Products segment due to deferral of deliveries by customers in the flat-rolled steel and aluminum markets and reduced demand for forged engineered products, primarily in the oil and gas market.

Commenting on the quarter and full year results, Brett McBrayer, Ampco-Pittsburgh’s Chief Executive Officer, said, “Despite the decline in sales driven by the global pandemic, Ampco-Pittsburgh delivered another profitable quarter in Q4 2020 and improved sequentially over prior quarter EPS. The restructuring initiatives and efficiency improvements our team has been engaged in over the past two years have positioned us to face these challenges and deliver our first profitable year since 2015 while improving our liquidity position. We are cautiously optimistic that order activity levels will increase moving into the second half of 2021 as the lingering impacts of the pandemic subside.”

The Corporation reported income from continuing operations for the three and twelve months ended December 31, 2020, of $2.0 million and $6.4 million, respectively, compared to income of $3.0 million and a loss of $(10.9) million, respectively, for the same periods of the prior year. Income from continuing operations for the twelve months ended December 31, 2020, includes $0.8 million in subsequent proceeds from a 2018 business interruption claim (“Proceeds from Business Interruption Insurance Claim”) and a $0.3 million charge associated with the potential insolvency of an asbestos-related insurance carrier (“Asbestos-Related Charge”). By comparison, loss from continuing operations for the twelve months ended December 31, 2019, includes $1.8 million in Proceeds from Business Interruption Insurance Claim, $4.6 million in excess costs of the Corporation’s Avonmore, PA cast roll manufacturing facility (“Avonmore”), which was sold in September 2019 (“Excess Costs of Avonmore”), $2.4 million in professional fees and employee severance costs associated with the Corporation’s overall restructuring plan (“Restructuring-Related Costs”), $1.4 million in bad debt expense for a cast roll customer who had filed for bankruptcy protection (“Bad Debt Expense”), and an impairment loss (“Impairment Charge”) of $10.1 million associated with the write-down of certain assets of Avonmore in anticipation of its sale.

Excluding the Proceeds from the Business Interruption Insurance Claim and the Asbestos-Related Charge from the current year operating results, and the Bad Debt Expense, the Excess Costs of Avonmore, the Restructuring-Related Costs, the Proceeds from the Business Interruption Insurance Claim, and the Impairment Charge from the prior year operating results, as applicable, adjusted income (loss) from continuing operations, which is not based on U.S. generally accepted accounting principles (“GAAP”), was $2.3 million and $6.0 million for the three and twelve months ended December 31, 2020, in comparison to $1.9 million and $5.7 million for the three and twelve months ended December 31, 2019, respectively. Adjusted income from continuing operations for the three and twelve months ended December 31, 2020, increased by $0.4 million and $0.3 million, respectively, in comparison to the prior year periods, despite decreases in sales of approximately 10% and 17%, respectively, for the three and twelve months ended December 31, 2020, driven principally by the pandemic. Although the current year periods benefited from reduced SG&A expense compared to the corresponding periods of 2019, and, we experienced improved roll pricing and lower raw material costs during fiscal year 2020 compared to fiscal year 2019, these factors were approximately offset by the pandemic-driven impacts of the lower shipment volumes and net unfavorable plant absorption from lower production levels in the Forged and Cast Engineered Products segment. A reconciliation of these GAAP to non-GAAP results is provided below under “Non-GAAP Financial Measures Reconciliation Schedule.”

Other income – net for the three months ended December 31, 2020, improved in comparison to the prior year primarily due to lower interest expense. On a year-to-date basis, however, lower interest expense and lower foreign exchange transaction losses in 2020 did not completely offset the impact of net gains recorded in 2019 from the curtailment of pension and postretirement plans and special termination benefit costs associated with the Avonmore cast roll plant exit.

The income tax benefit for the twelve months ended December 31, 2020, includes a benefit of $3.5 million for the additional tax loss carryback provisions included in the CARES Act.

Segment Results

Forged and Cast Engineered Products

Sales for the three and twelve months ended December 31, 2020, declined 14% and 22% from the respective prior year periods primarily due to customers deferring shipments for mill rolls in response to pandemic-related market impacts and, to a lesser extent, lower demand for other forged engineered products, mainly in the oil and gas market. Operating results for the three months ended December 31, 2020, declined compared to prior year given the $1.8 million in Proceeds from Business Interruption Insurance Claim recorded in the prior year quarter. The unfavorable effects of lower sales volumes, pricing and product mix were more than offset by the favorable effects of reduced cost structure from the segment’s restructuring efforts and the restructuring-related costs recorded in the prior year quarter which are not recurring. Operating results for the twelve months ended December 31, 2020, improved significantly from the prior year period, as the prior year included the Impairment Charge, the segment’s portion of the Restructuring-Related Costs, the Excess Costs of Avonmore, and the Bad Debt Expense. In addition, favorable pricing and product mix, lower raw materials costs and lower selling and administrative expense compared to the prior year partially offset the unfavorable effects of the lower volume of shipments, net unabsorbed costs due to the periodic and temporary idling of plant capacity in response to the pandemic, and the lower Proceeds from Business Interruption Insurance Claim in the current year compared to the prior year.

Air and Liquid Processing

Despite the market effects of COVID-19, sales for the Air and Liquid Processing segment for the three and twelve months ended December 31, 2020, were comparable to prior year levels. Operating income for the quarter and full year was approximately equal to the prior year level, as favorable product mix and process improvement savings offset the Asbestos-Related Charge in the current period.

Teleconference Access

Ampco-Pittsburgh Corporation (NYSE: AP) will hold a conference call on Thursday, March 18, 2021, at 10:30 a.m. Eastern Time (ET) to discuss its financial results for the fourth quarter and fiscal year ended December 31, 2020. The Corporation encourages participants to pre-register at any time, including up to and after the call start time via this link: https://dpregister.com/sreg/10152460/e2dc80e4bc. Those without internet access or unable to pre-register should dial in at least five minutes before the start time using:

• Participant Dial-in (Toll Free): 1-844-308-3408
• Participant International Dial-in: 1-412-317-5408

For those unable to listen to the live broadcast, a replay will be available one hour after the event concludes on the Corporation’s website under the Investors menu at www.ampcopgh.com.

About Ampco-Pittsburgh Corporation

Ampco-Pittsburgh Corporation manufactures and sells highly engineered, high-performance specialty metal products and customized equipment utilized by industry throughout the world. Through its operating subsidiary, Union Electric Steel Corporation, it is a leading producer of forged and cast rolls for the global steel and aluminum industry. It also manufactures open-die forged products that principally are sold to customers in the steel distribution market, oil and gas industry, and the aluminum and plastic extrusion industries. The Corporation is also a producer of air and liquid processing equipment, primarily custom-engineered finned tube heat exchange coils, large custom air handling systems, and centrifugal pumps. It operates manufacturing facilities in the United States, England, Sweden, Slovenia, and participates in three operating joint ventures located in China. It has sales offices in North and South America, Asia, Europe, and the Middle East. Corporate headquarters is located in Carnegie, Pennsylvania.

Non-GAAP Financial Measures

The Corporation presents non-GAAP adjusted income from continuing operations as a supplemental financial measure to GAAP financial measures regarding the Corporation’s operational performance. This non-GAAP financial measure excludes unusual items affecting comparability, as described more fully in the footnotes to the attached “Non-GAAP Financial Measures Reconciliation Schedule,” including the Impairment Charge, the Restructuring-Related Costs, the Excess Costs of Avonmore, the Bad Debt Expense, the Proceeds from Business Interruption Insurance Claim, and the Asbestos-Related Charge, which the Corporation believes are not indicative of its core operating results. A reconciliation of this non-GAAP financial measure to income (loss) from continuing operations, the most directly comparable GAAP financial measure, is provided below under “Non-GAAP Financial Measures Reconciliation Schedule.”

The Corporation has presented non-GAAP adjusted income from continuing operations because it is a key measure used by the Corporation’s management and Board of Directors to understand and evaluate the Corporation’s operating performance and to develop operational goals for managing the business. Management believes this non-GAAP financial measure provides useful information to investors and others in understanding and evaluating the operating results of the Corporation, enhancing the overall understanding of the Corporation’s past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by management in its financial and operational decision-making. Non-GAAP adjusted income from continuing operations should be used only as a supplement to GAAP information, in conjunction with the Corporation’s condensed consolidated financial statements prepared in accordance with GAAP, and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are limitations related to the use of non-GAAP adjusted income from continuing operations rather than GAAP income (loss) from continuing operations. Among other things, the Excess Costs of Avonmore, which are excluded from the non-GAAP financial measure, necessarily reflect judgments made by management in allocating manufacturing and operating costs between Avonmore and the Corporation’s other operations and in anticipating how the Corporation will conduct business following the sale of Avonmore, which was completed on September 30, 2019.

Forward-Looking Statements

The Private Securities Litigation Reform Act of 1995 (the “Act”) provides a safe harbor for forward-looking statements made by or on behalf of Ampco-Pittsburgh Corporation (the “Corporation”). This press release may include, but is not limited to, statements about operating performance, trends, events that the Corporation expects or anticipates will occur in the future, statements about sales and production levels, restructurings, the impact from global pandemics (including COVID-19), profitability and anticipated expenses, future proceeds from the exercise of outstanding warrants, and cash outflows. All statements in this document other than statements of historical fact are statements that are, or could be, deemed “forward-looking statements” within the meaning of the Act and words such as “may,” “will,” “intend,” “believe,” “expect,” “anticipate,” “estimate,” “project,” “forecast” and other terms of similar meaning that indicate future events and trends are also generally intended to identify forward-looking statements. Forward-looking statements speak only as of the date on which such statements are made, are not guarantees of future performance or expectations, and involve risks and uncertainties. For the Corporation, these risks and uncertainties include, but are not limited to: cyclical demand for products and economic downturns; excess global capacity in the steel industry; fluctuations of the value of the U.S. dollar relative to other currencies; increases in commodity prices or shortages of key production materials; consequences of global pandemics (including COVID-19); changes in the existing regulatory environment; new trade restrictions and regulatory burdens associated with “Brexit”; inability of the Corporation to successfully restructure its operations; limitations in availability of capital to fund the Corporation’s operations and strategic plan; inoperability of certain equipment on which the Corporation relies; work stoppage or another industrial action on the part of any of the Corporation’s unions; liability of the Corporation’s subsidiaries for claims alleging personal injury from exposure to asbestos-containing components historically used in certain products of those subsidiaries; inability to satisfy the continued listing requirements of the New York Stock Exchange or NYSE American; failure to maintain an effective system of internal controls; potential attacks on information technology infrastructure and other cyber-based business disruptions; and those discussed more fully elsewhere in this report and in documents filed with the Securities and Exchange Commission by the Corporation, particularly in Item 1A, Risk Factors, in Part I of the Corporation’s latest Annual Report on Form 10-K, and Part II of the Quarterly Report on Form 10-Q for the period ended September 30, 2020. The Corporation cannot guarantee any future results, levels of activity, performance or achievements. In addition, there may be events in the future that the Corporation may not be able to predict accurately or control which may cause actual results to differ materially from expectations expressed or implied by forward-looking statements. Except as required by applicable law, the Corporation assumes no obligation, and disclaims any obligation, to update forward-looking statements whether as a result of new information, events or otherwise.

AMPCO-PITTSBURGH CORPORATION
NON-GAAP FINANCIAL MEASURES RECONCILIATION SCHEDULE
(in thousands)

As described under “Non-GAAP Financial Measures” above, the Corporation presents non-GAAP adjusted income (loss) from continuing operations as a supplemental financial measure to GAAP financial measures. The following is a reconciliation of income (loss) from continuing operations, the most directly comparable GAAP financial measure, to this non-GAAP financial measure for the three and twelve months ended December 31, 2020 and 2019:

Michael G. McAuley
Senior Vice President, Chief Financial Officer and Treasurer
(412) 429-2472
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REDWOOD CITY, Calif.--(BUSINESS WIRE)--#eneos--Ubiquitous Energy, the leader in truly transparent solar energy technology, has secured a strategic equity investment of $8M from ENEOS Holdings, one of the most prominent and comprehensive energy, resources, and materials companies in Asia. The investment from ENEOS represents an initial close of Ubiquitous Energy’s Series B financing round and will help support the company’s go-to-market strategy and production efforts — helping to bring its UE Power™ window products to market in the US and internationally.

There is a strong strategic alignment and synergy between Ubiquitous Energy and ENEOS. UE is focused on developing new ways to reduce humanity’s carbon footprint by seamlessly integrating solar technology into everyday products and surfaces, without aesthetic compromises. ENEOS has a portfolio that reduces carbon dioxide emissions and have begun investing substantial resources behind their smart city and renewable energy strategies. Working together they will pioneer the cultivation of an accessible low-carbon and renewables-oriented society.

“We are very pleased to announce our partnership with ENEOS. They share our commitment to powering the buildings of the future with renewable energy and we look forward to a long and fruitful partnership with the ENEOS team.”
— Ubiquitous Energy CEO Susan Stone

___________

About Ubiquitous Energy

Ubiquitous Energy is the world leader in transparent photovoltaics. Its award-winning UE Power™ technology is the world’s only truly transparent solar product. UE Power™ harvests solar energy and serves as an invisible, onboard source of electricity for a variety of end use products. The thin coating can be applied to the surface of window glass to provide electricity generation and energy efficiency while remaining visibly indistinguishable from the fully transparent standard windows on the market today. Originally spun out of MIT, Ubiquitous Energy is now producing its highly transparent, efficient solar cells and windows in its production facility in Silicon Valley.

For more information, visit www.ubiquitous.energy or contact us as This email address is being protected from spambots. You need JavaScript enabled to view it..

About ENEOS Holdings, Inc.

ENEOS Holdings, Inc. is a Japanese petroleum, oil & gas exploration, and metals conglomerate, a listed company on the first section of Tokyo Stock Exchange in Japan.

ENEOS Group are engaged in businesses such as not only oil, natural gas, copper and other non-ferrous metals, but also chemicals, recycling, electricity, and hydrogen.

ENEOS Group seeks to develop new businesses that are in line with the group’s “Long-Term Vision” through its Corporate Venture Capital arm, ENEOS IP (https://www.eneos-innovation.co.jp).

You can read more at: https://www.hd.eneos.co.jp/english/company/system/plan.html

Ubiquitous Energy, Inc. – Communication
Veeral Hardev
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Dangerous Goods Specialist Recognized for Leadership in Helping Shippers Navigate Business Challenges, Leverage Supply Chains for Competitive Advantage

CHICAGO--(BUSINESS WIRE)--#Compliance--Labelmaster, the leading provider of products, services and technology for the safe and compliant transport of dangerous goods (DG) and hazardous materials (hazmat), today announced that Director of Regulatory Affairs and Corporate Responsibility Brian Beetz has been selected as a 2021 Pros to Know Award recipient by Supply & Demand Chain Executive magazine.

The Pros to Know Awards recognize outstanding executives whose accomplishments offer a roadmap for other leaders looking to leverage supply chain for competitive advantage. This year’s list includes individuals and teams from software and service providers, consultancies and academia, trucking and transportation firms, professional development agencies, sourcing and procurement divisions, and more. All have helped supply chain clients and the supply chain community at large prepare to meet many of today’s – and tomorrow’s – challenges.

Brian Beetz has more than 20 years of experience in the hazmat, environmental, health and safety sectors. As director of regulatory affairs and corporate responsibility, Beetz helps provide organizations in diverse industries (including manufacturing, retail, electronics, pharmaceutical and others) with the DG products, technology, training, regulatory materials and support services they need to in order to execute their supply chain operations efficiently, safely and compliantly.

“We are proud to have Brian recognized for his ongoing efforts to support the safe and compliant movement of dangerous goods around the globe,” said Alan Schoen, president, Labelmaster. “His deep industry expertise and knowledge of hazmat shipping regulations helps organizations navigate the complex, ever-changing regulations that govern the transport of dangerous goods, and achieve real business value by creating a more compliant supply chain.”

Overcoming Gaps in Today’s Hazmat Supply Chain

The growth of ecommerce, the evolution of the global supply chain, expanding regulations and a host of other factors have made moving DG in a safe and compliant manner more important than ever. Unfortunately, several key gaps exist within many organizations’ processes and infrastructure that make maintaining a safe and reliable hazmat supply chain challenging, and put their operational efficiency and bottom line at risk.

These DG management gaps became especially clear during the COVID-19 pandemic, as many organizations experienced significant challenges in keeping goods moving, as well keeping teams up-to-date and trained on new and existing compliance rules. To learn more about the gaps that exist within the DG supply chain, and strategies to improve compliance within your organization, download the 2020 Global Dangerous Goods Confidence Outlook report: https://www.labelmaster.com/dg-confidence-outlook.

To learn more about dangerous goods software or how to establish a safer, more compliant supply chain, visit https://www.labelmaster.com.

About Labelmaster

For more than five decades, Labelmaster has been the go-to source for companies big and small to navigate and comply with the complex, ever-changing regulations that govern the transport of dangerous goods and hazardous materials. From hazmat labels and UN-certified packaging, hazmat placards and regulatory publications, to advanced technology and regulatory training, Labelmaster’s comprehensive offering of industry-leading software, products, and services helps customers remain compliant with all dangerous goods regulations, mitigate risk, and maintain smooth, safe operations. Labelmaster's dedication to supporting its customers' operational and compliance needs is enhanced through its unmatched industry expertise and consulting services, which serve as a valuable resource for customers to answer difficult and commonplace regulatory questions. Whether you're shipping hazardous materials by land, air, or sea, Labelmaster is your partner in keeping your business ahead of regulations and compliant every step of the way. To learn more, visit www.labelmaster.com.

Stephen Dye
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312-957-8911

Certification program offers benchmark for terminal operators to validate skills for efficient operations

OAKLAND, Calif.--(BUSINESS WIRE)--Navis, a part of Cargotec Corporation, and the provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the shipping supply chain, announced today the availability of the Navis Certification Program. This new series of certification exams verify fundamental knowledge of the N4 TOS and how to use it for Yard Planning, Vessel Planning and IT Administration, and was designed to produce Navis experts across terminal operations.

Employers around the world have found that professional certifications motivate individuals to engage and deepen their own commitment to their work. The Navis Certification Program offers a benchmark to measure knowledge across operations through online tests, available worldwide, 24/7. The exams measure learning objectives taught in the popular N4 fundamentals and role-based courses, and certifications validate whether operations staff have cleared a bar of knowledge necessary to perform competently and efficiently in their jobs and highlight where they can improve their skills.

“Companies who help their operational teams reach their professional goals reap the benefits of happier people who stay longer. We’ve also learned that overall, teams that meet industry benchmarks deliver higher and more consistent quality for their organizations,” said Andy Clason, Vice President Of Technical Services at Navis. “This is why we created the Navis Training program. We wanted to help customers reach their operational goals by ensuring their workforce was trained and certified on our services, and also empower them to troubleshoot issues and work at their full potential.”

Every person certified by Navis receives a digital badge through the third-party credentialing agency Credly, which they can display in their email signatures and via web and social media channels.

The newly developed Certifications includes:

• Fundamentals of N4 & XPS
• Yard Planner
• Vessel Planner
• IT Administrator (released Q2 2021)

For a more detailed description of the entire certification program, see Navis’ online certification brochure: https://courses.navis.com/view/320769/.

About Navis, LLC

Navis, a part of Cargotec Corporation, is a provider of operational technologies and services that unlock greater performance and efficiency for the world’s leading organizations across the cargo supply chain. Navis combines industry best practices with innovative technology and world-class services, to enable our customers, regardless of cargo type, to maximize performance and reduce risk. Through its holistic approach to operational optimization, Navis customers benefit from improved visibility, velocity and measurable business results. Whether tracking cargo through a terminal, improving vessel safety and cargo capacity, optimizing rail network planning and asset utilization, automating equipment operations, or managing multiple terminals through an integrated, centralized solution, Navis helps all customers streamline operations. www.navis.com

About Cargotec Corporation

Cargotec (Nasdaq Helsinki: CGCBV) enables smarter cargo flow for a better everyday with its leading cargo handling solutions and services. Cargotec's business areas Kalmar, Hiab and MacGregor are pioneers in their fields. Through their unique position in ports, at sea and on roads, they optimise global cargo flows and create sustainable customer value. Cargotec has signed United Nations Global Compact’s Business Ambition for 1.5°C. The company’s sales in 2020 totalled approximately EUR 3.3 billion and it employs around 11,500 people. www.cargotec.com

Jennifer Grinold
Navis, LLC
T+1 510 267 5002
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Geena Pickering
Affect
T+1 212 398 9680
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