ORANGE, Conn.--(BUSINESS WIRE)--Today AVANGRID, Inc. (NYSE:AGR) announced that its Board of Directors declared a quarterly dividend of $0.44 per share on its Common Stock. This dividend is payable April 1, 2021 to shareholders of record at the close of business on March 5, 2021.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) is a leading, sustainable energy company with approximately $36 billion in assets and operations in 24 U.S. states. With headquarters in Orange, Connecticut, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs approximately 6,600 people. AVANGRID supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2019 and 2020 by the Ethisphere Institute. For more information, visit www.avangrid.com.

Investor Contact:
Patricia Cosgel
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203.499.2624

ELGIN, Ill.--(BUSINESS WIRE)--Heritage-Crystal Clean, Inc. (NASDAQ: HCCI), a leading provider of parts cleaning, used oil re-refining, and hazardous and non-hazardous waste services, announced today the addition of Tony Chase to its Board of Directors.

“We are excited to welcome Tony to Heritage-Crystal Clean’s Board of Directors,“ said Heritage-Crystal Clean President & CEO Brian Recatto. “Mr. Chase is a highly respected entrepreneur and leader in the Houston area with a proven track record of building successful businesses in an aggressive timeframe. Having a group of diverse voices at the leadership table is increasingly important as we work to reach our full potential as a leading environmental services company that helps the business world run cleaner.”

Mr. Chase is the current chairman and CEO of ChaseSource, L.P., a Houston-based staffing, facilities management, and real estate development firm that is recognized as one of the largest minority-owned businesses in the nation. He is also the principal owner of the Marriott Hotel at George Bush Intercontinental Airport in Houston, TX.

“The world is re-evaluating its relationship with waste and where energy comes from,” Tony shared. “Crystal Clean is well positioned to take advantage of opportunities now and in the future as a leader in the environmental services industry. I look forward to the opportunity to contribute to the strategic plan of the company as we all work towards reaching our full capacity.”

Mr. Chase is a Houston native and graduate from Harvard College, holds a degree from Harvard Law School and earned an MBA from Harvard Business School. He is a successful entrepreneur and has started and sold three ventures, including a conglomerate of radio stations, a group of international call centers, and the mobile phone service provider Cricket Wireless. He also sits on the board of several Houston-area nonprofits and national companies.

Mr. Chase is the recipient of many awards including the American Jewish Committee’s 2016 Human Relations Award, Houston Technology Center’s 2015 Entrepreneur of the Year, 2013 Mickey Leland Humanitarian Award (NAACP), 2013 Bob Onstead Leadership Award (GHP) and the 2012 Whitney M. Young Jr. Service Award. He also received Ernst & Young’s Entrepreneur of the Year, the Pinnacle Award (Bank of America) and the Baker Faculty Award (UH Law Center).

In September of 2020 we accepted The Board Challenge and we are proud to say that in less than six months we have met that challenge. We strongly believe Heritage-Crystal Clean will realize many benefits from the contributions Mr. Chase will bring to our business.

About Heritage-Crystal Clean, Inc.

Founded in 1999 by a team of seasoned industry professionals, Crystal Clean operates a nationwide network of branches serving the continental USA and Ontario, Canada. The company is headquartered in Elgin, IL and operates more than 85 service branches across the nation through which it services approximately 91,000 customer locations. In addition, we operate multiple waste recovery centers, including an oil re-refinery, regional antifreeze recovery centers, and several wastewater treatment facilities. Our service programs include parts cleaning, containerized waste management, used oil collection and re-refining, vacuum truck services, waste antifreeze collection, recycling and product sales, and field services. Learn more at www.crystal-clean.com.

Mark DeVita
847-836-5670
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HARTFORD, Conn. & BOSTON--(BUSINESS WIRE)--Eversource Energy (NYSE: ES) today reported full-year 2020 earnings of $1.205 billion, or $3.55 per share, compared with 2019 earnings of $909.1 million, or $2.81 per share. Results for 2020 include after-tax costs of $32.1 million, or $0.09 per share, related to the acquisition of the assets of Columbia Gas of Massachusetts. Results for 2019 include a charge of $204.4 million, or $0.64 per share, related to the Northern Pass Transmission (NPT) project.

In the fourth quarter of 2020, Eversource Energy earned $271.9 million, or $0.79 per share, compared with earnings of $250 million, or $0.76 per share, in the fourth quarter of 2019. Results for the fourth quarter of 2020 include after-tax costs of $19.3 million, or $0.06 per share, related to the Columbia Gas asset acquisition.

2021 and Long-Term Earnings Per Share (EPS) Guidance

Also today, Eversource Energy projected 2021 non-GAAP earnings of between $3.81 per share and $3.93 per share, excluding incremental Columbia Gas asset transition costs. Eversource also projects that its long-term EPS growth through 2025 from its core regulated utility segments will be in the upper half of its previously announced range of 5-7 percent, using 2020 non-GAAP earnings of $3.64 per share as the base.

Electric Distribution

Eversource Energy’s electric distribution segment earned $544 million for the full year 2020, compared with earnings of $513.3 million for the full year 2019. The segment earned $93.4 million in the fourth quarter of 2020, compared with earnings of $90.7 million in the fourth quarter of 2019. Improved results were due to higher revenues, partially offset by significantly higher electric system restoration costs during an unprecedented year of storm activity.

“Tropical Storm Isaias was by far the worst storm to damage our system in 2020, but it was far from the only one,” said Jim Judge, Eversource chairman, president and chief executive officer. “We had more storm activity in 2020 than in any year in our history, right up through Christmas Day when thousands of Eversource employees responded to extremely high and damaging winds that caused extensive damage across our service territory. It was the most recent of dozens of instances in 2020 where Eversource employees worked tirelessly and safely through the pandemic to maintain and restore vital services to our 4.3 million customers.”

Electric Transmission

Eversource Energy’s transmission segment earned $502.5 million for the full year of 2020, compared with earnings of $460.9 million¹ in 2019, excluding the NPT charge. The transmission segment earned $120.7 million in the fourth quarter of 2020, compared with earnings of $118.1 million in the fourth quarter of 2019. Higher earnings in 2020 were due primarily to an increased level of investment in Eversource Energy transmission facilities.

Natural Gas Distribution

Eversource Energy’s natural gas distribution segment earned $135.6 million¹ for the full year 2020, excluding acquisition-related costs in the fourth quarter of $1.5 million, compared with earnings of $96.2 million for the full year 2019. Fourth quarter 2020 natural gas segment earnings were $62.3 million¹, excluding acquisition-related costs, compared with earnings of $39.6 million in the fourth quarter of 2019. Improved results primarily reflect fourth quarter 2020 earnings from assets of the former Columbia Gas of Massachusetts. Eversource closed on the purchase on October 9, 2020 and now holds them in its new Eversource Gas Company of Massachusetts subsidiary. Improved results also reflect higher distribution revenues at NSTAR Gas and Yankee Gas, partially offset by higher O&M and depreciation expense.

Water Distribution

Eversource Energy’s water distribution segment earned $41.2 million for the full year 2020, compared with earnings of $34.9 million for the full year 2019, and $5.6 million in the fourth quarter of 2020, compared with $8.5 million in the fourth quarter of 2019. Higher full-year results in 2020 include the benefit from the sale of Aquarion Water facilities in Hingham, Massachusetts.

Eversource Energy Parent and Other Companies

Eversource Energy parent and other companies earned $14 million¹ for the full year 2020, excluding acquisition-related costs of $30.6 million, compared with earnings of $8.2 million for the full year 2019. It earned $9.2 million¹ in the fourth quarter of 2020, excluding acquisition-related costs of $17.8 million, compared with a loss of $6.9 million in the fourth quarter of 2019. Improved fourth-quarter results were due primarily to a lower effective tax rate.

The following table reconciles 2020 and 2019 fourth quarter and full year earnings per share:

Financial results by segment for the fourth quarter and full-year 2020 and 2019 are noted below:

Eversource Energy has approximately 343 million common shares outstanding and operates New England’s largest energy delivery system. It serves approximately 4.3 million electric, natural gas and water customers in Connecticut, Massachusetts and New Hampshire.

¹ All per-share amounts in this news release are reported on a diluted basis. The only common equity securities that are publicly traded are common shares of Eversource Energy. The earnings and EPS of each business do not represent a direct legal interest in the assets and liabilities of such business, but rather represent a direct interest in Eversource Energy's assets and liabilities as a whole. EPS by business is a non-GAAP (not determined using generally accepted accounting principles) financial measure that is calculated by dividing the net income or loss attributable to common shareholders of each business by the weighted average diluted Eversource Energy common shares outstanding for the period. Earnings discussions also include non-GAAP financial measures referencing 2020 earnings and EPS excluding certain acquisition costs related to our purchase of the assets of Columbia Gas of Massachusetts and 2019 earnings and EPS excluding the NPT impairment charge. Eversource Energy uses these non-GAAP financial measures to evaluate and provide details of earnings results by business and to more fully compare and explain 2020 and 2019 results without including these items. Management believes the acquisition costs and the NPT impairment charge are not indicative of Eversource Energy’s ongoing costs and performance. Due to the nature and significance of these items on net income attributable to common shareholders, management believes that the non-GAAP presentation is a more meaningful representation of Eversource Energy’s financial performance and provides additional and useful information to readers in analyzing historical and future performance of the business. Non-GAAP financial measures should not be considered as alternatives to Eversource Energy’s consolidated net income attributable to common shareholders or EPS determined in accordance with GAAP as indicators of Eversource Energy’s operating performance.

This document includes statements concerning Eversource Energy’s expectations, beliefs, plans, objectives, goals, strategies, assumptions of future events, future financial performance or growth and other statements that are not historical facts. These statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Generally, readers can identify these forward-looking statements through the use of words or phrases such as “estimate,” “expect,” “anticipate,” “intend,” “plan,” “project,” “believe,” “forecast,” “should,” “could” and other similar expressions. Forward-looking statements involve risks and uncertainties that may cause actual results or outcomes to differ materially from those included in the forward-looking statements. Factors that may cause actual results to differ materially from those included in the forward-looking statements include, but are not limited to: cyberattacks or breaches, including those resulting in the compromise of the confidentiality of our proprietary information and the personal information of our customers; disruptions in the capital markets or other events that make our access to necessary capital more difficult or costly; the negative impacts of the novel coronavirus (COVID-19) pandemic on our customers, vendors, employees, regulators, and operations; changes in economic conditions, including impact on interest rates, tax policies, and customer demand and payment ability; ability or inability to commence and complete our major strategic development projects and opportunities; acts of war or terrorism, physical attacks or grid disturbances that may damage and disrupt our electric transmission and electric, natural gas, and water distribution systems; actions or inaction of local, state and federal regulatory, public policy and taxing bodies; substandard performance of third-party suppliers and service providers; fluctuations in weather patterns, including extreme weather due to climate change; changes in business conditions, which could include disruptive technology or development of alternative energy sources related to our current or future business model; contamination of, or disruption in, our water supplies; changes in levels or timing of capital expenditures; changes in laws, regulations or regulatory policy, including compliance with environmental laws and regulations; changes in accounting standards and financial reporting regulations; actions of rating agencies; and other presently unknown or unforeseen factors.

Other risk factors are detailed in Eversource Energy’s reports filed with the Securities and Exchange Commission (SEC). They are updated as necessary and available on Eversource Energy’s website at www.eversource.com and on the SEC’s website at www.sec.gov. All such factors are difficult to predict and contain uncertainties that may materially affect Eversource Energy’s actual results, many of which are beyond our control. You should not place undue reliance on the forward-looking statements, as each speaks only as of the date on which such statement is made, and, except as required by federal securities laws, Eversource Energy undertakes no obligation to update any forward-looking statement or statements to reflect events or circumstances after the date on which such statement is made or to reflect the occurrence of unanticipated events.

The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to shareholders about Eversource Energy and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.

The data contained in this report is preliminary and is unaudited. This report is being submitted for the sole purpose of providing information to shareholders about Eversource Energy and Subsidiaries and is not a representation, prospectus, or intended for use in connection with any purchase or sale of securities.

Jeffrey R. Kotkin
(860) 665-5154

FORT WORTH, Texas--(BUSINESS WIRE)--FTS International, Inc. (NYSE American:FTSI) announced today that it will release its financial results for the fourth quarter and year ended December 31, 2020 on Thursday, March 4, 2021 after the market closes. FTS International will hold a conference call that will also be webcast on its website on Friday, March 5, 2021 at 10:00 a.m. Central Time (11:00 a.m. Eastern Time) to discuss the results.

Presenting the Company’s results will be Michael Doss, Chief Executive Officer, who will then be joined by Buddy Petersen, Chief Operating Officer and Lance Turner, Chief Financial Officer, for Q&A.

Please see below for instructions on how to access the conference call and webcast.

By Phone: Dial (312) 429-0440 at least 10 minutes before the call. A replay will be available through March 26 by dialing (402) 977-9140 and using the conference ID 21990586#.

By Webcast: Connect to the webcast via the Events page of FTS International’s website at www.FTSI.com/investor-relations/events. Please join the webcast at least 10 minutes in advance to register and download any necessary software. A replay will be available shortly after the call.

About FTS International, Inc.

Headquartered in Fort Worth, Texas, FTS International is an independent hydraulic fracturing service company and one of the only vertically integrated service providers of its kind in North America.

To learn more, visit www.FTSI.com.

Lance Turner
Chief Financial Officer
817-862-2000
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EWING, N.J.--(BUSINESS WIRE)--$OLED #OLED--Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED^® technology and materials, today announced that Dr. Julie Brown, Senior Vice President and Chief Technical Officer, was elected to the National Academy of Engineering (NAE). Election to the prestigious NAE is widely acclaimed as one of the highest professional distinctions bestowed upon an engineer.

Dr. Brown was cited by the National Academy of Engineering for her “contributions to materials and device technologies for phosphorescent light emitting diode displays, and their commercialization.” The NAE membership honors those who have made outstanding contributions to “engineering research, practice, or education, including, where appropriate, significant contributions to the engineering literature” and to “the pioneering of new and developing fields of technology, making major advancements in traditional fields of engineering, or developing/implementing innovative approaches to engineering education.”

“Tremendous and heartfelt congratulations to Julie for the election into the distinguished National Academy of Engineering for her brilliant leadership and trailblazing contributions in the OLED field,” said Steven V. Abramson, President and Chief Executive Officer of Universal Display. “For over two decades, Julie has driven and advanced UDC’s technical vision and excellence to firmly position the Company as a leader in the discovery, development, and design of state-of-the-art OLED technologies and phosphorescent materials. She and her team of scientists and engineers have built and shaped UDC’s innovation engine that enables virtually every high-performing, energy-efficient OLED display in the global consumer landscape. The UDC family is elated for our colleague and commend her on this well-earned, highly esteemed distinction.”

About Universal Display Corporation

Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display, solid-state lighting applications with subsidiaries and offices around the world. Founded in 1994, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,000 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.

Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.

All statements in this document that are not historical, such as those relating to the impact of the COVID-19 pandemic on the Company and otherwise, the Company’s technologies and potential applications of those technologies, the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the sections entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2019 and subsequent Quarterly Reports on Form 10-Q. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

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Universal Display Contact:
Darice Liu
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+1 609-964-5123

This press release contains forward-looking information that is based upon assumptions and is subject to risks and uncertainties as indicated in the cautionary note contained within this press release.

TORONTO--(BUSINESS WIRE)--DREAM IMPACT TRUST (TSX: MPCT.UN) ("Dream Impact", "MPCT", "we" or the "Trust") today reported its financial results for the three and twelve months ended December 31, 2020.

“We are making great progress repositioning our business into Canada's first public impact investment vehicle. We are making significant progress establishing our impact framework which will outline our goals and processes that will be verified by a dedicated impact audit firm. We believe the impact we can create from our current portfolio will make a meaningful and positive change in the communities they intend to serve, while continuing to generate attractive returns for our owners. We also believe that there are unlimited new opportunities with our refined strategy while generating strong returns as we contribute to the post-pandemic recovery," said Michael Cooper, Portfolio Manager. "We are pleased with the Trust's successes from an operational and strategic perspective in 2020. Despite the environment created by the pandemic, our development assets continue to progress and there were minimal delays on our projects under construction. We achieved favourable zoning for pipeline assets and had successful condo launches for products brought to market. In addition, we repatriated a significant amount of capital from non-core assets and prudently managed the Trust’s liquidity to withstand market volatility over the last year."

Since our announcement in the fourth quarter to become a pure-play impact investment vehicle, we have made tremendous headway on the development of our impact management framework. This framework will incorporate our governance and monitoring processes for identifying and measuring impact and will provide a systematic ranking methodology to be applied across the Trust’s portfolio. We remain committed to promoting transparency in the design and outcome of this framework as part of our inaugural impact report, which will be published this year. Upon completion of our framework, we intend to meet with local and global investors who have committed over $400 billion to this segment according to the Operating Principles for Impact Management ("OPIM"). In addition, in 2021, as a signatory to the OPIM, we intend to publish our disclosure statement and a third party verification report.

As a reminder, the Trust’s three core impact verticals include: Attainable and Affordable Housing, Inclusive Communities and Resource Efficiency, which align with the widely recognized and accepted United Nations Sustainable Development Goals. Each of the Trust’s assets that fall under the verticals above, may have up to five pathways identified, where we will assess the magnitude of impact created, the number of individuals who will be affected and the contribution we played in achieving the benefit. An example of pathways identified at Zibi can be seen in the Trust’s 2020 Annual Report.

Selected financial and operating metrics for the three and twelve months ended December 31, 2020 are summarized below:

In the three and twelve months ended December 31, 2020, the Trust reported net income of $14.9 million and $16.3 million, respectively. Earnings relative to the prior year were not directly comparable due to asset sales, loan repayments, occupancy income on the Axis condominium project in 2019 and fair value fluctuations. Due to the composition of the Trust's portfolio, we expect fluctuations in earnings period to period until our development pipeline is further built out. For details on project occupancies and development timelines, refer to section 1.4 "Summary of Portfolio Assets" of our Management's Discussion and Analysis ("MD&A").

Included in the Trust's results for the fourth quarter were fair value gains on income properties of $10.2 million, compared to $21.1 million in the prior year. Gains in both periods were attributable to 49 Ontario St., one of the Trust’s income properties located in downtown Toronto, currently in the rezoning process. As at December 31, 2020, the asset was carried on MPCT’s books for $69.8 million. Once rezoned, we anticipate further fair value gains on this asset.

As at December 31, 2020, the Trust had $110.7 million of cash on hand. The Trust’s debt-to-asset value⁽¹⁾ as at December 31, 2020 was 13.6%, relatively consistent with September 30, 2020 at 13.9%, and up slightly from December 31, 2019 at 12.8%. The Trust's debt-to-total asset value inclusive of project-level debt⁽¹⁾ and assets within our development segment, including equity accounted investments, was 38.5% compared to 37.4% as at September 30, 2020, as a result of increased spend on our developments.

As previously communicated, we are changing the collateral base of MPCT’s operating facility to be more beneficial to the Trust. Once completed, we expect to deploy the additional $50 million of liquidity towards acquiring income properties meeting our impact criteria, which will further contribute to our sources of recurring income. In addition, we are continuing to work with Dream Asset Management Corporation ("DAM"), the Trust’s asset manager, to renew the agreement for DAM to accept units of the Trust in satisfaction of its management fees for an additional three years. The Trust’s existing arrangement with DAM to settle management fees in units based on NAV as of December 31, 2018 at $8.74 expired on December 31, 2020. By continuing to settle fees in units and through continued growth in our recurring income segment, we expect to improve MPCT’s operating cash flows and provide further security for our ongoing distributions.

RESULTS HIGHLIGHTS BY SEGMENT

Development
In the fourth quarter, the Trust's development segment generated net income of $10.2 million relative to $4.5 million in the comparative period. The increase of $5.7 million was driven by a gain on extinguishment of debt within the Trust's Frank Gehry investment, as well as a fair value gain within the West Don Lands investment, driven by zoning and financing milestones achieved in the current period. Partially offsetting the above noted items was occupancy income recognized in the prior period, as well as an increase in foreign exchange losses in the current year due to the depreciation of the U.S. dollar and certain cost-to-complete adjustments on a closed project. The Trust expects the impact of foreign exchange gains or losses on the Virgin Hotels Las Vegas to fluctuate each period.

In the twelve months ended December 31, 2020, the Trust contributed $45.8 million, including transaction costs, to projects within its development and investment holdings segment, including those classified as equity accounted investments. The Trust's contributions year to date were primarily related to Zibi, Brightwater, Frank Gehry, Virgin Hotels Las Vegas and the West Don Lands, our affordable housing development in downtown Toronto. We anticipate further capital investments in the range of $75 to $85 million for our development projects, over the next two years.

During the three months ended December 31, 2020, the Trust had the following key achievements and activity within its development segment:

In the fourth quarter, we obtained zoning approval for Blocks 3/4/7 and 20 at the Trust’s West Don Lands development through a Municipal Zoning Order (“MZO”) issued by the Province of Ontario. The MZO approval was a significant milestone as it secures the development timeline and additional density to execute one of the largest affordable housing programs in Canada. In aggregate, the West Don Lands, comprised of Blocks 8, 3/4/7 and 20, is expected to bring a total of 2,286 rental units to market in downtown Toronto between 2023-2027, of which 30% will be affordable. The MZO also provided for 300,000 square feet ("sf") of commercial space on the development. Construction is well underway at Block 8 and assuming current market conditions, we expect construction to commence at Blocks 3/4/7 in mid-2021. The Trust has a 25% interest in the development. In the fourth quarter, the Trust closed on $444 million of financing (at the project level) for Blocks 3/4/7.

In the fourth quarter, the Trust increased its equity ownership in the Frank Gehry development from 18.75% to approximately 25%, with no incremental capital investment. Concurrent to the change in ownership in the period, the aforementioned gain on extinguishment of debt ($8.0 million at the Trust's level), was the result of renegotiating certain financial obligations. To date, the Trust has invested $36.6 million in the landmark residential project located in the heart of downtown Toronto. Dream Unlimited Corp. and Dream Impact own a combined 33% in the project.

Over 70% of our projects are zoned, with the remaining 30% of Dream Impact's development projects or assets with redevelopment potential currently in the rezoning process. Depending on the specific municipality, this process may take upwards of 2-3 years from the timing of submission. Significant zoning approvals, including 49 Ontario, an income property with significant redevelopment potential in downtown Toronto, are expected to be achieved over the next two years.

The impact attributes of our development assets may provide the Trust with access to non-traditional forms of financing, such as programs created by CMHC or other government bodies. Examples of debt obtained on impact specific assets include $357 million under CMHC’s RCFi program for Block 8 at the West Don Lands, and $10 million of non-traditional financing to be utilized across certain blocks at Zibi (at 100% project level).

Please refer to Sections 1.4, "Summary of Portfolio Assets", and 10.1, "Summary of Impact Investments", in our MD&A for the years ended December 31, 2020 and 2019, for details on our complete development pipeline. Build-to-hold assets, such as the West Don Lands and future blocks at Zibi, are part of the Trust's long-term impact investing strategy.

Recurring Income
In the three months ended December 31, 2020, the Trust's recurring income segment generated net income of $11.8 million compared to $25.8 million in the prior period. The decrease was due to fluctuations in fair value adjustments recorded in each period, as well as reduced income contribution from the Trust's lending portfolio and sale of non-core income properties.

As at February 16, 2021, the Trust had two additional income properties under contract, expected to close in the first quarter of 2021. Once acquired, the two income properties, located in downtown Toronto, will add a further 55,000 sf of GLA, which is in addition to the Trust's 980,000 sf of existing GLA (at 100% project level). Both buildings are considered boutique offices with significant value-add and impact potential.

Other⁽²⁾
In the fourth quarter of 2020, the Other segment recorded a net loss of $7.2 million compared to $6.2 million in the prior period, an increase of $1.0 million primarily related to higher income tax expense as a result of the fluctuation in the fair value gains from the Trust's equity accounted investments and income properties.

Unit Buyback Activity
From the inception of the Trust's unit buyback program in December 2014 to February 16, 2021, the Trust has repurchased 14.1 million units for cancellation, for a total cost of $87.8 million. During 2020, the Trust repurchased 5.2 million units for a total cost of $24.6 million.

As at February 16, 2021, the Trust's asset manager, DAM, owns 17.1 million units of the Trust, inclusive of 1.3 million units acquired under the Trust's distribution reinvestment plan, 2.0 million units acquired in settlement of the asset management fee and the remainder acquired on the open market for DAM's own account. In aggregate, DAM owns 26.4% of the Trust as at February 16, 2021.

Net Asset Value ("NAV")⁽¹⁾
As at December 31, 2020, the NAV per unit⁽¹⁾ was $8.99 compared with total unitholders' equity per unit⁽¹⁾ of $8.33. The variance was due to a market value⁽¹⁾ adjustment of $43.0 million (December 31, 2019 - $34.0 million), which included the impact of market value⁽¹⁾ gains on equity accounted investments. These market value⁽¹⁾ gains recorded related to the Lakeshore East and Brightwater developments ($50.7 million), which were partially offset by a related deferred tax adjustment ($7.7 million).

The Trust believes that incorporating an annual market value adjustment is a more useful measure to value certain development assets that would not ordinarily be captured within IFRS and the Trust's consolidated financial statements as they are accounted for under the equity accounted method and the underlying properties are carried at cost. In calculating the annual market value adjustment, the Trust obtains independent third-party appraisals annually or as significant development milestones are achieved. Assuming consistent market conditions, the development projects are expected to continue to generate market value increases as they continue to advance closer to their completion dates.

For further details and reconciliations regarding non-IFRS measures, where applicable, to the nearest IFRS measure in the Trust's consolidated financial statements, please refer to the "Financial Overview" section in the MD&A under the heading "Reconciliation of Net Asset Value to Total Unitholders' Equity".

Cash Generated from Operating Activities - Continuing Operations
Cash utilized in operating activities in the three months ended December 31, 2020 was $2.4 million compared with cash generated from operating activities of $1.3 million in the prior year period. The decrease of $3.7 million was due to changes in non-cash working capital.

The table below provides a summary of the Trust's portfolio as at December 31, 2020, including total unitholders' equity:

Conference Call
Senior management will host a conference call on Thursday, February 25, 2021 at 10:30am (ET). To access the call, please dial 1.888.465.5079 in Canada or 1.416.216.4169 elsewhere and use passcode 5599 741#. To access the conference call via webcast, please go to Dream Impacts' website at www.dreamimpacttrust.ca and click on Calendar of Events in the News and Events section. A taped replay of the conference call and the webcast will be available for 90 days.

About Dream Impact
Dream Impact is an open-ended trust dedicated to impact investing. Impact investing is the intention of creating measurable positive, social and environmental change in our communities and for our stakeholders, while generating attractive market returns. Dream Impact's underlying portfolio is comprised of exceptional real estate assets reported under two operating segments: development and recurring income, that would not be otherwise available in a public and fully transparent vehicle, managed by an experienced team with a successful track record in these areas. The objectives of the Trust are to create positive and lasting impacts for our stakeholders through our three impact verticals: attainable and affordable housing, inclusive communities, and resource efficiency; balance growth and stability of the portfolio, increasing cash flow, unitholders' equity and NAV⁽¹⁾ over time; leverage access to an experienced management team and strong partnerships in order to generate attractive returns for investors; provide investors with a portfolio of high-quality real estate development opportunities, concentrated in core geographic markets; and to provide predictable cash distributions to unitholders on a tax-efficient basis. For more information, please visit: www.dreamimpacttrust.ca.

Non-IFRS Measures
The Trust’s consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”). In this press release, as a complement to results provided in accordance with IFRS, the Trust discloses and discusses certain non-IFRS financial measures, including NAV, market value, debt-to-asset value, debt-to-total asset value inclusive of project-level debt, net income (loss) per unit, net income (loss) from continuing operations per unit and total unitholders' equity per unit, as well as other measures discussed elsewhere in this release. These non-IFRS measures are not defined by IFRS, do not have a standardized meaning and may not be comparable with similar measures presented by other issuers. The Trust has presented such non-IFRS measures as management believes they are relevant measures of our underlying operating performance and debt management. Non-IFRS measures should not be considered as alternatives to unitholders' equity, net income, total comprehensive income or cash flows generated from operating activities (continuing), or comparable metrics determined in accordance with IFRS as indicators of the Trust’s performance, liquidity, cash flow and profitability. For a full description of these measures and, where applicable, a reconciliation to the most directly comparable measure calculated in accordance with IFRS, please refer to the “Non-IFRS Measures and Other Disclosures” section in the Trust’s MD&A for the year ended December 31, 2020.

Forward-Looking Information
This press release may contain forward-looking information within the meaning of applicable securities legislation, including statements relating to the Trust's objectives and strategies to achieve those objectives; the Trust's focus on impact investing and expectations for formalizing its approach to impact management over the next year; the Trust's beliefs, plans, estimates, projections and intentions, and similar statements concerning anticipated future events, future growth and drivers thereof, results of operations, performance, business prospects and opportunities, market conditions, acquisitions, or divestitures, leasing transactions, future maintenance and development plans and costs, capital investments, financing, the availability of financing sources, income taxes, litigation and the real estate and lending industries in general, in each case, that are not historical facts; the Trust's ability to achieve its impact and sustainability goals; our commitment to maintaining the current distribution policy and annual distribution of $0.40; our expectations regarding future purchases of units by the Trust under our NCIB, including the number of units to be acquired and the timing thereof; our plans and proposals for current and future development projects, including projected sizes, densities, uses, costs, timing for expected zoning approvals, development milestones and their expected sustainability impact; development timelines, including commencement of construction and/or revitalization of our development projects; completion and expected timing on occupancy dates, including the expected timing for the commencement of construction at Blocks 3/4/7 of the Trust's West Don Lands development and the expected timing for the reopening of Virgin Hotels Las Vegas; anticipated returns from our development projects and the timing thereof, including expected returns from the Empire Lakeshore development; the Trust's expectations to make further capital investments in the range of $75 million to $85 million to development projects over the next two years; the Trust's expectations for recurring income to comprise 70% of its portfolio; the Trust's expectations to amend its credit facility to revise the collateral base and generate an additional $50 million in immediate liquidity for the Trust and the Trust's expectation to deploy such liquidity to acquire income properties meeting its impact criteria; expectations for the Trust's development segment to generate returns and continued NAV accretion; expectations regarding the status of the Trust's development projects; timing of distributions or future cash return from our development and recurring income segments; our income and cash flow growth, and targeted pre-tax IRR⁽¹⁾ on equity investments in residential and mixed-use development projects; our methodologies for valuing investments, including market value adjustments;  anticipated effect of our developments on returns, profits and future cash flows as milestones are achieved and ability to contribute to increased unitholder value; expected profits from our development and recurring income projects; the anticipated future variability in our results of operations, including cash from operating activities and net income; the Trust’s sufficiency of cash on hand to fund normal course debt repayments, cash requirements and ongoing distributions; the extension of our agreement with our asset manager to settle fees in units; anticipated growth in our recurring income segment and its effect on the Trust's operating cash flows and distributions; and our expectations regarding the Trust's income tax expense/recovery and deferred tax liabilities/assets. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Trust’s control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to: adverse changes in general economic and market conditions; the impact of the novel coronavirus (COVID-19) pandemic on the Trust; changes to the regulatory environment; environmental risks; local real estate conditions, including the development of properties in close proximity to the Trust’s properties and changes in real estate values; timely leasing of vacant space and re-leasing of occupied space upon expiration; dependence on tenants’ and borrowers’ financial condition; the uncertainties of acquisition activity; the ability to effectively integrate acquisitions; dependence on our partners in the development, construction and operation of our real estate projects; uncertainty surrounding the development and construction of new projects and delays and cost overruns in the design, development, construction and operation of projects; our ability to execute on our strategic plans and meet financial obligations; interest and mortgage rates and regulations; inflation; availability of equity and debt financing and foreign exchange fluctuations.

Meaghan Peloso
Chief Financial Officer
416 365-6322
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Kimberly Lefever
Director, Investor Relations
416 365-6339
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NORTH CHARLESTON, S.C.--(BUSINESS WIRE)--Ingevity Corporation (NYSE: NGVT) has expanded its activated carbon production capacity following significant debottlenecking and equipment upgrades completed and verified in late December at its facility in Zhuhai, China. The plant upgrades have effectively increased its capacity by an additional 15% to 20%, helping Ingevity meet the high global demand for its premium, high-capacity pelletized carbon products, used primarily in gasoline vapor emissions control systems in cars, trucks, motorcycles and boats.

The Zhuhai plant has been in operation since 2015 and includes activated carbon production and a state-of-the-art automotive applications laboratory. Ingevity also operates an extrusion facility in Changshu, China; an activated carbon production plant in Wickliffe, Kentucky; an activation and extrusion plant in Covington, Virginia; and a “honeycomb” scrubber plant in Waynesboro, Georgia.

“We continue to see unprecedented demand for our activated carbon products for gasoline vapor emissions control solutions as the global automobile industry works to refill its vehicle inventory pipelines,” said Ed Woodcock, executive vice president and president, Performance Materials, at Ingevity. “Over the last five years, we’ve improved the activation process at our Zhuhai facility, identified bottlenecks and, ultimately, implemented a plan to increase capacity of our world-leading automotive materials. We are excited about expanding our capacity to better supply the world’s largest vehicle market.”

Ingevity has produced and sold activated carbon for more than a century, including more than 40 years in the automotive market. With more than 900 million units installed globally, Ingevity is the global leader in the automotive evaporative emissions control application.

Ingevity: Purify, Protect and Enhance
Ingevity provides products and technologies that purify, protect, and enhance the world around us. Through a team of talented and experienced people, we develop, manufacture and bring to market solutions that help customers solve complex problems and make the world more sustainable. We operate in two reporting segments: Performance Chemicals, which includes specialty chemicals and engineered polymers; and Performance Materials, which includes high-performance activated carbon. These products are used in a variety of demanding applications, including asphalt paving, oil exploration and production, agrochemicals, adhesives, lubricants, publication inks, coatings, elastomers, bioplastics and automotive components that reduce gasoline vapor emissions. Headquartered in North Charleston, South Carolina, Ingevity operates from 25 locations around the world and employs approximately 1,750 people. The company is traded on the New York Stock Exchange (NYSE: NGVT). For more information visit www.ingevity.com.

About Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Securities Exchange Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Such statements generally include the words “will,” “plans,” “intends,” “targets,” “expects,” “outlook,” or similar expressions. Forward-looking statements may include, without limitation, production plans, expected financial positions, results of operations and cash flows; financing plans; business strategies and expectations; operating plans; and the impact of COVID-19. Actual results could differ materially from the views expressed. Factors that could cause actual results to materially differ from those contained in the forward-looking statements, or that could cause other forward-looking statements to prove incorrect, include, without limitation, adverse effects from the COVID-19 pandemic; adverse effects of general economic and financial conditions; risks related to international sales and operations; and the other factors detailed from time to time in the reports we file with the SEC, including those described under "Risk Factors" in our Annual Report on Form 10-K and other periodic filings. These forward-looking statements speak only as of the date of this press release. Ingevity assumes no obligation to provide any revisions to, or update, any projections and forward-looking statements contained in this press release.

Amy Chiconas
843-746-8197
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Investors:
Jack Maurer
843-746-8242
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PARIS & AMSTERDAM--(BUSINESS WIRE)--Today marks the listing and first day of trading of shares of Technip Energies, a leading engineering & technology company, on compartment A of Euronext’s regulated market in Paris (ticker: TE).

The Group’s new identity is both a tribute to a renowned and respected name that represents solid foundations built over 60 years of successful operations – “Technip” – and a reflection of its vision to break boundaries and accelerate the journey to a low carbon society – “Energies”.

As a leader in Liquefied Natural Gas (LNG), hydrogen and ethylene, and with strong positioning in key growth areas including sustainable chemistry and CO₂ management, Technip Energies is central to crucial energy transition themes and ready to meet today’s and tomorrow’s energy challenges. The Group’s unique operational track-record and flexible operating model allow it to support its customers at every step of the transformation chain to help them turn their vision into a sustainable reality.

Arnaud Pieton, Chief Executive Officer of Technip Energies, declared: “Technip Energies is a driving force to address the energy transition challenge which our industry and our world need to tackle. We believe the future of energy is shaping tomorrow, and we have a significant role to play, in line with our mission of designing and delivering added value energy solutions. I am proud and excited to open this new chapter together with the Company’s 15 000 professionals, all over the world, who are committed to bringing the best of their pioneering spirit and expertise to transform the energy sector, for a better tomorrow.”

About Technip Energies

Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO₂ management. The company benefits from its robust project delivery model supported by extensive technology, products and services offering.

Operating in 34 countries, our 15,000 people are fully committed to bringing our client’s innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.

Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”). For further information: www.technipenergies.com.

Important Information for Investors and Securityholders

Forward-Looking Statement

This release contains “forward-looking statements” as defined in Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. Forward-looking statements usually relate to future events and anticipated revenues, earnings, cash flows or other aspects of Technip Energies’ operations or operating results. Forward-looking statements are often identified by the words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could,” “may,” “estimate,” “outlook,” and similar expressions, including the negative thereof. The absence of these words, however, does not mean that the statements are not forward-looking. These forward-looking statements are based on Technip Energies’ current expectations, beliefs and assumptions concerning future developments and business conditions and their potential effect on Technip Energies. While Technip Energies believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting Technip Energies will be those that Technip Energies anticipates.

All of Technip Energies’ forward-looking statements involve risks and uncertainties (some of which are significant or beyond Technip Energies’ control) and assumptions that could cause actual results to differ materially from Technip Energies’ historical experience and Technip Energies’ present expectations or projections. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those set forth in the forward-looking statements.

For information regarding known material factors that could cause actual results to differ from projected results, please see Technip Energies’ risk factors set forth in Technip Energies’ filings with the U.S. Securities and Exchange Commission, which include amendment no. 4 to Technip Energies’ registration statement on Form F-1 filed on February 11, 2021.

Forward-looking statements involve inherent risks and uncertainties and speak only as of the date they are made. Technip Energies undertakes no duty to and will not necessarily update any of the forward-looking statements in light of new information or future events, except to the extent required by applicable law.

Investor relations
Phil Lindsay
Director Investor Relations
Tel: +44 203 429 3929
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Media relations

Stella Fumey
Director Press Relations & Digital Communications
Tel: +33 1 47 78 39 92
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Jason Hyonne
Public Relations Officer
Tel: +33 1 47 78 22 89
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HOUSTON--(BUSINESS WIRE)--Mesa Royalty Trust (the “Trust”) (NYSE: MTR) announced today that there will be no distribution paid for the month of February 2021 to holders of record as of the close of business on February 26, 2021, as costs, charges and expenses attributable to the Trust’s royalty properties, and applicable reserves, exceeded the revenue received from the sale of oil, natural gas and other hydrocarbons produced from such properties, as reported by the working interest owners.

The Trust was formed to own an overriding royalty interest of the net proceeds attributable to the specified interest in certain producing oil and gas properties located in the Hugoton field of Kansas and the San Juan Basin fields of New Mexico and Colorado. As described in the Trust's filings, the amount of the monthly distributions is expected to fluctuate from month to month, depending on the proceeds, if any, received by the Trust as a result of production, oil and natural gas prices and the amount of the Trust’s administrative expenses, among other factors. The amount of proceeds, if any, received or expected to be received by the Trust (and its ability to pay distributions to unitholders) has been and will continue to be directly affected, among other things, by the volatility in commodity prices. There was a substantial decrease in oil and natural gas prices in 2020 due in part to significantly decreased demand as a result of the COVID-19 pandemic and an oversupply of crude oil. Oil and natural gas prices could remain low for an extended period of time, which in turn could have a material adverse effect on Trust distributions. Continued low oil and natural gas prices, among other things, will reduce proceeds to which the Trust is entitled, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders.

This press release contains forward-looking statements. No assurances can be given that the expectations contained in this press release will prove to be correct. The working interest owners alone control historical operating data, and handle receipt and payment of funds relating to the royalty properties and payments to the Trust for the related royalty. The Trustee cannot assure that errors or adjustments or expenses accrued by the working interest owners, whether historical or future, will not affect future royalty income and distributions by the Trust. Other important factors that could cause these statements to differ materially include delays in actual results of drilling operations, risks inherent in drilling and production of oil and gas properties, declines in commodity pricing, and other factors described in the Trust’s Form 10-K for the year ended December 31, 2019 under “Part I, Item 1A. Risk Factors,” the Trust’s Form 10-Q for the quarter ended March 31, 2020 under “Part II, Item 1A. Risk Factors,” the Trust’s Form 10-Q for the quarter ended June 30, 2020 under “Part II, Item 1A. Risk Factors” and the Trust’s Form 10-Q for the quarter ended September 30, 2020 under “Part II, Item 1A. Risk Factors.” Statements made in this press release are qualified by the cautionary statements made in such risk factors. The Trust does not intend, and assumes no obligations, to update any of the statements included in this press release.

http://mtr.q4web.com/home/default.aspx

Mesa Royalty Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Elaina Rodgers
713-483-6020

LONDON--(BUSINESS WIRE)--Rio Tinto, Paul Wurth S.A. and SHS-Stahl-Holding-Saar GmbH & Co. KGaA (SHS) have signed a Memorandum of Understanding to explore the production of a low-carbon steel feedstock. This partnership brings together a leading global miner, an international leader in the design and supply of engineering solutions for integrated steelmakers and one of Europe’s best-known steelmakers.

The partnership will explore the viability of transforming iron ore pellets into low-carbon hot briquetted iron (HBI), a low-carbon steel feedstock, using green hydrogen generated from hydro-electricity in Canada.

Iron Ore Company of Canada (IOC), in which Rio Tinto holds a majority interest, will supply high-grade iron ores and expertise in mining, processing and pelletising. Paul Wurth brings expertise in plant building and process knowledge in the field of highly efficient hydrogen generation and Midrex® direct reduction plants. SHS brings deep iron and steel making expertise.

Rio Tinto’s significant presence in the Canadian provinces of Quebec and Newfoundland and Labrador makes Canada a natural location for the project. Canada provides access to cost competitive hydro-electricity, and proximity to key markets in Europe and North America. Transforming high-grade iron ore pellets into a low-carbon steel feedstock using green hydrogen, when processed in an electric arc furnace with carbon free electricity, has the potential to reduce significantly the carbon emissions associated with steelmaking.

The parties will conduct a feasibility study into the potential development of industrial scale low-carbon iron production in Canada, utilising the combined expertise of the three partners across the entire steel value chain. The feasibility study is scheduled for completion in late 2021, with an investment decision on a hydrogen based direct reduction plant at industrial scale expected to follow thereafter.

IOC president and chief executive officer Clayton Walker said: “This partnership is part of Rio Tinto’s climate strategy to pursue pro-active and action-oriented partnerships to support the development and deployment of low-carbon technologies for hard-to-abate processes like steelmaking.

“We are absolutely committed to being part of the solution on climate change and to support our customers and other stakeholders in the steel value chain as the industry transitions to a low-carbon future.”

Georges Rassel, CEO of Paul Wurth S.A, said: “This collaboration reflects Paul Wurth’s strategy to support our customers from the very beginning of their projects as a reliable and trusted partner. By associating the different players of the metal production chain, we are confident to develop the most appropriate and efficient solutions for this challenging transition towards a carbon neutral industry.”

Martin Baues, Member of the Board of Directors for Technology at SHS-Stahl-Holding Saar said: “Dillinger and Saarstahl adopted a future-focused strategy with the motto ‘proactive, carbon-free and efficient’. Within this strategy, we have defined various options for the transformation to carbon-neutral steel production. The use of hydrogen in steel production is a key factor in reducing carbon emissions. This partnership can further help us to reduce our carbon emissions on the basis of this technology, while gaining important experience in using hydrogen in steel production.”

About Rio Tinto

Rio Tinto produces materials that are essential to human progress. We have publicly acknowledged the reality of climate change for over two decades and have reduced our emissions footprint by over 30 per cent in the decade to 2020.

We have set ambitious emissions targets to reduce our carbon intensity by a further 30% and our absolute emissions by a further 15% by 2030, alongside establishing a $1 billion fund to invest in climate related projects. These targets will bring us a step closer to achieving our long-term goal of becoming net zero emissions by 2050.

In 2018, we completed the divestment of our coal assets, becoming the only major mining company not producing fossil fuels. In the same year, we also entered into the Elysis joint venture with Alcoa, with investments from the Government of Quebec and Apple, which is developing a revolutionary process to make aluminium that eliminates all direct greenhouse gas emissions from smelting.

As part of our climate strategy, we have entered into a partnerships with the world’s largest steel producer, China Baowu Steel Group, one of China’s most prestigious and influential universities, Tsinghua University and Japan’s largest steel producer, Nippon Steel Corporation to develop and implement new methods to reduce carbon emissions and improve environmental performance across the steel value chain.

About Paul Wurth

Headquartered in Luxembourg since its creation in 1870, Paul Wurth has developed in the course of its history into an international engineering company. Combining wide experience with the capacity to continuously innovate, the Paul Wurth Group is today a leading player in the design and supply of the full-range of technological solutions for the primary stage of integrated steelmaking. Paul Wurth is a company of SMS group.

A special focus is on the construction and modernisation of complete blast furnace and coke oven plants, incorporating the very latest, state-of-the-art technologies. Our portfolio also extends to direct reduction plants, environmental protection technologies as well as recycling facilities.

This partnership is part of Paul Wurth’s strategy to support steel plant operators on their journey to a carbon neutral metallurgy and the production of green steel.

About SHS - Stahl-Holding-Saar

SHS - Stahl-Holding-Saar GmbH & Co. KGaA (SHS), which was founded in 2001, is the management holding of the two large Saarland-based steel companies. Dillinger is a worldwide leader in the production of heavy plates made of steel for steel construction, mechanical engineering, off-shore, offshore-windpower and the linepipe sector. Saarstahl is a globally leading manufacturer of rod and bar steel for the automotive industry, the construction industry and general machinery. Around 13,500 employees work within SHS and generate a turnover totalling around 4.5 billion euros.

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riotinto.com

Media Relations, United Kingdom
Illtud Harri
M +44 7920 503 600

David Outhwaite
T +44 20 7781 1623
M +44 7787 597 493

Media Relations, Americas
Matthew Klar
T +1 514 608 4429

Media Relations, Asia
Grant Donald
T +65 6679 9290
M +65 9722 6028

Media Relations, Australia
Jonathan Rose
T +61 3 9283 3088
M +61 447 028 913

Matt Chambers
T +61 3 9283 3087
M +61 433 525 739

Jesse Riseborough
T +61 8 6211 6013
M +61 436 653 412

Investor Relations, United Kingdom
Menno Sanderse
T: +44 20 7781 1517
M: +44 7825 195 178

David Ovington
T +44 20 7781 2051
M +44 7920 010 978

Clare Peever
M: +44 7788 967 877

Investor Relations, Australia
Natalie Worley
T +61 3 9283 3063
M +61 409 210 462

Amar Jambaa
T +61 3 9283 3627
M +61 4 7286 5948

Rio Tinto plc
6 St James’s Square
London SW1Y 4AD
United Kingdom
T +44 20 7781 2000
Registered in England
No. 719885

Rio Tinto Limited
Level 7, 360 Collins Street
Melbourne 3000
Australia
T +61 3 9283 3333
Registered in Australia
ABN 96 004 458 404

Category: General

The 200-megawatt project would provide enough clean energy to power about 60,000 households.

MADISON, Wis.--(BUSINESS WIRE)--Madison Gas and Electric (MGE), in partnership with We Energies and Wisconsin Public Service (WPS), subsidiaries of WEC Energy Group, is seeking approval from the Public Service Commission of Wisconsin (PSCW) to purchase solar energy and battery storage from the Paris Solar-Battery Park. If approved, MGE will own 20 megawatts (MW) of solar energy and 11 MW of battery storage from the 200-MW solar park to be built in the Town of Paris in Kenosha County.

“Investment in solar energy and battery storage at the Paris Solar-Battery Park is an opportunity for MGE to invest further in cost-effective clean energy and new technologies to reliably serve all our customers as we work to meet our aggressive carbon reduction goals,” said Jeff Keebler, MGE Chairman, President and CEO. "This project is another step toward carbon reductions of at least 65% by 2030 and our goal of net-zero carbon by 2050. We have said since introducing our clean energy and carbon reduction goals—if we can go further faster, we will."

The Paris Solar-Battery Park will help MGE to meet future energy and capacity needs cost-effectively as the company continues its ongoing transition away from coal-fired electricity with the planned retirement of the Columbia Energy Center in Portage by the end of 2024. MGE's share of the Paris Solar-Battery Park will power about 6,000 households.

Paris Solar-Battery Park

Invenergy LLC received approval in December 2020 from the PSCW to build the solar project. Invenergy LLC also proposed to install a battery storage system at the site.

When completed, the 1,500-acre project is expected to feature up to 750,000 solar panels. We Energies and WPS will own the remaining 180 MW of the output and 99 MW of battery storage from the project.

If approved, construction is expected to begin in 2022, and the solar park is expected to begin serving customers in 2023.

MGE’s Net‐Zero Carbon Electricity Goal

In May 2019, MGE announced its goal of net-zero carbon electricity by 2050, making it one of the first utilities in the nation to commit to net-zero carbon by mid-century. MGE's net-zero goal is consistent with the latest climate science from the Intergovernmental Panel on Climate Change (IPCC) October 2018 Special Report on limiting global warming to 1.5 degrees Celsius.

To achieve deep decarbonization, MGE is growing its use of renewable energy, engaging customers around energy efficiency and working to electrify transportation, all of which are key strategies identified by the IPCC.

About MGE

MGE generates and distributes electricity to 155,000 customers in Dane County, Wis., and purchases and distributes natural gas to 163,000 customers in seven south‐central and western Wisconsin counties. MGE's parent company is MGE Energy, Inc. The company's roots in the Madison area date back more than 150 years.

Kaya Freiman
Corporate Communications Manager
608-252-7276 | This email address is being protected from spambots. You need JavaScript enabled to view it.

THE WOODLANDS, Texas--(BUSINESS WIRE)--#CircularEconomy--Encina Development Group (“Encina”) is pleased to announce the signing of a non-binding term sheet with Flint Hills Resources to produce renewable chemicals and renewable fuels from waste plastic.

The term sheet contemplates that the parties may enter into a definitive agreement that includes building a waste plastic to renewable chemicals and renewable fuels plant in Corpus Christi, TX.

Flint Hills Resources will market the renewable aromatic products produced at the Encina Corpus Christi facility as well as work with its affiliates to market renewable aromatic products from other Encina U.S.-based plants.

The Corpus Christi refineries are owned and operated by Flint Hills Resources, a Koch Industries company, and are major suppliers of fuels for the Texas market including the San Antonio, Austin, and Dallas-Ft. Worth areas. In addition, the refineries produce various commodity chemicals that are important building blocks for a variety of products used in daily life.

“Our work with Encina is an exciting addition to our growing portfolio of renewable product and technology investments,” said Francis Murphy, Flint Hills Resources’ Senior Vice President, Chemicals. “Renewable aromatics and bioplastics are playing an increasingly import role in the product value chain and reducing environmental impacts while still delivering on all the various products that make modern life possible.”

“Flint Hills Resources is an excellent partner for Encina,” stated David Schwedel, Executive Director, Encina. “They have deep domain industry expertise, and an aligned focus on delivering highly-valued and sustainable products to the marketplace.”

About Encina Development Group

Encina Development Group implements solutions to produce renewable chemicals and renewable fuels from waste plastics in the circular economy. Our basic chemical products provide the foundation that helps our customers meet their renewable goals and create products across a broad spectrum of goods, from consumer products and packaging to pharmaceuticals, construction, and much more. For more information, please visit: www.encina.com.

About Flint Hills Resources

Flint Hills Resources, LLC, through its subsidiaries, is an industry leader in refining, chemicals, and grain processing, with operations primarily in the Midwest and Texas. Its manufacturing capability is built upon six decades of refining experience, and the company has expanded its operations through capital projects and acquisitions worth more than $15 billion since 2002. Flint Hills Resources’ subsidiaries produce and market gasoline, diesel, jet fuel, asphalt, ethanol, olefins, polymers and base oils. They also produce distillers corn oil, distillers grains, protein and fertilizers. Based in Wichita, Kansas, the company has more than 3,500 employees and is a wholly owned subsidiary of Koch Industries, Inc. More information at www.fhr.com.

Aileen Fan
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305-310-8218

LOS ANGELES--(BUSINESS WIRE)--Romeo Power, Inc. (“Romeo Power” or the “Company”) (NYSE: RMO), an energy technology leader delivering large-scale electrification solutions for complex commercial applications, announced today that it will redeem all of the outstanding public warrants to purchase shares of its common stock, $0.0001 par value per share (“Common Stock”), that were issued under the Warrant Agreement, dated February 7, 2019 (the “Warrant Agreement”), by and between Romeo Power (formerly known as RMG Acquisition Corp.) and American Stock Transfer & Trust Company, LLC, as warrant agent, and that remain outstanding following 5:00 p.m. New York City time on March 18, 2021 (the “Redemption Date”), for a redemption price of $0.01 per warrant. Warrants that were issued under the Warrant Agreement in a private placement and are still held by the initial holders thereof or their permitted transferees are not subject to this redemption.

Under the terms of the Warrant Agreement, Romeo Power is entitled to redeem all of such outstanding public warrants if the last sales price of the Common Stock is at least $18.00 per share on each of twenty trading days within a thirty trading day period. This share price performance requirement has been satisfied and American Stock Transfer & Trust Company, LLC, in its capacity as warrant agent, has delivered a notice of redemption to each of the registered holders of the outstanding public warrants on behalf of Romeo Power.

All such public warrants may be exercised by the holders thereof until 5:00 p.m. New York City time on the Redemption Date to purchase fully paid and non-assessable shares of Common Stock underlying such warrants, at the exercise price of $11.50 per share. Any such public warrants that remain unexercised following 5:00 p.m. New York City time on the Redemption Date will be void and no longer exercisable, and the holders of those public warrants will be entitled to receive only the redemption price of $0.01 per warrant.

None of Romeo Power, its board of directors or employees has made or is making any representation or recommendation to any holder of the public warrants as to whether to exercise or refrain from exercising any public warrants.

The shares of Common Stock issuable upon exercise of the public warrants have been registered by Romeo Power under the Securities Act of 1933, as amended, and are covered by a registration statement filed on Form S-1 with, and declared effective by, the Securities and Exchange Commission (Registration No.333-252190).

Questions concerning redemption and exercise of the public warrants can be directed to American Stock Transfer & Trust Company, LLC, 6201 15th Avenue, Brooklyn, NY 11219, Email: This email address is being protected from spambots. You need JavaScript enabled to view it..

No Offer or Solicitation
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any offer of any of Romeo Power’s securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About Romeo Power, Inc.
Founded in 2016 and headquartered in Los Angeles, California, Romeo Power (NYSE: RMO) is an energy technology leader delivering large-scale electrification solutions for complex commercial applications. The Company’s suite of advanced hardware, combined with its innovative battery management system, delivers the safety, performance, reliability and configurability its customers need to succeed. Romeo Power's 113,000 square-foot manufacturing facility brings its flexible design and development process inhouse to pack the most energy dense modules on the market. To keep up with everything Romeo Power, please follow the Company on social @romeopowerinc or visit www.romeopower.com.

Romeo Power

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LED adoption continues to grow as prices decline, building codes evolve, and connected functionality becomes ubiquitous

BOULDER, Colo.--(BUSINESS WIRE)--#ConnectedLEDs--Guidehouse Insights analyzes the global market for residential LED, non-LED, and connected LED lamps and luminaires and lighting controls, providing forecasts for unit shipments and revenue, through 2029.

LED lighting is rapidly becoming the predominant technology of the residential lighting installed base, thanks to declining technology prices, the longer life of LED lighting, increased energy savings, and building code advancements that mandate the adoption of LEDs. As LED penetration increases, digital lighting controls are also seeing increased growth, and the benefits of both technologies are driving sales and mitigating negative revenue impacts of COVID-19 lockdowns. Click to tweet: According to a new report from @WeAreGHInsights, global annual residential lighting controls revenue is expected to grow from $1.3 billion to $1.9 billion at a compound annual growth rate (CAGR) of 4.9% from 2020 to 2029.

“Dimmers represent the largest share of lighting controls revenue during this time, while connected controls are expected to grow at the fastest rate,” says Daniel Talero, research analyst with Guidehouse Insights. “Connected LEDs currently make up a fractional segment of overall LEDs and controls, but they are seeing strong growth driven by improved integration with broader smart home technologies, ease of use, and features such as voice control are driving this growth.”

According to the report, several barriers exist to continued LED market penetration. The higher (though declining) cost of LED lighting relative to legacy technologies is holding back adoption, particularly in the Middle East & Africa, Latin America, and in Asia Pacific’s developing markets (e.g., India). In these regions, LED-based building codes are often in development, and projects are too cost-sensitive for imported LED technology. In connected LEDs, the price differential is usually larger, further limiting adoption in emerging markets.

The report, Market Data: Residential Energy Efficient Lighting and Lighting Controls, examines and sizes the global market for residential non-LED, LED, and connected LED lamps and luminaires and lighting controls. The types of controls analyzed include sensors, timers, dimmers, and connected controls. Residential lighting, lighting controls, and connected lighting market drivers and barriers are assessed. The major global regions (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) are analyzed, and forecasts of unit shipments and revenue extend through 2029. An executive summary of the report is available for free download on the Guidehouse Insights website.

About Guidehouse Insights

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

About Guidehouse

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

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

Lindsay Funicello-Paul
+1.781.270.8456
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FRAMINGHAM, Mass.--(BUSINESS WIRE)--#earnings--Ameresco, Inc. (NYSE:AMRC), a leading clean technology integrator specializing in energy efficiency and renewable energy, today announced that it will release its fourth quarter and full year 2020 financial results after the close of the market on Monday, March 1, 2021. The earnings press release will be available on the “Investor Relations” section of the Company’s website at www.ameresco.com. The Company will host an earnings conference call at 4:30 p.m. ET the same day.

In conjunction with its earnings conference call and press release, the Company will provide supplemental information concerning the financial results. The supplemental information on a Current Report on Form 8-K will be posted to the “Investor Relations” section of the Company's website.

Participants may access the earnings conference call by dialing domestically +1 (877) 359-9508 or internationally +1 (224) 357-2393. The passcode is 4795028. Participants are advised to dial into the call at least ten minutes prior to register. A live, listen-only webcast of the conference call will also be available over the Internet. Individuals wishing to listen can access the call through the “Investor Relations” section of the Company’s website at www.ameresco.com. If you are unable to listen to the live call, an archived webcast will be available on the Company’s website for one year.

About Ameresco, Inc.

Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading independent clean technology integrator of comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions for businesses and organizations throughout North America and Europe. Ameresco’s sustainability services include upgrades to a facility’s energy infrastructure and the development, construction and operation of renewable energy plants. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and the United Kingdom. For more information, visit www.ameresco.com.

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Investor Relations
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DUBLIN--(BUSINESS WIRE)--The "Flexible Pipe Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The flexible pipe market was valued at USD 1,012 million in 2020, and it is expected to reach USD 1,308.44 million by 2026, with a CAGR of 4.44%, over the forecast period (2021-2026).

Companies Mentioned

• National Oilwell Varco (NOV)
• TechnipFMC PLC
• The Prysmian Group
• GE Oil & Gas Corporation
• Shawcor Ltd
• SoulForce (Pipelife Nederland B.V.)
• Airborne Oil & Gas BV
• Magma Global Ltd
• ContiTech AG
• Chevron Phillips Chemical Company LLC
• Flexsteel Pipeline Technologies Inc.

Key Market Trends

Oil and Gas Industry to Drive the Market

• The downstream product of oil and gas, i.e., petroleum, is widely used in cosmetic products. With the growth of disposable income and the increasing number of working women, the demand for cosmetics is increasing year-on-year.
• This increasing demand for oil and gas requires effective transportation of oil and gas are under enormous physical and chemical stress. Further, the expansion of the transport sector by increasing the number of aviation carriers in the developed region as well as developing regions, along with the increase in the number of owners of passenger cars and vehicles will be driving the market for the oil industry.
• The need for oil and gas does not only restrict to vehicles but it is also widely used in industries for running machines as well.
• The transport sectors are the highest consumption oil and gas and thus, it will fuel the demand for flexible pipe market.

North America Holds the Largest Market Share

• The United States is the largest market for flexible pipes in North America. The country's newfound shale resources and government policies, which aim at making the country the top oil and gas producer in the next few years, are expected to drive the demand for flexible pipes in the country.
• For instance, with the US Department of Interior (DoI) planning to allow offshore exploratory drilling in about 90% of the outer continental shelf (OCS) acreage, under the National Outer Continental Shelf Oil and Gas Leasing Program (National OCS Program) for 2019-2024, the oil and gas sector in the region is expected to open up new opportunities to the market.
• Further, according to the US Energy Information Administration, the United States will become a net energy exporter in 2020 and will remain so throughout the forecast period, as a result of large increases in crude oil, natural gas, and natural gas plant liquids (NGPL) production, coupled with slow growth in the US energy consumption.
• The increase in demand for oil and gas will, in turn, boost the flexible pipe market during the forecast period in North America.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Introduction to Market Drivers and Restraints

4.3 Market Drivers

4.3.1 Increasing Demand for Non-corrosive Pipes in Oil and Gas Industry

4.3.2 Technological Advances in Drilling Process

4.4 Market Restraints

4.4.1 Fluctuating Oil Prices

4.5 Value Chain / Supply Chain Analysis

4.6 Industry Attractiveness - Porter's Five Forces Analysis

4.7 Technology Snapshot

5 MARKET SEGMENTATION

5.1 By Raw Material

5.1.1 High-density Polyethylene

5.1.2 Polyamides

5.1.3 Polyvinylidene Fluoride

5.1.4 Other Raw Materials

5.2 By Application

5.2.1 Offshore

5.2.1.1 Deepwater

5.2.1.2 Ultra-deepwater

5.2.2 On shore

5.3 Geography

5.3.1 North America

5.3.2 Europe

5.3.3 Asia-Pacific

5.3.4 Latin America

5.3.5 Middle East & Africa

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

7 INVESTMENT ANALYSIS

8 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/l5lx61

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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AUSTIN, Texas--(BUSINESS WIRE)--USA Compression Partners, LP (NYSE: USAC) (“USA Compression”) today announced that it filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 with the U.S. Securities and Exchange Commission (“SEC”). USA Compression’s Annual Report on Form 10-K is available through its website at www.usacompression.com in the Investor Relations section under SEC Filings, as well as on the SEC’s website at sec.gov. Interested investors may obtain a hard copy of the Annual Report on Form 10-K, including USA Compression's financial statements, free of charge by writing Investor Relations, USA Compression Partners, LP, 111 Congress Avenue, Suite 2400, Austin, TX 78701.

About USA Compression Partners, LP

USA Compression Partners, LP is a growth-oriented Delaware limited partnership that is one of the nation’s largest independent providers of natural gas compression services in terms of total compression fleet horsepower. USA Compression partners with a broad customer base composed of producers, processors, gatherers and transporters of natural gas and crude oil. USA Compression focuses on providing natural gas compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities and transportation applications. More information is available at usacompression.com.

USA Compression Partners, LP
Matthew Liuzzi, CFO
(512) 369-1624
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HALIFAX, Nova Scotia--(BUSINESS WIRE)--Today Emera (TSX: EMA) reported 2020 fourth quarter and annual financial results and announced forward looking decarbonization goals and a vision to achieve net-zero carbon emissions.

Highlights

• Growth in annual adjusted EPS of 3%; growth of 15% when normalized for the impact of asset sales. Annual adjusted earnings for 2020 include a recovery of a $36 million outstanding litigation award.
• Growth in annual earnings from ongoing regulated operations, less corporate costs, of 13%.
• Deployed $2.7 billion of capital investment in 2020 to drive rate base growth and advance Emera’s strategy.
• Long-standing strategy of safely providing cleaner, affordable and reliability energy to our customers has achieved a reduction in CO₂ emissions of 39% since 2005.
• Continuing our progress by establishing clear decarbonization goals and a vision to achieve net-zero carbon emissions by 2050.

“I am pleased with the financial results we delivered in 2020 which reflect the strength and resiliency of our team, portfolio and strategy,” said Scott Balfour, President and CEO of Emera Inc. “Carbon reduction is central to our strategy and has been a key driver of growth and innovation at Emera for over 15 years. We’re continuing our progress by setting clear, achievable goals and a vision to achieve net-zero carbon emissions by 2050.”

Q4 2020 Financial Results

Q4 2020 reported net income was $273 million, or $1.09 per common share, compared with net income of $193 million, or $0.79 per common share, in Q4 2019.

Q4 2020 adjusted net income was $188 million, or $0.75 per common share, compared with $145 million, or $0.60 per common share, in Q4 2019.

Growth in quarterly net income was largely due to the recovery of a $36 million outstanding litigation award, continued growth at Tampa Electric and lower corporate interest costs. The timing of preferred share dividend declarations also decreased earnings by $11 million in Q4 2020 as compared to Q4 2019.

The Canadian dollar exchange rate had no material impact in the quarter as compared to 2019.

Annual 2020 Financial Results

2020 reported net income was $938 million, or $3.78 per common share, compared with net income of $663 million, or $2.76 per common share, in 2019.

2020 adjusted net income was $665 million, or $2.68 per common share, compared with $621 million, or $2.59 per common share, in the 2019 period. When normalized for the operating earnings impact of previously announced and closed asset sales, 2020 and 2019 adjusted net income were $660 million and $554 million or $2.66 and $2.31 per common share, respectively.

Reported earnings for the year ended December 31, 2020 included $309 million of earnings related to the gain on sale of the Emera Maine business, net of tax and transaction costs. In addition, $26 million of after-tax impairment charges were recognized on certain assets in 2020. Reported earnings for the year ended December 31, 2019 included an impairment charge of $34 million due to the 2019 impact of Hurricane Dorian on GBPC.

Growth in annual net income was largely due to the recovery of a $36 million outstanding litigation award, continued growth at Tampa Electric and lower corporate interest costs, partially offset by a Nova Scotia tax rate change resulting in deferred income tax revaluation adjustment and lower earnings contributions from Nova Scotia Power and the Caribbean utilities.

The weakening of the CAD exchange rates increased earnings by $19 million and adjusted earnings by $5 million in 2020 compared to 2019.

Outlook

Emera’s $7.4 billion capital investment plan over the 2021-to-2023 period and the potential for additional capital opportunities of $1.2 billion over the same period, is expected to generate rate base growth of 7.5 per cent to 8.5 per cent through to 2023. The capital investment plan continues to include significant investments across the portfolio in renewable and cleaner generation, infrastructure modernization and customer-focused technologies.

Emera’s capital investment plan is being funded primarily through internally generated cash flows and debt raised at the operating company level. Equity requirements in support of our capital investment plan is expected to be funded through the dividend reinvestment plan, the issuance of preferred equity and the issuance of common equity through our at-the-market program. Maintaining investment-grade credit ratings is a priority of management.

Emera has provided annual dividend growth guidance of four to five per cent through to 2022.

Decarbonization Goals

Building on our decarbonization progress over the past 15 years, Emera is continuing our efforts by establishing clear carbon reduction goals and a vision to achieve net-zero carbon emissions by 2050.

This vision is inspired by Emera’s strong track record, our experienced team, and a clear path to our interim carbon goals. In 2020, we achieved a 39% reduction in CO₂ over 2005 levels. With existing technologies and resources and the benefit of supportive regulatory decisions, we plan and expect to achieve the following goals compared to corresponding 2005 levels:

• A 55% reduction in carbon emissions by 2025.
• An 80% reduction in coal usage by 2023 and the retirement of our last existing coal unit no later than 2040.
• At least an 80% reduction in carbon emissions by 2040.

Emera seeks to achieve these goals and realize our net zero vision while staying focused on enhancing reliability, maintaining affordability, adopting emerging technologies and working constructively with policymakers, regulators, partners, investors, and our communities.

Segment Results and Non-US GAAP Reconciliation

¹ See “Non-GAAP Measures” noted below
² Excludes the effect of mark-to-market adjustments, gain on sale and impairment charges, net of tax

Non-GAAP Measures

Emera uses financial measures that do not have standardized meaning under USGAAP and may not be comparable to similar measures presented by other entities. Emera calculates the non-GAAP measures by adjusting certain GAAP and non-GAAP measures for specific items the Company believes are significant, but not reflective of underlying operations in the period. Refer to the Non-GAAP Financial Measures section of our Management's Discussion and Analysis ("MD&A") for further discussion of these items.

Forward Looking Information

This news release contains forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management’s current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera’s assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, including under the heading “Business Risks and Risk Management” in Emera’s annual Management’s Discussion and Analysis, and under the heading “Principal Risks and Uncertainties” in the notes to Emera’s annual and interim financial statements, which can be found on SEDAR at www.sedar.com.

Teleconference Call

The company will be hosting a teleconference today, Tuesday, February 16, 2021, at 9:30 a.m. Atlantic (8:30 a.m. Eastern) to discuss the Q4 2020 financial results.

Analysts and other interested parties in North America are invited to participate by dialing 1-866-521-4909. International parties are invited to participate by dialing 1-647-427-2311. Participants should dial in at least 10 minutes prior to the start of the call. No pass code is required.

A live and archived audio webcast of the teleconference will be available on the Company's website, www.emera.com. A replay of the teleconference will be available two hours after the conclusion of the call by dialing 1-800-585-8367 and entering pass code 1242559.

About Emera

Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $31 billion in assets and 2020 revenues of more than $5.5 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments throughout North America, and in four Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F and EMA.PR.H. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional Information can be accessed at www.emera.com or at www.sedar.com.

Emera Inc.
Investor Relations
Ken McOnie, VP, Investor Relations and Treasurer
902-428-6945
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Erin Power, Manager, Investor Relations
902-428-6760
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Media
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DALLAS--(BUSINESS WIRE)--Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced that due to the current and expected inclement weather conditions in the Dallas area, including rolling blackouts on the state’s power grid, and for the ongoing safety of the company’s employees, that it is revising its scheduled dates to release fourth quarter and full year 2020 results.

The company now plans to release its results for the fourth quarter and full year 2020 after the close of the New York Stock Exchange (NYSE) on Tuesday, February 23, 2021. The following morning, on Wednesday, February 24, the company will hold its conference call with the financial community at 11 a.m. Eastern time. Scott Rowe, president and chief executive officer, and other members of management will present.

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

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

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

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

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

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

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

Upgraded southwest Minnesota project will increase amount of low-cost carbon-free electricity

DULUTH, Minn.--(BUSINESS WIRE)--ALLETE Clean Energy, a wholly owned subsidiary of ALLETE Inc. (NYSE: ALE), will repower and expand the Northern Wind site, consisting of the Chanarambie and Viking wind projects in southwest Minnesota, by replacing the existing turbines with new, more efficient equipment. When repowered in 2022, the project, totaling 120 megawatts of capacity, will be sold to Xcel Energy.

The wind repowering project was spurred by the Minnesota Public Utilities Commission’s request for projects that could help the economy recover from the COVID-19 pandemic and recession by putting people to work and increasing the amount of renewable energy customers receive, while also reducing costs over the life of the project. Installing new wind turbines at existing wind sites can increase electricity production by more than 10%, saving customers money over the next 25 years.

Adding new wind energy and repowering older wind sites will help Xcel Energy deliver on its plan to reduce carbon emissions by 80% by 2030, in pursuit of the company’s vision to deliver 100% carbon-free electricity by 2050.

“We’re proud to provide this valuable clean-energy solution for Xcel Energy and its customers,” said ALLETE Clean Energy President Allan S. Rudeck Jr. “This project is the latest example of our strategy in action to advance sustainable energy solutions while investing in local communities. It is a four-part winner that will deliver more clean energy to decarbonize the nation’s energy supply, contribute to more affordable electric rates for customers, and spur local employment and economic activity, all while providing an opportunity to reallocate capital into exciting, new and complementary clean energy growth opportunities.”

“Xcel Energy is leading the clean energy transition while also developing projects that will help the economy recover from the COVID-19 pandemic,” said Chris Clark, president, Xcel Energy-Minnesota, North Dakota, South Dakota. “Repowering older wind sites with new technology will save customers money, create more renewable energy, reduce carbon emissions, and move us closer to achieving our vision to deliver 100% carbon-free electricity to our customers.”

ALLETE Clean Energy also recently completed a refurbishment project to improve performance and reliability at the nearby Lake Benton I wind site in southwest Minnesota, which sells energy to Xcel Energy under a long-term power purchase agreement.

Many productive wind sites in the Upper Midwest were built in the 1990s and early 2000s when the wind industry was still developing. Technology advances in the decades since have enabled wind turbines to capture more energy at the same wind speeds, increasing the amount of production and decreasing costs.

ALLETE Clean Energy strategy delivers sustainability for customers

“This Northern Wind repowering and expansion project is a prime example of ALLETE’s sustainability in action strategy on many levels,” said ALLETE President and CEO Bethany Owen. “At ALLETE, we believe true sustainability goes above and beyond the need to address climate change to include supporting the communities and people where we do business. This project meets our goals for true sustainability, while also supporting ALLETE’s future investments in clean energy projects and enabling our customers to achieve their sustainability objectives.”

The sale and redevelopment of the wind sites is pending regulatory approval. Xcel Energy plans to file the request to repower and purchase the project in mid-February.

ALLETE Clean Energy’s investment in wind turbines eligible for the safe harbor provision of federal production tax credits and strong local wind resource enable the competitive price of the project’s renewable energy. The Northern Wind project was submitted into Xcel Energy’s request for proposals earlier last year, and is now being submitted to the Minnesota Public Utilities Commission in a package of renewable energy projects to help the state economy recover from the COVID-19 pandemic.

ALLETE Clean Energy acquires, develops and operates clean and renewable energy projects and is well-positioned to drive additional clean-energy sector growth. ALLETE Clean Energy owns, operates, has in its development pipeline, under construction and has delivered build-transfer projects totaling more than 1,550 megawatts of nameplate wind capacity across seven states.

ALLETE, Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth; BNI Energy in Bismarck, North Dakota; and has an 8 percent equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com. ALE-CORP

The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.

About Xcel Energy

Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on Twitter and Facebook.

Amy Rutledge
Manager - Corporate Communications
218-723-7400
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