Ameresco to implement second phase energy conservation measures across seven educational facilities at forward-thinking New York school district

FRAMINGHAM, Mass. & NYACK, N.Y.--(BUSINESS WIRE)--#efficiency--Ameresco, Inc., (NYSE: AMRC), a leading clean technology integrator specializing in energy efficiency and renewable energy, today announced their selection from a competitive bid for Phase II renovations with Nyack Public School District. The contract is an 18-year energy savings agreement (ESA), which guarantees a minimum level of energy cost savings to Nyack Public School District over the full term of the contract.

The Energy Conservation Measures (ECMs) identified represent an investment by Ameresco totaling $3.5 million. In just the first year alone, Nyack Public School District will receive guaranteed savings of $187,418. The partnership will not only help Nyack address its energy-related sustainability goals, but also provide needed facility upgrades while creating future energy savings.

Ameresco will provide energy efficiency upgrades across seven facilities, including one high school, one middle school, three elementary schools, one administrative building and one garage totaling 521,180 square feet. Facility upgrades slated for the selected buildings involve improving interior and exterior lighting systems, adding 1.27 MW solar PV arrays (across the five schools) and demand-controlled ventilation, updating faucet aerators and improving building envelopment and kitchen walk-in cooler efficiency.

“As a public school, our goal is to create a better and brighter future for the generations of tomorrow,” said Gloria Menoutis, school business executive, Nyack Public School District. “By entering into an Energy Savings Agreement of this magnitude with Ameresco, we can confidently say that we’re teaching our students an honorable lesson in the importance of sustainability and modern stewardship.”

The long-term, collaborative partnership will result in a significant reduction of greenhouse gas emissions by the school, setting Nyack Public School District apart from others in the area. To put these energy efficiency improvements into perspective, the school’s resulting savings is equivalent to 178 passenger cars not driven, 48,926 gallons of gasoline not burned or 672 acres of pine forest conserved.

“We’re eager to continue making a positive environmental and economic impact, delivered through guaranteed energy savings projects, across educational institutions,” said David J. Anderson, executive vice president and director, Ameresco. “Through the implementation of innovative energy efficiency and renewable energy solutions across Nyack School District facilities, we have the unique opportunity to demonstrate the importance of responsible energy management solutions to this country’s future leaders at such a young and impressionable age. My hope is that these innovative energy projects inspire students to pursue meaningful careers in science and engineering, particularly in the field of distributed renewable energy.”

Construction on Nyack Public School District’s facility buildings is scheduled to be completed in spring 2021.

To learn more about the energy efficiency solutions offered by Ameresco, visit www.ameresco.com/energy-efficiency/.

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.

About Nyack Public School District

Located along the banks of the Hudson River, the District is distinguished by charming downtown shops and restaurants; small communities with local business owners; vibrant venues for music, visual and performing arts; two major shopping malls; picturesque park lands and hiking trails; a major hospital; a variety of housing options; and easy access to major transportation modes leading to a host of academic and cultural resources. We are Building Bridges for today's students to cross into tomorrow's world with Equity, Innovation and Optimism. Our commitment is to embed the seven core competencies of Critical Thinking, Creativity, Collaboration, Communication, Compassion, Content Mastery and Cultural Awareness in each student, beginning at birth and continuing through college and career, to foster success on a global platform and a love of learning that lasts a lifetime.

The announcement of a customer’s award of or entry into a project contract is not necessarily indicative of the timing or amount of revenue from such contract, of the company’s overall revenue for any particular period or of trends in the company’s overall total project backlog. This project was included in our previously reported awarded backlog as of September 30, 2020.

Media Contact:
Ameresco: Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.
Nyack Public School District, NY: Gloria Menoutis, 845-353-7000, This email address is being protected from spambots. You need JavaScript enabled to view it.

Case fully resolved

BOSTON--(BUSINESS WIRE)--A lawsuit filed against Videray Technologies Inc. by Viken Detection Corporation has concluded. The case was fully resolved on confidential terms by the parties, who filed stipulations of dismissal on October 5, 2020.

“I hope the conclusion of this lawsuit puts the matter behind us so we can fully concentrate on serving our customers who work hard to achieve a safer society,” said Paul Bradshaw, Videray’s CEO.

About Videray Technologies Inc

Videray Technologies, Inc. is a proud young American company disrupting the non-intrusive inspection market with the most advanced technology. They claim to have the best image quality, the highest penetration, total interconnection and that their product is the safest on the market. www.videray.com, Contact: Rafael Estrada, CCO at This email address is being protected from spambots. You need JavaScript enabled to view it.

Rafael Estrada, CCO
This email address is being protected from spambots. You need JavaScript enabled to view it.
407-4069843

By joining Blackline Collective, Enovert helps advance workplace safety and productivity by sharing best practices with other industry leaders on using data analytics to enhance gas detection and exposure prevention

COLCHESTER, England--(BUSINESS WIRE)--$bln #blacklinecollective--Blackline Safety Corp. (TSX.V: BLN), a global leader of gas detection and connected safety solutions, today announced that Enovert has joined Blackline Collective. Enovert is one of the United Kingdom’s (UK’s) leading landfill and waste resource management companies. As the first organisation to officially join the Collective, Enovert shared insight on its data-driven approach to safety and preventing gas exposure among its workforce.

“We see data collection and analysis as the present and future of the industrial sector,” said Mark Silvester, CEO of Enovert. “If an organisation has the capability of tracking and using data to improve operations, enhance work practices and mitigate risks, employees are safer and our surrounding communities are more sustainable. Joining Blackline Collective enables us to share how we’ve implemented a data-centric approach to safety, which we hope will help others around the world operate even more safely and responsibly.”

Managing more than 2.3 million tonnes of waste each year and producing renewable energy from biogas, Enovert’s employees regularly extract landfill gas for energy generation. Since these gases are primarily comprised of methane, Enovert has invested heavily in gas detection solutions and data analytics to ensure worker safety. This strategy equips Enovert with real-time and historical data on employee whereabouts and gas hazard levels, enabling them to make fluid adjustments to operations that enhance workplace safety.

Additionally, Enovert’s data-centric approach to gas detection plays a significant role in sustainability and helping the UK meet its goal of reducing greenhouse gas emissions. By using data proactively to track and increase its gas capture rate, Enovert regularly exceeds compliance standards and provides accurate reporting to its local environmental agency. These practices ensure the safe and secure disposal of waste and the generation of essential electricity to power 75,000 homes across the UK responsibly.

“Enovert’s work in mitigating gas exposure risk among its workforce has set the standard in modern day gas detection, connectivity and workplace safety,” said Simon Rich, UK, Ireland, Scandinavia & Eastern Europe Zone Manager for Blackline Safety. “Organisations in the UK, North America and other areas around the world can learn valuable insight from Mark and his team. Whether its practices to monitor methane gas hazard levels in real time to protect workers, or using analytics to enhance reporting to an environmental agency, these insights are the key reason we formed Blackline Collective — to empower others with experiences and learnings they wouldn’t otherwise have.”

Blackline Collective establishes a community for leaders in any industry to share experiences, best practices and strategies with each other that have helped improve the safety and productivity of their respective organisations. To learn more about Enovert’s safety program and its strategy for further protecting its people through data analytics, visit Collective.BlacklineSafety.com.

About Blackline Safety: Blackline Safety is a global connected safety leader that helps to ensure every worker gets their job done and returns home safe each day. Blackline provides wearable safety technology, personal and area gas monitoring, cloud-connected software and data analytics to meet demanding safety challenges and increase productivity of organisations in more than 100 countries. Blackline Safety wearables provide a lifeline to tens of thousands of men and women, having reported over 140 billion data-points and initiated over five million emergency responses. Armed with cellular and satellite connectivity, we ensure that help is never too far away. For more information, visit www.BlacklineSafety.com and connect with us on Facebook, Twitter, LinkedIn and Instagram.

INVESTORS/ANALYSTS
Cody Slater, CEO
This email address is being protected from spambots. You need JavaScript enabled to view it.
Telephone: +1 403 451 0327

MEDIA
Heather Houston
This email address is being protected from spambots. You need JavaScript enabled to view it.
Telephone: +1 904 398 5222
Cell phone: +1 386 216 9472

Fund will focus on creating vertically integrated sustainable food enterprises in Black and Brown neighborhoods in federally qualified opportunity zones throughout the country

PHILADELPHIA--(BUSINESS WIRE)--TPP Capital Holdings (TPP), a Philadelphia based, Black-led social impact private equity fund manager and urban healthcare and real estate development firm dedicated to improving the health of residents in Black and Brown neighborhoods through improved access to healthy food, has announced the launch of an Urban Agriculture and Food Investment Fund of $20 million. The purpose of the fund is to make direct place-based private equity investments in agribusiness, agriculture, indoor vertical farms/greenhouses, farmland development, health-focused food and beverage enterprises with Black and Brown ownership located in federally qualified opportunity zones throughout the country in order to reduce health disparities and the disparate burdens of chronic medical conditions exposed by COVID-19 that disproportionately impact Black and Brown Americans.

Fund I, a growth capital vehicle, will target family offices, high-net worth and ultra-high net worth individuals, professional athletes, celebrities, entertainers, and institutional investors. The Fund also expects to be an attractive investment vehicle for women and people of color who are interested in supporting enterprises with Black and Brown ownership participation.

“TPP principals has 25 years of food industry experience in food science, food ingredients, food processing, food technology, packaging, and food marketing. With strong relationships with food ingredient suppliers, food scientists, food companies, and food CEOs, and executives TPP is well position for success,” says Clinton Bush, TPP Capital Holdings Principal, and Co-Founder.

“One the keys to this raise are to align our Fund with patient capital that understands our quadruple bottom line approach of saving money on taxes against ordinary income or a recent capital gains event, sustainable and verifiable social and economic impacts along with financial returns to our investors,” says Anthony B. Miles, TPP Capital Holdings Principal, and Fund Manager of Tioga District Urban Agriculture OZ Fund. “In the middle of today’s public health crisis, our raise will allow us to provide scalable solutions and build back better – prioritizing health through stronger businesses and buildings in food and wellness desserts prevalent in Black and Brown communities in federal qualified opportunity zones.”

To date, TPP Capital has commitments to provide the direct investments through Fund I, including:

$2M investment commitment in Vertical Harvest LC3, a Jackson, Wyoming, agri-business that has built a profitable sustainable model for urban hydroponic farms that addresses food and job insecurity through the production of fresh, local food year-round while providing meaningful jobs to underemployed populations, with a focus on hiring people with intellectual and physical disabilities. The investment will drive a five-year expansion plan to build 10 new 70,000-square- foot greenhouses, produce over 10 million annual pounds of produce, and create up to 550 meaningful jobs for underserved populations in the US, all on less than three acres of land each.

$5M equity investment commitment in Vertical Harvest Philly, the construction and operation of a 70,000-square-foot greenhouse that will pursue WELL Certification and the WELL Health Safety Rating. The site will be accompanied by 50 affordable units housing for farm workers in Upper North Philadelphia’s Tioga neighborhood adjacent to Temple University

Health Sciences Campus and Temple University Hospital in the certified federally qualified opportunity zone census tract 42101020101.

“TPP's investment in Vertical Harvest, and their food industry expertise that they bring will greatly expand our footprint and enable us to gain significant market share in a fast-moving vertical farming market that is rooted in our foundational values of inclusivity, sustainability and community resilience," said Vertical Harvest CEO Nona Yehia.

A third direct equity investment is in urban farmland development sites with affordable housing for farm workers and food entrepreneurs, Black- and Brown-owned food ventures.

Investors can get involved in the Fund, learn more about each investment’s associated social, environmental, and economic impacts, opportunity zone investment structure; and relevant investor two-tier tax benefit under the opportunity zone program during TPP’s upcoming Making Money, Doing Social Good™ webinar series on February 25, 2021, from 1:00 to 2:15PM and March 11, 2021 from 2:00 – 3:15PM. Registration for the event can be found here: Making Money, Doing Social Good | Urban Agriculture & Food (constantcontact.com)

About TPP Capital Holdings

TPP Capital Holdings (TPP), based in Philadelphia, with offices in Jacksonville, Fla, is a Black-led social impact private equity fund manager and urban healthcare and real estate development firm on a mission to change the face of Black health by investing in and transforming as many as five urban blighted and underserved Black neighborhoods into integrated and scalable, compact, dense and community, health, and wellness- focused districts over the next 10 years. TPP will make investments of $100MM to $300MM in each neighborhood.

About Tioga District™

The Tioga District™ is a tech-forward, fully integrated, compact, dense, transit-oriented mixed-use inclusive community, health and wellness-centric five-square-block master planned development by Black-led, Philadelphia-based social impact private equity fund manager and urban healthcare real estate development firm TPP Capital Holdings, featuring a full urban mix of affordable housing, entertainment, work, educational and entrepreneurial opportunities.

Kate Raley
This email address is being protected from spambots. You need JavaScript enabled to view it.
615-610-0202

Company expands use of proven artificial intelligence across the platform and new deep learning innovations

AUSTIN, Texas--(BUSINESS WIRE)--E2open (NYSE:ETWO), the network for the digital economy, today announced the release of its first quarterly technology update of 2021, with enhancements in all application suites and the expanded use of artificial intelligence (AI) to help customers make better decisions, reduce business risk, capture new opportunities and continuously improve productivity.

"The improvements in this quarterly release across all application suites demonstrate E2open's commitment to provide the most comprehensive supply chain management capabilities on a single platform," said Pawan Joshi, executive vice president of product management and strategy for E2open. "We offer one platform to meet client needs at every stage of their supply chain journey, from improving functional performance to complete digital transformation. The continued expansion of field-proven AI across the platform and new innovations in this release, such as deep learning, are core enablers to capitalize on the wealth of data available through the E2open network from channel, supplier, logistics and global trade ecosystem partners. This combination of advanced AI, end-to-end data and the widest breadth and depth of applications on a single platform are prerequisites for operating today's agile and resilient supply chains."

Some of the primary enhancements in this release include:

Channel Shaping

• Channel Marketing Automation is now available with the Harmony® user experience. The enhancement provides unified access to data and easy navigation across multiple applications, facilitating business processes and analytics that span the complete supply chain for better informed decisions and improved responsiveness to change.
• Demand Signal Management has a new executive dashboard available through the Harmony user experience. Stakeholders can immediately view critical operational metrics and the status of execution on their key tasks and can access those tasks from a single place for increased productivity.
• Channel Marketing Automation provides a new partner locator capability. Brand owners can seamlessly embed this feature in their website to help online visitors find partners who can supply the products and services they need and drive increased revenues for the brand and the partners.
• Sales Performance Incentives application extends its support for sales performance incentives funds (SPIFs) to encompass the end-to-end partner rewards process. The new capabilities help brand owners motivate their partners' sales teams and drive further strategic alignment with the brand goals.

Demand Sensing and Business Planning

• New deep learning AI algorithms for statistical forecasting improve forecast accuracy by finding meaningful patterns across multiple disparate data sources including unstructured data. Higher forecast accuracy enables clients to optimize business planning processes to better capture new revenue opportunities, lower costs or both.
• New capacity utilization by item reporting helps supply planners quickly identify product-specific capacity constraints before they become issues. These detail-level views improve customer service with higher supply assurance and raise planner productivity by lowering the time and effort to isolate and address capacity risks.
• Enhanced visualizations for forecast locking within Sales and Operations Planning simplify the complex process of collaboratively editing and locking plans across multiple aggregation levels. Enhanced visibility to locked demand due to customer commitments and promotions simplifies this complex collaboration activity across parties and improves planner productivity.

Global Trade Management

• The new Easy Classification API leverages AI to automate harmonized tariff schedule (HTS) code classification activities by suggesting classification codes based on a product description. Shippers ensure that international customers are charged the proper duties and taxes without labor-intensive manual processes, reducing order and delivery cycle times.
• For companies self-filing with EU customs agencies, this release supports the transmission of EU Intrastat mandatory trade data reports. This capability reduces broker fees and ensures accuracy and consistency while meeting compliance standards.
• E2open’s trade content team updated over 10 million entries in the Global Knowledge® database, ensuring trade compliance transactions utilize the most up-to-date content. These regulatory changes result from the United Kingdom’s departure from the EU, Mexico’s tariff revision, U.S. Section 301 tariffs, other annual tariff changes and product reclassification for numerous countries.

Transportation & Logistics

• This release added the ability for users to extract, publish, manipulate and save TMS data in a personal workspace for greater efficiency, productivity and improved user experience.
• Enhanced ocean geo-positioning capabilities with new data feeds for all active container cargo-carrying ships globally further improve in-transit visibility and the accuracy of predicting arrival times to help shippers better plan activities at (and downstream from) destination ports.
• To help trucking companies get more accurate and timely information about their container pick-up and drop-off jobs, a new API allows ocean carriers to directly upload their container booking transport orders from their TMS systems to E2open’s container management application.

Collaborative Manufacturing and Supply Management

• Enhance traceability for both 3^rd party manufacturers and internal operations by capturing additional information related to finished goods warranty, shipments, and manufacturing specifications. Access to more extensive data saves companies time and money while improving customer service and brand integrity.
• Enhance time to value with simplified workflows to automatically send product forecasts over email to low volume suppliers and logistic providers.
• Streamline data management and improve user experiences through location master enhancements that provide advanced validation rules. This helps to reduce data entry errors in both transport planning and execution workflows.

Network (E2net)

• Reduce partner onboarding friction with E2net's renewed certification of the AS2 protocol from the Drummond Group to enable rapid onboarding of trading partners worldwide. This enhancement reinforces E2open’s commitment to best-in-class network standards and network interoperability.

Learn More About Product Updates

As a cloud-based offering, E2open consistently brings the best in channel and supply chain management technology to customers. To learn more about this update, please contact us here.

About E2open

At E2open, we’re creating a more connected, intelligent supply chain. It starts with sensing and responding to real-time demand, supply and delivery constraints. Bringing together data from customers, distribution channels, suppliers, contract manufacturers and logistics partners, our collaborative and agile supply chain platform enables companies to use data in real time, with artificial intelligence and machine learning to drive smarter decisions. All this complex information is delivered in a single view that encompasses your demand, supply, logistics and global trade ecosystems. E2open is changing everything. Demand. Supply. Delivered. Visit www.e2open.com.

E2open, the E2open logo, Harmony and Global Knowledge are registered trademarks of E2open, LLC or its affiliates. All other trademarks, registered trademarks and service marks are the property of their respective owners.

Sales and Customer Information:
Diane Mitchell | VP, Corporate Marketing | E2open | This email address is being protected from spambots. You need JavaScript enabled to view it. | 512-735-5692

Media Contact:
WE Communications for E2open | This email address is being protected from spambots. You need JavaScript enabled to view it. | 512-527-7029

CANTON, Mich.--(BUSINESS WIRE)--Lotus International Company – a Shell consumer products brand licensee – announced today the debut of Shell RIDE SR-5S e-scooter in North America. This is the first offering in the Shell e-mobility line of products.

The electric SR-5S boasts a sleek design and provides a lower-carbon means of transport for personal journeys. Its features include:

• Front-wheel motor with a 350-watt capacity;
• Maximum speed of 15.5 miles per hour and a maximum range of 18 miles on a full charge;
• Cruise control and three separate speed modes;
• Strong safety features, including dual-braking functionality;
• Folding mechanism for easy storage and transportation;
• A strong chassis and hybrid wheels for greater stability and ride comfort, and;
• The companion Shell RIDE app (available for Android and iOS devices) controls speed modes, lighting modes, a trip computer, security features, and more.

“The Shell RIDE e-scooter is a fun, reliable, and low-emission personal transportation method for life’s short journeys; whether it’s your ride to work or school, a spin in the park, or exploring a new city,” says Darren S. Ivey, Director of Sales & Marketing, Lotus International Company, a Brand Licensing partner for Shell and the supplier and marketer of the product line.

In the U.S., 46 percent of journeys are made by cars travelling less than three miles. Electric scooters provide a simple-to-use, lower-carbon solution for these journeys. According to the 2019 EPA Automotive Trends Report, the average passenger car emits approximately 0.78 pounds of CO2 per mile driven, about 2.34 pounds of CO2 for every three mile trip.

Ivey added, “The people who purchase this e-scooter understand the importance in reducing emissions and making the world a better place, while still enjoying the ride in our fast-paced, on-demand world.”

With an MSRP of $769, the Shell RIDE SR-5S e-scooter is currently available for pre-order in the U.S. on Amazon.com and will be available at QVC, Walmart.com as well as other retailers in Canada and Mexico in the coming months.

About Lotus International Company

Lotus International Company is an integrated specialty technology firm based in Canton, Michigan. It is responsible for sales, marketing, distribution, and service of Shell brand e-mobility products. Lotus International Company is a Shell licensee and uses Shell trademarks under license.

Learn more about Shell Ride at www.shellride.com.

Media contacts: Don McLean, This email address is being protected from spambots. You need JavaScript enabled to view it., +1-734-245-0165

TORONTO--(BUSINESS WIRE)--Chemtrade Logistics Income Fund (TSX: CHE.UN) today announced that it has declared a cash distribution of $0.05 per unit for the month of February 2021 payable on March 26, 2021 to unitholders of record at the close of business on February 26, 2021.

Holders of units who are non-residents of Canada will be required to pay all withholding taxes payable in respect of any distributions of income by the Fund.

Rohit Bhardwaj
Vice President, Finance & CFO
Tel: (416) 496-4177

Ryan Paull
Business Development Manager
Tel: (973) 515-1831

• Board Is Comprised of Six Industry Experts Including New Members John Chiang, Ian Rogoff and Margaret “Peggy” Taylor

• New Members Will Bring Additional Perspectives to Help the Company Broaden and Validate Business, Marketing and Fundraising Strategies

LOS ANGELES--(BUSINESS WIRE)--Faraday Future (FF), a California-based global shared intelligent mobility ecosystem company, announced three new members to its strategic Advisory Board today including John Chiang, Ian Rogoff and Margaret “Peggy” Taylor. The Board is now made up of six civic and business leaders who will serve as trusted advisors to FF.

The Advisory Board serves as a sounding board for critical elements at FF such as fundraising, publicity and product planning. Being leaders in their respective fields, the Advisory Board members help to ensure FF product, technologies and business strategies are fully vetted before being released to the public.

“We are privileged that these new members have joined this esteemed group of diverse leaders, who share our company vision, and have joined us to help FF through our future phases of growth,” said Carsten Breitfeld, Global CEO of FF. “The Advisory Board brings outside perspective, new creative ideas and a wealth of industry experience that helps the company achieve its mission and strategic goals and offers recommendations for improvements to enhance our business.”

Advisory Board members are chosen for their experience and their willingness to provide non-biased opinions and guidance to help FF achieve its vision of creating integrated and leading-edge products and technologies to improve lives with the least impact to our environment.

“I am convinced this company can do extraordinary things in the EV and mobility space,” said new Advisory Board member John Chiang, former Treasurer and Controller of the state of California. “I am excited and honored to play a role in helping FF establish a strong presence in the global EV marketplace.”

Members of the Advisory Board include:

John Chiang – Serves as a member of the board of directors of Apollo Medical Holdings, Inc. (Nasdaq: AMEH), Zeuss Technologies and Aegis Systems. In addition, he serves on the corporate advisory boards of Pasadena Private Finance, Calyx Peak and Adept Development. Mr. Chiang was a former Treasurer and Controller of the State of California.

Zhu Xiao Di – Currently the Executive Director at the Coalition of Asian American Business Organizations (CAABO), whose mission is to grow Asian American businesses nationally and to educate the general public on business development issues affecting Asian-Americans in the United States. Mr. Di has been a researcher at Harvard and a consultant with Arthur Andersen LLP.

Ian Rogoff – Co-Founder and General Partner at Sierra Nevada Partners, an investment management company established to buy and grow sustainable businesses located in the Western U.S. Ian currently serves as Chairman and CEO of The Helio Group, an integrated renewable energy company, and Chairman of the Nevada Institute for Renewable Energy Commercialization. Mr. Rogoff brings years of experience with Microsoft and renewable energy.

Stephen Saltzman – Chair of the Asia and Europe Entertainment and Media practice of Paul Hastings and is based in the firm’s London office. Mr. Saltzman has extensive experience in domestic and international transactions in the entertainment and media industries.

Margaret “Peggy” Taylor – Brings decades of board and consulting experience and an extensive track record of expanding and scaling technology companies across the enterprise software and financial services industries. Ms. Taylor brings years of experience at PeopleSoft and Board experience at FICO.

Andrew Williams – Has over 35 years of finance industry experience. His most recent role was with Gramercy, a US based Emerging Markets Asset management firm, where he managed Institutional investors, including Sovereign Wealth Funds, in Asia, Australia, Japan and the Middle East. Mr. Williams was also Managing Director and Head of Sovereigns for J.P. Morgan Asset Management

Complete bios and additional information can be found here: https://www.ff.com/us/our-team/

This announcement comes as FF prepares to merge with Property Solutions Acquisition Corp. (“PSAC”) (NASDAQ: PSAC), a special purpose acquisition company (“SPAC”). The previously announced merger agreement, expected to close in the second quarter of 2021, will result in the combined company listing on the Nasdaq Stock Market under the new ticker symbol “FFIE”.

The proposed transaction validates FF's vision to create a mobility ecosystem built upon innovations in technology and products. FF 91 features an industry leading 1,050 HP, 0-60 mph in less than 2.4 seconds, zero gravity seats with the largest 60-degree reclining angles and a revolutionary user experience designed to create a mobile, connected, and luxurious third Internet living space. FF 91 is targeted to launch within twelve months after closing of the merger.

Users can reserve an FF 91 now at: https://www.ff.com/us/reserve

ABOUT FARADAY FUTURE

Established in May 2014, Faraday Future (FF) is a global shared intelligent mobility ecosystem company, headquartered in Los Angeles, California. FF's vision is to create a shared intelligent mobility ecosystem that empowers everyone to move, connect, breathe, and live freely. FF aims to perpetually improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the Internet and new usership models. With the FF 91, FF has envisioned a vehicle that redefines transportation, mobility, and connectivity, creating a true “third Internet living space,” complementing users’ home and smartphone Internet experience.

FOLLOW FARADAY FUTURE:

https://www.ff.com/
https://twitter.com/FaradayFuture
https://www.facebook.com/faradayfuture/
https://www.instagram.com/faradayfuture/
www.linkedin.com/company/faradayfuture

ABOUT PROPERTY SOLUTIONS ACQUISITION CORP.

Property Solutions Acquisition Corp. is a special purpose acquisition company formed for the purpose of effecting a merger, stock purchase or similar business combination with one or more differentiated businesses. The company is managed by Co-CEO’s Jordan Vogel and Aaron Feldman.

Property Solutions I is a $230 million SPAC formed in July 2020 and is traded on the NASDAQ under the ticker symbol “PSAC”.

IMPORTANT INFORMATION AND WHERE TO FIND IT

This press release relates to a proposed transaction between PSAC and FF. PSAC intends to file with the Securities and Exchange Commission (“SEC”) a registration statement on Form S-4 that will include a proxy statement and prospectus of PSAC and a consent solicitation statement with respect to FF. The proxy statement/consent solicitation statement/prospectus will be mailed to stockholders of PSAC as of a record date to be established for voting on the proposed business combination. PSAC also will file other relevant documents from time to time regarding the proposed transaction with the SEC. INVESTORS AND SECURITY HOLDERS OF PSAC ARE URGED TO READ THE PROXY STATEMENT, PROSPECTUS AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED BY PSAC FROM TIME TO TIME WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the proxy statement/consent solicitation statement/prospectus and other documents containing important information about PSAC and FF once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by PSAC when and if available, can also be obtained free of charge by directing a written request to Property Solutions Acquisition Corp., 654 Madison Avenue, Suite 1009, New York, New York 10065.

PARTICIPANTS IN THE SOLICITATION

PSAC and FF and their respective directors and executive officers, under SEC rules, may be deemed to be participants in the solicitation of proxies of PSAC’s stockholders in connection with the proposed transaction. Investors and security holders may obtain more detailed information regarding the names and interests in the proposed transaction of PSAC’s directors and officers in PSAC’s filings with the SEC, including PSAC’s Quarterly Report on Form 10-Q for the period ended September 30, 2020, which was filed with the SEC on November 13, 2020. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies to PSAC’s stockholders in connection with the proposed business combination will be set forth in the proxy statement/consent solicitation statement/prospectus for the proposed business combination when available. Additional information regarding the interests of participants in the solicitation of proxies in connection with the proposed business combination will be included in the proxy statement/consent solicitation statement/prospectus that PSAC intends to file with the SEC.

NO OFFER OR SOLICITATION

This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

FORWARD LOOKING STATEMENTS

This press release includes “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside PSAC’s or FF’s management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: the inability to complete the transactions contemplated by the proposed business combination; the inability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, the amount of cash available following any redemptions by PSAC stockholders; the ability to meet the Nasdaq’s listing standards following the consummation of the transactions contemplated by the proposed business combination; costs related to the proposed business combination; FF’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; FF’s estimates of the size of the markets for its vehicles; the rate and degree of market acceptance of FF’s vehicles; the success of other competing manufacturers; the performance and security of FF’s vehicles; potential litigation involving PSAC or FF; the result of future financing efforts and general economic and market conditions impacting demand for FF’s products. Other factors include the possibility that the proposed transaction does not close, including due to the failure to receive required security holder approvals, or the failure of other closing conditions. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the registration statement on Form S-4 and proxy statement/consent solicitation statement/prospectus discussed above and other documents filed by PSAC from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and neither PSAC nor FF undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

For Faraday Future Investors:
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media:
John Schilling
This email address is being protected from spambots. You need JavaScript enabled to view it.

Performance improvement demonstrated in over 18,000 installations for installers like Project Solar UK

CAMPBELL, Calif.--(BUSINESS WIRE)--#photovoltaics--Tigo Energy, Inc., the solar industry worldwide leader in Flex MLPE (Module Level Power Electronics), announced today that the company has surpassed 75 GWh of Reclaimed Energy since 2009 for worldwide installations utilizing the company’s industry-leading optimization solutions.

Reclaimed Energy is the incremental energy generated from Tigo optimizers that would have been lost due to shade and other sources of mismatch if Tigo optimizers were not installed on the PV system. Tigo is the only optimizer supplier that shows customers the Reclaimed Energy value. This feature is critical to quantify the return on investment for installers such as Project Solar in the United Kingdom.

“The Tigo Solution is by far the simplest and best solution in the market today. As a leading residential installer in the UK, it has helped increase our business whilst delivering the maximum performance to our customers, giving them the best return on their investment,” states Steve Wallace, Procurement Director for Project Solar UK. “The new Reclaimed Energy feature in the monitoring portal is simply the best way to justify the use of Tigo optimizers. Our customers understand it, and this is important to us.”

The Tigo module-level optimization works in conjunction with any leading PV inverter to set the best operating point for all modules within a string. This provides the installer choice and allows the system to harvest the most energy even when modules are affected by shade, clouds, or other forms of mismatch.

“Tigo’s TS4 optimizers and monitoring portal provide the maximum energy harvest and a unique level of visibility into system energy production,” according to JD Dillon, Tigo’s Chief Marketing Officer. “We are pleased that Project Solar UK and installers around the world are able to use detailed data to show proof of ROI with their homeowners and that metric demonstrates greater than 10% reclaimed energy in more than a quarter of the installations.”

Tigo provides flexible solutions that increase energy production of PV systems with optimization, decrease operating costs with remote monitoring and enhance safety with rapid shutdown capabilities. What makes Tigo so different is choice. PV customers have the power to pick the right features and the right inverter for a tested and certified solution at the equipment and system level that maximizes the benefit for their installation. The Reclaimed Energy feature validates the benefits of optimization, which enables customers to get the most energy out of their PV installations.

For inquiries, contact: This email address is being protected from spambots. You need JavaScript enabled to view it.

About Tigo

Tigo is the worldwide leader in Flex-MLPE (Module Level Power Electronics) with innovative solutions that increase energy production, decrease operating costs, and significantly enhance safety of photovoltaic (PV) systems. Tigo’s TS4 platform maximizes the benefit of PV systems and provides customers with the most scalable, versatile, and reliable MLPE solution available. Tigo was founded in Silicon Valley in 2007 to accelerate the adoption of solar energy worldwide. Tigo systems operate on 7 continents and produce gigawatt hours of reliable, clean, affordable and safe solar energy daily. Tigo's global team is dedicated to making the best MLPE on earth so more people can enjoy the benefits of solar. Visit us at www.tigoenergy.com.

About Project Solar UK

Project Solar UK Ltd is a well-established Renewable Energy company with a dedicated team that has over 9 years of experience in designing and installing Solar PV systems. Project Solar UK Ltd only use the most qualified and experienced tradesmen when it comes to domestic solar panel installations. With every project having an assigned project manager to ‘touch base’, and their job is to ensure the quality of the installation is up to our high standards, setting up the Feed-in tariff (FIT) with an aim to install in 7 to 10 days. They are a SunPower Certified Partner, making them a preferred choice for anyone looking to install solar on their property.

John Lerch
408.402.0802 x430
This email address is being protected from spambots. You need JavaScript enabled to view it.

WALLINGFORD, Conn.--(BUSINESS WIRE)--#Containerized--Nel Hydrogen Electrolyser, a subsidiary of Nel ASA (Nel, OSE:NEL), has launched the MC250 and MC500 containerized Proton PEM electrolysers.

“We are proud to officially launch the MC250 and MC500, representing automated MW-class on-site hydrogen generators utilizing a modular containerized design for ease of installation and integration. Nel is pleased to expand our product offering with additional two world-class hydrogen generators and we are already experiencing significant interest for these solutions in the market,” says Filip Smeets, SVP Electrolyser Division of Nel.

The containerized MC250 and MC500 will be delivered as standard 1.25 and 2.5 MW (246 and 492 Nm³/h) configurations respectively. The new products are integrating Nel’s newly developed 1.25 MW PEM cell-stack, allowing for higher capacities per unit and lower cost. The platform allows multiple units to be integrated easily in the field, which was a key consideration during the development.

“We are paying close attention to the market and our customers’ needs. With the containerized M Series PEM electrolysers, we are offering the same robustness and reliability of our conventional M Series units, enabling faster and more flexible installation,” Smeets concludes.

About Nel ASA | www.nelhydrogen.com

Nel is a global, dedicated hydrogen company, delivering optimal solutions to produce, store, and distribute hydrogen from renewable energy. We serve industries, energy, and gas companies with leading hydrogen technology. Our roots date back to 1927, and since then, we have had a proud history of development and continuous improvement of hydrogen technologies. Today, our solutions cover the entire value chain: from hydrogen production technologies to hydrogen fueling stations, enabling industries to transition to green hydrogen, and providing fuel cell electric vehicles with the same fast fueling and long range as fossil-fueled vehicles - without the emissions.

Steve Szymanski, VP Sales and Marketing, Americas, +1.203.980.3182
Raymond Schmid, VP sales and Marketing, EMA, +41.76.334.76.54
Or email This email address is being protected from spambots. You need JavaScript enabled to view it.

NEW YORK & OSLO, Norway--(BUSINESS WIRE)--Innovation Norway, the Norwegian Government’s key instrument for supporting innovation and development of Norwegian enterprises and industry has granted FREYR NOK 39 million in development support. The grant is provided in the “environmental technology” category and relates to Innovation Norway’s task of stimulating research and development projects, domestic value generation and creation of responsible businesses. The grant is expected to be paid during 2021 and follows an evaluation process which started in the fall of 2020.

FREYR is targeting development of up to 43 GWh of cost efficient and clean battery cell production capacity in Mo i Rana, Norway, by 2025. FREYR plans to utilize next generation battery technology and Norway’s inherent advantages, including access to renewable energy, low electricity prices, and closeness to rapidly growing markets in Europe and the US.

“Since the outset we have been engaged in the ambition of establishing production of battery cells at Mo i Rana. We are very pleased to be able to further support FREYR in the ongoing industrial development which is important to the Norwegian business community with great potential for job creation and exports. It will contribute greatly to establishing a complete eco-system and value chain for green industry development,” says Håkon Haugli, the CEO of Innovation Norway.

“FREYR’s ambition is to make battery cells with the world’s lowest carbon footprint. We want to position ourselves as a leading European supplier of sustainable battery cells based on clean Norwegian energy, next generation technology, battery materials sourced from regional providers and a local ecosystem of sub-suppliers. The support from Innovation Norway is valuable to us, both financially and as a recognition of the ongoing work,” says Tom Einar Jensen, the CEO of FREYR.

“Norway is strongly positioned to develop industrial production to meet the growing demand for clean battery cells. Still, it requires strong cooperation between companies, investors, authorities and policy agencies. This is a good example of just that,” says Håkon Haugli.

During the application processing, Innovation Norway has emphasized the potential for value creation in Norway enabled by the project, including establishing large scale production facilities and job creation. Further, it is important to Innovation Norway to support development of responsible businesses and the grant reflects a positive commitment tied to the environmental and social footprint as well as corporate governance and company management.

“Production of clean low-cost batteries represent one of the best opportunities for developing a sustainable and profitable Norwegian renewable industry in the coming decade,” says Tom Jensen.

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

“We have experienced wide support from politicians, business organizations and the Norwegian technology community locally and nationally since we started FREYR in 2018. FREYR has moved from the drawing-board to now becoming reality with the support of many stakeholders, with capital from financial and strategic investors as announced a few weeks ago, and last but not least through support from Innovation Norway which contributed at an early stage and now again in an important development phase,” says Torstein Dale Sjøtveit, Founder and Executive Chairman of FREYR.

FREYR has previously received NOK 9 million in grants from Innovation Norway, bringing total accumulated grants to NOK 48 million or approximately USD 6 million.

About FREYR AS

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

About Innovation Norway

Innovation Norway is the Norwegian Government's and the County Municipalities’ most important instrument for innovation and development of Norwegian enterprises and industry. Innovation Norway contributes to sustainable growth and exports for Norwegian businesses through capital and competence.

For more information, visit: https://www.innovasjonnorge.no/

Forward-looking statements

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

No Offer or Solicitation

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

No Assurances

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

Important Information about the Transaction and Where to Find It

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

Contact FREYR
Hilde Rønningsen, Director of Communications, +47 453 97 184, This email address is being protected from spambots. You need JavaScript enabled to view it.

Contact Innovation Norway
Bernt Erik Ellingsen, Special adviser, +47 905 77 277, This email address is being protected from spambots. You need JavaScript enabled to view it.

FREMONT, Calif.--(BUSINESS WIRE)--SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy, today announced its financial results for the fourth quarter and year ended December 31, 2020.

Fourth Quarter 2020 Highlights

• Revenues of $358.1 million
• Revenues from solar products of $327.1 million
• GAAP gross margin of 30.8%
• Non-GAAP gross margin of 32.5%
• GAAP gross margin from sale of solar products of 35.3%
• Non-GAAP gross margin from sale of solar products of 36.2%
• GAAP net income of $17.7 million
• Non-GAAP net income of $55.7 million
• GAAP net diluted earnings per share (“EPS”) of $0.33
• Non-GAAP net diluted EPS of $0.98
• 1.36 Gigawatts (AC) of inverters shipped

Full Year 2020 Highlights

• Record revenues of $1.46 billion
• Record revenues from solar products of $1.36 billion
• GAAP gross margin of 31.6%
• GAAP gross margin from sale of solar products of 34.3%
• Non-GAAP gross margin from sale of solar products of 35.0%
• GAAP net income of $140.3 million
• Non-GAAP net income of $224.4 million
• GAAP net diluted earnings per share (“EPS”) of $2.66
• Non-GAAP net diluted EPS of $4.11
• 6.1 Gigawatts (AC) of inverters shipped

“Our fourth quarter results are reflective of strength in the U.S. residential market and record revenues from outside of Europe and the U.S., led by Australia,” said Zvi Lando, CEO of SolarEdge. “The return to growth in installations in the U.S. residential market drove our sequential growth and return to the anticipated solar margins. Despite the global pandemic, we concluded the year with slight growth in revenues, healthy cash generation and are well positioned for 2021 and beyond, having invested significantly in development of new products to be released this year as well as development of our non-solar businesses, with readiness to supply full powertrain kits for the e-Mobility sector in Europe.”

Fourth Quarter 2020 Summary

The Company reported revenues of $358.1 million, up 6% from $338.1 million in the prior quarter and down 14% from $418.2 million in the same quarter last year.

Revenues related to the solar business were $327.1 million, up 5% from $312.5 million in the prior quarter and down 16% from $389.0 million in the same quarter last year.

GAAP gross margin was 30.8%, down from 32.0% in the prior quarter and down from 34.3% year over year.

Non-GAAP gross margin was 32.5%, down from 33.5% in the prior quarter and down from 35.5% year over year.

GAAP gross margin for the solar business was 35.3%, up from 34.1% in the prior quarter and down from 37.3% year over year.

Non-GAAP gross margin for the solar business was 36.2%, up from 34.8% in the prior quarter and down from 37.8% year over year.

GAAP operating expenses were $95.9 million, up 23% from $77.7 million in the prior quarter and up 3% from $92.7 million in the same quarter last year.

Non-GAAP operating expenses were $72.9 million, up 15% from $63.2 million in the prior quarter and up 15% from $63.1 million in the same quarter last year.

GAAP operating income was $14.4 million, down 53% from $30.4 million in the prior quarter and down 71% from $50.5 million in the same quarter last year.

Non-GAAP operating income was $43.5 million, down 13% from $50.0 million in the prior quarter and down 49% from $85.3 million in the same quarter last year.

GAAP net income was $17.7 million, down 60% from $43.8 million in the prior quarter and down 67% from $52.8 million in the same quarter last year.

Non-GAAP net income was $55.7 million, down 15% from $65.9 million in the prior quarter and down 36% from $87.4 million in the same quarter last year.

GAAP net diluted earnings per share (“EPS”) was $0.33, down from $0.83 in the prior quarter and down from $1.03 in the same quarter last year.

Non-GAAP net diluted EPS was $0.98, down from $1.21 in the prior quarter and down from $1.65 in the same quarter last year.

Cash flow from operating activities was $27.0 million, down from $28.4 million in the prior quarter and down from $83.1 million in the same quarter last year.

As of December 31, 2020, cash, cash equivalents, bank deposits, restricted bank deposit and marketable securities totaled $530.2 million, net of debt, compared to $553.8 million on September 30, 2020.

Full Year 2020 Summary

Total revenues of $1.46 billion, up 2% from $1.43 billion in the prior year.

GAAP gross margin was 31.6%, down from 33.6% in the prior year.

Non-GAAP gross margin was 33.0%, down from 34.9% in the prior year.

GAAP operating income was $142.6 million, down 25% from $189.9 million in the prior year.

Non-GAAP operating income was $218.8 million, down 21% from $276.8 million in the prior year.

GAAP net income was $140.3 million, down 4% from $146.5 million in the prior year.

Non-GAAP net income was $224.4 million, down 4% from $233.2 million in the prior year.

GAAP net diluted EPS was $2.66, down from $2.90 in the prior year.

Non-GAAP net diluted EPS was $4.11, down from $4.44 in the prior year.

Cash flow from operating activities of $222.7 million, down from $259.0 million in the prior year.

Outlook for the First Quarter 2021

The Company also provides guidance for the first quarter ending March 31, 2021 as follows:

• Revenues to be within the range of $385 million to $405 million
• Non GAAP gross margin expected to be within the range of 34% to 36%
• Revenues from solar products to be within the range of $360 million to $375 million
• Non GAAP gross margin from sale of solar products expected to be within the range of 36% to 38%

Conference Call

The Company will host a conference call to discuss these results at 4:30 P.M. ET on Tuesday, February 16, 2021. The call will be available, live, to interested parties by dialing 800-347-6311. For international callers, please dial +1 646-828-8143. The Conference ID number is 3276360. A live webcast will also be available in the Investors Relations section of the Company’s website at: http://investors.solaredge.com

A replay of the webcast will be available in the Investor Relations section of the Company’s web site approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.

About SolarEdge

SolarEdge is a global leader in smart energy. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by PV systems. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, UPS, electric vehicle powertrains, and grid services solutions. SolarEdge is online at solaredge.com

Use of Non-GAAP Financial Measures

The Company has presented certain non-GAAP financial measures in this release, such as non-GAAP net income, non-GAAP net diluted EPS, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and non-GAAP gross margin from sale of solar products. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States, or GAAP. Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this release. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. The Company believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This release contains forward looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include information, among other things, concerning: our possible or assumed future results of operations; future demands for solar energy solutions; business strategies; technology developments; financing and investment plans; dividend policy; competitive position; industry and regulatory environment; general economic conditions; potential growth opportunities; and the effects of competition. These forward-looking statements are often characterized by the use of words such as “anticipate,” “believe,” “could,” “seek,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or similar expressions and the negative or plural of those terms and other like terminology.

Forward-looking statements are only predictions based on our current expectations and our projections about future events. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Given these factors, you should not place undue reliance on these forward-looking statements. These factors include, but are not limited to, the matters discussed in the section entitled “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2019, filed on February 27, 2020 and our quarterly reports filed on Form 10-Q, Current Reports on Form 8-K and other reports filed with the SEC. All information set forth in this release is as of February 16, 2021. The Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

Investor Contacts
SolarEdge Technologies, Inc.
Ronen Faier, Chief Financial Officer
+1 510-498-3263
This email address is being protected from spambots. You need JavaScript enabled to view it.

Sapphire Investor Relations, LLC
Erica Mannion or Michael Funari
+1 617-542-6180
This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) today announced that Mr. Bhavesh V. (Bob) Patel has been named to the Company’s board of directors. The appointment is effective February 17, 2021, and he will stand for election by stockholders at the Company’s annual meeting on May 19,2021.

“Bob has a distinguished track record in safety and operational excellence,” said Jeff Miller, Halliburton chairman, president, and CEO. “This experience, along with his vast global leadership, will provide great value to Halliburton as we build our strong international business.”

Mr. Patel serves as chief executive officer of LyondellBasell, one of the largest plastics, chemicals and refining companies in the world. Prior to becoming CEO, he served in senior executive leadership roles for the company’s largest business segment in the United States and overseas.

As CEO, Mr. Patel has led the next phase of the company’s long-term growth strategy which includes the building of new, world-scale facilities, strategic expansion in Asia and acquisitions that serve growing markets.

For more than 20 years, Mr. Patel held positions of increasing responsibility at Chevron Corporation and Chevron Phillips Chemical Company. Over the course of his career, he has held leadership positions based in the Netherlands, Singapore, and the United States.

Mr. Patel serves on the boards of the Houston Branch of the Federal Reserve Bank of Dallas, the Greater Houston Partnership, the Board of Visitors at the University of Texas MD Anderson Cancer Center, and is a member of the Business Council. He is also on the external advisory council of the College of Engineering at The Ohio State University and the Board of Visitors of the Fox School of Business at Temple University.

Additionally, until his term expires in May 2021, Mr. Patel serves on the board of directors of Union Pacific Corporation. He earned a Bachelor of Science in chemical engineering from The Ohio State University, and he also holds a Master of Business Administration from Temple University.

Mr. Patel joins current Halliburton board members Abdulaziz F. Al Khayyal, William E. Albrecht, Katherine Banks, Alan M. Bennett, Milton Carroll, Nance K. Dicciani, Murry S. Gerber, Patricia Hemingway Hall, Robert A. Malone, and Jeffrey A. Miller.

ABOUT HALLIBURTON

Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With more than 40,000 employees, representing 140 nationalities in more than 70 countries, the company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the Company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.

For Investors:
Abu Zeya
Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
281-871-2688

For News Media:
Emily Mir
External Affairs
This email address is being protected from spambots. You need JavaScript enabled to view it.
281-871-2601

SAN FRANCISCO--(BUSINESS WIRE)--CAI International, Inc. (“CAI” or the “Company”) (NYSE: CAI), one of the world’s leading transportation finance companies, today reported results for the fourth quarter and full year of 2020.

Highlights

• Net income from continuing operations attributable to CAI common stockholders for the fourth quarter of 2020 was a record $32.5 million, or $1.81 per fully diluted share.
• Adjusted net income from continuing operations attributable to CAI common stockholders¹ for the fourth quarter of 2020 was also a record at $31.6 million, or $1.76 per fully diluted share.
• Return on equity on adjusted net income from continuing operations¹ was 21.2% in the fourth quarter of 2020.
• Container lease revenue for the fourth quarter of 2020 was a record $81.6 million, compared to $73.9 million in the third quarter of 2020.
• CAI’s Board of Directors declared a cash dividend of $0.30 per common share payable on March 25, 2021 to shareholders of record as of March 11, 2021.
• Average CEU utilization for CAI’s owned container fleet during the fourth quarter of 2020 was 99.3%, compared to 98.4% for the third quarter of 2020. Current CEU utilization is 99.7%.
• Under the previously approved share repurchase program, CAI repurchased approximately 249,000 shares of common stock during the fourth quarter of 2020 at an average price of $31.95 per share. CAI has purchased an additional 390,000 shares in the first quarter of 2021 to date.

Timothy Page, Interim President and Chief Executive Officer of CAI, commented, “We are very pleased with our results during the fourth quarter. Adjusted net income from continuing operations attributable to CAI common stockholders was a record $31.6 million, an increase of 69% compared to the third quarter of 2020. Container lease revenue was $82 million, also a record, and a 10% increase from the third quarter.

“During the quarter we delivered on all of our stated initiatives to maximize shareholder value:

• We invested aggressively, leasing out $154 million in new long-dated leases with attractive yields and an average tenure of 11 years. Since the end of June 2020, we have invested $300 million and grown our container revenue assets by 6%. This investment, with its long-term attractive yields, combined with our industry leading utilization and low, long-term funding costs, resulted in an ROE of 21.2% in the fourth quarter.
• We completed the divestiture of our non-container assets with the sale of our rail business, which closed on December 29, 2020. Combined with the sale of our logistics business in August, CAI is now 100% focused on its container leasing business.
• We are actively returning capital to shareholders, increasing our quarterly dividend 20% from $0.25 to $0.30 per share.
• We have repurchased 3.6% of our common shares since the beginning of the fourth quarter of 2020. In addition, the Board has expanded our share repurchase program by an additional two million shares.

“Our singular focus is to continue to prudently allocate capital to drive shareholder value.”

Mr. Page continued, “The global container market has been remarkable the past several quarters, demand has been unprecedented and container prices have risen to record levels. We expect container demand to remain strong throughout 2021. We have a robust forward order book and have commitments for the delivery of $340 million of new containers through early Q3 of 2021, and expect to secure additional commitments as we work with several customers to provide financing for their container production. We continue to focus on ultra-long life-cycle leases and because of the historically high container prices, are limiting our speculative production commitments.

“The Company continues to maintain its exceptional industry leading utilization. Average utilization in the fourth quarter was 99.3%. Utilization at the quarter end was 99.6%, and is currently 99.7%. Our continuing strong performance in utilization reflects the long-term nature of our contracts, our focus on tight contract redelivery terms and ongoing fleet management; all of which underscore the long-term committed nature of our cash flow.

“Our average cash interest rate at the end of the fourth quarter was 2.25%, and 83% of the Company’s debt is now fixed rate. CAI has a record level of liquidity which will allow us to take advantage of favorable container investment opportunities as well as continue to return capital to shareholders.

“We expect the record results we achieved in the fourth quarter to set the stage for a strong 2021. However, we anticipate that net income may be slightly lower in the first quarter as a result of two fewer billing days as compared to the fourth quarter and a probable reduction in container sales as result of a lack of available inventory due to our high utilization levels.”

Mr. Page concluded, “We are very optimistic about 2021. We enter the year with strong cash flows supported by long-term leases, virtually no off-lease equipment, and low, long-term fixed rate financing costs. As a result of these favorable factors, combined with our forward order book, we expect to continue to deliver exceptional ROE’s for our shareholders.”

Additional information on CAI's results, as well as comments on market trends, is available in a presentation posted today on the "Investors" section of CAI's website, www.capps.com.