COLUMBUS, Ind. & PORTLAND, Ore.--(BUSINESS WIRE)--Cummins Inc. (NYSE: CMI), a global power and hydrogen technologies leader, and Daimler Truck North America (DTNA), the largest heavy-duty truck manufacturer in North America, are collaborating to upfit and validate Freightliner Cascadia trucks with a Cummins hydrogen fuel cell powertrain for use in North America. Freightliner will leverage Cummins’ fourth generation fuel cell powertrain, which provides improved power density, efficiency and durability.

The joint effort will support both organizations’ goals to reduce emissions across product offerings and operations. Upon successful validation, the companies intend to have initial units available in 2024 for selected customers.

“Cummins and Daimler Truck have a strong history of partnership, and this next step into fuel cell electric vehicles is an exciting development for zero-emissions transport,” said Amy Davis, Vice President and President of New Power at Cummins. “Hydrogen fuel cells are a promising solution for the demanding requirements of heavy-duty trucking. Our collaboration in this market is an important milestone for both companies as we work to accelerate the shift to a carbon-free economy.”

“CO2-neutral commercial transportation must not only be technically feasible, but also economically viable for our valued customers,” said Rakesh Aneja, Vice President and Chief of eMobility at DTNA. “Depending on the customer application and energy infrastructure considerations, hydrogen-powered vehicles can absolutely complement battery-powered electric vehicles in accelerating our carbon-neutral journey. We are pleased to expand our partnership with Cummins to include hydrogen-powered fuel cell electric vehicles in our future portfolio. We remain focused on serving our customers by providing them with a choice of propulsion-technologies, ultimately resulting in solutions that best suit their business needs.”

About Cummins Inc.

Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from internal combustion, electric and hybrid integrated power solutions and components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, microgrid controls, batteries, electrolyzers and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 59,900 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $2.1 billion on sales of $24 billion in 2021. Learn more at cummins.com.

About Daimler Truck North America

Daimler Truck North America LLC, headquartered in Portland, Oregon, is a leading provider of comprehensive products and technologies for the commercial transportation industry. Daimler Truck North America designs, engineers, manufactures and markets medium- and heavy-duty trucks, school buses, vehicle chassis and their associated technologies and components under the Freightliner, Western Star, Thomas Built Buses, Freightliner Custom Chassis Corp, and Detroit brands. Daimler Truck North America is a subsidiary of Daimler Truck Holding AG (DTG), one of the world’s leading commercial vehicle manufacturers.

Cummins Media Contact:
Jon Mills
Cummins Inc.
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317-658-4540

Daimler Truck Media Contact:
Anja Weinert
Daimler Truck North America
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669-600-1478

ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--$ALS.TO #recordquarter--Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) reports first quarter revenue of $27.1 million compared to $17.5 million for the same period in 2021. Q1 2022 attributable royalty revenue^(1,2) of $25.5 million ($0.62 per share^(1,2)) was 44% higher than the $17.8 million ($0.43 per share) reported for the comparable quarter in 2021. These figures represent quarterly revenue records for the Corporation, mainly based upon higher realized commodity prices.

Adjusted EBITDA^(1,2) of $23.6 million or $0.57 per share^(1,2) during Q1 2022 increased by 62% compared to $14.6 million or $0.35 per share during the prior year quarter. The adjusted EBITDA margin in the first quarter was 83% versus 80% in last year’s comparable quarter. The increase in adjusted EBITDA follows the increase in attributable revenue but was partially offset by an increase in public company related expenses within the Renewable Royalties segment, in which Altius Renewable Royalties Inc. completed its initial public offering in March 2021. The Mineral Royalties segment had an EBITDA margin of 86% for the current and prior year quarters.

Q1 2022 adjusted operating cash flow^(1,2) of $14.2 million or $0.35 per share^(1,2) compares to $8.8 million or $0.21 per share in last year’s comparable quarter. Adjusted operating cash flow benefitted from increased revenues offset by timing of cash income taxes paid.

Adjusted operating cash flow does not include net cash proceeds or acquisition costs (sales minus new investments) related to the Corporation’s Project Generation junior mining equities portfolio. During the quarter new Project Generation investments exceeded equity sales for a net cost of $1.4 million. In the same period in 2021, equity sales exceeded investments by $2.5 million. The Project Generation business also recognized investment and other revenue of $3.0 million during the current quarter compared to $0.4 million for the same period last year, and recognized gains on disposal of mineral properties of $1.0 million from the sale of four mineral properties (2021 - $nil).

Net earnings of $12.5 million or $0.29 per share for Q1 2022 compares to net earnings of $11.8 million or $0.28 per share in Q1 2021. Adjusted net earnings per share^(1,2) of $0.21 in the current quarter compares to adjusted net earnings per share of $0.15 per share in Q1 2021. The main adjusting items in the first quarter of this year are $2.9 million in non-recurring other income from its investment in Chile ($0.07 per share), gains on disposal of mineral properties of $1.0 million ($0.02 per share) as well as other adjusting items for unrealized losses on derivatives related to the revaluation of share purchase warrants on junior mining equities compared to unrealized gains in the prior year’s quarter. Q1 2021 also included adjustments for certain gains on equity investments and joint ventures.

Portfolio Performance

The following table summarizes the attributable royalty revenue:

Base and battery metals was the largest contributor to Q1 2022 revenue, providing $10.0 million compared to $7.6 million in Q1 2021. Copper stream deliveries from Chapada benefitted from higher production and sales levels in the current quarter versus the year ago period, as well as the timing of sales that included amounts received in the current quarter relating to prior quarter production.

Lundin Mining, the mine operator, continues to evaluate an expansion at Chapada with study results expected later this year. Lundin Mining also continues to report drill results that indicate continuing increases to the mineralized footprint at the new Saúva discovery.

Royalty revenue from the Voisey’s Bay nickel-copper-cobalt mine was similar to that of the first quarter of 2021 as lower production volumes were offset by higher realized prices. Production volumes were lower in the current quarter due to the planned transition from the open pit Ovoid mine to new underground operations at Reid Brook and Eastern Deeps. Initial production has commenced from Reid Brook, while production from the Eastern Deeps deposit is targeted to commence in the second half of 2022.

Sales volumes at 777 were negatively impacted by labour and weather related rail availabilities during the quarter, which the mine operator expects to normalize in Q2 2022. The mine is scheduled to close later this year.

A nominal payment from Gunnison was recorded in the quarter, while the operator continues to re-engineer wellfield ramp-up towards a goal of achieving Phase 1 commercial production of 25 million pounds of copper cathode per year.

Milestones announced during the quarter relating to pre-production stage base and battery metal royalty interests held by the Corporation included the completion of a comprehensive project financing package for the Curipamba polymetallic project by Adventus Mining, updated positive feasibility study results for the construction stage Grota do Cirilo lithium project by Sigma Lithium and the commencement of construction of the Tres Quebradas lithium project by Zijin Mining.

Potash royalty revenue of $9.9 million in Q1 2022 is up 143% from the comparable quarter last year when revenue of $4.1 million was reported. Realized potash prices of C$925/tonne were up 157% over realized prices of C$360/tonne last year. The stronger prices were offset by slightly lower royalty volumes than in the comparable quarter of last year. Potash market price increases have continued throughout the first quarter with these expected to be reflected in realized prices during coming quarters due to normal lag impacts. A portion of total global potash demand in 2022 is now widely expected to be unmet due to geopolitical related supply constraints.

The Mosaic Company has announced that the full ramp up of the K3 mining area of the Esterhazy Mine to an annual run rate of 5.5 million tonnes was completed by the end of the quarter, following the transition from the K1 and K2 areas mid last year. It has also noted that it is planning near-term debottlenecking investments to further increase production at Esterhazy.

Nutrien has reported that it expects to increase potash sales volume during 2022 to a range of 14.5 to 15.1 million tonnes (2021: 13.6 million tonnes) across its portfolio of mines. Nutrien has not specified its planned production increases on a per mine basis to date; however, most of Nutrien’s mines are subject to the Corporation’s royalties.

Iron ore royalty revenue of $1.4 million was received in Q1 2022 compared to $2.9 million in the first quarter of 2021. The decrease related to a lower equity dividend paid by Iron Ore Company of Canada (“IOC”) as it guided towards an increased annual sustaining and growth capital budget for the current year, as well as on lower quarterly sales volumes relative to production. In April, Rio Tinto announced that in the first quarter of 2022 IOC had total saleable iron ore production of 4.1 million tonnes, comprised of 2.5 million tonnes of pellets and 1.6 million tonnes of concentrate for sale but completed a lower volume of sales during the quarter of 3.4 million tonnes total, comprised of 1.0 million tonnes concentrate and 2.4 million tonnes pellets.

Champion Iron also continued to progress its updated feasibility and rescoping studies related to the Kami Project, which is located nearby to its Bloom Lake Mine and is subject to a 3% GSR royalty in favor of Altius. It expects to provide updated study results during the second half of the year.

Thermal coal royalty revenue of $3.1 million was received in Q1 2022 compared to $2.9 million during the first quarter of last year reflecting higher production levels at a slightly higher inflation adjusted royalty rate. The Genesee power plant operated at near full capacity during the quarter following the completion of repairs to one of the 3 generating units in December of 2021. Operator Capital Power is continuing investments to repower its Genesee plant to natural gas fired units and is targeting this process to be completed by 2024, at which point the Corporation’s royalty revenue related to thermal coal production is expected to end.

Altius Renewable Royalties Inc. (“ARR”) (ARR: TSX) released its Q1 2022 results on May 4, 2022 ARR Q2 2022 Results. The Corporation holds 59% of the common shares of ARR. ARR reported Q1 2022 attributable royalty revenue of US$0.6 million, which represents its 50% joint venture interest in Great Bay Renewables. The royalty revenue was generated mainly by Northleaf’s Cotton Plains and Old Settler wind projects and Longroad Energy’s Prospero 2 solar project, which are described in greater detail in the ARR MD&A and financial statements. A noteworthy milestone of first positive cash flow was achieved by the GBR joint venture during the quarter with a steady ramp up of revenues and cash flows expected over the next several years related to existing investments. ARR also announced a new developer based investment subsequent to quarter end while noting that its opportunity set for further new investments in both development and advanced stage projects continues to be strong.

Gold

During the quarter Anglogold Ashanti announced a maiden inferred resource of 3.37 million ounces of gold for the Central-Silicon gold deposit discovery within the Silicon Project located near Beatty, Nevada. It has also announced that it has begun a pre-feasibility study for this deposit and a concept study for the nearby Merlin discovery while continuing to advance additional discoveries including at the Maverick target. Altius holds a 1.5-per cent NSR royalty covering the Silicon Project.

Additional information on the Corporation’s results of operations and developments in its Project Generation division are included in the Corporation’s MD&A and Financial Statements which were filed on SEDAR today and are also available on the Corporation’s website at www.altiusminerals.com.

Capital Allocation Summary

The Corporation’s capital allocation priorities are linked to its strategy of creating per share value growth through a portfolio of assets that relate to long life, high margin operations while providing growing shareholder capital returns.

During the quarter, the Corporation made scheduled debt repayments of $2.0 million, preferred security distributions of $1.3 million and paid cash dividends of $2.7 million. The Corporation also expended $165,000 in the repurchase and cancellation of 10,000 shares under its Normal Course Issuer Bid during the period.

On March 9, 2022 the Corporation funded a US$5.0 million (CAD$6.4 million) investment in the form of a secured convertible note to Invert Inc., a private company making investments into carbon credit projects and building a platform to place the credits to corporate and individual participants wishing to reach their decarbonization objectives. The note bears interest at a 7% annual interest rate, has a term of one year and is convertible to equity at an agreed discount upon a go-public event. This investment follows an original US$0.5 million equity investment made by Altius in December 2021.

Subsequent to the quarter end, on April 14, 2022 the Corporation announced that Fairfax Financial Holdings Limited, through certain of its affiliates (collectively, “Fairfax”) exercised 6,670,000 common share purchase warrants (the “Warrants”) at an exercise price of $15 per common share in the capital of Altius (each, a “Common Share”) for gross proceeds of $100 million. Fairfax elected to pay the exercise price of the Warrants by surrendering its $100 million Preferred Securities to Altius for cancellation, in full satisfaction of such exercise price. Altius now has no outstanding Warrants, Preferred Securities or resulting distribution obligations after this transaction, and Fairfax has become the holder of approximately 13.9% of Altius issued and outstanding common shares.

Liquidity

Cash and cash equivalents at March 31, 2022 were $121.3 million, compared to $100 million at the end of 2021. Cash, excluding $87.3 million held by ARR, was $34 million. The value of publicly traded Project Generation business equity holdings was $67.3 million at March 31, 2022. The market value of LIORC shares was $120.7 million and the market value of ARR shares including the in the money value of share purchase warrants was $160 million.

Dividend Declaration

The Corporation’s board of directors has declared a quarterly dividend of $0.07 per share. The current quarterly dividend is payable to all shareholders of record at the close of business on June 15, 2022. The dividend is expected to be paid on or about June 30, 2022.

This dividend is eligible for payment in common shares under the Dividend Reinvestment Plan (DRIP) announced by press release May 20, 2020, and available to shareholders who are Canadian residents or residents of countries outside the United States.

In order to be eligible to participate in respect of the June 30, 2022 dividend, non-registered shareholders must provide instruction to their brokerage and registered shareholders must provide completed enrollment forms to the transfer agent by June 8, 2022, five business days prior to record date. Stock market purchases made under the DRIP for the June 30, 2022 payment will be satisfied by issuance from treasury at the 5 day volume weighted average price ending at the close of trading the day before payment date. Shareholders who have already provided instruction to be enrolled earlier this year will continue to be enrolled unless they direct otherwise. For more information, please see http://www.altiusminerals.com/dividend-reinvestment-plan. Participation in the DRIP is optional and will not impact any cash dividends payable to shareholders who do not elect to participate in the DRIP. The declaration, timing and payment of future dividends will largely depend on the Corporation’s financial results as well as other factors. Dividends paid by Altius on its common shares are eligible dividends for Canadian income tax purposes unless otherwise stated.

Non GAAP Financial Measures

1. Management uses the following non-GAAP financial measures: attributable revenue, attributable royalty revenue, adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), adjusted operating cash flow and adjusted net earnings (loss).
   
2. Management uses these measures to monitor the financial performance of the Corporation and its operating segments and believes these measures enable investors and analysts to compare the Corporation’s financial performance with its competitors and/or evaluate the results of its underlying business. These measures are intended to provide additional information, not to replace International Financial Reporting Standards (IFRS) measures, and do not have a standard definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies. Further information on the composition and usefulness of each non-GAAP financial measure, including reconciliation to their most directly comparable IFRS measures, is included in the non-GAAP financial measures section of our MD&A.

First Quarter 2022 Financial Results Conference Call and Webcast Details

Date: May 11, 2022
Time: 9:00 AM ET
Toll Free Dial-In Number: +1(866) 476-4353
International Dial-In Number: +1(647) 427-2311
Conference Call Title and ID: Altius Q1 2022 Results, ID 9473914
Webcast Link: Q1 2022 Results

About Altius

Altius’s strategy is to create per share growth through a diversified portfolio of royalty assets that relate to long life, high margin operations. This strategy further provides shareholders with exposures that are well aligned with sustainability-related global growth trends including the electricity generation transition from fossil fuel to renewables, transportation electrification, reduced emissions from steelmaking and increasing agricultural yield requirements. These macro-trends each hold the potential to cause increased demand for many of Altius’s commodity exposures including copper, renewable based electricity, several key battery metals (lithium, nickel and cobalt), clean iron ore, and potash. In addition, Altius runs a successful Project Generation business that originates mineral projects for sale to developers in exchange for equity positions and royalties. Altius has 47,855,837 common shares issued and outstanding that are listed on Canada’s Toronto Stock Exchange. It is included in each of the S&P/TSX Small Cap, the S&P/TSX Global Mining, and the S&P/TSX Canadian Dividend Aristocrats indices.

Forward-looking information

This news release contains forward‐looking information. The statements are based on reasonable assumptions and expectations of management and Altius provides no assurance that actual events will meet management's expectations. In certain cases, forward‐looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Although Altius believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Readers should not place undue reliance on forward-looking information. Altius does not undertake to update any forward-looking information contained herein except in accordance with securities regulation.

Flora Wood
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Tel: 1.877.576.2209
Direct: +1(416)346.9020

Ben Lewis
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Tel: 1.877.576.2209

NEW ORLEANS--(BUSINESS WIRE)--Black Bay Energy Capital, LLC (“Black Bay”) is pleased to announce the closing of its oversubscribed second fund, Black Bay Energy II, L.P. (the “Fund”), with total commitments of $210 million, exceeding its $200 million target. Black Bay invests in companies led by talented entrepreneurs offering proven, next-generation products and services that help improve economics, efficiency and safety for energy producers across the hydrocarbon value chain. Black Bay focuses on investments requiring up to $30 million of equity capital.

“The Black Bay team is extremely grateful for the confidence placed in us by our investors,” said Michael LeBourgeois, Managing Partner at Black Bay. “We believe that our focused approach within the underserved lower-middle market energy sector will generate attractive risk-adjusted returns for our Fund investors and portfolio company partners.”

“Black Bay is solely focused on partnering with talented management teams that are bringing next-generation solutions to the energy industry. Underinvestment in traditional forms of energy has limited the sources of capital for entrepreneurs with compelling businesses,” said Guy Cook, Partner at Black Bay. Tom Ambrose, Partner at Black Bay added, “The energy industry is under pressure to increase shareholder value – but needs to do so in a more environmentally & socially responsible manner – and Black Bay is investing in companies that help the industry deliver on those objectives.”

The Fund has completed two investments to date, including:

• Piñon Midstream – a midstream services provider focused on the gathering, treatment, and redelivery of sour gas. Piñon removes and sequesters hydrogen sulfide (H₂S) and carbon dioxide (CO₂), unlocking constrained, prolific oil & gas resources in the eastern Delaware Basin. (www.pinonmidstream.com)
• Advanced Industrial Devices – a provider of high-performance electric motor automation and control solutions to the energy and industrial sectors. AID’s offering includes highly engineered and customized variable frequency drive control systems for clients who are electrifying and instrumenting their compression, artificial lift, saltwater disposal, and industrial pump operations. (www.aidusa.com)

Latham & Watkins, LLP, led by partner Edward D. Nelson, served as fund formation counsel. Black Bay did not engage a placement agent for formation of the Fund.

About Black Bay Energy Capital

Black Bay is a private equity firm focused on the North American energy sector. Black Bay invests equity capital alongside talented entrepreneurs that provide a differentiated product or service to their clients to help reduce costs, improve operations, and achieve ESG initiatives. The firm’s investment strategy and success stem from the more than 75 years its investment professionals have been working day-to-day with great teams and building high-growth companies. www.blackbayenergy.com

Black Bay Energy Capital
Michael LeBourgeois, 504-586-3848

LOS ANGELES--(BUSINESS WIRE)--As part of a broad push toward greater environmental sustainability, Metropolitan Water District’s Board of Directors today voted to approve a set of strategies to cut its greenhouse gas emissions and achieve carbon neutrality by 2045.

The Climate Action Plan identifies actions to reduce Metropolitan’s carbon footprint in the face of climate change, increasing the district’s climate resiliency and energy independence while supporting California’s GHG reduction goals.

“Climate change is not just about the environment, it is about protecting the future for our communities,” board Chairwoman Gloria D. Gray said. “It is our responsibility to address the urgent threats we face due to climate change so that Southern Californians will continue to have clean, reliable drinking water and a good quality of life.”

The CAP helps Metropolitan reach California’s aggressive goals to cut GHG emissions by 40 percent from 1990 levels by 2030 and achieve complete carbon neutrality by 2045. The plan sets targets and strategies for reducing GHG emissions from Metropolitan’s operations, including its conveyance, storage, treatment and delivery of water throughout its 5,200 square-mile Southern California service area.

Strategies include phasing out natural gas combustion at district facilities, transitioning to a zero-emissions vehicle fleet, utilizing carbon-free electricity, improving energy efficiency, increasing waste diversion to achieve zero waste, increasing water conservation and local supplies, and evaluating carbon capture and sequestration opportunities.

“It is clear that our climate is already rapidly changing. We’re seeing it right before our eyes with the extraordinary drought we are facing today,” said Metropolitan General Manager Adel Hagekhalil. “The impacts on our water supplies will change the way we provide our services and operate our water system. The CAP will ensure we are part of the solution to prevent further stresses to our climate.”

The comprehensive plan, led by Metropolitan’s new Sustainability, Resiliency and Innovation Office, will guide policy and planning decisions on operations, water resources, capital investments, and conservation and resource programs, while mitigating the GHG impacts from Metropolitan’s operations and future capital projects under the California Environmental Quality Act.

“These strategies will help improve our infrastructure reliability, give us greater energy resiliency and provide cost-effective solutions for energy purchases and maintenance,” Chairwoman Gray said.

Metropolitan has already been making progress on its commitment to greater sustainability and resiliency. Through a partnership with the Clean Power Alliance, the agency recently switched to 100 percent green power at several of its smaller meters and operational sites, reducing its GHG emissions by about 100 tons annually, equivalent to the amount of carbon absorbed by 118 acres of forest in one year. Metropolitan has also switched over 300 of its Southern California Edison accounts to 100 percent Green Power Rates to purchase renewable energy. This amounts to over 11,900,000 kWh of annual use which represents the annual electricity consumption of 1,400 average households.

Metropolitan has also approved more than $840 million in conservation and local resource programs, funded over $350 million in turf-removal program rebates, installed solar facilities at its Joseph Jensen, Robert A. Skinner and Frank E. Weymouth water treatment plants, and approved battery energy storage systems at the Jensen and Skinner plants.

The Metropolitan Water District of Southern California is a state-established cooperative that, along with its 26 cities and retail suppliers, provides water for 19 million people in six counties. The district imports water from the Colorado River and Northern California to supplement local supplies, and helps its members to develop increased water conservation, recycling, storage and other resource-management programs.

Maritza Fairfield, (213) 217-6853; (909) 816-7722, mobile
Rebecca Kimitch, (213) 217-6450; (202) 821-5253, mobile

Conifer Systems provides end-to-end air emissions abatement solutions for customers in industrial, energy and health sectors. The Company’s solutions provide reliability and operational efficiency while enabling long-term reductions in greenhouse gas emissions.

HOUSTON--(BUSINESS WIRE)--#airpollutionabatement--Conifer Systems (“Conifer” or the “Company”), a turnkey end-to-end emissions abatement solution provider, today announced its new brand and website which showcase the Company’s ability to design, manufacture, install and service systems in a way that ensures maximum uptime and creates operational efficiencies for the Company’s customers across industries. Conifer also announced that Mark Erickson has joined the Company as its CEO.

Conifer Systems, previously known as Gulf Coast Environmental Systems, leverages extensive technical and operational experience to deliver sustainable solutions that support a cleaner environment and long-term reduction in greenhouse gas emissions. The Company’s execution is underpinned by core values of accountability, respect, reliability, transparency and trustworthiness.

“Conifer’s mission is to empower industries by providing top quality solutions, all in one place,” said Whit Martin, Conifer Systems’ Interim CEO and Executive Director. “We have decades of technical and operational expertise and a forward-thinking approach to cleaner air that will enable us to tackle even the most challenging customer needs. We’re excited to have Mark join the company as CEO and bring an impressive record of success managing organizations that design and make high-performance solutions.”

Conifer’s abatement solutions team develops technical and commercial solutions to meet the needs of any specification, process flow and budget and provides a full suite of equipment and parts for applications across multiple industries. The Company’s facilities include a state-of-the-art 50,000 square-foot manufacturing facility.

For more information about Conifer’s solutions, please visit http://conifersystems.com.

About Conifer Systems

Headquartered in Houston, Texas, Conifer Systems designs, manufactures, installs and commissions high-quality, state-of-the-art emissions abatement equipment and provides aftermarket services. With more than 500 custom systems designed, built and installed, Conifer Systems specializes in standardized, reliable core equipment designs that allow for shorter project timelines and maximize uptime with the ability to customize solutions for any need or industrial application.

Katarina Matic
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917.853.1105

SAN ANTONIO--(BUSINESS WIRE)--NuStar Energy L.P. (NYSE: NS) announced today that members of management will participate in meetings with members of the investment community at the 2022 Energy Infrastructure Council Investor Conference on Monday, May 16, 2022 and Tuesday, May 17, 2022. The materials to be discussed in the meetings will be available on the partnership’s website at 9:30 a.m. Eastern Time, Monday, May 16, 2022.

NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, Texas, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 10,000 miles of pipeline and 63 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels, ammonia and specialty liquids. The partnership’s combined system has approximately 49 million barrels of storage capacity, and NuStar has operations in the United States and Mexico. For more information, visit NuStar Energy L.P.’s website at www.nustarenergy.com and its Sustainability page at https://sustainability.nustarenergy.com/.

Investors, Pam Schmidt, Vice President, Investor Relations
Investor Relations: 210-918-INVR (4687)
or
Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,
Corporate Communications: 210-918-2314 / 210-410-8926

PORTSMOUTH, United Kingdom--(BUSINESS WIRE)--The International Cable Protection Committee (ICPC) is pleased to announce the success of the 2022 ICPC Virtual Plenary that recently took place online from 26^th – 27^th April. Close to 300 ICPC Members registered to attend the event, along with 45 guest observers, and over 20 invited speakers, gathered online from around the globe for over two days to listen, learn, and discuss a diverse set of topics about the vital importance of submarine cables and their protection worldwide. From the opening presentation on maritime security from NATO to a Naval speech on marine spatial planning, and on to such topics as submarine cable permitting, fibre optic monitoring and ocean ecosystems, the Plenary remained fully engaged with its listeners and participants.

Newly elected ICPC Chairman, Mr Graham Evans commented: ‘Although the ICPC Executive Committee had to make the tough decision to hold the 2022 ICPC Plenary online due to travel restrictions for many of our ICPC Members, we felt it was in the best interest to host this year’s Plenary virtually. However, we had a great turnout with lively Member interactions, a wide array of presentations, and participation from government entities and those with an interest in the submarine cable community, including students attending as observers for research. We look forward to seeing you in-person next year.’

The ICPC is pleased to announce the 2023 ICPC Plenary will take place in Madrid, Spain from 18^th – 20^th April 2023. Stay tuned later this year for full details regarding the ‘Call for Papers’, venue details, and registration. If interested in learning more about the ICPC, its annual Plenary, or how to become a Member, please send all enquiries to This email address is being protected from spambots. You need JavaScript enabled to view it.. For a perspective on the variety of subjects presented at the 2022 Plenary, the full programme can be viewed via the following link.

About the ICPC. The ICPC is the world’s premier submarine cable protection organisation. It was formed in 1958 to promote the protection of submarine cables against human-made and natural hazards. It provides a forum for the exchange of technical, legal, and environmental information about submarine cables and engages with stakeholders and governments globally to promote submarine cable protection. The ICPC has over 180 Members from over 60 nations, including cable operators, owners, manufacturers, industry service providers, as well as governments. For further information about the ICPC, see www.iscpc.org and www.linkedin.com/company/icpc-ltd/.

ICPC:
Ryan Wopschall, ICPC General Manager
+1 541 306 1549
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THE WOODLANDS, Texas--(BUSINESS WIRE)--Excelerate Energy, Inc. (NYSE: EE) (the "Company") will release its first quarter 2022 results on Tuesday, May 24, 2022, following the close of U.S. financial markets. The earnings release and presentation for the first quarter 2022 results will be available on the investor page of the Company’s website at www.excelerateenergy.com.

On Wednesday, May 25, 2022, the Company’s management team will host a conference call for analysts and investors at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). The call will also be webcast live at www.excelerateenergy.com. A replay of the webcast will be available on the investor page of the Company’s website for 30 days following the event.

About Excelerate Energy:

Excelerate Energy, Inc. is a US-based LNG company located in The Woodlands, Texas. Founded in 2003 by George B. Kaiser, Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with an objective of delivering rapid-to-market and reliable LNG solutions to customers. Excelerate offers a full range of flexible regasification services from FSRU to infrastructure development to LNG supply. Excelerate has offices in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Manila, Rio de Janeiro, Singapore, and Washington, DC.

Investors
Craig Hicks
Excelerate Energy
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Media
Stephen Pettibone / Frances Jeter
Sard Verbinnen & Co
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HOUSTON--(BUSINESS WIRE)--ECA MARCELLUS TRUST I (OTC Pink: ECTM) announced today that the Trust’s distribution for the quarter ended March 31, 2022, will be $0.094 per unit, which is expected to be distributed on or before May 31, 2022 to holders of record as of the close of business on May 20, 2022.

As previously disclosed, commencing with the distribution to unitholders paid in the first quarter of 2019, the Trustee has withheld, and in the future intends to withhold, the greater of $90,000 or 10% of the funds otherwise available for distribution each quarter to gradually build a cash reserve of approximately $1.8 million. In November 2021, the Trustee notified the Sponsor that the Trustee has determined to increase its targeted cash reserve for the payment of future expenses and liabilities to approximately $3.8 million, and therefore the Trustee plans to increase the cash reserve amount to be withheld from each quarterly distribution, commencing with the distribution payable to unitholders in the first quarter of 2022. This cash is reserved to pay or provide for the payment of future known, anticipated or contingent expenses or liabilities of the Trust. The Trustee may increase or decrease the targeted amount at any time and may increase or decrease the rate at which it is withholding funds to build the cash reserve at any time, without advance notice to the unitholders. Cash held in reserve will be invested as required by the trust agreement. Any cash reserved in excess of the amount necessary to pay or provide for the payment of future known, anticipated or contingent expenses or liabilities of the Trust eventually will be distributed to unitholders, together with interest earned on the funds. The Trustee has elected to withhold approximately $90,000 from funds otherwise available for distribution this quarter.

The Trust was formed to own royalty interests in natural gas properties now held by Greylock Energy LLC, and certain of its wholly owned subsidiaries (“Greylock”) in the Marcellus Shale formation in Greene County, Pennsylvania. The Trust is entitled to receive certain amounts of the proceeds attributable to Greylock’s interest in the sale of production from the properties. As described in the Trust's filings, the amount of the quarterly distributions is expected to fluctuate from quarter to quarter, depending on the proceeds received by the Trust as a result of production and natural gas prices and the amount of the Trust's administrative expenses, among other factors. The amount of proceeds received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by the volatility in commodity prices, which declined during 2020 primarily attributable to the economic effects of the COVID-19 pandemic and could remain low for an extended period of time. Continued low natural gas prices 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.

Pursuant to IRC Section 1446, withholding tax on income effectively connected to a United States trade or business allocated to non-U.S. persons (“ECI”) should be made at the highest marginal rate. Under Section 1441, withholding tax on fixed, determinable, annual, periodic income from United States sources allocated to non-U.S. persons should be made at a 30% rate unless the rate is reduced by treaty. This release is intended to be a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b) by ECA Marcellus Trust I, and while specific relief is not specified for Section 1441 income, this disclosure is intended to suffice. For distributions made to non-U.S. persons, nominees and brokers should withhold at the highest marginal rate.

This press release contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include the amount and date of any anticipated distribution to unit holders. The anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from Greylock with respect to the relevant quarterly period. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause actual results to differ materially include expenses of the Trust and reserves for anticipated future expenses and the effect, impact, potential duration or other implications of the COVID-19 pandemic. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither Greylock nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in Common Units issued by ECA Marcellus Trust I is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2021, and all of its other filings with the Securities and Exchange Commission. The Trust's annual, quarterly and other filed reports are or will be available over the Internet at the SEC's web site at http://www.sec.gov.

ECA Marcellus Trust I
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555

TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior” or the “Corporation”) (TSX:SPB) held its annual general meeting of shareholders on May 10, 2022 virtually (the “Meeting”). Pursuant to the requirements of the Toronto Stock Exchange, Superior is issuing this news release to summarize the voting results in respect of the Meeting.

A total of 102,670,859 Common Shares of the Corporation and 30,002,837 Series 1 Special Voting Preferred Shares representing approximately 64.39% of the votes attached to all outstanding shares, were represented in person or by proxy at the Meeting.

The nine director nominees proposed by management were elected by ballot at the Meeting. Proxies and in person votes were received from holders of Common Shares and Series 1 Special Voting Preferred Shares (collectively, “Securityholders”) as follows:

Securityholders approved resolutions appointing Ernst & Young LLP as the Corporation's auditors and approved a non-binding advisory vote regarding the Corporation's approach to executive compensation with approximately 99.82% and 98.31% approval of the votes attached to all outstanding shares represented in person or by proxy at the Meeting, respectively.

About the Corporation

Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing over 890,000 customer locations in the U.S. and Canada.

For further information about Superior, please visit our website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Capital Markets, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll Free: 1-866-490-PLUS (7587).

Beth Summers
Executive Vice President and Chief Financial Officer
Phone: (416) 340-6015

Rob Dorran
Vice President, Capital Markets
Phone: (416) 340-6003
Toll Free: 1-866-490-PLUS (7587)

WARRENVILLE, Ill.--(BUSINESS WIRE)--Fuel Tech, Inc. (NASDAQ: FTEK), a technology company providing advanced engineering solutions for the optimization of combustion systems, emissions control, and water treatment in utility and industrial applications, today reported financial results for the first quarter ended March 31, 2022.

“Revenues increased by 10% during the first quarter of 2022, our second consecutive quarter of quarter-over-quarter revenue growth,” said Vincent J. Arnone, President and CEO. “Selling, general and administrative expenses declined slightly, our operating loss narrowed, and we ended the first quarter with $35.2 million in total cash and no debt. Our consolidated backlog at March 31, 2022 improved to $9.6 million from $9.1 million at December 31, 2021 and included $5.3 million of previously announced domestic and international Air Pollution Control awards. We continue to pursue a global sales pipeline of $50-75 million addressing emission protocols across a variety of fuel sources and are confident that total revenues for 2022 will show a modest improvement from 2021. We are also making substantive progress advancing towards the commercialization of our Dissolved Gas Infusion (DGI^TM) technology initiative to address the water pollution control and treatment market.”

Q1 2022 Consolidated Results Overview

Consolidated revenues for the first quarter ended March 31, 2022 (“Q1 2022”) rose to $5.5 million from $5.0 million in the first quarter of 2021 (“Q1 2021”), reflecting a $1.3 million increase at APC, driven by the timing of project execution and new APC orders, partially offset by a $0.8 million decline in revenues at FUEL CHEM, due to decreased demand for power generation.

Gross margin for Q1 2022 was 41.4% of revenues compared to 46.9% of revenues in Q1 2021, reflecting lower gross profit margin at both operating segments.

SG&A expenses were stable at $3.1 million for the 2022 and 2021 periods.

Operating loss narrowed to $(1.0) million from an operating loss of $(1.2) million in Q1 2021, as higher revenues were offset by a decline in gross margin.

Net loss in Q1 2022 was $(1.0) million, or $(0.03) per share, compared to net income of $0.4 million, or $0.01 per share, in Q1 2021. Net income for Q1 2021 included $1.6 million in other income reflecting full forgiveness of the loan proceeds from the Paycheck Protection Program, established pursuant to the CARES Act.

Consolidated APC segment backlog at March 31, 2022 rose to $9.6 million from $9.1 million at December 31, 2021.

APC segment revenues rose to $2.2 million from $0.9 million in Q1 2021. APC gross margin in Q1 2022 was 35.2% compared to 41.5% in Q1 2021, due to a modification in product mix.

FUEL CHEM segment revenues were $3.3 million compared to $4.1 million in Q1 2021. Segment gross margin was 45.5% compared to 48.0% in Q1 2021, due to lower revenues and higher material, freight, and labor costs.

Adjusted EBITDA loss was $(0.9) million in Q1 2022 compared to Adjusted EBITDA loss of $(0.9) million in Q1 2021.

Financial Condition

At March 31, 2022, cash and cash equivalents were $34.2 million and restricted cash was $1.1 million. Stockholders’ Equity at March 31, 2022 was $45.1 million, or $1.49 per share, and the Company had no debt.

Conference Call

Management will host a conference call on Wednesday, May 11, 2022 at 10:00 am ET / 9:00 am CT to discuss the results and business activities. Interested parties may participate in the call by dialing:

• (877) 423-9820 (Domestic) or
• (201) 493-6749 (International)

The conference call will also be accessible via the Upcoming Events section of the Company’s web site at www.ftek.com. Following management’s opening remarks, there will be a question-and-answer session. Questions may be asked during the live call, or alternatively, you may e-mail questions in advance to This email address is being protected from spambots. You need JavaScript enabled to view it.. For those who cannot listen to the live broadcast, an online replay will be available at www.ftek.com.

About Fuel Tech

Fuel Tech develops and commercializes state-of-the-art proprietary technologies for air pollution control, process optimization, water treatment, and advanced engineering services. These technologies enable customers to operate in a cost-effective and environmentally sustainable manner. Fuel Tech is a leader in nitrogen oxide (NO_x) reduction and particulate control technologies and its solutions have been in installed on over 1,200 utility, industrial and municipal units worldwide. The Company’s FUEL CHEM^® technology improves the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units by controlling slagging, fouling, corrosion and opacity. Water treatment technologies include DGI™ Dissolved Gas Infusion Systems which utilize a patented nozzle to deliver supersaturated oxygen solutions and other gas-water combinations to target process applications or environmental issues. This infusion process has a variety of applications in the water and wastewater industries, including remediation, aeration, biological treatment and wastewater odor management. Many of Fuel Tech’s products and services rely heavily on the Company’s exceptional Computational Fluid Dynamics modeling capabilities, which are enhanced by internally developed, high-end visualization software. For more information, visit Fuel Tech’s web site at www.ftek.com.

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” as defined in Section 21E of the Securities Exchange Act of 1934, as amended, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and reflect Fuel Tech’s current expectations regarding future growth, results of operations, cash flows, performance and business prospects, and opportunities, as well as assumptions made by, and information currently available to, our management. Fuel Tech has tried to identify forward-looking statements by using words such as “anticipate,” “believe,” “plan,” “expect,” “estimate,” “intend,” “will,” and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on information currently available to Fuel Tech and are subject to various risks, uncertainties, and other factors, including, but not limited to, those discussed in Fuel Tech’s Annual Report on Form 10-K in Item 1A under the caption “Risk Factors,” and subsequent filings under the Securities Exchange Act of 1934, as amended, which could cause Fuel Tech’s actual growth, results of operations, financial condition, cash flows, performance and business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Fuel Tech undertakes no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances or for any other reason. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those detailed in Fuel Tech’s filings with the Securities and Exchange Commission.

See notes to condensed consolidated financial statements.

See notes to condensed consolidated financial statements.

See notes to condensed consolidated financial statements.

See notes to condensed consolidated financial statements.

FUEL TECH, INC.
GEOGRAPHIC INFORMATION
(Unaudited)
(in thousands)

Information concerning Fuel Tech’s operations by geographic area is provided below. Revenues are attributed to countries based on the location of the customer. Assets are those directly associated with operations of the geographic area.

Adjusted EBITDA

To supplement the Company's consolidated financial statements presented in accordance with generally accepted accounting principles in the United States (GAAP), the Company has provided an Adjusted EBITDA disclosure as a measure of financial performance. Adjusted EBITDA is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation expense, amortization expense, stock compensation expense, and intangible assets abandonment and building impairment. The Company's reference to these non-GAAP measures should be considered in addition to results prepared in accordance with GAAP standards, but are not a substitute for, or superior to, GAAP results.

Adjusted EBITDA is provided to enhance investors' overall understanding of the Company's current financial performance and ability to generate cash flow, which we believe is a meaningful measure for our investor and analyst communities. In many cases non-GAAP financial measures are utilized by these individuals to evaluate Company performance and ultimately determine a reasonable valuation for our common stock. A reconciliation of Adjusted EBITDA to the nearest GAAP measure of net income (loss) has been included in the above financial table.

Vince Arnone
President and CEO
(630) 845-4500

Devin Sullivan
Senior Vice President
The Equity Group Inc.
(212) 836-9608

NEW YORK & OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)--FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, and Powin LLC (“Powin”), a global leader in the design, manufacturing, and integration of safe and scalable battery energy storage solutions, have signed a conditional agreement for Powin to offtake battery cells produced by FREYR for energy storage system applications, subject to the terms and conditions of the agreement.

Highlights

• FREYR to deliver 28.5 GWh of battery cells to Powin from 2024 through 2030. The cells will originally be supplied from FREYR’s combined Gigafactory 1 & 2 in Mo i Rana, Norway, and will subsequently be produced at FREYR’s planned future U.S. Gigafactory.
• FREYR to manufacture and deliver market leading cost-competitive made-in-USA lithium-ion battery cells with a low CO2 footprint, to be integrated by Powin into battery energy storage solutions for the North American market and beyond.
• Today’s agreement is another important commercial milestone for FREYR on the path to establishing giga-scale manufacturing capacity in Norway, the US and Finland backed by conditional customer offtake agreements. The conditional offtake agreement with Powin brings FREYR’s cumulative offtake volumes to 78.8 GWh, representing more than 67% of the projected nameplate capacity of FREYR’s planned combined Gigafactory 1 & 2 at Mo i Rana and more than 90% of targeted production under current ramp-up and operational efficiency assumptions.

“We are delighted to announce today’s agreement and our new commercial relationship with Powin,” said Tom Jensen, FREYR’s Chief Executive Officer. “FREYR aspires to partner with industry innovators such as Powin to accelerate the transition to clean, reliable energy solutions. Our team is looking forward to deep collaboration with the talented people at Powin to deliver decarbonized, next-generation battery storage products that will ultimately be made in the US.”

Geoff Brown, CEO of Powin, said, “Our ability to manage every step of our supply chain from battery sourcing to the onsite installation, means we can backstop our commitments to customers. Our landmark agreement with FREYR to source 28.5 GWh of battery energy storage cells underscores our commitment to diversify and secure our supply chain for our customers. We are particularly excited to support FREYR’s plans to open a Gigafactory in the US and their efforts to source raw materials locally to their facilities to ensure the lowest possible carbon footprint.”

About FREYR Battery

FREYR Battery aims to provide industrial scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR’s mission is to produce green battery cells to accelerate the decarbonization of energy and transportation systems globally. FREYR has commenced building the first of its planned factories in Mo i Rana, Norway and announced potential development of industrial scale battery cell production in Vaasa, Finland, and the United States. FREYR intends to deliver up to 43 GWh of battery cell capacity by 2025 and up to 83 GWh annual capacity by 2028. To learn more about FREYR, please visit www.freyrbattery.com

Cautionary Statement Concerning Forward-Looking Statements

All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding (i) FREYR’s ability to deliver 28.5 GWh of battery cells to Powin from 2024 through 2030 and the supply of such cells from FREYR’s combined Gigafactory 1 & 2 in Mo i Rana and any subsequent productions at FREYR’s future U.S. Gigafactory, (ii) FREYR’s ability to manufacture and deliver market leading cost-competitive made-in-U.S.A. lithium-on battery cells with a low CO2 footprint, to be integrated by Powin into battery energy storage solutions for the North American market and beyond, (iii) FREYR’s path to establishing giga-scale manufacturing capacity in Norway, the U.S. and Finland, (iv) FREYR’s aspirations to partner with industry innovators to accelerate the transition to clean, reliable energy solutions, (v) the ability of FREYR and Powin to deliver decarbonized, next-generation battery storage products made in the U.S., (vi) FREYR’s efforts to source raw materials locally to its facilities to ensure the lowest possible carbon footprint, (vii) Powin’s ability to manage every step of its supply chain from battery sourcing to onsite installation, (viii) Powin’s commitment to diversify and secure its supply chain for its customers and (ix) the development, timeline, capacity and other usefulness of FREYR’s planned Gigafactories are forward-looking and involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.

Most of these factors are outside FREYR’s control and difficult to predict. Information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in FREYR’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the "SEC") on August 9, 2021, as amended, and in other SEC filings available on the SEC’s website at www.sec.gov.

Except as otherwise required by applicable law, FREYR disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Should underlying assumptions prove incorrect, actual results and projections could different materially from those expressed in any forward-looking statements.

Investor contact:
Jeffrey Spittel
Vice President, Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: (+1) 281-222-0161

Media contact:
Katrin Berntsen
Vice President, Communication and Public Affairs
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: (+47) 9920 54 570

44 renowned e-commerce, distribution and logistics companies have adopted this pioneering zero-emission vehicle with growing success

HÉRICOURT, France--(BUSINESS WIRE)--GAUSSIN (EURONEXT GROWTH ALGAU - FR0013495298), a pioneer in the clean and intelligent transport of goods and people, announces that its ATM 38T FULL ELEC vehicle, dedicated to logistics, has passed the one million kilometer mark since its launch. The most famous French and international brands have adopted this electric vehicle, a pioneer in zero emission.

A symbolic milestone reached less than 5 years after the 1st ATM 38T FULL ELEC was put into service

Today, more than 40 brands use the ATM on logistics platforms and industrial sites every day. This marketing was done through the distributor BLYYD, which starts to deploy in 2022 deliveries in Germany, England and soon in Spain and Benelux.

In less than 5 years, the ATM FULL ELEC fleet has proven itself in France. Thanks to this success, this zero emission vehicle is starting to be exported in Europe and in the United States with the leader of e-commerce and transport for which volumes of thousands of vehicles are being negotiated.

The brands that already use GAUSSIN's ATM in their activities are the following :

Agediss
Amazon France
Auchan
Barilla
Bert and You
BHT (Allemagne)*
BILS Deroo
BLYYD Spare
Boulanger
BUT
Carrefour
Cdiscount
CMR / Kuhne & Nagel
CMR Location
Compact (Royaume-Uni)*
Conforama
Decathlon
DSM Nutrition
Fandi Emballages
Fernride (DE)
Geodis
GERFLOR
Grimonprez
GXO
Heppner
ID Logisitics
Jacques Martin
Kuhne & Nagel
La Poste / Colissimo
Leclerc
Leclerc Socara
Leroy Merlin
LOMAK
Michelin
Mondial Relay
Normandie Manutention
Plug Power (US)
Relais Vert
Royal Canin
SAFRAN
Stef
UPS (US)
XPO
Yves Rocher

* Distributor officially installed. In 2022, new distributors are planned for Spain and Benelux.

GAUSSIN plans to deliver 61 ATMs on order in 2022:

- 34 ATM via BLYYD for the European market,
- 2 to Nexport for the launch in Australia,
- 20 to Plug Power and 5 to Robotic Research for their customers in the US market.

One million kilometers driven with a new vehicle that makes the difference with its unique performance and the equivalent of 3,000 tonnes of CO2 emissions

Today, the fleet of ATMs operating on logistics sites that are increasingly eco-responsible has passed the one million kilometer mark. This symbolic threshold represents more than 20 times around the Earth.

The carbon footprint of this zero-emission fleet is also very interesting with the elimination of more than 3000 tonnes of CO2 emissions.

An ATM has a 24-hour autonomy thanks to the "battery swapping" option, an invention patented by GAUSSIN that allows to swap batteries on an ATM in only 3 minutes. This means that the vehicle is not immobilized while the battery is being charged, resulting in a 99.5% availability rate.

The birth of an electric and hydrogen range for transport and logistics with the ATM 38 tonnes, for port container terminals with the APM 75 tonnes, and for airports with the ART 80 tonnes

Since the 1st ATM, a complete range of products has been created with different derivatives for other international markets :

• The ASBM 75 tonnes, capable of moving road semi-trailers but also swap bodies
• The APM 75 tonnes, a version used for container terminal operations
• The ART 80 tonnes, a GSE (Ground Support Equipment) tanker used on airport tarmacs.

All these vehicles are available with 100% electric or hydrogen engines, with the possibility of having a driver on board or being 100% autonomous.

A new production site in France, immediately available with a capacity of 2,400 vehicles per year

GAUSSIN recently announced (see press release of April 7, 2022) the increase of its production capacities with the installation of a new 28,000 square-meter site in Saint Vallier, in the Saône-et-Loire region. GAUSSIN was already present in this region, where the Group has created two assembly lines for ATM® and APM® vehicles via its subsidiary METALLIANCE (see press release of June 24, 2021), partly located in 8,000 square meters of industrial premises currently being renovated by the Creusot Montceau Urban Community.

This new site will notably be dedicated to the production of ATM® logistics vehicles in order to meet the increasing demand on the European and American markets. Immediately available, and previously in the hands of the American handling group TEREX, then of the Scandinavian group KONECRANES which closed it in March 2021, this new site does not require a building permit and already has the necessary infrastructure. The SEMCIB (Société D'économie Mixte Pour La Coopération Industrielle En Bourgogne) is the owner-lessor.

The site will be able to accommodate 8 production lines capable of manufacturing 200 vehicles each, i.e., a capacity of 1,600 vehicles per year. It will bring the total capacity to 2,400 vehicles per year. In the immediate future, it will allow the production of 400 additional vehicles per year and will make it possible to meet the contracts signed with the world leaders in e-commerce, transport and logistics.

Next steps

HyVolution in Paris: May 11 to 12

Advanced Clean Transportation (ACT) Expo in Los Angeles: May 9 to 12

H2 Racing Truck World Tour

About GAUSSIN

GAUSSIN is an engineering company that designs, assembles and sells innovative products and services in the transport and logistics field. Its know-how encompasses cargo and passenger transport, autonomous technologies allowing for self-driving solutions such as Automotive Guided Vehicles, and the integration all types of batteries, electric and hydrogen fuel cells in particular. With more than 50,000 vehicles worldwide, GAUSSIN enjoys a strong reputation in four fast-expanding markets: port terminals, airports, logistics and people mobility. The group has developed strategic partnerships with major global players in order to accelerate its commercial penetration: Siemens Postal, Parcel & Airport Logistics in the airport field, Bolloré Ports and ST Engineering in ports and Bluebus for people mobility. GAUSSIN has broadened its business model with the signing of license agreements accelerating the diffusion of its technology throughout the world. The acquisition of METALLIANCE confirms the emergence of an international group present in all segments of intelligent and clean vehicles.

In October 2021, GAUSSIN won the Dubai World Challenge for Self-Driving Transport.

In January 2022, GAUSSIN successfully completed the 2022 Dakar Rally with its H2 Racing Truck, the first hydrogen-powered vehicle to enter the race and generate zero CO2 emissions.

In March 2022, Christophe Gaussin was named “Hydrogen Personality of the year” at the Hydrogénies - Trophées de l'hydrogène ceremony held at the French National Assembly.

GAUSSIN has been listed on Euronext Growth in Paris since 2010.

More information on www.gaussin.com.

More information on www.gaussin.com

* Forward-looking statements: This press release contains forward-looking statements. These statements are not historical facts. They include projections and estimates as well as the assumptions on which these are based, statements concerning projects, objectives, intentions and expectations with respect to future financial results, events, operations, services, product development and potential, or future performance. These forward-looking statements can often be identified by the words “expects,” “anticipates,” “believes,” “intends,” “estimates” or “plans” and similar expressions. Although GAUSSIN’s management believes that these forward-looking statements are reasonable, investors are cautioned that forward-looking statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of GAUSSIN, that could cause actual results and events to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to, the uncertainties inherent to supply difficulties related to the health situation, shortage of raw materials or current conflicts, decisions of State authorities, changes in exchange rates and interest rates, price inflation. GAUSSIN does not undertake to update any forward-looking information or statements, subject to applicable regulations, in particular articles 223-1 et seq. of the General Regulation of the Autorité des Marchés Financiers.

GAUSSIN
Christophe Gaussin, This email address is being protected from spambots. You need JavaScript enabled to view it.
+33(0)3.84.46.13.45

Ulysse Communication
Nicolas Daniels, This email address is being protected from spambots. You need JavaScript enabled to view it.
+33(0)6.63.66.59.22
Charles Courbet, This email address is being protected from spambots. You need JavaScript enabled to view it.
+33(0)6.28.93.03.06

LHA Investor Relations – USA
Jody Burfening, This email address is being protected from spambots. You need JavaScript enabled to view it.
(212) 838-3777

RooneyPartners - USA
Jeanene Timberlake, This email address is being protected from spambots. You need JavaScript enabled to view it.
(646) 770-8858

Public-Private Partnership to Bring EVgo’s Reliable and Convenient Charging Infrastructure to Maine's Largest City

LOS ANGELES--(BUSINESS WIRE)--EVgo Inc. (NASDAQ: EVGO), the nation’s largest public fast charging network for electric vehicles (EVs) and first powered by 100% renewable electricity, today announced that it was selected as the City of Portland’s partner to deploy electric vehicle charging infrastructure on city-owned property. Through the partnership, EVgo will install eight direct current fast chargers (DCFC) and up to 44 Level 2 chargers across Portland, Maine.

EVgo is the first North American EV charging network powered by 100% renewable electricity, aligning with Portland’s commitment to deliver more options for the city fleet and residents to reduce their carbon emissions. The City of Portland has committed to reducing emissions 80% by 2050 and shifting to 100% clean energy for the municipality’s needs by 2040. With roughly 30% of the carbon emissions in the City of Portland each year coming from the transportation sector, this partnership to deploy a combination of fast charging and level 2 charging around the city will be critical to enabling drivers to go electric and be able to charge their vehicles around town.

“EVgo is thrilled to be working with the City of Portland, Maine to bring EV charging solutions to City sites to help locals, visitors, and the municipal fleet all make the switch to driving electric," said Colin Murchie, Senior Director of Business Development at EVgo. “Portland has always been a place that recognizes the different ways to sail a ship, and a combination of fast charging and level 2 charging are exactly what’s needed for Portland’s teachers, city employees, residents and visitors to meet their needs as they shift to EVs.”

“Portland residents need to feel confident about charging before they buy an electric vehicle,” said City Sustainability Director Troy Moon. “That’s why we’re working with EVgo to create charging hubs in neighborhoods with large numbers of multi-family buildings. Residents who don’t have access to home charging will be able to plug in their vehicle close to home and then go about their business while it charges.”

Once installed, EVgo’s DC fast chargers will offer Portland drivers access to 100+ kW chargers, capable of charging as much as 80% in 15-45 minutes. * The Level 2 chargers will provide teachers and city employees with access to workplace charging during school hours. The chargers in the school parking lots will also be available for public use during hours that school is not in session. In addition, Portland drivers will gain all the benefits of EVgo’s broader industry-leading network across more than 30 states, with its proven reliability, broad geographic reach and 24/7 customer support.

For more information around the locations of fast chargers within EVgo’s charging network, visit www.evgo.com.

*Actual charging speed depends on vehicle’s charging capability.

About EVgo

EVgo (Nasdaq: EVGO) is the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. With more than 850 charging locations, EVgo’s owned and operated charging network serves over 60 metropolitan areas across more than 30 states and approximately 340,000 customer accounts. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.

For Investors:
Ted Brooks, VP of Investor Relations
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310-954-2943

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DEERFIELD, Ill.--(BUSINESS WIRE)--CF Industries Holdings, Inc. (NYSE: CF) today announced that the company will present at the BMO 2022 Global Farm to Market Conference at 8:00 am ET on Wednesday, May 18, 2022.

Investors who wish to access the live conference webcasts should visit the Investor Relations section of the company’s website at www.cfindustries.com. A replay of the webcasts will be available on the CF Industries Holdings, Inc. website until August 15, 2022.

About CF Industries Holdings, Inc.

At CF Industries, our mission is to provide clean energy to feed and fuel the world sustainably. With our employees focused on safe and reliable operations, environmental stewardship, and disciplined capital and corporate management, we are on a path to decarbonize our ammonia production network – the world’s largest – to enable green and blue hydrogen and nitrogen products for energy, fertilizer, emissions abatement and other industrial activities. Our nine manufacturing complexes in the United States, Canada, and the United Kingdom, an unparalleled storage, transportation and distribution network in North America, and logistics capabilities enabling a global reach underpin our strategy to leverage our unique capabilities to accelerate the world’s transition to clean energy. CF Industries routinely posts investor announcements and additional information on the Company’s website at www.cfindustries.com and encourages those interested in the Company to check there frequently.

Media
Chris Close
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Martin Jarosick
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A key announcement out of this week's Advanced Clean Transportation Expo in Long Beach, the Boost Charger 200 touts a high powered, flexible charging solution with impressive fleet implications

LONG BEACH, Calif.--(BUSINESS WIRE)--Today, FreeWire Technologies Inc. launched its newest ultrafast and flexible DC fast charging offering, the Boost Charger™ 200. The announcement occurred alongside industry leaders in clean tech transportation at this week’s Advanced Clean Transportation (ACT) Expo in Long Beach, CA — North America’s Largest Advanced Transportation Technology & Clean Fleet Event.

The Boost Charger 200 offers impressive performance and a battery-integrated design that allows seamless connection to existing infrastructure without burdensome construction costs and permitting restraints. FreeWire's next-generation charger features the highest output power in a battery integrated charging station providing 200 miles of range in 15 minutes and reaching peak power levels of 200kW. In addition, the Boost Charger 200 has a 160 kWh battery capacity and only needs one-eighth of the input power required of conventional charging equipment, and can charge all electric vehicle (EV) models by providing up to 950-volt power. As a result, the Boost Charger is ideal for commercial, retail, utility, and fleets of all vehicle classes — light, medium, and heavy-duty — to deploy ultrafast EV charging at a lower cost and with lesser grid impact.

“The global movement towards electrified transportation is accelerating. We must continue to make EV charging faster, more convenient, and more affordable than ever without sacrificing performance,” said FreeWire CEO and Founder Arcady Sosinov. “The Boost Charger 200 is our most powerful and flexible charging solution yet, and we are particularly excited about its use case for cost-effective fleet electrification.”

As charging demand rapidly increases, upgrading the electrical grid and individual site power infrastructure remains costly and time-intensive. Each installation often requires several months for completion, slowing efforts to advance urgent infrastructure and environmental goals. As a result, America’s aging, disaster-prone electric grids will come under increased strain, potentially threatening to short-circuit our country’s progress toward decarbonization. To offset the challenges brought on by increased demand, FreeWire’s Boost Charger 200 touts a compelling list of benefits in comparison to current legacy charging options:

• Over $30,000 on average savings compared to conventional charging equipment
• 6x faster deployment time
• 5x smaller footprint (incorporating associated electrical equipment with legacy chargers)
• 70% lower operating costs (lower demand charges)
• Reduced permitting

FreeWire continues to disrupt the EV charging market with its Boost Charger, recently showcased as a finalist in Fast Company’s 2022 World Changing Ideas Awards’ Transportation Category.

“The world is watching, and as governments continue to set ambitious and necessary electrification goals, FreeWire and our technology stand ready to meet this moment with the urgency and innovation it demands,” continued Sosinov.

As FreeWire leads the way in battery-integrated EV charging, investors have taken note. Last month, FreeWire raised an additional $125 million in new capital from investors, including asset manager BlackRock Inc.

See more detail on the Boost Charger 200 here.

About FreeWire Technologies

Founded in 2014, FreeWire Technologies is the leading manufacturer of battery-integrated EV charging stations and power solutions in the U.S. The Company’s fully-integrated Boost Charger™ plugs into existing and ubiquitous low-voltage utility service and delivers high-power charging in areas that typically require extensive grid upgrades. The Boost Charger’s combination of proprietary battery and power conversion technology enables ultrafast EV charging at all locations, freeing customers from the costs of providing fast charging using power directly from the electric grid. FreeWire has deployed battery-integrated chargers with Fortune 100 companies, commercial customers, fleets, retail locations, and gas stations across the U.S. and has partnered with bp pulse to deploy Boost Charger in its operations across the UK.

For additional information, please visit: https://freewiretech.com/

Daniel Zotos
Director of Communications
(617) 448-7497
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Company Enters Commercial Vehicle Market with Flexible Class 5-6 EV Chassis

MACON, Ga.--(BUSINESS WIRE)--Blue Bird Corporation (Nasdaq: BLBD), the leader in electric and low-emission school buses, today unveiled a unique Class 5-6 electric vehicle platform at the 2022 Advanced Clean Transportation (ACT) Expo, North America’s largest advanced transportation technology and clean fleet event. The company builds on its nearly century-long expertise of school bus manufacturing to expand its zero-emission transportation solutions to the commercial vehicle market. Blue Bird's flexible Class 5-6 chassis will enable a broad range of fully-electric vehicles, including last-mile delivery step vans, motorhomes, and other specialty vehicles.

Due to its modular design, the Blue Bird electric vehicle (EV) chassis allows for several battery configurations from 70kWh to 225kWh supporting a vehicle range of up to 175 miles on a single charge. The battery packs take between one and twelve hours to fully recharge depending on the charging infrastructure.

In addition, Blue Bird offers its Class 5-6 chassis with three wheelbase options of 178”, 190”, and 208” for vehicles with a gross vehicle weight rating (GVWR) of up to 26,000 pounds. The company utilizes lightweight materials and components for its innovative vehicle platform, thereby, maximizing vehicle payload without compromising on vehicle safety.

Blue Bird offers several safety features on its EV chassis not standard on comparable electric vehicles to enhance driver protection and familiarity. This includes “hill hold,” which prevents the vehicle from rolling backward when sitting stationary on a hill, and “electric creep,” which allows the vehicle to slowly start moving from a stop when the driver's foot is removed from the brake pedal to simulate a gasoline engine in gear. In addition, the Blue Bird custom chassis provides the best turn radius to-date maximizing vehicle maneuverability in tight urban settings.

“For nearly a century, Blue Bird has perfected its core capabilities of designing, engineering and manufacturing school buses from the ground up,” said Matthew Stevenson, president and CEO of Blue Bird Corporation. “Now we will apply our world-class chassis-building expertise to expand our electric-powered product range to the commercial vehicle space, thereby, nearly doubling our total addressable market. Blue Bird's unique and modular vehicle platform is an industry gamechanger for zero-emission mobility.”

Blue Bird teamed up with Lightning eMotors, a Colorado-based manufacturer of electric powertrains and complete zero-emission vehicle solutions, to build the prototype of the Class 5-6 custom chassis. Lightning eMotors drew from its broad EV experience based on nearly 250 zero-emission electric commercial vehicles in operation and over 1.5 million miles driven to-date.

"We are ecstatic that Blue Bird chose us to be their powertrain partner for their debut into the commercial chassis market,” said Tim Reeser, CEO of Lightning eMotors. “Blue Bird's reputation for quality and safety is well deserved, and we believe they will disrupt the market. We are also excited about the innovation they are bringing to the school bus market and look forward to deepening our partnership going forward."

Blue Bird is the only U.S.-owned and operated school bus manufacturer in the United States. The company plans to launch production of its Class 5-6 EV chassis in late 2023 at its manufacturing facility in Fort Valley, Ga.

Blue Bird will feature its latest low- and zero-emission vehicle technologies at ACT Expo. The company remains the proven clean transportation leader with more than 20,000 propane, natural gas, and electric-powered buses in operation today. ACT Expo takes place from May 9-12, 2022, at the Long Beach Convention Center in Southern California.

About Blue Bird Corporation

Blue Bird (NASDAQ: BLBD) is recognized as a technology leader and innovator of school buses since its founding in 1927. Our dedicated team members design, engineer and manufacture school buses with a singular focus on safety, reliability, and durability. Blue Bird buses carry the most precious cargo in the world – the majority of 25 million children twice a day – making us the most trusted brand in the industry. The company is the proven leader in low- and zero-emission school buses with more than 20,000 propane, natural gas, and electric powered buses in operation today. Blue Bird is transforming the student transportation industry through cleaner energy solutions. For more information on Blue Bird's complete product and service portfolio, visit www.blue-bird.com. For Blue Bird's line of emission-free electric buses, visit www.bluebirdelectricbus.com.

Julianne Barclay
TSN Communications
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Company leadership to join Avangrid, New Hampshire Electric Cooperative and Portland General Electric in a series of live sessions

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Bidgely will join fellow energy industry thought leaders on stage at the upcoming annual DistribuTECH International conference in Dallas, Texas, held this May 23-25. Bidgely CEO Abhay Gupta will discuss the cost-effective, scalable and intuitive ways utilities can leverage Advanced Metering Infrastructure (AMI) data to inform new business decisions, reduce cost-to-serve and create stronger customer experiences. Bidgely’s head of innovation, Maria Kretzing, will explore how utilities can design intelligent, analytics-driven strategies for addressing today’s most pressing priorities, including electric vehicle (EV) adoption, demand-side management and customer engagement.

“Growing ubiquity of smart meters has unlocked a powerful ability to access previously unavailable insights, equipping utilities to make smarter business decisions, improve grid management and better serve customers,” said Abhay Gupta, CEO of Bidgely. “DistribuTECH 2022 promises to be an inspiring exploration of how AI and data-driven analytics are not only propelling utilities toward new levels of sophistication, but also driving meaningful change in energy consumption nationwide.”

Attendees at the event can hear from Bidgely and fellow industry leaders during the following sessions:

AI-Powered Customer Segmentation: Leveraging Data in Every Customer Interaction
Monday, May 23, 1:00-1:30pm CT

Bidgely’s Maria Kretzing and New Hampshire Electric Cooperative’s director of access and distributed resources, Dave Erickson, will explain the role of AI in creating sophisticated, customer-centric solutions that accommodate today’s demand for personalized consumer services. The session will also cover how data-driven business models can address customer segmentation and demand-side management challenges prevalent in the energy sector.

The Untapped Multi-Million Dollar Value of AMI Analytics: Why AI Matters Up, Down and Across the Utility
Tuesday, May 24, 10:00-10:30am CT

Bidgely CEO Abhay Gupta and Portland General Electric’s senior vice president of advanced energy delivery, Larry Bekkedahl, will discuss the trends, best practices and proof points that illustrate the value of deriving appliance-specific insights from smart meter data. The session will also explore the compounding benefits of these AMI insights across multiple utility verticals, including marketing, customer service, grid management, distributed energy resources and more.

What to Expect When Expecting EVs: Designing an Intelligent, Analytics-Driven Strategy to Achieve Long Term Success
Tuesday, May 24, 2:30-3:00pm CT

Kretzing will re-take the stage, this time with Avangrid’s customer programs & products manager, Charles Spence, to address how utilities can best scale programs and services to align with the accelerated adoption of EVs in ways that maximize grid benefits, customer satisfaction and revenue. They will also discuss how utilities planning EV programs, infrastructure investments and customer offerings like rates and rebates can apply behind-the-meter intelligence to design a cost effective, flexible and scalable EV strategy.

To schedule a meeting with Bidgely at DistribuTECH 2022, visit bidgely.com/events/dtech. To explore more thought leadership content powered by Bidgely, visit bidgely.com/engage.

About Bidgely

Bidgely is an AI-powered SaaS Company accelerating a clean energy future by enabling energy companies and consumers to make data-driven energy-related decisions. Powered by our unique patented technology, Bidgely's UtilityAI™ Platform transforms multiple dimensions of customer data - such as energy consumption, demographic, and interactions - into deeply accurate and actionable consumer energy insights. We leverage these insights to empower each customer with personalized recommendations, tailored to their individual personality and lifestyle, usage attributes, behavioral patterns, purchase propensity, and beyond. From a Distributed Energy Resources (DER) and Grid Edge perspective, whether it is smart thermostats to EV chargers, solar PVs to TOU rate designs and tariffs; UtilityAI™ energy analytics provides deep visibility into generation, consumption for better peak load shaping and grid planning, and delivers targeted recommendations for new value-added products and services. With roots in Silicon Valley, Bidgely has over 17 energy patents, $75M+ in funding, retains 30+ data scientists, and brings a passion for AI to utilities serving residential and commercial customers around the world. For more information, please visit www.bidgely.com or the Bidgely blog at bidgely.com/blog.

Christine Bennett
Bidgely
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Increased 2022 Outlook Based on Updated Commodity Prices

Declared Cash Dividend of $0.17 per Share, a 40% Increase Quarter over Quarter

HOUSTON--(BUSINESS WIRE)--$CRGY--Crescent Energy Company (NYSE: CRGY) today announced financial and operating results for the first quarter of 2022 and increased its quarterly cash dividend by 40% to $0.17 per share. The Company plans to host a conference call and webcast to discuss the results at 10 a.m. CT, Wednesday, May 11, 2022. Details can be found in this release.

Recent Highlights

• Produced 120 MBoe/d (54% liquids) and incurred $85 million of capital
• Generated $406 million net loss (including $498 million of unrealized derivative losses)
• Reported $195 million of Adjusted EBITDAX⁽¹⁾, $371 million of Unhedged Adjusted EBITDAX⁽¹⁾ and $90 million of Levered Free Cash Flow⁽¹⁾
• Closed accretive acquisition of Uinta Basin assets (the "Uinta Acquisition") on March 30, 2022 for total cash consideration of approximately $690 million⁽²⁾
• Exited the quarter at 1.3x Net LTM Leverage⁽¹⁾
• Continued to advance ESG initiatives - joined the Oil & Gas Methane Partnership 2.0 initiative and plan to publish second ESG report this summer with ESG targets focused on EHS and emissions
• Raised the mid-point of 2022 Adjusted EBITDAX⁽¹⁾ and Levered Free Cash Flow⁽¹⁾ guidance to $1.35 billion and $575 million, respectively, to reflect current commodity prices
  • $650 million capital program focused on high-return multi-year inventory in Eagle Ford and Uinta

Crescent CEO David Rockecharlie said, “We delivered strong operating results in the first quarter, generated significant free cash flow and solid investment returns and increased our quarterly dividend to $0.17 per share. At the end of March, we closed the accretive acquisition of Uinta Basin assets, which significantly increased our scale and added high margin oil production at a very attractive price. Today, Crescent remains well positioned with scale in high-return basins, a clear framework to return cash to shareholders, a strong balance sheet and a track record of making accretive acquisitions.”

First Quarter 2022 Results
Crescent produced 120 net MBoe/d in the first quarter 2022, in line with previous guidance (excluding Uinta Acquisition). Average realized price for the first quarter 2022, excluding the effect of commodity derivatives, was $54.28 per barrel of oil equivalent, compared to $48.87 for the fourth quarter 2021, an 11% increase. Excluding the effect of commodity derivatives, averaged realized price by commodity in the first quarter was $93.47 per barrel of oil, $4.77 per Mcf of gas and $38.97 per barrel of NGL.

Operating expense, excluding production and other taxes, of $15.97 per Boe, was in line with previous guidance (excluding Uinta Acquisition) when adjusting for certain contractual commodity-linked costs (~$0.25-$0.50 per Boe)⁽³⁾, which increased in the higher commodity price environment relative to guidance issued at $75 / Bbl WTI. These higher contractual commodity-linked costs were more than offset by higher realized prices and improved margins. General and administrative expense totaled $2.08 per Boe, including non-cash equity compensation and certain non-recurring transaction related costs. Adjusted Recurring Cash G&A⁽¹⁾ totaled $1.69 per Boe, which was in line with previous guidance (excluding Uinta Acquisition).

During the quarter, Crescent incurred approximately $85 million in capital expenditures, excluding acquisitions. The Company operated one rig in the Eagle Ford during the quarter and brought online 9 gross (9 net) operated wells. In addition, Crescent participated in 7 gross (1 net) non-operated wells in the Eagle Ford. Upon closing the Uinta Acquisition, Crescent took over operations from the previous operator and has maintained their two rig development program.

Crescent generated $406 million net loss (including $498 million of unrealized derivative losses), $195 million of Adjusted EBITDAX⁽¹⁾, $371 million of Unhedged Adjusted EBITDAX⁽¹⁾ and $90 million of Levered Free Cash Flow⁽¹⁾ for the period.

Financial Position
As of March 31, 2022, the Company had principal amount of indebtedness of $1.6 billion and net debt of approximately $1.5 billion, consisting of $700 million of senior unsecured notes and $941 million of outstanding borrowings on its revolving credit facility (the "Credit Facility"). In connection with the closing of the Uinta Acquisition in March, the Company’s borrowing base was increased to $1.8 billion with an elected commitment of $1.3 billion. In February 2022, Crescent issued $200 million in aggregate principal amount of 7.250% senior notes due 2026 at 101% of par and used the proceeds to repay amounts outstanding on the Credit Facility. Total liquidity as of March 31, 2022 was $451 million, including outstanding letters of credit of $21 million and cash and cash equivalents of $113 million. Crescent exited the quarter with a Net LTM Leverage⁽¹⁾ ratio of 1.3x. The Company expects to generate significant free cash flow for the remainder of 2022, which is expected to be used to fund dividends and further strengthen the balance sheet.

Dividend
Consistent with the Company’s framework to return cash to shareholders, the Board of Directors approved a quarterly cash dividend of $0.17 per share, a 40% increase relative to the prior quarter, or $0.68 per share on an annualized basis. The quarterly dividend is payable on June 7, 2022 to shareholders of record as of the close of business on May 24, 2022. Subject to board approval and applicable law, Crescent intends to pay a $0.17 per share quarterly dividend for the remainder of 2022.

2022 Guidance (Including Uinta Acquisition)
Crescent increased the midpoint of its 2022 outlook for Adjusted EBITDAX⁽¹⁾ and Levered Free Cash Flow⁽¹⁾ (including Uinta Acquisition) by 17% and 35%, respectively, based on the strength of commodity prices. Full-year production and capital guidance was reiterated and remains unchanged. Operating expense, excluding production taxes, also remained unchanged with the exception of an increase to reflect a portion of costs that are contractually indexed to commodity prices. Today, Crescent continues to operate one rig in the Eagle Ford and two rigs in the Uinta Basin.

Commodity Hedging
Crescent is approximately 60% hedged for the remainder of 2022 at the midpoint of its production guidance range. The following table details the Company’s open commodity derivative contracts related to swaps and collars as of April 29, 2022. The Company's full hedge book, including basis and calendar month average roll hedges is available in its presentation on the Company's website.

First Quarter 2022 Conference Call Information
Crescent plans to host a conference call to discuss its first quarter 2022 financial and operating results. Details are below. A webcast replay will be available on the website following the call. In connection with the call, Crescent has provided information in an earnings presentation on its website, www.crescentenergyco.com, regarding its first quarter 2022 financial and operating results.

Date: Wednesday, May 11, 2022
Time: 10 a.m. CT (11 a.m. ET)
Conference Dial-In: 877-407-0989 / 201-389-0921 (Domestic / International)
Webcast Link: https://ir.crescentenergyco.com/events-presentations/

About Crescent Energy Company
Crescent is a well-capitalized, U.S. independent energy company with a portfolio of assets in key proven basins across the lower 48 states and substantial cash flow supported by a predictable base of production. Crescent’s core leadership team is a group of experienced investment, financial and industry professionals who continue to execute on the strategy management has employed since 2011. The Company’s mission is to invest in energy assets and deliver better returns, operations and stewardship. For additional information, please visit www.crescentenergyco.com.

Cautionary Statement Regarding Forward-Looking Statements
This communication contains 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, as amended. These statements are based on current expectations, including with respect to the Uinta Acquisition. The words and phrases “should,” “could,” “may,” “will,” “believe,” “plan,” “intend,” “expect,” “potential,” “possible,” “anticipate,” “estimate,” “forecast,” “view,” “efforts,” “goal” and similar expressions identify forward-looking statements and express the Company’s expectations about future events. All statements, other than statements of historical facts, included in this communication that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the Company’s control. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the impact of pandemics such as COVID-19, actions by the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC oil producing countries, the impact of armed conflict, including in Ukraine, the timing and success of business development efforts, and other uncertainties. Consequently, actual future results could differ materially from expectations. The Company assumes no duty to update or revise their respective forward-looking statements based on new information, future events or otherwise.

Financial Presentation
On December 7, 2021, Crescent was formed through the merger of Independence Energy ("Independence"), and Contango Oil and Gas ("Contango"). Referenced results for the three months ended March 31, 2022 reflect the combined Company. Referenced results for the three months ended December 31, 2021 reflect legacy results of Independence from October 1 through December 6, 2021 and 25 days of Crescent results beginning December 7, 2021. Referenced results for the three months ended March 31, 2021 reflect only legacy Independence.