AUSTIN, Texas--(BUSINESS WIRE)--USA Compression Partners, LP (NYSE: USAC) (“USA Compression”) today announced that its senior management will participate in the Citi One-on-One Midstream / Energy Infrastructure Conference. Senior management expects to participate in a series of virtual meetings with members of the investment community on August 19, and presentation materials used during these meetings will be posted to USA Compression’s website prior to the investor meetings. Please visit the Investor Relations section of the website at usacompression.com under “Presentations.”

About USA Compression Partners, LP

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

USA Compression Partners, LP
Matthew Liuzzi, CFO
(512) 369-1624
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DEERFIELD, Ill.--(BUSINESS WIRE)--The U.S. International Trade Commission (“ITC”) today announced an affirmative decision in the preliminary phase of its antidumping and countervailing duty investigation of urea ammonium nitrate solutions (“UAN”) from Russia and Trinidad and Tobago (“Trinidad”). The investigation is being conducted in response to petitions filed by CF Industries Holdings, Inc. (NYSE: CF), through certain of its production facilities.

“The preliminary ITC decision is an important step towards leveling the playing field for U.S. UAN producers and their workers,” said Tony Will, president and chief executive officer, CF Industries Holdings, Inc. “CF Industries will continue participating actively in the ongoing investigations in order to restore fairness to our highly competitive industry and ensure that American UAN producers remain a reliable source of fertilizers for American farmers for years to come.”

Today’s ITC decision found that there is a reasonable indication that imports of UAN from Russia and Trinidad materially injure the U.S. UAN industry. Under U.S. trade laws, a finding of injury to the domestic industry is a prerequisite for imposing antidumping and countervailing duties.

As a result of the ITC’s determination today, the U.S. Department of Commerce (“Commerce”) will continue its own investigations of UAN imports from Russia and Trinidad. The purpose of Commerce’s investigations is to determine whether imports of UAN from Russia and Trinidad are being dumped in the U.S. market or unfairly subsidized, and if so at what levels. If Commerce’s final determinations are affirmative, then the ITC will make a final injury determination. If both agencies make affirmative final determinations – which typically takes approximately one year – then Commerce will issue antidumping and countervailing duty orders on UAN from Russia and Trinidad, which will remain in place for at least five years.

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.

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SUNNYVALE, Calif.--(BUSINESS WIRE)--Innovusion, a global leader in the design and development of image-grade LiDAR (Light Detection and Ranging) technology, has successfully raised $66 million USD in Series B Plus financing. The round was led by Guotai Junan International Private Equity Fund (GTJAI) with participation from Shunwei Capital. Existing investors Nio Capital, F-Prime Capital, Eight Roads Ventures, and Temasek also participated in the round.

Having been recognized for efficient, safe, and cost-effective LiDAR solutions, Innovusion will use the new infusion of capital to increase the production capabilities of its automotive-grade LiDARs, expand their global footprint, and further broaden its research and development efforts to promote the widespread adoption of LiDAR technology across autonomous vehicles, smart infrastructure, and high-speed rail transit systems.

“LiDAR is an essential technology enabling the development and global adoption of new autonomous vehicles. As more LiDAR companies enter the market and the technology develops, we will start to see a loop forming: mass-production leading to exponential market development, better design and new vehicle sales,” said Yuen Chiu, head of Private Equity at Guotai Junan International. “Mr. Junwei Bao’s extensive LiDAR expertise has garnered the cooperation of many OEM industry giants, such as NIO, where Innovusion is providing LiDARs for their flagship autonomous sedan, the ET7. Guotai Junan International has extensive knowledge of the new energy vehicle industry, upstream and downstream supply chain, and we will utilise our resources, advantages and capital market knowledge in support of Innovusion. At the same time, we hope that our efforts can jointly bring China's smart cars and autonomous driving technology to the global forefront.”

Research conducted by Fortune Business Insights anticipates the global LiDAR market to reach $6.71 billion USD by 2026. The report shows the global market was worth $1.32 billion USD in 2018.

“At present, automakers like NIO (NYSE:NIO), Xpeng, and Volvo are embracing LiDARs for their autonomous vehicles. The continuous development of high-level technology and reduction of costs will ramp up ‘on-the-car’ penetration rate within the autonomous vehicle industry and enhance the driving experience,” said Tuck Lye Koh, Founding Partner and CEO of Shunwei Capital. “The Shunwei team has long been concerned about the automotive industry supply chain opportunities. We recognize that Innovusion will help the industry develop and create long-term value with excellent technology and stable product performance."

“With the recognition of the industry, the continued support from our existing investors, the trust from our new investors, the passion and strong technical strengths of our team, we are very confident that we can successfully build the world's leading high-performance LiDAR supply chain system, contributing to the future growth of autonomous vehicles,” said Junwei Bao, CEO of Innovusion. “At the same time, we will continue to heavily invest in R&D to provide products and solutions suitable for different scenarios for future mobility. It is a great honor to have such great partners around the world who believe in us and share our vision. After several months of accelerated product progression, the B Plus round of financing will further turbocharge our growth plan.”

Since 2018, Innovusion has released four products with unique use cases. Its recent $64 millions Series B raise alongside Series B Plus financing will catapult product development and the growth of autonomous transportation.

About Innovusion

Innovusion was founded in 2016 and has core development teams in Sunnyvale, California and Suzhou, China. It is the world’s leader in image-quality, long-range LiDAR (Light Detection and Ranging) sensor systems for autonomous driving markets. It successfully concluded its $64 million Series B round in April 2021 funded by Temasek, BAI Capital, and Joy Capital with participation from existing investors NIO Capital, Eight Roads Ventures, and F-Prime Capital. Please visit us on the web at www.innovusion.com.

About Guotai Junan International Private Equity Fund

​​Guotai Junan International (“GTJAI”, Stock Code: 1788.HK) is the market leader and first mover for internationalization of Chinese Securities Company as well as the first Chinese securities broker listed on the Main Board of The Hong Kong Stock Exchange through initial public offering. It has also been included in the FTSE4Good Index by the London Stock Exchange of the UK. Based in Hong Kong, GTJAI provides diversified integrated financial services. Core business includes seven categories of brokerage, corporate finance, asset management, loans and financing, financial products, market making and investments, which cover three dimensions including individual finance (wealth management), institutional finance (institutional investor services and corporate finance service) and investment management. GTJAI has been assigned “Baa2 '' and “BBB+” long term issuer rating from Moody and Standard & Poor respectively. The controlling shareholder, Guotai Junan Securities Company Limited (Stock Code: 601211.SS; 2611.HK), is the comprehensive financial provider with a long-term, sustainable and overall leading position in the Chinese securities industry.

In 2020, GTJAI launched its private equity division known as Guotai Junan International Private Equity Fund, which is responsible for screening, researching and leading private equity investment in the field of innovative technology and participating in strategic mergers & acquisitions.

For more information about GTJAI, please visit http://www.gtjai.com

About Shunwei Capital

Shunwei Capital is a premier venture capital firm specializing in early to growth stage investments in disruptive business models. We invest in mobile Internet, Internet+, consumer IoT, smart manufacturing, deep technology and rural Internet. Shunwei’s investment portfolio comprises Xiaomi, 17zuoye, Meicai, iQiyi, NIO, Ninebot, Huolala, ShareChat, and other premium companies in China and internationally. We strive to work with founders to fulfill their dreams and build great companies.

Shunwei Capital was founded in 2011 by Jun Lei and Tuck Lye Koh. Today, Shunwei Capital manages over US$3 billion in funds under management. Our investors include globally renowned sovereign wealth funds, fund of funds, university endowment funds and family offices.

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DUBLIN--(BUSINESS WIRE)--The "Petrochemicals Global Market Report 2021: COVID-19 Impact and Recovery to 2030" report has been added to ResearchAndMarkets.com's offering.

The global petrochemicals market is expected to grow from $365.01 billion in 2020 to $429.11 billion in 2021 at a compound annual growth rate (CAGR) of 17.6%. The market is expected to reach $477.85 billion in 2025 at a CAGR of 3%.

Major companies in the petrochemicals market include Saudi Basic Industries Corporation (SABIC); Sinopec; Royal Dutch Shell Plc; LyondellBasell Industries and INEOS AG.

The petrochemicals market consists of the sales of petrochemicals by entities (organizations, sole traders or partnerships) that produce acyclic (i.e., aliphatic) hydrocarbons such as ethylene, propylene, and butylene made from refined petroleum or liquid hydrocarbons and/or produce cyclic aromatic hydrocarbons such as benzene, toluene, styrene, xylene, ethyl benzene, and cumene made from refined petroleum or liquid hydrocarbons. The petrochemicals market is segmented into ethylene; propylene; benzene; xylene; styrene; toluene; cumene and other petrochemicals.

Asia Pacific was the largest region in the global petrochemicals market, accounting for 45% of the market in 2020. Middle East was the second largest region accounting for 21% of the global petrochemicals market. Eastern Europe was the smallest region in the global petrochemicals market.

Many petrochemical manufacturers are adopting IoT (Internet of Things) technologies to connect equipment's' and smart devices to obtain real time insights and identify inefficiencies in the manufacturing process. The data obtained is processed, analyzed and interpreted by plant managers and senior level management to improve quality and achieve optimum production levels. For example, smart systems give information on the working condition and performance of chemical reactors with embedded software and analytics tools to notify plant operators and managers on possible machine breakdowns.

Oil price volatility is likely to have a negative impact on the petrochemicals market as significant decline and increase in oil prices negatively impacts the government and consumer spending.

The decline in oil prices is having a negative impact on government spending in countries such as Saudi Arabia, Nigeria and the UAE (United Arab Emirates) which are largely dependent on revenues generated through crude oil exports; whereas significant increase in oil prices had resulted in spurt in inflation, current account deficit and fiscal deficit in countries such as India and China, which predominantly imports oil.

For instance, the Saudi government is expected to cut down its spending from 1.05 trillion riyals ($280 billion) in 2019 to 1.02 trillion riyals ($270 billion) in 2020, to 955 billion riyals ($255 billion) by 2022, due to significant decline in revenues generated from oil exports, thereby affecting the market. This high volatility in oil process is further expected to negatively impact the market going forward.

The petrochemicals market is expected to benefit from growth in the automobiles industry during the forecast period. There is a drive for production of automobiles which is leading to an increase in demand for petrochemical products which are used in manufacturing of brake parts, radiator and other components.

For instance, the global motor vehicles market increased from $1,793.8 billion in 2014 to $2,323.9 billion in 2019, at a CAGR of 6.7% , thus increased use of plastics in automobiles is expected to increase the demand for petrochemicals during the forecast period.

Key Topics Covered:

1. Executive Summary

2. Report Structure

3. Petrochemicals Market Characteristics

3.1. Market Definition

3.2. Key Segmentations

4. Petrochemicals Market Product Analysis

4.1. Leading Products/ Services

4.2. Key Features and Differentiators

4.3. Development Products

5. Petrochemicals Market Supply Chain

5.1. Supply Chain

5.2. Distribution

5.3. End Customers

6. Petrochemicals Market Customer Information

6.1. Customer Preferences

6.2. End Use Market Size and Growth

7. Petrochemicals Market Trends And Strategies

8. Impact Of COVID-19 On Petrochemicals

9. Petrochemicals Market Size And Growth

9.1. Market Size

9.2. Historic Market Growth, Value ($ Billion)

9.2.1. Drivers Of The Market

9.2.2. Restraints On The Market

9.3. Forecast Market Growth, Value ($ Billion)

9.3.1. Drivers Of The Market

9.3.2. Restraints On The Market

10. Petrochemicals Market Regional Analysis

10.1. Global Petrochemicals Market, 2020, By Region, Value ($ Billion)

10.2. Global Petrochemicals Market, 2015-2020, 2020-2025F, 2030F, Historic And Forecast, By Region

10.3. Global Petrochemicals Market, Growth And Market Share Comparison, By Region

11. Petrochemicals Market Segmentation

11.1. Global Petrochemicals Market, Segmentation By Type, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

• Ethylene-Petrochemicals
• Propylene-Petrochemicals
• Benzene-Petrochemicals
• Xylene
• Styrene-Petrochemicals
• Toluene
• Cumene
• Other Petrochemicals

11.2. Global Petrochemicals Market, Segmentation By End-User Industry, Historic and Forecast, 2015-2020, 2020-2025F, 2030F, $ Billion

• Construction
• Packaging
• Automotive & Transportation
• Healthcare
• Electrical & Electronics
• Others

12. Petrochemicals Market Metrics

12.1. Petrochemicals Market Size, Percentage Of GDP, 2015-2025, Global

12.2. Per Capita Average Petrochemicals Market Expenditure, 2015-2025, Global

Companies Mentioned

• Saudi Basic Industries Corporation (SABIC)
• Sinopec
• Royal Dutch Shell Plc
• LyondellBasell Industries
• INEOS AG

For more information about this report visit https://www.researchandmarkets.com/r/urug1u

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HOUSTON--(BUSINESS WIRE)--SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or “the Company”) announced today it has entered into definitive agreements to acquire oil and gas assets in the Eagle Ford (collectively, “the Acquisition” or “the Transaction”) from an undisclosed seller.

Acquisition Highlights:

• All stock Transaction for approximately $33 million, consisting of approximately 1.5 million shares of SilverBow common stock
• 45,000 total net acres in the Eagle Ford, bolstering SilverBow’s gas position in McMullen and Live Oak counties, while adding new oil positions in Atascosa, Lavaca, and Fayette counties
• April 2021 net production of approximately 1,580 barrels of oil equivalent per day, 39% liquids. Net oil production of 569 barrels per day

MANAGEMENT COMMENTS

Sean Woolverton, SilverBow’s Chief Executive Officer, commented, “We continue to execute on accretive opportunities and bolster our balanced oil and gas portfolio. This marks the second acquisition we have announced since the beginning of August. Our first deal increased our high-return Eagle Ford and Austin Chalk locations, as well as incremental working interest in producing wellbores, in our La Mesa position. Today’s announcement expands our gas portfolio in the Western Eagle Ford, while also adding oil acreage in three new counties. Each transaction is accretive to Adjusted EBITDA and further reduces our pro forma leverage ratio⁽¹⁾ via the assets’ incremental cash flow. Our ability to use stock as consideration reflects the constructiveness of Eagle Ford partners to share in SilverBow’s long-term value creation.”

TRANSACTION DETAILS

The Transaction has an effective date of June 1, 2021 and is expected to close on or about October 1, 2021, subject to customary closing conditions. The total purchase price for these Eagle Ford assets is approximately $33 million, consisting of approximately 1.5 million shares of SilverBow common stock based on its 30-day volume weighted average price as of July 7, 2021.

ABOUT SILVERBOW RESOURCES, INC.

SilverBow Resources, Inc. (NYSE: SBOW) is a Houston-based energy company actively engaged in the exploration, development, and production of oil and gas in the Eagle Ford Shale in South Texas. With over 30 years of history operating in South Texas, the Company possesses a significant understanding of regional reservoirs which it leverages to assemble high quality drilling inventory while continuously enhancing its operations to maximize returns on capital invested. For more information, please visit www.sbow.com. Information on the Company’s website is not part of this release.

FORWARD-LOOKING STATEMENTS

This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent management's expectations or beliefs concerning future events, including the closing and expected benefits and IRR of the Transaction, and it is possible that the results described in this release will not be achieved. These forward-looking statements are based on current expectations and assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to, risks and uncertainties discussed in the Company’s reports filed with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this news release. You should not place undue reliance on these forward-looking statements.

(Footnotes)

¹ Accretion is based on Adjusted EBITDA for Leverage Ratio for fiscal year 2021. Leverage ratio is defined as total long-term debt, before unamortized discounts, divided by Adjusted EBITDA for Leverage Ratio (a non-GAAP measure) for the trailing twelve-month period. Adjusted EBITDA is calculated as net income (loss) plus (less) depreciation, depletion and amortization, accretion of asset retirement obligations, interest expense, impairment of oil and natural gas properties, net losses (gains) on commodity derivative contracts, amounts collected (paid) for commodity derivative contracts held to settlement, income tax expense (benefit), and share-based compensation expense. Adjusted EBITDA for Leverage Ratio is calculated as Adjusted EBITDA plus amortization of derivative contracts, in accordance with the covenant compliance calculations under SilverBow's Credit Agreement. Neither Adjusted EBITDA nor Adjusted EBITDA for Leverage Ratio should be considered a replacement for the comparable GAAP measure.

Jeff Magids
Director of Finance & Investor Relations
(281) 874-2700, (888) 991-SBOW

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

HALIFAX, Nova Scotia--(BUSINESS WIRE)--Emera Incorporated (“Emera” or the “Company”) (TSX:EMA) announced today that it has renewed its at-the-market equity program (the “ATM Program”) that allows the Company to issue up to C$600,000,000 (or its U.S. dollar equivalent) of common shares (the “Common Shares”) from treasury to the public from time to time, at the Company's discretion. Any Common Shares sold in the ATM Program will be sold through the Toronto Stock Exchange (the “TSX”) or any other marketplace on which the Common Shares are listed, quoted or otherwise traded (collectively, the “Marketplaces”) at the prevailing market price at the time of sale.

The ATM Program continues to provide Emera with additional financing flexibility should it be required in the future. The volume and timing of distributions under the ATM Program, if any, will be determined at the Company's sole discretion. The ATM Program will be effective until September 5, 2023 unless terminated prior to such date by the Company or otherwise in accordance with the terms of the equity distribution agreement dated August 12, 2021 (the “Equity Distribution Agreement”) between the Company and the Agents (as defined below). Emera intends to use the net proceeds from the ATM Program, if any, for general corporate purposes. As Common Shares sold in the ATM Program will be distributed at prevailing market price at the time of the sale, prices may vary among purchasers during the period of the distribution.

Distributions of the Common Shares through the ATM Program will be made pursuant to the terms of the Equity Distribution Agreement among Emera and Scotia Capital Inc., RBC Dominion Securities Inc., CIBC World Markets Inc. and TD Securities Inc. (collectively, the “Agents”).

The ATM Program is being renewed pursuant to a prospectus supplement dated August 12, 2021 (the “Prospectus Supplement”) to the Company's short form base shelf prospectus dated August 5, 2021 (the “Shelf Prospectus”). The Prospectus Supplement and the Shelf Prospectus are available on SEDAR at www.sedar.com. The Agents will send copies of the Prospectus Supplement and the Shelf Prospectus via requests made to any of the following individuals:

Scotia Capital Inc., attn: Equity Capital Markets, Scotia Plaza, 64th Floor, 40 King Street West, Toronto, ON M5H 3Y2, by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or by phone at 416.862.5837

RBC Dominion Securities Inc., 180 Wellington Street West, 8th Floor, Toronto, ON M5J 0C2, attn.: Distribution Centre, by email at This email address is being protected from spambots. You need JavaScript enabled to view it., or by phone at 416.842.5349

CIBC World Markets Inc., attn: Equity Capital Markets, 161 Bay Street, 5^th Floor, Toronto, ON M5J 2S8, by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or by phone at (416) 594-7339

TD Securities Inc., attn: Symcor, NPM, 1625 Tech Avenue, Mississauga, Ontario, L4W 5P5 by email at This email address is being protected from spambots. You need JavaScript enabled to view it., or by phone at 289.360.2009

This media release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any offer, solicitation or sale of the securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful.

Forward Looking Information

This news release contains forward‐looking information within the meaning of applicable securities laws, including statements concerning the anticipated sale and distribution of Common Shares, the volume and timing of the sale and distribution of Common Shares and Emera’s intended use of the net proceeds of any offering of Common Shares. Undue reliance should not be placed on this forward-looking information, which applies only as of the date hereof. By its nature, forward‐looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management’s current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward‐looking information will not prove to be accurate, that Emera’s assumptions may not be correct and that actual results may differ materially from such forward‐looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, including under the heading “Business Risks and Risk Management” in Emera’s annual Management’s Discussion and Analysis, and under the heading “Principal Risks and Uncertainties” in the notes to Emera’s annual and interim financial statements, which can be found on SEDAR at www.sedar.com.

About Emera

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

Emera Inc.
Investor Relations:
Dave Bezanson, VP, Investor Relations & Pensions
902‐474‐2126
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• Second quarter revenue grew to $3.4 million, up $1.0 million over the trailing first quarter and up $1.4 million over prior-year period
• Rig efficiencies drive higher levels of drilling activity with more wells and greater footage even as rig count stabilizes
• Gaining global market share with presence on more rigs; North America revenue was up 74% and International revenue increased 37% over prior-year period
• Cost savings efforts and higher volume drove positive cash generation from operations; ended quarter with $2.7 million of cash on hand
• Achieved break-even earnings per diluted share with net loss of $67 thousand; Adjusted EBITDA* was $1.0 million, or 28.2% as a percent of revenue 

*Adjusted EBITDA is a non-GAAP measure. See comments regarding the use of non-GAAP measures and the reconciliation of GAAP to non-GAAP measures in the tables of this release

VERNAL, Utah--(BUSINESS WIRE)--Superior Drilling Products, Inc. (NYSE American: SDPI) (“SDP” or the “Company”), a designer and manufacturer of drilling tool technologies, today reported financial results for the second quarter of 2021 ended June 30, 2021.

Troy Meier, Chairman and CEO, commented, “We believe our strong growth this quarter clearly demonstrated the value of our Drill-N-Ream^® (“DNR”) well bore conditioning tool as well as the growing demand for our manufacturing capabilities. The DNR is enabling drilling innovation. We believe that by including our tool in their drill string, producers are able to drill more complex well profiles and increase the total flow area of their wells while covering greater footage in shorter amounts of time. Additionally, we are expanding the volume and products we manufacture for our long-time legacy customer to support their efforts to provide quality products while advancing their technologies.”

He continued, “While we are not yet back to pre-pandemic levels, we continue to gain market share as markets recover. We expect that we will continue to grow through 2021 and be back on track in 2022 to resume the growth plans we had expected at the end of 2019.”

Second Quarter 2021 Review ($ in thousands, except per share amounts) (See at “Definitions” the composition of product/service revenue categories.)

Revenue increased sequentially $974 thousand, or 40%, over the trailing first quarter as market share and market conditions improved. Improvements, year-over-year and sequentially, represent improved demand as oil and gas production markets improve and as the Company gains greater market presence. Revenue in North America increased 74%, year-over-year, from increased tool sales, as well as higher royalty and repair fees. International revenue grew 37% over the prior-year period as recognition of the DNR’s value by oil field service companies is growing and the Company also gained a new International customer. Contract Services revenue also improved 65%, reflecting increased drill bit refurbishment. Sequentially, North America and International revenue increased on greater market penetration and improving market conditions.

Second Quarter 2021 Operating Costs

⁽¹⁾ Adjusted EBITDA is a non-GAAP measure defined as earnings before interest, taxes, depreciation and amortization, non-cash stock compensation expense and unusual items. See the attached tables for important disclosures regarding SDP’s use of Adjusted EBITDA, as well as a reconciliation of net loss to Adjusted EBITDA.

Higher revenue and lower operating expenses resulted in operating income of $116 thousand. Total operating expenses decreased 3% over the trailing first quarter, as a result of timing of expenses related to year end close and the reduction in amortization expense.

Net loss for the quarter was practically breakeven at $67 thousand compared with net loss of $1.1 million in the trailing first quarter. Measurably improved operating income more than offset other expenses which included a $11 thousand loss on the disposal of assets. Compared with the trailing first quarter, Adjusted EBITDA⁽¹⁾ improved measurably to $1.0 million as a result of increased sales and operating leverage gained from higher volume, while Adjusted EBITDA margin expanded to 28.2%.

The Company believes that when used in conjunction with measures prepared in accordance with U.S. generally accepted accounting principles (“GAAP”), Adjusted EBITDA, which is a non-GAAP measure, helps in the understanding of its operating performance.

Balance Sheet and Liquidity

Cash at the end of the quarter was $2.7 million, up from $2.0 million at the end of 2020. Cash provided by operations in the six months ended June 30, 2021 was $400 thousand. Long-term debt, including the current portion at June 30, 2021, was $3.2 million. Subsequent to the end of the quarter, the Company paid the next $750 thousand principal payment due on the Hard Rock note. The remaining $750 thousand of principal due on the note is payable on October 5, 2022.

Definitions and Composition of Product/Service Revenue:

Contract Services Revenue is comprised of repair and manufacturing services for drill bits and other tools or products for customers.

Other Related Tool Revenue is comprised of royalties and fleet maintenance fees.

Tool Sales/Rental revenue is comprised of revenue from either the sale or rent of tools to customers.

Tool Revenue is the sum of Other Related Tool Revenue and Tool Sales/Rental revenue.

Webcast and Conference Call

The Company will host a conference call and live webcast today at 10:00 am MT (12:00 pm ET) to review the results of the quarter and full year and discuss its corporate strategy and outlook. The discussion will be accompanied by a slide presentation that will be made available prior to the conference call on SDP’s website at www.sdpi.com/events. A question-and-answer session will follow the formal presentation.

The conference call can be accessed by calling (201) 689-8470. Alternatively, the webcast can be monitored at www.sdpi.com/events. A telephonic replay will be available from 1:00 p.m. MT (3:00 p.m. ET) the day of the teleconference until Friday, August 20, 2021. To listen to the archived call, please call (412) 317-6671 and enter conference ID number 13721241, or access the webcast replay at www.sdpi.com, where a transcript will be posted once available.

About Superior Drilling Products, Inc.

Superior Drilling Products, Inc. is an innovative, cutting-edge drilling tool technology company providing cost saving solutions that drive production efficiencies for the oil and natural gas drilling industry. The Company designs, manufactures, repairs and sells drilling tools. SDP drilling solutions include the patented Drill-N-Ream® well bore conditioning tool and the patented Strider^™ oscillation system technology. In addition, SDP is a manufacturer and refurbisher of PDC (polycrystalline diamond compact) drill bits for a leading oil field service company. SDP operates a state-of-the-art drill tool fabrication facility, where it manufactures its solutions for the drilling industry, as well as customers’ custom products. The Company’s strategy for growth is to leverage its expertise in drill tool technology and innovative, precision machining in order to broaden its product offerings and solutions for the oil and gas industry.

Additional information about the Company can be found at: www.sdpi.com.

Safe Harbor Regarding Forward Looking Statements

This news release contains forward-looking statements and information that are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than statements of historical fact included in this release, including, without limitations, the continued impact of COVID-19 on the business, the Company’s strategy, future operations, success at developing future tools, the Company’s effectiveness at executing its business strategy and plans, financial position, estimated revenue and losses, projected costs, prospects, plans and objectives of management, and ability to outperform are forward-looking statements. The use of words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project”, “forecast,” “should” or “plan, and similar expressions are intended to identify forward-looking statements, although not all forward -looking statements contain such identifying words. These statements reflect the beliefs and expectations of the Company and are subject to risks and uncertainties that may cause actual results to differ materially. These risks and uncertainties include, among other factors, the duration of the COVID-19 pandemic and related impact on the oil and natural gas industry, the effectiveness of success at expansion in the Middle East, options available for market channels in North America, the deferral of the commercialization of the Strider technology, the success of the Company’s business strategy and prospects for growth; the market success of the Company’s specialized tools, effectiveness of its sales efforts, its cash flow and liquidity; financial projections and actual operating results; the amount, nature and timing of capital expenditures; the availability and terms of capital; competition and government regulations; and general economic conditions. These and other factors could adversely affect the outcome and financial effects of the Company’s plans and described herein. The Company undertakes no obligation to revise or update any forward-looking statements to reflect events or circumstances after the date hereof.

FINANCIAL TABLES FOLLOW.

⁽¹⁾ Adjusted EBITDA represents net income adjusted for income taxes, interest, depreciation and amortization and other items as noted in the reconciliation table. The Company believes Adjusted EBITDA is an important supplemental measure of operating performance and uses it to assess performance and inform operating decisions. However, Adjusted EBITDA is not a GAAP financial measure. The Company’s calculation of Adjusted EBITDA should not be used as a substitute for GAAP measures of performance, including net cash provided by operations, operating income and net income. The Company’s method of calculating Adjusted EBITDA may vary substantially from the methods used by other companies and investors are cautioned not to rely unduly on it.

Investor relations:
Deborah K. Pawlowski, Kei Advisors LLC
(716) 843-3908, This email address is being protected from spambots. You need JavaScript enabled to view it.

CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)--CVD Equipment Corporation (NASDAQ: CVV), a leading provider of chemical vapor deposition systems, announced today that it has received a production system order from a major, US-based, electric vehicle battery material manufacturer for approximately $1.7M. The system is planned to ship to the customer in the first quarter of 2022.

Significant growth in electric vehicles sales is projected in the years to come. With next-generation, lithium ion battery material development moving from research and development to production, we believe CVD is focused to benefit from the increased demand of carbon nanotubes (CNTs), carbon nanofibers (CNFs), silicon nanowires (Si-NWs) and other nanotechnology materials. These materials enable increased energy density and charge speed as well as decrease the cost per kWh. Chemical vapor deposition is a key manufacturing process to make these new battery materials. CVD Equipment has an extensive history of over 20 years designing and manufacturing CVD tools to advance the state of the art in nanotechnology materials.

“CVD is pleased to receive this order contract. It is affirmation of the strategic direction of the company to produce equipment for materials in high growth nanotechnology material markets. We look forward to growing our market presence in these Green Technology emerging markets,” said Emmanuel Lakios, President and CEO of CVD Equipment Corporation.

About CVD Equipment Corporation

CVD Equipment Corporation (NASDAQ: CVV) designs, develops, and manufactures a broad range of chemical vapor deposition, gas control, and other state-of-the-art equipment and process solutions used to develop and manufacture materials and coatings for research and industrial applications. This equipment is used by its customers to research, design, and manufacture these materials or coatings for aerospace engine components, medical implants, semiconductors, solar cells, smart glass, carbon nanotubes, nanowires, LEDs, MEMS, and other applications. Through its application laboratory, the Company provides process development support and process startup assistance with the focus on enabling tomorrow’s technologies™. It’s wholly owned subsidiary CVD Materials Corporation provides advanced materials, metal surface treatments, and coatings to serve demanding applications in the electronic, biomedical, petroleum, pharmaceutical, and many other industrial markets.

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by CVD Equipment Corporation) contains statements that are forward-looking. All statements other than statements of historical fact are hereby identified as “forward-looking statements,” as such term is defined in Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking information involves a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated by management. Potential risks and uncertainties include, among other factors, market and business conditions, the COVID-19 pandemic, the success of CVD Equipment Corporation’s growth and sales strategies, the possibility of customer changes in delivery schedules, cancellation of, or failure to receive orders, potential delays in product shipments, delays in obtaining inventory parts from suppliers and failure to satisfy customer acceptance requirements. Past performance in not a guaranty of future results.

Thomas McNeill, EVP & CFO
Phone: (631) 981-7081
Fax: (631) 981-7095
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Offshore Support Vessels Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.

The global offshore support vessels market reached a value of US$ 39.57 Billion in 2020. Looking forward, the publisher expects the global market to reach a value of US$ 50.21 Billion by 2026.

Companies Mentioned

• Bourbon
• Grupo CBO
• Gulfmark
• Havila
• Maersk
• Seacor Marine
• SIEM Offshore
• Solstad
• Swire
• Tayrona Offshore
• Tidewater
• Vroon Group

Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.

Offshore support vessels refer to various marine vessels that are used for transporting goods, supplies and equipment during subsea exploration and construction activities. Some of the common types of offshore support vessels include diving support, crane, and pipe laying vessels, seismic survey ships, and platform supply vessels (PSVs). These vessels are primarily used for locating and inspecting oil and gas-bearing areas, towing and positioning rigs/platforms and offering maintenance facilities. They are equipped with powerful small-sized boats that respond to emergencies at offshore installations and also provide various other services, such as transportation, anchor management and platform support.

Increasing oil and gas exploratory activities is one of the key factors driving the growth of the market. Furthermore, the rising demand for PSVs across the globe is also providing a boost to the market growth. PSVs are used in the production stage of offshore drilling and for the transportation of cement, casting and drilling pipes and completion fluids. Additionally, various technological advancements in the manufacturing processes of offshore support vessels and the integration of Dynamic Positioning (DP) systems in marine vessels, is acting as another growth-inducing factor. Manufacturers are emphasizing on producing computer-controlled vessels that can automatically control their propellers and thrusters to maintain a specific position.

Other factors, including rapid industrialization and extensive research and development (R&D) activities, along with growing investments in the oil and gas sector across the globe, especially in the emerging economies, are projected to drive the global offshore support vessels market further.

Key Questions Answered in This Report:

• How has the global offshore support vessels market performed so far and how will it perform in the coming years?
• What are the key regional markets?
• What has been the impact of COVID-19 on the global offshore support vessels market?
• What is the breakup of the market based on the type?
• What is the breakup of the market based on water depth?
• What is the breakup of the market based on the fuel?
• What is the breakup of the market based on the service type?
• What is the breakup of the market based on application?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global offshore support vessels market and who are the key players?
• What is the degree of competition in the industry?

Key Topics Covered:

1 Preface

2 Scope and Methodology

3 Executive Summary

4 Introduction

4.1 Overview

4.2 Key Industry Trends

5 Global Offshore Support Vessels Market

5.1 Market Overview

5.2 Market Performance

5.3 Impact of COVID-19

5.4 Market Forecast

6 Market Breakup by Type

6.1 Anchor Handling Towing Supply Vessel

6.1.1 Market Trends

6.1.2 Market Forecast

6.2 Platform Supply Vessel

6.2.1 Market Trends

6.2.2 Market Forecast

6.3 Fast Supply Intervention Vessel

6.3.1 Market Trends

6.3.2 Market Forecast

6.4 Multi-Purpose Service Vessel

6.4.1 Market Trends

6.4.2 Market Forecast

6.5 Others

6.5.1 Market Trends

6.5.2 Market Forecast

7 Market Breakup by Water Depth

7.1 Shallow Water

7.1.1 Market Trends

7.1.2 Market Forecast

7.2 Deepwater

7.2.1 Market Trends

7.2.2 Market Forecast

8 Market Breakup by Fuel

8.1 Fuel Oil

8.1.1 Market Trends

8.1.2 Market Forecast

8.2 LNG

8.2.1 Market Trends

8.2.2 Market Forecast

9 Market Breakup by Service Type

9.1 Technical Services

9.1.1 Market Trends

9.1.2 Market Forecast

9.2 Inspection & Survey

9.2.1 Market Trends

9.2.2 Market Forecast

9.3 Crew Management

9.3.1 Market Trends

9.3.2 Market Forecast

9.4 Logistics & Cargo Management

9.4.1 Market Trends

9.4.2 Market Forecast

9.5 Anchor Handling & Seismic Support

9.5.1 Market Trends

9.5.2 Market Forecast

9.6 Others

9.6.1 Market Trends

9.6.2 Market Forecast

10 Market Breakup by Applications

10.1 Oil and Gas Applications

10.1.1 Market Trends

10.1.2 Market Forecast

10.2 Offshore Applications

10.2.1 Market Trends

10.2.2 Market Forecast

11 Market Breakup by Region

12 SWOT Analysis

13 Value Chain Analysis

14 Porters Five Forces Analysis

15 Competitive Landscape

15.1 Market Structure

15.2 Key Players

15.3 Profiles of Key Players

For more information about this report visit https://www.researchandmarkets.com/r/jg1yu1

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
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Micro Bird shows its commitment to EV leadership by investing in key technology with acquisition of leading EV integrator in Type A school bus market

DRUMMONDVILLE, Quebec--(BUSINESS WIRE)--Micro Bird Holdings (Micro Bird), a Blue Bird and Girardin joint venture and North American market leader in the Type A school bus market, has acquired a controlling interest in the EV drivetrain integrator and supplier GranTuned Automobiles (Ecotuned). This strategic acquisition firmly positions Micro Bird for substantial growth in the light and medium duty EV market by bringing core electrification-expertise and value to both Micro Bird and the broader Blue Bird Corporation.

“Over the years, Micro Bird has evaluated many up-and-coming EV companies and found in Ecotuned a more optimized, efficient and technologically-advanced solution that is faster to install, due to its patented cradle system, and does not compromise on safety and performance,” said Steve Girardin, president of Micro Bird.

Founded more than ten years ago in 2011, Ecotuned has successfully developed one of the most efficient EV drivetrains for light and medium duty applications. Its market leading energy-efficient EV solution comes predominantly from a proprietary two-speed EV transmission, battery management systems (BMS) as well as advanced algorithms, which allow for a smaller electric motor, less batteries and more useful payload, without compromising performance. The Ecotuned drivetrain comes standard with Level 2 and 3 charging and is V2G capable.

The transaction is effective Thursday August 12, 2021, and all three founding members will continue to be shareholders and play an instrumental role in the evolution of the company. “Micro Bird was one of our first customers and we have enjoyed a very close partnership and collaboration,” said Andy Ta, Ecotuned Founder. “We look forward to working even closer together and see Ecotuned achieve its full potential.”

For more than five years now, Micro Bird and Ecotuned have been closely working together to perfect the medium-duty EV powertrain which is currently offered in the Micro Bird G5. “The intent from the beginning was always to offer a properly integrated solution that works in harmony with our products and is supported by an experienced and established network of dealers and professionals,” added Steve Girardin.

The Micro Bird and Ecotuned partnership is the EV solution of choice for North America’s Type A school bus market, achieving over 80% market share in the segment over the last twelve months. This segment leadership further reinforces Blue Bird’s overall North American market share leadership in the EV school bus market, having delivered more EV school buses in the last 12 months than all its competitors combined.

In addition to the school bus segment, Micro Bird also plans to deploy its Micro Bird G5 with Ecotuned EV powertrain in the commercial bus segment; more details to come soon. Ecotuned also plans to expand its EV powertrains in class 3 to 7 segments across various vocations.

“We are very excited about this highly-strategic acquisition,” said Phil Horlock, Chief Executive Officer of Blue Bird Corporation. “This acquisition reinforces our leadership in the EV school bus market while positioning Micro Bird and Blue Bird for significant growth in revenue, profitability and value for our shareholders. We look forward to utilizing Ecotuned’s significant EV capabilities within Blue Bird.”

About Micro Bird: Founded in 1966, today Micro Bird is recognized for its innovative products in the Type A category, and as a leader in the North American market for school, commercial, collective and adapted buses. The head office, plant and all marketing, engineering, manufacturing, research and development activities are located in Drummondville, Quebec, employing more than 500 employees. Micro Bird is currently experiencing significant growth in vehicles powered by alternative energies such as electric and propane. Micro Bird is a joint venture equally owned by the Girardin Group and Blue Bird. For more information, visit the website www.microbird.com

About Ecotuned: Ecotuned has developed one of the first electric powertrains to perform universal and reusable vehicles designed to electrify buses, trucks and light weight vehicles with traditional combustion into a 100% electric vehicle. For more details, please visit the Ecotuned Automobile website: www.ecotuned.com/accueil/

About Blue Bird Corporation: Blue Bird (NASDAQ: BLBD) is the leading independent designer and manufacturer of school buses, with more than 550,000 buses sold since its formation in 1927 and approximately 180,000 buses in operation today. Blue Bird’s longevity and reputation in the school bus industry have made it an iconic American brand. Blue Bird distinguishes itself from its principal competitors by its singular focus on the design, engineering, manufacture and sale of school buses and related parts. As the only manufacturer of chassis and body production specifically designed for school bus applications, Blue Bird is recognized as an industry leader for school bus innovation, safety, product quality/reliability/durability, operating costs and drivability. Blue Bird has a rich history of bringing new technology to the school bus space and is the undisputed leader in alternative-power school buses, having more than 20,000 low and zero emission buses on the road. Blue Bird manufactures school buses at two facilities in Fort Valley, Georgia. Its Micro Bird joint venture operates a manufacturing facility in Drummondville, Quebec, Canada. Service and after-market parts are distributed from Blue Bird’s parts distribution center located in Delaware, Ohio. For more information on Blue Bird’s complete line of buses, visit www.blue-bird.com.

About Girardin: Girardin has been a bus distributor for over 62 years, serving Quebec, Ontario, the Atlantic provinces, and most recently to New York and Connecticut in the United States. Girardin is the official distributor of BLUE BIRD school buses and MICRO BIRD minibuses, being manufactured in Quebec. Today, Girardin is the leader in alternative energies (vehicles powered by propane, natural gas and electric) in school, commercial, urban and adapted transport. More information is available on the Girardin website: www.girardinbluebird.com.

PRESS CONTACT:
ANNIE LANGLOIS, Partner, Senior Vice-President
Massy Forget Langlois Public Relations
514 923-5036
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TAMPA, Fla.--(BUSINESS WIRE)--Odyssey Marine Exploration, Inc. (NASDAQ:OMEX), a deep-ocean exploration pioneer engaged in the discovery, validation and development of subsea mineral deposits in a socially and environmentally responsible manner, reported results for the second quarter ended June 30, 2021, and provided an update on current projects and future plans.

“The second quarter of the year has been very productive from a research, planning and strategy standpoint. During the quarter, Odyssey made progress on all fronts of its mineral exploration portfolio,” said Mark Gordon, Odyssey CEO and Chairman of the Board.

“We continue to work with the CIC Consortium on a project in the Pacific Ocean. CIC, with extensive support from Odyssey’s team, submitted a proposal for an Exploration License late last year. We are excited to be a part of CIC’s bid for this important project.

“In Papua New Guinea (PNG), after months of delay caused by the COVID-19 pandemic, we made progress on the LIHIR Subsea Gold project, where Odyssey owns a 79.9% stake. On August 5, 2021, we received a multi-year Exploration License renewal from the Mineral Resource Authority (MRA) of PNG. We appreciate the support of the MRA and look forward to working with the PNG government within their regulations and fulfilling our steadfast commitments to transparency and excellent community relations. Importantly, we expect to commence offshore operations for the exploration program by year-end pending any further delays caused by the pandemic.”

“In June, we filed our Reply to Mexico’s Counter Memorial in our North American Free Trade Agreement (NAFTA) case seeking damages for Mexico’s illegal denial of an environmental permit for the ExO Phosphate Project. Importantly, we secured additional legal funding to pursue the NAFTA case through the anticipated January 2022 hearing. The additional funding affords us the opportunity to, among other things, add further experience and expertise to our team.

“Finally, the addition of Christopher Jones as our CFO has positioned us to execute on company and project plans to drive increased stockholder value. When considering the potential and projected combined enterprise value of our mineral projects, we firmly believe this value is not reflected in the market value of our common stock. With Chris at the financial helm of Odyssey, and with the support of the whole Odyssey team, we look forward to further demonstrating the value of our existing project portfolio, while also improving our access to the financial markets, to support our growth. I am excited to bring Odyssey to the next level with Chris and the rest of the Odyssey team,” concluded Gordon.

Project Updates

LIHIR Subsea Gold Project

Odyssey was recently granted a renewal for its Exploration License (EL 1877). The company plans to begin its LIHIR Subsea Gold Exploration Program before the end of 2021 provided there are no constraints from the COVID-19 pandemic. The multi-year Exploration Program will focus on robust environmental surveys and studies that will accrue to environmental permitting in compliance with PNG’s requirements as well as the development of an EIA (Environmental Impact Assessment). During the exploration phase, steps to validate and quantify the precious and base metal content of the prospective resource will also be carried out. Once completed, if the data show extraction can be carried out responsibly, Odyssey will apply for a Mining License.

CIC Project

Odyssey continues to support the CIC Project as a member of the CIC Consortium. The consortium has applied for a mineral exploration license in accordance with the host country’s legal process. If greenlighted, this project is expected to provide a unique opportunity to explore for critical mineral assets in the deep ocean of a Pacific island nation’s EEZ. Offshore expeditions may start before the end of the year depending on approval dates and COVID-19 restrictions.

ExO Phosphate Project

On June 29, 2021, Odyssey filed a robust Reply to Mexico’s Counter Memorial. This filing fortified the position that the project did not receive fair and equitable treatment by Mexico resulting in the illegal denial of the ExO Phosphate Project Environmental Permit. The document also highlights the strategic size and grade of the resource, the operational viability of the project, and the project’s value. Odyssey is pleased with the value added by the litigators and expert witnesses added to the legal team in support of this filing and in preparation for a strong and compelling hearing in January 2022. The expanded legal team features litigators with significant proven NAFTA experience against Mexico as well as specific experience rebutting many of Mexico’s experts.

Odyssey’s First Memorial is available at https://www.odysseymarine.com/nafta. The NAFTA hearing is scheduled for January 2022 unless the case is settled earlier by the parties.

Additional Project Updates

Odyssey continues to be driven by the company’s primary expertise in subsea exploration and increased focus on important and valuable mineral deposits. On this front, Odyssey is currently in discussion with three separate jurisdictions on further expanding its project portfolio. While it is still too early to disclose locations and partners, Odyssey is excited by the prospect of utilizing the experience gained working on the ExO Phosphate Project, in another potential phosphate project within the Americas.

Consolidated financial statements are incorporated into Odyssey’s Quarterly Report on Form 10-Q for the period ended June 30, 2021, which is available on the company’s website at www.OdysseyMarine.com as well as at www.sec.gov.

About Odyssey Marine Exploration

Odyssey Marine Exploration, Inc. (Nasdaq:OMEX) is engaged in ocean exploration using innovative methods and state-of-the-art technology to discover, validate and develop subsea mineral resources. Odyssey’s growing project portfolio includes projects exploring different mineral sets in various jurisdiction around the world. The company’s mission is to drive superior economic returns by providing critical mineral resources in a manner that has a net positive impact on the global environment. Odyssey also provides marine services for private clients and governments. For additional details, please visit www.odysseymarine.com.

Forward Looking Information

Odyssey Marine Exploration believes the information set forth in this Press Release may include "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. Certain factors that could cause results to differ materially from those projected in the forward-looking statements are set forth in "Risk Factors" in Part I, Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the Securities and Exchange Commission on March 31, 2021. The financial and operating projections as well as estimates of mining assets are based solely on the assumptions developed by Odyssey that it believes are reasonable based upon information available to Odyssey as of the date of this release. All projections and estimates are subject to material uncertainties and should not be viewed as a prediction or an assurance of actual future performance. The validity and accuracy of Odyssey's projections will depend upon unpredictable future events, many of which are beyond Odyssey's control and, accordingly, no assurance can be given that Odyssey's assumptions will prove true or that its projected results will be achieved.

Cautionary Note to U.S. Investors

The U.S. Securities and Exchange Commission (SEC) permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this press release, such as "measured", "indicated," "inferred" and "resources," which the SEC guidelines strictly prohibit us from including in our filings with the SEC. "Inferred mineral resources" have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred mineral resource will ever be upgraded to a higher category. U.S. investors are cautioned not to assume that part or all of the inferred mineral resource exists, or is economically or legally mineable, and are urged to consider closely the disclosures in our Form 10-K which may be secured from us or from the SEC's website at http://www.sec.gov/edgar.shtml.

Laura Barton
Odyssey Marine Exploration, Inc.
(813) 876-1776 x 2562
This email address is being protected from spambots. You need JavaScript enabled to view it.

• Strong Second Quarter with Significant Year-Over-Year Improvements in Revenue, Net Income, and Adjusted EBITDA

Q2 2021 Highlights:

- Revenues of $202.9 million, a 49.8% improvement compared to second quarter 2020

- Net income of $3.1 million, compared to net loss of $18.1 million in second quarter 2020

- Earnings per share of $0.02, compared to loss per share of $0.39 in second quarter 2020

- Consolidated adjusted EBITDA of $15.1 million, compared to $1.7 million in second quarter 2020

- Bookings of $168 million, a 100% improvement compared to second quarter of 2020

- Launched ClimateBright^TM decarbonization technologies platform

AKRON, Ohio--(BUSINESS WIRE)--$BW #BabcockWilcox--Babcock & Wilcox Enterprises, Inc. ("B&W" or the "Company") (NYSE: BW) announced results for the second quarter of 2021.

"Our results for the second quarter of 2021 demonstrate our steady progress towards achieving our adjusted EBITDA targets of $70-$80 million and $95-$105 million, in 2021 and 2022, respectively¹," said Kenneth Young, B&W's Chairman and Chief Executive Officer. "This momentum is driven by our ongoing growth strategies, including our clean energy initiatives and cost reduction actions, despite the continued adverse effects of COVID-19 across our segments."

"With the launch of our ClimateBright^TM platform in May, we are building an exciting pipeline of potential carbon capture and hydrogen combustion opportunities, as our customers seek solutions to address some of the world's most urgent climate objectives such as carbon dioxide and methane reductions," Young added. "We are pursuing an overall pipeline of more than $6 billion of identified project opportunities through 2024, and continue to make progress in converting our pipeline to bookings. We anticipate booking three to five renewable new-build opportunities in 2021, as we are seeing increasing demand for our technologies."

"Our new four-year senior financing agreements, which closed in June, were a significant accomplishment for the Company and demonstrate the confidence of our lenders and shareholders in our strategy," Young continued. "Combined with the reduction of our total secured debt by over $347 million in 2021, this financing has positioned us to grow across all segments as we invest in our ClimateBright^TM technologies platform and innovative technology agreements such as our recent exclusive long-term energy storage licensing option agreement with the U.S. Department of Energy."

"Our acquisition efforts are progressing, and multiple investment or acquisition opportunities are in advanced due diligence phases including three renewable or emerging technology opportunities that are in exclusive negotiations," Young added. "We remain dedicated to increasing shareholder value through both organic and inorganic growth while driving a worldwide transformation to a green environmental future."

Q2 2021 Financial Summary

Consolidated revenues in the second quarter of 2021 were $202.9 million, a 49.8% improvement compared to the second quarter of 2020, primarily due to a higher level of construction activity in the quarter. Revenues in all segments were adversely impacted by COVID-19 as customers delayed projects and travel restrictions limited the ability of the Company's workforce to visit job sites. GAAP operating income in the second quarter of 2021 improved to $2.8 million, inclusive of restructuring and settlement costs and advisory fees of $6.9 million, compared to an operating loss of $7.7 million in the second quarter of 2020. The improvement was primarily due to the higher construction volume as described above, improved project execution and the benefits of cost savings and restructuring initiatives. Adjusted EBITDA was $15.1 million compared to $1.7 million in the second quarter of 2020. Bookings in the second quarter of 2021 were $168 million, with backlog of $500 million at June 30, 2021. All amounts referred to in this release are on a continuing operations basis, unless otherwise noted. Reconciliations of net income, the most directly comparable GAAP measure, to adjusted EBITDA, and to adjusted gross profit for the Company's segments, are provided in the exhibits to this release.

Babcock & Wilcox Renewable segment revenues were $38.3 million for the second quarter of 2021, compared to $43.5 million in the second quarter of 2020. The reduction in revenue is primarily driven by large project start delays due to the adverse global effects of COVID-19 in the second quarter of 2021 coupled with the completion of prior-year large service and licensing projects and loss contracts that have not been replaced. Adjusted EBITDA in the quarter improved to $3.4 million compared to negative $0.1 million in the second quarter of 2020, primarily due to the benefits of cost savings and restructuring initiatives, offset partially by the decrease in volume. Adjusted gross profit was $9.8 million in the second quarter of 2021, compared to $9.4 million in the prior-year period; gross profit margin improved to 25.6% in the second quarter of 2021, compared to 21.6% in the second quarter of 2020 as a result of the benefits of cost savings initiatives.

Babcock & Wilcox Environmental segment revenues were $28.4 million in the second quarter of 2021, an increase of 12.7% compared to $25.2 million in the second quarter of 2020, primarily due to higher project activity. Adjusted EBITDA was $2.7 million, compared to negative $1.1 million in the same period last year, primarily driven by the higher volume and the benefits of cost savings and restructuring initiatives. Adjusted gross profit was $6.7 million in the second quarter of 2021, compared to $4.5 million in the prior-year period.

Babcock & Wilcox Thermal segment revenues were $136.3 million in the second quarter of 2021, an increase of 102.8% compared to $67.2 million in the prior-year period, primarily due to a higher level of activity on construction projects during the second quarter of 2021. Adjusted EBITDA in the second quarter of 2021 was $12.4 million, an increase of 55.0% compared to $8.0 million in last year's quarter, primarily due to the increase in volume as described above, partially offset by product mix; adjusted EBITDA margin was 9.1% in the quarter compared to 11.9% in the same period last year. Adjusted gross profit in the second quarter of 2021 improved to $29.3 million, compared to $20.0 million in the prior-year period, primarily due to the increase in volume.

COVID-19 Impact

The global COVID-19 pandemic has disrupted business operations, trade, commerce, financial and credit markets, and daily life throughout the world. The Company's business has been, and continues to be, adversely impacted by the measures taken and restrictions imposed in the countries in which it operates and by local governments and others to control the spread of this virus. These measures and restrictions have varied widely and have been subject to significant changes from time to time depending on the changes in the severity of the virus in these countries and localities. These restrictions, including travel and curtailment of other activity, negatively impact the Company's ability to conduct business. The volatility and variability of the virus has limited the Company's ability to forecast the impact of the virus on its customers and its business. The continuing resurgence of COVID-19, including new strains such as the delta variant, has resulted in the reimposition of certain restrictions and may lead to other restrictions being implemented in response to efforts to reduce the spread of the virus. These varying and changing events have caused many of the projects the Company had anticipated would begin in 2020 to be delayed into the second half of 2021 and beyond. Many customers and projects require B&W's employees to travel to customer and project worksites. Certain customers and significant projects are located in areas where travel restrictions have been imposed, certain customers have closed or reduced on-site activities, and timelines for completion of certain projects have, as noted above, been extended into the second half of 2021 and beyond. Additionally, out of concern for the Company's employees, even where restrictions permit employees to return to its offices and worksites, the Company has incurred additional costs to protect its employees as well as advising those who are uncomfortable returning to worksites due to the pandemic that they are not required to do so for an indefinite period of time. The resulting uncertainty concerning, among other things, the spread and economic impact of the virus has also caused significant volatility and, at times, illiquidity in global equity and credit markets. The full extent of the COVID-19 impact on the Company's operational and financial performance will depend on future developments, including the ultimate duration and spread of the pandemic and related actions taken by the U.S. government, state and local government officials, and international governments to prevent disease spread, as well as the availability and effectiveness of COVID-19 vaccinations in the U.S. and abroad, all of which are uncertain, out of the Company's control, and cannot be predicted.

Liquidity and Balance Sheet

As previously disclosed, on May 7, 2021 the Company closed an underwritten registered public offering of 4,000,000 shares of its 7.75% Series A Cumulative Perpetual Preferred Stock (the "Preferred Stock") for gross proceeds of approximately $100 million before deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. The offering resulted in net proceeds of approximately $95.7 million after deducting underwriting discounts and commissions, but before expenses.

On May 26, 2021, the Company completed the sale of an additional 444,700 shares of its Preferred Stock at an offering price of $25.00 per share for net proceeds of approximately $10.7 million after deducting underwriting fees.

As previously disclosed, on June 1, 2021, the Company entered into an agreement with B. Riley whereby the Company issued B. Riley 2,916,880 shares of Preferred Stock and paid $0.4 million in cash, and paid $0.9 million in cash to B. Riley for accrued interest due, in exchange for a deemed prepayment of $73.3 million of the Company's existing term loans.

On June 30, 2021 the Company entered into a Revolving Credit Agreement with PNC Bank, N.A. ("PNC") under which PNC has provided an up to $50 million asset-based revolving credit facility and a Letter of Credit Agreement with PNC under which PNC has agreed to issue up to $125 million of letters of credit to B&W, secured in part by cash collateral provided by an affiliate of MSD Partners. The agreements have a maturity date of June 30, 2025. All obligations under the Company’s prior Amended and Restated Credit Agreement with Bank of America N.A. as administrative agent have been discharged, and the Amended and Restated Credit Agreement has been terminated. Under the terms of the Amended and Restated Credit Agreement, approximately $9 million in deferred fees under that Credit Agreement have been waived due to the Company’s successful refinancing prior to July 1, 2021.

At June 30, 2021, the Company had total gross debt of $170.9 million and a cash, cash equivalents and restricted cash balance of $143.6 million inclusive of net proceeds under the Company's "at-the-market" ("ATM") sales agreements through June 30, 2021.

Subsequent to June 30, 2021 and as of August 12, 2021, the Company issued additional shares of its Preferred Stock for net proceeds of $5.9 million and additional Senior Notes for net proceeds of $12.9 million under the relevant At-The-Market ("ATM") sales agreements.

Cost Savings Measures Continuing

In addition to the $133 million of cost savings initiatives previously disclosed, the Company implemented approximately $4 million of additional cost savings initiatives in the second quarter of 2021, for a total of $137 million. The Company has also identified an incremental $5 million of cost saving actions expected to be implemented during the remainder of 2021.

Earnings Call Information

B&W plans to host a conference call and webcast on Thursday, August 12, 2021 at 5 p.m. ET to discuss the Company’s second quarter 2021 results. The listen-only audio of the conference call will be broadcast live via the Internet on B&W’s Investor Relations site. The dial-in number for participants in the U.S. is (833) 227-5843; the dial-in number for participants outside the U.S. is (647) 689-4070. The conference ID for all participants is 8265265. A replay of this conference call will remain accessible in the investor relations section of the Company's website for a limited time.

Non-GAAP Financial Measures

The Company uses non-GAAP financial measures internally to evaluate its performance and in making financial and operational decisions. When viewed in conjunction with GAAP results and the accompanying reconciliation, the Company believes that its presentation of these measures provides investors with greater transparency and a greater understanding of factors affecting its financial condition and results of operations than GAAP measures alone. As previously disclosed, the Company changed its reportable segments in 2020 and has recast prior period results to account for this change. Additionally, the Company redefined its definition of adjusted EBITDA to eliminate the effects of certain items including the loss from a non-strategic business, interest on letters of credit included in cost of operations and loss on business held for sale. Prior period results have been revised to conform with the revised definition and present separate reconciling items in our reconciliation.

This release presents adjusted gross profit for each business segment and adjusted EBITDA, which are non-GAAP financial measures. Adjusted EBITDA on a consolidated basis is defined as the sum of the adjusted EBITDA for each of the segments, further adjusted for corporate allocations and research and development costs. At a segment level, the adjusted EBITDA presented is consistent with the way the Company's chief operating decision maker reviews the results of operations and makes strategic decisions about the business and is calculated as earnings before interest, tax, depreciation and amortization adjusted for items such as gains or losses on asset sales, net pension benefits, restructuring costs, impairments, gains and losses on debt extinguishment, costs related to financial consulting, research and development costs and other costs that may not be directly controllable by segment management and are not allocated to the segment. The Company presented consolidated Adjusted EBITDA because it believes it is useful to investors to help facilitate comparisons of the ongoing, operating performance before corporate overhead and other expenses not attributable to the operating performance of the Company's revenue generating segments. This release also presents certain targets for our adjusted EBITDA in the future; these targets are not intended as guidance regarding how the Company believes the business will perform. The Company is unable to reconcile these targets to their GAAP counterparts without unreasonable effort and expense due to the aspirational nature of these targets.

This release also presents adjusted gross profit by segment. The Company believes that adjusted gross profit by segment is useful to investors to help facilitate comparisons of the ongoing, operating performance of the segments by excluding expenses related to, among other things, activities related to the spin-off, activities related to various restructuring activities the Company has undertaken, corporate overhead (such as SG&A expenses and research and development costs) and certain non-cash expenses such as intangible amortization and goodwill impairments that are not allocated by segment.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical or current fact included in the release are forward-looking statements. You should not place undue reliance on these statements. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties, including, among other things, the impact of COVID-19 on the Company, the capital markets and global economic climate generally; the Company’s recognition of any asset impairments as a result of any decline in the value of its assets or efforts to dispose of any assets in the future; the Company’s ability to obtain and maintain sufficient financing to provide liquidity to meet its business objectives, surety bonds, letters of credit and similar financing; the Company’s ability to comply with the requirements of, and to service the indebtedness under, our debt facility agreements; our ability to pay dividends on our 7.75% Series A Cumulative Perpetual Preferred Stock, the highly competitive nature of the Company’s businesses and ability to win work, including identified project opportunities in the pipeline; general economic and business conditions, including changes in interest rates and currency exchange rates; cancellations of and adjustments to backlog and the resulting impact from using backlog as an indicator of future earnings; the Company’s ability to perform contracts on time and on budget, in accordance with the schedules and terms established by the applicable contracts with customers; failure by third-party subcontractors, partners or suppliers to perform their obligations on time and as specified; the Company’s ability to successfully resolve claims by vendors for goods and services provided and claims by customers for items under warranty; the Company’s ability to realize anticipated savings and operational benefits from its restructuring plans, and other cost-savings initiatives; the Company’s ability to successfully address productivity and schedule issues in its B&W Renewable, B&W Environmental and B&W Thermal segments, including the ability to complete its B&W Renewable's European EPC projects and B&W Environmental's U.S. loss projects within the expected time frame and the estimated costs; the Company’s ability to successfully partner with third parties to win and execute contracts within its B&W Renewable, B&W Environmental and B&W Thermal segments; changes in the Company’s effective tax rate and tax positions, including any limitation on its ability to use its net operating loss carryforwards and other tax assets; the Company’s ability to successfully manage research and development projects and costs, including its efforts to successfully develop and commercialize new technologies and products; the operating risks normally incident to its lines of business, including professional liability, product liability, warranty and other claims against the Company; difficulties the Company may encounter in obtaining regulatory or other necessary permits or approvals; changes in actuarial assumptions and market fluctuations that affect its net pension liabilities and income; the Company’s ability to successfully compete with current and future competitors; the Company’s ability to negotiate and maintain good relationships with labor unions; changes in pension and medical expenses associated with its retirement benefit programs; social, political, competitive and economic situations in foreign countries where it does business or seeks new business; and the other factors specified and set forth under "Risk Factors" in the Company’s periodic reports filed with the Securities and Exchange Commission, including the Company’s most recent annual report on Form 10-K and its quarterly reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021.

These forward-looking statements are made based upon detailed assumptions and reflect management’s current expectations and beliefs. While the Company believes that these assumptions underlying the forward-looking statements are reasonable, the Company cautions that it is very difficult to predict the impact of known factors, and it is impossible for the Company to anticipate all factors that could affect actual results. The forward-looking statements included herein are made only as of the date hereof. The Company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events, or otherwise, except as required by law.

About B&W Enterprises

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a global leader in energy and environmental technologies and services for the power and industrial markets. Follow B&W on LinkedIn and learn more at www.babcock.com.

Investor Contact:
Megan Wilson
Vice President, Corporate Development & Investor Relations
Babcock & Wilcox Enterprises
704.625.4944 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox Enterprises
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DUBLIN--(BUSINESS WIRE)--The "Continuous Emission Monitoring Systems (CEMS) - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Amid the COVID-19 crisis, the global market for Continuous Emission Monitoring Systems (CEMS) estimated at US$2.2 Billion in the year 2020, is projected to reach a revised size of US$3.8 Billion by 2027, growing at a CAGR of 7.8% over the analysis period 2020-2027.

Power Generation, one of the segments analyzed in the report, is projected to record a 8.3% CAGR and reach US$1.3 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Petroleum segment is readjusted to a revised 7.4% CAGR for the next 7-year period.

The U.S. Market is Estimated at $662.3 Million, While China is Forecast to Grow at 7.3% CAGR

The Continuous Emission Monitoring Systems (CEMS) market in the U.S. is estimated at US$662.3 Million in the year 2020. China, the world's second largest economy, is forecast to reach a projected market size of US$660.1 Million by the year 2027 trailing a CAGR of 7.3% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 7.3% and 6.3% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 6.3% CAGR.

Chemicals Segment to Record 7.9% CAGR

In the global Chemicals segment, USA, Canada, Japan, China and Europe will drive the 8% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$291.7 Million in the year 2020 will reach a projected size of US$498.7 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$437 Million by the year 2027.

Select Competitors (Total 46 Featured):

• AMETEK, Inc.
• Honeywell International, Inc.
• Horiba Ltd.
• Siemens AG
• Teledyne LeCroy
• Thermo Fisher Scientific Inc.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

• Influencer Market Insights
• World Market Trajectories
• Impact of COVID-19 and a Looming Global Recession

III. MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/clovy0

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

BOSTON--(BUSINESS WIRE)--XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a leading provider of fleet electrification solutions for commercial vehicles in North America, today announced second quarter 2021 financial results.

Second Quarter 2021 and Recent Highlights

• Generated revenue for second quarter of 2021 of $3.7 million, compared to $1.9 million in the prior year, driven by the addition of World Energy in mid-May 2021
• Realized gross profit for the second quarter of 2021 of $1.0 million, reflecting gross margins of approximately 26%
• Exited second quarter of 2021 with cash balance of $384 million
• Achieved nearly 4,500 cumulative hybrid and plug-in hybrid drive systems sold through second quarter of 2021
• Completed acquisition of World Energy Efficiency Services LLC (“World Energy”) to accelerate fleet electrification adoption and expand XL Grid charging infrastructure offering
• Announced significant new partnerships to expand XL Fleet’s sales, service and product development capabilities
• Gained current CARB Executive Order status for the hybrid Ford Transit product in June 2021, resuming XL Fleet’s ability to serve the California market

Management Commentary

“We believe market interest in commercial fleet electrification solutions remains strong, however, supply chain issues and wide scale shortages of key materials, especially microchips, continue to impact the global automotive industry, significantly interrupting the ability of fleet customers to secure new vehicles on which our electrified drive systems are installed,” said Dimitri Kazarinoff, Chief Executive Officer of XL Fleet. “We remain nimble and are positioning XL Fleet to benefit from the recovery in vehicle availability whenever it materializes. Since the start of the second quarter, we have been successful in finalizing several significant new partnerships that expand our sales, service and product development capabilities, and we continued our highly strategic approach to pursuing M&A opportunities which bolster our current and future electrification suite.”

“We continue to advance our mission of enabling fleets to electrify more quickly and comprehensively,” said Tod Hynes, Founder & President of XL Fleet. “This includes new agreements to collaborate with high quality partners across applications including waste management, refrigerated trailers, last mile delivery, and other mission-critical applications, while at the same time, expecting to remain on target to begin initial shipments of our first all-electric solutions in 2022. Our recent strategic acquisition of World Energy and our eNow partnership advance our electrification-as-a-service strategy and enhance our ability to deliver the comprehensive set of electrification solutions that our customers are increasingly demanding."

Second Quarter 2021 Financial Results

Revenue totaled $3.7 million in the second quarter of 2021 compared to $1.9 million in the second quarter of 2020. Revenue from the sale of drive systems in the second quarter of 2021 totaled $1.3 million compared with $1.9 million in the second quarter of 2020 due to the microchip shortage and lack of new fleet chassis. Revenue from XL Grid in the second quarter of 2021 totaled $2.4 million, which was comprised of partial-quarter contribution from World Energy following the businesses acquisition on May 17, 2021.

Gross profit was $1.0 million for the second quarter of 2021, compared to a gross profit of $0.04 million in the second quarter of 2020. This increase was primarily driven by XL Grid with the World Energy acquisition. Adjusted EBITDA was ($11.4) million for the second quarter of 2021, compared to ($3.5) million for the second quarter of 2020 due to the significant growth in our team and an increase in service providers to support our growth strategy and to meet our obligations as a publicly traded company.

Net loss was $10.5 million for the second quarter of 2021, compared to net loss of $13.5 million in the second quarter of 2020. Net income for the second quarter of 2021 includes a non-cash gain from the change in fair value of warrant liability of $2.7 million. Adjusted net loss was $11.8 million for the second quarter of 2021, compared to adjusted net loss of $5.3 million in the second quarter of 2020. A reconciliation of net loss to adjusted net loss and adjusted EBITDA to adjusted net loss is set out in the tables below.

Balance Sheet and Capital

Cash and cash equivalents as of June 30, 2021 totaled $384.1 million compared to $329.6 million as of December 31, 2020. Total debt outstanding as of June 30, 2021 was approximately $0.6 million. XL Fleet has approximately 139.4 million shares of Common Stock outstanding as of June 30, 2021.

Operating Summary

Since the beginning of 2020, the Company shipped a total of 1,625 drive systems, of which, 88 drive systems were shipped during the second quarter of 2021. Drive systems shipped since the beginning of 2020 include XL Fleet’s hybrid and plug-in hybrid drive systems. XL Fleet is currently developing all electric drivetrains that we expect to deploy on new vehicles in 2022. We have also substantially expanded our XL Grid solutions with the acquisition of World Energy in May 2021.

Second Quarter 2021 and Recent Operational & Business Updates

• In July 2021, XL Fleet and eNow announced a partnership including a supply agreement that entitles XL Fleet to provide battery and power electronics systems for the first 1,000 units of eNow’s innovative electrified refrigerated trailer solution. Concurrent with the agreement, XL Fleet invested $3 million in eNow with the right to acquire 100% of eNow at a pre-determined valuation.

• In July 2021, XL Fleet announced the XL Hybrid System is now available on the Isuzu NPR-HD low cab forward vehicle that serves demanding applications including last mile delivery, beverage distribution, utility work and food service.

• In June 2021, XL Fleet and Rubicon announced an agreement to bring XL Fleet’s offerings for fleet electrification to Rubicon’s network of waste and recycling hauler partners.

• In June 2021, XL Fleet celebrated the opening of its Michigan Fleet Electrification Technology Center with a ribbon cutting event featuring Governor Gretchen Whitmer.

• In May 2021, XL Fleet announced the bolt-on acquisition of World Energy, a Northeast leader in the delivery of turnkey energy efficiency, renewable technology, electric vehicle charging station and other cutting edge energy solutions for small to mid-sized facilities. The acquisition accelerates XL Fleet’s suite of fleet electrification solutions, enables customers to charge more vehicles at their existing facilities which have power constraints, and expands the capabilities and capacity of the Company’s XL Grid division. World Energy generated $18 million of total revenue and was free cash flow positive for full-year 2020. Total consideration for the acquisition is approximately $16 million.

• In April 2021, XL Fleet appointed Cielo M. Hernandez as Chief Financial Officer. Ms. Hernandez is a finance professional with more than 25 years of experience, and an extensive track record of leading global teams and strategies for publicly traded and private companies.

• In April 2021, XL Fleet and Dickinson Fleet Services (“Dickinson”) announced a partnership to expand XL Fleet’s nationwide service capacity to support the Company’s electrified vehicle deployments.

• In April 2021, XL Fleet and Apex Clean Energy announced that XL Fleet is electrifying Apex’s vehicle fleet as part of a comprehensive effort to reduce its carbon emissions.

Outlook

“Companies continue to seek new and immediate ways to improve sustainability,” added Mr. Kazarinoff. “We remain in active conversations with customers regarding vehicle deliveries; however, the OEMs have pushed out the opening of new orders and extended lead times, indicating the ongoing shortage of new commercial fleet vehicles will stretch into 2022. That said, we are very pleased to have expanded our XL Grid division and also recently gained current CARB Executive Order status, re-opening our opportunity to sell certain applications in the robust California market. Additionally, we are actively pursuing and winning opportunities to retrofit our drive systems on existing vehicles.”

“While the unprecedented lack of commercial fleet vehicle availability is now expected to extend into 2022, XL Fleet is extremely well positioned to continue to execute on our broader business strategy. We continue to develop new electrification solutions across a broader range of chassis options and expand on our energy management and charging infrastructure capabilities, while also pursuing exciting new opportunities outside of North America. In addition, we continue to add great new talent and capacity to our team to successfully navigate the current market challenges while putting us in position to realize our long-term goals. We believe we have the financial resources, the strategy, and the talent to work through this period of new vehicle disruption and successfully grow our business.”

Conference Call Information

The XL Fleet management team will host a conference call to discuss its second quarter 2021 financial results today at 5:00 p.m. Eastern Time. The call can be accessed live over the telephone by dialing 877-300-8521, or for international callers, 412-317-6026 and referencing XL Fleet. Alternatively, the call can be accessed via a live webcast accessible on the Events & Presentations page in the Investor Relations section of the Company’s website at www.xlfleet.com. A replay will be available shortly after the call and can be accessed by dialing 844-512-2921, or for international callers, 412-317-6671. The passcode for the replay is 10159082. The replay will be available until August 26, 2021. An archive of the webcast will be available for a period of time shortly after the call on the Investor Relations section of the Company’s website at www.xlfleet.com.

About XL Fleet

XL Fleet is a leading provider of fleet electrification solutions for commercial vehicles in North America, with more than 160 million miles driven by customers such as The Coca-Cola Company, Verizon, Yale University and the City of Boston. XL Fleet’s hybrid and plug-in hybrid electric drive systems can increase fuel economy up to 25-50 percent and reduce carbon dioxide emissions up to 20-33 percent, decreasing operating costs and meeting sustainability goals while enhancing fleet operations. XL Fleet’s plug-in hybrid electric drive system was named one of TIME magazine's best inventions of 2019. For additional information, please visit www.xlfleet.com.

Forward Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to; the effects of pending and future legislation; the highly competitive nature of the Company’s business and the commercial vehicle electrification market; litigation, complaints, product liability claims and/or adverse publicity; cost increases or shortages in the components or chassis necessary to support the Company’s products and services; the introduction of new technologies; the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, regulatory compliance and customer experience; the potential loss of certain significant customers; privacy and data protection laws, privacy or data breaches, or the loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the inability to convert its sales opportunity pipeline into binding orders; risks related to the rollout of the Company’s business and the timing of expected business milestones, including the ongoing global microchip shortage and limited availability of chassis from vehicle OEMs and our reliance on our suppliers; the effects of competition on the Company’s future business; the availability of capital; and the other risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed on March 31, 2021, as amended and supplemented by the 10-K/A filed May 17, 2021, and other documents that the Company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update these forward-looking statements.

Use of Non-GAAP Financial Information

To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), XL Fleet Corp. reports EBITDA, Adjusted EBITDA, and Adjusted Net Income (Loss) which are non-GAAP financial measures. EBITDA is determined by taking net income and adding interest, depreciation and amortization. Adjusted EBITDA is determined by taking EBITDA and adding change in fair value of obligation to issue shares of common stock to sellers of World Energy, non-recurring World Energy acquisition expenses and accreted contingent compensation obligation to sellers of World Energy, change in fair value of warrant liability, change in fair value of convertible notes payable derivative liabilities and loss on extinguishment of debt. Adjusted Net Income (Loss) is determined by taking Net Income (Loss) and adding change in fair value of obligation to issue shares of common stock to sellers of World Energy, non-recurring World Energy acquisition expenses, accreted contingent compensation obligation to sellers of World Energy, change in fair value of warrant liability, and change in fair value of convertible notes payable derivative liabilities and loss on extinguishment of debt. This prospective financial information was not prepared with a view toward compliance with published guidelines of the SEC or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of prospective financial information or U.S. GAAP with respect to forward looking financial information. We believe that these non-GAAP measures, viewed in addition to and not in lieu of our reported GAAP results, provides useful information to investors by providing a more focused measure of operating results, enhances the overall understanding of past financial performance and future prospects, and allows for greater transparency with respect to key metrics used by management in its financial and operational decision making. The non-GAAP measures presented herein may not be comparable to similarly titled measures presented by other companies. EBITDA, Adjusted EBITDA and Adjusted Net Income (Loss) have been reconciled to the nearest GAAP measures in the tables within these this press release.

Investor Contact:
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Media Contact:
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DUBLIN--(BUSINESS WIRE)--The "Carbon Capture and Sequestration - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Amid the COVID-19 crisis, the global market for Carbon Capture and Sequestration estimated at US$6.9 Billion in the year 2020, is projected to reach a revised size of US$15.5 Billion by 2027, growing at a CAGR of 12.3% over the analysis period 2020-2027.

Capture, one of the segments analyzed in the report, is projected to record a 13.4% CAGR and reach US$7.1 Billion by the end of the analysis period. After an early analysis of the business implications of the pandemic and its induced economic crisis, growth in the Transport segment is readjusted to a revised 11.9% CAGR for the next 7-year period.

The U.S. Market is Estimated at $1.9 Billion, While China is Forecast to Grow at 16.1% CAGR

The Carbon Capture and Sequestration market in the U.S. is estimated at US$1.9 Billion in the year 2020. China, the world`s second largest economy, is forecast to reach a projected market size of US$3.5 Billion by the year 2027 trailing a CAGR of 16.3% over the analysis period 2020 to 2027. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.6% and 10.7% respectively over the 2020-2027 period. Within Europe, Germany is forecast to grow at approximately 9.7% CAGR.

Sequestration Segment to Record 10.7% CAGR

In the global Sequestration segment, USA, Canada, Japan, China and Europe will drive the 10% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.2 Billion in the year 2020 will reach a projected size of US$2.4 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$2.3 Billion by the year 2027, while Latin America will expand at a 12.2% CAGR through the analysis period.

Select Competitors (Total 34 Featured):

• ADNOC Group
• Aker Solutions
• BP
• Carbon Engineering Ltd
• Chevron
• China National Petroleum Corporation
• Dakota Gasification Company
• Equinor
• Exxonmobil Corporation
• Fluor Corporation
• General Electric
• Halliburton
• Hitachi, Ltd.
• Honeywell International Inc.
• Linde AG
• Mitsubishi Heavy Industries, Ltd.
• NRG Energy
• Schlumberger Limited
• Shell Global
• Siemens AG
• Total

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• Influencer Market Insights
• World Market Trajectories
• Impact of Covid-19 and a Looming Global Recession

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS

• UNITED STATES
• CANADA
• JAPAN
• CHINA
• EUROPE
• FRANCE
• GERMANY
• ITALY
• UNITED KINGDOM
• SPAIN
• RUSSIA
• REST OF EUROPE
• ASIA-PACIFIC
• AUSTRALIA
• INDIA
• SOUTH KOREA
• REST OF ASIA-PACIFIC
• LATIN AMERICA
• ARGENTINA
• BRAZIL
• MEXICO
• REST OF LATIN AMERICA
• MIDDLE EAST
• IRAN
• ISRAEL
• SAUDI ARABIA
• UNITED ARAB EMIRATES
• REST OF MIDDLE EAST
• AFRICA

IV. COMPETITION

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

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

KCS Board Continues to Recommend Shareholders Vote “FOR” Proposed Transaction with CN

Intends to Adjourn Special Meeting If Decision from STB on CN-KCS Voting Trust Is Not Issued Before August 17, 2021, at 6:00 p.m., Central Time

KANSAS CITY, Mo.--(BUSINESS WIRE)--Kansas City Southern (NYSE: KSU) (“KCS”) today announced that its Board of Directors (the “Board”), following a careful and thorough review in consultation with outside financial and legal advisors, has unanimously determined that the unsolicited proposal received from Canadian Pacific Railway Limited (TSX: CP, NYSE: CP) ("CP") on August 10, 2021 to acquire KCS in a cash and stock transaction does not constitute a “Company Superior Proposal” and could not reasonably be expected to lead to a “Company Superior Proposal,” as defined in KCS’ previously announced definitive merger agreement with CN (TSX: CNR, NYSE: CNI).

The KCS Board reaffirms its recommendation to KCS shareholders to vote in favor of the pro-competitive, end-to-end merger with CN, which will create the premier railway for the 21st century and offers unparalleled opportunities and benefits for customers, employees, shareholders, the environment and the North American economy. CN and KCS’ joint voting trust application is currently under review by the Surface Transportation Board (“STB”). On August 10, 2021, the STB announced that it expects to issue a decision on the use of the CN voting trust no later than August 31, 2021. KCS and CN are confident that the voting trust meets all the standards and the public interest test set forth by the STB and believe that it should be approved. KCS shareholders will receive the merger consideration immediately upon the closing of the voting trust, which is also subject to receipt of KCS shareholder approval and Mexican regulatory approvals.

As previously announced on May 21, 2021, KCS and CN entered into a definitive merger agreement, unanimously approved by the Board of Directors of each company, pursuant to which CN agreed to acquire KCS in a stock and cash transaction valued at $325¹ per common share, based on CN’s May 13, 2021 offer, implying a total enterprise value of $33.6 billion, including the assumption of approximately $3.8 billion of KCS debt. Under the terms of the agreement with CN, KCS shareholders will receive $200 in cash and 1.129 shares of CN common stock for each KCS common share.

Kansas City Southern Special Meeting of Stockholders

KCS has scheduled a Special Meeting of Stockholders (the “Special Meeting”) at 9:00 a.m., Central Time, on August 19, 2021, for KCS shareholders to vote on the merger agreement with CN and other proposals. The KCS Board of Directors has determined, with the concurrence of CN, that if the STB has not released a public decision by August 17, 2021, at 6:00 p.m., Central Time, the Special Meeting will be adjourned to give all shareholders and the Board time to receive and consider the STB decision. If the meeting is adjourned, the Board will announce the date on which it will reconvene the meeting.

The KCS Board recommends shareholders vote “FOR” the pending merger with CN. Any questions related to the Special Meeting or the voting of shares should be directed to our proxy solicitor, MacKenzie Partners, toll-free, at (212) 929-5500 or (800) 322-2885, or via email at This email address is being protected from spambots. You need JavaScript enabled to view it..

For more information on CN’s pro-competitive combination with KCS, please visit www.ConnectedContinent.com.

‎BofA Securities and Morgan Stanley & Co. LLC are serving as financial advisors to Kansas City Southern. Wachtell, Lipton, Rosen & Katz, Baker & Miller PLLC, Davies Ward Phillips & Vineberg LLP, WilmerHale, and White & Case, S.C. are serving as legal counsel to Kansas City Southern.

About Kansas City Southern

Headquartered in Kansas City, Mo., Kansas City Southern (KCS) (NYSE: KSU) is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS' North American rail holdings and strategic alliances with other North American rail partners are primary components of a unique railway system, linking the commercial and industrial centers of the U.S., Mexico and Canada. More information about KCS can be found at www.kcsouthern.com

Forward-Looking Statements

Certain statements included in this news release constitute “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and under Canadian securities laws, including statements based on management’s assessment and assumptions and publicly available information with respect to KCS, regarding the proposed transaction between CN and KCS, the expected benefits of the proposed transaction and future opportunities for the combined company. By their nature, forward-looking statements involve risks, uncertainties and assumptions. CN and KCS caution that their assumptions may not materialize and that current economic conditions render such assumptions, although reasonable at the time they were made, subject to greater uncertainty. Forward-looking statements may be identified by the use of terminology such as “believes,” “expects,” “anticipates,” “assumes,” “outlook,” “plans,” “targets,” or other similar words.

Forward-looking statements are not guarantees of future performance and involve risks, uncertainties and other factors which may cause actual results, performance or achievements of CN, or the combined company, to be materially different from the outlook or any future results, performance or achievements implied by such statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements. Important risk factors that could affect the forward-looking statements in this news release include, but are not limited to: the outcome of the proposed transaction between CN and KCS; the parties’ ability to consummate the proposed transaction; the conditions to the completion of the proposed transaction; that the regulatory approvals required for the proposed transaction may not be obtained on the terms expected or on the anticipated schedule or at all; CN’s indebtedness, including the substantial indebtedness CN expects to incur and assume in connection with the proposed transaction and the need to generate sufficient cash flows to service and repay such debt; CN’s ability to meet expectations regarding the timing, completion and accounting and tax treatments of the proposed transaction; the possibility that CN may be unable to achieve expected synergies and operating efficiencies within the expected time-frames or at all and to successfully integrate KCS’ operations with those of CN; that such integration may be more difficult, time-consuming or costly than expected; that operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers or suppliers) may be greater than expected following the proposed transaction or the public announcement of the proposed transaction; the retention of certain key employees of KCS may be difficult; the duration and effects of the COVID-19 pandemic, general economic and business conditions, particularly in the context of the COVID-19 pandemic; industry competition; inflation, currency and interest rate fluctuations; changes in fuel prices; legislative and/or regulatory developments; compliance with environmental laws and regulations; actions by regulators; the adverse impact of any termination or revocation by the Mexican government of KCS de México, S.A. de C.V.’s Concession; increases in maintenance and operating costs; security threats; reliance on technology and related cybersecurity risk; trade restrictions or other changes to international trade arrangements; transportation of hazardous materials; various events which could disrupt operations, including illegal blockades of rail networks, and natural events such as severe weather, droughts, fires, floods and earthquakes; climate change; labor negotiations and disruptions; environmental claims; uncertainties of investigations, proceedings or other types of claims and litigation; risks and liabilities arising from derailments; timing and completion of capital programs; and other risks detailed from time to time in reports filed by CN with securities regulators in Canada and the United States. Reference should also be made to Management’s Discussion and Analysis in CN’s annual and interim reports, Annual Information Form and Form 40-F, filed with Canadian and U.S. securities regulators and available on CN’s website, for a description of major risk factors relating to CN. Additional risks that may affect KCS’ results of operations appear in Part I, Item 1A “Risks Related to KCS’ Operations and Business” of KCS’ Annual Report on Form 10-K for the year ended December 31, 2020, and in KCS’ other filings with the U.S. Securities and Exchange Commission (“SEC”).

Forward-looking statements reflect information as of the date on which they are made. CN and KCS assume no obligation to update or revise forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities laws. In the event CN or KCS does update any forward-looking statement, no inference should be made that CN or KCS will make additional updates with respect to that statement, related matters, or any other forward-looking statement.

No Offer or Solicitation

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Additional Information and Where to Find It

In connection with the proposed transaction, CN has filed with the SEC a registration statement on Form F-4 to register the shares to be issued in connection with the proposed transaction, and the registration statement has been declared effective. CN has filed with the SEC its prospectus and KCS has filed with the SEC its definitive proxy statement in connection with the proposed transaction, and the KCS proxy statement is being sent to the stockholders of KCS seeking their approval of the merger-related proposals. This news release is not a substitute for the registration statement, the prospectus, the proxy statement or other documents CN and/or KCS may file with the SEC or applicable securities regulators in Canada in connection with the proposed transaction.

INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROSPECTUS, THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC OR APPLICABLE SECURITIES REGULATORS IN CANADA CAREFULLY IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) BECAUSE THEY CONTAIN AND WILL CONTAIN IMPORTANT INFORMATION ABOUT CN, KCS AND THE PROPOSED TRANSACTION. Investors and security holders may obtain copies of these documents (if and when available) and other documents filed with the SEC and applicable securities regulators in Canada by CN free of charge through at www.sec.gov and www.sedar.com. Copies of the documents filed by CN (if and when available) will also be made available free of charge by accessing CN’s website at www.CN.ca. Copies of the documents filed by KCS (if and when available) will also be made available free of charge at www.investors.kcsouthern.com, upon written request delivered to KCS at 427 West 12th Street, Kansas City, Missouri 64105, Attention: Corporate Secretary, or by calling KCS’ Corporate Secretary’s Office by telephone at 1-888-800-3690 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..

Participants

This news release is neither a solicitation of a proxy nor a substitute for the registration statement, the prospectus, the proxy statement or other filings that may be made with the SEC and applicable securities regulators in Canada. Nonetheless, CN, KCS, and certain of their directors and executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about CN’s executive officers and directors is available in its 2021 Management Information Circular, dated March 9, 2021, as well as its 2020 Annual Report on Form 40-F filed with the SEC on February 1, 2021, in each case available on its website at www.CN.ca/investors/ and at www.sec.gov and www.sedar.com. Information about KCS’ directors and executive officers may be found on its website at www.kcsouthern.com and in its 2020 Annual Report on Form 10-K filed with the SEC on January 29, 2021, available at www.investors.kcsouthern.com and www.sec.gov. Additional information regarding the interests of such potential participants is or may be included in the registration statement, the prospectus, the proxy statement or other documents filed with the SEC and applicable securities regulators in Canada if and when they become available. These documents (if and when available) may be obtained free of charge from the SEC’s website at www.sec.gov and from www.sedar.com, as applicable.

¹ All figures in U.S. dollars, except where noted. All conversions between Canadian dollars and U.S. dollars are based on a 0.827 foreign exchange rate as of May 12, 2021. Where applicable, figures are based on the CN closing share price on the NYSE of $110.76 as of May 12, 2021.

Media
C. Doniele Carlson
KCS Corporate Communications & Community Affairs
(816) 983-1372
This email address is being protected from spambots. You need JavaScript enabled to view it.