Two-day Hiring Events on May 21-22 Aim to Hire Drivers and Technicians Across North America

HOUSTON--(BUSINESS WIRE)--Waste Management, Inc. (NYSE: WM) is holding Career Day events across North America on May 21-22 aimed at hiring essential frontline driver and technician positions. The company is rolling out a range of new employee benefits from flexible work schedules, sign-on bonuses and a new education and upskilling benefit program, Your Tomorrow, in collaboration with Guild Education. Your Tomorrow is a first-of-its-kind program that provides WM employees, as well as their eligible dependents, the opportunity to choose from a full range of education options, including earning a college degree, at no cost to the employee.

The WM Career Day events, designed to proactively address talent needs, offer candidates the opportunity to interview and potentially receive same-day offers to start their careers with the WM family. Interview spots can be reserved in advance at https://careers.wm.com/wmevents, and walk-ins will be accepted. Appropriate COVID protocols will be in place for these events.

WM Your Tomorrow offers nearly 36,000 full-time U.S. employees access to more than 170 fully-funded programs, including undergraduate and graduate degrees, short-form technology and business certificate programs, and high school completion. Later this year, the company plans to expand this offering to benefits-eligible dependents, including nearly 34,000 children and spouses, beginning with enrollment in 2022 educational programs making WM one of the first employers to extend education and upskilling opportunities at this scale.

“At WM, we’re an innovative people-first organization that cares deeply about the careers, economic mobility and wellbeing of our team members,” said Tamla Oates-Forney, Chief People Officer, Waste Management. “Your Tomorrow supports the reskilling and retention of existing talent, while also helping to attract new talent, to equip the business with a skilled workforce for the future and further position WM as an employer of choice. It will soon help our team members with the support needed to provide for their dependents’ education. Through our Career Day events, we hope to attract new team members that want to evolve their career and will take advantage of this new benefit program.”

“We’re excited to partner with WM to offer education and upskilling opportunities to their employees, including the frontline essential workers who help us maintain a sustainable future in our communities,” said Rachel Carlson, CEO & Co-Founder, Guild Education. “By being the first company to extend the upskilling offering to employees and their families in this way, WM and their leaders are game-changers. They’re setting the standard for how organizations can creatively invest not only in their employees, but also those employees’ children and families, in a way that ties to their company strategy."

Your Tomorrow includes education and training programs that directly tie to the business’s needs and map to internal career pathways, focusing primarily on business, technology, science and mathematics. These areas include data analytics, digital transformation and systems thinking to help team members upskill and reskill. Learning providers include eCornell, Pathstream, Paul Quinn College, Purdue University Global, Southern New Hampshire University, University of Arizona and others.

About Waste Management

Waste Management, based in Houston, Texas, is the leading provider of comprehensive waste management environmental services in North America. Through its subsidiaries, the Company provides collection, transfer, disposal services, and recycling and resource recovery. It is also a leading developer, operator and owner of landfill gas-to-energy facilities in the United States. The Company’s customers include residential, commercial, industrial, and municipal customers throughout North America. To learn more information about Waste Management, visit www.wm.com.

About Guild Education

Denver-based Guild Education is on a mission to unlock opportunity for America's workforce through education and upskilling. Guild is a certified B-Corp, founded to bridge the gap between education and employment for the 88M working adults in the US in need of upskilling for the future of work. Guild's industry-leading technology platform allows the nation's largest employers — including Walmart, The Walt Disney Company and Chipotle — to offer strategic education and upskilling to their employees, connecting them to a learning ecosystem of the nation's best universities and learning providers, with tuition paid by the company. Guild serves working learners from all 50 states, including 54% who are students of color and 56% who are female. Guild's payments and technology platform, curated learning marketplace, and advanced education and career coaching come together to help working adult learners advance in their education and career, debt-free. For more information, visit www.guildeducation.com.

Waste Management
Janette Micelli
602-579-6152
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HOUSTON--(BUSINESS WIRE)--#DNOW--NOW Inc. (NYSE:DNOW) has scheduled a conference call to discuss the results for the second quarter of 2021 on Wednesday, August 4, 2021 at 8:00 am (US Central Time). Financial results for the second quarter ending on June 30, 2021 are expected to be released that morning before the market opens.

The call will be broadcast through the Investor Relations link on NOW Inc.’s web site at ir.distributionnow.com on a listen-only basis. Listeners should log in prior to the start of the call to register for the webcast. A replay of the call will be available online for thirty days following the conference. Participants may also join the conference call by dialing 1-800-446-1671 within North America or 1-847-413-3362 outside of North America five to ten minutes prior to the scheduled start time and ask for the “NOW Inc. Earnings Conference Call” or the “DistributionNOW Earnings Conference Call.”

NOW Inc. is one of the largest distributors to energy and industrial markets on a worldwide basis, with a legacy of over 150 years. NOW Inc. operates primarily under the DistributionNOW and DNOW brands. Through its network of approximately 195 locations and 2,450 employees worldwide, NOW Inc. offers a comprehensive line of products and solutions for the upstream, midstream and downstream energy and industrial sectors. Our locations provide products and solutions to exploration and production companies, energy transportation companies, refineries, chemical companies, utilities, manufacturers and engineering and construction companies.

NOW Inc.
Mark Johnson, (281) 823-4754
Senior Vice President and Chief Financial Officer

By Ric Campo, Roger Guenther, and Rich Byrnes

HOUSTON--(BUSINESS WIRE)--Each May, we celebrate National Infrastructure Week to advocate for better roads, bridges, rail, waterways, water supply, flood control, aviation, and of course, our Port. Infrastructure needs more than a week of focus, however. It is a never-ending task requiring continuous support from communities, industry, and elected officials.

That combination of stakeholders came together over a century ago to create the original “Houston Plan,” combining public and private money to develop our port and launch Houston’s success.

Continuing our success requires Infrastructure more than ever.

In February, the American Society of Civil Engineers gave our nation’s infrastructure a grade of “C-.” The good news? That is up from “D+” grades of 2017 and 2013. The bad news: ASCE projects a ten-year investment gap of $2.6 Trillion. That’s with a “T”!

In Texas, we are slightly better off earning a “C,” but that averages Energy (B+) with Levees (D) and Roads (D+). Bridges (B-) boast the country’s smallest percentage of deficient structures at 1.3%. However, near the ship channel, we still have major crossings at Beltway 8 (currently being replaced), east I-10, and the east loop 610 bridge quickly approaching their need for replacements. Across the area, over 30 critical freight projects need to progress. However, capital needs continue to outstrip available funding; the Transportation Advocacy Group (TAG) estimates $21 billion is required for area road and freight projects and another $11 billion in other mobility works, with two-thirds of that remaining unfunded.

More than simply fixing “crumbling” roads and bridges, we should also focus on our strengths – high-performing assets which need improvements to keep ahead of our growing economy. Nowhere is this more important than our Port and the Houston Ship Channel.

We are fortunate to have a vibrant port where public and private docks are in solid shape and generating economic activity worth $802 billion annually to the U.S. Houston is now the largest port in the nation in terms of total tonnage, and the 3.2 million U.S. jobs that Houston’s port area supports represent 10% of the 31 million jobs driven by ports nationwide. Cargos, ship sizes, and investment needs all continue to grow. Port Houston has invested a billion dollars in facilities and equipment in recent years, and we need $1.4 billion by 2025 and another $3.1 billion through 2040 to support the region. Those billions are in addition to the tens of billions more in private investments along the Ship Channel and nearby industry.

Port Houston has changed the business model as well. Partnering with the Army Corps of Engineers, a new path is being struck for widening and deepening the Houston Ship Channel. In just one year, our Feasibility Report was approved, Congress authorized the project, and appropriations were approved to start the Army Corps’ first piece of their share of the work. Port Houston has invested more than $60 million to accelerate design; and in April, awarded the first contract for our share of the work, officially marking our move from planning to execution, nearly a decade ahead of the traditional federal path.

This aggressive schedule and tireless work is aimed at creating value for the nation and our region. Transportation efficiencies lower consumer costs, increase energy security and improve safety. Efficiencies support environmental benefits as smoother ship traffic can lower vessel air emissions 7% per year, and water quality will be enhanced through hundreds of acres of new oyster reefs and wildlife habitat. Beyond the Channel project, Port Houston’s focus on sustainability has reduced our carbon footprint by 55% over four years, eliminating a quarter-million tons of CO₂ over the next decade. Yet more can and must be done, and it will take a collaborative village to do it.

Like the limits for highway and freight project funding, there will be limits on port resources as well. And while we make investments in the local share of the ship channel, we are fortunate to receive INFRA and Port Infrastructure grants to augment the cash needs. Our local and state roads will need more of the same to fund what is unfunded but badly needed.

Across the water and landside, more innovation and new partnerships will also be needed to reduce bottlenecks along networks, promote innovation, and transition to more sustainable transportation technologies.

New sources of public and private financing will be required. Balancing these needs requires continued commitment from the community, industry, and officials.

One of these commitments will be keeping the federal government accountable to use the Harbor Maintenance Trust Fund for its intended purpose of keeping our waterways clear and maintained to their authorized depths. Recent CARES and WRDA legislation promise to steer more of the $9 billion fund back to ports and waterways, its intended purpose. While we invest local dollars in accelerating the channel project, the federal government needs to maintain it.

Another critical commitment is from our industry partners.

The Houston Ship Channel project will cost about $1 billion and will take everyone’s support to keep up the accelerated pace which will grow the huge economic impact of the port area. We also must work together to identify opportunities for investing in innovative technologies and sustainability across the greater port area with public and private stakeholders.

And finally, for all the above, reducing freight bottlenecks, spurring innovations in transport systems, port infrastructure, and sustainability, we need public support from officials and voters that has reliably appeared when needed, as in the Texas Spirit of the “Houston Plan” so long ago.

Campo is the Chairman of the Port Commission

Guenther is Port Houston’s Executive Director

Byrnes is the Port’s Chief Infrastructure Officer

All can be contacted at This email address is being protected from spambots. You need JavaScript enabled to view it.

About Port Houston

For more than 100 years, Port Houston has owned and operated the public wharves and terminals along the Houston Ship Channel, including the area’s largest breakbulk facility and two of the most efficient and fastest-growing container terminals in the country. Port Houston is the advocate and a strategic leader for the Channel. The Houston Ship Channel complex and its more than 200 public and private terminals, collectively known as the Port of Houston, is the nation’s largest port for waterborne tonnage and an essential economic engine for the Houston region, the state of Texas, and the U.S. The Port of Houston supports the creation of nearly 1.35 million jobs in Texas and 3.2 million jobs nationwide, and economic activity totaling $339 billion in Texas – 20.6 percent of Texas’ total gross domestic product (GDP) – and $801.9 billion in economic impact across the nation. For more information, visit the website at www.PortHouston.com.

Lisa Ashley, Director, Media Relations
Office: 713-670-2644; Mobile: 832-247-8179
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Carbon Compass^SM methodology outlines how the firm established its targets and will measure performance over time

Annual ESG Report provides updates about the firm’s approach to help clients transition to a low-carbon economy

Firm achieves operational carbon neutrality and establishes new operational goals

NEW YORK--(BUSINESS WIRE)--JPMorgan Chase today released comprehensive steps it is taking in its efforts to align its financing activities with the climate goals of the Paris Agreement. As part of its Paris-aligned financing commitment announced last fall, the firm has published 2030 carbon intensity targets for the Oil & Gas, Electric Power and Auto Manufacturing sectors. JPMorgan Chase also released its new Carbon Compass^SM methodology that describes how the firm set its targets and how it will monitor progress over time.

“There must be collective ambition and cooperation by business and government to tackle climate change,” said Jamie Dimon, Chairman and CEO, JPMorgan Chase. “Setting our Paris-aligned targets is an important step toward accelerating the transition to a low-carbon economy and meeting the goals of the Paris Agreement. JPMorgan Chase is committed to doing its part by working with clients around the world to reduce emissions and by ensuring our own operations remain carbon neutral.”

A Commitment to Paris

JPMorgan Chase first announced its Paris-aligned financing commitment in October 2020, aiming to work with clients to drive near-term actions that help set a path for achieving net-zero emissions by 2050. As part of this effort, JPMorgan Chase also created the Center for Carbon Transition to engage with clients on sustainability-focused financing, research and advisory solutions.

More recently, the firm’s Commercial Banking business launched a Green Economy specialized industry team to support the development and growth of companies in Renewable Energy, Efficiency Technology, Sustainable Finance, and Agriculture and Food Technology. To help our clients access capital needed for innovation, JPMorgan Chase announced in April 2021 a target to finance and facilitate more than $2.5 trillion over 10 years - including $1 trillion for green activities - to advance long-term solutions that address climate change and contribute to sustainable development.

Carbon Compass^SM Methodology and Targets

JPMorgan Chase has built Carbon Compass^SM, a methodology that guides its approach for Paris-aligned target setting, measuring clients’ carbon intensity, evaluating ongoing progress and integrating carbon performance considerations into business decision-making. The targets are based on credible third-party energy and emissions scenarios, including the International Energy Agency’s Sustainable Development Scenario.

To challenge and enhance the firm’s efforts in creating Carbon Compass^SM, JPMorgan Chase enlisted the support of ERM, a global sustainability consultancy with deep sectoral, technical and business expertise in the low-carbon economy transition.

Key aspects of JPMorgan Chase’s approach and its portfolio targets, established against a 2019 baseline, include:

• Auto Manufacturing:
  • 2030 target: 41% reduction in the carbon intensity from manufacturing of new vehicles, and tailpipe emissions from such vehicles.
    • Covers global manufacturers of light duty vehicles, such as global passenger cars and U.S. light trucks. The firm will work with clients to help accelerate the transition to electric vehicles, and over time, quantify and address emissions from the automotive supply chain.

• Electric Power:
  • 2030 target: 69% reduction in carbon intensity from electric power generation, which accounts for the vast majority of the sector’s climate impact.
    • Covers companies engaged in power generation. The firm will work to accelerate the power sector’s shift to low- and zero-carbon sources, like solar and wind, to help reduce emissions from electricity grids globally.
      
      
• Oil & Gas:
  • 2030 targets: 35% reduction in operational carbon intensity, as well as a 15% reduction in end-use carbon intensity – reflecting a decrease in emissions from the combustion of oil & natural gas downstream and increase in renewable energy generation.
    • Covers producers of oil & natural gas, as well as refiners and integrated companies. The firm intends to work with clients to address methane leakage and flaring activity, in addition to encouraging shifts to renewable electricity to reduce operational emissions. JPMorgan Chase will also work with clients to address end-use emissions, including by shifting to lower-carbon fuels and exploring other business diversification strategies.

“JPMorgan Chase is leading the way for the banking industry by developing and transparently sharing a practical methodology which tackles key challenges, such as the urgency of reducing methane emissions in the oil and gas sector, and the prominence of light duty trucks in the non-commercial U.S. fleet,” said Keryn James, CEO of ERM. “They have embraced the enormous opportunity for the banking industry to finance the transition to a low-carbon economy and provided clarity to their corporate clients on credible decarbonization trajectories.”

Over time, the firm intends to integrate additional sectors into its Paris-aligned financing commitment. As a next step, JPMorgan Chase is analyzing target setting for the Aviation and Pulp & Paper sectors by the end of 2022.

“We have carefully chosen our targets and put the resources in place to help our clients transition to a low-carbon world,” said Ashley Bacon, Chief Risk Officer, JPMorgan Chase. “Our Carbon Compass^SM methodology creates incentives to deliver capital and advice to our global clients for the purpose of improving carbon efficiency, to help put us on a path to net zero.”

Measurement and Reporting

The firm’s 2020 ESG report, which was released today, provides updates on how environmental, social and governance matters are considered in the way JPMorgan Chase manages its business, as well as how the firm is putting its business to work for its stakeholders. This includes information about the firm’s approach to managing climate-related risks and opportunities, which has been informed by the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

Addressing Operational Impact

JPMorgan Chase also announced today it has achieved carbon neutrality across its operations in 2020 and will maintain this commitment each year going forward. Examples of how the firm reached its goal include:

• Improving Energy Efficiency:
  • Installed LED lighting systems at approximately 4,300 branches and 50 commercial offices, reducing lighting-related electricity consumption at each building by an estimated 50%.
  • Installed energy-efficient building management systems at over 3,400 branches to better control and monitor energy use at each location.
• Building On-site Renewable Energy Capacity:
  • Installed approximately 30 megawatts (MW) of solar capacity across 900 branches, which are expected to provide about 35% of each location’s power needs.
  • Planning to install 40 MW of solar capacity across the firm’s corporate office buildings in the U.S. and the U.K.
• Executing Long-term Renewable Energy Agreements:
  • Collaborated on the development of a 108 MW, 22-turbine wind farm, which will provide the equivalent of about 14% of our energy needs globally.

To continue advancing sustainability in its own operations, JPMorgan Chase is also establishing a series of new goals:

• Reduce greenhouse gas emissions from the operation of its buildings, branches and data centers by 40% by 2030, based on a 2017 baseline.
• Satisfy at least 70% of its renewable energy goal with on-site renewable energy and off-site long-term renewable energy contracts by 2025.
• Transition its entire owned fleet of vehicles to electric by 2025.
• Reduce global water consumption by 20% by 2030, based on a 2017 baseline.
• Reduce office paper use by 90% by 2025, based on a 2017 baseline, and purchase 100% of paper from certified sources by the end of 2021.
• Divert 100% of e-waste from landfill through responsible third-party vendors.

Last month, as part of its commitment to support technology and market innovation, JPMorgan Chase was among the founding members of the Sustainable Aviation Buyers Alliance (SABA), whose mission is to accelerate the path to net-zero aviation by driving investment in high quality sustainable aviation fuel (SAF), catalyzing new SAF production and technological innovation, and supporting member engagement in policy-making.

About JPMorgan Chase & Co.

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $3.7 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of customers in the United States and many of the world’s most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.

Amalia Kontesi, This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) (“Solaris”) announced today that its Board of Directors has declared a quarterly cash dividend of $0.105 per share of Class A common stock, to be paid on June 25, 2021 to holders of record as of June 15, 2021. A distribution of $0.105 per unit has also been approved for holders of units in Solaris Oilfield Infrastructure, LLC, which is subject to the same payment and record dates.

About Solaris Oilfield Infrastructure, Inc.

Solaris Oilfield Infrastructure, Inc. (NYSE:SOI) provides mobile equipment that drives supply chain and execution efficiencies in the completion of oil and natural gas wells. Solaris’ patented mobile proppant and chemical systems are deployed in many of the most active oil and natural gas basins in the United States. Additional information is available on our website, www.solarisoilfield.com.

Yvonne Fletcher
Senior Vice President, Finance and Investor Relations
(281) 501-3070
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NEW YORK--(BUSINESS WIRE)--Piper Sandler Companies (NYSE: PIPR), a leading investment bank, is pleased to announce the addition of Rob Sternthal as a managing director within the energy and power investment banking group. He will be based in the firm’s New York office.

Sternthal joins Piper Sandler with more than 20 years of investment banking experience. Prior to joining the firm, he was the head of the North American renewable energy and infrastructure practice at Rubicon Capital Advisors. Prior to that, Sternthal was the founder and president of CohnReznick Capital Markets and worked in various senior roles at Credit Suisse in Tokyo and New York, including as head of structured finance and securitization. Prior to his investment banking career, Sternthal was an attorney at Milbank LLP and a staff attorney at the U.S. Securities and Exchange Commission (SEC). Sternthal received a bachelor’s degree in economics and French, with honors, from Emory University and a Juris Doctorate, cum laude, from the Temple University School of Law. He received a Nambu scholarship to study law in Japan and speaks Japanese as well as Spanish.

“Rob’s relevant expertise and years of experience will bring immediate value to our clients,” said Spencer Rippstein, co-head of energy and power investment banking at Piper Sandler. “We are excited about the continued expansion of our team in the renewables space, and we look forward to establishing an energy and power investment banking presence in New York.”

For over 15 years, the energy and power investment banking group has served a range of renewable energy companies, including technology and service providers focused on the sustainable creation, harnessing and transmission of energy. The firm is committed to delivering exceptional client services in M&A advisory, capital markets execution, institutional sales and investment research within this growing sector.

ABOUT PIPER SANDLER

Piper Sandler Companies (NYSE: PIPR) is a leading investment bank driven to help clients Realize the Power of Partnership®. Securities brokerage and investment banking services are offered in the U.S. through Piper Sandler & Co., member SIPC and NYSE; in Europe through Piper Sandler Ltd., authorized and regulated by the U.K. Financial Conduct Authority; and in Hong Kong through Piper Sandler Hong Kong Limited, authorized and regulated by the Securities and Futures Commission. Private equity strategies and fixed income advisory services are offered through separately registered advisory affiliates.

Follow Piper Sandler: LinkedIn | Facebook | Twitter

©2021. Since 1895. Piper Sandler Companies. 800 Nicollet Mall, Minneapolis, Minnesota 55402-7036

Pamela Steensland
Tel: 612 303-8185
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• Breakthrough new segment vehicle to be jointly developed and sold under the Fisker brand into global markets including North America, Europe, China, and India.
• Manufacturing to commence first in the United States with several locations under consideration by Fisker and Foxconn. Other global manufacturing sites under study for future production, supporting projected annual volumes of more than 250,000 units across multiple sites.
• Program milestones already achieved including exterior design freeze. Program critical sourcing underway, including securing chipset and semiconductor contracts through Foxconn.
• Project PEAR will enter the market with a starting price of less than $30,000, before incentives.

LOS ANGELES & TAIPEI, Taiwan--(BUSINESS WIRE)--#EVs--Fisker Inc. (NYSE: FSR) (Fisker) – passionate creator of the world's most sustainable electric vehicles and advanced mobility solutions – today announced it has signed framework agreements with Hon Hai Technology Group (TWSE:2317) (Foxconn) supporting joint development and manufacturing related to Project ‘PEAR’ (Personal Electric Automotive Revolution), a program to develop a new breakthrough electric vehicle.

Under the agreements, Fisker and Foxconn will jointly invest into Project PEAR, with each company taking proceeds from the successful delivery of the program. Fisker will work with Foxconn on a new lightweight platform designated ‘FP28,’ leveraging technological expertise from each company to support Project PEAR and potential future vehicles.

“Our partnership with Foxconn and the creation of Project PEAR has taken shape with remarkable speed and clarity of vision,” commented Fisker Chairman and Chief Executive Officer, Henrik Fisker. “In order to deliver on our promise of product breakthroughs from Project PEAR, we needed to rethink every aspect of product development, sourcing, and manufacturing. Our partnership with Foxconn enables us to deliver those industry firsts at a price point that truly opens up electric mobility to the mass market.”

“Foxconn is excited that our partnership with Fisker continues to trend in the right direction with exciting speed,” said Foxconn Technology Group Chairman, Young-way Liu. “Our work with Fisker aligns with our corporate 3+3 platform, and thanks to our MIH Alliance, Foxconn will be able to work with suppliers from across the world for Project PEAR. We have world-class supply chains in place to support Project PEAR – in particular, securing the reliable delivery of chipsets and semiconductors."

In support of the work on Project PEAR, the two companies have established a co-located program management office between the U.S. and Taiwan to coordinate design, engineering, purchasing, and manufacturing operations. Following an extensive review of potential U.S. manufacturing sites, the two companies will expedite a manufacturing plan capable of supporting the projected Q4 2023 start of production. Fisker intends to start production in Europe on its first vehicle, the Ocean electric SUV, in Q4 2022 and will unveil a production-intent prototype of the vehicle at the Los Angeles Auto Show® later this year. Project PEAR will be the company’s second production model.

“At under $30,000 with stunning design and innovation, we are rethinking the car, both in terms of proportions, design, interior functionality and connected user experience. Project PEAR comes just a year after we launch the Ocean," added Mr. Fisker. “We see the tipping point for electric vehicles fast approaching and we are utterly focused on being ready to meet that demand. The Fisker brand will go beyond electrification, by taking the lead in design innovation and sustainability.”

For more information, or for interview inquiries, contact This email address is being protected from spambots. You need JavaScript enabled to view it..

About Fisker Inc.

California-based Fisker Inc. is revolutionizing the automotive industry by developing the most emotionally desirable and eco-friendly electric vehicles on Earth. Passionately driven by a vision of a clean future for all, the company is on a mission to become the No. 1 e-mobility service provider with the world’s most sustainable vehicles. To learn more, visit www.FiskerInc.com – and enjoy exclusive content across Fisker’s social media channels: Facebook, Instagram, Twitter, YouTube and LinkedIn. Download the revolutionary new Fisker mobile app from the App Store or Google Play store.

About Foxconn Technology Group

Established in Taiwan in 1974, Hon Hai Technology Group (Foxconn) (2317: Taiwan) is the world’s largest electronics manufacturer. Foxconn is also the leading technological solution provider, and it continuously leverages its expertise in software and hardware to integrate its unique manufacturing systems with emerging technologies. To learn more, visit www.honhai.com

Forward-Looking Statements

This press release includes forward-looking statements, which are subject to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as “feel,” “believes,” expects,” “estimates,” “projects,” “intends,” “should,” “is to be,” or the negative of such terms, or other comparable terminology and include, among other things, the quotations of our Chief Executive Officer and statements regarding the Company's future performance and other future events that involve risks and uncertainties. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, which could cause actual results to differ materially from the forward-looking statements contained herein due to many factors, including, but not limited to: Fisker’s limited operating history; Fisker’s ability to enter into additional manufacturing and other contracts with Magna, or other OEMs or tier-one suppliers in order to execute on its business plan; the risk that OEM and supply partners do not meet agreed upon timelines or experience capacity constraints; Fisker may experience significant delays in the design, manufacture, regulatory approval, launch and financing of its vehicles; Fisker’s ability to execute its business model, including market acceptance of its planned products and services; Fisker’s inability to retain key personnel and to hire additional personnel; competition in the electric vehicle market; Fisker’s inability to develop a sales distribution network; and the ability to protect its intellectual property rights; and those factors discussed in Fisker’s Annual Report on Form 10-K under the heading “Risk Factors,” filed with the Securities and Exchange Commission (the “SEC”) and other reports and documents Fisker files from time to time with the SEC. Any forward-looking statements speak only as of the date on which they are made, and Fisker undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this press release.

Fisker Inc.
Simon Sproule, SVP, Communications
+1.310.374.6177 / This email address is being protected from spambots. You need JavaScript enabled to view it.

Dan Galves, VP, Investor Relations
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Foxconn Technology Group
Jimmy Huang, Deputy Spokesperson, Corporate Communication
+866.2.2268.3466 / This email address is being protected from spambots. You need JavaScript enabled to view it.

Company’s new consequence-based cybersecurity risk screening methodology to aid industrial organizations in determining the need for a detailed cybersecurity risk assessment.

GREENVILLE, S.C.--(BUSINESS WIRE)--#IT--aeCyberSolutions, the Industrial Cybersecurity division of aeSolutions, announces ICS Cybersecurity Risk Screening, a new service to assist industrial organizations in gaining a high-level understanding of the worst-case risk to operations should their industrial control systems (ICSs) be compromised. Utilizing a consequence-based, initial cybersecurity risk screening methodology, the results expose the potential magnitude of cyber risk to operations, assists with the prioritization of detailed risk assessments, facilitates the grouping of assets into zones and conduits, and helps management allocate budgets and resources appropriately.

“Process safety studies typically do not take cyber threats and impacts into account, and that leaves management with a blind spot in not fully being informed on the risk to operations,” said John Cusimano, Vice President of aeCyberSolutions. “Our new screening service leverages existing process safety hazard studies, if available, or helps to generate realistic operational consequence scenarios. These scenarios provide a proven starting point for cyber process hazards analysis (CyberPHA) and ensure compliance with industry standards and best practices.”

aeCyberSolutions’ Cybersecurity PHA Risk Screening is performed following the ISA/IEC 62443-3-2 initial risk assessment requirement (ZCR 2) and identifies the cyber-vulnerable risk scenarios found in an existing process safety study such as a PHA, layer of protection analysis (LOPA), or hazard and operability study (HAZOP). The study’s original risk ranking is adjusted to show the modified risk should the industrial control system or safety instrumented system (SIS) be compromised due to a cybersecurity threat. This provides organizations with the information they need to determine if additional safeguards are required or if a detailed ICS cyber risk assessment, such as an aeCyberPHA®, is warranted to study the specific vulnerabilities and cybersecurity countermeasures (e.g., network segmentation, access controls, etc.) in IT and OT systems and networks.

Individuals interested in learning more about aeCyberSolutions Cybersecurity PHA Risk Screening service are invited to register to attend the company’s upcoming webinar scheduled for May 26 at 2 p.m. ET. To register, visit https://www.aesolutions.com/event-details/cyberpha-risk-screening/form

About aeCyberSolutions™

aeCyberSolutions, the Industrial Cybersecurity division of aeSolutions, exclusively provides industrial cybersecurity services including risk assessments, program development, implementation, support, and training to clients in oil and gas, chemicals, maritime, water, industrial gases, and other process industries. A leader in the intersection of cybersecurity and process safety, aeCyberSolutions helps clients identify and address cybersecurity risks in a manner that is consistent with the engineering methods already in place for process safety risk management. They do so by leveraging existing information and practices while presenting a single, consistent expression of risk to senior management. The aeCyberSolutions team is exclusively staffed with personnel who have strong industrial automation backgrounds and general IT and IT security backgrounds and credentials. This combination of IT and Operational Technology (OT) expertise is essential for working in the field of industrial cybersecurity. aeCyberSolutions is based in Greenville, SC. For more information, visit www.aeCyberSolutions.com, or follow @aesolns.

Kari Walker for aeCyberSolutions
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@KariWalkerPR

TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior” or the “Corporation”) (TSX:SPB) held its annual general and special meeting of shareholders on May 12, 2021 virtually (the “Meeting”). Pursuant to the requirements of the Toronto Stock Exchange, Superior is issuing this news release to summarize the voting results in respect of the Meeting.

A total of 77,712,544 Common Shares of the Corporation and 30,002,837 Series 1 Special Voting Preferred Shares representing approximately 52.28% of the votes attached to all outstanding shares, were represented in person or by proxy at the Meeting.

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

Securityholders approved resolutions appointing Ernst & Young LLP as the Corporation's auditors and approved a non-binding advisory vote regarding the Corporation's approach to executive compensation with approximately 99.78% and 96.08% approval of the votes attached to all outstanding shares represented in person or by proxy at the Meeting, respectively.

In addition, holders of Common Shares approved the renewal of Corporation’s Shareholder Rights Plan with approximately 95.68% approval of the outstanding Common Shares represented in person or by proxy at the Meeting.

About the Corporation

Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing over 780,000 customer locations in the U.S. and Canada.

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

Beth Summers,
Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015
or
Rob Dorran
Vice President, Investor Relations and Treasurer
Tel: (416) 340-6003
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Toll Free: 1-866-490-PLUS (7587)

SAN ANTONIO--(BUSINESS WIRE)--Howard Energy Partners (HEP) today announced that it has executed long-term agreements with Diamond Green Diesel (DGD), a 50/50 joint venture between Valero Energy Corporation (NYSE: VLO) and Darling Ingredients Inc. (NYSE:DAR), and plans to significantly expand its Port Arthur, Texas terminal facilities to support DGD’s recently announced plant, a 470-million-gallon-per-year renewable diesel production facility to be located at Valero’s Port Arthur refinery. Engineering, permitting, and construction on HEP’s Port Arthur facility expansion has begun, with an in-service date coinciding with the startup of DGD’s new plant.

HEP will provide DGD with logistic solutions for renewable diesel feedstock and finished product through the construction of 575,000 barrels of tank storage, three pipelines and associated connections to Valero’s Port Arthur refinery, seven miles of rail track and associated rail unloading/loading facilities, truck unloading facilities, and a Panamax-class-capable deep-water dock. The new facilities are being designed to handle multiple products and have additional capacity for third-party shippers.

Once this expansion is complete, HEP’s Port Arthur facility will consist of 1.9 million barrels of refined product storage capacity, 16 miles of rail track with unit train and manifest service from two railroads, three barge docks, two ship docks, and pipeline connectivity to local refiners and major refined product distribution hubs.

“We are excited to work with both Valero and Darling to support their new renewable diesel production facility and help bring this sustainable, clean-burning fuel to market,” said Rod Pullen, Vice President of Business Development and Asset Optimization for HEP. “This significant expansion of our strategically located Port Arthur terminal illustrates the facility’s extensive footprint and capacity to grow and meet the needs of moving feedstock and refined products throughout the Gulf Coast market. We look forward to additional future development, continuing our commitment to building infrastructure projects that bring long-term and repeatable value to our investors.”

"Howard Energy Partners’ long-term contract with Diamond Green Diesel provides DGD with a competitive advantage in the production and distribution of renewable diesel around the world,” said John Bullock, Executive Vice President, Chief Strategy Officer for Darling Ingredients. "We firmly believe the greater the flexibility of your supply chain, the better you can react to the changing dynamics, as the demand for renewable diesel continues to strengthen. We believe this agreement significantly enhances our raw material sourcing of feedstock as well as provides for better finished product marketing and distribution when the DGD Port Arthur facility commences production in the second half of 2023. We are fortunate to have a growth-oriented company like HEP in Port Arthur to team up with on this project and we look forward to our long-term relationship.”

About Howard Energy Partners

San Antonio-based Howard Midstream Energy Partners, LLC d/b/a Howard Energy Partners is an independent midstream energy company, owning and operating natural gas and crude oil gathering and transportation pipelines, natural gas processing plants, liquid storage terminals, deep-water dock and terminal facilities, rail, terminal and transloading facilities and other related midstream assets in Texas, New Mexico, Oklahoma, Pennsylvania and Mexico. The company has corporate offices in San Antonio, Houston and Monterrey, Mexico. For more information on Howard Energy Partners, please visit our website www.howardenergypartners.com.

About Diamond Green Diesel

DGD is a leader in producing a clean-burning, renewable diesel to meet the growing demand for renewable fuels. Renewable diesel is made from responsible and sustainable feedstock, such as used cooking oil, rendered animal fats and inedible corn oil. Renewable diesel is chemically identical to standard diesel and is 100% compatible with existing engines and infrastructure. More information can be found here.

Meggan Morrison
Redbird Communications Group
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CAMPBELL, Calif.--(BUSINESS WIRE)--ChargePoint Holdings, Inc. (NYSE:CHPT), a leading electric vehicle (“EV”) charging network, today announced it will release financial results for the first quarter ended April 30, 2021, after market close on Thursday, June 3, 2021. ChargePoint management will host a conference call to review its financial results at 1:30 p.m. Pacific time (4:30 p.m. Eastern time) on the same day.

A live webcast of the conference call will be accessible from the “Events and Presentations” section of ChargePoint’s investor relations website (investors.chargepoint.com) on June 3, 2021. A replay will be available three hours after the conclusion of the webcast and archived for one year. A copy of the press release with the financial results will also be available on ChargePoint’s investor relations website prior to the commencement of the webcast.

About ChargePoint

ChargePoint is creating the new fueling network to move all people and goods on electricity. Since 2007, ChargePoint has been committed to making it easy for businesses and drivers to go electric with one of the largest EV charging networks and most complete portfolio of charging solutions available today. ChargePoint’s cloud subscription platform and software-defined charging hardware are designed to include options for every charging scenario from home and multifamily to workplace, parking, hospitality, retail and transport fleets of all types. Today, one ChargePoint account provides access to hundreds-of-thousands of places to charge in North America and Europe. To date, more than 90 million charging sessions have been delivered, with drivers plugging into the ChargePoint network approximately every two seconds. For more information, visit the ChargePoint pressroom, the ChargePoint Investor Relations site, or contact ChargePoint’s This email address is being protected from spambots. You need JavaScript enabled to view it. or This email address is being protected from spambots. You need JavaScript enabled to view it. press offices or the This email address is being protected from spambots. You need JavaScript enabled to view it. team.

CHPT-IR

ChargePoint Holdings, Inc.
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Investor Relations
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Project Seeks to Extract Rare Earths from Fossil Fuel Waste Streams to Diversify the Supply Base and Provide Economic Opportunity for Depressed Communities

MOUNTAIN PASS, Calif.--(BUSINESS WIRE)--$MP #criticalmaterials--MP Materials (NYSE: MP) today announced that it has received a $3 million award from the Department of Energy (DOE) to complete a feasibility study, in concert with the University of Kentucky (UK), on a system to produce rare earth oxides, metals, and other critical materials recovered from coal by-products. This project is enabled by a DOE exercised option of a previous MP Materials and UK conceptual study.

Pursuant to this project, MP Materials and UK will advance their design for a modular system to concentrate coal by-product locally, in Kentucky. The concentrate will then be delivered to Mountain Pass, where MP Materials will leverage its existing capabilities to refine and extract the individual rare earth elements from concentrate before reducing them to metal. The collaboration seeks to minimize the system’s capital and operating costs, as well as its environmental footprint, while maximizing economic opportunities for coal communities.

“The clean technologies powering the future depend on powerful rare earth magnets to turn energy into motion,” said Michael Rosenthal, Chief Operating Officer, MP Materials. “As the economy electrifies, achieving a sustainable means to extract critical materials from the by-products of fossil fuel extraction would diversify the supply base while providing valuable economic opportunity to communities across the country. We appreciate the support of the Department of Energy and the opportunity to collaborate with the world-class experts at the University of Kentucky as we work to advance this study.”

“We are grateful for the opportunity that this collaboration with MP Materials represents to make a strategic and environmental difference,” said Dr. Joshua Werner, Assistant Professor and UK principal investigator. “The significance of this work is the ability to partner with MP Materials and their deep expertise to provide a vertically-integrated, domestic rare earth supply chain to extract additional value from waste streams for the green revolution. This project is exciting because it combines elements of economic development in depressed communities with the potential for environmental justice by turning a potential liability into a valuable asset. This work is made possible by DOE funding and the pioneering efforts of researchers at UK.”

About MP Materials

MP Materials Corp. (NYSE: MP) is the largest producer of rare earth materials in the Western Hemisphere. With over 300 employees, the Company owns and operates the Mountain Pass Rare Earth Mine and Processing Facility (“Mountain Pass”), an iconic American industrial asset, which is the only rare earth mining and processing site of scale in the Western Hemisphere and produced approximately 15% of the rare earth content consumed in the global market in 2020. Separated rare earth elements are critical inputs for the magnets that enable the mobility of electric vehicles, drones, defense systems, wind turbines, robotics and many other high-growth, advanced technologies. MP Materials’ integrated operations at Mountain Pass combine low production costs with high environmental standards, thereby restoring American leadership to a critical industry with a strong commitment to sustainability. More information is available at https://mpmaterials.com/

Join the MP Materials community on Twitter, Instagram and LinkedIn.

Media:
Matt Sloustcher
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Investors:
Martin Sheehan
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KANSAS CITY, Mo.--(BUSINESS WIRE)--Kansas City Southern (NYSE: KSU) (“KCS”) today announced receipt of a revised acquisition proposal from Canadian National Railway Company (TSX: CNR, NYSE: CNI) (“CN”). Under the terms of CN’s revised proposal, each share of KCS common stock would be exchanged for $200 in cash and 1.129 shares of CN common stock. The proposal is binding on CN and may be accepted by KCS at any time prior to 5:00 pm EDT on Friday, May 21, 2021. The transaction would be subject to approval by the stockholders of KCS, approval by the Surface Transportation Board of a voting trust, receipt of other regulatory approvals and other customary closing conditions.

After consultation with the Company’s outside legal and financial advisors, the KCS board of directors determined that CN’s revised proposal constitutes a “Company Superior Proposal” as defined in KCS’s merger agreement with Canadian Pacific Railway Limited (TSX: CP, NYSE: CP) (“CP”).

KCS has notified CP that it intends to terminate KCS’s merger agreement with CP and enter into the definitive agreement with CN, subject to CP’s right to negotiate amendments to the merger agreement for at least five business days and the KCS board’s further determination as to whether any such amendments would cause the CN proposal no longer to constitute a “Company Superior Proposal.”

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

Media
C. Doniele Carlson
Tel: 816-983-1372
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Tim Lynch / Ed Trissel
Joele Frank, Wilkinson Brimmer Katcher
Tel: 212-355-4449

Investment Community
Ashley Thorne
Tel: 816-983-1530
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Dan Burch
MacKenzie Partners, Inc.
Tel: 212-929-5748

Investor Conference Call at 4:30 PM ET

VISTA, Calif.--(BUSINESS WIRE)--$FLUX #GSE--Flux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced lithium-ion industrial batteries for commercial and industrial equipment, today reported financial results for its third quarter of fiscal year 2021 (Q3’21).

Financial Highlights:

• Q3’21 revenue grew 38% to a record $7.0M compared to Q3’20 revenue of $5.1M.
• Q3’21 gross margin increased to 24.1% compared to 12.8% in Q3’20.

Strategic Highlights:

• Achieved 11^th consecutive quarter of year-over-year revenue growth.
• Received initial orders for two major new customers – a global packaging company and a paper & chemicals manufacturer/distributor.
• Continued progress on increasing gross margins.
• Launched the next-generation M24 lithium-ion battery pack for end riders and center riders, at the ProMatDX material handling tradeshow, with initial orders already received.

Q3’21 Financial Results

Revenue: Q3’21 revenue increased by 38% to $7.0M compared to $5.1M in Q3’20, driven by increases in sales of larger capacity product lines.

Gross Profit: Q3’21 gross profit improved by 158% to $1.7M compared to a gross profit of $649K in Q3’20, principally reflecting higher revenue and reduced material costs through volume purchasing.

Selling & Administrative: Expenses increased to $3.1M in Q3’21 from $2.6M in Q3’20, reflecting increases in personnel related expenses, insurance premiums, and freight expenses.

Research & Development: Expenses remained constant at $1.5M in Q3’21, compared to Q3’20, reflecting continued product development activities and product testing.

Net Loss: Q3’21 net loss decreased to $1.7M from a net loss of $4.0M in Q3’20, principally reflecting increased gross profit, other income due to PPP loan forgiveness, and decreased interest expense.

Balance Sheet: The balance sheet was strengthened during Q3’21 from conversion of all outstanding short-term debt of $2.4M during the quarter, resulting in the elimination of all debt. Further, $1.7M was raised under the ATM (At-the-Market) facility during Q3’21.

Fiscal Year 2021 Outlook

We anticipate that new customer acquisition will continue, supplementing continued orders from existing customers, with additional opportunities facilitated by the next-generation M24 lithium-ion battery pack for the high-volume end rider segment. The airport ground support equipment business is experiencing a resurgence following the COVID-19 impact.

We believe Flux Power is in a strong place to continue expansion to meet the demand for lithium-ion battery packs. However, supply chain challenges, both for semi-conductors, raw materials, and generic issues in ocean freight, present a risk to this growth, despite mitigation plans in place.

“We are excited by the initial customer reception of our next-generation M24 lithium-ion battery pack for the end rider and center rider market, which is a high-volume forklift sector,” CEO Ron Dutt stated. “We believe it’s a great addition to our full product lineup which provides a high value proposition to our customers with large material handling fleets.”

Conference Call

Management will hold a conference call today starting at 4:30 PM ET. Investors and analysts interested in joining the call are invited to dial (833) 428-8374 or (270) 240-0543. The conference ID is 7359227. A recording of the conference call will be uploaded to the Flux Power website once it is available.

About Flux Power Holdings, Inc. (www.fluxpower.com)

Flux Power designs, develops, manufactures, and sells advanced lithium-ion energy storage solutions for lift trucks, airport ground support equipment (GSE), stationary energy storage, and other industrial and commercial applications. Flux Power’s “LiFT Pack” battery packs, including its proprietary battery management system (BMS), provide its customers with a better performing, higher value, and more environmentally friendly alternative as compared to traditional lead acid and propane-based solutions.

Cautionary Statement Regarding Forward-Looking Statements

This release contains projections and other "forward-looking statements" relating to Flux Power’s business, that are often identified using "believes," "expects" or similar expressions. Forward-looking statements involve several estimates, assumptions, risks, and other uncertainties that may cause actual results to be materially different from those anticipated, believed, estimated, expected, etc. Such forward-looking statements include impact of COVID-19 on Flux Power’s business, results and financial condition; Flux Power’s ability to obtain raw materials and other supplies for its products at competitive prices and on a timely basis, particularly in light of the potential impact of the COVID-19 pandemic on its suppliers and supply chain; the development and success of new products, projected sales, Flux Power’s ability to timely obtain UL Listing for its products, Flux Power’s ability to fund its operations, distribution partnerships and business opportunities and the uncertainties of customer acceptance and purchase of current and new products. Actual results could differ from those projected due to numerous factors and uncertainties. Although Flux Power believes that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, they can give no assurance that such statements will prove to be correct, and that the Flux Power’s actual results of ‎operations, financial condition and performance will not differ materially from the ‎results of operations, financial condition and performance reflected or implied by these forward-‎looking statements. Undue reliance should not be placed on the forward-looking statements and Investors should refer to the risk factors outlined in our Form 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov/edgar. These forward-looking statements are made as of the date of this news release, and Flux Power assumes no obligation to update these statements or the reasons why actual results could differ from those projected.

Flux, Flux Power, and associated logos are trademarks of Flux Power Holdings, Inc. All other third-party brands, products, trademarks, or registered marks are the property of and used to identify the products or services of their respective owners.

Follow us at:
Blog: Flux Power Blog
News Flux Power News
Twitter: @FLUXpwr
LinkedIn: Flux Power

Media & Investor Relations:
Justin Forbes
877-505-3589
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• Jacques Gabillon is the new Chairman at Vortexa succeeding Etienne Amic who is the current CEO of VAKT, the blockchain platform for energy trading
• Energy Innovation Capital becomes a new investor in Vortexa together with increased participation from Notion Capital, one of the company’s existing investors
• Vortexa tracks more than $1.8 trillion of waterborne energy trades per year in real-time, providing energy and shipping companies with the most complete picture of global energy flows available in the world today

LONDON--(BUSINESS WIRE)--#Chairman--Vortexa, the energy and shipping Analytics platform, combining AI and deep industry expertise to provide the most complete real-time data and analytics tools for waterborne energy and shipping markets, is delighted to announce the appointment of former Goldman Sachs Global Head of Commodities Jacques Gabillon as the new Chairman.

Jacques has taken over the role from Etienne Amic, Vortexa Co-Founder, former Head of European Energy at JP Morgan and current CEO of VAKT Global. Jacques Gabillon has over 30 years of experience in the commodities industry working for leading institutions covering commodities, derivatives, structured finance and principal investing globally. His expertise includes major acquisitions, divestments and structured finance transactions across the full spectrum of the commodities industry. Jacques was a Managing Director and Partner of Goldman Sachs and Global Head of their Commodities Trading Division based in London.

‘’Since joining the Board of Directors more than a year ago, I have been extremely impressed with how far and how fast Vortexa has been expanding its technology and market presence’’ said Jacques. ‘’I’m excited to become its new Chairman, working more closely with the Board and executive team to drive significant value for our industry.’’

Former Chairman, Etienne Amic said ‘’It has been a great privilege to serve on the board at Vortexa. I am honoured to have experienced the company going from inception to a new force in the energy trading industry.’’

Fabio Kuhn, Founder and CEO of Vortexa said: ‘’On behalf of the entire Vortexa team, I would like to thank Etienne for his immeasurable contributions to our development since inception and wish him all the best in his new ventures, especially VAKT.

It is also a great honor for us to welcome Jacques as our new Chairman; he is an incredible partner who already added massive value to Vortexa as a Board member over the last year. Now, as the Chair of our Board, Jacques is even better positioned to work more closely with our leadership team as Vortexa continues to accelerates its growth - I could not be more excited about our future.’’

Since Vortexa’s $19m Series B earlier this year, and following up on the company’s continued success, Energy Innovation Capital, one of the most experienced and proven groups of investors in energy technology has become an investor in Vortexa. Notion Capital, who led the Series A round, has also taken the opportunity to increase its participation in the company.

‘’Vortexa represents an unparalleled level of innovation in our industry’’ said Kevin Skillern, Managing Partner at Energy Innovation Capital. ‘’Their state-of-the-art AI technology combined with their in-house team of global industry experts are creating the future of energy trading.”

Fabio Kuhn said ‘’We are very excited to welcome Energy Innovation Capital as a new investor at Vortexa. Their energy industry expertise and international network will be invaluable to us in the next phase of our growth journey.’’

+++ Ends +++

About Vortexa

Vortexa tracks more than $1.8 trillion of waterborne energy trades per year in real-time, providing energy and shipping companies with the most complete picture of global energy flows available in the world today. Vortexa’s highly intuitive platform with programmatic API/SDK interfaces help traders, analysts and charterers make high-value trading decisions with confidence, when it matters the most.

About EIC

Energy Innovation Capital is the premier capital provider for innovators serving the energy industry. EIC provides early and growth-stage funding for visionary entrepreneurs tackling global energy challenges with transformative, market-leading solutions. EIC's team leverages our industry expertise, networks and collaborative approach to help talented entrepreneurs push the boundaries of what's possible and build great companies. To learn more, visit www.energyinnovationcapital.com

Media contact
Emma Boyle, Senior Communications Executive
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+44 7814767321

Despite Continued COVID-19 Impact, Company Targets Sequential Recovery and Growth Throughout 2021

Conference Call to be Held Today at 11 a.m. ET

SOLON, Ohio--(BUSINESS WIRE)--Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable and human-centric lighting (“HCL”) technologies, and who recently announced development of a range of UV-C disinfection (“UVCD”) products, today announced financial results for its first quarter ended March 31, 2021.

First Quarter 2021 and Subsequent Business Highlights:

• Net sales of $2.6 million, down 30.3% compared to the first quarter of 2020 and down 29.6% sequentially from the fourth quarter of 2020, reflecting fluctuations in timing of military orders and funding, and continued COVID-19-related challenges in the commercial sector
• Loss from operations of $2.3 million, compared to a loss from operations of $1.3 million in the first quarter of 2020 and sequentially to a loss from operations of $0.9 million in the fourth quarter of 2020
• Net loss of $1.6 million, or $(0.45) per basic and diluted share of common stock, compared to a net loss of $0.5 million, or $(0.18) per basic and diluted share of common stock, in the first quarter of 2020. Sequentially, the net loss increased by $1.7 million compared to net income of $0.1 million, or $0.01 per basic and diluted share of common stock, inclusive of a $1.2 million non-cash gain from the change in fair value of outstanding warrants, in the fourth quarter of 2020
• $0.8 million Paycheck Protection Program loan was forgiven in February 2021
• Cash of $0.5 million as of March 31, 2021, compared to $1.8 million as of December 31, 2020. Subsequent to the end of the quarter, the Company increased its inventory-based line of credit by $0.5 million and secured a net $1.5 million bridge loan, increasing overall liquidity

“On top of fluctuations in the timing of military orders and funding, first quarter results reflect the full impact of the pandemic on our commercial business as enterprise facilities remained well under-occupied and lighting retrofit budgets remained highly constrained during the quarter,” stated James Tu, Chairman and CEO of Energy Focus, Inc. “That said, over the past few weeks, we have begun to see initial signs of increasing project activities in the commercial sector, as retrofit budgets begin to loosen due to economy reopening in some parts of the country. Barring significant and unexpected delays in logistics or component delivery lead times, we are cautiously optimistic that the worst from the pandemic is now behind us, and we expect sequential top and bottom-line improvements in the second quarter and beyond.”

“Despite the past year’s unprecedented challenges in the lighting and retrofit industry, we are more excited than ever about the Company’s long-term prospects,” continued Mr. Tu. “Over the past year, we continued to invest in expanding our EnFocus^TM lighting control platform technologies, and we developed a comprehensive UV-C disinfection (UVCD) product portfolio that leverages our extensive know-how in lighting, as well as advanced technologies from our engineering development partners. We plan to launch next generation, award-winning EnFocus^TM products with occupancy sensing and autonomous circadian lighting for both commercial and residential applications in the second half of the year. Meanwhile, we just launched our pilot mUVeCrew^TM robotic disinfection services in the Cleveland area, and expect our nUVo^TM air disinfection devices to be available in the third quarter, including nUVo^TM Tower, a powerful disinfection device for large rooms and nUVo^TM Traveler, a tumbler-sized portable UV-C disinfection device that is ideal for automobiles and other personal spaces, as well as our abUV^TM modular UV-C disinfection and human-centric lighting fixture. We continue to expand our agency distribution and channel partner networks to market and distribute our LED lighting and upcoming UVCD products. As the economy starts to reopen more broadly and our new products enter the markets in the coming months, we look forward to helping businesses and homes elevate safety, health and sustainability performances through our advanced and impactful human-centric lighting products.”

First Quarter 2021 Financial Results:

Net sales were $2.6 million for the first quarter of 2021, compared to $3.8 million in the first quarter of 2020, a decrease of 30.3%. Net sales from commercial products were $0.9 million, or 34.6% of total net sales, for the first quarter of 2021, down from $1.7 million, or 45.9% of total net sales, in the first quarter of 2020, reflecting the impact of the COVID-19 pandemic and related and continued customer interruptions and project delays. Net sales from military maritime products were $1.7 million, or 65.4% of total net sales, for the first quarter of 2021, compared to $2.0 million, or 54.1% of total net sales, in the first quarter of 2020, primarily due to fluctuations in the timing of military orders and funding. Sequentially, net sales were down 29.6% compared to $3.7 million in the fourth quarter of 2020, reflecting primarily the timing fluctuations of military orders in addition to seasonal slowdowns in the military market, as well as the continued impact of the pandemic, particularly in the commercial market.

Gross profit was $0.6 million, or 21.0% of net sales, for the first quarter of 2021. This compares with gross profit of $1.0 million, or 27.3% of net sales, in the first quarter of 2020. Sequentially, this compares with gross profit of $1.4 million, or 38.3% of net sales, in the fourth quarter of 2020. Gross margin for the first quarter of 2021 was positively impacted by favorable price and usage variances for material and labor of $0.2 million and offset by unfavorable changes in inventory and warranty reserves of $0.1 million. Adjusted gross margin, as defined under “Non-GAAP Measures” below, was 24.3% for the first quarter of 2021, compared to 25.2% in the first quarter of 2020 and 27.7% in the fourth quarter of 2020, primarily being driven by product mix in the military maritime product sales during first quarter of 2021 as compared to the first and fourth quarters of 2020.

Operating loss was $2.3 million for the first quarter of 2021, compared to an operating loss of $1.3 million in the first quarter of 2020. Sequentially, this compares to an operating loss of $0.9 million in the fourth quarter of 2020. Net loss was $1.6 million, or $(0.45) per basic and diluted share of common stock, for the first quarter of 2021, compared with a net loss of $0.5 million, or $(0.18) per basic and diluted share of common stock, in the first quarter of 2020. Sequentially, this compares with net income of $0.1 million or $0.01 per basic and diluted share of common stock, in the fourth quarter of 2020, which was inclusive of a $1.2 million non-cash, pre-tax gain resulting from the revaluation of the warrant liability during the fourth quarter.

Adjusted EBITDA, as defined under “Non-GAAP Measures” below, was a loss of $2.0 million for the first quarter of 2021, compared with a loss of $1.1 million in the first quarter of 2020 and a loss of $0.8 million in the fourth quarter of 2020. The increased adjusted EBITDA loss from fourth quarter of 2020 and first quarter of 2020 was due to a combination of gross margin fluctuation and higher operating expenses due to our investment for future growth primarily in the areas of sales and engineering personnel.

Cash was $0.5 million as of March 31, 2021. This compares with $1.8 million as of December 31, 2020. As of March 31, 2021, the Company had total availability, as defined under “Non-GAAP Measures” below, of $1.2 million, which consisted of $0.5 million of cash and $0.7 million of additional borrowing availability under its credit facilities. This compares to total availability of $4.1 million as of March 31, 2020 and total availability of $3.5 million as of December 31, 2020.

Financings:

On February 11, 2021, the entire principal balance and interest of the Company’s Paycheck Protection Program (“PPP”) loan were forgiven, for approximately $0.8 million. The loan was originally issued to the Company in April 2020 pursuant to the PPP under Division A of the Coronavirus Aid, Relief and Economic Security Act. Subsequent to the end of the quarter, during April, the Company expanded its inventory line of credit by $0.5 million. The Company has two debt financing arrangements that mature on August 11, 2022, consisting of a two-year inventory financing facility for up to $3.5 million (following the increase), and a two-year receivables financing facility for up to $2.5 million. Subsequent to the end of the quarter, also during April, the Company secured a $1.5 million, net bridge loan on favorable terms.

Earnings Conference Call:

The Company will host a conference call and webcast today, May 13, 2021, at 11 a.m. ET to discuss the first quarter 2021 results, followed by a Q & A session.

You can access the live conference call by dialing the following phone numbers:

• Toll free 1-877-451-6152 or
• International 1-201-389-0879
• Conference ID# 13719505

The conference call will be simultaneously webcast. To listen to the webcast, log onto it at: http://public.viavid.com/index.php?id=144795. The webcast will be available at this link through May 28, 2021. Financial information presented on the call, including this earnings press release, will be available on the investors section of Energy Focus’ website, investors.energyfocus.com.

About Energy Focus

Energy Focus is an industry-leading innovator of sustainable LED lighting and lighting control technologies and solutions. As the creator of the first flicker-free LED lamps, Energy Focus develops high quality LED lighting products that provide extensive energy and maintenance savings, as well as aesthetics, safety, health and sustainability benefits over conventional lighting. Our EnFocus^TM lighting control platform enables existing and new buildings to provide quality, convenient and affordable, dimmable and color-tunable, circadian and human-centric lighting capabilities. Our patent-pending UVCD technologies and products, announced in October 2020, aim to provide effective, reliable and affordable UVCD solutions for buildings, facilities and homes. Energy Focus’ customers include U.S. and foreign navies, U.S. federal, state and local governments, healthcare and educational institutions, as well as Fortune 500 companies. Since 2007, Energy Focus has installed approximately 900,000 lighting products across the U.S. Navy fleet, including tubular LEDs, waterline security lights, explosion-proof globes and berth lights, saving more than 5,000,000 gallons of fuel and 300,000 man-hours in lighting maintenance annually. Energy Focus is headquartered in Solon, Ohio. For more information, visit our website at www.energyfocus.com.

Forward-Looking Statements:

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “feels,” “seeks,” “forecasts,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could” or “would” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies, capital expenditures, and the industry in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Although we base these forward-looking statements on assumptions that we believe are reasonable when made in light of the information currently available to us, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and industry developments may differ materially from statements made in or suggested by the forward-looking statements contained in this release. We believe that important factors that could cause our actual results to differ materially from forward-looking statements include, but are not limited to: (i) disruptions and a slowing in the U.S. and global economy and business interruptions experienced by us, our customers and our suppliers as a result of the COVID-19 pandemic and related impacts on travel, trade and business operations; (ii) our ability to realize the expected novelty, disinfection effectiveness, affordability and estimated delivery timing of our UVCD products and their performance and cost compared to other products; (iii) our ability to extend our product portfolio into commercial services and consumer products; (iv) market acceptance of our LED lighting, control and UVCD technologies and products; (v) our need for additional financing in the near term to continue our operations; (vi) our ability to refinance or extend maturing debt on acceptable terms or at all; (vii) our ability to continue as a going concern for a reasonable period of time; (viii) our ability to implement plans to increase sales and control expenses; (ix) our reliance on a limited number of customers for a significant portion of our revenue, and our ability to maintain or grow such sales levels; (x) our ability to add new customers to reduce customer concentration; (xi) our reliance on a limited number of third-party suppliers and research and development partners, our ability to manage third-party product development and obtain critical components and finished products from such suppliers on acceptable terms and of acceptable quality, and the impact of our fluctuating demand on the stability of such suppliers; (xii) our ability to timely and efficiently transport products from our third-party suppliers to our facility by ocean marine channels; (xiii) our ability to increase demand in our targeted markets and to manage sales cycles that are difficult to predict and may span several quarters; (xiv) the timing of large customer orders, significant expenses and fluctuations between demand and capacity as we invest in growth opportunities; (xv) our ability to compete effectively against companies with lower cost structures or greater resources, or more rapid development efforts, and new competitors in our target markets; (xvi) our ability to successfully scale our network of sales representatives, agents, and distributors to match the sales reach of larger, established competitors; (xvii) our ability to attract, develop and retain qualified personnel, and to do so in a timely manner; (xviii) the impact of any type of legal inquiry, claim or dispute; (xix) general economic conditions in the United States and in other markets in which we operate or secure products; (xx) our dependence on military maritime customers and on the levels and timing of government funding available to such customers, as well as the funding resources of our other customers in the public sector and commercial markets; (xxi) business interruptions resulting from geopolitical actions, including war and terrorism, natural disasters, including earthquakes, typhoons, floods and fires, or from health epidemics or pandemics or other contagious outbreaks; (xxii) our ability to respond to new lighting technologies and market trends, and fulfill our warranty obligations with safe and reliable products; (xxiii) any delays we may encounter in making new products available or fulfilling customer specifications; (xxiv) any flaws or defects in our products or in the manner in which they are used or installed; (xxv) our ability to protect our intellectual property rights and other confidential information, and manage infringement claims by others; (xxvi) our compliance with government contracting laws and regulations, through both direct and indirect sale channels, as well as other laws, such as those relating to the environment and health and safety; (xxvii) risks inherent in international markets, such as economic and political uncertainty, changing regulatory and tax requirements and currency fluctuations, including tariffs and other potential barriers to international trade; (xxviii) our ability to maintain effective internal controls and otherwise comply with our obligations as a public company; and (xxix) our ability to maintain compliance with the continued listing standards of The Nasdaq Stock Market. For additional factors that could cause our actual results to differ materially from the forward-looking statements, please refer to our most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.

The following table summarizes the computation of basic and diluted earnings per share:
(In thousands, except per share data)

Investor:
Brett Maas
(646) 536-7331

• Strong First Quarter With Year-Over-Year Improvements Across Revenue, Net Income, Adjusted EBITDA

Q1 2021 Highlights:
- Revenues of $168.2 million, a 13.3% improvement compared to first quarter 2020
- Net loss of $15.5 million, compared to net loss of $31.5 million in first quarter 2020
- Loss per share of $0.22, compared to loss per share of $0.68 in first quarter 2020
- Consolidated adjusted EBITDA of $8.5 million, compared to $1.0 million in first quarter 2020
- Positive adjusted EBITDA reported by all segments
- Strong bookings of $169 million
- Reduced minimum required pension funding contributions by $26 million, in addition to the $107 million reduction previously disclosed

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

"Our results for the first quarter of 2021 reflect the ongoing strength of our turnaround efforts including cost reductions and growth strategies, and put us in a strong position to achieve 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. "With all segments generating positive adjusted EBITDA, we ended the first quarter well, with $169 million in bookings and $535 million in backlog at March 31, 2021, despite continued adverse effects of COVID-19 across our segments. Combined with our strategic actions in the last year, including launching new segments, expanding internationally, implementing additional cost savings initiatives, reducing our secured debt and focusing on smaller projects, we have positioned the Company to leverage market demands while preserving cost structure flexibility."

"As we pursue a robust pipeline of more than $5 billion of identified project opportunities over the next three years, our leading-edge waste-to-energy and carbon capture technologies are well-positioned to meet the critical global demand for carbon dioxide and methane reductions," Young continued. "We are seeing increased interest in our advanced carbon capture solutions across various industries and utilities globally, including our technology with the potential to capture carbon while simultaneously producing hydrogen."

"We are also seeing a significant number of attractive targets for investments or acquisitions in both emerging technology and mature markets, including small add-ons and transformative opportunities," Young added. "We are establishing capital-raising mechanisms to enable us to pursue such opportunities as they arise, including our $150 million at-the-market ("ATM") senior note offering that commenced on April 1, 2021, our $350 million universal shelf registration statement declared effective on April 30, 2021, and our recent $100 million preferred stock offering under the shelf registration statement which closed on May 7, 2021. We are focused on opportunities that generate strong cash flow, leverage the strength of our proven management team to improve margins and generate synergies, or expand our clean energy technology portfolio, all of which we expect to drive shareholder value."

Q1 2021 Financial Summary

Consolidated revenues in the first quarter of 2021 were $168.2 million, a 13% improvement compared to the first 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 be at job sites. The GAAP operating loss in the first quarter of 2021 improved to an operating loss of $6.5 million, inclusive of restructuring and settlement costs and advisory fees of $4.3 million, compared to an operating loss of $10.3 million in the first 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 $8.5 million compared to $1.0 million in the first quarter of 2020. Bookings in the first quarter of 2021 were $169.0 million, with backlog of $535 million at March 31, 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, as well as to adjusted gross profit for the Company's segments, are provided in the exhibits to this release.

Babcock & Wilcox Renewable segment revenues were $28.8 million for the first quarter of 2021, compared to $36.0 million in the first quarter of 2020. The decline in revenue was primarily due to project delays and a lower level of activity due to the adverse effects of COVID-19. Adjusted EBITDA in the quarter improved to $0.2 million compared to negative $1.4 million in the first quarter of 2020, primarily due to the benefits of cost savings and restructuring initiatives and favorable product mix in the parts business, which more than offset the decrease in volume. Adjusted gross profit of $6.9 million in the quarter was flat compared to the prior-year quarter; gross profit margin improved to 23.9% in the first quarter of 2021, compared to 19.2% in the first quarter of 2020 as a result of favorable product mix and the benefits of cost savings initiatives.

Babcock & Wilcox Environmental segment revenues were $31.2 million in the first quarter of 2021, an increase of 20% compared to $25.9 million in the first quarter of 2020, primarily due to higher service and project activity. Adjusted EBITDA was $1.1 million, compared to $0.3 million in the same period last year, primarily driven by the higher volume and the benefits of cost savings and restructuring initiatives, partially offset by unfavorable mix in the parts business. Adjusted gross profit was $5.9 million in the first quarter of 2021, compared to $5.3 million in the prior-year period.

Babcock & Wilcox Thermal segment revenues were $108.3 million in the first quarter of 2021, an increase of 25% compared to $86.7 million in the prior-year period, primarily due to a higher level of activity on construction projects in the first quarter of 2021. Adjusted EBITDA in the first quarter of 2021 was $10.4 million, an increase of 37.1% compared to $7.6 million in last year's quarter, primarily due to the increase in volume as described above, favorable project execution and the benefits of cost savings and restructuring initiatives; adjusted EBITDA margin was 9.6% in the quarter compared to 8.8% in the same period last year. Adjusted gross profit in the first quarter of 2021 improved to $25.3 million, compared to $23.2 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 at least one new strain thereof, 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 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 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 February 12, 2021 the Company closed an underwritten public offering of 29,487,180 shares of common stock for gross proceeds of approximately $172.5 million. On February 12, 2021 the Company also closed an underwritten public offering of $125.0 million aggregate principal amount of 8.125% senior notes due 2026. In addition to these public offerings, B. Riley Financial, Inc. exchanged $35 million of its existing Tranche A term loan for $35 million principal amount of senior notes in a concurrent private offering, and the interest rate on the remaining Tranche A term loan balance was reduced to an interest rate of 6.625%, compared to its prior rate of 12%. These two offerings resulted in net proceeds of approximately $283 million after deducting underwriting discounts and commissions, but before expenses.

On February 16, 2021, the Company prepaid $167.1 million towards the outstanding revolving credit facility, reducing the outstanding borrowing balance to zero.

On March 4, 2021, the Company amended its Credit Agreement to, among other things, reduce its revolving borrowing availability to zero and its letter of credit availability to $130 million. On March 4, 2021 the Company also paid $21.8 million of accrued and deferred bank fees and $75 million towards its existing Tranche A last out term loan.

At March 31, 2021, the Company had total gross debt of $233.3 million and an unrestricted cash balance of $53.8 million.

On March 31, 2021, the Company entered into an at-the-market ("ATM") sales agreement with B. Riley Securities, Inc. in which the Company may sell, from time to time, up to an aggregated principal amount of $150 million of 8.125% senior notes due 2026 to or through B. Riley Securities, Inc. As of May 10, 2021, the Company has received $10.7 million of net cash proceeds after commission and fees through this ATM agreement.

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, par value $0.01 per share with a liquidation preference of $25.00 per share (the “Preferred Stock”), at an offering price of $25.00, 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. The Company granted the underwriters a 30-day option to purchase up to an additional 600,000 shares of the Preferred Stock in connection with the offering, which option remains in effect. On May 10, 2021, the Company amended its Credit Agreement to, among other things, permit payment of dividends on the Preferred Stock and permit certain future issuances of Preferred Stock to B. Riley in exchange for deemed prepayment of amounts outstanding under the Credit Agreement.

Taking into account the effect of the ATM net proceeds as of May 10, 2021 and the net proceeds from the preferred stock offering closed on May 7, 2021, pro-forma total gross debt and unrestricted cash at March 31, 2021 would be $243.9 million and $160.2 million, respectively.

In addition, as previously disclosed, based on the performance of the Company's domestic qualified pension plan and as a result of the passage of the U.S. American Rescue Plan Act, the minimum required funding contributions through 2026 have been reduced by $133 million, compared to the Company's previous expectation for the period from 2021 to 2026. The current total minimum required funding contribution from 2021 to 2026 is approximately $9 million, of which approximately $5.5 million was paid in the first quarter of 2021; the remainder is expected to be paid in 2022. These numbers are subject to change with the performance of the pension fund investments.

Cost Savings Measures Continuing

In addition to the $127 million of cost savings initiatives previously disclosed, the Company implemented approximately $6 million of additional cost savings initiatives in the first quarter of 2021, for a total of $133 million. The Company has also identified an incremental $8.4 million of cost savings 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, May 13, 2021 at 8 a.m. ET to discuss the Company’s first 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 2970079. 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, mark to market ("MTM") pension adjustments, restructuring and spin costs, impairments, losses on debt extinguishment, costs related to financial consulting required under the U.S. Revolving Credit Facility 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, the Company’s A&R Credit Agreement; 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 report on Form 10-Q for the quarter ended March 31, 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
330.860.1345 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Launch FracSense; Improving Decision Making for Oil & Gas Operators

ROANOKE, Va.--(BUSINESS WIRE)--#Luna--Luna Innovations (NASDAQ: LUNA), a global leader in advanced optical technology, today announced an important partnership between its OptaSense business and Liberty Oilfield Services. The strategic partnership is introducing FracSense^TM, a diagnostic service to help engineering professionals at our oil & gas customers acquire more accurate diagnostic information, ultimately leading to optimized hydrocarbon production.

“The formation of this alliance with Liberty is an important step in capturing a significant opportunity in the oil and gas market,” said Luna Innovations CEO, Scott Graeff. “Fiber-optic sensing technology provides operators the ability to gather key data while improving their overall asset economics. We are excited to work with our partners and customers to deliver this cutting-edge technology.”

Launched in partnership with Liberty, the diagnostics service utilizes real-time fiber optic measurements to monitor the fracture treatment process in wells. Capturing high resolution, real-time data allows operators to course correct, improving fracture length and fracture-height model calibration as well as evaluating effective well spacing. Additionally, since the fiber can be deployed into new or existing wells, the technology can also be used to profile production.

James Pollard, Managing Director of OptaSense, a Luna company, stated, “The ability to optimize frac design based on reservoir and production response will deliver considerable value. OptaSense’s fiber-optic measurements, delivering real-time data and visualization, along with Liberty’s hydraulic fracturing stimulation and completion design expertise, will help operators maximize resource recovery in their reservoirs.”

“FracSense is our latest service offering, which strengthens our existing portfolio of fracture engineering technologies,” said Liberty CEO, Chris Wright. “This allows our renowned technical team to provide best-in-class fracture diagnostics and modeling to help our customers with completion design optimization and extract maximum value from their resource.”

About Luna
Luna Innovations (NASDAQ: LUNA) is a leader in optical technology, committed to serving its customers with unique capabilities in high-performance, fiber-optic-based sensing, measurement, testing and control products for the aerospace, transportation, infrastructure, security, process control, communications, silicon photonics, defense, and automotive industries, among others. Luna is organized into two business segments, which work closely together to turn ideas into products: Lightwave and Luna Labs. Enabling the future with fiber, Luna’s business model is designed to accelerate the process of bringing new and innovative technologies to market. www.lunainc.com

About OptaSense
OptaSense, a Luna company, is the world leader in Distributed Acoustic Sensing and operates in 40 countries globally across multiple industries including Oil & Gas, Defense & Security, Transport and Utilities. OptaSense (optasense.com) technology is currently being used to monitor more than 25,000 km of assets around the globe, including oil and gas pipelines, security perimeters and international borders.

About Liberty
Liberty Oilfield Services (NYSE: LBRT) is a leading North American oilfield services firm that offers one of the most innovative suites of completion services and technologies to onshore oil and natural gas exploration and production companies. Liberty was founded in 2011 with a relentless focus on developing and delivering next generation technology for the sustainable development of unconventional energy resources in partnership with our customers. Liberty is headquartered in Denver, Colorado. For more information about Liberty, please contact Investor Relations at This email address is being protected from spambots. You need JavaScript enabled to view it..

Forward-Looking Statements
The statements in this release that are not historical facts constitute “forward-looking statements” made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. These statements include Luna’s expectations regarding technological capabilities and potential performance improvements, or value related to its technology and/or products. Management cautions the reader that these forward-looking statements are only predictions and are subject to a number of both known and unknown risks and uncertainties, and actual results, performance, and/or achievements of Luna may differ materially from the future results, performance, and/or achievements expressed or implied by these forward-looking statements as a result of a number of factors. These factors include, without limitation, changes in market needs and technological challenges and other risks and uncertainties set forth in Luna’s periodic reports and other filings with the Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov and on Luna’s website at www.lunainc.com. The statements made in this release are based on information available to Luna as of the date of this release and Luna undertakes no obligation to update any of the forward-looking statements after the date of this release.

Allison Woody
Phone: 540-769-8465
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

DALLAS--(BUSINESS WIRE)--Accelerate Real Asset Management announced today it has launched a new joint venture to invest in renewable energy infrastructure. Activate Renewables will acquire real estate and royalty interests associated with utility-scale solar, wind and energy storage facilities located across the United States.

Activate will focus on the acquisition of real property interests directly from landowners and will also provide capital solutions for developers looking for a differentiated and low-cost source of financing. Activate holds a flexible mandate to invest across the life cycle of high-quality renewable energy projects and portfolios.

“We are excited to expand our successful investing blueprint into powering the new economy,” said Brennan Potts, CEO of Accelerate. “Activate is well positioned to deliver differentiated results and we are confident in our ability to offer an attractive cost of capital to landowners and renewable energy developers.”

Activate Renewables will execute a multi-year business plan to aggregate its target acquisitions into a diversified, cash-flowing portfolio of scale. The joint venture will be supported by Accelerate Real Asset Management, which will manage and execute the business plan. Activate will leverage Accelerate’s track record of aggregating financial-oriented real assets through its proprietary process and technology. Mr. Potts will continue serving as CEO of Accelerate and its other business lines.

Activate will be funded by an initial capital commitment of $500 million through a joint venture with an undisclosed institutional investor. Additional details of the transaction are not disclosed.

About Activate Renewables

Activate Renewables is committed to powering new economy investments through the acquisition of real estate and royalty interests associated with utility-scale wind, solar and energy storage facilities located across the United States. For more information, please visit www.activate-renewables.com.

About Accelerate Real Asset Management

Accelerate Real Asset Management is a growth-oriented real asset platform driven to deliver impactful value for stakeholders, our community, and the planet by deploying a next-generation approach to investments that power the new economy with $800 million of capital commitments under management. For more information, please visit www.we-are-accelerate.com.

Gayle Goodman; PR for Accelerate; (214) 415-9694; This email address is being protected from spambots. You need JavaScript enabled to view it.

Cargo Shipping Company Signs Subscription Agreement for StowMan Vessel Pool

OAKLAND, Calif, & FLENSBURG, Germany--(BUSINESS WIRE)--Navis, the leading provider of maritime software solutions for efficient and compliant cargo, stowage planning and vessel performance, announced King Ocean Services Ltd. has signed a subscription agreement with Navis’ StowMan Vessel Pool to increase their stowage operations’ efficiency which will positively impact their bottom line.

King Ocean Services is among the market leaders in the regional niche trade lanes in which it serves - most prominent are services from South Florida to Colombia, the Dominican Republic, Aruba, Curacao and the Antillean Islands. As stowage operations are one of the most fundamental practices for ocean carriers because efficient stowage operations have a direct impact on making daily business safer and more profitable, it was a priority for King Ocean Services to find a solution to optimize its stowage operations. They selected Navis’ StowMan Vessel Pool solution to meet their needs and help them reach their business goals with the leading stowage software in the market.

“With the increasing complexity and volume of the global seaborne trade, it is highly vital to operate with innovative and futuristic solutions that will help us increase our value-added operations and remain competitive in the industry,” said Franco Da Costa Gomez, CFO at King Ocean Services Ltd. “With Vessel Pool, our planners will be able to swap ship profiles easily without being trapped in intensively time consuming administrative processes. As a result, we will not solely save a significant amount of time, but will also increase our stowage operations’ cost effectiveness.”

Vessel Pool empowers planners and stowage operations to be less dependent on third parties which particularly paves the way for replacing the antiquated methods of working and purchasing ship profiles. This helps planners save time and ocean carriers reduce operational costs. Additionally, planners gain full visibility of any ship profile that is in the Navis database - which holds 65% of the container market share - and the rich Navis StowMan database also allows planners to always work with up-to-date ship profiles. Thus giving ocean carriers best practices on increasing efficiency of their stowage operations with holistic and contemporary solutions.

“Ensuring efficient stowage operations may be far more complex and challenging than one thinks, due to antiquated methods as well as fast-growing and demanding nature of the global seaborne trade. In order to address the needs of ocean carriers, we have continuously enhanced our StowMan stowage solution,” said Jacques Marchetti, General Manager of EMEA at Navis. “As a result, we are able to leverage more efficient stowage operations with StowMan’s Vessel Pool solution/module which ultimately helps ocean carriers save operational costs.”

To learn more, visit the Navis Carrier and Vessel Solutions page.

About Navis, LLC

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

About Cargotec Corporation

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

Ekinsu Rudek
Navis, LLC
T+49 461 430 41 318
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Geena Pickering
Affect
T+1 212 398 9680
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