Business Wire News

  • Dow and X-energy sign joint development agreement to develop a four-unit Xe-100 facility at one of Dow’s U.S. Gulf Coast sites
  • United States Department of Energy makes Dow a subawardee under X-energy’s Advanced Reactor Demonstration Program Cooperative Agreement
  • Dow and X-energy to develop and license technology applicable to other industrial customers

ROCKVILLE, Md. & MIDLAND, Mich.--(BUSINESS WIRE)--$AAC #AdvancedNuclear--Dow (NYSE: DOW), the world’s leading materials science company, and X-Energy Reactor Company, LLC (“X-energy”), a leading developer of advanced nuclear reactors and fuel technology for clean energy generation, announced today their entry into a joint development agreement (“JDA”) to demonstrate the first grid-scale advanced nuclear reactor for an industrial site in North America.


As a subawardee under the U.S. Department of Energy’s (“DOE”) Advanced Reactor Demonstration Program (“ARDP”) Cooperative Agreement with X-energy, Dow intends to work with X-energy to install their Xe-100 high-temperature gas-cooled reactor (“HTGR”) plant at one of Dow’s U.S. Gulf Coast sites, providing the site with safe, reliable, low-carbon power and steam within this decade. The JDA includes up to $50 million in engineering work, up to half of which is eligible to be funded through ARDP, and the other half by Dow. The JDA work scope also includes the preparation and submission of a Construction Permit application to the U.S. Nuclear Regulatory Commission (“NRC”).

“The utilization of X-energy’s fourth generation nuclear technology will enable Dow to take a major step in reducing our carbon emissions while delivering lower carbon footprint products to our customers and society,” said Jim Fitterling, Dow chairman and CEO. “The collaboration with X-energy and the DOE will serve as a leading example of how the industrial sector can safely, effectively and affordably decarbonize.”

Working with DOE and subject to its review and approval, Dow and X-energy expect to finalize site selection in 2023. The parties intend to perform further ARDP-related work under the JDA as the project progresses. Additionally, the companies have agreed to develop a framework to jointly license and utilize the technology and learnings from the project, which would enable other industrial customers to effectively utilize Xe-100 industrial low carbon energy technology.

“Today’s announcement demonstrates the commercial versatility of the Xe-100 and is an important milestone for the future of advanced nuclear and carbon-free energy around the world. X-energy’s collaboration with Dow brings added significance because of the immense opportunity to further reduce emissions in the energy-intensive industrial sector,” said X-energy CEO J. Clay Sell. “From the beginning to the end of the supply chain, our technology can supply both power and heat to businesses in most sectors of the economy to help limit their carbon footprint. We are thrilled to work with Dow to deliver a successful project and illustrate the broad, highly flexible applications of X-energy’s proprietary nuclear energy technology.”

X-energy is a leading developer of a more advanced small modular reactor (“SMR”) and proprietary fuel for carbon-free and reliable baseload power production. Unlike existing light water and other small modular reactors, X-energy’s HTGR technology can also support broad industrial use applications through its high-temperature heat and steam output that can be integrated into and address the needs of both large and regional electricity and/or industrial manufacturing systems. The four-reactor Xe-100 nuclear plant will provide a Dow facility with cost-competitive, low carbon process heat and power to make essential products used by consumers and businesses every day. Importantly, X-energy’s innovative and simplified modular design is road-shippable and intended to drive scalability, accelerate construction timelines and create more predictable and manageable construction costs.

X-energy was selected by DOE in 2020 to receive up to $1.2 billion under the ARDP in federal cost-shared funding to develop, license, build, and demonstrate an operational advanced reactor and fuel fabrication facility by the end of the decade. Since that award, X-energy has completed the engineering and basic design of the nuclear reactor, advanced development of a fuel fabrication facility in Oak Ridge, Tennessee, and is preparing to submit an application for licensure to the NRC.

Dow

Dow (NYSE: DOW) combines global breadth; asset integration and scale; focused innovation and materials science expertise; leading business positions; and environmental, social and governance leadership to achieve profitable growth and help deliver a sustainable future. The Company's ambition is to become the most innovative, customer centric, inclusive and sustainable materials science company in the world. Dow's portfolio of plastics, industrial intermediates, coatings and silicones businesses delivers a broad range of differentiated, science-based products and solutions for its customers in high-growth market segments, such as packaging, infrastructure, mobility and consumer applications. Dow operates manufacturing sites in 31 countries and employs approximately 37,800 people. Dow delivered sales of approximately $57 billion in 2022. References to Dow or the Company mean Dow Inc. and its subsidiaries. ​​​​​​​ For more information, please visit www.dow.com or follow @DowNewsroom on Twitter.

Cautionary Statement about Forward-Looking Statements

Certain statements in this press release are "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as "anticipate," "believe," "estimate," "expect," "intend," "may," "opportunity," "outlook," "plan," "project," "seek," "should," "strategy," "target," "will," "will be," "will continue," "will likely result," "would" and similar expressions, and variations or negatives of these words or phrases.

Forward-looking statements are based on current assumptions and expectations of future events that are subject to risks, uncertainties and other factors that are beyond Dow's control, which may cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements and speak only as of the date the statements were made. These factors include, but are not limited to: sales of Dow's products; Dow's expenses, future revenues and profitability; the continuing global and regional economic impacts of the coronavirus disease 2019 ("COVID-19") pandemic and other public health-related risks and events on Dow's business; any sanctions, export restrictions, supply chain disruptions or increased economic uncertainty related to the ongoing conflict between Russia and Ukraine; capital requirements and need for and availability of financing; unexpected barriers in the development of technology, including with respect to Dow's contemplated capital and operating projects; Dow's ability to realize its commitment to carbon neutrality on the contemplated timeframe; size of the markets for Dow's products and services and ability to compete in such markets; failure to develop and market new products and optimally manage product life cycles; the rate and degree of market acceptance of Dow's products; significant litigation and environmental matters and related contingencies and unexpected expenses; the success of competing technologies that are or may become available; the ability to protect Dow's intellectual property in the United States and abroad; developments related to contemplated restructuring activities and proposed divestitures or acquisitions such as workforce reduction, manufacturing facility and/or asset closure and related exit and disposal activities, and the benefits and costs associated with each of the foregoing; fluctuations in energy and raw material prices; management of process safety and product stewardship; changes in relationships with Dow's significant customers and suppliers; changes in consumer preferences and demand; changes in laws and regulations, political conditions or industry development; global economic and capital markets conditions, such as inflation, market uncertainty, interest and currency exchange rates, and equity and commodity prices; business or supply disruptions; security threats, such as acts of sabotage, terrorism or war, including the ongoing conflict between Russia and Ukraine; weather events and natural disasters; and disruptions in Dow's information technology networks and systems; and risks related to Dow's separation from DowDuPont Inc. such as Dow's obligation to indemnify DuPont de Nemours, Inc. and/or Corteva, Inc. for certain liabilities.

Where, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. A detailed discussion of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements is included in the section titled "Risk Factors" contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2022 and the Company's subsequent Quarterly Reports on Form 10-Q. These are not the only risks and uncertainties that Dow faces. There may be other risks and uncertainties that Dow is unable to identify at this time or that Dow does not currently expect to have a material impact on its business. If any of those risks or uncertainties develops into an actual event, it could have a material adverse effect on Dow's business. Dow Inc. and TDCC assume no obligation to update or revise publicly any forward-looking statements whether because of new information, future events, or otherwise, except as required by securities and other applicable laws.

About X-Energy Reactor Company, LLC

X-Energy Reactor Company, LLC, is a leading developer of advanced small modular nuclear reactors and fuel technology for clean energy generation that is redefining the nuclear energy industry through its development of safer and more efficient advanced small modular nuclear reactors and proprietary fuel to deliver reliable, zero-carbon and affordable energy to people around the world. X-energy’s simplified, modular, and intrinsically safe SMR design expands applications and markets for deployment of nuclear technology and drives enhanced safety, lower cost and faster construction timelines when compared with other SMRs and conventional nuclear. For more information, visit X-energy.com or connect with us on Twitter or LinkedIn.

As previously announced on December 6, 2022, X-energy entered into a definitive business combination agreement with Ares Acquisition Corporation (NYSE: AAC) (“AAC”), a publicly-traded special purpose acquisition company. Upon the closing of the transaction, which is expected to be completed in the second quarter of 2023, the combined company will be named X-Energy, Inc. and its common equity securities and warrants are expected to be listed on the New York Stock Exchange.

Completion of the transaction is subject to approval by AAC’s shareholders, the Registration Statement being declared effective by the SEC, and other customary closing conditions.

About Ares Acquisition Corporation

AAC is a special purpose acquisition company (SPAC) affiliated with Ares Management Corporation, formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination. AAC is seeking to pursue an initial business combination target in any industry or sector in North America, Europe or Asia. For more information about AAC, please visit www.aresacquisitioncorporation.com.

Additional Information and Where to Find It

In connection with the business combination (the “Business Combination”) with X-energy, AAC filed a registration statement on Form S-4 (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”) on January 25, 2023, which includes a preliminary proxy statement/prospectus to be distributed to holders of AAC’s ordinary shares in connection with AAC’s solicitation of proxies for the vote by AAC’s shareholders with respect to the Business Combination and other matters as described in the Registration Statement, as well as a prospectus relating to the offer of securities to be issued to X-energy equity holders in connection with the Business Combination. After the Registration Statement has been declared effective, AAC will mail a copy of the definitive proxy statement/prospectus, when available, to its shareholders. The Registration Statement includes information regarding the persons who may, under the SEC rules, be deemed participants in the solicitation of proxies to AAC’s shareholders in connection with the Business Combination. AAC will also file other documents regarding the Business Combination with the SEC. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SECURITY HOLDERS OF AAC AND X-ENERGY ARE URGED TO READ THE REGISTRATION STATEMENT, THE PROXY STATEMENT/PROSPECTUS CONTAINED THEREIN, AND ALL OTHER RELEVANT DOCUMENTS FILED OR THAT WILL BE FILED WITH THE SEC IN CONNECTION WITH THE BUSINESS COMBINATION AS THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE BUSINESS COMBINATION.

Investors and security holders will be able to obtain free copies of the Registration Statement, the proxy statement/prospectus and all other relevant documents filed or that will be filed with the SEC by AAC through the website maintained by the SEC at www.sec.gov. In addition, the documents filed by AAC may be obtained free of charge from AAC’s website at www.aresacquisitioncorporation.com or by written request to AAC at Ares Acquisition Corporation, 245 Park Avenue, 44th Floor, New York, NY 10167.

Forward Looking Statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws with respect to the Business Combination, including statements regarding the benefits of the Business Combination, the anticipated timing of the Business Combination, the markets in which X-energy operates and X-energy’s projected future results. X-energy’s actual results may differ from its expectations, estimates and projections (which, in part, are based on certain assumptions) and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. Although these forward-looking statements are based on assumptions that X-energy and AAC believe are reasonable, these assumptions may be incorrect. These forward-looking statements also involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results. Factors that may cause such differences include, but are not limited to: (1) the outcome of any legal proceedings that may be instituted in connection with any proposed business combination; (2) the inability to complete any proposed business combination or related transactions; (3) inability to raise sufficient capital to fund our business plan, including limitations on the amount of capital raised in any proposed business combination as a result of redemptions or otherwise; (4) delays in obtaining, adverse conditions contained in, or the inability to obtain necessary regulatory approvals or complete regulatory reviews required to complete any business combination; (5) the risk that any proposed business combination disrupts current plans and operations; (6) the inability to recognize the anticipated benefits of any proposed business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain key employees; (7) costs related to the proposed business combination; (8) changes in the applicable laws or regulations; (9) the possibility that X-energy may be adversely affected by other economic, business, and/or competitive factors; (10) the ongoing impact of the global COVID-19 pandemic; (11) economic uncertainty caused by the impacts of the conflict in Russia and Ukraine and rising levels of inflation and interest rates; (12) the ability of X-energy to obtain regulatory approvals necessary for it to deploy its small modular reactors in the United States and abroad; (13) whether government funding and/or demand for high assay low enriched uranium for government or commercial uses will materialize or continue; (14) the impact and potential extended duration of the current supply/demand imbalance in the market for low enriched uranium; (15) X-energy’s business with various governmental entities is subject to the policies, priorities, regulations, mandates and funding levels of such governmental entities and may be negatively or positively impacted by any change thereto; (16) X-energy’s limited operating history makes it difficult to evaluate its future prospects and the risks and challenges it may encounter; and (17) other risks and uncertainties separately provided to you and indicated from time to time described in filings and potential filings by X-energy, AAC or X-energy, Inc. with the SEC.

The foregoing list of factors is not exhaustive. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by investors as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of AAC’s Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, the proxy statement/prospectus related to the transaction, when it becomes available, and other documents filed (or to be filed) by AAC from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. These risks and uncertainties may be amplified by the conflict between Russia and Ukraine, rising levels of inflation and interest rates and the ongoing COVID-19 pandemic, which have caused significant economic uncertainty. Forward-looking statements speak only as of the date they are made. Investors are cautioned not to put undue reliance on forward-looking statements, and X-energy and AAC assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities and other applicable laws.

No Offer or Solicitation

This press release is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy, any securities or the solicitation of any vote in any jurisdiction pursuant to the Business Combination or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act.

Participants in the Solicitation

AAC and certain of its directors and executive officers may be deemed to be participants in the solicitation of proxies from AAC’s shareholders, in favor of the approval of the proposed transaction. For information regarding AAC’s directors and executive officers, please see AAC’s Annual Report on Form 10-K, its subsequent Quarterly Reports on Form 10-Q, and the other documents filed (or to be filed) by AAC from time to time with the SEC. Additional information regarding the interests of those participants and other persons who may be deemed participants in the Business Combination may be obtained by reading the Registration Statement and the proxy statement/prospectus and other relevant documents filed with the SEC when they become available. Free copies of these documents may be obtained as described in the preceding paragraph.


Contacts

Dow

Investors:
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Media:
Jarrod Erpelding
+1-989.633.1863
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or
Kyle Bandlow
+1-989.638.2427
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X-energy

Investors:
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Ares Acquisition Corporation

Investors:
Carl Drake and Greg Mason
+1-888-818-5298
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Media:
Jacob Silber
+1-212-301-0376
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HOUSTON--(BUSINESS WIRE)--NRG Energy, Inc. (NYSE:NRG) announced the commencement of an offering of (i) $740.0 million aggregate principal amount of senior secured first lien notes due 2033 (the “Notes”) and (ii) 650,000 shares of Series A Fixed-Rate Reset Cumulative Redeemable Perpetual Preferred Stock (the “Preferred Shares”). The Notes will be senior secured first lien obligations of NRG and will be guaranteed by each of NRG’s current and future subsidiaries that guarantee indebtedness under NRG’s credit agreement. The Preferred Shares will have a $1,000 liquidation preference per share and will not be guaranteed by NRG’s current and future subsidiaries.

NRG intends to use the net proceeds from these offerings to partially fund the purchase price of its previously announced acquisition (the “Acquisition”) of Vivint Smart Home, Inc. (“Vivint”), pursuant to the previously disclosed Agreement and Plan of Merger, dated December 6, 2022, by and among NRG, a subsidiary of NRG and Vivint, and to pay fees and expenses relating to the Acquisition.

The Notes, related guarantees and the Preferred Shares are being offered only to qualified institutional buyers in reliance on Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, outside the United States, to persons other than “U.S. persons” in compliance with Regulation S under the Securities Act. The Notes, related guarantees and the Preferred Shares have not been registered under the Securities Act or the securities laws of any other jurisdiction and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release does not constitute an offer to sell any security, including the Notes and the Preferred Shares, nor a solicitation for an offer to purchase any security, including the Notes and the Preferred Shares. NRG does not intend to file a registration statement for the resale of the Notes or the Preferred Shares.

About NRG

NRG Energy is a leading energy and home services company powered by people and our passion for a smarter, cleaner, and more connected future. A Fortune 500 company operating in the United States and Canada, NRG delivers innovative solutions that help people, organizations, and businesses achieve their goals while also advocating for competitive energy markets and customer choice.

Forward-Looking Statements

This communication contains forward-looking statements that may state NRG’s or its management’s intentions, beliefs, expectations or predictions for the future. Such forward-looking statements are subject to certain risks, uncertainties and assumptions, and typically can be identified by the use of words such as “will,” “expect,” “estimate,” “anticipate,” “forecast,” “plan,” “believe” and similar terms. Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to have been correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated above include, among others, risks and uncertainties related to the capital markets generally and whether NRG will offer the Notes and Series A Preferred Shares or consummate the offering, the anticipated terms of the Notes and Series A Preferred Shares and the anticipated use of proceeds.

The foregoing review of factors that could cause NRG’s actual results to differ materially from those contemplated in the forward-looking statements included herein should be considered in connection with information regarding risks and uncertainties that may affect NRG’s future results included in NRG’s filings with the SEC at www.sec.gov.


Contacts

Investors:
Kevin L. Cole, CFA
609.524.4526
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Media:
Laura Avant
713.537.5437
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BARCELONA, Spain--(BUSINESS WIRE)--Wallbox N.V. (NYSE:WBX), a leading provider of electric vehicle (EV) charging and energy management solutions worldwide, today announced its financial results for the fourth quarter and full year ended December 31, 2022 and provided a business update.


Full Year 2022 Highlights:

  • Opened two new state of the art factories, one in Arlington, Texas, the other in Barcelona, Spain
  • Sold more than 230,000 chargers worldwide
  • Acquired two attractive companies, ARES Electronics and Coil, Inc.
  • Launched Supernova, a new public DC fast charger
  • Generated record revenues of €147 million, an increase of more than 100% compared to 2021, and achieved gross margins1 of 40.5%
  • Announced strategic partnerships with, among others, Nissan, Fisker, Uber, BestBuy, and Lyft to provide chargers and installation services to their customers.

Fourth Quarter 2022 Highlights:

  • Secured letters of intent totaling nearly $30 million for Hypernova, the company's 400kW DC fast charging station designed to satisfy current U.S. government subsidy requirements.
  • Generated revenues of €37.3 million, an increase of 44% compared to the fourth quarter of 2021 and again exceeding the global EV market growth
  • Delivered exceptional revenue growth of 425% in North America
  • Raised €43.5 million through the sale of common shares to private investors including company management, board members, and strategic partners.

Executive Commentary

Enric Asuncion, CEO of Wallbox, said, “2022 was an eventful year for us, doubling the size of our business, opening two new factories, completing several acquisitions, launching new products, and forging exciting new partnerships. However, EV deliveries in Europe were challenged by multiple factors, including disruptive economic and geopolitical events. And while our results came in slightly shy of the expected range, consistently growing our business in excess of the market is a testament to the strength of our portfolio and operations.”

Mr. Asuncion continued, “Looking forward, the business environment in the near-term remains complex, and industry sources have once again revised European EV forecasts down for 2023, but we remain constructive on the underlying fundamentals of the market and our competitive position. To ensure we are best positioned for the massive wave of charging infrastructure needed in the future, we are focused on optimizing our business today, conserving cash, and achieving profitability so that we are able to offer customers best in class solutions, while creating value for shareholders.”

Financial Outlook

The following reflects the company’s expectations for select key financial metrics for the first quarter and full year 2023.

First Quarter 2023

  • Expect first quarter 2023 revenue between €35 million and €40 million, representing an approximate quarterly year-over-year growth rate between 25% and 45%
  • Expect gross margin flat sequentially

Full year 2023

  • Expect full-year 2023 revenue between €240 million and €290 million, representing an approximate annual year-over-year growth rate between 60% and 100%
  • Expect gross margin of approximately 38%

Conference Call Information

Wallbox NV will host a conference call to discuss the results and provide a business update at 8:00 AM Eastern Time today, March 1, 2022. The live audio webcast and accompanying presentation, will be accessible on Wallbox’s Investor Relations website at https://investors.wallbox.com/overview/default.aspx. A recording of the webcast will also be available following the conference call.

Fourth Quarter 2022 Unaudited Financial Results

Wallbox N.V.
Abbreviated Income Statement – EUR

Consolidated Statements of Profit or Loss Data

 

 

 

(In thousand Euros)

 

 

 

 

Year Ended
December 31

Quarter Ended
December 31

 

2022

2021

Q4 2022

 

 

 

 

Revenue

146,971

71,579

37,305

Changes in inventories and raw materials and consumables used

(87,485)

(44,253)

(24,002)

Employee benefits

(87,590)

(29,666)

(22,472)

Other operating expenses

(91,555)

(43,405)

(26,741)

Amortization and depreciation

(18,890)

(8,483)

(6,833)

Net other income

1,844

656

(606)

Operating Loss

(136,705)

(53,572)

(43,349)

 

 

 

 

One off expenses

-

8,046

-

Employee Stock Options Plan

31,401

2,455

6,826

Amortization and depreciation

18,890

8,483

6,833

Other income

(1,844)

(656)

606

Adjusted EBITDA

(88,258)

(35,245)

(29,084)

Adjusted EBITDA is defined as loss for the year before depreciation and amortization, income tax credits, and financial income and interest expense further adjusted to take account of the impact of certain non-cash and other items that we do not consider in our evaluation of ongoing operating performance. These non-cash and other items include, but not are limited to; change in fair value of convertible bonds and derivative warrants, share listing expenses, foreign exchange gains and losses, share based payments expense and other one-off expenses/income related to special operations.

Wallbox N.V.
Cash & Cash Equivalents – EUR

Cash and Cash Equivalents

 

 

 

(In thousand Euros)

 

 

 

 

Year Ended December 31

 

2022

 

2021

Cash and cash equivalents

83,308

 

113,865

Financial Investments (1)

5,158

 

56,982

 

 

 

 

Cash, cash equivalents and Financial Investments at 31 December

88,466

 

170,847

 

 

 

 

(1) Financial Investments are included in Other current financial assets

 

 

 

Wallbox N.V.
Investments in PP&E and Long-term Borrowings - EUR

Investments and Long-term Borrowings

 

 

 

(In thousand Euros)

Year Ended December 31

 

 

2022

 

2021

Investments in Property, plant and equipment and Intangible Assets

 

 

 

 

 

 

 

 

 

Property, plant and equipment

36,262

 

20,945

 

Intangible assets - excluding R&D (salaries capitalized)

9,431

 

7,978

 

 

 

 

 

Total Investments in Property, plant and equipment and Intangible Assets

45,693

 

28,923

 

 

 

 

 

Total Loans and borrowings long term

44,359

 

17,577

Wallbox Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the “Securities Act”) and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). All statements contained in this press release other than statements of historical fact should be considered forward-looking statements, including, without limitation, statements regarding Wallbox’s future operating results and financial position, business strategy and plans, market growth and objectives for future operations. The words “anticipate,” “believe,” “can,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “”target,” will,” “would” and similar expressions are intended to identify forward-looking statements, though not all forward-looking statements use these words or expressions. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: Wallbox’s history of operating losses as an early stage company; the adoption and demand for electric vehicles including the success of alternative fuels, changes to rebates, tax credits and the impact of government incentives; Wallbox’s ability to successfully manage its growth; the accuracy of Wallbox’s forecasts and projections including those regarding its market opportunity; competition; risks related to health pandemics including those of COVID-19; losses or disruptions in Wallbox’s supply or manufacturing partners; impacts resulting from the conflict between Russia and Ukraine; risks related to macro-economic conditions and inflation; Wallbox’s reliance on the third-parties outside of its control; risks related to Wallbox’s technology, intellectual property and infrastructure; as well as the other important factors discussed under the caption “Risk Factors'' in Wallbox’s Post-Effective Amendment No. 3 to Wallbox’s Registration Statement on Form F-1 (File No. 333-260652) filed on September 28, 2022 and Wallbox’s Registration Statement on Form F-3 (File No. 333-268792) filed on December 14, 2022, as such factors may be updated from time to time in its other filings with the Securities and Exchange Commission (the “SEC”), accessible on the SEC’s website at www.sec.gov and the Investors Relations section of Wallbox’s website at investors.wallbox.com. Any such forward-looking statements represent management’s estimates as of the date of this press release. Any forward-looking statement that Wallbox makes in this press release speaks only as of the date of such statement. Except as required by law, Wallbox disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.

Non-IFRS Financial Measures

Wallbox reports its financial information required in accordance with IFRS. This release includes financial measures not based on IFRS, including Adjusted EBITDA (the “Non-IFRS Measures”).

Wallbox defines Adjusted EBITDA as net income (loss) before depreciation and amortization, provision (benefit) for income taxes and interest expense adjusted to take account of the impact of certain non-cash and other items that we do not consider in our evaluation of our ongoing operating performance. These non-cash and other items include, but not are limited to: change in fair value of convertible bonds and derivative warrants, share listing expenses, foreign exchange gains/(losses), share based payment expenses, costs relating to the business combination, other items outside the scope of our ordinary activities and share of profit of equity-accounted investees. Management uses these Non-IFRS Measures as measurements of operating performance because they assist management in comparing the Company’s operating performance on a consistent basis, as they remove the impact of items not directly resulting from the Company’s core operations; for planning purposes, including the preparation of management’s internal annual operating budget and financial projections; to evaluate the performance and effectiveness of our strategic initiatives; and to evaluate the Company’s capacity to fund capital expenditures and expand its business.

The Non-IFRS Measures may not be comparable to similar measures disclosed by other companies, because not all companies and analysts calculate these measures in the same manner. We present the Non-IFRS Measures because we consider them to be important supplemental measures of our performance, and we believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies. Management believes that investors’ understanding of our performance is enhanced by including the Non-IFRS Measures as a reasonable basis for comparing our ongoing results of operations. By providing the Non-IFRS Measures, together with reconciliations to IFRS, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives.

Items excluded from the Non-IFRS Measures are significant components in understanding and assessing financial performance. The Non-IFRS Measures have limitations as analytical tools and should not be considered in isolation, or as an alternative to, or a substitute for loss for the year, revenue or other financial statement data presented in our consolidated financial statements as indicators of financial performance. Some of the limitations are: such measures do not reflect revenue related to fulfillment, which is necessary to the operation of our business; such measures do not reflect our expenditures, or future requirements for capital expenditures or contractual commitments; such measures do not reflect changes in our working capital needs; such measures do not reflect our share based payments, income tax benefit/(expense) or the amounts necessary to pay our taxes; although depreciation and amortization are not included in the calculation of Adjusted EBITDA, the assets being depreciated and amortized will often have to be replaced in the future and such measures do not reflect any costs for such replacements; and other companies may calculate such measures differently than we do, limiting their usefulness as comparative measures.

Due to these limitations, Adjusted EBITDA should not be considered as a measure of discretionary cash available to us to invest in the growth of our business and are in addition to, not a substitute for or superior to, measures of financial performance prepared in accordance with IFRS. In addition, the Non-IFRS Measures we use may differ from the non-IFRS financial measures used by other companies and are not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. Furthermore, not all companies or analysts may calculate similarly titled measures in the same manner. We compensate for these limitations by relying primarily on our IFRS results and using the Non-IFRS Measures only as supplemental measures.

A reconciliation of the Company’s Adjusted EBITDA guidance to the most directly comparable IFRS financial measure cannot be provided without unreasonable efforts and is not provided herein because of the inherent difficulty in forecasting and quantifying certain amounts that are necessary for such reconciliations, including adjustments that are made for future changes in the fair value of cash-settled share-based payment liabilities; foreign exchange gains/(losses) and the other adjustments reflected in our reconciliation of historical non-IFRS financial measures, the amounts of which, could be material.

About Wallbox

Wallbox is a global technology company, dedicated to changing the way the world uses energy. Wallbox creates advanced electric vehicle charging and energy management systems that redefine users' relationship to the grid. Wallbox goes beyond electric vehicle charging to give users the power to control their consumption, save money, and live more sustainably. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public and public use in more than 113 countries around the world. Founded in 2015 and headquartered in Barcelona, the company now employs more than 1,250 people in its offices in Europe, Asia, and the Americas. For additional information, please visit www.wallbox.com.

1 Gross margin is defined as revenue less changes in inventory, raw materials and other consumables used divided by revenues.


Contacts

Wallbox Public Relations Contact:
Elyce Behrsin
Public Relations
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+34 673 310 905

Wallbox Investor Contact:
Matt Tractenberg
VP, Investor Relations
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+1 404-574-1504

HOUSTON--(BUSINESS WIRE)--Cactus, Inc. (NYSE: WHD) and its affiliates (“Cactus” or the “Company”) today announced the completion of the acquisition of FlexSteel Holdings, Inc. and certain of its affiliates (“FlexSteel”).

In connection with the acquisition, Cactus amended and restated its existing credit facility to provide for a term loan of $125 million and $225 million in revolving commitments. Upon closing, $30 million has been drawn on the revolving portion of the facility in addition to funding the $125 million term loan.

Scott Bender, President and CEO of Cactus, commented, “We believe the acquisition of FlexSteel offers a unique opportunity for Cactus and enhances our position as a premier manufacturer of spoolable pipe technologies delivered directly to our industry’s end-users. We are excited about the ability to add these specialized products, technologies and associates to the Cactus family.”

About Cactus, Inc.

Cactus designs, manufactures, sells and rents a range of highly engineered wellhead, pressure control and spoolable pipe technologies. Its products are sold and rented principally for onshore unconventional oil and gas wells and are utilized during the drilling, completion and production phases of its customers’ wells. In addition, it provides field services for its products and rental items to assist with the installation, maintenance and handling of the equipment. Cactus operates service centers throughout North America and Australia, while also providing equipment and services in select international markets.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Cactus’ control, that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Forward-looking statements can be identified by the use of forward-looking terminology including “may,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “continue,” “potential,” “will,” “hope” or other similar words and include the Company’s expectation of future performance contained herein. These statements discuss future expectations, may contain projections of results of operations or of financial condition, or state other “forward-looking” information. You are cautioned not to place undue reliance on any forward-looking statements, which can be affected by assumptions used or by risks or uncertainties, including unanticipated challenges relating to the FlexSteel transaction following the completion of the acquisition. Consequently, no forward-looking statements can be guaranteed. When considering these forward-looking statements, you should keep in mind the risk factors and other factors noted in the Company’s Annual Report on Form 10-K, any Quarterly Reports on Form 10-Q and the other documents that the Company files with the Securities and Exchange Commission. The risk factors and other factors noted therein could cause actual results to differ materially from those contained in any forward-looking statement. Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Cactus does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.


Contacts

Cactus, Inc.
John Fitzgerald, 713-904-4655
Director of Corporate Development and Investor Relations
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Divert plans infrastructure expansion across North America to decarbonize the food value chain and combat climate change

WEST CONCORD, Mass.--(BUSINESS WIRE)--#Divert--Divert Inc., a leading impact technology company on a mission to Protect the Value of Food™, today announced a $1 billion infrastructure development agreement with Enbridge Inc. (NYSE: ENB) (“Enbridge”), solidifying the company’s leadership in solving the wasted food crisis and delivering on its mission to decarbonize the food value chain and combat climate change.


In addition, Divert secured $80 million in growth equity from Enbridge and also $20 million led by current investor Ara Partners.

A transformative investment for the industry, the $1 billion infrastructure agreement will support the development of wasted food to renewable natural gas (RNG) facilities across North America. This will accelerate Divert’s expansion of anaerobic digestion facilities to sustainably convert wasted food into clean renewable energy, with the potential to offset up to nearly 400,000 metric tons of carbon dioxide annually.

Divert plans to scale its facilities to every major geographic region in the U.S. to be within 100 miles of 80% of the U.S. population in the next eight years. New wasted food to RNG facilities will also be considered for Canada.

“The infrastructure development agreement with Enbridge marks a major turning point in the battle against the wasted food crisis,” said Ryan Begin, CEO and co-founder, Divert. “For 16 years, Divert has been at the forefront of efforts to prevent wasted food nationwide and this new funding will serve as a catalyst to address this pervasive problem at scale. As one of North America's largest energy infrastructure companies, Enbridge will play a critical role in the continued development of our transformative technologies and infrastructure.”

“Enbridge’s agreement with Divert represents a historic commitment from the company in advancing technologies and solutions that achieve a cleaner energy future,” said Caitlin Tessin, Vice President Strategy & Market Innovation, Enbridge. “Divert has emerged as a leader in creatively managing wasted food and our partnership aligns with Enbridge’s priorities in pioneering RNG as an effective solution to achieve net-zero greenhouse gas emissions.”

The U.S. alone generates more than 100 million tons of wasted food annually, with over 50% going to landfills or incinerators. Moreover, wasted food contributes up to 10% of global greenhouse gas emissions. Since 2007, Divert has been leading the fight in taking on this crisis, delivering meaningful social and environmental impact for its stakeholders through its advanced technologies, logistics, and sustainable infrastructure.

“We are fortunate to have amazing national retail and funding partners supporting our journey to transform the food value chain,” said Nick Whitman, co-founder and COO, Divert. “Enbridge shares our vision to build data-centric, transformational infrastructure to combat wasted food, generate renewable energy, and strengthen our communities and environment.”

The agreements come on the heels of significant growth and several major milestones for the company. Divert expanded its retail customer base by nearly 35% in 2022 to include nearly 5,400 retail stores, with over 1,000 additional stores already contracted in 2023. The company also recently signed an offtake agreement with bp worth approximately $175 million, marking one of the largest known RNG offtake agreements for wasted food digestion in the U.S.

To learn more about Divert, visit: www.divertinc.com.

About Divert, Inc.

Divert is an impact technology company on a mission to Protect the Value of Food™. Founded in 2007, the company creates advanced technologies and sustainable infrastructure to eliminate wasted food, driving social and environmental impact. Divert provides an end-to-end solution that prevents waste by maximizing the freshness of food, recovers edible food to serve communities in need, and converts wasted food into renewable energy. The company works with five Fortune 100 companies and nearly 5,400 retail stores across the U.S., helping food retailers to reach their sustainability goals. For more information on Divert, please visit www.divertinc.com.


Contacts

Media
Caroline Legg
Director of Public Relations
(203) 313-4228
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System-in-Package Yields Compact, Cost-Effective, Faster-to-Market Solution for USB-C PD Adapters and Other Low Power Applications

Transphorm to Showcase in Booth #853 at 2023 Applied Power Electronics Conference

GOLETA, Calif. & HSINCHU, Taiwan--(BUSINESS WIRE)--$TGAN #5G--Transphorm, Inc. (Nasdaq: TGAN)—a pioneer in and a global supplier of high reliability, high performance gallium nitride (GaN) power conversion products—and Weltrend Semiconductor Inc. (TWSE: 2436), the global leader in adapter USB Power Delivery (PD) Controller Integrated Circuits (ICs), today announced the release of their first GaN System-in-Package (SiP).


The WT7162RHUG24A is an integrated circuit designed for use in 45 to 100 watt USB-C PD power adapters charging smartphones, tablets, laptops, and other smart devices. It offers peak power efficiency of greater than 93%. Device samples will be available in the second quarter of 2023.

In addition to bringing a new product to market, this announcement marks another major achievement by Weltrend. This new GaN SiP now shows Weltrend’s commitment to the AC-to-DC power market as they offer a complete system solution using Transphorm’s SuperGaN® technology. For Transphorm, it is another key proof point that validates its GaN devices’ ease of interface and superior performance.

Transphorm will showcase the Weltrend SiP for the first time at the 2023 Applied Power Electronics Conference (APEC) in booth #853. The companies will also release details on the related WTDB_008 65W USB PD Power Adapter Evaluation Board during the event.

“The WT7162RHUG24A is the industry’s first publicly announced SiP using Transphorm GaN. It enables manufacturers to develop a less expensive system solution given fewer components are required and a smaller PCB can be used among other advantages. It also reduces system development time. Effectively, we’re removing design barriers for adapter manufacturers,” said Tony Lin, President, Weltrend. “Notably, this product also allows Weltrend to move into a new market. It is the first-ever SiP for our PWM controllers, validating our commitment to supporting high volume growth sectors. And, with the integration of the GaN FET, we’ve raised the level of performance output. A win for Weltrend, Transphorm, and our mutual customers.”

“The adapter fast charger market is a fast growing segment for GaN adoption today. We are gaining market share and continue to innovate, most recently with this GaN SiP, which allows for even easier use of our GaN devices,” said Primit Parikh, President and COO, Transphorm. “We’re excited to integrate our industry leading SuperGaN platform with Weltrend’s innovative adapter power controller technology. Weltrend has delivered a leading power conversion platform which creates a simple-to-use solution for adapter/fast charger customers that both companies can use to accelerate wins in this market.”

WT7162RHUG24A Specifications and Features

The new SiP integrates Weltrend’s WT7162RHSG08 multi-mode flyback PWM controller with Transphorm’s 240 milliohm, 650 volt SuperGaN® FET. The surface mount device is available in a 24-pin 8x8 QFN package, reducing PCB size. Other key specifications include:

  • Peak Power Efficiency: > 93%
  • Power Density: 26 W/in3
  • Wide Output Voltage Operation: USB-C PD 3.0 and PPS 3.3V~21V
  • Max Frequency: 180 kHz
  • Targeted Topology: Flyback with QR Mode/Valley-switching Multi-mode Operation

Notable features include:

Feature

Advantage

Adjustable turn on/off speed of GaN FET

Increases flexibility of EMI testing and solution operation

External VDD linear regulator circuit not required

Reduces component count

Reduced package parasitics (inductance, resistance, capacitance)

Maximizes chip performance

700V ultra HV Start-up Current pulled directly from Line/Neutral of AC main voltage

Reduces component count

Fits in 8x8 QFN package despite PWM chip addition

Allows for low profile/small system footprint

Target Applications and Availability

The WT7162RHUG24A SiP is optimized for use in high-performance, low-profile USB-C power adapters for mobile/IoT devices such as smartphones, tablets, laptops, headphones, drones, speakers, cameras, and more.

To sample the device, contact This email address is being protected from spambots. You need JavaScript enabled to view it. for availability updates.

About Transphorm

Transphorm, Inc., a global leader in the GaN revolution, designs and manufactures high performance and high reliability GaN semiconductors for high voltage power conversion applications. Having one of the largest Power GaN IP portfolios of more than 1,000 owned or licensed patents, Transphorm produces the industry’s first JEDEC and AEC-Q101 qualified high voltage GaN semiconductor devices. The Company’s vertically integrated device business model allows for innovation at every development stage: design, fabrication, device, and application support. Transphorm’s innovations move power electronics beyond the limitations of silicon to achieve over 99% efficiency, 40% more power density and 20% lower system cost. Transphorm is headquartered in Goleta, California and has manufacturing operations in Goleta and Aizu, Japan. For more information, please visit www.transphormusa.com. Follow us on Twitter @transphormusa and WeChat @ Transphorm_GaN.

About Weltrend Semiconductor Inc.

Founded in 1989 in the "Silicon Valley of Taiwan", the Hsinchu Science Park, Weltrend Semiconductor, Inc. (TWSE: 2436) is a leading fabless semiconductor company specializing in the planning, design, testing, application development, and distribution of mixed-signal/digital IC products in power supplies, motor controls, image processing, and more across multiple applications. For more information, please visit www.weltrend.com.

The SuperGaN mark is a registered trademark of Transphorm, Inc. All other trademarks are the property of their respective owners.


Contacts

Heather Ailara
211 Communications
+1.973.567.6040
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  • Posts Q4 Revenue Growth of 14% to $1.28 Billion; Full-Year Revenues of $5.17 Billion
  • Generates Q4 Net Income of $82.5 Million, or EPS of $1.52, with Adjusted EPS of $1.44; Full-Year Net Income of $411.7 Million, or EPS of $7.56, with Adjusted EPS of $7.15
  • Achieves Q4 Adjusted EBITDA Growth of 29% to $224.2 Million; Generates Full-Year Adjusted EBITDA of $1,022 Million
  • Delivers Full-Year Net Cash from Operating Activities of $626.2 Million and Adjusted Free Cash Flow of $289.9 Million
  • Provides Full-Year 2023 Adjusted EBITDA and Adjusted Free Cash Flow Guidance

NORWELL, Mass.--(BUSINESS WIRE)--Clean Harbors, Inc. (“Clean Harbors”) (NYSE: CLH), the leading provider of environmental and industrial services throughout North America, today announced financial results for the fourth quarter and year ended December 31, 2022.


“We concluded a record 2022 with strong fourth-quarter results, led by our Environmental Services segment,” said Alan S. McKim, Chairman, President and Chief Executive Officer. “Favorable market dynamics continued to drive considerable demand for our disposal and recycling assets, while our broad range of service offerings also performed well in the quarter. Revenues grew $159 million from a combination of pricing and volume. By leveraging that growth and controlling our costs, we delivered Q4 Adjusted EBITDA growth of 29% and improved our margins by 190 basis points from the same period a year ago.”

Fourth-Quarter Results

Revenues increased 14% to $1.28 billion from $1.12 billion in the same period of 2021. Income from operations grew 55% to $127.4 million from $82.2 million in the fourth quarter of 2021.

Net income was $82.5 million, or $1.52 per diluted share. This compared with net income of $49.0 million, or $0.90 per diluted share, for the same period in 2021. Adjusted for certain items in both periods, adjusted net income was $78.5 million, or $1.44 per diluted share, for the fourth quarter of 2022, compared with adjusted net income of $48.6 million, or $0.89 per diluted share, for the same period of 2021. (See reconciliation tables below). Net income and adjusted net income results for the fourth quarter of 2022 included pre-tax integration and severance costs of $0.3 million. Comparable costs in the fourth quarter of 2021 were $8.6 million, reflecting costs associated with the HydroChemPSC acquisition, which was completed in October 2021.

Adjusted EBITDA (see description below) increased 29% to $224.2 million from $174.3 million in the same period of 2021.

Q4 2022 Segment Review

Environmental Services (ES) revenues increased 15% year-over-year, and Adjusted EBITDA in the segment rose 35% resulting in a 22.9% margin for the quarter which represents a 340-basis-point improvement over the prior year quarter,” McKim said. “Utilization of our incinerator network was lower than recent quarters at 84% because of unplanned outages at several locations due to severe weather experienced in December. Volumes of higher-value waste streams and overall incineration demand remained strong resulting in a 21% increase in average incineration pricing from a year ago. Landfill volumes increased 28%, along with a small increase in average pricing, as we continued to capture more remediation and waste projects. Our Industrial Services business performed well in the quarter and closed out the year strong with increased customer needs related to the severe weather. Safety-Kleen Environmental revenue grew more than 20% for the third consecutive quarter; demand for its core offerings has now surpassed pre-pandemic levels. Field Services revenue was up 8% from pricing and branch growth initiatives.

Safety-Kleen Sustainability Solutions (SKSS) revenues grew 9% in the fourth quarter, while Adjusted EBITDA decreased 12% from a year ago,” McKim said. “We experienced a seasonal slowdown in base oil demand in the fourth quarter after a record-breaking third quarter. While our re-refinery spread remained wide, we sold lower volumes of both base oil and blended products as customers depleted their inventories to close out the year. Segment profitability was affected by overall revenue mix and severe weather at multiple locations, which impacted production and resulted in higher costs. We also made investments in the business to accelerate lubricant sales in 2023 and beyond. Waste oil collections were strong in the quarter at 57 million gallons. The new Georgia plant we acquired in June has been running well after initiating multiple throughput enhancements.”

2022 Financial Results

Clean Harbors’ revenues increased 36% to $5.17 billion compared with $3.81 billion in 2021. Income from operations increased 82% to $634.7 million from $347.9 million in 2021.

Net income was $411.7 million, or $7.56 per diluted share, compared with net income of $203.2 million, or $3.71 per diluted share for 2021. Adjusted for certain items in both periods, the Company reported adjusted net income for 2022 of $389.5 million, or $7.15 per diluted share, compared with adjusted net income of $199.6 million, or $3.64 per diluted share, for 2021. (See reconciliation table below). Net income and adjusted net income results for 2022 included pre-tax integration and severance costs of $3.0 million. Comparable costs in 2021 were $19.7 million, with the HPC acquisition representing the largest contributing factor.

Adjusted EBITDA (see description below) increased 51% to $1,022.1 million, compared with Adjusted EBITDA of $676.6 million in 2021, which included $12.0 million of benefits from government assistance programs. The Company generated adjusted free cash flow of $289.9 million in 2022, compared with $326.3 million in 2021. The decrease is largely attributable to higher working capital related to our rapid growth and increased capital expenditures including $45 million of spend associated with the construction of our new incinerator in Nebraska.

“2022 was another terrific year for Clean Harbors, from our outstanding safety results to our record financial performance and notable operating achievements,” said McKim. “In safety, we vastly exceeded our goal of delivering a Total Recordable Incident Rate (TRIR) of below 1.0. We concluded the year with a TRIR of 0.73, which is our best annual safety performance by a wide margin, as the team worked diligently to keep themselves and their colleagues safe. Financially, we expanded our Adjusted EBITDA margins by 200 basis points on the strength of a 36% top-line increase and 51% Adjusted EBITDA growth. We generated more than one billion dollars of Adjusted EBITDA for the first time in our history – while improving our ROIC for the fifth consecutive year. On the operational side, we successfully integrated HPC, advanced construction of our next incinerator, acquired our eighth re-refinery facility, launched our KLEEN+ brand in the base oil market, significantly lowered voluntary turnover while increasing the hiring of billable headcount, and issued our ground-breaking PFAS incineration study.”

Business Outlook and Financial Guidance

“We enter 2023 with momentum across all our key businesses,” McKim said. “Within ES, our record backlog of waste and deferred revenue grew during the quarter, which positions us well for this year. Based on the diversity of our customer base, we expect healthy demand for our network of disposal and recycling assets to continue in 2023. Our service businesses all registered robust growth in 2022 and, with the expansion of our billable headcount throughout the year, we should benefit from those hires in 2023. We also expect ample project opportunities this year as monies from the U.S. infrastructure bill, the CHIPS Act and other programs supporting domestic spending are released. In addition, we expect to benefit from the manufacturing reshoring trend.

“Within SKSS, we continue to closely manage both ends of our re-refining spread and collect the waste oil volumes needed to support our plants. While base oil demand slowed from heightened summer levels in the fourth quarter, we are beginning to experience the normal seasonal pickup in the early part of this year and are confident overall market conditions will remain favorable for 2023. We also see numerous opportunities to enhance our profitability in this segment including raising production from 2022 levels, increasing sales of blended products and capitalizing on growing interest in our sustainable products. Our new KLEEN+ base oil brand is helping to facilitate discussions with customers seeking solutions that lower the environmental impact of their automotive and industrial lubricant products,” McKim concluded.

For the first quarter of 2023, Clean Harbors expects Adjusted EBITDA to increase approximately 20% from the prior year.

For full-year 2023, Clean Harbors expects:

  • Adjusted EBITDA in the range of $1,010 million to $1,050 million or a midpoint of $1,030 million. This range is based on anticipated GAAP net income in the range of $355 million to $391 million; and
  • Adjusted free cash flow in the range of $305 million to $345 million, or a midpoint of $325 million, based on anticipated net cash from operating activities in the range of $705 million to $765 million.

Non-GAAP Results

Clean Harbors reports Adjusted EBITDA, which is a non-GAAP financial measure and should not be considered an alternative to net income or other measurements under generally accepted accounting principles (GAAP) but viewed only as a supplement to those measurements. Adjusted EBITDA is not calculated identically by all companies, and therefore the Company’s measurement of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Clean Harbors believes that Adjusted EBITDA provides additional useful information to investors since the Company’s loan covenants are based upon levels of Adjusted EBITDA achieved and management routinely evaluates the performance of its businesses based upon levels of Adjusted EBITDA. The Company defines Adjusted EBITDA in accordance with its existing revolving credit agreement, as described in the following reconciliation showing the differences between reported net income and Adjusted EBITDA for the three and twelve months ended December 31, 2022 and 2021 (in thousands, except percentages):

 

For the Three Months Ended

 

For the Twelve Months Ended

 

December 31, 2022

 

December 31, 2021

 

December 31, 2022

 

December 31, 2021

Net income

$

82,474

 

$

48,993

 

$

411,744

 

$

203,247

Accretion of environmental liabilities

 

3,344

 

 

3,120

 

 

12,943

 

 

11,745

Stock-based compensation

 

6,469

 

 

6,053

 

 

26,844

 

 

18,839

Depreciation and amortization

 

87,034

 

 

82,929

 

 

347,594

 

 

298,135

Other (income) expense, net

 

(399)

 

 

(1,994)

 

 

(2,472)

 

 

515

Loss on early extinguishment of debt

 

422

 

 

 

 

422

 

 

Gain on sale of business

 

 

 

 

 

(8,864)

 

 

Interest expense, net of interest income

 

28,309

 

 

23,704

 

 

107,663

 

 

77,657

Provision for income taxes

 

16,591

 

 

11,495

 

 

126,254

 

 

66,468

Adjusted EBITDA

$

224,244

 

$

174,300

 

$

1,022,128

 

$

676,606

Adjusted EBITDA Margin

 

17.5 %

 

 

15.6 %

 

 

19.8 %

 

 

17.8 %

This press release includes a discussion of net income and earnings per share adjusted for the loss on early extinguishment of debt, gain on sale of business and the impacts of tax-related valuation allowances and other items as identified in the reconciliations provided below. The Company believes that discussion of these additional non-GAAP measures provides investors with meaningful comparisons of current results to prior periods’ results by excluding items that the Company does not believe reflect its fundamental business performance. The following shows the difference between net income and adjusted net income, and the difference between earnings per share and adjusted earnings per share, for the three and twelve months ended December 31, 2022 and 2021 (in thousands, except per share amounts):

 

For the Three Months Ended

 

For the Twelve Months Ended

 

December 31,
2022

 

December 31,
2021

 

December 31,
2022

 

December 31,
2021

Adjusted net income

 

 

 

 

 

 

 

Net income

$

82,474

 

$

48,993

 

$

411,744

 

$

203,247

Loss on early extinguishment of debt

 

422

 

 

 

 

422

 

 

Gain on sale of business

 

 

 

 

 

(8,864)

 

 

Tax-related valuation allowances and other*

 

(4,354)

 

 

(428)

 

 

(13,848)

 

 

(3,649)

Adjusted net income

$

78,542

 

$

48,565

 

$

389,454

 

$

199,598

 

 

 

 

 

 

 

 

Adjusted earnings per share

 

 

 

 

 

 

 

Earnings per share

$

1.52

 

$

0.90

 

$

7.56

 

$

3.71

Loss on early extinguishment of debt

 

0.01

 

 

 

 

0.01

 

 

Gain on sale of business

 

 

 

 

 

(0.16)

 

 

Tax-related valuation allowances and other*

 

(0.09)

 

 

(0.01)

 

 

(0.26)

 

 

(0.07)

Adjusted earnings per share

$

1.44

 

$

0.89

 

$

7.15

 

$

3.64

* For the three and twelve months ended December 31, 2022, other amounts include ($0.1) million and $1.5 million, or $0.03 per share, of tax impacts from the loss on early extinguishment of debt and gain on sale of business, respectively.

Adjusted Free Cash Flow Reconciliation

Clean Harbors reports adjusted free cash flow, which it considers to be a measurement of liquidity that provides useful information to investors about its ability to generate cash. The Company defines adjusted free cash flow as net cash from operating activities excluding cash impacts of items derived from non-operating activities, less additions to property, plant and equipment plus proceeds from sale and disposal of fixed assets. The Company excludes cash impacts of items derived from non-operating activities. Adjusted free cash flow should not be considered an alternative to net cash from operating activities or other measurements under GAAP. Adjusted free cash flow is not calculated identically by all companies, and therefore the Company’s measurement of adjusted free cash flow may not be comparable to similarly titled measures reported by other companies.

An itemized reconciliation between net cash from operating activities and adjusted free cash flow is as follows for the three and twelve months ended December 31, 2022 and 2021 (in thousands):

 

For the Three Months Ended

 

For the Twelve Months Ended

 

December 31,
2022

 

December 31,
2021

 

December 31,
2022

 

December 31,
2021

Adjusted free cash flow

 

 

 

 

 

 

 

Net cash from operating activities

$

268,672

 

$

177,771

 

$

626,214

 

$

545,997

Additions to property, plant and equipment

 

(100,509)

 

 

(95,202)

 

 

(345,056)

 

 

(241,856)

Proceeds from sale and disposal of fixed assets

 

3,661

 

 

5,732

 

 

8,779

 

 

22,156

Adjusted free cash flow

$

171,824

 

$

88,301

 

$

289,937

 

$

326,297

Adjusted EBITDA Guidance Reconciliation

An itemized reconciliation between projected GAAP net income and projected Adjusted EBITDA is as follows (in millions):

 

For the Year Ending
December 31, 2023

Projected GAAP net income

$

355

to

$

391

Adjustments:

 

 

 

Accretion of environmental liabilities

 

14

to

 

13

Stock-based compensation

 

26

to

 

29

Depreciation and amortization

 

355

to

 

345

Loss on early extinguishment of debt

 

2

 

 

2

Interest expense, net

 

128

to

 

123

Provision for income taxes

 

130

to

 

147

Projected Adjusted EBITDA

$

1,010

to

$

1,050

Adjusted Free Cash Flow Guidance Reconciliation

An itemized reconciliation between projected net cash from operating activities and projected adjusted free cash flow is as follows (in millions):

 

For the Year Ending
D
ecember 31, 2023

Projected net cash from operating activities

$

705

to

$

765

Additions to property, plant and equipment

 

(410)

to

 

(430)

Proceeds from sale and disposal of fixed assets

 

10

to

 

10

Projected adjusted free cash flow

$

305

to

$

345

Conference Call Information

Clean Harbors will conduct a conference call for investors today at 9:00 a.m. (ET) to discuss the information contained in this press release. During the call, management will discuss Clean Harbors’ financial results, business outlook and growth strategy. Investors who wish to listen to the webcast and view the accompanying slides should visit the Investor Relations section of the Company’s website at www.cleanharbors.com. The live call also can be accessed by dialing 201.689.8881 or 877.709.8155 prior to the start time. If you are unable to listen to the live conference call, the webcast will be archived on the Company’s website.

About Clean Harbors

Clean Harbors (NYSE: CLH) is North America’s leading provider of environmental and industrial services. The Company serves a diverse customer base, including a majority of Fortune 500 companies. Its customer base spans a number of industries, including chemical, energy and manufacturing, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling services. Through its Safety-Kleen subsidiary, Clean Harbors also is North America’s largest re-refiner and recycler of used oil and a leading provider of parts washers and environmental services to commercial, industrial and automotive customers. Founded in 1980 and based in Massachusetts, Clean Harbors operates in the United States, Canada, Mexico, Puerto Rico and India. For more information, visit www.cleanharbors.com.

Safe Harbor Statement

Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans to,” “seeks,” “should,” “estimates,” “projects,” “may,” “likely,” or similar expressions. Such statements may include, but are not limited to, statements about future financial and operating results, and other statements that are not historical facts. Such statements are based upon the beliefs and expectations of Clean Harbors’ management as of this date only and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, without limitation, those items identified as “Risk Factors” in Clean Harbors’ most recently filed Form 10-K and Form 10-Q. Forward-looking statements are neither historical facts nor assurances of future performance. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Clean Harbors undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements other than through its filings with the Securities and Exchange Commission, which may be viewed in the “Investors” section of Clean Harbors’ website at www.cleanharbors.com.

 

CLEAN HARBORS, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

 

 

For the Three Months Ended

 

For the Twelve Months Ended

 

December 31,
2022

 

December 31,
2021

 

December 31,
2022

 

December 31,
2021

Revenues

$

1,278,098

 

$

1,119,481

 

$

5,166,605

 

$

3,805,566

Cost of revenues: (exclusive of items shown separately below)

 

891,424

 

 

792,183

 

 

3,543,930

 

 

2,609,837

Selling, general and administrative expenses

 

168,899

 

 

159,051

 

 

627,391

 

 

537,962

Accretion of environmental liabilities

 

3,344

 

 

3,120

 

 

12,943

 

 

11,745

Depreciation and amortization

 

87,034

 

 

82,929

 

 

347,594

 

 

298,135

Income from operations

 

127,397

 

 

82,198

 

 

634,747

 

 

347,887

Other income (expense), net

 

399

 

 

1,994

 

 

2,472

 

 

(515)

Loss on early extinguishment of debt

 

(422)

 

 

 

 

(422)

 

 

Gain on sale of business

 

 

 

 

 

8,864

 

 

Interest expense, net

 

(28,309)

 

 

(23,704)

 

 

(107,663)

 

 

(77,657)

Income before provision for income taxes

 

99,065

 

 

60,488

 

 

537,998

 

 

269,715

Provision for income taxes

 

16,591

 

 

11,495

 

 

126,254

 

 

66,468

Net income

$

82,474

 

$

48,993

 

$

411,744

 

$

203,247

Earnings per share:

 

 

 

 

 

 

 

Basic

$

1.53

 

$

0.90

 

$

7.59

 

$

3.73

Diluted

$

1.52

 

$

0.90

 

$

7.56

 

$

3.71

Shares used to compute earnings per share – Basic

 

54,059

 

 

54,398

 

 

54,223

 

 

54,514

Shares used to compute earnings per share – Diluted

 

54,378

 

 

54,658

 

 

54,487

 

 

54,761

 

CLEAN HARBORS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

December 31, 2022

 

December 31, 2021

Current assets:

 

 

 

Cash and cash equivalents

$

492,603

 

$

452,575

Short-term marketable securities

 

62,033

 

 

81,724

Accounts receivable, net

 

964,603

 

 

792,734

Unbilled accounts receivable

 

107,010

 

 

94,963

Inventories and supplies

 

324,994

 

 

250,692

Prepaid expenses and other current assets

 

82,518

 

 

68,483

Total current assets

 

2,033,761

 

 

1,741,171

Property, plant and equipment, net

 

1,980,302

 

 

1,863,175

Other assets:

 

 

 

Operating lease right-of-use assets

 

166,181

 

 

161,797

Goodwill

 

1,246,878

 

 

1,227,042

Permits and other intangibles, net

 

620,782

 

 

644,912

Other

 

81,803

 

 

15,602

Total other assets

 

2,115,644

 

 

2,049,353

Total assets

$

6,129,707

 

$

5,653,699

 

 

 

 

Current liabilities:

 

 

 

Current portion of long-term debt

$

10,000

 

$

17,535

Accounts payable

 

446,629

 

 

359,866

Deferred revenue

 

94,094

 

 

83,749

Accrued expenses and other current liabilities

 

396,716

 

 

391,414

Current portion of closure, post-closure and remedial liabilities

 

23,123

 

 

25,136

Current portion of operating lease liabilities

 

49,532

 

 

47,614

Total current liabilities

 

1,020,094

 

 

925,314

Other liabilities:

 

 

 

Closure and post-closure liabilities, less current portion

 

105,596

 

 

87,088

Remedial liabilities, less current portion

 

106,372

 

 

98,752

Long-term debt, less current portion

 

2,414,828

 

 

2,517,024

Operating lease liabilities, less current portion

 

119,259

 

 

117,991

Deferred tax liabilities

 

350,389

 

 

314,853

Other long-term liabilities

 

90,847

 

 

78,790

Total other liabilities

 

3,187,291

 

 

3,214,498

Total stockholders’ equity, net

 

1,922,322

 

 

1,513,887

Total liabilities and stockholders’ equity

$

6,129,707

 

$

5,653,699

 

CLEAN HARBORS, INC. AND SUBSIDIARIES

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

For the Year Ended

 

December 31,
2022

 

December 31,
2021

Cash flows from operating activities:

 

 

 

Net income

$

411,744

 

$

203,247

Adjustments to reconcile net income to net cash from operating activities:

 

 

 

Depreciation and amortization

 

347,594

 

 

298,135

Allowance for doubtful accounts

 

7,783

 

 

8,018

Amortization of deferred financing costs and debt discount

 

6,301

 

 

4,245

Accretion of environmental liabilities

 

12,943

 

 

11,745

Changes in environmental liability estimates

 

8,272

 

 

2,979

Deferred income taxes

 

17,549

 

 

1,482

Other (income) expense, net

 

(2,472)

 

 

515

Stock-based compensation

 

26,844

 

 

18,839

Gain on sale of business

 

(8,864)

 

 

Loss on early extinguishment of debt

 

422

 

 

Environmental expenditures

 

(13,946)

 

 

(15,506)

Changes in assets and liabilities, net of acquisitions:

 

 

 

Accounts receivable and unbilled accounts receivable

 

(201,087)

 

 

(96,551)

Inventories and supplies

 

(74,547)

 

 

(31,689)

Other current and non-current assets

 

(17,303)

 

 

9,268

Accounts payable

 

74,460

 

 

108,398

Other current and long-term liabilities

 

30,521

 

 

22,872

Net cash from operating activities

 

626,214

 

 

545,997

Cash flows used in investing activities:

 

 

 

Additions to property, plant and equipment

 

(345,056)

 

 

(241,856)

Proceeds from sale and disposal of fixed assets

 

8,779

 

 

22,156

Acquisitions, net of cash acquired

 

(86,278)

 

 

(1,253,232)

Additions to intangible assets including costs to obtain or renew permits

 

(1,966)

 

 

(3,848)

Purchases of available-for-sale securities

 

(49,845)

 

 

(129,234)

Proceeds from sale of available-for-sale securities

 

68,611

 

 

98,412

Proceeds from sale of business, net of transactional costs

 

16,811

 

 

Net cash used in investing activities

 

(388,944)

 

 

(1,507,602)

Cash flows (used in) from financing activities:

 

 

 

Change in uncashed checks

 

552

 

 

(1,806)

Tax payments related to withholdings on vested restricted stock

 

(8,801)

 

 

(10,805)

Repurchases of common stock

 

(50,183)

 

 

(54,410)

Deferred financing costs paid

 

(410)

 

 

(13,737)

Payments on finance leases

 

(12,821)

 

 

(8,458)

Principal payments on debt

 

(115,652)

 

 

(7,535)

Proceeds from issuance of debt, net of discount

 

 

 

995,000

Net cash (used in) from financing activities

 

(187,315)

 

 

898,249

Effect of exchange rate change on cash

 

(9,927)

 

 

(3,170)

Increase (decrease) in cash and cash equivalents

 

40,028

 

 

(66,526)

Cash and cash equivalents, beginning of year

 

452,575

 

 

519,101

Cash and cash equivalents, end of year

$

492,603

 

$

452,575

 

Supplemental information:

Cash payments for interest and income taxes:

Interest paid

$

105,643

$

73,440

Income taxes paid, net of refunds

 

78,526

 

65,192

Non-cash investing activities:

Property, plant and equipment accrued

 

30,950

 

19,264

Remedial liability assumed in acquisition of property, plant and equipment

 

8,092

 

 

Contacts

Michael L. Battles
EVP and Chief Financial Officer
Clean Harbors, Inc.
781.792.5100
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Jim Buckley
SVP Investor Relations
Clean Harbors, Inc.
781.792.5100
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ANNAPOLIS, Md.--(BUSINESS WIRE)--Hannon Armstrong Sustainable Infrastructure Capital, Inc. (“Hannon Armstrong” or “HASI”) (NYSE: HASI), a leading investor in climate solutions, today announced the appointment of Kimberly A. Reed and Jeffrey A. Lipson to its Board of Directors, effective March 1, 2023.



In connection with these elections, the Board of Directors will consist of 11 members, 9 of whom are independent members. The Board appointed Ms. Reed to serve as a member of the Audit Committee and the Finance and Risk Committee.

We are delighted to add Kimberly Reed’s talent and perspective to our Board as HASI continues to grow in ambition and scale,” said Jeffrey W. Eckel, HASI Executive Chair. “Kimberly’s demonstrated leadership in resurrecting and running the U.S. Export-Import Bank adds important government and regulatory experience and global connectivity to our Board, as well as another seasoned financial services voice.”

Ms. Reed said, “Hannon Armstrong Sustainable Infrastructure Capital, Inc.— the very first U.S. public company to focus solely on investments in energy efficiency, renewable energy, and other sustainable infrastructure markets and now with more than $9 billion in managed assets — plays a unique and pivotal role in the renewables firmament. HASI is led by a team that collectively brings unparalleled longevity in this rapidly evolving space, and I am confident that my experience leading major public agencies and engaging with diverse businesses across the United States will complement this superior team and the company’s already substantive Board of Directors.”

Ms. Reed currently serves on the Board of Directors of Takeda Pharmaceutical Company Limited (TSE: 4502/NYSE: TAK) and Momentus Inc. (NASDAQ: MNTS) and is a distinguished fellow with the Council on Competitiveness.

Ms. Reed served as the first woman chairman of the Board of Directors, president and chief executive officer of the Export-Import Bank of the United States (EXIM) — the nation’s official $135 billion export credit agency — from 2019 to 2021 after being confirmed by the U.S. Senate with overwhelming bipartisan support. As EXIM chairman, she worked to help U.S. companies — including those in the renewable and clean energy and transformational technology sectors —succeed in the competitive global marketplace. Earlier in her career, Ms. Reed was president of the International Food Information Council Foundation, where she worked with multi-national food and agribusiness companies on nutrition, health, and sustainability issues; senior advisor to U.S. Treasury Secretaries Henry Paulson and John Snow; chief executive officer of the Community Development Financial Institutions Fund (CDFI Fund); and counsel to three committees of the U.S. Congress, where she conducted oversight and investigations.

She also currently serves on the American Swiss Foundation Board of Directors, Hudson Institute's Alexander Hamilton Commission on Securing America's National Security Innovation Base, Krach Institute for Tech Diplomacy at Purdue Advisory Council and Indiana University School of Public Health-Bloomington Dean's Alliance.

Recognized as one of the “100 Women Leaders in STEM,” Ms. Reed received the U.S. Department of Defense’s highest civilian award — the Medal for Distinguished Public Service — and is a Council on Foreign Relations life member and National Association of Corporate Directors (NACD) Certified Director. She holds a Juris Doctor from West Virginia University College of Law and a Bachelor of Science in biology and a Bachelor of Arts in government from West Virginia Wesleyan College.

We also welcome our new CEO, Jeff Lipson, on the Board,” Mr. Eckel added. As previously announced, Jeffrey A. Lipson has transitioned to the role of president and chief executive officer of HASI effective today. Mr. Lipson served as both chief operating officer and chief financial officer of HASI from January 2021 to February 2023, and chief financial officer from January 2019 to December 2020.

About Hannon Armstrong

Hannon Armstrong (NYSE: HASI) is the first U.S. public company solely dedicated to investments in climate solutions, providing capital to assets developed by leading companies in energy efficiency, renewable energy, and other sustainable infrastructure markets. With more than $9 billion in managed assets, our core purpose is to make climate positive investments with superior risk-adjusted returns. For more information, please visit hannonarmstrong.com or follow us on Twitter and LinkedIn.

Forward-Looking Statements

Some of the information contained in this press release is forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended that are subject to risks and uncertainties. For these statements, we claim the protections of the safe harbor for forward-looking statements contained in such Sections. These forward-looking statements include information about possible or assumed future results of our business, financial condition, liquidity, results of operations, plans and objectives. When we use the words "believe," "expect," "anticipate," "estimate," "plan," "continue," "intend," "should," "may" or similar expressions, we intend to identify forward-looking statements.

Forward-looking statements are subject to significant risks and uncertainties. Investors are cautioned against placing undue reliance on such statements. Actual results may differ materially from those set forth in the forward-looking statements. Factors that could cause actual results to differ materially from those described in the forward-looking statements include those discussed under the caption “Risk Factors” included in our most recent Annual Report on Form 10-K as well as in other periodic reports that we file with the U.S. Securities and Exchange Commission

Forward-looking statements are based on beliefs, assumptions and expectations as of the date of this press release. We disclaim any obligation to publicly release the results of any revisions to these forward-looking statements reflecting new estimates, events or circumstances after the date of this press release.


Contacts

Media:
Gil Jenkins
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443-321-5753

Investors:
Neha Gaddam
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410-571-6189

  • Chief Accounting Officer Eric Dugas Named EVP and Chief Financial Officer
  • EVP Brian Weber Appointed President of Safety-Kleen Sustainability Solutions

NORWELL, Mass.--(BUSINESS WIRE)--Clean Harbors, Inc. (“Clean Harbors”) (NYSE: CLH), the leading provider of environmental and industrial services throughout North America, today announced that it has appointed Eric Dugas as EVP and Chief Financial Officer, effective March 31, 2023. Dugas will succeed Michael Battles who, as previously announced, will become co-CEO with Chief Operating Officer Eric Gerstenberg on that date.

“Since his arrival in 2014, Eric has proven himself as a thoughtful and talented finance leader,” Battles said. “Over the past nine years, he has already participated in many of the key elements of being a public company CFO, including debt raises, equity conferences and close engagement with the operational business leaders. Eric is a strategic thinker who during his time with the Company has gained a strong understanding of the business and markets in which we operate, has deep knowledge of accounting rules for our industry and carries a strong capital allocation discipline. He will be a great business partner to the organization in his well-earned new role.”


Dugas was named CAO shortly after joining the Company. Dugas spent more than a decade at Deloitte & Touche before joining the Company. In 2019, he completed the Advanced Management Program at Harvard Business School. Dugas holds a Bachelor of Science in Accounting from Boston College and is a Certified Public Accountant (CPA).

The Company also announced today that EVP of Corporate Planning and Development Brian Weber has been named EVP and President of the Safety-Kleen Sustainability Solutions (SKSS) segment.

“Sustainability continues to be a growing part of the Clean Harbors story and we see significant opportunity to expand our SKSS business in both scale and scope,” said Gerstenberg. “Given his long operational experience with the organization, understanding of customer needs and business development expertise, Brian is the right person to spearhead the next stage of growth in SKSS. Brian has been successful at every level of the organization during his three decades with the Company that includes overseeing our used motor oil collection business. We are confident that SKSS will benefit from his stewardship and he will derive additional shareholder value from those assets.”

Weber has been with Clean Harbors since 1990. He has served in a variety of senior management positions during that time and most recently was the Company’s Executive Vice President of Corporate Planning and Development. Weber holds a Bachelor of Science degree in Business Management from Westfield State College.

About Clean Harbors

Clean Harbors (NYSE: CLH) is North America’s leading provider of environmental and industrial services. The Company serves a diverse customer base, including a majority of Fortune 500 companies. Its customer base spans a number of industries, including chemical, energy and manufacturing, as well as numerous government agencies. These customers rely on Clean Harbors to deliver a broad range of services such as end-to-end hazardous waste management, emergency spill response, industrial cleaning and maintenance, and recycling services. Through its Safety-Kleen subsidiary, Clean Harbors also is North America’s largest re-refiner and recycler of used oil and a leading provider of parts washers and environmental services to commercial, industrial and automotive customers. Founded in 1980 and based in Massachusetts, Clean Harbors operates in the United States, Canada, Mexico, Puerto Rico and India. For more information, visit www.cleanharbors.com.

Safe Harbor Statement

Any statements contained herein that are not historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “plans to,” “seeks,” “should,” “estimates,” “projects,” “may,” “likely,” or similar expressions. Such statements may include, but are not limited to, statements about planned executive team changes, and other statements that are not historical facts. Such statements are based upon the beliefs and expectations of Clean Harbors’ management as of this date only and are subject to certain risks and uncertainties that could cause actual results to differ materially, and those items identified as “Risk Factors” in Clean Harbors’ most recently filed Form 10-K and Form 10-Q. Forward-looking statements are neither historical facts nor assurances of future performance. Therefore, readers are cautioned not to place undue reliance on these forward-looking statements. Clean Harbors undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements other than through its filings with the Securities and Exchange Commission, which may be viewed in the “Investors” section of Clean Harbors’ website at www.cleanharbors.com.


Contacts

Michael L. Battles
EVP and Chief Financial Officer
Clean Harbors, Inc.
781.792.5100
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Jim Buckley
SVP Investor Relations
Clean Harbors, Inc.
781.792.5100
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Vallourec, a top multinational pipe and drilling manufacturer, launches the first eCommerce marketplace for oil and gas producers, opening and speeding up trade for thousands of global business owners

NEW YORK--(BUSINESS WIRE)--Vallourec, a global leader in premium tubular solutions for the energy markets and industrial applications, has selected Balance to power the payments solution for its new online platform, Behub-e, which enables energy and industrial market players from all over the world to interact and transact online. Balance is the top B2B payments experience company that offers the first online checkout built for businesses. In partnership with Balance, thousands of companies in the global energy market will be able to securely facilitate payments online with multiple sellers worldwide. With Balance, Vallourec can reach the widest array of sellers and buyers with a smooth checkout experience that aligns with the ease of everyday online shopping.


“Balance’s B2B net terms, which allow buyers to pay after 30 days, is a game changer. This was a major decision factor for us,” said Geoffroy de Roffignac, Director of Online Business at Vallourec. “Other providers only manage the payment portion, so the ability to include net terms sets Balance apart. Vallourec is continuing to grow our marketplace with this simple, all-in-one checkout experience.”

Payment delays are a considerable pain point for companies with paper-based transactions. In April 2022, Vallourec launched its Behub-e payment solution to offer its B2B customers the ability to transact with the ease of everyday consumers. By partnering with Balance, Vallourec is enabling its customers to leverage all payment methods including credit card, ACH or wire transfers, using net payment terms.

“Balance is proud to elevate industry leaders like Vallourec by offering customers a seamless payment experience,” said Bar Geron, co-founder and CEO of Balance. “A decade ago, people would have said it’s impossible for a smaller company on the other side of the world to purchase parts and equipment from one the world’s largest steel pipe manufacturers. Balance is opening the door to global trade for thousands of buyers and sellers like never before. There is an increasing need for payment solutions with real-time net terms so that customers can enjoy instant payouts and zero risk. Balance is committed to owning the entire B2B checkout experience.”

Vallourec provides benchmark tubular solutions for the energy sectors and other applications — from oil and gas wells in extreme conditions to next-generation power plants, architectural projects and extremely high-performing mechanical equipment. Adapted to the challenges of the 21st century, Vallourec’s comprehensive and innovative solutions are designed for three main markets: oil and gas, low-carbon energy, and industry.

Behub-e is poised to revolutionize the oil and gas industry. Vallourec’s new online marketplace opens its top-tier inventory of steel products and equipment to companies – big and small – from around the world. This partnership will play a valuable role in allowing Vallourec to expand its eCommerce business offerings by reducing friction in the B2B payments process. By combining forces, the supply chain is becoming faster, easier and more accessible for buyers and sellers across the board.

About Vallourec

Vallourec is a world leader in premium tubular solutions for the energy markets and for demanding industrial applications such as oil & gas wells in harsh environments, new generation power plants, challenging architectural projects, and high-performance mechanical equipment. Vallourec’s pioneering spirit and cutting-edge R&D open new technological frontiers. With close to 17,000 dedicated and passionate employees in more than 20 countries, Vallourec works hand-in-hand with its customers to offer more than just tubes: Vallourec delivers innovative, safe, competitive and smart tubular solutions to make any project possible. For more information, please visit https://behub-e.com/ or follow @behub_e on Twitter.

About Balance

Balance is the first self-serve digital checkout experience company for B2B businesses. By leveraging payments and risk-assessment technology, any B2B company that sells goods online can now offer their buyers a wide range of payment methods (ACH, Card and Wire) and flexible payment terms, and get paid easily and instantly — all in one place. For more information, please visit https://www.getbalance.com/ or follow @GetBalanceHQ on Twitter.


Contacts

Media
Morgan Borer
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New Tool Provides Industry-leading Crude Oil and Natural Gas Production Forecasts

GREENWOOD VILLAGE, Colo.--(BUSINESS WIRE)--#crudeoil--East Daley Analytics has announced the launch of Energy Data Studio, a platform for industry-leading midstream data including crude oil and natural gas production forecasts for North America. Users can navigate detailed visual dashboards by region, pipeline, or individual asset to understand Natural Gas, Liquids and NGL supply at the most granular level.


Energy Data Studio (EDS) leverages East Daley’s gathering and processing (G&P) data set for insights into midstream assets across every major oil and gas basin in North America. EDS removes the guesswork associated with infrastructure research allowing users to access historical and updated rig and volume data tied to specific operators and midstream assets on the Energy Data Studio platform with unmatched data functionality and visuals for easy analytics.

“We specialize in developing accurate oil and gas supply forecasts using the latest production data, and this new platform drives transparency for our clients,” said Justin Carlson, co-founder, and chief commercial officer at East Daley Analytics. “We take a macro view on North American gas fundamentals to identify regional constraints, resulting in a forecast balanced by natural gas supply, demand, and working gas storage volumes.”

The Energy Data Studio platform’s interactive dashboard allows users to easily navigate weekly, monthly, and quarterly updates to individual producers, midstream assets, and midstream company financials, providing flexibility for working with data. It is available through data downloads from the visual interface, in Excel files, or as direct data delivered into subscribers’ workflow via secure file transfer.

To learn more about East Daley’s Energy Data Studio please contact This email address is being protected from spambots. You need JavaScript enabled to view it..

Subscribe to East Daley Analytics’ The Daley Note (TDN) and get daily insights and proprietary market commentary on North American oil and gas fundamentals. Sign up here.

About East Daley Analytics, Inc.

East Daley Analytics specializes in dissecting the energy value chain to drive transparency. The company has built the largest U.S. energy asset database to cash flow to help identify which assets are most important and isolate their operational value. It can help with the heavy lifting by providing access to capital and commodity market experts through both subscription and consulting services. For more information visit, https://www.eastdaley.com.


Contacts

East Daley Analytics
Meredith Bagnulo
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303-513-7494

SAN ANTONIO--(BUSINESS WIRE)--NuStar Energy L.P. (NYSE: NS) today announced that the 2022 tax packages, which include the Schedule K-1’s for Series A, Series B and Series C preferred units and common units, are available online at www.nustarenergy.com in the Investors section of the website. The partnership expects to begin mailing the 2022 tax packages on March 6, 2023. For additional information, NuStar Energy L.P. unitholders may call K-1 Tax Package Support toll free at (844) 364-7560 for Series A, Series B and Series C preferred units and (800) 310-6595 for common units, weekdays between 8 a.m. and 5 p.m. CT.


NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, Texas, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 9,500 miles of pipeline and 63 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels, ammonia and specialty liquids. The partnership’s combined system has approximately 49 million barrels of storage capacity, and NuStar has operations in the United States and Mexico. For more information, visit NuStar Energy L.P.’s website at www.nustarenergy.com and its Sustainability page at https://sustainability.nustarenergy.com/.


Contacts

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

KENNESAW, Ga.--(BUSINESS WIRE)--Yamaha becomes an official outboard sponsor of Boone Lake Association (BLA) as the environmental group forms a new relationship with Yamaha Rightwaters. Formed in 1983 to oversee the water quality of Boone Lake, BLA is one of the oldest established environmental groups in the state of Tennessee. Yamaha Rightwaters will provide BLA with a Yamaha F175 outboard to power its clean-up boat.



Yamaha Rightwaters supports Boone Lake Association’s mission for excellent water quality. BLA is the only organization with a comprehensive year-round program to collect and dispose of trash and debris from Boone Lake. This program removes large logs and other objects that are a hazard to boaters. Each year, the association collects hundreds of tons of trash from the lake.

“The promotion of clean water is one of Yamaha Rightwaters’ major focus areas. It makes sense to support organizations who are dedicated to keeping their local waterway safe and clean, so the public can enjoy the outdoors,” said John O’Keefe, Senior Specialist, Government Relations, Yamaha U.S. Marine Business Unit. “Yamaha Rightwaters commends the volunteers of the Boone Lake Association for 40 years of dedicated service and keeping the lake safe and clean. We look forward to supporting their great work.”

The association employs a two-member crew year-round and an additional part-time crew during the summer that pick up and dispose of trash and debris from the lake, monitor water quality, clean up slicks and respond to the litter hotline. BLA cleans boat ramps, TVA® primitive campgrounds, feeder tributaries and exposed shoreline.

“The Yamaha Rightwaters team understands the need for promoting clean waterways,” said Frank Hahne, CEO of Boone Lake Association. “We celebrate 40 years of service with a Yamaha-powered clean-up boat that gives us the unmatched reliability we need to ensure Boone Lake remains unspoiled for the generations to come.”

To learn more about Boone Lake Association, visit boonelakeassociation.org

Yamaha Rightwaters is a national sustainability program that encompasses all of Yamaha Marine’s conservation and water quality efforts. Program initiatives include habitat restoration, support for scientific research, mitigation of invasive species, the reduction of marine debris and environmental stewardship education. Yamaha Rightwaters reinforces Yamaha’s long-standing history of natural resource conservation, support of sustainable recreational fishing and water resources and Angler Code of Ethics, which requires pro anglers to adhere to principles of stewardship for all marine resources.

Yamaha’s U.S. Marine Business Unit, based in Kennesaw, Ga., is responsible for the sales, marketing, and distribution of Yamaha Marine products in the U.S. including Yamaha Outboards, Yamaha WaveRunners®, Yamaha Boats, G3® Boats and Skeeter® Boats. Supporting 2,400 dealers and boat builders nationwide, Yamaha is the industry leader in reliability, performance, technology and customer service.

REMEMBER to always observe all applicable boating laws. Never drink and drive. Dress properly with a USCG-approved personal floatation device and protective gear.

© 2023 Yamaha Motor Corporation, U.S.A. All rights reserved.

This document contains many of Yamaha's valuable trademarks. It may also contain trademarks belonging to other companies. Any references to other companies or their products are for identification purposes only and are not intended to be an endorsement.


Contacts

Nicholas Genesi Public Relations Manager
Yamaha U.S. Marine Business Unit
Mobile: (470) 898-7278
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Neal Wheaton
Wilder+Wheaton for
Yamaha U.S. Marine Business Unit
Mobile: (404) 317-0698
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MIAMI--(BUSINESS WIRE)--Life at Sea Cruises announced today they are accepting reservations for the world’s first - and only – three-year world cruise. The voyage will cover more than 130,000 miles, visiting 375 ports across 135 countries and seven continents.


Set aboard the beautifully revitalized MV Gemini - which boasts 400 cabins and room for up to 1,074 passengers - cruisers will enjoy the best of living and working at sea. The ship features traditional amenities including world-class dining, onboard entertainment and recreational activities, with modern workspace facilities such as a first-of-its-kind business center with meeting rooms, 14 offices, a relaxing lounge and business library. The ship will also include a 24-hour on-call hospital with free medical visits, learning and enrichment classes and the opportunity to make a positive impact through volunteer and philanthropic initiatives.

“Professionals need connectivity, the right amenities and the functionality to perform their jobs. There is no other cruise that offers this sort of flexibility to their customers” says Mikael Petterson, Managing Director of Life at Sea Cruises.

With prices starting at $29,999 per year, and payment options from $2,499 per month all-inclusive, cabins range from 130 sq ft for Virtual Inside and Oceanview staterooms to 260 sq ft Balcony Suites. All residents will enjoy amenities including a state-of-the-art wellness center, sundeck and swimming pool, auditorium and multiple dining options. Cruisers may also enjoy additional tax benefits when working as an international resident aboard the ship.

“Life at Sea Cruises offers the ultimate bucket list cruise without having to sacrifice the comforts of home,” says Irina Strembitsky, Director of Sales & Marketing of Life at Sea Cruises. “It’s your home at sea with the world as your backyard.”

Each stop on the MV Gemini itinerary - which includes 13 of the Wonders of the World - plans for multiple days in port, allowing travelers the opportunity for exploration at their own pace. Life At Sea Cruises is a world cruise product offered by Miray International, known for providing high quality hospitality services to cruise companies worldwide for nearly three decades.

The MV Gemini will begin its three-year voyage on November 1st, 2023, from Istanbul (with pickups in Barcelona and Miami). Reservations are currently open for booking at LifeAtSeaCruises.com or by calling 954-379-8221.


Contacts

Megan Harris, The Tropical Agency
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AC induction motor durable enough to withstand the most destructive impacts, while reducing through-life cost

BELOIT, Wis.--(BUSINESS WIRE)--#FMD--Fairbanks Morse Defense (FMD), a portfolio company of Arcline Investment Management, introduces the Novo1 motor line by Ward Leonard, the newest AC induction motor line for naval vessels. Designed to withstand some of the most severe operating conditions, the Novo1 motor line is another example of the defense contractor’s commitment to supplying best-in-class marine technology for maritime defense.


“For more than 120 years, Ward Leonard has delivered to the U.S. Navy cutting-edge products and services that solve complex, mission-critical applications in some of the world’s most demanding environments,” said Chancelor Wyatt, Vice President and General Manager for Ward Leonard. “Manufactured in the U.S. and serviced worldwide, the Novo1 motor line, just like the rest of Fairbanks Morse Defense’s marine technologies, is engineered for excellence to ensure reliable operation and minimal downtime.”

In addition to being a durable, reliable option, the Novo1 motor line is modular in design, has commonality of parts, and a variety of mounting configurations, speeds, and enclosure types available to meet any shipboard requirements. It is manufactured in our vertically integrated facility in Thomaston, CT, while meeting the requirements of MIL-DTL-17060 Rev G Amendment 1.

The Novo1 motor line is among a growing number of reliable and advanced maritime solutions provided by FMD. The defense contractor recently established the Technology Center of Excellence to bring to market emerging technologies that will improve reliability, enhance performance, and reduce lifecycle costs. Supporting autonomy, electrification, and augmented reality, FMD’s technical portfolio includes artificial intelligence (AI), digital defenses, SMART engineering solutions, uncrewed mission management, and FM OnBoard.

An image of the Novo1 motor is available here.

About Fairbanks Morse Defense (FMD)

Fairbanks Morse Defense (FMD) builds, maintains, and services the most trusted naval power and propulsion systems on the planet. For more than 100 years, FMD has been a principal supplier of a growing array of leading marine technologies, OEM parts, and turnkey services to the U.S. Navy, U.S. Coast Guard, Military Sealift Command, and Canadian Coast Guard. FMD stands ready to rapidly support the systems that power military fleets without compromising safety or quality. In times of peace and war, the experienced engineers, sailors, and technicians of FMD demonstrate our commitment to supporting the mission and vision of critical global naval operations wherever and whenever needed. FMD is a portfolio company of Arcline Investment Management.

To learn more, visit www.FairbanksMorseDefense.com.


Contacts

Fairbanks Morse Media Contact:
Mercom Communications
Michelle Hargis
Tel: 512-215-4452
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RIDGEWOOD, N.J.--(BUSINESS WIRE)--In Q4 2022, Scale Microgrids (“Scale”) acquired a portfolio of distributed generation solar projects from a leading solar asset owner. The portfolio of operating assets consists of 13 ground-mount and rooftop solar projects, across 23 sites. Through this geographically diverse acquisition, Scale will now own and operate assets in New Jersey, Colorado, North Carolina, Oregon, Pennsylvania, Delaware and expand its portfolio in California.


“This acquisition adds diversification to our operating asset base, accelerates customer acquisition and opens several new markets. Additionally, it will contribute to our company’s vision of powering the world with distributed energy.” said Julian Torres, Chief Investment Officer at Scale Microgrids.

With this acquisition, Scale adds to its growing portfolio of green, behind the meter assets, providing value to a diverse range of customers including large corporations such as FedEx, as well as higher education institutions including Colorado State Pueblo University.

The transaction was executed through LevelTen Energy’s Asset Marketplace, a platform that connects clean energy project developers and financiers, and provides the software, analytics and M&A transaction expertise they need to execute transactions quickly.

“With this large portfolio of projects, Scale Microgrids is continuing to bring more sustainable, reliable and affordable power to the grid, and LevelTen Energy is excited to have assisted in through providing the connection that made the acquisition possible with our Asset Marketplace,” said Patrick Worrall, Vice President of Asset Marketplace, LevelTen Energy.

About Scale Microgrids

Scale is a vertically integrated distributed energy platform, with a core focus of designing, building, financing, owning and operating cutting-edge distributed energy assets that offer cheaper, cleaner, and more resilient power. Their team of energy and financing experts accelerate growth in distributed energy projects by providing financing to technology providers, energy developers, and OEMs, while also directly helping large energy-consuming customers to take charge of their energy infrastructure and future-proof their businesses. To learn more about Scale Microgrids visit https://www.scalemicrogrids.com/


Contacts

Media:
Nicole Green
Director, Marketing and Branding
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Newest Product Line Improves Performance & Sustainability Across the Energy Sector 

  • FlexCat Defend delivers superior performance from industry leading catalysts in multiple applications, including bed grading and guard beds
  • Novel chemistry maximizes capture & durability to achieve longer catalyst lifetime
  • FlexCat Defend contributes to the transformation of the energy sector and reducing carbon footprints

IRVING, Texas--(BUSINESS WIRE)--Alkegen today introduces its latest innovation to market with FlexCat Defend, a new line of disc-shaped catalytic substrate product forms for use in applications throughout the energy sector.



“Our new FlexCat Defend product line gives producers throughout the energy sector a convenient and customizable drop-in solution that shields their PGM catalysts from the fines and poisons that contribute to costly inefficiencies and shutdowns, maximizing yield while using existing equipment,” said Chad Cannan, SVP. “Testing with industry partners has exceeded our early lab results, making FlexCat Defend a compelling solution for any industry partner looking to use less product, reduce waste, and add yield. More profitable operations for our customers and a more sustainable world for all is the kind of win-win Alkegen is delivering across our specialty materials platform.”

Replacing traditional pellets, extrudates and sponges, FlexCat Defend delivers better overall throughput and performance over existing catalyst technologies in addition to improved employee safety. The advanced performance of this innovative catalyst substrate is due to Alkegen’s novel FlexCat fiber-based chemistry which delivers up to 50% greater specific surface area and a unique tortuous path that enhances catalytic activity all in a compact, lightweight package.

“FlexCat Defend is another great example of the many unique and innovative shape options available with FlexCat. This customizable form can be made with multiple disc shapes and hole patterns to meet our customers’ specific application and pressure drop requirements,” said Ashley Cuthbertson, Senior Director of Catalysis Technologies. “This is the first product form to launch from the extensive FlexCat product portfolio we have been building towards as we cement our position as a valued innovation and sustainability partner to our customers in the energy sector for many years to come.”

To learn more on how the custom drop in solution enhances catalyst activity visit Alkegen.com/flexcat-defend.

For more information about Alkegen, visit www.alkegen.com.

About Alkegen
Alkegen, formerly Unifrax and Lydall Materials, creates high performance specialty materials used in advanced applications including electric vehicles, energy storage, filtration, fire protection and high-temperature insulation, among many others. Alkegen is vertically integrated across multiple process technology platforms designed with the ultimate goal of saving energy, reducing pollution, and improving safety for people, buildings and equipment by delivering on our mission of helping the world breathe easier, live greener and go further than ever before. Alkegen has 75 manufacturing facilities operating in 12 countries and employs 9,000+ employees globally. More information is available at www.alkegen.com.


Contacts

Kristen Weiss
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352.424.3169

SAN JOSE, Calif. & SAINT-NAZAIRE, France--(BUSINESS WIRE)--In their first major marine deployment, Bloom Energy (NYSE:BE) fuel cells demonstrated a significant increase in electrical efficiency on a luxury cruise ship built by Chantiers de l’Atlantique (CdA). Bloom and CdA have also announced that they have signed a memorandum of understanding to collaborate on developing future multi-MW installations on board marine vessels.


The 150kW solid oxide fuel cell platform provided auxiliary power to the ship, the MSC World Europa operated by MSC Cruises, while in port using liquefied natural gas (LNG), one of the cleanest marine fuels available. The MSC World Europa was docked in Qatar in November and December for the 2022 World Cup.

The Bloom Energy Server™ demonstrated 60% electrical efficiency while the ship was in port, a significant improvement over existing high-efficiency power systems, as well as a reduction of carbon emissions by 30% with no methane slippage. Lower carbon emissions and higher efficiency will be critical to ship operators while their vessels are in port.

“Bloom Energy fuel cells have shown their effectiveness in decarbonizing land-based industries,” said Suminder Singh, senior director, marine, for Bloom Energy. “With the deployment by Chantiers de l’Atlantique, we have now proven that they will be effective in decarbonizing shipping, both in port and on the high seas.”

“We are firmly committed to leading the shipbuilding industry in its transition to a more environmentally friendly future,” said Laurent Castaing, general manager, Chantiers de l’Atlantique. “The in-port performance of Bloom Energy’s fuel cells shows that we have charted the right course to making this a reality. We look forward to having Bloom Energy on board for the future.”

Using Bloom fuel cells for so-called hoteling power sharply reduces in-port pollution, an important step towards the goal of the International Maritime Organization (IMO) to reduce shipping’s greenhouse gas emissions by half compared to 2008 levels. Bloom’s future-proof platform is IMO 2040- and 2050-ready, with the ability to operate on LNG, blended hydrogen, ammonia, and hydrogen. The Energy Server platform has passed two critical safety reviews, the American Bureau of Shipping’s New Technology Qualification Process and Bureau Veritas.

While the MSC installation was geared towards proving the efficacy of Bloom system’s in-port operations, the fuel cells, which had undergone rigorous tilt-table testing, also achieved full power output during the vessel’s maiden voyage between Saint-Nazaire and Qatar while in the Mediterranean Sea.

Bloom is working with our customers to design fuel cell-based power delivery architecture that will operate in engine parallel mode, while the ship is sailing, and transition hotel loads 100% to fuel cells when the ship is docked at the port.

For more information about Bloom Energy’s clean energy leadership in the marine transport market, visit
https://www.bloomenergy.com/marine/

Forward-Looking Statements

This press release contains certain forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will” and “would” or the negative of these words or similar terms or expressions that concern Bloom’s expectations, strategy, priorities, plans or intentions. These forward-looking statements include, but are not limited to, Bloom’s expectations regarding collaboration with Chantiers de l’Atlantique (CdA), including plans to install solid oxide fuel cells on future CdA vessels, any expected benefits from the collaboration with CdA, such as carbon emissions reductions, increased energy efficiency, pollution reduction, greenhouse gas reduction or satisfying any clean energy or power savings requirements by IMO or other regulatory agencies, progress towards any net-zero emissions, decarbonization or energy independence goals, passing safety reviews, future platforms and regulations, future power delivery architecture and Bloom’s long-term commitment to particular regions, policies or imperatives. More information on potential risks and uncertainties that may impact Bloom’s business are set forth in Bloom’s periodic reports filed with the SEC, including its Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 25, 2022, and its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2022, June 30, 2022 and September 30, 2022, filed with the SEC on May 6, 2022, August 9, 2022 and November 3, 2022, respectively, as well as subsequent reports filed with or furnished to the SEC from time to time. Bloom assumes no obligation to, and does not currently intend to, update any such forward-looking statements.

About Bloom Energy

Bloom Energy empowers businesses and communities to responsibly take charge of their energy. The company’s leading solid oxide platform for distributed generation of electricity and hydrogen is changing the future of energy. Fortune 100 companies around the world turn to Bloom Energy as a trusted partner to deliver lower carbon energy today and a net-zero future. For more information, visit www.bloomenergy.com.

About Chantiers de l’Atlantique

Thanks to the expertise of its teams and its network of subcontractors, associated with a first-rate industrial facilities, Chantiers de l’Atlantique is a key leader in the fields of design, integration, testing and turnkey delivery of cruise ships, naval vessels, electrical substations for offshore wind farms and services to the fleets. The company is at the heart of the challenges of tomorrow, designing and building today ships whose environmental performance exceeds the most drastic standards, as well as equipment for offshore wind power that make it a major player in the energy transition. For more information, visit www.chantiers-atlantique.com.


Contacts

Media Contact:
Virginia Citrano
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Investor Relations:
Ed Vallejo
267.370.9717
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Media Contact
Gontier, Yann
+33251109037
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Order Pushes Total EaaS Rental Contracts to More Than 50 MW

LOS ANGELES--(BUSINESS WIRE)--$CGRN #CleanPower--Capstone Green Energy Corporation (NASDAQ: CGRN), a global leader in carbon reduction and on-site resilient green energy solutions, continues to grow in the Energy-as-a-Service (EaaS) market with newly secured order for a C1000S microturbine rental package for a leading global oil and gas technology company. The order will be deployed in an Ecuadorean oil field in early April.


“This recent order for a Capstone microturbine in Ecuador means that over the past three months, we have made sales, directly and in partnership with our distributors, on four continents. The value of Capstone technology is being recognized and used worldwide for its reliability under harsh conditions in remote settings, for the environmental benefits compared to legacy turbine technology, and its modular design, which allows customers to scale the product to suit their needs for on-site power generation,” said Darren Jamison, Capstone Green Energy’s President and CEO.

The 1 MW solution will be installed in a remote oilfield in the Ecuadorean jungle and will replace an existing diesel generator and produce clean and reliable electricity using associated gas directly from the pipeline. The power generated by the microturbines will provide 100 percent of the electricity needed to power on-site surface production equipment and the pump station.

The oilfield operators selected Capstone’s microturbine technology for its high reliability in the field as well as their ability to significantly reduce operational costs and flare emissions. Operators wanted a modular, reliable, and cost-effective solution to replace their high-maintenance genset. The microturbines, which have only one moving part and use no lubricants, are a low-maintenance solution, which is a key benefit given the site’s remote location.

“Capstone microturbine solutions are an ideal choice for oil and gas operators due to their low maintenance and high reliability. Microturbines can use associated natural gas as an input fuel source with minimal gas pre-treatment. This allows oil and gas customers to monetize the associated gas, keep operational costs low by avoiding extra fuel-cleaning equipment, and reduce any negative impact on the local environment,” concluded Gorgui Ndoye, Director of Business Development for Capstone Green Energy.

About Capstone Green Energy

Capstone Green Energy (NASDAQ: CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Generation Technologies (EGT) are driven by the Company’s industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Solutions (ESS) business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen & Sustainable Products (H2S), Capstone Green Energy offers customers a variety of hydrogen products, including the Company’s microturbine energy systems.

To date, Capstone has shipped over 10,000 units to 83 countries and estimates that in FY22, it saved customers over $213 million in annual energy costs and approximately 388,000 tons of carbon. Total savings over the last four years are estimated to be approximately $911 million in energy savings and approximately 1,503,100 tons of carbon savings.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: This email address is being protected from spambots. You need JavaScript enabled to view it..

For more information about the Company, please visit www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding growth and liquidity expectations and other statements regarding the Company’s expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as “expect,” “anticipate,” “believe,” “could,” “should,” “estimate,” “intend,” “may,” “will,” “plan,” “goal” and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company’s indebtedness; the Company’s ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company’s ability to adequately protect its intellectual property rights; and departures and other changes in management and other key employees. For a detailed discussion of factors that could affect the Company’s future operating results, please see the Company’s filings with the Securities and Exchange Commission, including the disclosures under "Risk Factors" in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events, or for any other reason.


Contacts

Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
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AUSTIN, Texas--(BUSINESS WIRE)--#energy--Infinity Water Solutions (Infinity), a sustainability and water management company based in Austin, Texas, has reached an unprecedented scale with new agreements covering substantial volumes of recycle-and-reuse water in the Delaware Basin in New Mexico.



Anchoring this is a multi-year contract with major Permian operator XTO Energy, an ExxonMobil subsidiary. The agreement, which expands XTO’s portfolio of water management initiatives in the Permian Basin, is intended to preserve millions of barrels of water resources while also reducing downhole disposal.

“Our commitment to water stewardship is unwavering,” said Michael Dyson, Infinity’s Chief Executive Officer. “By alleviating the industry’s need to depend on brackish water, Infinity is accelerating conservation rates and increasing New Mexico’s water security, sustainability and resiliency, a vision we’re materializing with each new contract.”

As a pure-play recycler, Infinity operates within a closed-loop water management system, meaning 100% of the water gathered at its flagship Mills Ranch 1 facility – including XTO’s produced water – has been successfully recycled and redistributed back into the oil and gas industry in New Mexico to avoid withdrawal from natural water resources.

“This collaborative work with Infinity is part of ExxonMobil’s ongoing efforts to seek industry leading performance on water management in the Permian, including a continued focus on increasing water recycling and sharing,” said David Scott, General Manager of ExxonMobil’s Permian Basin business unit. “As a leading operator in the Permian Basin, we are working to do our part and collaborating with others to help safeguard New Mexico and West Texas water sources.”

To date, Infinity has gathered more than four million barrels of produced water, and successfully delivered similar volumes of recycled produced water back to a variety of major operators across the Permian, some up to 22 miles away from Infinity facilities. This is notable given the geography of the Permian Basin, and a sizable demonstration of just how far the infrastructure network and demand for water sharing have come.

An innovator in the energy industry, Infinity is reimagining the production process, bookending the way water is managed on both the gathering and sourcing sides. Using its 360-degree, zero-liquid discharge approach, Infinity treats and reuses 100% of what it gathers (less evaporation).

“It’s common to tout capacity, but far more difficult to demonstrate delivery in a dynamic market,” said Dyson. “That’s what makes this milestone so significant. We have meaningfully demonstrated on-demand reliability. We have consistently delivered the water quality at the industrial volumes our customers need.”

Since commissioning its flagship facility at Mills Ranch 1 in 2022, Infinity has invested heavily in a robust water-sharing network covering more than 150,000 acres across Eddy and Lea Counties in New Mexico. Its current throughput capacity is more than 125,000 barrels per day and its staging inventory sits at just over 3,000,000 million barrels (125 million gallons). To date, Infinity has treated more than 4,000,000 million barrels (165 million gallons) of water.

For more information, please visit: https://water.energy/

About Infinity Water Solutions

Infinity Water Solutions, LLC. (Infinity) is an Austin, Texas-based sustainability company focused on green infrastructure and water recycling in the Permian Basin. A pioneer in the energy Industry, Infinity is reshaping how operators gather, recycle, stage and source (on demand) water for production. Its closed-loop, 360-approach and comprehensive water-sharing network offers unbeatable value both in impact and cost, and has accelerated the pace at which many sustainability goals can be met.

[PRESS KIT HERE]


Contacts

Media Contact:
Ashley Kegley-Whitehead
Chief Communications Officer
(512) 660-2898
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