Business Wire News

MINNEAPOLIS--(BUSINESS WIRE)--The Board of Directors of Xcel Energy Inc. (NASDAQ: XEL) today raised the quarterly dividend on the company’s common stock from 48.75 cents per share to 52 cents per share, which is equivalent to an annual rate of $2.08 per share. The dividends are payable April 20, 2023, to shareholders of record on March 15, 2023.


Since increasing our dividend growth objective in 2015 to 5-7 percent annually, we have delivered average annual dividend increases above 6 percent. Today's increase signals the confidence we have in our investment opportunities, and our commitment to provide shareholders an attractive total return profile,” said Bob Frenzel, chairman, president and CEO of Xcel Energy.

Xcel Energy is a major U.S. electricity and natural gas company, with operations in 8 Western and Midwestern states. Xcel Energy provides a comprehensive portfolio of energy-related products and services to 3.8 million electricity customers and 2.1 million natural gas customers through its regulated operating companies. Company headquarters are located in Minneapolis. More information is available at www.xcelenergy.com.

This information is not given in connection with any sale or offer for sale or offer to buy any securities.

Statements in this press release regarding Xcel Energy’s business which are not historical facts are “forward-looking statements” that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see “Risk Factors” in the Company's Annual Report on Form 10-K for the most recently ended fiscal year.


Contacts

Xcel Energy, Minneapolis
Shareholder Services
Darin Norman (612) 337-2310
or
Paul Johnson, Vice President, Treasurer & Investor Relations (612) 215-4535
or
Xcel Energy Media Relations Representatives (612) 215-5300

FRIDLEY, Minn.--(BUSINESS WIRE)--Today, Cummins Inc. (NYSE: CMI) announces the addition of 175kW and 200kW natural gas standby generator sets now ready to order for North American customers. These two new generator sets are a part of Cummins continual investment in new and sustainable technologies as part of Destination Zero, the company’s strategy to reach zero emissions across its products.


“The new 175kW and 200kW natural gas generator sets offer our customers industry leading power density and are engineered to offer exceptional performance and consistent reliability as well as to meet customers’ power requirements, all in a more compact footprint,” shared Ignacio Gonzalez, Executive Director Power Systems.

The features that set the Connect Series 175kW and 200kW natural gas generator apart include: a rugged 6-cylinder spark ignited QSJ8.9G gas engine for reliable power that can respond quickly to load changes, the PowerCommand® 2.3 control for automatic remote starting/stopping, precise frequency and voltage regulation, alarm and status message display and output metering with a NFPA 110 Level 1 compliance, a standard cooling package that provides reliable running up to 122 degrees F, an aesthetically appealing enclosure incorporating special designs that deliver one of the quietest generator sets of its kind on the market today and is backed by a comprehensive warranty and supported by Cummins distribution network.

This launch of the 175kW and 200kW natural gas fueled generator sets that are fully integrated, providing optimum performance, reliability and versatility for stationary standby low kWe applications such as commercial and government buildings, public infrastructure, water/waste water management plants, healthcare facilities, manufacturing and more, as a part of Cummins’ commitment to new and sustainable technologies.

“We started with our trusted QSJ8.9 range for the new standby natural gas fueled generator sets, which has already proven its performance and reliability in thousands of customer installations. These new generator sets were created to meet the specific needs of our customers and are available with a range of options and features that allow for tailored performance, control integration, reliability and serviceability,” said Dean Gough, Executive Vice President Power Generation North America Products & Services.

For more information on the Cummins Power Generation 175kW and 200kW natural gas generator sets, visit www.cummins.com/generators/qsj89g.

About Cummins Inc.

Cummins Inc., a global power technology leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from internal combustion, electric and hybrid integrated power solutions to components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, microgrid controls, batteries, electrolyzers and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 73,600 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $2.2 billion on sales of $28.1 billion in 2022. Learn more at cummins.com.


Contacts

Robyn Saphir
This email address is being protected from spambots. You need JavaScript enabled to view it.
February 21, 2023

Crews working around the clock to safely restore service as quickly as possible

Combination of ice and high winds mean restoration effort likely will last days

B-roll footage of crews restoring outages today: https://vimeo.com/801412568/35e12af7cd

CHICAGO--(BUSINESS WIRE)--After significant ice storms moved through northern Illinois Wednesday afternoon, ComEd crews have restored power to more than 55,000 customers. The hardest hit areas are the north and northwest areas of Illinois. About 100,000 customers remain without power as of 8 pm while ComEd and contractor crews work 24/7 in challenging conditions to restore service to all remaining customers as quickly and safely as possible.

Following the ice storms today, high winds with gusts of up to 50 miles per hour are expected tomorrow, which can tear down frozen trees and branches, damaging ComEd equipment and leading to additional power outages. The combination of widespread ice and high winds mean it likely will take multiple days to restore all customers affected by the storms. ComEd is calling in additional crews from other states to help restore power to customers more quickly.

“The layer of ice covering trees, roads and our equipment creates hazards for our crews and can contribute to additional power outages well after the storm has passed,” said Terence R. Donnelly, president and COO of ComEd. “We know losing electric service is frustrating, and we thank everyone for their patience as we work safely to repair damaged equipment and get the power flowing again for all of our customers.”

ComEd has been investing in power grid upgrades and tree trimming to minimize the impact of storms. Since smart grid upgrades began in 2011, ComEd has avoided more than 19 million power outages – saving more than $3.3 billion in outage-related costs – and improved overall reliability by more than 80 percent. In 2022, ComEd delivered its best reliability ever and was recognized with the ReliabilityOne Award for having the most resilient power grid in the U.S.

ComEd prioritizes repairs that will bring back the greatest number of customers at once, and focuses on critical services, such as hospitals, senior centers, law enforcement and fire departments. Crews then move to restoration of individual outages. The following tips and information encourage customers to stay safe following severe weather:

  • If you encounter a downed power line, immediately call ComEd at 1-800-EDISON-1 (1-800-334-7661).
  • Spanish-speaking customers should call 1-800-95-LUCES (1-800-955-8237).
  • Never approach a downed power line. Always assume a power line is energized and extremely dangerous.
  • Check on elderly and other family members and neighbors to ensure their safety and make alternate arrangements in the event of an outage.

Customers can sign up for Outage Alerts at ComEd.com/Alerts or text OUT to 26633 to report their outage and receive restoration information about when their power may be restored.

ComEd also offers a mobile app for iPhone® and Android™® smart phones that gives customers the ability to report power outages and manage their accounts. In addition, customers can report outages through ComEd’s Facebook and Twitter pages.

ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter, Instagram and YouTube. 


Contacts

ComEd Media Relations
312-394-3500

Product Revenue up 25% from Fiscal 2023 Q2

Company to Host Webcast February 23rd at 11:00 a.m. ET

GOLETA, Calif.--(BUSINESS WIRE)--Transphorm, Inc. (NASDAQ: TGAN)—a pioneer in and global supplier of high-reliability, high-performance gallium nitride (GaN) power conversion products, announced today financial results for its 2023 fiscal third quarter ended December 31, 2022.

Fiscal 2023 Third Quarter and Recent Highlights

(All comparisons are to the third quarter of fiscal 2022, unless otherwise noted.)

  • Revenue of $4.5 million, compared to revenue of $3.7 million in the prior quarter, and $4.6 million in fiscal 2022. Product revenue was up 25% on a sequential basis and 9% compared to the same period in fiscal 2022.
  • Increased total design-ins for power adapters and fast chargers to over 80 (with over 25 in production) and total design-ins for higher power (300 Watt – 4 Kilowatt) to over 55 (with over 25 in production).
  • Robust 5-year pipeline opportunity now stands at over $400 million.
  • Shipping production quantities of Transphorm SuperGaN Technology used in HPi (“HP”) power adapter (as revealed by a recent product teardown), solidifying the company’s GaN-FET technology in the low and mid-power adapter space.
  • Secured and shipped a new production order for 100 thousand units for another world-wide top 5 laptop manufacturer.
  • New >2 kW UPS production win with a global leader in energy, continuing Transphorm leadership in high-power GaN.
  • The Company’s products have exceeded 100 billion hours of field operating reliability including in both low-power and high-power applications. We believe this is one of the industry’s best and only reported broad power spectrum reliability rating for GaN power.
  • Announced the availability of a new 240W Power Adapter Reference Design, which brings industry-standard Thru-Hole Packaging delivering power density advantages at low cost to power supplies.
  • Completed submission for a $15 million Navy program, which, if awarded, will expand MOCVD manufacturing capacity and capability to increase the Company’s RF Epiwafer sales (TGAN’s 2nd business vertical).

Transphorm President, COO, and Co-founder, Primit Parikh, commented, “We grew revenue 22% sequentially and remain well-positioned to achieve our long-term operating goals. Our business momentum is exemplified by another strong quarter of design wins as we aggressively pursued and won numerous additional designs in both high-power and low-power markets, including world-wide tier-1 leaders like HP, which represents a significant milestone and the culmination of our intense dedication to quality and reliability, with ease of use and top performance. We look forward to building on our success in this segment of the adapter market, while further growing our leadership in high-power which comprised more than 70% of our revenue in the quarter.”

Dr. Parikh added, “While we still face near term macro-headwinds, we remain well-positioned to translate the above momentum to business growth in fiscal 2024. We also made solid progress on our plans to ramp up additional capacity over the coming year, in order to be prepared and ready to meet the significant demand that lies ahead.”

“This quarter saw solid execution and higher than expected revenues, with our product revenues being driven by strong traction in the Higher Power space. As we enter calendar year 2023, the Company is well positioned and remains keenly focused on achieving continued short-term momentum and long-term growth, driven by a robust pipeline,” stated Cameron McAulay, Chief Financial Officer.

Fiscal 2023 Third Quarter Financial Results

Revenue for the third quarter of fiscal 2023 was $4.5 million, compared to $3.7 million in the prior quarter and $4.6 million for the third quarter of fiscal 2022. Product revenue reflected yet another strong quarter from ramping shipments of GaN products for a broad range of power conversion applications, with a 25% increase over the prior quarter and a 9% increase from the third quarter of fiscal 2022.

Operating expenses on a GAAP basis were $7.2 million in the third quarter of fiscal 2023, compared to $5.9 million in the prior quarter and $5.4 million in the third quarter of fiscal 2022. Third quarter of fiscal 2023 operating expenses consisted of R&D expenses of $2.3 million and SG&A expenses of $4.9 million. On a non-GAAP basis, operating expenses in the third quarter of fiscal 2023 were $5.9 million, compared with non-GAAP operating expenses of $5.1 million in the prior quarter and $4.4 million in the third quarter of fiscal 2022.

GAAP net loss for the third quarter of fiscal 2023 was ($10.5) million, or ($0.18) per share, compared to GAAP net loss of ($6.0) million, or ($0.10) per share, in the prior quarter, and GAAP net loss of ($4.2) million, or ($0.08) per share, in the third quarter of fiscal 2022. On a non-GAAP basis, net loss for the third quarter of fiscal 2023 was ($9.1) million, or ($0.16) per share, compared to non-GAAP net loss of ($5.1) million, or ($0.09) per share, in the prior quarter, and non-GAAP net loss of ($4.3) million, or ($0.09) per share, in the third quarter of fiscal 2022. These numbers for the third quarter included a one time write-off of $2.8 million, or ($0.05) per share for epiwafer inventory largely resulting from the process of bringing up our Japan epi reactors over the last several quarters.

Cash, cash equivalents and restricted cash as of December 31, 2022, were $23.6 million.

Conference Call and Webcast Information

Event:

Transphorm Fiscal 2023 Third Quarter Financial Results

Date:

Thursday, February 23, 2023

Time:

11:00 a.m. Eastern Time

Registration:

https://register.vevent.com/register/BI851a7746d2294d99978db9598035906d

Investors and analysts will receive a unique dial-in number and PIN number, once registered.

A replay and the supporting presentation materials will be available on the day of the conference call and for approximately 90 days on the Investor Relations section of the Company’s website. Additionally, an audio replay of the conference call will be available after the conclusion of the call and through March 2, 2023.

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 are moving 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.

Non-GAAP Financial Measures

This press release includes and makes reference to certain non-GAAP financial measures. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

Transphorm believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to the Company’s financial condition and results of operations. Transphorm believes that these non-GAAP financial measures provide additional insight into Transphorm’s ongoing performance and core operational activities and has chosen to provide these measures for more consistent and meaningful comparison between periods. These measures should only be used to evaluate Transphorm’s results of operations in conjunction with the corresponding GAAP measures. The non-GAAP results exclude the effect of stock-based compensation, depreciation, amortization, change in fair value of promissory note and other income in joint venture.

A reconciliation between GAAP and non-GAAP financial results is provided in the financial statements portion of this press release.

Forward-Looking Statements

This press release contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning the Company’s positioning to achieve long-term operating goals, the Company’s ability to expand its manufacturing capacity and meet anticipated demand, industry acceptance of GaN technology, and the Company’s pipeline and future anticipated growth. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “plan,” “believe,” “intend,” “look forward,” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: risks related to Transphorm’s operations, such as additional financing requirements and access to capital; competition; the ability of Transphorm to protect its intellectual property rights; and other risks set forth in the Company’s filings with the Securities and Exchange Commission. Except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

 

Transphorm, Inc.

Condensed Consolidated Balance Sheets

(in thousands)

 

 

December 31, 2022
(unaudited)

 

March 31, 2022
(audited)

Assets

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

23,149

 

 

$

33,435

 

Restricted cash

 

500

 

 

 

500

 

Accounts receivable

 

3,704

 

 

 

2,558

 

Inventory

 

7,476

 

 

 

6,330

 

Prepaid expenses and other current assets

 

1,570

 

 

 

1,971

 

Total current assets

 

36,399

 

 

 

44,794

 

Property and equipment, net

 

5,367

 

 

 

1,649

 

Operating lease right-of-use assets

 

3,173

 

 

 

 

Goodwill

 

1,097

 

 

 

1,180

 

Intangible assets, net

 

395

 

 

 

617

 

Investment in joint venture

 

647

 

 

 

143

 

Other assets

 

2,167

 

 

 

263

 

Total assets

$

49,245

 

 

$

48,646

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

Current liabilities:

 

 

 

Accounts payable and accrued expenses

$

4,016

 

 

$

3,588

 

Deferred revenue

 

 

 

 

346

 

Accrued interest

 

184

 

 

 

180

 

Accrued payroll and benefits

 

1,657

 

 

 

1,171

 

Operating lease liabilities

 

536

 

 

 

 

Revolving credit facility

 

12,000

 

 

 

 

Total current liabilities

 

18,393

 

 

 

5,285

 

Revolving credit facility, net of current portion

 

 

 

 

12,000

 

Operating lease liabilities, net of current portion

 

2,670

 

 

 

 

Total liabilities

 

21,063

 

 

 

17,285

 

Commitments and contingencies

 

 

 

Stockholders’ equity:

 

 

 

Common stock

 

6

 

 

 

5

 

Additional paid-in capital

 

229,954

 

 

 

211,190

 

Accumulated deficit

 

(200,446

)

 

 

(178,638

)

Accumulated other comprehensive loss

 

(1,332

)

 

 

(1,196

)

Total Stockholders’ equity

 

28,182

 

 

 

31,361

 

Total liabilities and stockholders’ equity

$

49,245

 

 

$

48,646

 

Transphorm, Inc.

Condensed Consolidated Statements of Operations (unaudited)

(in thousands except share and per share data)

 

 

Three Months Ended

 

Nine Months Ended

 

December 31, 2022

 

September 30, 2022

 

December 31, 2021

 

December 31, 2022

 

December 31, 2021

Revenue, net

$

4,493

 

 

$

3,670

 

 

$

4,604

 

 

$

13,319

 

 

$

19,123

 

Cost of goods sold

 

7,162

 

 

 

3,232

 

 

 

3,935

 

 

 

14,444

 

 

 

8,741

 

Gross (loss) profit

 

(2,669

)

 

 

438

 

 

 

669

 

 

 

(1,125

)

 

 

10,382

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

 

2,325

 

 

 

1,830

 

 

 

1,609

 

 

 

5,895

 

 

 

5,023

 

Sales and marketing

 

1,447

 

 

 

1,066

 

 

 

976

 

 

 

3,596

 

 

 

2,488

 

General and administrative

 

3,457

 

 

 

3,044

 

 

 

2,852

 

 

 

9,818

 

 

 

8,309

 

Total operating expenses

 

7,229

 

 

 

5,940

 

 

 

5,437

 

 

 

19,309

 

 

 

15,820

 

Loss from operations

 

(9,898

)

 

 

(5,502

)

 

 

(4,768

)

 

 

(20,434

)

 

 

(5,438

)

Interest expense

 

184

 

 

 

184

 

 

 

187

 

 

 

550

 

 

 

611

 

Loss in joint venture

 

799

 

 

 

684

 

 

 

712

 

 

 

2,065

 

 

 

3,294

 

Changes in fair value of promissory note

 

 

 

 

 

 

 

 

 

 

 

 

 

(605

)

Other income, net

 

(421

)

 

 

(375

)

 

 

(1,503

)

 

 

(1,241

)

 

 

(3,502

)

Loss before tax expense

 

(10,460

)

 

 

(5,995

)

 

 

(4,164

)

 

 

(21,808

)

 

 

(5,236

)

Tax expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

$

(10,460

)

 

$

(5,995

)

 

$

(4,164

)

 

$

(21,808

)

 

$

(5,236

)

Net loss per share - basic and diluted

$

(0.18

)

 

$

(0.10

)

 

$

(0.08

)

 

$

(0.38

)

 

$

(0.12

)

Weighted average common shares outstanding - basic and diluted

 

56,739,450

 

 

 

56,619,662

 

 

 

49,147,630

 

 

 

55,926,828

 

 

 

43,671,321

 

 

Transphorm, Inc.

Reconciliation of GAAP and Non-GAAP Financial Information (unaudited)

(in thousands except share and per share data)

 

 

Three Months Ended

 

Nine Months Ended

 

December 31, 2022

 

September 30, 2022

 

December 31, 2021

 

December 31, 2022

 

December 31, 2021

GAAP net loss

$

(10,460

)

 

$

(5,995

)

 

$

(4,164

)

 

$

(21,808

)

 

$

(5,236

)

Adjustments:

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

1,123

 

 

 

636

 

 

 

848

 

 

 

2,341

 

 

 

1,856

 

Depreciation

 

180

 

 

 

165

 

 

 

142

 

 

 

497

 

 

 

399

 

Amortization

 

74

 

 

 

74

 

 

 

74

 

 

 

222

 

 

 

222

 

Changes in fair value of promissory note

 

 

 

 

 

 

 

 

 

 

 

 

 

(605

)

Other income

 

 

 

 

 

 

 

(1,222

)

 

 

 

 

 

(2,677

)

Total adjustments to GAAP net loss

 

1,377

 

 

 

875

 

 

 

(158

)

 

 

3,060

 

 

 

(805

)

Non-GAAP net loss

$

(9,083

)

 

$

(5,120

)

 

$

(4,322

)

 

$

(18,748

)

 

$

(6,041

)

GAAP net loss per share - basic and diluted

$

(0.18

)

 

$

(0.10

)

 

$

(0.08

)

 

$

(0.38

)

 

$

(0.12

)

Adjustment

 

0.01

 

 

 

0.01

 

 

 

(0.01

)

 

 

0.04

 

 

 

(0.02

)

Non-GAAP net loss per share - basic and diluted

$

(0.16

)

 

$

(0.09

)

 

$

(0.09

)

 

$

(0.33

)

 

$

(0.14

)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Nine Months Ended

 

December 31, 2022

 

September 30, 2022

 

December 31, 2021

 

December 31, 2022

 

December 31, 2021

GAAP operating expenses

$

7,229

 

$

5,940

 

$

5,437

 

$

19,309

 

$

15,820

Adjustments:

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

1,035

 

 

583

 

 

796

 

 

2,161

 

 

1,738

Depreciation

 

180

 

 

165

 

 

142

 

 

497

 

 

399

Amortization

 

74

 

 

74

 

 

74

 

 

222

 

 

222

Total adjustments to GAAP operating expenses

 

1,289

 

 

822

 

 

1,012

 

 

2,880

 

 

2,359

Non-GAAP operating expenses

$

5,940

 

$

5,118

 

$

4,425

 

$

16,429

 

$

13,461

 

Transphorm, Inc.

Condensed Consolidated Statements of Cash Flows (unaudited)

(in thousands)

 

 

Nine Months Ended December 31,

 

 

2022

 

 

 

2021

 

Cash flows from operating activities:

 

 

 

Net loss

$

(21,808

)

 

$

(5,236

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

Inventory write-off

 

2,810

 

 

 

202

 

Depreciation and amortization

 

719

 

 

 

621

 

Amortization of right-of-use assets

 

425

 

 

 

 

Perpetual licensing revenue from a related party

 

 

 

 

(8,000

)

Stock-based compensation

 

2,342

 

 

 

1,856

 

Interest cost

 

4

 

 

 

295

 

Gain on promissory note conversion

 

 

 

 

(1,222

)

Gain on sale of equipment

 

(110

)

 

 

 

Loss in joint venture

 

2,065

 

 

 

1,839

 

Changes in fair value of derivative instruments

 

75

 

 

 

 

Changes in fair value of promissory note

 

 

 

 

(605

)

Changes in operating assets and liabilities:

 

 

 

Accounts receivable

 

(1,221

)

 

 

(871

)

Inventory

 

(3,956

)

 

 

(3,935

)

Prepaid expenses and other current assets

 

401

 

 

 

204

 

Other assets

 

(504

)

 

 

(8

)

Accounts payable and accrued expenses

 

428

 

 

 

1,359

 

Deferred revenue

 

(346

)

 

 

(238

)

Accrued payroll and benefits

 

486

 

 

 

(171

)

Operating lease liabilities

 

(392

)

 

 

 

Net cash used in operating activities

 

(18,582

)

 

 

(13,910

)

Cash flows from investing activities:

 

 

 

Advances and purchases of property and equipment

 

(5,633

)

 

 

(690

)

Proceeds from sale of equipment

 

110

 

 

 

 

Investment in joint venture

 

(2,569

)

 

 

(3,765

)

Net cash used in investing activities

 

(8,092

)

 

 

(4,455

)

Cash flows from financing activities:

 

 

 

Proceeds from stock option exercise

 

709

 

 

 

134

 

Proceeds from issuance of common stock

 

16,000

 

 

 

49,773

 

Cost associated with issuance of common stock

 

(280

)

 

 

 

Payment for taxes related to net share settlement of restricted stock units

 

(6

)

 

 

Net cash provided by financing activities

 

16,423

 

 

 

49,907

 

Effect of foreign exchange rate changes on cash, cash equivalents and restricted cash

 

(35

)

 

 

(75

)

Net (decrease) increase in cash, cash equivalents and restricted cash

 

(10,286

)

 

 

31,467

 

Cash and cash equivalents and restricted cash at beginning of period

 

33,935

 

 

 

9,500

 

Cash and cash equivalents at end of period

 

23,149

 

 

 

40,467

 

Restricted cash at end of period

 

500

 

 

 

500

 

Cash and cash equivalents and restricted cash at end of period

$

23,649

 

 

$

40,967

 

 


Contacts

Investor Contacts:

David Hanover or Jack Perkins
KCSA Strategic Communications
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Company Contact:

Cameron McAulay
Chief Financial Officer
1-805-456-1300 ext. 140
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DUBLIN--(BUSINESS WIRE)--The "Yacht Charter Market, By Yacht Type, By Consumer Type, By Region - Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.


The global yacht charter market was valued for US$ 52268.8 Mn in 2021.

Companies Mentioned

  • Fun2Rent
  • Boatbound Inc.
  • Dream Yacht Charter
  • Fraser Escape Bareboat Charters
  • Incrediblue Limited
  • Sailogy S.A.
  • Sunsail Ltd.
  • The Moorings
  • Yachtico, Hanse Group
  • Antlos

A storage area network refers to a high-speed network, which interconnects and presents a shared band of storage devices to various servers. SANs are typically helpful in backup and disaster recovery settings. SANs are used to enhance the capacity of mass storage devices such as optical jukeboxes, tape libraries, and disk arrays that have access to servers.

Increasing volumes of critical data being accumulated in the global business environment have led to an increased need for better performances, manageability, availability, and security of data storage assets among enterprises. Furthermore, many enterprises are focused on implementing specialized storage networks that can aid businesses in attaining operational efficiencies.

Previously, in a conventional approach, LAN was used for data back-up and restore functions that are particularly slow and majorly impact efficiency of the whole operation. On the contrary, in SAN approach, data moves smoothly across the SAN to tape devices as it does not utilize critical server I/O or CPU resources. Several issues can be improved with the integration of high-performance backup and restore capabilities with data availability and device sharing. This includes performance degradation, extended downtime periods, and shrinking backup windows.

However, increase in the overall server efficiency with server-less backup offered by SAN architecture is fueling adoption of SAN across various verticals. Thus, these factors are expected to drive growth of the market in the near future. Increasing usage of SANs among small and medium-sized enterprises (SMEs) is expected to boost the market growth, especially in emerging economies.

This adoption of SANs among smaller organizations is mainly driven by the benefits offered by SANs such as flexibility, shared storage, and centralized control, in order to share capacity between multiple hosts. As a result of this, major SAN solution providers are constantly focused on products that are easy to use and are cost-effective for smaller enterprises, which in turn, is expected to boost the global Yacht Charter market growth over the forecast period.

Key features of the study:

  • This report provides an in-depth analysis of the Global Yacht Charter Market and provides market size (US$ Million) and compound annual growth rate (CAGR %) for the forecast period (2022-2030), considering 2021 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrix for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, regional outlook, and competitive strategy adopted by leading players
  • It profiles leading players in the global Yacht Charter Market based on the following parameters - regulatory landscape, company overview, financial performance, product portfolio, geographical presence, distribution strategies, key developments and strategies, and future plans
  • These key market players are focusing on collaboration strategy with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
  • Insights from this report would allow marketers and management authorities of companies to make informed decision regarding future product launches, Yacht Size up gradation, market expansion, and marketing tactics
  • The global Yacht Charter market report caters to various stakeholders in this industry including investors, suppliers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through the various strategy matrices used in analyzing the Global Yacht Charter Market

Detailed Segmentation:

Global Yacht Charter Market, By Yacht Type:

  • Displacement Type
  • Semi-Displacement
  • Planing
  • Catamaran
  • Trimaran
  • Sloop
  • Schooner
  • Catamaran
  • Ketch
  • Motor Yacht
  • Sailing Yacht

Global Yacht Charter Market, By Consumer Type:

  • Corporate
  • Retail
  • Individual
  • Family/Group
  • Couple
  • Others

Global Yacht Charter Market, By Yacht Size:

  • Large (over 50m)
  • Medium (30m - 50m)
  • Small (up to 30m)

Global Yacht Charter Market, By Region:

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

For more information about this report visit https://www.researchandmarkets.com/r/twiaxy-charter?w=4

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.


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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 Chief Financial Officer Michael L. Battles, Chief Accounting Officer Eric Dugas and SVP Investor Relations Jim Buckley will be presenting at the Raymond James 44th Annual Institutional Investors Conference.


Clean Harbors’ presentation will take place at 1:05 p.m. ET on Monday, March 6, 2023, and will be webcast live. To access the live or archived webcast, visit the “Investor Relations” portion of Clean Harbors’ website at www.cleanharbors.com.

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.


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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TORONTO--(BUSINESS WIRE)--$DMJ #carbonemissions--dynaCERT Inc. (TSX: DYA) (OTCQX: DYFSF) (FRA: DMJ) ("dynaCERT" or the "Company") is pleased to announce that is has concluded a Collaboration Agreement with Cipher Neutron Inc. (“CN” or “Cipher Neutron”) to further jointly develop, produce and market state-of-the-art Hydrogen technology, including AEM Electrolyser technology, that is designed to produce Green Hydrogen for world-wide large infrastructure projects, and Reversible Fuel Cell technology applied to emergency preparedness and efficient storage of Hydrogen as a long-term source of power.


Cipher Neutron is a rapidly growing disruptive technology company focused on Electrolysers for Green Hydrogen production and Reversible Fuel Cells for power generation and energy storage solutions. Cipher Neutron combines a global group of collaborating scientists that team up with engineers, technology developers, experts in hydrogen technology, investment bankers and people that have worked in hydrogen and power generation for decades. Cipher Neutron’s innovative products, such as Electrolysers and Reversible Fuel Cells under development, have unique advantages over other Hydrogen production, power generation and energy storage solutions currently available in the global market.

Collaboration Agreement

In collaboration with dynaCERT, CN plans to expand the development of dynaCERT’s previously announced Anion Exchange Membrane (AEM) Electrolysers with a goal to expand dynaCERT’s collaborative Research & Development and to accomplish the following:

  1. A 5-Kilowatt AEM Electrolyser that can meet the commercial specifications of potential clients internationally;
  2. A 50-Kilowatt AEM Electrolyser that can meet the commercial specifications of potential clients internationally;
  3. A 250-Kilowatt AEM Electrolyser that can meet the commercial specifications of potential clients internationally;
  4. A line of Reversible Fuel Cells to meet the growing variety of customer’s emerging needs internationally; and,
  5. A Production Facility meeting the suitability requirements to offer these products to international clients in a timely and reliable manner and on a cost competitive basis.

AEM Advantages

AEM is considered as a superior hybrid solution combining the benefits of both PEM electrolysers and Alkaline electrolysers. The major issue with PEM technology is the high cost owing to the use of precious metals such as Platinum and Iridium as catalysts. AEM does not require such precious metals making it more sustainable and cost effective than PEM electrolysers. The major drawback in Alkaline electrolysis is its low current density and highly corrosive alkaline solution used as the electrolyte. The AEM technology offers higher current density using significantly reduced amounts of corrosive electrolytes compared with alkaline electrolysers.

Green Hydrogen Cost Reductions

Green Hydrogen is defined as hydrogen that is produced from water electrolysis using clean electric power (i.e. electric power from hydro, solar, nuclear & wind), resulting in a zero GHG footprint. Grey Hydrogen, by comparison may often have a significant GHG footprint, as such hydrogen is produced by the steam methane reforming process.

One of the major hurdles of Green Hydrogen is its high production cost. CN and dynaCERT technology is designed to address this major industry problem. A typical commercially available electrolyser consumes more than 51 kilowatt-hours (“kWh”) of energy to produce one (1) kilogram of Hydrogen or 77% efficiency (based on High Heating Value calculations of H2 Gas). Cipher Neutron’s and dynaCERT’s jointly developed 5 Kilowatt AEM Electrolyser slashes the energy consumption down to 48 kWh, thereby achieving 82% efficiency.

Our highly efficient AEM Electrolyser can produce more Hydrogen per kWh than typical commercially available electrolysers and enables Green Hydrogen at affordable prices. For example, if clean electric power were available to a customer at USD 4 cents per kWh, the Green Hydrogen production cost of our 5 Kilowatt AEM Electrolyser would be under USD $2.00 per kilogram of Green Hydrogen Gas.

The R&D goals of CN and dynaCERT are to eventually design and produce commercially larger systems capable of producing Green Hydrogen Gas at more competitive prices, in order to excel at the ever increasing competitive Green Hydrogen pricing marketplace and stay at the forefront and cutting edge of the Hydrogen technology.

On a larger scale, CN and dynaCERT’s 1 Megawatt AEM Electrolyser will be designed to achieve the production of 498 kilograms of Hydrogen Gas per 24 hour day as compared to 470 kilograms of the current lesser efficient electrolysers commercially available today. This 28 kilogram difference in daily production of Hydrogen Gas equates to powering 36 compact Fuel Cell cars travelling up to 100 kilometers without producing any CO2 emissions. This travel distance would otherwise represent over half a tonne per day of CO2 emitted into the atmosphere from typical gas powered Internal Combustion Engine cars assuming a fuel economy of 7 Litres/100 kilometre.

Capital Cost Reduction of Green Hydrogen Electrolysers

Research and Development teams of dynaCERT and CN have focussed on cost efficiency and mitigating material costs. Operational efficiency and the core material costs go hand in hand with design engineering. Our 5 Kilowatt AEM Electrolyser is highly efficient and has achieved a higher current density of 2 amps/cm2 as compared to 0.07 amps/cm2 in a traditional alkaline electrolyser. Each cell in our 5 Kilowatt AEM electrolyser produces 28 times more Hydrogen Gas than a traditional alkaline cell of equivalent size. This cost reduction in raw materials, the elimination of the use of Platinum group metals as catalysts, coupled with our unique design, allows the AEM 250 kilowatt stacks planned by dynaCERT and CN to be priced below USD $950/kilowatt, believed to be a most compelling proposition to users of electrolyser technology.

Current Global Market

CN and dynaCERT have pioneered a five (5) Kilowatt AEM stack (a key technological subcomponent of an electrolyser) and plan to take their breakthrough transformative work to the next level with a trailblazing fifty (50) Kilowatt Electrolyser. This cutting-edge development is set to meet the current targets of the global hydrogen market, with the visionary scientists of the two companies going even further by planning to develop a futuristic two hundred and fifty (250) Kilowatt Electrolyser to meet and bid for future large infrastructure projects. The 5 Kilowatt AEM Electrolyser is planned to be market ready by Q4 2023 making it the largest capacity single-stack AEM Electrolyser commercially available today.

Hydrogen use today is dominated by industry, namely: oil refining, ammonia production, methanol production and steel production. In today’s hydrogen production, steam methane reforming accounts for more than 95 percent of the worldwide production of hydrogen also known as grey hydrogen. Steam reformers use heat, pressure, and catalysts to produce hydrogen gas from fossil fuels such as natural gas. This process generates about ten kilograms of carbon dioxide (CO2) per kilogram of hydrogen produced. As per the International Energy Agency, current production of grey hydrogen, mainly used in the chemical and petrochemical sectors, is responsible for more than 900,000,000 tonnes of CO2 emissions per year. As a result, switching those industry sectors to low-emission hydrogen use is a priority.

Growth of Green Hydrogen Market

Green Hydrogen is the only hydrogen type fully compatible with net-zero emission targets and sustainable, climate-safe energy use. Green Hydrogen produced by AEM Electrolysers of dynaCERT and CN, has the potential to emerge as a vital clean energy carrier. The global Green Hydrogen market size is valued by Grand View Research at USD 3.2 Billion in 2021 and is expected to expand at a compound annual growth rate or CAGR of 39.5% from 2022 to 2030.

Reversible Fuel Cell Technology

Cipher Neutron's remarkable work in developing the world's first patent pending Reversible Fuel Cell using Graphene Slurry to store hydrogen in a non-compressed form is set to modernize the industry. Cipher Neutron's dynamic and versatile Reversible Fuel Cells can be used both as an Electrolyser in it’s E-Mode (Hydrogen generation mode) and as a Fuel cell in it’s FC-Mode (Power Generation mode). Cipher Neutron plans to be the first company to commercialize Reversible Fuel Cells for residential and industrial use.

Reversible Fuel Cells

Cipher Neutron’s unique all-in-one Reversible Fuel Cell technology is designed to replace the need for two separate systems i.e. an Electrolyser system and a Fuel Cell system, thereby offering significantly less expensive solutions to clients that require both fuel cells and electrolysers.

The growing demand for reliable emergency preparedness devices in the world has created an international need for an economically viable source of backup electricity during periods of surging prices and times of natural disasters, war and suffering. Cipher Neutron’s Reversible Fuel Cell technology can provide carbon free power storage in the form of hydrogen and supply of electric power on demand at attractive prices.

Emerging off-grid solar and wind power projects use electrolysers for hydrogen production used to store energy and for later use in Fuel Cells to supply uninterrupted power to their intended loads. These Hydrogen projects typically include expensive and costly energy sources, electrolysers, hydrogen compressors, hydrogen storage tanks and fuel cells. Our Reversible Fuel Cell technology reduces such costs significantly.

The combined benefits of these two proprietary technologies, and the elimination of componants, allows for significant reductions in project investment capital and operating and maintenance costs in applications where dynaCERT and CN expect to emerge as strong bidders for large global infrastructure projects, chemical and steel production, and off-grid remote projects, in the next decade.

In a bid to target off-grid communities, including but not limited to cottages, remote villages, and islands, CN plans to launch in the market by Q1 2025 its 5 Kilowatt and 10 Kilowatt Reversible Fuel Cells.

Graphene Technology for Safe & Efficient Energy Storage

Furthermore, our labs have demonstrated that using Graphene Slurry for Hydrogen storage eliminates the requirement for Hydrogen compressors and, accordingly, CN’s research team has applied for a patent relating to this breakthrough technology.

Cipher Neutron's polymer acid electrolyte-based Reversible Fuel Cell with Graphene Slurry has the similar energy density as Lithium-ion batteries. This non-toxic energy storage method combines a lower carbon footprint, affordable recycling options and unparalleled safety, especially for residential and commercial applications.

Significant Investment by dynaCERT

Under the Collaboration Agreement, dynaCERT plans to invest in CN up to $17,500,000 upon the exercise of common share options at various prices granted by CN to dynaCERT (the “CN options”). dynaCERT may exercise such options at various expiry dates up to July 31, 2025, which may give dynaCERT up to a 50% ownership of CN based on current CN shares outstanding on an undiluted basis.

The proceeds of this investment is expected to be used by CN, in collaboration with dynaCERT, to develop a state-of-the-art International Hydrogen Research & Development facility in the Greater Toronto Metropolitan area, which will enable the development of AEM 250 Kilowatt Electrolysers while ensuring dynaCERT and CN retain their role in the Hydrogen Economy. As well, part of the proceeds shall be used to establish the necessary Production and Quality Control facilities for the company’s line of Reversible Fuel Cell models, and AEM Electrolyser models.

In order to quickly advance dynaCERT’s and CN’s penetration in the Hydrogen Economy and the AEM Electrolyser industry, dynaCERT has committed to exercise certain of its CN options in amounts ranging up to 50% of the net proceeds of any equity financing by dynaCERT up to a maximum of $5,000,000 at favourable seed capital exercise prices of CN equity to dynaCERT. When dynaCERT exercises such options, dynaCERT may then own 25% of CN on an undiluted basis.

In conjunction with executives at Cipher Neutron and dynaCERT, Galaxy Placements Inc. has, at no cost to dynaCERT nor CN, acted as corporate strategy advisor in certain of the structuring of the hydrogen business collaborations between these two international leaders in hydrogen generation. To accelerate the fulfillment of Cipher Neutron's and dynaCERT's global business, further future private financings by Cipher Neutron may provide institutions with an opportunity to gain large potential upside exposure to international hydrogen infrastructure projects.

Gurjant Randhawa, M.Eng., P.Eng., President and CEO of Cipher Neutron, stated, “Cipher Neutron and dynaCERT share ambitions for transforming and accelerating the energy transition. Our portfolio of technologies can help place both companies at the forefront of tackling climate change with practical and implementable solutions. We are enthusiastic to be supported by dynaCERT in its ambitions for a more sustainable future. There is enormous global demand for Green Hydrogen and clean energy, and engineering solutions such as those pioneered by Cipher Neutron and dynaCERT collaborating together are vital to increasing world options to reduce Greenhouse Gases. We look forward to working with dynaCERT on a variety of AEM Electrolyser and Green Hydrogen projects in Canada and around the globe, the many plans that will help to enable industries and the world to move beyond the detrimental effects of fossil fuels.”

Jim Payne, President and CEO of dynaCERT, stated, “While maintaining and supporting our current HydraGEN™ technology and network, world-wide, dynaCERT is proud to expand our relationship with Cipher Neutron, a highly respected and skilled partner with a proven track record in AEM Electrolysers. This collaboration will help us strengthen our supply chain and underpin our ability to deliver on our growing AEM Electrolyser initiatives. With a partner like Cipher Neutron, dynaCERT is also in a very strong position to become a global leader of the Hydrogen Economy, not just with AEM Electrolysers, but also in Green Hydrogen infrastructure projects. For the rapidly developing Hydrogen Economy, this collaboration is a game-changer. By bringing together one of the most highly regarded Green Hydrogen and fuel cell companies in Canada which operates globally, and with dynaCERT’s technology and manufacturing capabilities, we are designing the potential for future volume and scale for Green Hydrogen that hasn't existed until now in most parts of Canada. This partnership confirms Cipher Neutron’s world class position in flow field design and catalyst coated membranes, the key performance-defining components of our AEM Electrolysers and Reversible Fuel Cells."

About Cipher Neutron Inc.

Please see: www.cipherneutron.com

About Galaxy Placements Inc.

Galaxy Placements is a strategy advisor based in Canada operating world-wide focusing on providing to public and private companies lucrative Climate Change Solutions for Institutions. Galaxy Placements brings hundreds of person-years of professional experience and seasoned wisdom in the financial marketplace to Issuers such as dynaCERT and Cipher Neutron, and many others including public and private businesses. Galaxy Placements focuses advising issuers in the Critical Minerals Industry, the new Hydrogen Economy, and Clean Energy.

AEM Technology

Anion Exchange Membrane (AEM) electrolysis is the latest advanced technology designed to produce Green Hydrogen. AEM allows negatively charged Hydroxyl ions (OH-) to pass through the membrane and restricts positively charged ions (H+). These restricted protons (H+) combine to make Hydrogen gas on the cathode side and the Hydroxyl ions (OH-) combine at the anode side producing Water and Oxygen gas.

About dynaCERT Inc

dynaCERT Inc. manufactures and distributes Carbon Emission Reduction Technology along with its proprietary HydraLytica™ Telematics, a means of monitoring fuel consumption and calculating GHG emissions savings designed for the tracking of possible future Carbon Credits for use with internal combustion engines. As part of the growing global Hydrogen Economy, our patented technology creates hydrogen and oxygen on-demand through a unique electrolysis system and supplies these gases through the air intake to enhance combustion, which has shown to lower carbon emissions and improve fuel efficiency. Our technology is designed for use with many types and sizes of diesel engines used in on-road vehicles, reefer trailers, off-road construction, power generation, mining and forestry equipment. Website: www.dynaCERT.com.

READER ADVISORY

Except for statements of historical fact, this news release contains certain "forward-looking information" within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. In particular, information relating to Cipher Neutron Inc. and Galaxy Placements Inc. cannot be independently verified. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance of achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.

Forward-looking information is based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: uncertainty as to whether our strategies and business plans will yield the expected benefits; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology and changes in laws and regulations; the uncertainty of the emerging Hydrogen Economy; including the Hydrogen Economy moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements; and the other risk factors disclosed under our profile on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.

The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.

Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of the release.

On Behalf of the Board
Murray James Payne, CEO


Contacts

For more information:

Jim Payne, CEO & President
dynaCERT Inc.
#101 – 501 Alliance Avenue
Toronto, Ontario M6N 2J1
+1 (416) 766-9691 x 2
jpayne@dynaCERT.com

Investor Relations
dynaCERT Inc.
Nancy Massicotte
+1 (416) 766-9691 x 1
nmassicotte@dynaCERT.com

HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) today announced the addition of Ms. Janet Weiss and Mr. Maurice Smith to its board of directors. The appointments were effective Feb. 21, and both will stand for election by shareholders at the annual meeting on May 17.



On behalf of the board, I am delighted to welcome Janet and Maurice to Halliburton,” said Jeff Miller, Halliburton chairman, president, and CEO. “Janet and Maurice bring strong leadership to our board and have direct experience running large businesses in complex industries. Janet has worked in the oil and gas business her entire career and knows the daily operational, safety and environmental requirements of the energy business. Maurice sits as an active chief executive officer and brings deep expertise developing and executing long-term corporate strategy and driving financial operations and activities.”

Ms. Weiss retired from BP in 2020 after a 35-year career in the oil and gas industry, including serving as the president of BP Alaska. Prior to that role, she held numerous leadership positions at BP, including vice president of Alaska Subsurface, vice president of Special Projects, director of Unconventional Gas Technology, and director of Organizational Capability for Operations & HSSE. Today, Ms. Weiss serves as a board member for Tourmaline Oil Corp., the First National Bank of Alaska, and Northwest University.

Mr. Smith is the president and CEO of Health Care Service Corporation (HCSC), one of the largest health insurers in the United States. Prior to becoming CEO, he held positions of increased responsibility at HCSC over his 30-year career there, including as head of investment transactions and corporate strategy and serving as President of Blue Cross and Blue Shield of Illinois. He is the chairman of the board of Prime Therapeutics and serves on the boards of Ventas Corporation, the Federal Reserve Bank of Chicago, the Blue Cross Blue Shield Association, and the Economic Club of Chicago, among many other civic and business organizations.

The appointment of Ms. Weiss and Mr. Smith increases the number of Halliburton directors to 13, of which 12 are independent.

ABOUT HALLIBURTON

Halliburton is one of the world’s leading providers of products and services to the energy industry. Founded in 1919, we create innovative technologies, products, and services that help our customers maximize their value throughout the life cycle of an asset and advance a sustainable energy future. Visit us at www.halliburton.com; connect with us on Facebook, Twitter, LinkedIn, Instagram and YouTube.


Contacts

Investor Relations Contact
David Coleman
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281-871-2688

Press Contact
Brad Leone
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281-871-2601

HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) today announced its fourth quarter results.


We generated the following financial results for the fourth quarter of 2022:

  • Net Income Attributable to Genesis Energy, L.P. of $42.0 million for the fourth quarter of 2022 compared to Net Loss Attributable to Genesis Energy, L.P. of $68.3 million for the same period in 2021.
  • Cash Flows from Operating Activities of $81.8 million for the fourth quarter of 2022 compared to $95.6 million for the same period in 2021.
  • We declared cash distributions on our preferred units of $0.9473 for each preferred unit, which equates to a cash distribution of approximately $24.0 million and is reflected as a reduction to Available Cash before Reserves to common unitholders.
  • Available Cash before Reserves to common unitholders of $83.1 million for the fourth quarter of 2022, which provided 4.52X coverage for the quarterly distribution of $0.15 per common unit attributable to the fourth quarter.
  • Total Segment Margin of $197.1 million for the fourth quarter of 2022.
  • Adjusted EBITDA of $180.2 million for the fourth quarter of 2022.
  • Adjusted Consolidated EBITDA of $736.3 million for the trailing twelve months ended December 31, 2022 and a bank leverage ratio of 4.14X, both calculated in accordance with our senior secured credit agreement and discussed further in this release.

Grant Sims, CEO of Genesis Energy, said, “We are once again very pleased with the financial performance of our market leading businesses for the fourth quarter. Our reported Adjusted EBITDA of $180.2 million exceeded our internal expectations, despite being negatively impacted by approximately $10 million during the quarter as a result of certain unplanned downtime from our producer customers in the Gulf of Mexico, all of which have since returned to normal operations. For the full year, we generated Adjusted EBITDA of $717.1 million, which exceeded the high end of our thrice upwardly revised full year guidance range for Adjusted EBITDA of $700 – $710 million that we issued last quarter, ending up approximately 25% over our initial 2022 guidance, or up approximately 18% over such initial range, even if you exclude the $41 million of non-recurring income we recognized in 2022. Importantly, we once again saw a reduction in our quarter-end leverage ratio, as calculated by our senior secured lenders, to 4.14 times, which is down in less than fifteen months from our third quarter 2021 leverage ratio of 5.51 times.

As we look forward to 2023, the fundamentals and macro conditions across our largest businesses continue to be as positive as we have ever seen them in our careers, and we believe this backdrop provides the foundation for us to continue to improve our balance sheet, generate increasing amounts of free cash flow from operations and deliver value for everyone in our capital structure in the coming years. We continue to see a significant amount of activity in the Gulf of Mexico, including new in-field development wells and new sub-sea tiebacks to existing deepwater production facilities for which we are the exclusive provider of midstream services. Additionally, we will benefit from a full year of volumes from both King’s Quay and Spruance, both of which continue to perform ahead of producer expectations, along with new volumes from Argos, which is currently expected to start up in the middle of the year. The soda ash market remains structurally tight which provided us with a constructive backdrop for our price negotiations on our uncontracted volumes as we entered 2023. We can now report that we have contractually agreed on the pricing for approximately 85% of our anticipated sales volumes of soda ash (including the additional 600,000 – 700,000 incremental tons from Granger expected in 2023) and related products for 2023. As a result, we expect that our weighted average realized price for the full year will exceed the weighted average realized price we received in 2022. Our marine transportation segment also continues to see at or near 100% utilization across all our asset classes, and we are seeing spot day rates and longer term contracted rates approaching levels not seen since 2014 and 2015.

Based on what I mentioned above, and our visibility into 2023, we now expect to generate Adjusted EBITDA this year in the range of $780 – $810(1) million and to exit 2023 with a leverage ratio, as calculated by our senior secured lenders, at or below 4.0 times. The mid-point of this range represents growth of approximately 18% over our 2022 Adjusted EBITDA, excluding the $41 million of non-recurring income we recognized in 2022. We have built into our guidance the potential negative effects if a significant worldwide recession were to unfold as we move through the year. Should that not be the case, or even if there is indeed a recession, but it is milder than we have currently modeled, there could be bias to the upside of even the top end of our 2023 Adjusted EBITDA guidance range provided herein. This anticipated financial performance will provide a clear future path for increasing financial flexibility and opportunities to continue to build long-term value for all our stakeholders.

Given this backdrop, in mid-January we opportunistically accessed the capital markets and successfully priced an offering of $500 million of 8.875% senior unsecured notes due 2030, using the net proceeds from the new notes to redeem in full our 5.625% senior unsecured notes due 2024, with the remainder being used to repay borrowings outstanding under our credit facility. In addition, on February 17, 2023 we successfully syndicated and closed on an extension and upsizing of our existing revolving credit facility with $850 million in commitments from both existing and new lenders with an initial maturity date of February 13, 2026. The relevant covenants contained in the new facility will remain materially the same as our previous facility, although, prospectively, we will have expanded general and permitted investment baskets which will give us increased flexibility to potentially purchase existing private or public securities across our capital structure that we might then perceive to be a high-valued use of our capital. We very much value the relationships with the banks in our bank group and are very appreciative of their continued and increased support of Genesis.

Importantly, with these steps, we now have no maturities of long-term debt until late 2025, and when combined with our clear line of sight to increasing amounts of free cash flow from operations, we believe we are well positioned with ample liquidity and financial flexibility to complete the remaining spend associated with our Granger soda ash expansion project in 2023, as well as complete the construction of the SYNC lateral and CHOPS expansion projects in the Gulf of Mexico in the second half of 2024. As we then start to harvest the incremental cash flow from these growth projects along with the continued strong performance of our base businesses, we believe we are in very good shape to begin simplifying our capital structure and perhaps even start looking at ways to return capital to our bond and common equity holders in one form or another, all while maintaining a leverage ratio at or below 4.0 times.

With that, I would like to next discuss our individual business segments and focus on their recent and expected performance in more detail.

Our offshore pipeline transportation segment performed in-line with our expectations despite experiencing more than expected producer downtime and maintenance at multiple major production facilities connected to our systems which negatively impacted our financial results by approximately $10 million for the quarter. More importantly all of these facilities have since returned to normal operations and we would expect a more normalized level of activity in our offshore segment during the first quarter.

Volumes from Murphy Oil’s operated King’s Quay development continued to exceed our expectations with production from their initial 7 well program producing approximately 115,000 barrels of oil equivalent per day, which is some 15% higher than the original design capacity of 85,000 barrels of oil and 100 million cubic feet of gas per day. Furthermore, Murphy has stated they are forecasting to maintain these production levels at King’s Quay for approximately three years without any additional field development. Meanwhile, Murphy is currently drilling an additional well at their operated Samurai field following the discovery of additional pay sands during their initial phase of development, and they expect this well to be turned to production and flow through King’s Quay starting in the second quarter. First oil from BP’s operated Argos floating production facility and the 14 wells pre-drilled and completed at the Mad Dog 2 field development is currently expected towards the middle of the year, but we are awaiting final confirmation from BP and their partners. We continue to expect volumes from Argos will ramp close to its nameplate capacity of 140,000 barrels of oil per day over the nine to twelve months subsequent to the date of initial production. As a reminder, 100% of the volumes from Argos will flow through our 64% owned and operated CHOPS pipeline for ultimate delivery to shore.

These larger developments, along with other in-field development drilling and other sub-sea tiebacks to production facilities connected to our critical infrastructure, will provide a bridge to the next wave of volumes which includes the approximately 160,000 barrels of oil per day of production handling capacity we expect in late 2024 and early 2025 from our recently contracted developments, Shenandoah and Salamanca. The corresponding construction of the SYNC lateral and CHOPS expansion to support these new volumes in late 2024 and early 2025 remains on schedule, and we currently estimate a total project cost of approximately $550 million, net to our interest. Through the end of last year, we had spent approximately $150 million on this project and would expect to see most of the remaining capital spent this year and the first half of 2024, as we get ready for first oil later that year and early 2025.

We continue to pursue multiple in-field, sub-sea and/or secondary recovery development opportunities representing upwards of 150,000 – 200,000 barrels of oil per day in the aggregate that could turn to production on our pipeline systems over the next two to four years, all of which have been identified but not yet fully sanctioned by the operators and producers involved. The combination of a growing, steady and stable base of production combined with the large scale contracted projects that have or will come on-line every year from 2022 through 2025 demonstrates the stability, longevity and future potential of the deepwater areas of the central Gulf of Mexico and its ability to continue to regenerate itself and support long-term, stable and growing cash flows for many years and decades to come.

Our sodium minerals and sulfur services segment again exceeded our expectations, driven in large part by strong operating performance and the steady increase in soda ash prices throughout 2022. The global supply and demand balance for soda ash has remained tight as global demand has continued to rise at the same time no new natural production has come on-line and the cost structure of synthetic production has continued to remain elevated throughout the year. This increasingly tight market dynamic provided the framework for steadily increasing soda ash prices throughout 2022. We saw this firsthand with our quarterly contract prices increasing by approximately 40% from the first quarter to the fourth quarter 2022, during the same period that soda ash exports out of China actually increased.

The market dynamic at the end of last year provided a very constructive backdrop for our contract pricing negotiations for our 2023 volumes. We have successfully locked in the price for approximately 85% of our anticipated sales volumes of soda ash and related products in 2023, including our new soda ash volumes from Granger, and our weighted average realized price for the full year is expected to exceed the weighted average realized price we received in 2022 as many customers continue to focus on security of supply versus price. In addition, the re-opening of China after the Chinese New Year and the abandonment of their zero-covid lockdowns in early January should mirror the covid reopenings in the U.S. and EU and should provide some tailwinds for soda ash demand within China, which could reduce exports and thus provide some upward bias for prices in our export markets in the back half of the year, all of which we will be actively monitoring throughout the year.

We safely and responsibly re-started our legacy Granger production facility ahead of schedule and had first soda ash “on the belt” on January 1, 2023. We expect production from the legacy Granger facility to ramp over the first part of the year to its nameplate capacity of 500,000 tons of annual soda ash production. Furthermore, our Granger expansion project remains on schedule for first soda ash “on the belt” sometime in the second half of 2023. Through the end of last year we had spent approximately $275 million on the Granger expansion project and would expect to spend another $75 – $100 million over the remainder of 2023 to complete the project.

The net result of our original Granger facility coming back on-line in January and the Granger expansion starting up in the second half of the year means we would expect to see a net increase in production of around 600,000 – 700,000 tons, for total production capacity of approximately 4.2 million tons in 2023. It is important to note 2023 will not fully reflect the true total average cost structure of Granger as we will be operating a largely fixed cost production facility at roughly 50% of design capacity. However, we expect to exit 2023 at or near the full production rates for Granger and thus would expect an additional net increase in production of approximately 500,000 – 600,000 tons, at relatively minor incremental production cost relative to 2023, for total production capacity of approximately 4.7 – 4.8 million tons in 2024 and beyond. Once fully ramped, we would expect our total average cost per ton at Granger to be one of the lowest cost soda ash production facilities in the world.

Our legacy sulfur services business performed slightly ahead of our expectations during the quarter. We were able to utilize our diverse supply network and storage footprint to mitigate the impacts of our largest host refinery taking an extended maintenance outage during the fourth quarter. As a result, we were able to capture an additional vessel loading beyond our expectations and secure additional sales volumes to our South American copper mining customers during the quarter. The steady demand for our sulfur-based products from our copper customers further reinforces our belief that copper demand will be inelastic to any potential economic slowdown given its importance as a fundamental building block of the global economy and its vital role in the green energy revolution. While we anticipate our sales volumes of sulfur-based products to experience a slight decline in 2023 as a result of the partial conversion of one of our host refineries to a biodiesel processing facility, we continue to expect to be able to comfortably supply the steady demand from our copper mining, as well as pulp and paper customers, which will support steady earnings from our refinery service business for many years ahead.

Our marine transportation segment exceeded our expectations as market supply and demand fundamentals continue to remain very strong. During the fourth quarter, we saw tremendously high utilization rates, at or near 100% of available capacity, for all classes of our vessels as demand for Jones Act tanker tonnage remained extremely robust, driven in large part by the significant reduction in marine vessel construction over the last three years and the necessary retirement of older tonnage. This lack of new supply of marine tonnage, combined with strong refinery utilization rates and increasing demand to move intermediate products and refined products from one location to another, has driven spot day rates and longer term contracted rates in our brown water and blue water fleets to levels approaching those last seen in 2014 and 2015. Similarly, the American Phoenix started its twelve-month charter last month with an investment grade counterparty that will run into January 2024 at a day rate comparable to the original rates it commanded when we first purchased the vessel in 2014. Given the increased cost of steel and long-lead times to build new equipment, and regardless of any slowdown in the broader economy, we believe the supply and demand fundamentals for our marine transportation segment will remain strong for the foreseeable future and certainly over the next two to three years.

Our onshore facilities and transportation segment performed in-line with our expectations. During the quarter we saw steady and stable volumes and demand from our refinery customers in and around our Baton Rouge and Texas City corridors. We continue to expect our onshore facilities and transportation segment will benefit as additional offshore volumes come on-line and make their way to our onshore terminals and pipelines for further delivery to refining and other demand centers along the Gulf Coast.

In 2023, we expect growth capital expenditures to range from approximately $400 – $450 million as we finalize the spending on our Granger soda ash expansion project and progress the construction of the SYNC lateral and CHOPS expansion in the Gulf of Mexico. As we complete the spend on Granger this year and on our offshore expansion projects in mid-to-late 2024, absent any unforeseen events, we would reasonably expect to start generating free cash flow after all estimated fixed charges and growth capital expenditures in late 2024 and continuing thereafter, all while maintaining our leverage ratio, as calculated by our senior secured lenders, at or below 4.0 times.

I am also pleased to announce that we will be releasing our initial ESG report in the coming weeks. This inaugural report highlights our commitment to the principals of ESG. We believe we have a responsibility to conduct our business in a socially, economically and environmentally responsible manner and will endeavor to enhance our disclosures over time.

The management team and board of directors remain steadfast in our commitment to building long-term value for everyone in the capital structure, and we believe the decisions we are making reflect this commitment and our confidence in Genesis moving forward. I would once again like to recognize our entire workforce for their efforts and unwavering commitment to safe and responsible operations. I’m proud to have the opportunity to work alongside each and every one of you.”

(1) Adjusted EBITDA is a non-GAAP financial measure. We are unable to provide a reconciliation of the forward-looking Adjusted EBITDA projections contained in this press release to its most directly comparable GAAP financial measure because the information necessary for quantitative reconciliations of Adjusted EBITDA to its most directly comparable GAAP financial measure is not available to us without unreasonable efforts. The probable significance of providing these forward-looking Adjusted EBITDA measures without directly comparable GAAP financial measures may be materially different from the corresponding GAAP financial measures.

Financial Results

Segment Margin

Variances between the fourth quarter of 2022 (the “2022 Quarter”) and the fourth quarter of 2021 (the “2021 Quarter”) in these components are explained below.

Segment Margin results for the 2022 Quarter and 2021 Quarter were as follows:

 

Three Months Ended
December 31,

 

2022

 

2021

 

(in thousands)

Offshore pipeline transportation

$

82,087

 

$

74,140

Sodium minerals and sulfur services

 

87,575

 

 

45,210

Onshore facilities and transportation

 

6,259

 

 

26,312

Marine transportation

 

21,220

 

 

9,972

Total Segment Margin

$

197,141

 

$

155,634

Offshore pipeline transportation Segment Margin for the 2022 Quarter increased $7.9 million, or 11%, from the 2021 Quarter primarily as a result of first oil achievement during the second quarter of 2022 from the King’s Quay floating production system (“FPS”) and the Spruance development (which all volumes are fully dedicated to our 64% owned Poseidon pipeline), which both successfully ramped up to their expected capacities in the 2022 Quarter. The King’s Quay FPS supports production from the Khaleesi, Mormont and Samurai field developments and is life-of-lease dedicated to our 100% owned crude oil and natural gas lateral pipelines and further downstream to our 64% owned Poseidon and CHOPS crude oil systems or our 25.67% owned Nautilus natural gas system for ultimate delivery to shore. During the 2022 Quarter, production volumes at King’s Quay reached in excess of 100,000 barrels of oil equivalent per day. In addition to this, we have contractual minimum volume commitments that began in 2022 associated with the Argos FPS (which supports the Mad Dog 2 development) that are included in our reported Segment Margin during the 2022 Quarter. Argos is anticipated to have first oil in the middle of 2023. These increases were partially offset by approximately $10 million as a result of certain unplanned producer downtime at numerous fields connected to our pipeline infrastructure in the 2022 Quarter, which returned to normal operations by the end of the year, and the effects to reported Segment Margin from our decrease in ownership of CHOPS, as we sold a 36% minority interest on November 17, 2021.

Sodium minerals and sulfur services Segment Margin for the 2022 Quarter increased $42.4 million, or 94%, from the 2021 Quarter primarily due to higher export and domestic pricing and higher sales volumes in our Alkali Business as well as increased volumes and pricing in our refinery services business. In our Alkali Business, we have continued to see strong demand improvement and growth as a result of the global economic recovery and the continued use of soda ash in the production of everyday end use products along with increased demand for products associated with the energy transition, including solar panels, and the use of soda ash in the production of lithium carbonate and lithium hydroxide, which are some of the building blocks of lithium batteries. This continued demand improvement, combined with flat or even slightly declining supply of soda ash in the near term, has continued to tighten the overall supply and demand balance and created a higher price environment for our tons and increased contribution to Segment Margin during the 2022 Quarter. We have contractually agreed on the pricing for approximately 85% of our anticipated sales volumes of soda ash and related products for 2023, and as a result, we expect that our weighted average realized price for 2023 will exceed the weighted average realized price we received in 2022. Additionally, we successfully re-started our original Granger production facility on January 1, 2023 and are still on schedule to complete our Granger Optimization Project in the second half of 2023, which represents an incremental 750,000 tons of annual production capacity that we anticipate to ultimately ramp up to.


Contacts

Genesis Energy, L.P.
Dwayne Morley
VP - Investor Relations
(713) 860-2536


Read full story here

Solution systemizes framework for approved Alternative Means of Emission Limitation (AMEL)

LISLE, Ill.--(BUSINESS WIRE)--mPACT2WO, a Molex business, today announced AirCompliance, a groundbreaking, end-to-end leak detection solution that systemizes an Alternative Means of Emission Limitation (AMEL) as approved by the U.S. Environmental Protection Agency (EPA). This is a result of a multi-year collaboration between Molex, the EPA and Flint Hills Resources (FHR) to innovate a fixed, continuous detection mechanism as an alternative to existing manual component-by-component periodic EPA Method 21 monitoring requirements.


EPA Method 21 has been in place for over 40 years and the implementation of these requirements can be challenging due to the time-based and human-dependent approach. Emerging sensor technologies and state-of-the-art software approaches offer the potential to address the limitations in meeting existing Method 21 monitoring requirements. Other technology innovations have been tried but failed to gain wide-spread acceptance due to the siloed approach of technology-proofing in isolation of regulatory and industrial guidance.

In 2017, the EPA ORD CEMM, FHR, and Molex, LLC, a global electronics leader and connectivity innovator, initiated work under a cooperative research and development agreement (CRADA) to explore new next generation emission measurement (NGEM) based detection techniques for refineries, petrochemical manufacturing, and other industrial facilities. The “LDAR Innovation CRADA”, (EPA #914-16), successfully developed and tested a first-of-its-kind leak detection sensor network (LDSN) that operates with specialized facility procedures defined in a detection response framework (DRF) to produce an integrated emission monitoring and documentation system. The LDSN-DRF system demonstrated improved fugitive emission detection and mitigation capability for select applications during pilot deployments in operating refineries and chemical manufacturing facilities.

“The three-way technology, regulatory and industry partnership shows the potential for successful development of innovative concept-to-compliance solutions. We value and appreciate the multi-year collaboration with EPA and FHR to ensure LDSN meets the regulatory and industry expectations. With the EPA AMEL approval framework, Molex AirCompliance LDSN solution will now enable a wide variety of industrial facilities to adopt an optimal alternative to their existing method 21 implementations,” said Krishna Uppuluri, Vice President and General Manager of mPACT2WO. “Based on our innovative technology, Molex’s AirCompliance is designed to be a holistic solution for expansion beyond LDAR applications to additional emissions monitoring use cases such as Fenceline, Tank farms, Process safety and other community-partnership activities.”

“At Flint Hills Resources, we are in constant pursuit of innovative methods to achieve superior outcomes for environmental compliance and operational excellence,” said Chip Hilarides, Vice President, Quality & Stewardship. “Our CRADA collaboration with Molex and the EPA shows the power of transformation when technology, regulatory and industrial innovations come together. This collaboration is part of our overall stewardship approach to continually reduce emissions, enhance safety, and drive operational efficiency.”

The EPA fact sheet also includes the following quote: “This AMEL will be a landmark use of continuous leak detection systems at a refinery. Continuous monitoring has the potential to detect leaks, especially large ones, much faster than the current practice of monitoring periodically using EPA Method 21. This potential reduction in large leaks alone would lead to less pollution and cleaner air for communities near these sites.” (https://www.epa.gov/system/files/documents/2023-01/FHR%20AMEL%20Fact%20Sheet.pdf)

Approved LDSN AMEL published in Federal Register:

Federal Register :: Notice of Final for Approval of Alternative Means of Emission Limitation

About mPACT2WO, a Molex Business

mPACT2WO, a Molex business, helps industrial operators enhance their daily decisions with easy-to-adopt, operator-first digital solutions. The operator-first approach accelerates boots-on-the ground transformation to enhance operational efficiency, compliance and safety while reducing over-monitoring and over-maintenance. The solutions are enabled by NextGen sensors, intelligent data analytics, and operator-trusted insights with operator-familiar work processes. mPACT2WO solutions for emissions and corrosion monitoring helps industrial sites reduce emissions, enhance process safety, and avoid unexpected corrosion and unplanned maintenance. For more information, visit mpact2wo.com.

About Flint Hills Resources (FHR)

Flint Hills Resources is a leading refining company with operations primarily in the Midwest and Texas. Flint Hills operates the Pine Bend refinery in Rosemount, Minnesota and two refineries in Corpus Christi, TX with a combined crude oil processing capacity of more than 700,000 barrels per day. The company produces, markets and transports refined products including gasoline, diesel, jet fuel, asphalt and heating oils. Flint Hills Resources also owns and/or operates more than 4,000 miles of pipelines that transport crude oil, refined petroleum products, natural gas liquids and chemicals that are delivered through a distribution system of more than 40 terminals throughout the Midwest and Texas.


Contacts

Justine Schneider
Calysto Communications on behalf of mPACT2WO
This email address is being protected from spambots. You need JavaScript enabled to view it.
O: 404-266-2060, ext. 507

BURLINGTON, Ontario--(BUSINESS WIRE)--Anaergia Inc. (“Anaergia” or the “Company”) (TSX:ANRG) today announced it has sold its Envo Biogas plant in Tønder, Denmark to Copenhagen Infrastructure Partners’ (CIP) Advanced Bioenergy Fund I, which is developing biogas projects in Europe and North America. While the financial terms of the transaction were not disclosed, Anaergia expects to recognize a positive impact on the completion of the transaction. Anaergia plans to deploy capital from the sale towards facilitating additional growth, mainly in Italy and Germany.


Anaergia acquired and began construction on the Tønder project in late 2021 and injected the facility’s first biomethane into Danish pipelines in November 2022, which allowed the facility to qualify for a 20-year Danish Energy Agency biogas subsidy program.

When fully operational, the Tønder facility is expected to become one of Europe’s largest biogas plants, processing up to 900,000 tons of organic waste to produce up to 1.4 million MMBtu (40 million Nm3) of renewable natural gas annually. In addition, the Tønder plant will produce biogenic carbon dioxide that will be used by European Energy to produce green e-methanol to fuel container ships.

“Having advanced the Envo Biogas Tønder project and adding substantial value, the timing is now right for Anaergia to divest of this facility and use the proceeds to advance other new and existing projects in Europe,” said Andrew Benedek, Chairman and CEO of Anaergia. “We look forward to helping Copenhagen Infrastructure Partners complete construction on this project and collaborating with them in the future.”

“We are very pleased to have made our first investment into a large-scale and modern biogas project in Denmark, creating not just green energy, but also jobs and investments in the local community,” said Thomas Dalsgaard, partner with CIP. “We look forward to working with local stakeholders and farmers and to continue the construction of the plant that once in full operations will make a significant contribution to the green transition in the municipality of Tønder and in Denmark.”

About Anaergia
Anaergia was created to eliminate a major source of greenhouse gases by cost effectively turning organic waste into renewable natural gas (RNG), fertilizer and water, using proprietary technologies. With a proven track record from delivering world-leading projects on four continents, Anaergia is uniquely positioned to provide end-to-end solutions for extracting organics from waste, implementing high efficiency anaerobic digestion, upgrading biogas, producing fertilizer and cleaning water. Our customers are in the municipal solid waste, municipal wastewater, agriculture, and food processing industries. In each of these markets Anaergia has built many successful plants including some of the largest in the world. Anaergia owns and operates some of the plants it builds, and it also operates plants that are owned by its customers.

Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable securities legislation, which reflects the Company’s current expectations regarding future events, including statements relating to the ability of our technologies and projects to address about two-thirds of all point source methane emissions and our business plans, growth strategies and ESG initiatives. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company’s control. Such risks and uncertainties include, but are not limited to, the factors discussed under “Risk Factors” in the Company’s annual information form dated March 28, 2022, for the fiscal year ended December 31, 2021. Actual results could differ materially from those projected herein. Anaergia does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required under applicable securities laws.

For further information please see: www.anaergia.com


Contacts

For media relations: Melissa Bailey, Director, Marketing & Corporate Communications, This email address is being protected from spambots. You need JavaScript enabled to view it.
For investor relations: This email address is being protected from spambots. You need JavaScript enabled to view it.

CHICAGO--(BUSINESS WIRE)--Exelon (Nasdaq: EXC), the nation’s largest energy delivery company, has been named to Fortune magazine’s list of the World’s Most Admired Companies for the 15th consecutive year. Fortune ranks companies on criteria from investment value and quality of management and products to social responsibility and the ability to attract talent.


“Being selected for this distinction is a testament to our 19,000 employees who live our purpose of powering a cleaner and brighter future for our customers and communities every day," said Calvin Butler, Exelon president and CEO. "Our commitment to our communities extends beyond providing a reliable and resilient grid. We are partners in our communities helping to ensure a clean, equitable and affordable energy future is accessible to all of our customers."

In this year’s ranking, Exelon scored highest in the categories of corporate social responsibility and quality of products and services. Here are just a few examples of our work in those areas:

Exelon continues to invest in the energy grid, resulting in record reliability for customers, and will invest $31.3 billion over the next four years to update and modernize the infrastructure, finding ways to incorporate distributed energy resources like solar into the grid while also investing in new technologies like microgrids, including the one in the ComEd Bronzeville Community of the Future. Exelon’s transportation electrification program is well underway, with infrastructure investments like EV charging stations to meet the growing need for electric vehicles.

Launched in 2021, Exelon’s $36 million Racial Equity Capital Fund (RECF) helps minority businesses obtain capital to fuel growth and spur job opportunities in communities often overlooked by investors and traditional funding sources. Exelon also has more than 75 unique workforce development programs across its six utilities, designed to bring economic equity, empowerment and employment opportunity to under-resourced communities.

Exelon’s $20 million, 10-year Climate Change Investment Initiative (2c2i) integrates the companies’ dual commitments to both community investments and the need to invest in new products and technologies. Now in its fourth year, 2c2i enables the company to fund startups developing innovative technologies and solutions to help mitigate the impact of climate change, benefiting the communities and customers served by the company, particularly those in underserved communities, which are disproportionately impacted by climate change.

In partnership with the Exelon Foundation, Exelon is helping bridge the color and gender gap in STEM fields with the STEM Academy, a free, week-long program for high school juniors and seniors, held in Chicago, Philadelphia and the Baltimore/D.C. area. The Green Lab Grants program provides $1 million in grants of up to $50,000 each for high schools and STEM-focused nonprofits to create and update educational spaces for STEM education. Both programs serve high school students from primarily under-resourced communities.

In addition to this honor, Exelon has been named to:

About Exelon

Exelon (Nasdaq: EXC) is a Fortune 200 company and the nation’s largest energy delivery company, serving more than 10 million customers through six fully regulated transmission and distribution utilities — Atlantic City Electric (ACE), Baltimore Gas and Electric (BGE), Commonwealth Edison (ComEd), Delmarva Power & Light (DPL), PECO Energy Company (PECO), and Potomac Electric Power Company (Pepco). More than 18,000 Exelon employees dedicate their time and expertise to powering a cleaner and brighter future for our customers and communities through reliable, affordable and efficient energy delivery, workforce development, equity, economic development and volunteerism. Follow Exelon on Twitter @Exelon.


Contacts

Liz Keating
Corporate Communications
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media hotline: 312-394-7417

  • Meter Health Analytics platform to monitor 25 commercial and industrial meters
  • Non-revenue water found to be a $39 billion problem globally
  • California and its communities are in a third straight year of drought

AUSTIN, Texas & LAKE ELSINORE, Calif.--(BUSINESS WIRE)--#IIoT--Olea Edge Analytics™, a provider of intelligent solutions and services for the water utility industry, today announced the launch of a pilot program to deploy smart technology to 25 large commercial meters in California’s Elsinore Valley Municipal Water District (EVMWD) service area.


Olea’s Meter Health Analytics (MHA) solution uses AI technology to provide previously unattainable insights into the performance of commercial and industrial water meters, which can have an outsized impact on both water loss and utility revenue.

A 2018 study found that non-revenue water — water that has been produced but is "lost" before it reaches the customer — comprised 30% of water system input volumes worldwide. The total cost of such losses for utilities can be up to $39 billion per year.

“EVMWD is one of the country’s most technologically savvy utility companies, and they were interested in trying an innovative solution to reduce water loss and maximize water efficiency,” Olea Edge Analytics CFO Jennifer Crow said. “When large commercial meters perform optimally, it benefits the entire system. The largest water consumers are billed accurately, and utilities can address significant apparent water loss quickly.”

Municipalities across California have asked their customers to reduce their water use as the state contends with its third straight year of drought. Despite some respite from heavy rains in December and January, the need for efficiency remains to ensure supplies for the future. While customers are doing their own part individually, the District also implements tactics to ensure water reliability in its own systems.

“When confronting the challenges of drought, EVMWD takes a multifaceted approach to ensure water is available 24/7 for our community,” said Greg Thomas, General Manager for Elsinore Valley Municipal Water District. “Using tools, like Olea’s solution for larger meters, will allow our Operations team to more accurately detect and address water loss.”

To learn more about how Olea Edge Analytics helps utilities control water loss through sensors that combine AI, machine learning, and edge computing technology, visit oleaedge.com.

About Olea Edge Analytics

Olea's proven, AI-based edge technology empowers utilities to optimize water delivery, billing and conservation so cities can account for every drop delivered, reduce water loss and generate millions more in revenue. Committed to helping water utilities combat aging infrastructure, meet greater demand and limit rate increases, Olea's patented solution combines IoT and edge computing capabilities to bring transparency, accuracy and reliability to the delivery of the world’s most precious resource. For more information, visit www.oleaedge.com.


Contacts

Treble
Matt Grant
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Two new innovation concept machines to be unveiled during news conference on March 14 at 4 p.m. PT in booth W41544 in the West Hall

WEST FARGO, N.D.--(BUSINESS WIRE)--Bobcat Company, a global compact equipment, innovation and worksite solutions brand, is gearing up to showcase its latest and most exciting lineup of products and innovations at CONEXPO-CON/AGG 2023. The Bobcat exhibit is a testament to the ingenuity of the company that built the world’s first skid-steer loader nearly 65 years ago.



Electrification, autonomous operation and digital technologies will be on display as the company shares new ways these advancements are making compact equipment operations easier and more productive than ever before.

EXCELLENCE IN ELECTRIC OPERATIONS

Bobcat will showcase its next-level electric innovations and will unveil two new concept machines with electric functionality.

In-Booth:

Visit Bobcat at booth W41544 in the West Hall to see its expansive, electric product line-up, from the all-electric T7X compact track loader to battery-electric excavators, including the E10e, E19e and E32e. This is the first North American trade show where these products will be exhibited following the T7X’s initial introduction at CES 2022.

The company has continued to innovate in electric and will unveil two new electric concept machines during the show on Tuesday, March 14, at 4 p.m. PT in its booth (W41544 in the West Hall). Show attendees are welcome to attend this unveiling and press conference.

Education Session:

Bobcat Vice President of Global Innovation Joel Honeyman and Director of Innovation Accelerated Matt Sagaser are taking center stage during CONEXPO-CON/AGG 2023’s Education Sessions for their presentation, “Electrifying the Future: Get Plugged In.

The presentation, to be held on Tuesday, March 14 at 1 p.m. PT in the West Hall 216-218, will examine common myths surrounding electric operation and the benefits – from sustainability attributes to performance enhancements to technological advancements. Tickets to the education session can be purchased through CONEXPO-CON/AGG’s website.

BIGGER, BOLDER INNOVATIONS AND DIGITAL TECHNOLOGIES

With innovations in electrification, autonomous operation and digital technology, Bobcat continues to offer customers more choices, improved performance and advanced technology to work smarter and accomplish more.

At CONEXPO-CON/AGG 2023, Bobcat will exhibit a number of its innovative digital features and technologies—some in concept form and others that are currently commercially available.

Collision Warning and Avoidance System

New in concept form is a collision warning and avoidance system designed to assist operators’ jobsite awareness. Compatible on select Bobcat compact track loaders and skid-steer loaders, the technology tracks an object’s position, direction and speed relative to the machine. Using either the active or passive setting, the operator can receive an audible alert or enable the machine to stop automatically upon detecting an object in its path. While still in product development, the solution is expected to be available to customers in 2024.

Excavator featuring Bobcat Intelligent Control System

Bobcat is showcasing one of its latest technology concepts: Bobcat Intelligent Control System. Featured on an E60 excavator, the new intelligent controls enhance machine control and operation. With greater customization of work modes, operators can increase their performance and efficiency while grading, trenching, slewing and performing other precise operations. The new Drive by Joystick mode allows operators to use the joysticks to travel, similar to Selectable Joystick Controls on a Bobcat loader. Bobcat Intelligent Control System on compact excavators will continue to drive future innovations, like advanced depth check features, remote operation via Bobcat MaxControl and autonomous functionality.

New Solutions for Advanced Display Technology

Bobcat is displaying the future of its advanced display technology with its transparent, touch display. The concept heads-up display, which operators can see through to also view the jobsite, can be positioned on the front windshield or a cab side window on a range of Bobcat machines, including compact excavators, telehandlers and loaders. The display enhances operator productivity and efficiency to the task at hand.

Bobcat MaxControl Remote Operation

With Bobcat MaxControl, operators can control their loader using an app on an iOS smartphone or tablet, thus allowing for operation outside of the cab.

Initially introduced in 2021, new to this innovative offering is a control device that operators can attach to their smartphone for easier remote operations. The remote control has a tactical joystick and button operations like a videogame controller. By moving the operating controls off the phone screen, operators can use the screen for enhanced control views.

Machine IQ Wireless Communications

Bobcat Machine IQ wireless communications is a simple, yet powerful tool that empowers operators of select Bobcat machines to access current and historical machine data from virtually anywhere and at any time. Bobcat machine owners and operators use Machine IQ to monitor the health of their machines and to remotely track information that enhances maintenance, security and performance. Machine IQ empowers owners and operators of select Bobcat machines to get the most out of their compact equipment while protecting their investment at the same time.

This subscription-based service includes advanced fleet management features to monitor and analyze fuel usage, operating hours, maintenance intervals and other critical information of every connected machine in a large fleet. Machine IQ telematics devices are installed on select Bobcat machines before they leave the factory. Bobcat also offers an aftermarket kit that is compatible with most Bobcat machines to make them Machine IQ ready.

Features on Demand

Introduced by Bobcat in 2020, Features on Demand gives customers the flexibility to enable additional features on specific R-Series compact loader models as their needs change. Features on Demand includes automatic ride control, high-flow hydraulics, dual bucket positioning, 2-Speed travel, reversing fan and more. New to Features on Demand is auto throttle, which automatically applies engine rpm to perform tasks more efficiently, while conserving fuel.

Media Resources: Photo assets are available for download at this Dropbox link.

MEDIA NOTE: Bobcat Company is hosting a press conference at 4 p.m. PT on Tuesday, March 14 in its booth W41544 in the West Hall. Company leaders, including Scott Park, Doosan Bobcat CEO and vice chairman; Mike Ballweber, Doosan Bobcat North America president; and Joel Honeyman, Bobcat Company vice president of global innovation, will share company and brand updates before unveiling two new concept machines. We kindly request your RSVP if you will be in attendance. Please respond to This email address is being protected from spambots. You need JavaScript enabled to view it. by March 7, 2023.

About Bobcat Company

Since 1958, Bobcat Company has been empowering people to accomplish more. As a leading global manufacturer of compact equipment, Bobcat has a proud legacy of innovation and a reputation based on delivering smart solutions to customers’ toughest challenges. Backed by the support of a worldwide network of independent dealers and distributors, Bobcat offers an extensive line of compact equipment, including loaders, excavators, compact tractors, utility products, telehandlers, mowers, attachments, implements, parts, and services. Headquartered in West Fargo, North Dakota, Bobcat continues to lead the industry, all while helping people succeed and build stronger communities and a better tomorrow.

©2023 Bobcat Company. All rights reserved.


Contacts

Nadine Erckenbrack, Bobcat Public Relations Manager
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Mobile: 701-205-9207

Andrew Kellar joins Luminia, bringing valuable expertise and 218 MWs of community solar projects

SAN DIEGO--(BUSINESS WIRE)--Luminia has executed a Memorandum of Understanding (MOU) to acquire the assets, development resources and project pipeline of New Hampshire Solar Garden, including 15 MWs of community solar that the companies jointly closed in 2022. Luminia will now control and manage the developer’s community solar portfolio totaling over 218 MWs.



New Hampshire Solar Garden founder Andrew Kellar has joined Luminia, bringing along extensive community solar expertise and a proven track record of Northeast solar development. The acquisition follows Luminia’s long-standing partnership with the developer and builds on the company’s growing community solar portfolio.

“New Hampshire Solar Garden has been an incredible partner and influential leader in establishing successful community solar projects across the Northeast,” said David Field, CEO and Co-Founder of Luminia.As we continue to scale our community solar business, we are thrilled to welcome Andrew to our team to lead our internal origination strategy - directly and in partnership with co-development partners and strategic off-takers in key markets.”

New Hampshire Solar Garden actively serves Maine, New Hampshire, Vermont, Rhode Island, Massachusetts, Connecticut, New York and New Jersey. The company was the first to offer Community Solar offtake solutions in New Hampshire at a large scale, impacting many different communities. Kellar was instrumental in convincing municipalities to serve as offtake backstops for community solar assets, spearheading financing and fostering innovation in the region. In addition to New Hampshire Solar Garden’s Northeast pipeline, Kellar is also bringing over 140 MWs of development projects in Puerto Rico. He looks forward to leveraging Luminia’s core competencies for expanding community solar portfolios across the U.S.

Having been part of the Northeast community solar development since its inception more than a decade ago, I am excited to share my perspective and build credibility with Luminia’s developer partners,” said Andrew Kellar, Vice President, Development for Luminia. “Having been on the developer side, I know first-hand how Luminia allowed me to spend the majority of my day doing what I love, with the platform and people-support to tackle the financial and legal aspects of deals that occupied so much of my former capacity.”

Community solar is a growing market segment within the solar industry, with support from federal policies including the Biden Administration and the Department of Energy’s community solar pilot programs and the Inflation Reduction Act’s ten-year, 30 percent ITC extension. Luminia’s acquisition of New Hampshire Solar Garden will help support this growing demand for new community solar projects by providing unique financing and technology solutions for the deployment of community solar projects at scale. To learn more, visit: luminia.io/community-solar

About Luminia

Founded in 2019, California-based Luminia provides unique financing and technology platform solutions that enable the deployment of commercial property sustainability improvements and community solar projects at scale. Through novel financing options and artificial intelligence-driven commercial real estate portfolio analysis, Luminia empowers commercial and industrial property owners to implement holistic clean energy and energy efficiency upgrades without barriers. Luminia partners with property owners, solar developers and portfolio managers to provide purpose-built solutions that offer the greatest potential economic benefit and advance a property’s ability to meet ESG requirements. For more information, visit luminia.io.


Contacts

Christine Bennett for Luminia
This email address is being protected from spambots. You need JavaScript enabled to view it. | +1 925.330.4783

The series of evolving collectibles can offset up to 28 tons of carbon

SAN FRANCISCO--(BUSINESS WIRE)--#NFT--Ecosapiens, a platform that offers tools for people to make a positive impact on the planet, has launched its first season of carbon offsetting digital collectibles, starting with its inaugural collectible, called a Chrysalis. The limited-series, free-to-mint Chrysalises were awarded to Ecosapiens’ 350 community members that completed the most planet-friendly tasks, and will act as a pass that enables those users to mint its namesake alpha collection – the world’s first carbon-backed collectibles, which effectively cancel out the average American’s carbon footprint for an entire year.



The Ecosapiens alpha collection will be launched on March 1 and will consist of 350 unique assets, each representing the ability to offset 16 tons of carbon emissions. Through the platform’s novel Impact-to-Earn model, owners can ‘evolve’ their Ecosapiens every week for eight consecutive weeks after the initial mint by purchasing upgrades. For $100 worth of ETH, owners can offset an additional two tons of carbon and evolve their Ecosapiens to become more artistically intricate and rare. A fully leveled-up Level 7 Ecosapien offsets a whopping 28 tons of carbon, and holders will automatically gain access to the Greenlist for the beta test and all future drops, be eligible for automatic airdrops, receive exclusive invites to events like conferences and dinner with the founders, and be able to join a gated chat in the Discord with other Level 7 holders.

Ecosapiens aims to make sustainable practices easier to access and to facilitate meaningful environmental impact. Ecosapiens was co-founded by mixed media sculpture artist Garret Kane and climate tech expert Nihar Neelakanti, who left his job at the prestigious venture capital firm Menlo Ventures to build this passion project.

“This project was fueled by my experience growing up on the west coast, where I watched wildfires grow larger and more frequent over the years,” said Nihar Neelakanti, Co-Founder and CEO of Ecosapiens. “Honestly, it was terrifying – and my peers and I felt like there wasn’t anything we could individually do about it. Through Ecosapiens, I hope to provide a truly productive outlet for the climate anxiety so many of us are feeling.”

Ecosapiens are more than a stagnant piece of digital art, their bodies subtly breathe, and the plants, minerals, and fungi that grow inside and among them oscillate, serving as a tribute to the significance of breath and the preservation of our atmosphere. Through their unique design and symbolism, Ecosapiens serve as a reminder of the importance of protecting and preserving the natural world for future generations.

“We’ve designed every one-of-one Ecosapien to evolve with each boost in carbon captured, becoming more intricate and beautiful each time,” said Garret Kane, Co-Founder and Chief Creative Officer of Ecosapiens. “Our team sees art as a tool for activism. Ecosapiens uses the reward of unique art collectibles and NFT rarity as a motivation for getting involved in caring for and healing the planet.”

The alpha collection sources its carbon credits from KOKO Kenya Tropical Forest Protection. KOKO is working to replace the use of charcoal, a major contributor to deforestation, with sustainable bioethanol cooking fuel through a network of self-service fuel stations. By providing an alternative to charcoal stoves, KOKO's affordable technology promotes the use of clean energy and efficient appliances, reducing the risk of respiratory diseases and protecting forests from being cleared. This accessible option has already benefited more than 2.5 million Kenyans, including a significant portion of households in Nairobi.

Ecoportal is the central hub for minting, upgrading and viewing carbon balance and credits, and exploring the climate projects that users support by owning an Ecosapien. Check out ecosapiens.xyz to learn more or to mint your own Ecosapien today.

About Ecosapiens

Ecosapiens is a Web3 platform that provides ways for individual people to make a positive impact on the planet, beginning with a perpetual carbon capture digital collectible series, through which reforestation projects are funded. The platform’s namesake collection, Ecosapiens, represents a new iteration of the human species that is more connected to and thoughtful about its impact on the planet. Key Ecosapiens investors include Boost Ventures, Slow Ventures, Menlo Ventures, Alumni Ventures and Charles River Ventures. Follow Ecosapiens on Twitter and Instagram and join us on Discord.


Contacts

Ally Norton
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HOUSTON--(BUSINESS WIRE)--$TELL #LNG--Tellurian Inc. (Tellurian or the Company) (NYSE American: TELL) ended the fourth quarter of 2022 with the first phase of Driftwood LNG under construction, and $474.2 million of cash and cash equivalents. Tellurian also increased natural gas production fourfold to approximately 225 million cubic feet per day (MMcfd) in the fourth quarter of 2022 as compared to approximately 55 MMcfd in the fourth quarter of 2021. Tellurian also had the following significant accomplishments in 2022:


  • Issued a limited notice to proceed to Bechtel Energy, Inc. and began construction of phase one of Driftwood LNG
  • Completed the acquisition of natural gas assets of approximately 5,000 net acres and 44 producing wells
  • Put in production 13 operated Haynesville wells
  • Increased total proved reserves to 445 billion cubic feet (Bcf), as of year-end 2022, an increase of over 100 Bcf as compared to year-end 2021*
  • Supported the planting of more than one million trees as part of a five-year pledge with the National Forest Foundation

President and CEO Octávio Simões said, “Tellurian is executing on our plans to progress Driftwood LNG and has invested approximately $1.0 billion in the project since inception. We have also significantly increased our natural gas production and reduced carbon impact through nature-based solutions. At the same time, we are diligent in our search to secure a financing package to support long-term returns for shareholders.”

Upstream segment results

 

Three Months Ended

December 31, 2022

Three Months Ended

December 31, 2021

Net production

20.7 Bcf

5.0 Bcf

Revenue

$102.5 million

$21.6 million

Operating profit (loss)

$47.5 million

$(1.1) million

Adjusted EBITDA**

$80.2 million

$13.3 million

Operating activities

Tellurian produced 47.3 Bcf of natural gas for the year ended December 31, 2022. As of December 31, 2022, Tellurian's natural gas assets include 27,689 net acres, interests in 143 producing wells, and estimated proved reserves of 445 Bcf with an associated Standardized Measure* value of $1,036 million.

Consolidated financial results

Tellurian generated approximately $391.9 million in total revenues from sales of LNG and natural gas, driven by increased realized natural gas prices and production volumes for the year ended December 31, 2022, compared to $71.3 million for 2021. Tellurian reported a net loss of approximately $49.8 million or $0.09 per share (basic and diluted), for the year ended December 31, 2022, compared to a net loss of $114.7 million, or $0.28 per share (basic and diluted), for 2021.

As of December 31, 2022, Tellurian had approximately $1.4 billion in total assets, including approximately $474.2 million of cash and cash equivalents.

* Standardized Measure – Standardized measure of discounted future net cash flows. The proved reserve estimates and Standardized Measure were determined under U.S. Securities and Exchange Commission guidelines and were prepared by an independent petroleum consulting firm.

** Non-GAAP measure – see the end of this press release for a definition and a reconciliation to the most comparable GAAP measure.

About Tellurian Inc.

Tellurian intends to create value for shareholders by building a low-cost, global natural gas business, profitably delivering natural gas to customers worldwide. Tellurian is developing a portfolio of natural gas production, LNG marketing and trading, and infrastructure that includes an ~ 27.6 mtpa LNG export facility and an associated pipeline. Tellurian is based in Houston, Texas, and its common stock is listed on the NYSE American under the symbol “TELL”.

For more information, please visit www.tellurianinc.com. Follow us on Twitter at twitter.com/TellurianLNG

Tellurian will post a video by Executive Chairman Charif Souki on its website shortly following the issuance of this release.

CAUTIONARY INFORMATION ABOUT FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “assume,” “believe,” “budget,” “estimate,” “expect,” “forecast,” “initial,” “intend,” “may,” “plan,” “potential,” “project,” “proposed,” “should,” “will,” “would,” and similar expressions are intended to identify forward- looking statements. Forward-looking statements herein relate to, among other things, the capacity, timing, and other aspects of the Driftwood LNG project, and construction and financing activities. These statements involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include the matters discussed in Item 1A of Part I of the Annual Report on Form 10-K of Tellurian for the fiscal year ended December 31, 2022, filed by Tellurian with the Securities and Exchange Commission (the SEC) on February 22, 2023, and other Tellurian filings with the SEC, all of which are incorporated by reference herein. The forward-looking statements in this press release speak as of the date of this release. Although Tellurian may from time to time voluntarily update its prior forward-looking statements, it disclaims any commitment to do so except as required by securities laws.

Explanation and Reconciliation of Non-GAAP Financial Measures

The Company reports its financial results in accordance with accounting principles generally accepted in the United States of America (“GAAP”). However, management believes that upstream segment Adjusted EBITDA may provide financial statement users with additional meaningful comparisons between current results and the results of the Company’s peers and of prior periods.

Upstream segment Adjusted EBITDA excludes certain charges or expenditures. Upstream segment Adjusted EBITDA is a supplemental measure of performance and should not be viewed as a substitute for any GAAP measure.

Management presents Upstream segment Adjusted EBITDA because (i) it is consistent with the manner in which the Company’s position and performance are measured relative to the position and performance of its peers and (ii) it is more comparable to earnings estimates provided by securities analysts.

Upstream segment Adjusted EBITDA (in thousands):

Three Months Ended

December 31,

 

Twelve Months Ended

December 31,

 

2022

 

2021

 

2022

 

2021

Upstream segment operating profit (loss)

$47,493

 

$(1,109)

 

$130,663

 

$(5,651)

Add back:

 

 

 

 

 

 

 

Depreciation, depletion and amortization

$21,525

 

$2,661

 

$43,966

 

$11,080

Allocated corporate general and administrative

$11,230

 

$11,747

 

$42,385

 

$22,672

Upstream segment Adjusted EBITDA

$80,248

 

$13,299

 

$217,014

 

$28,101

 


Contacts

Media:
Joi Lecznar
EVP Public and Government Affairs
Phone +1.832.962.4044
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Investors:
Matt Phillips
Vice President, Investor Relations
Phone +1.832.320.9331
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High School and University Students to Compete for $20,000 in Prizes in Water Innovation Challenge

WASHINGTON--(BUSINESS WIRE)--#LetsSolveWater--Global water technology company Xylem (NYSE:XYL) is calling on students worldwide to join its mission of solving water challenges by signing up to the 2023 Global Student Innovation Challenge. The initiative invites high school and university students between the ages of 13 and 25 to compete for prizes by developing innovative solutions to the world's top water challenges. The registration deadline for this year’s challenge is March 1.


“From devastating storms and floods to droughts and pollutants, local communities and economies everywhere are feeling the impacts of escalating water challenges,” said Patrick Decker, President and Chief Executive Officer at Xylem. “By engaging students and fostering innovation, we have the power to turn the tide on the global water crisis. Our Student Innovation Challenge is an opportunity to bring together the brightest young minds from around the world and tap into their shared passion for innovation to help us shape a brighter future.”

Under the initiative, which is part of Xylem’s global youth program Xylem Ignite, students and their teams can win cash prizes for their project while receiving support from leading water sector experts. Students compete in either high school or university categories, with $5,000 awarded to the top project in each.

The 2023 challenges are focused on: The Water Impact of Green Hydrogen Production, Awareness to Action, Waterways Pollution Prevention Using Data Science, and Water-Energy-Emissions Nexus in Buildings. The deadline for project submissions is April 22, and the winners will be announced later this summer.

Last year, more than 800 high school and university students from more than 50 countries participated. Team SWiFT from Santa Clara, California, was awarded the 2022 grand prize in the high school category for their project to improve the life span of hand-powered water pumps which are commonly used to access water in rural communities.

Team AquaFlo from Canada won the 2022 grand prize in the university category for their design of two technical solutions to notify users when a water hand pump is out of service. Their concepts included a mobile app and an automated message service system.

“The students that have come through the Xylem Global Student Innovation Challenge are some of the best and brightest,” said Austin Alexander, Vice President, Sustainability and Social Impact at Xylem. “Their ideas have the potential to transform the impact of water on our society. We’re privileged to be able to nurture and encourage their talent so that future generations can benefit from their innovative thinking and ideas.”

To learn more and to register for Xylem’s Global Student Innovation Challenge visit innovationchallenge.xylem.com.

About Xylem

Xylem (XYL) is a leading global water technology company committed to solving critical water and infrastructure challenges with innovation. Our more than 17,000 diverse employees delivered revenue of $5.5 billion in 2022. We are creating a more sustainable world by enabling our customers to optimize water and resource management, and helping communities in more than 150 countries become water-secure. Join us at www.xylem.com.


Contacts

Houston Spencer, Xylem
+1 (914) 240-3046
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SAN JOSE, Calif.--(BUSINESS WIRE)--Panasas®, the data engine for innovation, today announced results of a global survey on the challenges enterprises face in building and managing storage infrastructure for high-performance applications. Lack of specialty knowledge coupled with high resource needs was the most frequently ranked challenge (over 50% of respondents).


The findings result from an independent survey by Vanson Bourne of hundreds of IT decision makers within enterprises with more than 1,000 employees across the US, UK, and Germany. Results reflect feedback across a broad range of industries, including financial services, manufacturing, commercial, retail, and more.

Intersect360 Research forecasts that the high-performance computing (HPC) sector will continue to grow at a healthy rate, with HPC budgets expected to reach $59.2 billion by 2026 at a 7.7% compound annual growth rate (CAGR). This growth is further fueled by convergence of HPC with AI/ML and the role these technologies play in helping enterprises gain better insights to support business objectives. However, harnessing the power of HPC and AI/ML comes with new challenges. IT teams must have the tools and the people in place to manage the high-performance storage required to support current applications. As such, organizations must ensure that the storage infrastructure selected is scalable and versatile enough to successfully support future applications at scale.

Survey results show an overwhelming 96% of respondents across the US, UK, and Germany face challenges in building and managing high-performance storage. In addition to over half of respondents (52%) citing specialty knowledge as the top challenge, other key findings include:

  • Nearly 50% of respondents across all three regions cited high maintenance costs and high acquisition costs as premier challenges at 45% and 43% respectively.
  • Respondents from IT, tech, and telecom sector selected high maintenance costs as a challenge (44%) compared to high acquisition costs (36%).
  • 39% of respondents across all regions stated that it is time consuming to juggle multiple storage systems to cater for different high-performance workloads, while 38% find it time consuming to tune the overall infrastructure for each workload.
  • US respondents across manufacturing organizations (68%) cited specialty knowledge and high resources needs as the biggest challenge.
  • US respondents across financial services organizations (53%) cited storage infrastructure to support application scalability as the most common challenge.
  • With high resource needs and specialty knowledge for performance storage configuration and management cited as the biggest challenge across all industries, it was ranked highest among these industries: business and professional services sector (61%) followed by the manufacturing sector (60%) and the IT, tech, and telecoms sector (57%).

“We know what it takes to successfully manage HPC and AI/ML data storage environments and the critical role these bandwidth-intensive applications play in supporting business growth,” said Jeff Whitaker, VP of Product Strategy and Marketing at Panasas. “We long ago saw the challenges organizations face in managing storage infrastructures for high-performance environments, and these survey results reinforce those challenges. Our PanFS® software suite demonstrates our commitment to delivering simple, reliable solutions that support multiple HPC and AI/ML applications from a single storage platform. Customers gain the necessary insight into data movement and usage patterns to ensure optimal workload performance across the enterprise and into the high-performance computing world.”

Panasas solutions reduce TCO and address the simplicity, reliability, and scalability challenges survey recipients noted in managing their high-performance storage infrastructure. Global organizations across multiple industries leverage Panasas to support their most innovative HPC and AI/ML projects. The company’s PanFS parallel file system software suite improves data visibility and mobility for high-performance workloads, ensuring optimal performance in the most data-intensive environments. The plug-and-play Panasas storage solution is packaged within trusted hardware components to eliminate the specialty knowledge challenge cited by survey recipients as no training is required, empowering IT teams to play a more strategic role within their business.

Addressing Customer HPC and AI/ML Storage Challenges

The Garvan Institute of Medical Research is widely recognized for its genomics expertise and aims to improve clinical practices such as assessing cancer risk and diagnosing children with intellectual disabilities. The company is known for its willingness to adopt new technology and needed a solution to boost genomics data performance levels while minimizing installation and maintenance time requirements to reduce IT complexity and boost the productivity of 80 internal researchers. “Panasas lives up to its promise of terrific performance with negligible maintenance and administration time,” said Dr. Warren Kaplan, Chief of Informatics at Garvan Institute of Medical Research.

According to an IT leader at one of the largest industrial manufacturing companies in Europe, “Once Panasas is up and running, you just forget about it, which is exactly what we need.” Another customer in the professional services industry noted, “Even when we bring on additional data, Panasas still performs exactly as we would expect. We can count on the solution to handle everything we can throw at it. That helps us meet our deadlines and ensure that clients get the information they need.”

The School of Arts, Technology and Emerging Communications (ATEC) at the University of Texas at Dallas invests in the next generation of media and entertainment professionals. “Every six to 12 months, it seems that render practices and technologies change, increasing our file sizes. Panasas storage provides the scalability and high-speed processing necessary to finish even the most complex projects in a timely way,” said Todd Fechter, Professor at School of ATEC at the University of Texas at Dallas. Fechter estimates that students now have one-third more time to work on their projects, because they no longer have to wrangle each image computer by computer. More efficient project rendering allows students to finish even the most complex projects in a timely way.

For more information about Panasas high-performance storage solutions, please visit www.panasas.com.

About Panasas

Panasas builds a portfolio of data solutions that deliver exceptional performance, unlimited scalability, and unparalleled reliability – all at the best total cost of ownership and lowest administrative overhead. The Panasas data engine accelerates AI and high-performance applications in manufacturing, life sciences, energy, media, financial services, and government. The company’s flagship PanFS® parallel file system and ActiveStor® storage solutions uniquely combine extreme performance, scalability, and security with the reliability and simplicity of a self-managed, self-healing architecture. The Panasas data engine solves the world’s most challenging problems: curing diseases, designing the next jetliner, creating mind-blowing visual effects, and using AI to predict new possibilities. For more information, visit. www.panasas.com or follow us on LinkedIn.


Contacts

Lisa Williams
A3 Communications
+1 339 788 0067
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LOWELL, Ark.--(BUSINESS WIRE)--J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) Chief Executive Officer John Roberts, and Executive Vice President and President of Intermodal Darren Field will address the Raymond James 44th Annual Institutional Investors Conference at 7:30 a.m. eastern time on Wednesday, March 8, 2023. Investors may access the live presentation by visiting the Events and Presentations section of our Investor Relations website. A presentation replay will also be available on the Investor Relations site following the event.


Information presented at the conference may contain forward-looking statements made by the company that involve risks, assumptions, and uncertainties difficult to predict. Actual results may differ materially from those currently anticipated due to a number of factors, including, but not limited to, those discussed in Item 1A of our Annual Report filed on Form 10-K for the year ended December 31, 2021. J.B. Hunt assumes no obligation to update any forward-looking statements to the extent the company becomes aware they will not be achieved for any reason.

Interested parties may view this press release on the company’s website.

About J.B. Hunt

J.B. Hunt Transport Services, Inc., a Fortune 500 and S&P 500 company, provides innovative supply chain solutions for a variety of customers throughout North America. Utilizing an integrated, multimodal approach, the company applies technology-driven methods to create the best solution for each customer, adding efficiency, flexibility, and value to their operations. J.B. Hunt services include intermodal, dedicated, refrigerated, truckload, less-than-truckload, flatbed, single source, last mile, and more. J.B. Hunt Transport Services, Inc. stock trades on NASDAQ under the ticker symbol JBHT and is a component of the Dow Jones Transportation Average. J.B. Hunt Transport, Inc. is a wholly owned subsidiary of JBHT. For more information, visit www.jbhunt.com.


Contacts

Brad Delco
Sr. Vice President – Finance
(479) 820-2723

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