HOUSTON--(BUSINESS WIRE)--Datagration, the premier end-to-end data platform provider for upstream oil and gas, and OneNexus Environmental, which has designed and developed a unique offering, OneNexus Assurance™, for the industry to address the growing problem of unfunded Asset Retirement Obligations in the E&P industry, have teamed up to solve the industry’s trillion-dollar problem.

Today’s energy sector faces a daunting number of inactive, unplugged, non-producing wells along with their associated facilities, presenting a trillion-dollar problem for the industry, its investors and stakeholders—and ultimately the U.S. taxpayer. The Environmental, Social and Governance (ESG) of this problem is gaining attention from every aspect of the business and investment world. Properly planning for the decommissioning of existing and future end-of-life wells is an important part of achieving oil & gas sustainability.

OneNexus will use PetroVisor which is a Software-as-a-Service (SaaS) Platform and its disruptive Unified Data Model (UDM) to integrate and track 100,000’s selected wells for its targeted solutions. PetroVisor will assist One Nexus personnel in doing complex engineering, operations, and financial and statistical analysis automatically, thereby improving the operational efficiency and risk management aspects of its models.

“We are extremely excited to work with OneNexus, their approach to decommissioning planning is truly unique and game-changing for our industry,” says Peter Bernard, Chairman & CEO, Datagration. “OneNexus has created a truly differentiated offering for O&G companies that help them focus on producing hydrocarbons, while taking the Asset Retirement Obligation burden off their balance sheet.”

“We selected PetroVisor and its UDM because it offered a truly commercial data and analytic solution we could use today,” said Tony Sanchez-CEO. “The ability for OneNexus to scale quickly is very important and we know PetroVisor is able to do this for us.”

Over the last few decades, SaaS and BI solutions have assisted teams in aligning around KPIs. However, in order to address the increasingly complex problems of the decades to come, our data tools and data culture must adapt. PetroVisor creates a systematic approach for business metrics and KPIs while reducing data management complexity and costs.

To learn more about Datagration and PetroVisor, go to www.datagration.com.

ABOUT DATAGRATION

Datagration provides the world's Oil and Gas companies with the tools they need to integrate and model data into meaningful insights and decisions daily. Our team of data scientists, engineers, and technologists work hand in hand with our customers to build a single source of truth used across the organization for data analysis, benchmarking, internal collaboration, financial analysis, and more.

ABOUT ONENEXUS ENVIRONMENTAL

OneNexus Environmental was created to help oil & gas companies systematically and responsibly manage their Asset Retirement Obligations (AROs) and decommissioning activities. The new venture was started by a network of seasoned energy industry and financial experts to serve as an Environmental, Social and Governance (ESG) solutions provider utilizing a fintech model to solve the complex problem of decommissioning uncapped onshore and offshore wells in a safe, reliable and cost-effective manner. Headquartered in Houston, Texas – the Energy Capital of the World – OneNexus is a Benefit Company whose purpose is to address the mounting number of inactive and orphaned wells which contribute to greenhouse gas emissions and financial liabilities of the energy industry. For more information, please visit www.onenexusenvironmental.com.

Randy Walker
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980-621-9300

EA Elektro-Automatik’s new Michigan facility offers on-site training and high-power testing to nearby automotive engineering community and other regional manufacturers

DETROIT--(BUSINESS WIRE)--EA Elektro-Automatik, a leading manufacturer of programmable power supplies, bidirectional power supplies and regenerative electronic loads, announces the opening of its new Technology and Training Center in Troy, MI. The center will offer product demos, training and pre-purchase testing available to companies in the nearby region and countrywide.

EA Elektro-Automatik provides advanced power test technology that differentiates it from competitors. EA Elektro-Automatik units lead the industry in power density with up to 15kW in 3U and 30kW in a 4U package. Additionally, EA bidirectional units provide best-in-class energy recovery, more than 96%, and the ability to generate less heat, noise and operational costs, resulting in a quicker ROI.

The new center will feature an advanced demo lab available for in-person training and testing, as well as a video demonstration lab for remote sessions, so customers can test various power supplies and software tools. Video demonstrations are conducted by application engineers and incorporate up to six cameras for multiple views. Appointments for the video demo lab can be reserved in as quickly as two days.

“We are excited to offer a convenient way for customers to test our products and software tools or participate in hands-on demonstrations and training,” remarked Eric Turner, Americas Director of EA Elektro-Automatik. “Our new center will provide a powerful way to showcase our advantages and capabilities to better serve the rapid growth in electrification research and manufacturing in the territory.”

While the center expects to serve the local automotive industry, customers and prospects from around the country are also encouraged to come to the center for their training and pre-purchase testing needs. National growth in electric vehicles, alternative energy technology and energy storage have expanded applications for EA customers, driving the demand for advanced testing equipment.

Turner added, “we have partnered with a number of renewable energy companies to help them test demanding power applications. The new center adds to our ability to create long-term partnerships with these companies to help move their technology forward to meet their development and sustainability objectives.”

EA Elektro-Automatik is already planning future expansion of the center to handle the interest in the growing technology in DC power supply testing.

About EA Elektro-Automatik

EA Elektro-Automatik has been producing state-of-the-art programmable DC power supplies and electronic loads since 1974. The company is dedicated to providing power solutions that lead in technology advancement for research and development and manufacturing in the automotive, energy storage, telecommunications, alternative energies and aerospace industries. With a presence in the Americas, Europe and Asia, EA Elektro-Automatik’s autoranging power supplies lead the industry in output power flexibility, density and operating efficiency. For more information, visit www.eapowered.com.

Alejandro Cortes
619-897-9333
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SAN RAMON, Calif.--(BUSINESS WIRE)--Today, Chevron announced that Dr. Anoop Kumar, senior staff scientist (Grease-SME) at Chevron Corporation’s Richmond Technology Center in California, was named the new president of the National Lubricating Grease Institute (NLGI). Based in Liberty, Missouri, the NLGI is a not-for-profit trade association, primarily composed of companies who manufacture and market all types of lubricating grease.

“We’re thrilled to congratulate Dr. Anoop Kumar on this great honor, and we know that he will bring thoughtful and important change to the lubricant and grease industry. Dr. Kumar has over thirty years of global experience in product and process development, manufacturing, and applications of lubricating greases and industrial oils, making him an excellent choice to run this organization,” shared Chris Jablonski, vice president, Downstream, Technology & Services at Chevron.

“I am deeply honored, thrilled and grateful to be named president of NLGI. I’ve been an active member since 1997, and I am excited to start this role as I have taken time to outline my strategic priorities,” Dr. Kumar expressed. “The grease industry is everchanging, and my goal is to lead the organization toward a more sustainable and successful future.”

Dr. Kumar has developed six strategic priorities to focus on during his two-year term. These include:

• Effective Governance and Leadership
• Membership Value, Engagement and Growth
• Global Outreach
• Industry Trends and Challenges
• Education & Networking Opportunities
• Sustainability

Specifically, Dr. Kumar is starting his term by addressing the current lithium shortage impacting the grease market, promoting new NLGI industry standards like the recently released HPM and HPM+ certifications, and starting a conversation about sustainability goals in the grease industry.

About Dr. Anoop Kumar

Dr. Anoop Kumar received his Chemistry Ph. D and his Marketing Management Postgraduate Diploma at India’s Premier IIT Roorkee. In 1991, Dr. Kumar began his career at Indian Oil Corporation Limited (IOCL) as a research officer and worked there for 17 years. In 1997, while at IOCL, he co-founded and ran the NLGI India Chapter, before leaving IOCL in 2008. He joined the NLGI board in 2012 while working at Royal Manufacturing Co., now Axel Royal LLC, as director for R&D and Business Development. He is the technical editor of TLT magazine published by the Society of Tribologists and Lubrication Engineers (STLE) and chairman of ASTM D02.G0.02 Consistency and Related Rheological Tests. Dr. Kumar has 29 worldwide patents on lubricating greases and more than 90 publications, and presentations.

About Chevron Products Company

Chevron Products Company is a division of an indirect, wholly owned subsidiary of Chevron Corporation (NYSE: CVX) headquartered in San Ramon, CA. A full line of lubrication and coolant products are marketed through this organization. Select brands include Havoline®, Delo® and Havoline Xpress Lube®. Chevron Intellectual Property LLC owns patented technology in advanced lubricants products, new generation base oil technology and coolants.

Zayna Usman, BCW on behalf of Chevron Lubricants
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SWINDON, England--(BUSINESS WIRE)--Sensata Technologies Holding plc (NYSE: ST) (“Sensata Technologies”) today announced that its indirect wholly owned subsidiary Sensata Technologies B.V. (the “Issuer”) priced $500 million in aggregate principal amount of 5.875% senior notes due 2030 (the “Notes”) in a private offering that is exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”). The Notes were priced at par. The closing of the offering is expected to occur on August 29, 2022, subject to customary closing conditions.

The Notes will be guaranteed on a senior unsecured basis by each of the Issuer’s wholly owned subsidiaries that is a borrower or a guarantor under Sensata’s senior credit facilities and an issuer or a guarantor under Sensata’s outstanding series of existing notes. The Notes and the guarantees will be the Issuer’s and the guarantors’ senior unsecured obligations and will rank equally in right of payment to all existing and future senior indebtedness of the Issuer or the guarantors, respectively, including the senior credit facilities and outstanding series of existing notes. The Notes and the guarantees will be senior to all the Issuer’s and the guarantors’ existing and future indebtedness that is expressly subordinated to the Notes and the guarantees. The Notes and the guarantees will be effectively junior to the Issuer’s and the guarantors’ existing and future secured indebtedness to the extent of the value of the assets securing such indebtedness, including indebtedness under the senior credit facilities, and will be structurally subordinated to all the existing and future obligations of any of, as applicable, the Issuer’s or respective guarantor’s subsidiaries that do not guarantee the Notes.

Sensata Technologies intends to use the net proceeds from the offering of the Notes to redeem, repurchase or otherwise repay the Issuer’s 4.875% senior notes due 2023 or other existing debt.

The Notes and the related guarantees will be offered only to persons reasonably believed to be “qualified institutional buyers” in reliance on the exemption from registration provided by Rule 144A under the Securities Act and to non-U.S. persons outside the United States in compliance with Regulation S under the Securities Act. The Notes and the related guarantees have not been and will not be registered under the Securities Act or the securities laws of any state or other jurisdiction and may not be offered or sold in the United States without registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities or blue sky laws or outside the United States except in compliance with foreign securities laws.

This press release is for informational purposes only and shall not constitute an offer to sell or a solicitation of an offer to buy the Notes or any other securities. The Notes offering is not being made to any person in any jurisdiction in which the offer, solicitation or sale is unlawful. Any offers of the Notes will be made only by means of a private offering memorandum.

About Sensata Technologies

Sensata Technologies is a global industrial technology company striving to create a cleaner, more efficient, electrified and connected world. Through its broad portfolio of sensors, electrical protection components and sensor-rich solutions which create valuable insights, Sensata helps its customers address increasingly complex engineering and operating performance requirements. With more than 21,000 employees and operations in 13 countries, Sensata serves customers in the automotive, heavy vehicle & off-road, industrial, and aerospace markets.

Safe Harbor Statement

Statements in this release which are not historical facts, such as those that may be identified by the use of words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “feel,” “forecast,” “intend,” “may,” “plan,” “potential,” “project,” “should,” “would,” and similar expressions, are forward-looking statements under the provisions of the Private Securities Litigation Reform Act of 1995. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. These risks and uncertainties include, but are not limited to, the consummation of the offering by the Issuer and the use of proceeds. Detailed information about some of the other known risks is included in our Annual Report on Form 10-K for the year ended December 31, 2021 and our other reports filed with the Securities and Exchange Commission. Because actual results could differ materially from our intentions, plans, expectations, assumptions, and beliefs about the future, you are urged to view all forward-looking statements contained in this news release with caution. Except as required by applicable law, we do not undertake to publicly update or revise any of these forward-looking statements, whether as a result of new information, future events, or otherwise.

Media:
Alexia Taxiarchos
Head of Media Relations
+1 (508) 236-1761
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Investor:
Jacob Sayer
Vice President, Finance
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Largest Publicly Held Petrochemicals Company in the Philippines Unlocks Untapped Value in Production Optimization with AspenTech Solutions

BEDFORD, Mass.--(BUSINESS WIRE)--Aspen Technology, Inc. (NASDAQ: AZPN), a global leader in industrial software, today announced that the largest petrochemicals company in the Philippines, JG Summit Olefins Corporation (JGSOC), is advancing its journey toward operational excellence by unlocking untapped value in production optimization. This planned deployment with Aspen Unified PIMS™ supports the company’s innovation-driven vision and is projected to boost operating margin by optimizing feedstock selection at the crackers. The JGSOC expansion project is a step toward further diversification of the local petrochemical and chemical industries and is envisioned to strengthen the industrial value chain linkages for the manufacturing sector.

Samuel Co Chan, Vice-President for Supply Trading and Product Optimization, JG Summit Olefins Group, said: “AspenTech’s distinct and transparent solutions align with JGSOC’s pursuit of operational excellence by deploying the best and most efficient technologies. As the leading, value-driven, and highly innovative software, Aspen Unified PIMS can enable production optimization with greater intuition, accuracy, and accessibility. JGSOC is deriving current benefits in plant efficiency and productivity with Aspen Plus® and Aspen DMCplus® solutions.”

Lawrence Ng, Vice President of Sales, Asia Pacific & Japan, Aspen Technology, added: “AspenTech is pleased to deepen our partnership with JG Summit Olefins Group through the company’s latest adoption of Aspen Unified PIMS software. In advancing toward the Self-Optimizing Plant, this planned deployment empowers JGSOC with a scalable technology solution amidst industry skills shortage.”

Supporting Resources

• JG Summit Olefins Corporation
• Aspen Unified PIMS™
• Aspen Plus®
• Aspen DMCplus®

About JG Summit Petrochemicals Group
JG Summit Olefins Corporation (JGSOC) is the country’s largest petrochemical company in the Philippines. Since its establishment in 1998, it has been a pioneer in the local petrochemical industry through its wholly owned and fully integrated petrochemical complex located in Batangas City, south of Metro Manila. Its products include polyethylene and polypropylene resins, olefins, butadiene and aromatics products, used both by domestic and international manufacturers. Since January 1, 2022, the two subsidiaries under the JG Summit Petrochemicals Group – JG Summit Petrochemical Corporation and JG Summit Olefins Corporation – have merged, with the latter as the surviving entity, and with all business operations now under JGSOC. JGSOC is 100% owned by JG Summit Holdings, Inc. Visit https://jgspetrochem.com/ to find out more.

About Aspen Technology
Aspen Technology, Inc. (NASDAQ: AZPN) is a global software leader helping industries at the forefront of the world’s dual challenge meet the increasing demand for resources from a rapidly growing population in a profitable and sustainable manner. AspenTech solutions address complex environments where it is critical to optimize the asset design, operation and maintenance lifecycle. Through our unique combination of deep domain expertise and innovation, customers in capital-intensive industries can run their assets safer, greener, longer and faster to improve their operational excellence. To learn more, visit AspenTech.com.

© 2022 Aspen Technology, Inc. AspenTech, aspenONE, the Aspen leaf logo, Aspen, Aspen Unified PIMS, Aspen Plus and Aspen DMCplus are trademarks of Aspen Technology, Inc. All rights reserved.

Aspen Technology, Inc.
Georgina Tan
+65 6395 3913
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Stand-alone battery storage project reaches commercial operation

WAKEFIELD, Mass.--(BUSINESS WIRE)--Agilitas Energy, the largest integrated developer, builder, owner and operator of distributed energy storage and solar photovoltaic (PV) systems in the northeastern U.S., today announced its energy storage project in Pascoag, Rhode Island, has reached commercial operation to bring reliable and affordable clean energy to Pascoag Utility District (PUD). Rhode Island Lt. Governor Sabina Matos, a strong proponent of renewable energy, attended a ribbon-cutting ceremony today to celebrate the project coming online.

Acquired by Agilitas Energy in April 2021, the Ocean State project will add three megawatt (MW)/nine megawatt hours (MWh) of energy storage capacity, participate in ISO-New England markets and serve as a peak load reducer for PUD. The battery storage system will charge from the grid when there is excess energy and when costs are lower, and discharge that energy when demand is high. This will deliver low-cost energy for PUD customers and enhance the grid’s reliability and resiliency.

“The Pascoag Utility District prides itself on being the energy provider that its customers can count on to keep the lights on. As demand grows due to increased electrification and extreme weather conditions, we want to ensure Pascoag and Harrisville residents experience the same service and value they’ve come to expect,” said Mike Kirkwood, General Manager and CEO of Pascoag Utility District. “This project from Agilitas Energy was an easy, no-risk way to keep our operating costs down and deliver cleaner energy in the most cost-effective manner.”

Agilitas Energy’s load forecasting and operational experience allows the company to provide peak clipping and reliability services to utilities and to participate in non-wires alternative solutions to help make the bulk power grid more efficient. The company was one of the first-to-market energy storage players in the northeastern U.S. and the first to bring a continuous storage facility to commercial operation in the ISO-New England control area.

“We believe that energy storage is the key to the energy transition, as it unlocks an approach to meeting peak power loads that’s more effective, environmentally prudent and affordable for customers. That’s what we’ve done here in Rhode Island,” said Barrett Bilotta, President of Agilitas Energy. “At a time when consumers are concerned about inflation and rising costs, we are proud to partner with Pascoag Utility District to bring more reliable power to their customers at a lower cost. We want to thank the governor’s office for their support and leadership ensuring the people of Rhode Island can benefit from renewables.”

Agilitas Energy is actively constructing and developing several other stand-alone battery storage systems, as well as some coupled with solar photovoltaic (PV) systems. The company is currently seeking renewables projects at all stages of development in markets across the country. To inquire about how Agilitas Energy can deliver an energy solution or serve as a partner on a project, please visit https://agilitasenergy.com/contact/.

About Agilitas Energy
Agilitas Energy is a leading renewables and energy storage company with a mission to accelerate the transition to clean energy. As the largest integrated developer, builder, owner and operator of distributed energy storage and solar PV systems in the northeastern U.S., Agilitas Energy manages the entire end-to-end lifecycle of the projects that deliver predictable, low-cost, clean energy for off-takers, utilities and municipalities. The company has a U.S. pipeline of more than 500 MW of solar PV and energy storage projects. To learn more, please visit: https://agilitasenergy.com/.

Liam Sullivan on behalf of Agilitas Energy
V2 Communications
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Clean energy hub in Ohio, Pennsylvania and West Virginia would generate new jobs, stimulate economic growth, and reduce carbon emissions

PITTSBURGH--(BUSINESS WIRE)--United States Steel Corporation (NYSE: X) (“U. S. Steel”) Equinor US Holdings Inc (NYSE: EQNR) (“Equinor”), and Shell US Gas & Power LLC (NYSE: SHEL) (“Shell”) have entered into a non-exclusive Cooperation Agreement to advance a collaborative clean energy hub in the Ohio, West Virginia, Pennsylvania region. The hub would focus on decarbonization opportunities that feature carbon capture utilization and storage (CCUS), as well as hydrogen production and utilization. The development of this hub, and its associated infrastructure, would generate new, sustainable jobs, stimulate economic growth, and help achieve significant reductions in carbon emissions.

The regional CCUS and hydrogen hub aligns with both the United States’ and project partners’ ambitions to realize net-zero carbon emissions by 2050. To support its development, Equinor and Shell will jointly apply for US Department of Energy funding designated for the creation of regional clean energy hubs. U. S. Steel is evaluating the role it may play in the hub, including as a potential funding participant, customer, supplier, or partner.

“Establishing a low carbon hub in this region could have a profound impact on both the climate and the economy, creating sustainable jobs that will support families for many years to come,” says Grete Tveit, SVP Equinor Low Carbon Solutions. “For 14 years we have been engaged and investing in this region, and our significant equity gas production in the Appalachia region has proved to be an important low carbon asset in our portfolio. In collaboration with partners and the local community, we’re proud to advance this initiative and America’s net zero future.”

With an abundance of low carbon gas, a robust industrial sector, and a skilled workforce, the tri-state region boasts the optimal location for a potential hub. Equinor and Shell are uniquely positioned to help develop a clean energy hub in the region with each having several operational projects around the world. U. S. Steel is a historic innovator and leader in the energy efficient production of steel. And, it has a strategy focused on creating a more sustainable future for all its stakeholders.

“We’re proud of the collaboration with Equinor and U. S. Steel,” says Lee Stockwell, GM US Carbon Capture and Storage for Shell and signee of the Cooperation Agreement. “Together, we’ll continue to leverage our deep technical experience, existing networks, and seek to buildout the partnership with our customers and other partners.”

“U. S. Steel is investing significant resources to achieve the sustainability goals in our Best for All^® strategy, and we know we cannot do it all alone. Successfully addressing the climate crisis requires public and private collaborations,” says Richard L. Fruehauf, U. S. Steel’s Chief Strategy & Sustainability Officer. “We cannot —and will not —stand still, and this agreement is another effort to advance profitable, sustainable steel solutions for people and the planet.”

To realize the true potential of a working hub, private and public engagement is critical. Equinor, Shell, and U. S. Steel will be engaging the local industry, labor, educational institutions, and communities, and others.

Forward-Looking Statements

This release contains information that may constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using the words “believe,” “expect,” “intend,” “estimate,” “anticipate,” “project,” “target,” “forecast,” “aim,” “should,” “will,” "may" and similar expressions or by using future dates in connection with any discussion of, among other things, trends, events or developments that we expect or anticipate will occur in the future, statements regarding our greenhouse gas emissions reduction goals and statements regarding our future strategies. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are not historical facts, but instead represent only the Company’s beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Company’s control. It is possible that the Company’s actual results may differ, possibly materially, from the anticipated results indicated in these forward-looking statements. Management believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. Our Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from our Company's historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to, the risks and uncertainties described on this webpage and in “Item 1A. Risk Factors” in our Annual Report on Form 10-K and those described from time to time in our reports filed with the Securities and Exchange Commission.

About U. S. Steel

Founded in 1901, United States Steel Corporation is a leading steel producer. With an unwavering focus on safety, the Company’s customer-centric Best for All^® strategy is advancing a more secure, sustainable future for U. S. Steel and its stakeholders. With a renewed emphasis on innovation, U. S. Steel serves the automotive, construction, appliance, energy, containers, and packaging industries with high value-added steel products such as U. S. Steel’s proprietary XG3™ advanced high-strength steel. The Company also maintains competitively advantaged iron ore production and has an annual raw steelmaking capability of 22.4 million net tons. U. S. Steel is headquartered in Pittsburgh, Pennsylvania, with world-class operations across the United States and in Central Europe. For more information, please visit www.ussteel.com.

About Equinor

Equinor is an international energy company committed to long-term value creation in a low-carbon future. Our purpose is to turn natural resources into energy for people and progress for society. Equinor’s portfolio of projects encompasses oil and gas, renewables and low-carbon solutions, with an ambition of becoming a net-zero energy company by 2050. Headquartered in Stavanger (Norway), Equinor is the leading operator on the Norwegian continental shelf. We are present in around 30 countries worldwide.

About Shell US Gas & Power LLC

Shell US Gas & Power LLC is an affiliate of Shell plc, a global group of energy and petrochemical companies with operations in more than 70 countries. In the U.S., Shell operates in 50 states and employs more than 12,000 people working to help tackle the challenges of the new energy future.

Arista Joyner
Manager
Financial Communications
T – (412) 433-3994
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Kevin Lewis
Vice President
Investor Relations
T – (412) 433-6935
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CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)--CVD Equipment Corporation (NASDAQ: CVV), a leading provider of chemical vapor deposition systems and materials, today announced its financial results for the second quarter of 2022.

CVD’s revenue for the second quarter of 2022 was $5.8 million as compared to $4.0 million for the second quarter of 2021, an increase of $1.8 million or 44.0%. Net loss for the second quarter of 2022 was $.8 million, or $.12 per diluted share, as compared to a net income of $1.5 million (which includes a $2.4 million gain on debt extinguishment from the forgiveness of CVD’s PPP loan), or $.22 per diluted share for the second quarter of 2021.

CVD’s operating loss for the second quarter of 2022 decreased by $.2 million, to $.9 million for the second quarter of 2022, as compared to an operating loss of $1.1 million for the second quarter of 2021. This decrease was a result of increased revenue of $1.8 million and the resultant improvement of gross profit margins of $.4 million, offset by increased operating expenses of $.2 million. The increase in gross profit and gross profit margins was primarily the result of leveraging fixed costs on higher sales levels and product mix, which offset certain component cost increases and compensation costs. In addition, operating expenses increased due to higher employee-related costs to support our greater demand and marketing and engineering efforts.

For the six months ended June 30, 2022, revenue was $10.5 million as compared to $7.4 million for the same period in 2021, an increase of $3.1 million or 41.4%. Net loss for the six months ended June 30, 2022 was $1.8 million, or $.27 per diluted share, as compared to a net loss of $35,125 (which includes a $2.4 million gain on debt extinguishment from the forgiveness of CVD’s PPP loan), or $.01 per diluted share for the same period in 2021.

For the six months ended June 30, 2022, CVD’s operating loss decreased by $.8 million, to $1.9 million as compared to an operating loss of $2.7 million for the same period in 2021. This improvement was the result of increased revenue of $3.1 million and the resultant improvement of gross profit margins of $.8 million and decreased operating expenses of $.1 million. The increase in gross profit and gross profit margins was primarily the result of leveraging fixed costs on higher sales levels and product mix, which more than offset certain component cost increases and compensation costs.

Beginning in Q3 2021 and continuing to date, CVD has been impacted by increased costs on certain manufacturing material components, as well as delays in supply chain deliveries. These increases and delays may also impact CVD’s ability to recognize revenue and result in reduced gross profit margins in future quarters, extended manufacturing lead times and reduced manufacturing efficiencies. CVD is also seeing inflationary effects that have resulted in increased costs for labor and materials. CVD has placed orders with increased lead times to attempt to mitigate the manufacturing delays, and continues to assess other material suppliers in an effort to alleviate the potential cost impacts. In addition, CVD is utilizing its flexible in-house manufacturing to further mitigate potential delivery delays and material cost increases.

Thomas McNeill, Executive Vice President and Chief Financial Officer, said “The Company’s backlog at June 30, 2022 was $16.7 million as compared to $10.4 million at December 31, 2021, an increase of $6.3 million or 60.5%. This increase is due to the timing of the receipt of new orders for the six months ended June 30, 2022 of $16.7 million reduced by recognized revenue of $10.5 million. While the negative effects of the COVID-19 pandemic continue to impact the aerospace industry, generally in the form of reduced long distance travel and reduction of gas turbine engine sales, industry reports indicate improvement may begin to occur in the late 2022-2023 timeframe.”

Emmanuel Lakios, President and CEO, noted, “2022 continues to be a year of strong demand for our CVD equipment and the ‘electrification of everything’ is at the forefront of fueling our order growth. In the first half of 2022 ending June 30th, we have received orders of approximately $13 million for our CVD segment. The orders primarily consist of twenty-one (21) CVD/FirstNano systems compared to twenty-three (23) system orders for all of 2021. Of the twenty-one (21) system orders, fourteen (14) are for our recently announced PVT-150 system addressing SiC growth and processing, while the remainder of the system orders are for battery materials R&D and production, advance carbon-based capacitors, superconducting tape and for a legacy advanced R&D FirstNano product. The systems are planned for shipment over the next several quarters and into 2023. We continue to be affected by supply chain issues and we are taking measures to address the uncertainties caused by both the COVID-19 pandemic and the geopolitical instability in Eastern Europe. Our two key initiatives are, expanding our in-house production capabilities and partnering with key suppliers. Both are essential to our goal of self-reliance and will support our commitments to our customers.”

“Along with the CVD Board of Directors and all our loyal employees, we are committed to stay the course of our strategy to achieve profitability, with a focus on growth and return on investment. We look forward to communicating with you in our upcoming conference call.”

The Company will hold a conference call to discuss its results today at 5:00 pm (Eastern Time). To participate in the live conference call, please dial toll free (877) 407-2991 or International (201) 389-0925. A telephone replay will be available for 7 days following the call. To access the replay, dial (877) 660-6853 or international (201) 612-7415. The replay passcode is 13732170. A live and archived webcast of the call is also available on the company’s website at www.cvdequipment.com/events.

About CVD Equipment Corporation

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

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by CVD Equipment Corporation) contains statements that are forward-looking. All statements other than statements of historical fact are hereby identified as “forward-looking statements, “as such term is defined in Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking information involves a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated by management. Potential risks and uncertainties include, among other factors, market and business conditions, the COVID-19 pandemic, the success of CVD Equipment Corporation’s growth and sales strategies, the possibility of customer changes in delivery schedules, cancellation of, or failure to receive orders, potential delays in product shipments, delays in obtaining inventory parts from suppliers and failure to satisfy customer acceptance requirements, and other risks and uncertainties that are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and the Company’s other filings with the Securities and Exchange Commission. For forward-looking statements in this release, the Company claims the protection of the safe harbor of the Private Securities Litigation Reform Act of 1995. The Company assumes no obligations to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. Past performance in not a guaranty of future results.

CVD earnings release should be read in conjunction with the Company’s filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for fiscal year ended December 31, 2021.

For further information about this topic please contact:
Thomas McNeill, EVP & CFO
Phone: (631) 981-7081
Fax: (631) 981-7095
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- $1.4 Million Equipment Order is a Significant Milestone to Ramp Production of Thermal Energy Storage Solution Modules –

- Facility on Track for First Production Run in late 2022; to Reach Full Capacity by End of 2023 –

ROSH HAAYIN, Israel--(BUSINESS WIRE)--Brenmiller Energy Ltd. (“Brenmiller”, “Brenmiller Energy” or the “Company”) (TASE: BNRG, Nasdaq: BNRG), a clean-energy company that provides Thermal Energy Storage (“TES”) systems to the global industrial and utility markets, today announced that is has made a $1.4 million equipment order in connection with the expansion at its automated production facility currently under construction in Dimona, Israel. The equipment, which is critical to the operation of the facility, is expected to be delivered in November 2022.

“We continue to make progress in our efforts to become one of the leading global suppliers of Thermal Energy Storage systems, “Avi Brenmiller, Chairman and Chief Executive Officer of Brenmiller Energy. “This equipment order, which follows the recent drawdown on our credit facility with the European Investment Bank (EIB), is another major milestone for Brenmiller and keeps us on track to reach full production capacity of up to 4,000 MWh per year of bGen thermal storage modules, at our newly upgraded facility in Dimona, Israel by the end of 2023.”

“We believe that this facility will significantly improve Brenmiller’s ability to supply the global industrial and utility market with a cost-efficient and clean energy technology, particularly in Europe, where the cost of energy has risen significantly and energy security and reliability are of increasing importance given the geopolitical situation in the region,” continued Brenmiller. “Our bGen TES solution combines thermal storage, heat exchange, and steam generation solutions to help industrial and utility companies improve their energy efficiency and reliability, as well as their efforts to decarbonize their thermal processes and meet their long-term sustainability goals.”

About Brenmiller Energy

Brenmiller Energy delivers scalable thermal energy storage solutions and services that allow customers to cost-effectively decarbonize their operations. Its patented bGen thermal storage technology enables the use of renewable energy resources, as well as waste heat, to heat crushed rocks to very high temperatures. They can then store this heat for minutes, hours, or even days before using it for industrial and power generation processes. With bGen, organizations have a way to use electricity, biomass and waste heat to generate the steam, hot water and hot air they need for a variety of applications, including, for example, to mold plastic, process food and beverages, produce paper, manufacture chemicals and pharmaceuticals or drive steam turbines without burning fossil fuels. For more information visit the company’s website at https://bren-energy.com/ and follow the company on Twitter and LinkedIn.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Statements that are not statements of historical fact may be deemed to be forward-looking statements. For example, the Company is using forward-looking statements in this press release when it discusses: its expected timeline for delivering the equipment ordered for and reaching full production capacity at the Company’s Dimona production facility that is under construction; the role the Company’s Dimona production facility will play to significantly improve Brenmiller’s ability to supply the global industrial and utility market with cost-efficient and clean energy technology; and how its bGen TES help companies improve their energy efficiency and reliability and meet their long-term sustainability goals. Without limiting the generality of the foregoing, words such as "plan," "project," "potential," "seek," "may," "will," "expect," "believe," "anticipate," "intend," "could," "estimate" or "continue" are intended to identify forward-looking statements. Readers are cautioned that certain important factors may affect the Company's actual results and could cause such results to differ materially from any forward-looking statements that may be made in this press release. Factors that may affect the Company's results include, but are not limited to, the Company’s planned level of revenues and capital expenditures, the demand for and market acceptance of our products, impact of competitive products and prices, product development, commercialization or technological difficulties, the success or failure of negotiations and trade, legal, social and economic risks and the risks associated with the adequacy of existing cash resources. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company's prospectus dated May 24, 2022 filed with the U.S. Securities and Exchange Commission (“SEC”), which is available on the SEC's website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

U.S. Investor Contact:
Chase Jacobson, Vallum Advisors
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+1 980-265-2597

Media Contact:
Isaac Steinmetz
Antenna for Brenmiller Energy
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HOUSTON--(BUSINESS WIRE)--Sunnova Energy International Inc. (“Sunnova”) (NYSE: NOVA) today announced that it intends to offer, subject to market conditions, $425 million aggregate principal amount of convertible senior notes due 2028 (the “notes”) in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). Sunnova also intends to grant the initial purchasers of the notes the option to purchase up to an additional $75 million aggregate principal amount of the notes within a 13-day period beginning on, and including, the date on which the notes are first issued.

The notes will be senior, unsecured obligations of Sunnova and will accrue interest payable semiannually in arrears on February 15 and August 15 of each year, beginning on February 15, 2023. The notes will mature on February 15, 2028, unless earlier converted, redeemed or repurchased. The notes will be convertible into cash, shares of Sunnova’s common stock, par value $0.0001, or a combination of cash and shares of Sunnova’s common stock, at Sunnova’s election. The interest rate, initial conversion rate and other terms of the notes will be determined at the time of pricing of the offering.

Sunnova intends to use a portion of the net proceeds from the offering to pay the cost of the capped call transactions described below. Sunnova intends to use the remainder of the net proceeds from the offering for general corporate purposes, including, among other things, the funding of working capital, operating expenses, capital expenditures and the repayment of indebtedness.

In connection with the pricing of the notes, Sunnova expects to enter into capped call transactions (the “capped call transactions”) with one or more of the initial purchasers or their respective affiliates and/or other financial institutions (the “option counterparties”). The capped call transactions are expected generally to reduce the potential dilution to Sunnova’s common stock upon any conversion of notes and/or offset any cash payments Sunnova is required to make in excess of the principal amount of converted notes, as the case may be, with such reduction and/or offset subject to a cap. If the initial purchasers exercise their option to purchase additional notes, Sunnova expects to enter into additional capped call transactions with the option counterparties.

In connection with establishing their initial hedges of the capped call transactions, Sunnova expects the option counterparties or their respective affiliates to purchase shares of Sunnova’s common stock and/or enter into various derivative transactions with respect to Sunnova’s common stock concurrently with or shortly after the pricing of the notes. These activities could increase (or reduce the size of any decrease in) the market price of Sunnova’s common stock or the notes at that time.

In addition, the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivatives with respect to Sunnova’s common stock and/or purchasing or selling Sunnova’s common stock or other securities of Sunnova in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so on each exercise date for the capped call transactions, which are expected to occur on each trading day during the 30 trading day period beginning on the 31^st scheduled trading day prior to the maturity date of the notes, or following any termination of any portion of the capped call transactions in connection with any repurchase, redemption or early conversion of the notes). This activity could also cause or avoid an increase or a decrease in (or reduce the size of any decrease or increase in) the market price of Sunnova’s common stock or the notes, which could affect the ability of noteholders to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of notes, it could affect the amount and value of the consideration that a noteholder will receive upon conversion of its notes.

Neither the notes, nor any shares of Sunnova’s common stock issuable upon conversion of the notes, have been, nor will be, registered under the Securities Act or any state securities laws and, unless so registered, such securities may not be offered or sold in the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and other applicable securities laws.

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall it constitute an offer, solicitation or sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

FORWARD LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Sunnova’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “going to,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern Sunnova’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this press release include, but are not limited to, statements regarding the expectations in connection with the offering, the size and terms of the offering, the use of proceeds from the offering and the effects of the capped call transactions. Sunnova’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks regarding Sunnova’s ability to forecast its business due to its limited operating history, the effects of the coronavirus pandemic on Sunnova’s business and operations, supply chain uncertainties, results of operations and financial position, Sunnova’s competition, changes in regulations applicable to Sunnova’s business, fluctuations in the solar and home-building markets, availability of capital, Sunnova’s ability to attract and retain dealers and customers and manage its dealer and strategic partner relationships, the ability to successfully integrate the SunStreet acquisition and the ability of Sunnova to implement its plans, forecasts and other expectations with respect to SunStreet’s business and realize the expected benefits of the acquisition. The forward-looking statements contained in this press release are also subject to other risks and uncertainties, including those more fully described in Sunnova’s filings with the Securities and Exchange Commission, including Sunnova’s annual report on Form 10-K for the year ended December 31, 2021 and subsequent quarterly reports on Form 10-Q. The forward-looking statements in this press release are based on information available to Sunnova as of the date hereof, and Sunnova disclaims any obligation to update any forward-looking statements, except as required by law.

ABOUT SUNNOVA
Sunnova Energy International Inc. (NYSE: NOVA) is a leading Energy as a Service (EaaS) provider with customers across the U.S. and its territories. Sunnova’s goal is to be the source of clean, affordable and reliable energy with a simple mission: to power energy independence so that homeowners have the freedom to live life uninterrupted®.

Investor Relations:
Rodney McMahan, Vice President Investor Relations
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877-770-5211

Media:
Alina Eprimian, Director Communications
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DUBLIN--(BUSINESS WIRE)--The "Drilling Mud Desander and Desilter Market Outlook Report - Industry Size, Trends, Insights, Market Share, Competition, Opportunities, and Growth Forecasts by Segments, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.

2022 Drilling Mud Desander and Desilter Market Data, Growth Trends and Outlook to 2030

The Global Drilling Mud Desander and Desilter Market Analysis Report is a comprehensive report with in-depth qualitative and quantitative research evaluating the current scenario and analyzing prospects in Drilling Mud Desander and Desilter Market over the next eight years, to 2030.

Robust changes brought in by the pandemic COVID-19 in the Drilling Mud Desander and Desilter supply chain and the burgeoning drive to shift to cleaner, more reliable, and sustainable energy sources are necessitating companies to align their strategies.

Drilling Mud Desander and Desilter Market Segmentation and Growth Rates

The Drilling Mud Desander and Desilter Market research report covers Drilling Mud Desander and Desilter industry statistics including the current Drilling Mud Desander and Desilter Market size, Drilling Mud Desander and Desilter Market Share, and Drilling Mud Desander and Desilter Market Growth Rates (CAGR) by segments and sub-segments at global, regional, and country levels, with an annual forecast till 2030. Drilling Mud Desander and Desilter market insights cover end-use analysis and identify emerging segments of the Drilling Mud Desander and Desilter market, high-growth regions, and countries.

The study provides a clear insight into market penetration by different types, applications, and sales channels of Drilling Mud Desander and Desilter with corresponding growth rates, which are validated by real-time industry experts. Further, Drilling Mud Desander and Desilter market share by key metrics such as manufacturing methods/technology and raw material can be included as part of customization.

This enables the client to identify the most potential segment from their growth rates along with corresponding drivers and restraints. The research considered 2017, 2018, 2019, and 2020 as historical years, 2021 as the base year, and 2022 as the estimated year, with an outlook period from 2023 to 2030. The report identifies the most prospective type of Drilling Mud Desander and Desilter market, leading products, and dominant end uses of the Drilling Mud Desander and Desilter Market in each region.

Future of Drilling Mud Desander and Desilter Market - Driving Factors and Hindering Challenges

Drilling Mud Desander and Desilter Market Revenue is expected to grow at a healthy CAGR propelled by staggering demand from emerging markets. Digital technology advances in the Drilling Mud Desander and Desilter market are enabling efficient production, expanding portfolio, effective operational maintenance, and sales monitoring.

Proliferating demand for smart storage, decentralized networks, intelligent automation, and Increasing disposable incomes in flourishing fast developing nations are a few of the key market developments. The post-pandemic economic recovery boosting energy consumption, automotive, industrial, and consumer goods sales, leads to an impressive growth rate in 2021.

However, complying with stringent regulations and varying standards around the world, growing competition, and inflation estimated to remain above the upper band during the short term in key nations, and fluctuating raw material prices are some of the Drilling Mud Desander and Desilter market restraints over the forecast period.

Key Topics Covered:

1. Table of Contents

2. Global Drilling Mud Desander and Desilter Market Summary, 2022

3. Drilling Mud Desander and Desilter Market Insights, 2022-2030

4. Drilling Mud Desander and Desilter Market Analytics

5. Global Drilling Mud Desander and Desilter Market Statistics - Industry Revenue, Market Share, Growth Trends and Forecast by segments, to 2030

6. Asia Pacific Drilling Mud Desander and Desilter Industry Statistics - Market Size, Share, Competition and Outlook

7. Europe Drilling Mud Desander and Desilter Market Data, Penetration, and Business Prospects to 2030

8. North America Drilling Mud Desander and Desilter Market Size, Growth Trends, and Future Prospects to 2030

9. South and Central America Drilling Mud Desander and Desilter Market Drivers, Challenges, and Future Prospects

10. Middle East Africa Drilling Mud Desander and Desilter Market Outlook and Growth Prospects

11. Drilling Mud Desander and Desilter Market Structure and Competitive Landscape

12 Appendix

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

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE: NOG) (“NOG”) today announced the closing of its previously announced acquisition of non-operated Williston Basin assets from a private seller.

MANAGEMENT COMMENT

“NOG continues to execute as the natural consolidator of non-operated properties,” commented Nick O’Grady, NOG’s Chief Executive Officer. “This cash-generating, inventory-rich acquisition remains consistent with our mission to build a diversified, national franchise focused on return on capital, low leverage and with robust, growing shareholder returns.”

WILLISTON BASIN ACQUISITION

NOG closed the Williston Basin acquisition on August 15, 2022. The closing settlement was $158.0 million in cash, which includes a $17.0 million deposit paid at signing in June 2022. The closing cash settlement is net of preliminary and customary purchase price adjustments and remains subject to final post-closing settlement between NOG and the seller. Additional information regarding this previously announced acquisition can be found in NOG’s prior press release announcing the transaction, available here.

ABOUT NOG

NOG is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States. More information about NOG can be found at www.NorthernOil.com.

Investor Relations
(952) 476-9800
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Tigo boosts power rating with new TS4 products to serve large-scale commercial and industrial solar installations.

CAMPBELL, Calif.--(BUSINESS WIRE)--Tigo Energy, Inc., the solar industry’s leading Flex MLPE (Module Level Power Electronics) supplier, today announced the launch of two 25-Amp Tigo TS4 MLPE products supporting the latest high-power and high-current bifacial solar modules. The Tigo TS4-A-F 25A and Tigo TS4-A-2F 25A rapid shutdown devices provide advanced first-responder safety functionality for solar modules rated up to 700W, including bifacial modules. Both products feature compatibility with Pure Signal™ technology in Tigo RSS Transmitters and pair with an industry-leading list of third-party solar inverters to deliver design and installation flexibility for solar installers and EPCs.

As solar module power ratings and demand for higher power density continue to rise, the Tigo TS4-A-F 25A and Tigo TS4-A-2F 25A are essential building blocks for large-scale commercial and industrial solar installations. Tigo TS4 rapid shutdown products ensure that installers have the flexibility to deploy the industry’s highest wattage solar modules to offer their customers the most energy production per available rooftop space. Tigo TS4 products also reduce balance-of-system (BOS) and labor costs because of a no-bolt design and no need for additional ground wiring. Through the Tigo Enhanced program, Tigo customers and installers have the freedom to choose the right equipment for their solar projects through simple, plug-and-play pairing with inverters from major suppliers and Tigo Enhanced partners Chint Power Systems (CPS), Solectria, Sungrow, Canadian Solar, and Growatt. Additionally, the new 25-Amp Tigo TS4 devices offer:

• plug-and-play support for all solar modules up to 700W (one module for TS4-A-F 25A and two 700W modules for TS4-A-2F 25A) and rated for a maximum short current of 25Amps and a maximum input voltage of 80V per module
• compliance with NEC 2017 and 2020 690.12 Rapid Shutdown specifications when installed with the Tigo RSS Transmitter and UL PVRSS certified inverter or an inverter with a built-in Tigo-certified transmitter
• reliable frame mounting requiring only 10 seconds for installation
• industry-standard MC4 connectors with an IP68 enclosure rating for maximum durability
• IEC and UL certified for global acceptance
• reduced labor time by connecting to two modules to the TS4-A-2F 25A, which enables 16% fewer connections on a 14-panel string compared to single-channel MLPE

“At Tigo, we serve a rapidly growing number of customers worldwide who install ever larger C&I systems, and we are pleased to serve that market with safe, reliable, and now even more powerful products,” said Jing Tian, chief growth officer at Tigo Energy. “Our investments in innovation ensure that Tigo remains a solar technology leader, and the more powerful 25-Amp TS4 products are a direct result of that.”

The new 25-Amp Tigo TS4 rapid shutdown products are fully compatible with Tigo RSS Transmitters (with or without Pure Signal technology) and are UL PVRSS certified with hundreds of inverter models from leading manufacturers.

For more information, visit the product pages for the Tigo TS4-A-F or Tigo TS4-A-2F rapid shutdown devices. For purchasing inquiries, please contact the Tigo sales team at https://www.tigoenergy.com/contacts.

About Tigo Energy

Tigo Energy, the worldwide leader in Flex MLPE (Module Level Power Electronics), designs innovative solar power conversion and storage products that provide customers more choice and flexibility. The Tigo TS4 platform increases solar production, decreases operating costs, and enhances safety. When combined with the Tigo Energy Intelligence (EI) platform, it delivers module, system, and fleet-level insights to maximize solar performance and minimize operating costs. The Tigo EI Residential Solar Solution, a flexible solar-plus-storage solution for home installations, rounds out the Company’s portfolio of solar energy technology. Tigo was founded in Silicon Valley in 2007 to accelerate the adoption of solar energy, and its global team supports customers whose systems reliably produce gigawatt hours of safe solar energy on seven continents. Find us online at www.tigoenergy.com.

Technica Communications
Caitlan Caviness
408-806-9626 Ext. 9949
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HOUSTON--(BUSINESS WIRE)--USD Partners LP (NYSE:USDP) (the “Partnership”) announced today that members of its senior management team will participate at the 2022 Citi One-on-One Midstream/Energy Infrastructure Conference, on August 16 and August 17, 2022.

The related presentation materials will be made available on the Partnership’s website in advance of the conference at www.usdpartners.com on the “Events & Presentations” sub-tab under the “Investors” tab.

About USD Partners LP

USD Partners LP is a fee-based, growth-oriented master limited partnership formed in 2014 by US Development Group, LLC (“USD”) to acquire, develop and operate midstream infrastructure and complementary logistics solutions for crude oil, biofuels and other energy-related products. The Partnership generates substantially all of its operating cash flows from multi-year, take-or-pay contracts with primarily investment grade customers, including major integrated oil companies, refiners and marketers. The Partnership’s principal assets include a network of crude oil terminals that facilitate the transportation of heavy crude oil from Western Canada to key demand centers across North America. The Partnership’s operations include railcar loading and unloading, storage and blending in on-site tanks, inbound and outbound pipeline connectivity, truck transloading, as well as other related logistics services. In addition, the Partnership provides customers with leased railcars and fleet services to facilitate the transportation of liquid hydrocarbons and biofuels by rail.

USD, which owns the general partner of USD Partners LP, is engaged in designing, developing, owning, and managing large-scale multi-modal logistics centers and energy-related infrastructure across North America. USD’s solutions create flexible market access for customers in significant growth areas and key demand centers, including Western Canada, the U.S. Gulf Coast and Mexico. Among other projects, USD is currently pursuing the development of a premier energy logistics terminal on the Houston Ship Channel with capacity for substantial tank storage, multiple docks (including barge and deepwater), inbound and outbound pipeline connectivity, as well as a rail terminal with unit train capabilities. For additional information, please visit texasdeepwater.com. Information on websites referenced in this release is not part of this release.

Adam Altsuler, 281-291-3995
Executive Vice President, Chief Financial Officer
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Jennifer Waller, 832-991-8383
Senior Director, Financial Reporting & Investor Relations
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NEW YORK--(BUSINESS WIRE)--#KBRA--KBRA releases its solar loan index publication, providing monthly credit trends of securitized residential solar loans.

Click here to view the report.

About KBRA

KBRA is a full-service credit rating agency registered in the U.S., the EU, and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.

Brian Ford, CFA, Managing Director
Structured Finance Research
+1 (646) 731-2329
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Brajean Ramos, Senior Analyst
Structured Finance Research
+1 (646) 731-2417
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Business Development Contact

Ted Burbage, Managing Director
+1 (646) 731-3325
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ANAHEIM, Calif.--(BUSINESS WIRE)--Phoenix Motor Inc. (Nasdaq: PEV) (“Company” or “Phoenix”), a leader in manufacturing of all-electric, medium-duty vehicles, today announced its financial results for the second quarter ended June 30, 2022.

Financial Highlights Second Quarter

• Revenue totaled $1.5 million for the second quarter, an increase of approximately 130% compared to the prior-year period of $653,000, primarily driven by sales of electric forklifts
• Gross profit increased to $325,000 in the second quarter, compared to a loss of $159,000 in the second quarter of 2021, with gross margin improvement to 21.7% from (24.3%), primarily driven by higher margin electric forklift sales
• Net losses decreased to $1.9 million in the second quarter, an improvement of more than 16% compared to a loss of $2.3 million in the prior-year period
• Total assets were $24.6 million as of June 30, 2022
• Cash and cash equivalents were $7.8 million as of June 30, 2022

Financial Highlights Six Months Ending June 30

• Revenues for the six months ended June 30, 2022 were $2.2 million representing an increase of 93%, year-over-year
• Gross profit increased to $445,000 for the recent six-month period, compared to a loss of $107,000 for the prior-year period
• EBITDA for the first six months of 2022 was a loss of $3.4 million, about the same as in the first six months of 2021
• Phoenix had net losses of $4.2 million during the six-month period ending June 30, 2022, which was unchanged compared to the prior-year period

Q2 Highlights

• Raised aggregate gross proceeds of $15.75 million from the Phoenix IPO on June 8, 2022
• Backlog for vehicles and electric drive systems increased 40% to 88 units compared to the first quarter of 2022
• Initiated strategic partnership with IAT Automotive Technology as part of next generation product development

“We are excited to have completed our initial public offering in the second quarter, while accomplishing strong revenue growth as we continue to build and reshape the company,” Phoenix CEO, Dr. Lance Zhou commented. “We are busy working not only on our new 4^th generation drivetrain but also on exciting new additions to our product offerings in the quarters ahead. We are forging important partnerships with service providers, suppliers and customers. We have been expanding our management team by adding seasoned and establish EV industry veterans. We are taking all of these measures to position Phoenix Motorcars for tremendous growth in the quarters ahead as we capitalize both on our successful past experience, as well as the emerging industry tailwinds supported by recently-passed legislation in the U.S. and elsewhere encouraging this green energy transition.”

Conference Call Information

Phoenix Motor will host a conference call today at 5:00 PM ET to discuss the results. To access the call, participants may dial 1-888-660-6373, international callers may use 1- 929-203-1975, and use conference ID: 3457210.

About Phoenix Motor Inc.

Phoenix Motor Inc., a pioneer in the electric vehicles (“EVs”) industry, through its wholly owned subsidiaries, designs, assembles, and integrates electric drive systems and light and medium duty EVs and markets and sells electric vehicle chargers for the commercial and residential markets. Phoenix operates two primary brands, “Phoenix Motorcars” focused on commercial products including medium duty EVs, chargers and electric forklifts, and “EdisonFuture” which intends to offer light-duty EVs. As an EV pioneer, the Company delivered its first commercial EV in 2014 and deployed the very first zero emission airport shuttle bus at the Los Angeles International Airport (“LAX”); the LAX fleet has grown to 39 electric shuttle buses, one of the largest of its kind. Los Angeles Air Force Base in El Segundo and NASA’s Jet Propulsion Laboratory in Pasadena, California are among customers for the Company’s first-generation E Series Zeus EVs. Phoenix intends to be a leading designer, developer and manufacturer of electric vehicles and electric vehicle technologies. For more information, please visit: www.phoenixmotorcars.com and www.edisonfuture.com.

Forward-Looking Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements. Forward-looking statements are no guarantee of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following: the Company’s ability to convert concept trucks and vans into production and sales; the Company’s product development timeline and expected start of production; development of competitive trucks and vans manufactured and sold by the Company’s competitors and major industry vehicle companies; the Company’s ability to scale in a cost-effective manner; the Company’s future capital requirements and sources and uses of cash; the Company’s ability to obtain funding for its future operations; the Company’s financial and business performance; changes in the Company’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects and plans; the implementation, market acceptance and success of its business model; expectations regarding the Company’s ability to obtain and maintain intellectual property protection and not infringe on the rights of others; and other risks contained in the Offering prospectus and reports filed by the Company with the SEC. For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the SEC, including those set forth in the Risk Factors section of the Company's registration statement and Offering prospectus, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward-looking statements to reflect events or circumstances that arise after the date hereof.

Investor Relations Contacts:
Mark Hastings, SVP & Head of Investor Relations
Sioban Hickie, ICR Inc.
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DUBLIN--(BUSINESS WIRE)--The "Cryogenic Tanks - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Cryogenic Tanks Market to Reach $7.4 Billion by 2026

Amid the COVID-19 crisis, the global market for Cryogenic Tanks estimated at US$5.8 Billion in the year 2022, is projected to reach a revised size of US$7.4 Billion by 2026, growing at a CAGR of 5.8% over the analysis period.

Increased demand for low temperature operations across industries such as food technology, healthcare and metal processing among others constitute the major growth driver for the market.

Increase in demand for LNG worldwide created a strong demand growth scenario for the tanks as these are required for LNG's storage and transportation. Growing LNG trade and increasing investments in metal processing healthcare, food & beverage and chemical industries is expected to boost deployment of cryogenic tanks. Cryogenic liquid nitrogen and liquid oxygen find extensive use in storing and preserving human organs and blood.

Growing number of government initiatives for providing better healthcare services to public would create strong demand for the tanks from the healthcare sector. Robust investments in improving healthcare infrastructure can be noticed in countries across the world, especially in the wake of the emergence of the COVID-19 pandemic. Governments in developing countries are also increasing their focus on enhancing healthcare infrastructure in rural areas, which is anticipated to augment market growth further.

Liquid Nitrogen, one of the segments analyzed in the report, is projected to record a 6.5% CAGR and reach US$2.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Liquefied Natural Gas (LNG) segment is readjusted to a revised 5.4% CAGR for the next 7-year period.

Liquid Nitrogen segment dominates market share as liquid nitrogen is increasingly used in metal processing, electronics manufacturing, health care and food and beverage industries. Increase in demand for LNG worldwide created a strong demand growth scenario for cryogenic tanks, as these are required for LNG's storage and transportation.

The U.S. Market is Estimated at $1.3 Billion in 2022, While China is Forecast to Reach $731 Million by 2026

The Cryogenic Tanks market in the U.S. is estimated at US$1.3 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$731 Million by the year 2026 trailing a CAGR of 7.6% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 4% and 5.9% respectively over the analysis period.

Within Europe, Germany is forecast to grow at approximately 4.3% CAGR. The US is a major regional market for the due to the significant presence of some of the world-leading suppliers of industrial gases. Such facilities require cryogenic tanks for storing and transporting the gases. Cryogenic tanks are also extensively used by the US healthcare industry.

Demand for the tanks from the healthcare sector has increased considerably in the recent months due to the COVID-19 outbreak. Europe constitutes another important market for cryogenic tanks. Growth in this region stems from the factors of extensive investments in development of natural gas powered power generation plants and rapid development of liquefied natural gas infrastructure.

Asia-Pacific region`s growth will be fueled by factors such as strong demand for industrial gases from different end-use industries, especially in fast emerging countries such as India and China. Significant rise in LNG consumption in the region also contributes to its dominance in the market.

Liquid Hydrogen Segment to Reach $1.4 Billion by 2026

Cryogenics plays a critical part in space missions. Initially, cryogenics was used to manage liquid hydrogen in rocket fuel applications. In the global Liquid Hydrogen segment, USA, Canada, Japan, China and Europe will drive the 5.3% CAGR estimated for this segment.

These regional markets accounting for a combined market size of US$660.9 Million will reach a projected size of US$949.6 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$271.6 Million by the year 2026, while Latin America will expand at a 7.2% CAGR through the analysis period.

What`s New for 2022?

• Global competitiveness and key competitor percentage market shares
• Market presence across multiple geographies - Strong/Active/Niche/Trivial
• Online interactive peer-to-peer collaborative bespoke updates
• Access to the digital archives
• Complimentary updates for one year

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• Influencer Market Insights
• Industrial Activity to Remain Subdued in the Immediate Term
• Cryogenic Tanks: An Introduction
• Global Market Prospects and Outlook
• Liquid Nitrogen Emerges as the Leading Segment
• Storage Application Drives Market Growth
• Manufacturing: The Largest End-Use Market
• Developing Economies to Spearhead Future Growth
• Competition
• World Brands
• Recent Market Activity

2. FOCUS ON SELECT PLAYERS (Total 38 Featured)

• Air Products and Chemicals, Inc.
• AIR WATER INC
• Chart Industries, Inc.
• Cryofab Inc
• Cryolor
• Cryoquip
• Eden Cryogenics LLC
• FIBA Technologies, Inc
• Gardner Cryogenics
• INOX India Pvt Ltd
• ISISAN ISI SAN. VE TIC .A.S
• Linde plc
• Suretank Group Ltd.
• VRV S.r.L
• Wessington Cryogenics

3. MARKET TRENDS & DRIVERS

• Myriad Applications of Cryogenics Presents Growth Opportunity for Cryogenic Tanks Market
• Growing Role of Cryogenics in Industrial Manufacturing Fosters Growth in Cryogenic Tanks Market
• Metal Processing Industry Emerges as the Major End-Use Market for Cryogenic Tanks
• Widespread Use of Cryogenic Technology for Food Processing and Preservation to Boost Market Prospects
• Rising Importance of Cryogenic Gases for Improving Quality of Foods
• Liquid Nitrogen Takes the Icing on Cakes and Bakes
• Enhancing Shelf Life of Products: A Key Advantage
• Cryogenic Food Freezing Taps Benefits of Liquid Nitrogen Vis-a-vis other Gases
• Cryogenic Tanks for Regulating Temperature in Cold Storage Chains
• Rising Demand for LNG Drives Demand for Cryogenic Tanks
• Shift Towards Renewable Energy Enhances Importance of Cryogenic Energy Storage System, Driving Market Growth
• Cryogenics and Superconductivity for Affordable Energy Storage and Generation
• Worldwide Steel Production Trends Impact Cryogenic Tanks Market
• With Cryogenics Finding Increased Adoption in Medical Applications, Cryogenic Tanks Market Poised for Growth
• Rising Importance of Cryogenic Tanks for Fast Biological Sample Preservation and Rapid Vaccine Freezing
• Storage and Shipping of COVID-19 Vaccines Drives Efforts to Develop Cryogenic Containers
• COVID-19 Vaccines in Pipeline by Technology and Clinical Stage
• Increasing Role of Cryogenic Equipment in Electronics Industry to Spur Growth
• Growing Demand for Liquid Oxygen to Fuel Growth in Cryogenic Tanks Market
• Surge in Demand for Medical Oxygen Amidst the COVID-19 Pandemic Fuels Market Prospects
• Market to Benefit from Rising Use of Liquid Oxygen in Water Treatment
• Growing Use of Cryogenic Tanks in Space Technology
• Cryogenic Applications for Mars Missions
• Introduction of Newer Technologies in Space Systems Bodes Well for Cryogenic Tanks Market
• Growing Need for Transportation Tanks for Cryogenic Liquids: A Major Growth Opportunity
• Bulk Storage of Liquefied Gases Necessitates Investments into Cryogenic Storage Tanks
• Manufacturers Up the Ante in Cryogenic Innovations
• CryoHub Innovation Project
• Researchers Develop New Snap Freezing Device for Liquid Nitrogen
• Cryogenic Leakage in Tanks: A Major Concern

4. GLOBAL MARKET PERSPECTIVE

III. REGIONAL MARKET ANALYSIS

IV. COMPETITION

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

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Key Highlights

• Announces sale of subsidiary holding all asbestos liabilities, related insurance assets, and approximately $550 million of cash
• Buyer is Spruce Lake Liability Management, a long-term liability management company specializing in the acquisition and management of legacy corporate liabilities
• Transaction permanently removes all asbestos related liabilities and obligations from Crane’s balance sheet
• Will result in stronger annual free cash flow generation due to elimination of asbestos-related payments
• Creates greater focus on core businesses and value creation through capital deployment

STAMFORD, Conn.--(BUSINESS WIRE)--Crane Holdings, Co. (“Crane,” NYSE: CR), a diversified manufacturer of highly engineered industrial products, announced today that it has divested Redco Corporation (“Redco”), a wholly owned subsidiary that holds liabilities including asbestos liabilities and related insurance assets to Spruce Lake Liability Management Holdco LLC (“Spruce Lake” or “Spruce Lake Liability Management”), a long-term liability management company specializing in the acquisition and management of legacy corporate liabilities. The transaction indemnifies Crane for all legacy asbestos liabilities. At closing, Crane contributed approximately $550 million in cash to Redco, and Spruce Lake made a capital contribution of $83 million. Crane financed its contribution with a combination of short-term debt and cash on hand.

Max Mitchell, Crane President and Chief Executive Officer stated: “Today’s announcement provides finality and certainty to investors regarding asbestos obligations, and it removes the distraction of asbestos related risks. Further, eliminating ongoing payments for asbestos related defense and indemnity costs will increase annual free cash flow available for us to invest in our business, both organically and inorganically. The transaction will also give us substantially more flexibility to optimize the capital structures for post-separation Crane Company and Crane NXT in a manner that positions both companies for growth and value creation.”

Mr. Mitchell continued: “This transaction is yet another step demonstrating our firm and longstanding commitment to delivering long-term growth and sustainable value creation for all stakeholders. That commitment is evident in our consistent and differentiated execution; the numerous actions we have taken to shape our portfolio including acquisitions that strengthen our strategic growth platforms, as well as divestitures to streamline and focus our portfolio; and, our announcement earlier this year to pursue a separation into two independent, publicly traded companies.”

Transaction Overview

Spruce Lake will assume the operational management of Redco, including the administration of all the asbestos claims and collection of existing insurance policy reimbursements.

As a result of the transaction, Crane has removed all asbestos obligations and liabilities, related insurance assets, and associated deferred tax assets from the company’s consolidated balance sheet. The divestiture will result in an estimated one-time after-tax loss of approximately $170 million that will be recorded in the third quarter of 2022 which will be excluded from adjusted earnings per share.

Evercore acted as exclusive financial advisor to Crane in connection with the transaction, and legal counsel was provided by Simpson Thacher & Bartlett LLP; Skadden, Arps, Slate, Meagher & Flom LLP; and, K&L Gates LLP. Nomura Securities International, Inc. acted as exclusive financial advisor to Spruce Lake in connection with the transaction.

About Crane Holdings, Co.

Crane Holdings, Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane provides products and solutions to customers across end markets including aerospace, defense, chemical and petrochemical, water and wastewater, payment automation, and banknote security and production, as well as for a wide range of general industrial and consumer applications. The Company has four business segments: Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies, and Engineered Materials. Crane has approximately 11,000 employees in the Americas, Europe, the Middle East, Asia and Australia. Crane is traded on the New York Stock Exchange (NYSE:CR). For more information, visit www.craneco.com.

About Spruce Lake

Spruce Lake Liability Management, an entity formed by a joint venture between Global Risk Capital LLC and affiliates of Fortress Investment Group LLC, is a long-term liability management company specializing in the acquisition and management of legacy corporate liabilities and related corporate assets. Spruce Lake draws on the extensive experience of Global Risk Capital LLC, which has made over 140 portfolio acquisitions and investments in the legacy liability sector since 2001, while also providing corporate sellers of legacy liabilities with a counterparty funded by institutional capital and a long-term investment strategy. Spruce Lake’s mission is to assist corporate stakeholders by restructuring or divesting legacy liabilities, through transactions that optimize corporate balance sheets and allow management to refocus on core business operations. Spruce Lake’s capabilities extend to various types of legacy liabilities, but with a particular focus on asbestos related exposures. For more information, visit www.sprucelakelm.com.

Forward-Looking Statements Disclaimer

This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations, including, but not limited to: statements regarding Crane’s and the ultimate spin-off company’s (“SpinCo”) portfolio composition and their relationship following the business separation; the anticipated timing, structure, benefits, and tax treatment of the spin-off; benefits and synergies of the spin-off; strategic and competitive advantages of each of Crane and SpinCo; future financing plans and opportunities; and business strategies, prospects and projected operating and financial results. In addition, there is also no assurance that the spin-off will be completed, that Crane’s Board of Directors will continue to pursue the spin-off (even if there are no impediments to completion), that Crane will be able to separate its businesses or that the spin-off will be the most beneficial alternative considered. We caution investors not to place undue reliance on any such forward-looking statements.

Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “plan(s),” “may,” “will,” “would,” “could,” “should,” “seek(s),” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained.

Risks and uncertainties that could cause actual results to differ materially from our expectations include, but are not limited to: changes in global economic conditions (including inflationary pressures) and geopolitical risks, including macroeconomic fluctuations that may harm our business, results of operation and stock price; the effects of the ongoing coronavirus pandemic on our business and the global and U.S. economies generally; information systems and technology networks failures and breaches in data security, personally identifiable and other information, non-compliance with our contractual or other legal obligations regarding such information; our ability to source components and raw materials from suppliers, including disruptions and delays in our supply chain; demand for our products, which is variable and subject to factors beyond our control; governmental regulations and failure to comply with those regulations; fluctuations in the prices of our components and raw materials; loss of personnel or being able to hire and retain additional personnel needed to sustain and grow our business as planned; risks from environmental liabilities, costs, litigation and violations that could adversely affect our financial condition, results of operations, cash flows and reputation; risks associated with conducting a substantial portion of our business outside the U.S.; being unable to identify or complete acquisitions, or to successfully integrate the businesses we acquire, or complete dispositions; adverse impacts from intangible asset impairment charges; potential product liability or warranty claims; being unable to successfully develop and introduce new products, which would limit our ability to grow and maintain our competitive position and adversely affect our financial condition, results of operations and cash flow; significant competition in our markets; additional tax expenses or exposures that could affect our financial condition, results of operations and cash flows; inadequate or ineffective internal controls; specific risks relating to our reportable segments, including Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies and Engineered Materials; the ability and willingness of Crane and SpinCo to meet and/or perform their obligations under any contractual arrangements that are entered into among the parties in connection with the spin-off and any of their obligations to indemnify, defend and hold the other party harmless from and against various claims, litigation and liabilities; and the ability to achieve some or all the benefits that we expect to achieve from the spin-off.

Readers should carefully review Crane’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Crane’s Annual Report on Form 10-K for the year ended December 31, 2021 and the other documents Crane and its subsidiaries file from time to time with the SEC. Readers should also carefully review the “Risk Factors” section of the registration statement relating to the business separation, which is expected to be filed by SpinCo with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

These forward-looking statements reflect management’s judgment as of this date, and Crane assumes no (and disclaims any) obligation to revise or update them to reflect future events or circumstances.

We make no representations or warranties as to the accuracy of any projections, statements or information contained in this document. It is understood and agreed that any such projections, targets, statements and information are not to be viewed as facts and are subject to significant business, financial, economic, operating, competitive and other risks, uncertainties and contingencies many of which are beyond our control, that no assurance can be given that any particular financial projections ranges, or targets will be realized, that actual results may differ from projected results and that such differences may be material. While all financial projections, estimates and targets are necessarily speculative, we believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial projections, estimates and targets. The inclusion of financial projections, estimates and targets in this press release should not be regarded as an indication that we or our representatives, considered or consider the financial projections, estimates and targets to be a reliable prediction of future events.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, securities for sale.

Jason D. Feldman
Vice President, Investor Relations
203-363-7329
www.craneco.com

• New program will enable private pilots to offset the environmental impact of their flight activities
• Modeled on 4AIR’s existing sustainability program for private jet travel providers and other stakeholders

BOSTON--(BUSINESS WIRE)--4AIR, the first and only rating system focused on comprehensive sustainability in private aviation, today announced it has launched a General Aviation Program to enable private pilots to offset the impact of their own flight activities. Similar to the program for other aviation stakeholders such as business jet travel providers, brokers and flight departments, it offers an easy, turnkey solution so that private pilots can fly confidently knowing that the impact of their flights on the environment has been mitigated.

“4AIR’s goal is to make sustainability easy and accessible for private aviation, and that now includes the general aviation population,” said Kennedy Ricci, 4AIR’s president. “We’ve heard from a number of private pilots, as well as people considering taking up flying, that they worry about the impact of their flights on the environment, especially climate change. Our new program empowers individual pilots to offset the impact of their personal flying by supporting the same kind of large-scale sustainability initiatives previously available only to private travel providers and their passengers.”

The 4AIR General Aviation Program is designed as a monthly subscription customized to the type of aircraft, the sustainability commitment pilots want to make and their typical annual hours flown, to make their sustainability commitment as simple as possible.

Designed as the only turnkey sustainability solution for private aviation, the 4AIR General Aviation Program enables pilots to subscribe to the program, with 4AIR automatically handling all of the fulfillment aspects of the program for them, calculating the emissions associated with climate change and identifying solutions. The program has four increasingly progressive levels that parallel those followed by business jet travel providers:

• Level 1 – Carbon Neutral: 100% offset of an aircraft’s carbon dioxide (CO2) footprint, typically through carbon credits that fund sustainability projects such as solar power.
• Level 2 – Emissions Neutral: 300% offset of an aircraft’s carbon footprint to account not only for CO2 but also for non-carbon emissions that affect the climate such as soot, water vapor and nitrous oxides.
• Level 3 – Beyond Neutral: 300% offset and 5% actual reduction in emissions through the additional use of Sustainable Aviation Fuel (SAF) credits.
• Level 4 – Climate Champion: A $2 per metric ton of emissions contribution to the Aviation Climate Fund, which supports advances in sustainable aviation technology, ultimately to achieve a goal of Net Zero Flight – no added emissions from flight activities.

Once pilots select a level of commitment, they can sign up right on the website for a monthly subscription for their personal program. Pilots can participate regardless of whether they own or rent an aircraft and can include multiple aircraft.

Later this year, pilots will be given the option of a decal advertising the level they have attained to add to their aircraft and a keychain upcycled from scrapped aircraft to demonstrate their sustainability commitment.

“If your aviation activities generate a carbon footprint, 4AIR can help you mitigate its impact,” said Ricci. “We want to give pilots, aircraft owners and passengers the ability to do the right thing for the environment, and this program does so in a way that is simple and easy to understand, making them part of the solution.”

About 4AIR

4AIR is an industry pioneer offering sustainability solutions beyond just simple carbon neutrality. Its industry-first framework seeks to address climate impacts of all types and provides a simplified and verifiable path for private aviation industry participants to achieve meaningful aircraft emissions counteraction and reduction.

The 4AIR framework offers four levels, each with specific, science-based goals, independently verified results and progressively greater impacts on sustainability that make it easy for private aviation users to pursue sustainability through access to carbon markets, use of Sustainable Aviation Fuel, support for new technologies and other strategies.

For more information, visit us at www.4air.aero.

Sarah Churbuck
The Hubbell Group, Inc.
Mobile: 561-289-6362
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

– Major Systems Installation Completed at Hanford Manufacturing Plant –
– Substantial Progress Toward Equipment Installation in Vehicle Manufacturing Areas –
– Return to Timely Filing Status and Nasdaq Compliance –

LOS ANGELES--(BUSINESS WIRE)--Faraday Future Intelligent Electric Inc. (NASDAQ: FFIE) ("FF”, “Faraday Future”, or “the Company"), a California-based global shared intelligent electric mobility ecosystem company, today announced financial results for its second quarter ended June 30, 2022.

“We made encouraging progress during the second quarter at our newly renamed “FF ieFactory California,” our manufacturing plant in Hanford, California. Mechanical, electrical, and plumbing systems are in place, and equipment installation and construction in final vehicle manufacturing areas is nearing completion,” said Dr. Carsten Breitfeld, Global CEO of Faraday Future.

Dr. Breitfeld continued, “During the second quarter of 2022, we also received our dealer license from the State of California and announced our Flagship Brand Experience center which will be located in Beverly Hills. Importantly, we also became current with our financial statements and regained compliance with NASDAQ listing requirements. Fundraising efforts are underway, and we currently expect to deliver the FF 91 to customers in the third or fourth quarter of 2022.”

KEY COMPANY HIGHLIGHTS DURING SECOND QUARTER 2022

Faraday Future made important progress at its FF ieFactory California and noted other developments in key operating areas in support of its business plan. Among the key events and progress during the quarter were:

• Marked Milestone #5, the start of major mechanical, electrical, and plumbing systems, which are now essentially complete.
• Signed a sourcing agreement for battery packs for the FF 91 with a leading global battery supplier and innovator in lithium-ion technology. The FF 91 battery pack will feature state-of-the-art technology designed to deliver superior power, energy, and charging speeds.
• Announced its Flagship brand experience center, to be located in Beverly Hills, California where visitors can experience the brand’s advanced technology, distinctive luxury, and futuristic design.
• Received its dealer license from the State of California for its U.S. operations. The California dealer license makes it possible to sell directly to users in the state and to sell vehicles online to users in other states.
• Announced 399 preorders as of June 30, 2022. Preorders are fully refundable, non-binding, paid deposits for the FF 91 Futurist Alliance Edition and/or the FF 91 Futurist vehicles available initially for sale to customers in the U.S. and China. FF 91 Futurist Alliance Edition preorders require a $5,000 deposit for customers in the US and an RMB 50,000 deposit for customers in China. FF 91 Futurist preorders require a $1,500 deposit for customers in the US and an RMB 20,000 deposit for customers in China.
• Returned to timely filing status with the filing of its second quarter 2022 financial results and regained timely filer status with NASDAQ.

EVENTS SUBSEQUENT TO SECOND QUARTER 2022

Subsequent to June 30, 2022, the following events took place:

• Entered into an agreement with ATW Partners to extend the maturity date, adjust the conversion price, and otherwise amend the terms of certain existing convertible promissory notes.
• Signed an agreement with U.S.-based institutional investors including an affiliate of ATW Partners LLC, that contemplates total potential funding of as much as $600 million. The executed agreement provides $52 million of near-term funds in a convertible secured notes structure.

RESULTS FOR SECOND QUARTER 2022

Faraday Future reported an operating loss of approximately $137 million during the three months ended June 30, 2022, as compared to an operating loss of approximately $28 million for the three months ended June 30, 2021. The increase was primarily driven by an increase in engineering, design, and testing (“ED&T”) services as the Company re-engaged suppliers and made significant purchases for ED&T services to progress the development of the FF 91 and a significant increase in headcount and employee-related expenses. Net loss increased to approximately $142 million during the three months ended June 30, 2022, as compared to approximately $53 million net loss for the three months ended June 30, 2021. The significant increase in net loss in the second quarter of 2022 is primarily attributable to the increase in operating loss for the same period.

Total assets as of June 30, 2022 were approximately $588 million, which include $121 million of cash. The decrease in cash from March 31, 2022 to June 30, 2022 was primarily due to payments to vendors and employees related to FF’s continued investment in its FF ieFactory California production readiness and research and development efforts in the FF 91. As of August 9, 2022, the cash balance was $52.2 million and restricted cash was $1.6 million. Total liabilities as of June 30, 2022 were approximately $287 million, as compared to approximately $340 million in total liabilities as of December 31, 2021. FF has been experiencing increased costs relative to prior projections introduced prior to the July 2021 business combination. These increases are primarily attributable to certain product improvements and upgrades relating to the capabilities of the FF 91, professional fees, cost overruns, and recent macroeconomic challenges, including increased construction and labor costs, raw material price increases, semiconductor chip shortages, tariffs, Covid-19 related disruptions and added costs, and other supply chain constraints. More recently, some suppliers have requested accelerated payments and other terms and conditions as a result of our past payment history and concerns about the Company’s financial condition, leading to less favorable payment terms than the Company had anticipated, and delaying or putting at risk certain deliveries. Since its inception, the Company has incurred cumulative losses from operations and negative cash flows from operating activities, and the Company’s accumulated deficit was approximately $3.2 billion as of June 30, 2022. The Company expects to continue to generate significant operating losses for the foreseeable future, as we continue to incur expenses before we generate meaningful revenue.

COMPANY PROJECTIONS AND FF 91 LAUNCH TIMELINE

FF projects a use of cash of approximately $368 million for the period from July 1, 2022 through December 31, 2022 to launch the FF 91. FF is seeking to raise capital of $325 million from fundraising efforts currently underway to supplement its cash on hand. Although the Company has taken steps to preserve its current cash position, including reducing spending, extending payment cycles and other similar measures, it projects that it will require additional funds by early September 2022 in order to continue operations, and will also need to raise additional financing during the remainder of 2022 and beyond 2022 to support the ramp-up of production of the FF 91 to generate revenues to put the Company on a path to cash flow break-even.

MANAGEMENT TRANSITION

Mathias Hofmann, Head of Global Supply Chain, will assume the additional position of Head of Manufacturing Operations, on an interim basis. Mr. Hofmann will replace Matt Tall, who will be leaving the company for personal reasons and returning to his family in Florida. Mathias has demonstrated leadership and commitment to Faraday Future and has experience managing complex automotive assembly plants on three continents. Mathias is supported by strong teams in supply chain both in the United States and China and will lead an outstanding manufacturing team in Hanford.

Customers can preorder an FF 91 via the FF Intelligent App or through our website (English): https://www.ff.com/us/preorder/ or (Chinese): https://www.ff.com/cn/preorder/

Download the new FF Intelligent App (English): https://apps.apple.com/us/app/id1454187098 or https://play.google.com/store/apps/details?id=com.faradayfuture.online, (Chinese): http://appdownload.ff.com

ABOUT FARADAY FUTURE

Faraday Future is a class-defining luxury electric vehicle company. The Company has pioneered numerous innovations relating to its products, technology, business model, and user ecosystem since its inception in 2014. Faraday Future aims to perpetually improve the way people move by creating a forward-thinking mobility ecosystem that integrates clean energy, AI, the Internet, and new usership models. Faraday Future’s first flagship product is the FF 91 Futurist.

FOLLOW FARADAY FUTURE:

https://www.ff.com/
https://twitter.com/FaradayFuture/
https://www.facebook.com/faradayfuture/
https://www.instagram.com/faradayfuture/
www.linkedin.com/company/faradayfuture/

NO OFFER OR SOLICITATION

This communication shall neither constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

FORWARD LOOKING STATEMENTS

This press release includes “forward looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements, and include (among others) statements regarding the expected timing of the launch of FF 91 and FF 81 vehicles and anticipated production capacity of the Company’s Hanford, California facility. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include the Company’s ability to close on above mentioned convertible notes, raise additional convertible notes and/or other financing the failure of which could result in the Company seeking protection under the Bankruptcy Code; the Company’s ability to obtain financial viability exception or stockholder approval under Nasdaq Rule 5635 to issue all of the shares issuable upon conversion of the above mentioned convertible notes; the Company’s ability to remain in compliance with the listing requirements of The Nasdaq Stock Market LLC (“Nasdaq”) and to continue to be listed on Nasdaq; the outcome of the SEC investigation relating to the matters that were the subject of the Special Committee investigation; the implementation of the Special Committee’s actions and related internal review by the Company; the Company’s ability to execute on its plans to develop and market its vehicles and the timing of these development programs; the Company’s estimates of the size of the markets for its vehicles and cost to bring those vehicles to market; the rate and degree of market acceptance of the Company’s vehicles; the success of other competing manufacturers; the performance and security of the Company’s vehicles; potential litigation involving the Company; the result of future financing efforts and general economic and market conditions impacting demand for the Company’s products; and the ability of the Company to attract and retain employees. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and other documents filed by the Company from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company does not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

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John Schilling
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