DALLAS--(BUSINESS WIRE)--Matador Resources Company (NYSE: MTDR) (“Matador”) today announced the promotion of Brian J. Willey to Chief Financial Officer, President of Midstream Operations and Executive Vice President, effective as of February 16, 2023. Mr. Willey will continue to serve as the President of San Mateo Midstream, LLC, Matador’s midstream joint venture, among his other duties. Mr. Willey joined Matador in February 2014 and most recently served as Matador’s President and General Counsel of Midstream Operations and Executive Vice President of Matador as well as President of San Mateo Midstream, LLC.

Soon after Mr. Willey joined Matador in February 2014 as its Deputy General Counsel, Mr. Willey was appointed as Co-General Counsel. He was then promoted to Vice President and Co-General Counsel in August 2016 and became Senior Vice President and Co-General Counsel in July 2018. In March 2022, Mr. Willey was promoted to President of San Mateo and Senior Vice President, President and General Counsel of Midstream. Mr. Willey was promoted to President and General Counsel of Midstream Operations and Executive Vice President in October 2022.

Mr. Willey previously served as a senior associate in the Dallas office of Baker Botts L.L.P. where his practice focused on corporate matters, including mergers and acquisitions, public and private securities offerings, venture capital transactions and SEC compliance matters as well as board of director and corporate governance matters.

Mr. Willey received a Bachelor of Science degree in Accounting in 2002 from Brigham Young University, where he graduated magna cum laude. He received his law degree in 2005 from The University of Texas School of Law, where he graduated with High Honors and was a member of the Order of the Coif in addition to being named a Chancellor and an Associate Editor on the Texas Law Review. Mr. Willey also served a church mission in the Philippines from 1995 to 1997.

Joseph Wm. Foran, Matador’s Founder, Chairman and Chief Executive Officer, stated, “Brian has been a key member of Matador since he joined us. The Board and I congratulate him on this promotion to Chief Financial Officer and all of us look forward to working with him in that role. Brian’s accounting and legal background have served him well. To this point, Brian has assisted primarily in building our legal department and midstream business since he joined Matador in 2014. In this new role, Brian will serve as Matador’s principal financial officer and will have the opportunity to develop deeper relationships with our directors, investors, lenders, analysts and other stakeholders as well as playing a larger role in planning, strategy and personnel decisions. Michael Frenzel has done a tremendous job serving as the principal financial officer for the Company over the past year, and I look forward to us continuing to work with him in his longtime role as Executive Vice President and Treasurer and as a member of the finance and special projects teams.”

About Matador Resources Company

Matador is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. Its current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. Matador also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, Matador conducts midstream operations in support of its exploration, development and production operations and provides natural gas processing, oil transportation services, natural gas, oil and produced water gathering services and produced water disposal services to third parties.

For more information, visit Matador Resources Company at www.matadorresources.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. “Forward-looking statements” are statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “could,” “believe,” “would,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “should,” “continue,” “plan,” “predict,” “potential,” “project,” “hypothetical,” “forecasted” and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements include, but are not limited to, statements about guidance, projected or forecasted financial and operating results, future liquidity, the payment of dividends, results in certain basins, objectives, project timing, expectations and intentions, regulatory and governmental actions and other statements that are not historical facts. Actual results and future events could differ materially from those anticipated in such statements, and such forward-looking statements may not prove to be accurate. These forward-looking statements involve certain risks and uncertainties, including, but not limited to, the following risks related to financial and operational performance: general economic conditions; the Company’s ability to execute its business plan, including whether its drilling program is successful; changes in oil, natural gas and natural gas liquids prices and the demand for oil, natural gas and natural gas liquids; its ability to replace reserves and efficiently develop current reserves; the operating results of the Company’s midstream oil, natural gas and water gathering and transportation systems, pipelines and facilities, the acquiring of third-party business and the drilling of any additional salt water disposal wells; costs of operations; delays and other difficulties related to producing oil, natural gas and natural gas liquids; delays and other difficulties related to regulatory and governmental approvals and restrictions; impact on the Company’s operations due to seismic events; availability of sufficient capital to execute its business plan, including from future cash flows, available borrowing capacity under its revolving credit facilities and otherwise; its ability to make acquisitions on economically acceptable terms; its ability to integrate acquisitions; the operating results of and the availability of any potential distributions from our joint ventures; weather and environmental conditions; the impact of the worldwide spread of the novel coronavirus, or COVID-19, or variants thereof, on oil and natural gas demand, oil and natural gas prices and its business; and the other factors which could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. For further discussions of risks and uncertainties, you should refer to Matador’s filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of Matador’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Matador undertakes no obligation to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

Mac Schmitz
Vice President – Investor Relations
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(972) 371-5225

DUBLIN--(BUSINESS WIRE)--The "Submarine Cable System Market Research Report by Component, Offering, Type, Voltage, Application, End User, State - Cumulative Impact of COVID-19, Russia Ukraine Conflict, and High Inflation - United States Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.

The United States Submarine Cable System Market size was estimated at USD 3,078.20 million in 2022, USD 3,392.89 million in 2023 and is projected to grow at a CAGR of 11.36% to reach USD 7,280.04 million by 2030.

Market Dynamics

Drivers

• Rapid Growth of the Global Digital Economy
• Provision of Reliable Global Internet Infrastructure
• High Reliability and Capacity of Underwater Cables

Restraints

• High Repair and Maintenance Costs

Opportunities

• Rise in Demand for HVDC Submarine Power Cables
• Huge Investments by Governments on Offshore Wind Projects

Challenges

• Natural Disruptions

Market Statistics:

The report provides market sizing and forecasts across 7 major currencies - USD, EUR, JPY, GBP, AUD, CAD, and CHF; multiple currency support helps organization leaders to make better decisions. In this report, the years 2018 and 2021 are considered as historical years, 2022 as the base year, 2023 as the estimated year, and years from 2024 to 2030 are considered as the forecast period.

Market Segmentation & Coverage:

• Based on Component, the market is studied across Dry Plant Products and Wet Plant Products. The Dry Plant Products is further studied across Power Feeding Equipment, Submarine Line Monitors, and Submarine Line Terminal Equipment. The Wet Plant Products is further studied across Branching Units, Cables, and Repeaters.
• Based on Offering, the market is studied across Installation & Commissioning, Maintenance, and Upgrades.
• Based on Type, the market is studied across Multicore and Single Core.
• Based on Voltage, the market is studied across High Voltage and Medium Voltage.
• Based on Application, the market is studied across Communication Cables and Power Cables.
• Based on End User, the market is studied across Inter-country & Island Connection, Offshore Oil & Gas, and Offshore Wind Power Generation.
• Based on State, the market is studied across California, Florida, Illinois, New York, Ohio, Pennsylvania, and Texas.

FPNV Positioning Matrix:

The FPNV Positioning Matrix evaluates and categorizes vendors in the United States Submarine Cable System Market. based on Business Strategy (Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) and placed into four quadrants (F: Forefront, P: Pathfinder, N: Niche, and V: Vital). The United States Submarine Cable System Market FPNV Positioning Matrix representation/visualization further aids businesses in better decision-making and understanding the competitive landscape.

Market Share Analysis:

The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market, providing the idea of revenue generation into the overall market compared to other vendors in the space. This provides insights on vendors performance in terms of revenue generation and customer base compared to others. The United States Submarine Cable System Market Share Analysis offers an idea of the size and competitiveness of the vendors for the base year. The outcome reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.

The report answers questions such as:

1. What is the market size and forecast of the United States Submarine Cable System Market?

2. What are the inhibiting factors and impact of COVID-19 shaping the United States Submarine Cable System Market during the forecast period?

3. Which are the products/segments/applications/areas to invest in over the forecast period in the United States Submarine Cable System Market?

4. What is the competitive strategic window for opportunities in the United States Submarine Cable System Market?

5. What are the technology trends and regulatory frameworks in the United States Submarine Cable System Market?

6. What is the market share of the leading vendors in the United States Submarine Cable System Market?

7. What modes and strategic moves are considered suitable for entering the United States Submarine Cable System Market?

Key Topics Covered:

1. Preface

2. Research Methodology

3. Executive Summary

4. Market Overview

5. Market Insights

6. Submarine Cable System Market, by Component

7. Submarine Cable System Market, by Offering

8. Submarine Cable System Market, by Type

9. Submarine Cable System Market, by Voltage

10. Submarine Cable System Market, by Application

11. Submarine Cable System Market, by End User

12. California Submarine Cable System Market

13. Florida Submarine Cable System Market

14. Illinois Submarine Cable System Market

15. New York Submarine Cable System Market

16. Ohio Submarine Cable System Market

17. Pennsylvania Submarine Cable System Market

18. Texas Submarine Cable System Market

19. Competitive Landscape

20. Company Usability Profiles.

21. Appendix

Companies Mentioned

• ABB Ltd.
• Bhuwal Insulation Cable Private Limited
• Birns Aquamate LLC
• Hengtong Group
• Hexatronic Group
• Nexans S.A.
• NKT A/S
• NTT Limited
• OCC Corporation
• POWER CSL
• Scorpion Oceanics Ltd.
• T&D Power Tech Co., Ltd.
• TE Connectivity
• Tykoflex AB
• Yuhuan Huaji Marine Electrical Appliance Co.,Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/ihfc14-cable?w=4

About ResearchAndMarkets.com

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

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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CEO Christie Obiaya Announces Swift and Bold Strategic Priorities

PASADENA, Calif.--(BUSINESS WIRE)--Heliogen, Inc. (“Heliogen”) (NYSE: HLGN), a leading provider of AI-enabled concentrating solar energy technology, today published a letter to shareholders signaling a renewed strategic focus to capitalize on evolving customer demand, emerging market conditions and enhanced operational efficiency. The full text of the letter below can also be found at investors.heliogen.com.

Dear Fellow Shareholders,

I am honored to serve as Heliogen’s new CEO and to have the opportunity to share with you my plan to accomplish our mission of changing the world by decarbonizing industry with our breakthrough concentrated solar thermal technology. Since joining Heliogen two years ago, I have been continuously impressed by our innovative, passionate, and talented employees combined with our disruptive, differentiated technology. But I understand talent and technology alone are not enough. To accomplish our goals, we need to address near-term challenges. I recognize the need for Heliogen to rapidly take bold steps to respond to customer demand and market conditions and to become leaner. I have also taken the time to listen and learn from our stakeholders, who I believe will be excited about these changes. I am more convinced than ever that our company has the potential to be a leader in the industry and deliver significant value to our customers and to our shareholders.

Today I am sharing with you the core pillars that will serve as the basis for our comprehensive plan to respond to market feedback, streamline our operations, and significantly improve our financial condition. My top priorities are:

• Sales: Our first obligation is to respond to emerging market conditions by prioritizing our fastest path to growing our revenue backlog. Put simply, this is the most effective way for Heliogen to demonstrate product-market fit and prove the value of our technology to our investors. Our sales efforts will be focused squarely on driving forward our industrial steam product, which is our product with the highest level of technical readiness. This product has a unique ability to provide zero-carbon energy for two critical applications: providing steam for industrial processes and providing steam for green hydrogen production when paired with solid oxide electrolyzers. The industrial steam market provides us with a significant opportunity while the green hydrogen market is nascent but growing rapidly, turbocharged by the Inflation Reduction Act.
• First installation of commercial-scale projects: I understand the importance of having real-world operating data from commercial projects, and my experience in developing and building large-scale energy projects gives me a unique perspective of what it takes to be successful in this critical phase of Heliogen’s trajectory. Based on market feedback, we believe having data from completed projects will unlock demand from prospective customers for whom “operating commercial-scale project” is a must-have selection criterion. That list of prospective customers is quite long, and we need a different approach of converting “prospective” to “contracted” for those who are not early adopters of technology. We are confident that getting projects in the ground will usher in a larger customer base, ultimately charting the path for companies who want to license our technology and build it themselves.
• Reducing our cost structure: By aggressively cutting costs, streamlining our operations, and focusing our efforts on driving tangible, immediate results, we can meaningfully extend our liquidity runway. This would reduce our need for external capital as we drive toward funding our business with internally generated cash flows from operations. This decision will give us the time we need to further develop projects, putting us in a more advantageous position to pursue a future capital raise that should take us to cashflow breakeven. We currently believe we have sufficient funding to meet our obligations through early 2024, and I am working on a plan to extend this runway through late 2024.
• Regaining NYSE listing compliance: As we accomplish the goals outlined above, we hope to create the shareholder value necessary to regain compliance without the need for a reverse stock split. However, we still plan to seek a shareholder vote at our 2023 annual meeting to approve a reverse stock split in case such action is determined to be necessary or appropriate.

Market feedback indicates that successful implementation of these priorities, along with the favorable market incentives, should provide us with more attractive financing alternatives and elicit additional interest from investors, to allow us to raise additional capital in the future at potentially more favorable terms than are currently available. I look forward to sharing the more concrete details underpinning our plan during our fourth quarter and full-year 2022 earnings conference call in March.

I want to thank you for your continued support and confidence in our company. With our world-class team and groundbreaking concentrated solar thermal technology, I am confident in our ability to meet our strategic goals in the near-term and to accomplish our mission of changing the world by decarbonizing industry while delivering value to our shareholders.

Sincerely,

Christie Obiaya
Chief Executive Officer

About Heliogen
Heliogen is a renewable energy technology company focused on decarbonizing industry and empowering a sustainable civilization. The company’s concentrating solar energy and thermal storage systems aim to deliver carbon-free heat, steam, power, or green hydrogen at scale to support round-the-clock industrial operations. Powered by AI, computer vision and robotics, Heliogen is focused on providing robust clean energy solutions that accelerate the transition to renewable energy, without compromising reliability, availability, or cost. For more information about Heliogen, please visit heliogen.com.

Forward-Looking Statements
This press release contains certain 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. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding (i) plans to prioritize our industrial steam product; (ii) expectations for future customer growth; (iii) our cost reduction initiatives; (iv) regaining NYSE listing compliance; and (v) potential future opportunities to raise capital. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) our financial and business performance, including risk of uncertainty in our financial projections and business metrics and any underlying assumptions thereunder; (ii) our ability to execute our business model, including market acceptance of our planned products and services and achieving sufficient production volumes at acceptable quality levels and prices; (iii) our ability to access sources of capital to finance operations, growth and future capital requirements; (iv) our ability to maintain and enhance our products and brand, and to attract and retain customers; (v) our ability to scale in a cost effective manner; (vi) changes in applicable laws or regulations; (vii) the ongoing impacts of the COVID-19 pandemic and the potential impacts of Russia’s invasion of Ukraine on our business; (viii) developments and projections relating to our competitors and industry; (ix) our ability to access sources of capital to finance operations, growth and future capital requirements; and (x) our ability to protect our intellectual property. You should carefully consider the foregoing factors and the other risks and uncertainties disclosed in the “Risk Factors” section in Part I, Item 1A in our Annual Report on Form 10-K/A for the annual period ended December 31, 2021 and other documents filed by Heliogen 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 Heliogen assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Heliogen Investors:
Louis Baltimore
VP, Investor Relations
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Heliogen Media:
Cory Ziskind
ICR, Inc.
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COLWICH, Kan.--(BUSINESS WIRE)--ICM announced today the opening of a new regional office in Brazil. The new office, located in the heart of São Paulo’s business district, will serve as a hub for the company’s operation in the region and will provide better access and support to the company’s customers.

While ICM has been incorporated in Brazil since 2016, it has served the Brazilian market for more than 10 years. The new office is larger than the original space, which first opened in 2017.

“We are very excited about the opportunity to better serve our customers in Brazil and expand our reach and capabilities,” said Chris Mitchell, ICM president. “Investing in a new workspace is a testament to our commitment to Brazil and its people.”

Mitchell says that Brazil represents a key strategic market for ICM. ICM-designed, corn-based ethanol plants are in different stages of operation, construction, or engineering in Mato Grosso, Mato Grosso do Sul, and Bahia. According to Mitchell, more projects are being developed in several other states.

ICM technologies account for over 70% of the North American market and over 35% of the world’s ethanol production, including all types of feedstocks. This represents more than all the ethanol currently produced in South America. To date, the company has designed and built more than 108 greenfield plants and more than 35 brownfield plants around the globe.

“With the growing demand for protein, oil and ethanol in Brazil, our goal is to strengthen ICM’s position as the best partner to help producers meet those needs,” Issam Stouky, ICM global business development director said. “We believe that Brazil offers a great opportunity for biofuel and animal feed production. And we’re here to stay.”

The new office is located at Av. Brigadeiro Luís Antônio, 2701 - 7º andar - Jardim Paulista, São Paulo, 01401-000. An open house reception for ICM customers and business partners is scheduled for Feb.16.

About ICM, Inc.

Established in 1995 and headquartered in Colwich, Kansas, with a regional office in Brazil, ICM provides innovative technologies, solutions and services to sustain agriculture and to advance renewable energy, including ethanol and feed technologies that will increase the supply of world protein. By providing proprietary process technologies to over 100 facilities globally with a combined annual production of approximately 33 billion liters of ethanol and 25 million tonnes of distiller grains, ICM has become a world leader in biorefining technologies. For additional information, visit https://global.icminc.com/.

Adriana Albornoz
+1 316.796.0900
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TULSA, Okla.--(BUSINESS WIRE)--NGL Energy Partners LP (NYSE:NGL) (“NGL,” “our,” “we,” or the “Partnership”) announced a permanent commitment in our ABL Facility of $600 million. On April 13, 2022, the Partnership amended the ABL Facility to increase the commitments to $600 million under the accordion feature within the ABL Facility and agreed to reduce the commitments back to the original $500 million on or before March 31, 2023. This Amendment extends the maturity date of the additional $100 million of commitments through February 2026, the remaining term of the ABL Facility.

“As I mentioned on our earnings call on February 9^th, we were in the process of increasing our ABL Facility to $600 million permanently. This amendment provides NGL additional financial flexibility to support the significant growth in our Water Solutions segment and a higher commodity price environment,” stated Brad Cooper, NGL’s CFO.

Forward-Looking Statements

This press release includes “forward-looking statements.” All statements other than statements of historical facts included or incorporated herein may constitute forward-looking statements. Actual results could vary significantly from those expressed or implied in such statements and are subject to a number of risks and uncertainties. While NGL believes such forward-looking statements are reasonable, NGL cannot assure they will prove to be correct. The forward-looking statements involve risks and uncertainties that affect operations, financial performance, and other factors as discussed in filings with the Securities and Exchange Commission. Other factors that could impact any forward-looking statements are those risks described in NGL’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other public filings. You are urged to carefully review and consider the cautionary statements and other disclosures made in those filings, specifically those under the heading “Risk Factors.” NGL undertakes no obligation to publicly update or revise any forward-looking statements except as required by law.

NGL provides Adjusted EBITDA guidance that does not include certain charges and costs, which in future periods are generally expected to be similar to the kinds of charges and costs excluded from Adjusted EBITDA in prior periods, such as income taxes, interest and other non-operating items, depreciation and amortization, net unrealized gains and losses on derivatives, lower of cost or net realizable value adjustments, gains and losses on disposal or impairment of assets, gains and losses on early extinguishment of liabilities, equity-based compensation expense, acquisition expense, revaluation of liabilities and items that are unusual in nature or infrequently occurring. The exclusion of these charges and costs in future periods will have a significant impact on the Partnership’s Adjusted EBITDA, and the Partnership is not able to provide a reconciliation of its Adjusted EBITDA guidance to net income (loss) without unreasonable efforts due to the uncertainty and variability of the nature and amount of these future charges and costs and the Partnership believes that such reconciliation, if possible, would imply a degree of precision that would be potentially confusing or misleading to investors.

About NGL Energy Partners LP

NGL Energy Partners LP, a Delaware limited partnership, is a diversified midstream energy company that transports, stores, markets and provides other logistics services for crude oil, natural gas liquids and other products and transports, treats and disposes of produced water generated as part of the oil and natural gas production process. For further information, visit the Partnership’s website at www.nglenergypartners.com.

David Sullivan, 918-481-1119
Vice President - Finance
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DUBLIN--(BUSINESS WIRE)--The "Global Renewable Energy Subscription" report from Wintergreen Research, Inc has been added to ResearchAndMarkets.com's offering.

The two gating factors that will enable broad adoption of renewable energy are:

1. Corporate adoption of utility-scale storage systems.

2. People become active in making the companies they work for and the communities in which they live implement utility-scale energy storage.

The subscription allows access to all existing studies and new studies for 18 months. Examining all aspects of renewable energy can be done with customized power points that elucidate the moving market targets: as the world moves to 100% renewables.

Talk about disruptive technology, the renewable storage enables eliminating carbon emissions from coal, oil and gas plants. These industries will quickly tank and the nimble market participants will become major players in the utility-scale storage supply and distribution.

Vehicles become powered by battery, solar and wind farms are put in place in remote locations and the financial markets move to support electricity storage at utility-scale and energy distribution much as it happens now, across large distances.

Renewable energy systems at scale have become assets, they are bankable, the financial markets can support them, this represents a major market shift.

Batteries are changing in response to the implementation of wind and solar renewable energy systems. Lithium-Ion batteries represent the state of the art now. Solid-state batteries represent the next generation of power storage for vehicles. Nanotechnology permits units to be miniaturized, standalone, and portable. Utility-scale lithium flow batteries have been developed to offer utility-scale advantages. Advantages are evident in power and density: low-power draw and high-energy-density.

They have limitations that are still being addressed by vendors. But they are good enough to be installed and to be bankable. Projects using utility-scale storage can be financed.

The study documents companies whose employees have made an effort to get that company to 100% renewable or headed in that direction. This provides a model for how the market could evolve. According to the principal author of the study, it will take $70 trillion to take the world to 100% renewable.

Key Topics:

• Flexible Thin Battery
• Nanotechnology
• Polymer Film Substrate
• Nanoparticles
• Electrochromics
• Solid-State Energy Storage
• Polymer Film Substrate
• Lithium-Air Battery
• Battery Anode
• Battery Cathode
• All-solid secondary battery

Major Studies:

• Solar
  • Solar Panels
  • Concentrated Solar (CSP)
  • Solar Farms
  • Community Based Solar
• Wind
  • Offshore Wind
  • Wind Turbines
  • Wind Turbine Bearings
• Lithium-Ion Batteries

Shorter Presentations:

• Utility-Scale Energy Storage
• Platforms
• Lithium Storage
• Flow Battery
• Flow Machine
• Lithium Ion Battery
• Solid State Battery
• Security
• Integrated Supply Chain
• Polymer Film Substrate 

Key Topics Covered:

1. Global Warming: Need 100% Renewable Energy

2. Global Energy: Market Description and Market Dynamics

3. 100% Renewable Global Energy Market Shares and Forecasts 19.

4. Global Renewable Energy Product Description

5. Global Energy Research and Technology

6. Energy Storage Platforms Company Profiles

7. Concentrating Solar CSP

8. Corporate Initiatives for Renewable Energy

9. Renewable Energy Investors, Foundations, and Associations

10. Renewable Energy Regional Analysis

Companies Mentioned

• Abengoa
• Abengoa Solar Inc.
• Acciona Energia
• AES
• BrightSource
• Canadian Solar
• ESolar
• GE
• Hitachi
• Intech Energy
• Kaneka
• LG Chem
• Panasonic
• Samsung
• Siemens
• Sony
• SunPower
• Tata Power
• Tesla
• Toshiba
• Vestas
• Wuxi Suntech

For more information about this report visit https://www.researchandmarkets.com/r/nj15nd-renewable?w=4

About ResearchAndMarkets.com

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

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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THE WOODLANDS, Texas--(BUSINESS WIRE)--Chevron Phillips Chemical (CPChem) and Charter Next Generation (CNG) announced today that overwrap film made with CPChem’s Marlex^® Anew™ Circular Polyethylene is bound for store shelves in the U.S. Versatile and efficient, overwrap films help preserve food, keep medical instruments secure and sterile, and provide lightweight and durable product packaging.

“Together with CNG, we are transforming waste plastics into useful products and demonstrating real-world, commercial scale applications of circular plastics,” said Jay Bickett, CPChem’s Vice President of Polymers. “This collaboration is a great example of the new possibilities unlocked by advanced recycling.”

CPChem leverages its established advanced recycling program to produce Marlex^® Anew™ Circular Polyethylene, which is certified through International Sustainability and Carbon Certification (ISCC) PLUS using the free attribution model. This process uses pyrolysis oil, made from difficult-to-recycle waste plastics, as a feedstock to produce a circular polyethylene with characteristics identical to CPChem’s original Marlex^® polyethylene.

For more than a decade, CNG has used recycled content as a component in a number of its food and consumer packaging films, and recently announced ISCC PLUS certification at its Lexington, Ohio campus. This location is one of the single largest extrusion sites in the world and serves key markets such as towel and tissue overwrap, fresh produce, protein, e-commerce and more.

“CNG is excited to bring films using Marlex^® Anew™ Circular Polyethylene to consumers,” said Doug Latreille, Chief Commercial Officer at CNG. “With our Lexington campus now ISCC PLUS certified, CNG is well positioned to offer circular products like these films to customers on a commercial scale.”

CPChem continues to explore applications for its circular polyethylene and enhance its advanced recycling program. The company recently worked with Phillips 66 to process pyrolysis oil in a successful commercial scale trial at the Phillips 66 Sweeny Refinery in Old Ocean, Texas. The Phillips 66 site has also received ISCC PLUS certification, verifying the refinery meets the standards to convert pyrolysis oil into circular feedstocks, which can be used to produce CPChem’s Marlex^® Anew™ Circular Polyethylene.

About Chevron Phillips Chemical

“Chevron Phillips Chemical” includes Chevron Phillips Chemical Company LLC and its wholly-owned subsidiaries. Chevron Phillips Chemical is one of the world’s top producers of olefins and polyolefins and a leading supplier of aromatics, alpha olefins, styrenics, specialty chemicals, plastic piping and polymer resins. With approximately 5,000 employees, Chevron Phillips Chemical and its affiliates own nearly $18 billion in assets, including 31 manufacturing and research facilities in six countries. Chevron Phillips Chemical is equally owned indirectly by Chevron Corporation U.S.A. Inc. and Phillips 66 Company, and is headquartered in The Woodlands, Texas. For more information about Chevron Phillips Chemical, visit www.cpchem.com.

About Charter Next Generation

Charter Next Generation is North America’s leading independent producer of high-performance, sustainable films used in flexible packaging and other end-use markets. Known for sustainable, innovative products and world-class manufacturing capabilities, the company’s quality and expertise are unsurpassed. Its sustainability-first mindset, and relentless pursuit of excellence, make it an ideal partner to help brand owners reach their long-term sustainability goals. www.cnginc.com

Lisa Trow
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346-452-6531

Bill Singer
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856-981-0991

DULUTH, Minn.--(BUSINESS WIRE)--ALLETE, Inc. (NYSE: ALE) today reported 2022 earnings of $3.38 per share on net income of $189.3 million and operating revenue of $1.6 billion. Reported results from 2021 were $3.23 per share on net income of $169.2 million and operating revenue of $1.4 billion.

“I am proud of our many successes and accomplishments throughout 2022, all of which position ALLETE well now and into the future,” said ALLETE Chair, President, and CEO Bethany Owen. “The approval of Minnesota Power’s Integrated Resource Plan results in a $600 million dollar expansion of our capital expenditure plan and will drive rate base growth to 11 percent over the next five years. Minnesota Power also achieved near-perfect system reliability for its customers during the year, and we know that additional transmission investments will be critical to help ensure reliability as the clean-energy transformation continues. To that end, the MISO Tranche 1 approval of the Northern Reliability Project transmission line, and advancing the ALLETE and Grid United vision for the nation’s first transmission corridor to link three regional U.S. electric energy markets are important achievements in the year, which will drive significant future growth. With all of this, and the successful acquisition and integration of New Energy Equity expanding our presence in the growing solar sector – ALLETE’s strategic position is strong as the drive toward a clean-energy economy gains momentum.”

“In 2023, we will continue to advance these and other strategic initiatives that set the stage for meaningful future growth,” Owen continued. “ALLETE’s Sustainability in Action strategy provides significant value to our customers, our communities, and our investors, as well as exciting opportunities for our employees. While our financial results for 2022 were below our expectations, ALLETE’s future is very bright, with transformative clean-energy initiatives, significant infrastructure investments, and new opportunities with the distributed solar platform, pipeline, and strong team at New Energy.”

“Our financial performance in 2022 reflects Regulated Operations within our original guidance range, which included a full year of interim rate reserves recorded in the fourth quarter for the outcome of the Minnesota Power rate case,” said ALLETE Senior Vice President and Chief Financial Officer Steve Morris, “ALLETE Clean Energy and Corporate and Other businesses were below expectations of our guidance range for the year, primarily due to losses taken on the now-completed Northern Wind project and financial underperformance of facilities in the Southwest Power Pool market, where we are working to navigate market and contract volatility related to our Oklahoma wind facilities. I remain confident in our growth prospects driven by our expanded capital expenditure plan over the next five years and investment opportunities well into the future. In addition, I am pleased with the momentum and future growth at New Energy as the team exceeded the acquisition plan for the year while completing integration, entering multiple new markets and significantly expanding their pipeline of projects. We believe our unique mix of businesses will continue to deliver a strong value proposition to shareholders for years to come.”

ALLETE’s Regulated Operations segment, which includes Minnesota Power, Superior Water, Light and Power and the Company’s investment in the American Transmission Co., recorded net income of $149.9 million, compared to $129.1 million in 2021. Higher earnings in 2022 reflect the implementation of interim rates on January 1, 2022, net of interim rate reserves. This was partially offset by higher costs under a 250 MW power purchase agreement, higher operating and maintenance expense, and lower kilowatt-hour sales to industrial customers. ALLETE’s earnings in ATC were lower than in 2021 primarily due to period-over-period changes in ATC’s estimate of a refund liability related to MISO return on equity complaints.

ALLETE Clean Energy recorded 2022 net income of $16.3 million compared to $26.3 million in 2021. Net income in 2022 reflected challenges under the Caddo and Diamond Spring wind energy facilities’ power sales agreements resulting from market volatility and transmission congestion in the Southwest Power Pool. Net income in 2022 also included additional losses related to ALLETE Clean Energy’s now completed and sold Northern Wind project. Net income in 2021 included the impact related to ALLETE Clean Energy’s Diamond Spring wind energy facility due to an extreme winter storm event in February 2021.

Corporate and Other businesses, which include New Energy, BNI Energy, the Company’s investment in the Nobles 2 wind energy facility, and ALLETE Properties, recorded net income of $23.1 million in 2022 compared to net income of $13.8 million in 2021. Net income in 2022 reflects net income from New Energy of $7.8 million, which was impacted by purchase price accounting. Net income in 2022 also reflects higher earnings from our investment in Nobles 2 due to higher wind resources in 2022, higher land sales at ALLETE Properties, and earnings from Minnesota solar projects placed into service in 2022. Partially offsetting these increases were transaction costs of $2.7 million after-tax related to the acquisition of New Energy, and higher other expenses compared to 2021. Net income in 2021 included South Shore Energy’s sale of a portion of its interest in NTEC to Basin Electric Cooperative which resulted in the recognition of an approximately $8.5 million after-tax gain.

Details of the Company’s 2023 earnings guidance were filed as part of today’s Form 8-K filing.

Live Webcast on February 16, 2023; financial slides posted on company website

ALLETE’s earnings conference call will be at 10:00 a.m. (EST), February 16, 2023, at which time management will discuss 2022 financial results and 2023 earnings guidance. Interested parties may participate live by registering for the call at allete.com/earningscall or may listen to the live audio-only webcast accompanied by supporting slides, which will be available on ALLETE’s Investor Relations website investor.allete.com/events-presentations. The webcast will be accessible for one year at allete.com.

ALLETE is an energy company headquartered in Duluth, Minn. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth, BNI Energy in Bismarck, N.D., New Energy Equity headquartered in Annapolis, MD, and has an eight percent equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com. ALE-CORP

The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.

ALLETE's press releases and other communications may include certain non-Generally Accepted Accounting Principles (GAAP) financial measures. A "non-GAAP financial measure" is defined as a numerical measure of a company's financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP in the company's financial statements.

Non-GAAP financial measures utilized by the Company include presentations of earnings (loss) per share. ALLETE's management believes that these non-GAAP financial measures provide useful information to investors by removing the effect of variances in GAAP reported results of operations that are not indicative of changes in the fundamental earnings power of the Company's operations. Management believes that the presentation of the non-GAAP financial measures is appropriate and enables investors and analysts to more accurately compare the company's ongoing financial performance over the periods presented.

This exhibit has been furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.

Investor Contact:
Vince Meyer
218-723-3952
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Adds rail connectivity in world’s largest domestic logistics market

SYDNEY--(BUSINESS WIRE)--WiseTech Global (ASX:WTC), developer of the leading logistics execution software CargoWise, today announces its acquisition of Blume Global (Blume), provider of a leading solution facilitating intermodal rail in North America, for US$414 million. Headquartered in the United States, Blume is being acquired from funds managed by Apollo, EQT and other minority shareholders.

North America is the world’s largest domestic logistics region¹, and Blume manages intermodal containers and chassis on behalf of 6 of the 7 Class 1 US railroads, ocean carriers and other intermodal equipment providers including global freight forwarders and Beneficial Cargo Owners (BCOs). Blume is a high-growth recurring revenue business and is expected to generate FY24² revenues in the range of US$65 million to US$70 million representing annual growth of 45% to 55%. Before operational synergies, on a standalone basis, Blume expects to achieve FY24 EBITDA margins of approximately 10% and be cash-flow breakeven by the end of FY24.

Richard White, Founder and CEO of WiseTech Global, said: “This is another strategically significant acquisition that follows our acquisition of Envase Technologies last month. It further extends our capability in one of our six key CargoWise development priority areas, integrating rail into our landside logistics offering in North America, the most complex and largest logistics region in the world. Blume also brings significant new talent, a portfolio of other valuable product capabilities, and further enhances our product development skill set. This transaction demonstrates WiseTech’s continued investment in its CargoWise ecosystem, improving visibility and process efficiencies end-to-end across the supply chain for our customers.”

Blume Global’s CEO Pervinder Johar said: “Joining the WiseTech Global group means greater scale and resources to make logistics processes more productive, agile, dependable, and sustainable with innovative execution and visibility solutions. We want to thank the team at Apollo for helping to stand up and grow Blume as a standalone company and are thrilled to embark on this next chapter to drive even greater digital innovation in this sector.”

Justin Korval, Partner in Apollo Hybrid Value, and Antoine Munfakh, Partner in Apollo Private Equity, said: “This transaction underscores the tremendous growth of Blume since establishing it as an independent company in 2019. By providing meaningful growth capital and strategic support, Blume’s management team was empowered to pursue an ambitious expansion strategy and successfully develop an industry leading supply-chain technology platform. We wish Pervinder and the entire team the best in this exciting next chapter.”

Further information on this acquisition and WiseTech’s performance and outlook will be provided at the Company’s half year earnings briefing at 10am on 22 February 2023 (AEDT). Please register here.

About WiseTech Global

WiseTech Global is a leading developer and provider of software solutions to the logistics execution industry globally. Our customers include over 18,000³ of the world’s logistics companies across more than 170 countries, including 41 of the top 50 global third-party logistics providers and 24 of the 25 largest global freight forwarders worldwide⁴.

At WiseTech, we are relentless about innovation, adding over 4,900 product enhancements to our global platform in the past five years while bringing meaningful continual improvement to the world’s supply chains. Our breakthrough software solutions are renowned for their powerful productivity, extensive functionality, comprehensive integration, deep compliance capabilities, and truly global reach. For more information, visit www.wisetechglobal.com and www.cargowise.com.

¹ Logistics Market: Global Industry Analysis and Forecast (2022-2029) (maximizemarketresearch.com).
² Year end 30 June 2024.
³ Includes customers on CargoWise and platforms of acquired businesses whose customers may be counted with reference to installed sites
⁴ Armstrong & Associates: Top 50 Global 3PLs & Top 25 Global Freight Forwarders ranked by 2021 logistics gross revenue/turnover and freight forwarding volumes - Updated 4 August 2022

Media contact information:
Claire Hosegood: +61 411 253 663 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Earnings Release Highlights

• GAAP Net Income of $34 million and Adjusted EBITDA (non-GAAP) of $605 million for the fourth quarter of 2022. GAAP Net Loss of ($160) million and Adjusted EBITDA (non-GAAP) of $2,667 million for the full year 2022.
• Introducing 2023 Adjusted EBITDA (non-GAAP) guidance range of $2,900 million to $3,300 million
• Announcing initial capital allocation strategy focused on supporting and growing our business and returning capital to shareholders. It includes $1.5 billion in organic growth capital that will exceed our double-digit return threshold, doubling the per share dividend from the 2022 level and targeting growth at 10% thereafter, and authorizing $1 billion in share repurchases
• During Winter Storm Elliott, from December 23 through December 25, our always-on nuclear fleet provided reliable power to homes and businesses as record-setting low temperatures blanketed the PJM region and a significant portion of fossil-fueled generators failed to perform
• Our best-in-class nuclear fleet operated at a capacity factor of 95.4% for the fourth quarter of 2022 and 94.8% for the full year 2022, marking more than a decade as the industry leader among major nuclear operators
• Celebrated our first anniversary by launching a $1 million workforce development program aimed at fostering change in underserved communities

BALTIMORE--(BUSINESS WIRE)--Constellation Energy Corporation (Nasdaq: CEG) today reported its financial results for the fourth quarter and full year 2022.

“We had an incredible first year that exceeded expectations as we adapted to rapidly evolving market conditions, successfully advocated for clean energy policies and positioned the company for sustainable, long-term growth,” said Joe Dominguez, president and CEO of Constellation. “I want to emphasize that there is no commodity more valuable to our economy, national security and way of life than energy that is carbon-free, affordable and always there when you need it, and no U.S. company produces more of it than we do. The unique reliability and resiliency of our nuclear fleet was driven home yet again during Winter Storm Elliott, when our operated fleet performed at 100 percent, helping to prevent rolling blackouts on Christmas Eve as fossil generation in our nation’s largest electric grid failed. Nuclear’s value to the grid was also proven in the 2014 polar vortex and again in 2021 during Winter Storm Uri, and it’s only going to increase in the years ahead as we invest to extend the lives of our nuclear plants, increase their output and utilize their carbon-free energy to power the dirtiest parts of our economy with clean hydrogen. We set out one year ago to be the nation’s answer to the climate crisis, and today we have the assets and financial foundation to deliver on that promise.”

“Our strong financial position allows us to return exceptional value to shareholders by doubling our dividend and authorizing a $1 billion share repurchase program, while still leaving us the flexibility to build a new, clean hydrogen business and reserve $2 billion in unallocated capital to invest in other organic and inorganic growth as opportunities arise, or return additional capital to shareholders,” said Dan Eggers, chief financial officer of Constellation. “Operationally, our nuclear fleet remains the most reliable and efficient in the industry and our commercial business delivered high value in a market buffeted by global events. For the year, we delivered $2.667 billion in adjusted EBITDA, which exceeded the top of our range, and we are introducing 2023 adjusted EBITDA guidance of $2.9 billion to $3.3 billion.”

Fourth Quarter 2022

Our GAAP Net Income for the fourth quarter of 2022 was $34 million, down from $42 million GAAP Net Income in the fourth quarter of 2021. Adjusted EBITDA (non-GAAP) for the fourth quarter of 2022 decreased to $605 million from $1,027 million in the fourth quarter of 2021. For the reconciliations of GAAP Net Income to Adjusted EBITDA (non-GAAP), refer to the tables beginning on page 4.

Adjusted EBITDA (non-GAAP) in the fourth quarter of 2022 primarily reflects:

• Increased labor, contracting, and materials, unfavorable market and portfolio conditions, and decreased capacity revenues, partially offset by favorable nuclear outages.

Full Year 2022

Our GAAP Net Loss for 2022 was ($160) million, compared to ($205) million GAAP Net Loss in 2021. Adjusted EBITDA (non-GAAP) for 2022 increased to $2,667 million from $2,185 million in 2021.

Adjusted EBITDA (non-GAAP) for the full year 2022 primarily reflects:

• The absence of impacts from the February 2021 extreme cold weather event, partially offset by decreased capacity revenues, increased labor, contracting, and materials, and lower CTV gains in 2022 compared to 2021.

Initiates Annual Guidance for 2023

We introduced a guidance range for 2023 Adjusted EBITDA (non-GAAP) of $2,900 million to $3,300 million. The outlook for Adjusted EBITDA (non-GAAP) excludes the following items:

• Income taxes
• Depreciation and amortization
• Interest expense, net
• Unrealized impacts of fair value adjustments
• Decommissioning-related activities
• Pension and Other Postretirement Employment Benefit (OPEB) non-service credits
• Separation costs
• Enterprise Resource Program (ERP) system implementation
• Other items not directly related to the ongoing operations of the business
• Noncontrolling interest related to exclusion items

Recent Developments and Fourth Quarter Highlights

• Initial Capital Allocation Strategy: We are announcing our capital allocation strategy for 2023 and 2024 supporting our core principles previously laid out at Analyst Day. Our balance sheet strength is the foundation of this strategy. Through our strong free cash flows, we will grow the business and return capital to shareholders. We are allocating capital towards our best-in-class generation fleet by committing $1.5 billion of growth capital over the next three years, including nuclear uprates, wind repowering and hydrogen. These organic growth opportunities are projected to exceed our double-digit return threshold. We will double the annual dividend in 2023 from $0.5640 per share to $1.1280 per share while targeting growth at 10% annually. In our commitment to return value to shareholders, we are also authorizing $1 billion in share buybacks.
• Dividend Declaration: In keeping with the newly announced capital allocation strategy, our Board of Directors has declared a quarterly dividend of $0.2820 per share on our common stock. The dividend is payable on Friday, March 10, 2023, to shareholders of record as of 5 p.m. Eastern time on Monday, February 27, 2023.
• December 2022 PJM Performance Bonuses: On Dec. 23, 2022, and continuing through the morning of Dec. 25, 2022, Winter Storm Elliott blanketed the entirety of PJM’s footprint with record low temperatures and extreme weather conditions. A significant portion of PJM's fossil generation fleet failed to perform as reserves were called, while our operated nuclear fleet performed at 100 percent and helped avoid a grid failure. PJM’s initial estimate of non-performance charges ranges from $1 billion to $2 billion and, in accordance with its tariff, funds collected from those charges are redistributed to generating resources that performed above expectations during the event, including nuclear. Leveraging preliminary data from PJM and applying significant judgments and assumptions, we recognized an estimated benefit of $109 million (pre-tax) for performance bonuses (net of non-performance charges), primarily driven by the over performance of our nuclear fleet that prevented rolling blackouts across PJM.
• Nuclear Operations: Our nuclear fleet, including our owned output from the Salem Generating Station, produced 44,436 gigawatt-hours (GWhs) in the fourth quarter of 2022, compared with 42,604 GWhs in the fourth quarter of 2021. Excluding Salem, our nuclear plants at ownership achieved a 95.4% capacity factor for the fourth quarter of 2022, compared with 92.4% for the fourth quarter of 2021. There were 65 planned refueling outage days in the fourth quarter of 2022 and 90 in the fourth quarter of 2021. There were three non-refueling outage days in the fourth quarter of 2022 and 24 in the fourth quarter of 2021.
• Natural Gas, Oil, and Renewables Operations: The dispatch match rate for our gas and hydro fleet was 96.6% in the fourth quarter of 2022, compared with 98.8% in the fourth quarter of 2021. Energy capture for the wind and solar fleet was 95.9% in the fourth quarter of 2022, compared with 94.3% in the fourth quarter of 2021.
• “Powering Change” Workforce Development Initiative: In celebration of our first anniversary as a stand-alone company on Feb. 2, we announced the launch of a $1 million workforce development program as part of our commitment to foster equitable change in underserved communities. The new program, called Powering Change, will provide grants to five nonprofit organizations focused on improving job awareness and training, providing advancement and upskilling opportunities and breaking down employment barriers for individuals from underrepresented communities.

GAAP/Adjusted EBITDA (non-GAAP) Reconciliation

Adjusted EBITDA (non-GAAP) for the fourth quarter of 2022 and 2021, respectively, does not include the following items that were included in our reported GAAP Net Income:

Webcast Information

We will discuss fourth quarter 2022 earnings in a conference call scheduled for today at 10 a.m. Eastern Time. The webcast and associated materials can be accessed at https://investors.constellationenergy.com.

About Constellation

Headquartered in Baltimore, Constellation Energy Corporation (Nasdaq: CEG) is the nation’s largest producer of clean, carbon-free energy and a leading supplier of energy products and services to businesses, homes, community aggregations and public sector customers across the continental United States, including three fourths of Fortune 100 companies. With annual output that is nearly 90 percent carbon-free, our hydro, wind and solar facilities paired with the nation’s largest nuclear fleet have the generating capacity to power the equivalent of 15 million homes, providing 11 percent of the nation’s clean energy. We are further accelerating the nation’s transition to a carbon-free future by helping our customers reach their sustainability goals, setting our own ambitious goal of achieving 100 percent carbon-free generation by 2040, and by investing in promising emerging technologies to eliminate carbon emissions across all sectors of the economy. Follow Constellation on LinkedIn and Twitter.

Non-GAAP Financial Measures

In analyzing and planning for our business, we supplement our use of net income as determined under generally accepted accounting principles in the United States (GAAP), with Adjusted EBITDA (non-GAAP) as a performance measure. Adjusted EBITDA (non-GAAP) reflects an additional way of viewing our business that, when viewed with our GAAP results and the accompanying reconciliation to GAAP net income included above, may provide a more complete understanding of factors and trends affecting our business. Adjusted EBITDA (non-GAAP) should not be relied upon to the exclusion of GAAP financial measures and is, by definition, an incomplete understanding of our business, and must be considered in conjunction with GAAP measures. In addition, Adjusted EBITDA (non-GAAP) is neither a standardized financial measure, nor a presentation defined under GAAP and may not be comparable to other companies’ presentations or deemed more useful than the GAAP information provided elsewhere in this press release and earnings release attachments. We have provided the non-GAAP financial measure as supplemental information and in addition to the financial measures that are calculated and presented in accordance with GAAP. Adjusted EBITDA (non-GAAP) should not be deemed more useful than, a substitute for, or an alternative to the most comparable GAAP Net Income measure provided in this earnings release and attachments. This press release and earnings release attachments provide reconciliations of Adjusted EBITDA (non-GAAP) to the most directly comparable financial measures calculated and presented in accordance with GAAP and are posted on our website: www.ConstellationEnergy.com, and have been furnished to the Securities and Exchange Commission on Form 8-K on February 16, 2023.

Cautionary Statements Regarding Forward-Looking Information

This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic, and financial performance, are intended to identify such forward-looking statements.

The factors that could cause actual results to differ materially from the forward-looking statements made by Constellation Energy Corporation and Constellation Energy Generation, LLC, (Registrants) include those factors discussed herein, as well as the items discussed in (1) the Registrants' 2022 Annual Report on Form 10-K (to be filed on February 16, 2023) in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 19, Commitments and Contingencies, and (2) other factors discussed in filings with the SEC by the Registrants.

Investors are cautioned not to place undue reliance on these forward-looking statements, whether written or oral, which apply only as of the date of this press release. Neither of the Registrants undertakes any obligation to publicly release any revision to its forward-looking statements to reflect events or circumstances after the date of this press release.

__________

__________

Paul Adams
Corporate Communications
410-470-4167

Emily Duncan
Investor Relations
833-447-2783

TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX: SPB) announced today its financial and operating results for the fourth quarter and year ended December 31, 2022. Unless otherwise expressed, all financial figures are expressed in Canadian dollars.

• Fourth Quarter 2022 Adjusted EBITDA¹ of $182.6 million, a 28% increase from the prior year
• Fourth Quarter net earnings of $63.0 million, an increase of $49.2 million from the prior year
• Full-year 2022 Adjusted EBITDA of $449.8 million, a 13% increase compared to the prior year and above the midpoint of the guidance range of $425 million to $465 million
• Net loss from continuing operations for the twelve months ended December 31, 2022 of $87.9 million, compared to net earnings from continuing operations of $17.2 million in the prior year
• Superior is introducing its 2023 Pro Forma Adjusted EBITDA¹ guidance range of $585 million to $635 million with a midpoint of $610 million, which includes the expected full twelve months of Certarus 2023 Adjusted EBITDA in the range of $140 million to $150 million. The economic benefit of Certarus’ expected 2023 Adjusted EBITDA will be retained in the business

Adjusted EBITDA and Pro Forma Adjusted EBITDA are Non-GAAP Financial Measures. See “Non-GAAP Financial Measures and Reconciliations” section below.

In announcing these results, Luc Desjardins, President and Chief Executive Officer said, “We are very proud of what we accomplished in 2022 with our operational results and progression of our strategic initiatives. Through our resilient business model in the propane distribution businesses, we were able to overcome challenges related to COVID-19 health measures earlier in the year, rising inflation and labour costs, and the impact from volatile commodity costs. We were able to deliver Adjusted EBITDA of $449.8 million, which was a $51.4 million increase from 2021. We also achieved record Adjusted EBITDA in the fourth quarter and continued executing on our Superior Way Forward strategy, closing eight acquisitions in 2022 for total consideration of $519 million and announcing the transformative acquisition of Certarus.”

Mr. Desjardins continued, “Although 2023 has started off warmer than expected in some of our operating regions, we are excited for 2023 as we expect our propane distribution business will continue to benefit from the acquisitions completed in 2021 and 2022, and the recently announced Certarus acquisition is expected to provide us with a significant organic growth segment in the low carbon mobile fuels industry. The Certarus business is expected to position us well for a low carbon future, giving us exposure to the rapidly growing Compressed Natural Gas (“CNG”), Renewable Natural Gas (“RNG”) and hydrogen markets, while also enabling us to achieve our Superior Way Forward goals two years ahead of target in 2024.”

Financial Highlights:

• Net earnings from continuing operations of $63.0 million in the fourth quarter compared to $13.8 million in the prior year quarter primarily due to higher revenue and gross profit and a gain on derivatives and foreign currency translation of borrowings, partially offset by higher selling, distribution and administrative expenses (“SD&A”), finance expense and income tax expense. Basic and diluted earnings per share from continuing operations attributable to Superior was $0.27 per share, an increase of $0.23 from $0.04 per share in the prior year quarter due to the aforementioned reasons, partially offset by the impact of the increased number of weighted average shares outstanding.
• Adjusted EBITDA for the fourth quarter was $182.6 million, an increase of $40.4 million compared to the prior year quarter, primarily due to higher EBITDA from operations², partially offset by higher corporate costs² and a realized loss on foreign currency hedges compared to a realized gain in the prior year quarter. EBITDA from operations increased primarily due to higher Adjusted EBITDA in U.S. retail propane distribution (“U.S. Propane”), North American wholesale propane distribution (“Wholesale Propane”) and Canadian retail propane distribution (“Canadian Propane”).
• U.S. Propane Adjusted EBITDA for the fourth quarter was $116.7 million an increase of $36.8 million from the prior year quarter of $79.9 million primarily due to the impact of acquisitions completed in the current year and, to a lesser extent, higher average margins related to increased prices to offset inflation and the impact of the weaker Canadian dollar on the translation of U.S. denominated transactions, partially offset by rising costs due to inflation, labour and fuel.
• Canadian Propane Adjusted EBITDA for the fourth quarter was $58.3 million, an increase of $4.7 million from the prior year quarter of $53.6 million or 9% primarily due to higher average margins related to increased sales prices to offset the impact of inflation, partially offset by higher operating costs² related to the rising costs due to inflation labour and fuel.
• Wholesale Propane Adjusted EBITDA for the fourth quarter was $22.7 million an increase of $13.1 million from the prior year quarter of $9.6 million primarily due to contribution from the acquisition of Kiva Energy Inc. (“Kiva”).
• Corporate costs for the fourth quarter were $11.0 million compared to $4.6 million in the prior year quarter. The increase is primarily due to higher insurance costs, professional fees, the impact of inflation and higher incentive plan costs. Superior realized a loss on foreign currency hedging contracts of $4.1 million compared to a gain of $3.7 million in the prior year quarter due to lower average hedge rates relative to changes in exchange rates.
• Adjusted Operating Cash Flow (“AOCF”) before transaction and other costs² was $152.8 million for the fourth quarter, an increase of $21.2 million from the prior year quarter primarily due to higher Adjusted EBITDA discussed above, partially offset by higher interest expense and current taxes. Interest expense increased by $9.8 million or 55% primarily to due to higher average debt balances compared to the prior year quarter and higher interest rates related to the Bank of Canada and the Federal Reserve raising rates. AOCF per share before transaction, restructuring and other costs was $0.66, per share, a decrease of $0.02 per share or 3% from the prior year quarter AOCF per share of $0.64 per share. The decrease on a per share basis is primarily due to the impact from the increase in the weighted average shares outstanding, partially offset by the increase in AOCF before transaction, restructuring and other costs.
• Net loss from continuing operations for the twelve months ended December 31, 2022 was $87.9 million, compared to net earnings from continuing operations of $17.2 million in the prior year. The decrease is primarily due to a loss on derivatives and foreign currency translation of borrowings and higher SD&A, partially offset by a higher gross profit, lower finance expense and income tax expense.
• Adjusted EBITDA for the twelve months ended December 31, 2022 was $449.8 million, an increase of $51.4 million or 13% compared to the prior year primarily due to higher EBITDA from operations, partially offset by higher corporate costs and a realized loss on foreign currency hedging contracts.
• Superior’s Leverage Ratio² for the trailing twelve months (“TTM”) ended December 31, 2022, was 4.1x compared to 3.9x at December 31, 2021 primarily due to the impact of the higher USD/CAD exchange rate on USD denominated debt. On a constant currency basis, using the USD/CAD rate at December 31, 2021, Superior’s Leverage Ratio at December 31, 2022 would be consistent. Superior’s Leverage Ratio is expected to be within Superior’s targeted range of 3.5x to 4.0x at the anticipated closing of the Certarus acquisition.

² EBITDA from operations and AOCF before transaction and other costs are Non-GAAP Financial Measures. Leverage Ratio is a Non-GAAP ratio. See “Non-GAAP Financial Measures and Reconciliations” section below. Operating costs and corporate costs are supplementary financial measures.

Acquisition Update

• On November 9, 2022, Superior acquired the assets of McRobert Fuels, a retail propane and distillates distributor located in Strathroy, Ontario for an aggregate purchase price of approximately $18.1 million including adjustments for working capital.
• On December 22, 2022 Superior announced it had entered into a definitive arrangement agreement to acquire Certarus Ltd. (“Certarus”), a leading North American low carbon energy solutions provider (the “Certarus Acquisition”). Under the terms of the Certarus Acquisition, Superior will acquire all the outstanding common shares of Certarus, representing an equity value of $853 million, and assume Certarus’ outstanding net debt of $196 million, for a total acquisition value of $1.05 billion. The Certarus shareholders will receive $353 million in cash and $500 million of Superior common shares priced at $10.25 per share, representing approximately 17% pro forma ownership. On February 14, 2023, 99.9% of the common shares represented at a special meeting of Certarus shareholders voted in favour of the Certarus Acquisition. In addition, the waiting period under the Hart-Scott-Rodino Act in the United States, where over 85% of Certarus’ revenues are generated, expired on February 13, 2023. Superior expects the transaction will close in the first half of 2023, subject to satisfaction of the remaining customary closing conditions.
• Certarus’ business has performed better than expected, achieving record monthly Adjusted EBITDA in December 2022, only to be surpassed again in January 2023. The free cash flow generated from operations during the period before closing will be reinvested into the business helping drive organic growth and enhancing the value of Certarus at closing.

Announcement of Executive Appointments

The Board of Directors of Superior is pleased to announce the appointment of Allan MacDonald as President and Chief Executive Officer and as a Director of Superior commencing April 3, 2023.

Allan’s experience covers a wide array of business and management roles. For more than 11 years, he held numerous strategic and operational roles at Canadian Tire Corporation, the most recent being Executive Vice President & Chief Operations Officer. Allan has had a very successful career in sales and finance roles in telecom, oil and gas, retail and distribution industries. Allan is an energetic, focused, dynamic and value driven leader with a track record of delivering on expectations. Strategic, he also has proven operational effectiveness. He brings a wealth of experience in many different public and private companies and these past successes make him the ideally qualified to lead Superior. Allan holds an MBA from Henley Management College in England and a Bachelor of Business Administration from Acadia University in Nova Scotia Canada.

“I am honored and fortunate to have the opportunity to lead this company and I am looking forward to working with an incredible group of talented executives and dedicated employees to continue the growth and evolution of Superior Plus Corp.” said Allan MacDonald.

The appointment of Allan MacDonald as CEO of Superior follows an extensive recruitment process overseen by a succession committee of the Superior board of directors using global leadership advisory firm Egon Zehnder, which saw a wide variety of exceptional candidates vetted and interviewed.

“Allan made a strong impression on the board with his vision, intellect and capability to lead our North American based organization and continue to leverage our capabilities to strengthen the organization internally by focusing on internal growth, operational improvement and continuing to execute accretive tuck-in acquisitions. His exceptional distribution and executive expertise combined with his customer focus and strong human values will benefit all of our stakeholders”, David Smith, Chair of the Board said.

Consistent with Superior’s previously announced transition plan, with a new CEO selected, Luc Desjardins, will be stepping down from his role as CEO effective April 3, 2023, and will remain available in an advisory role until July 31, 2023 to ensure a seamless transition. The Board of Directors wishes to acknowledge Luc’s contribution throughout his twelve-year tenure at Superior. He is leaving an organization very well positioned to grow and evolve under new leadership. His passion, dedication and determination will be missed.

In addition, Superior is also pleased to announce that Andy Peyton, President of Superior’s U.S. Propane business, has been promoted to the newly created position of Chief Operating Officer of Superior’s North American propane distribution business.

“By appointing Andy Peyton to this newly created role, we wanted to leverage his strong business acumen and operational experience to improve and further strengthen Superior’s retail propane business in North America, remarked David Smith, Chair of the Board.

Update on Superior Way Forward

• As previously communicated, Superior expects to achieve the $1.9 billion acquisition target at the close of the Certarus Acquisition, which is three years ahead of expectations. Superior also expects to achieve the Superior Way Forward EBITDA from operations target range of $700 million to $750 million by the end of 2024, which is two years ahead of expectations.

Normal Course Issuer Bid

• On October 11, 2022, the TSX accepted Superior’s notice of intention to establish a new normal course issuer bid program (the “NCIB”). The NCIB permits the purchase of up to 10.1 million shares of Superior’s common shares, representing approximately 5% of the issued and outstanding common shares as of September 30, 2022, by way of normal course purchases effected through the facilities of the TSX and/or alternative Canadian trading systems.
• During the fourth quarter of 2022, Superior purchased and cancelled approximately 1.0 million shares at a volume weighted average price of $10.06 per share.

2023 Pro Forma Adjusted EBITDA Guidance

Superior is introducing its 2023 Pro Forma Adjusted EBITDA guidance range of $585 million to $635 million, which includes the expected pro forma full twelve months of Certarus 2023 Adjusted EBITDA in the range of $140 million to $150 million. Based on the midpoint of the 2023 Pro Forma Adjusted EBITDA guidance range, this is a 36% increase compared to the full year 2022 Adjusted EBITDA of $449.8 million. The increase is due to the expected contribution from the Certarus Acquisition and first quarter contribution from the Kamps, Kiva and Quarles acquisitions completed in 2022, partially offset by warmer weather experienced in January 2023.

Key assumptions related to the 2023 Adjusted EBITDA guidance, pro forma the acquisition of Certarus include:

• Adjusted EBITDA in 2023 for Superior’s businesses, including corporate costs and realized gains or losses on foreign exchange hedging contracts and excluding the results of Certarus, is expected to be in the range of $445 million to $485 million.
• Adjusted EBITDA in 2023 for Certarus’ business is expected to be in the range of $140 million to $150 million assuming an average mobile storage unit (“MSUs”) count of 655 trailers in 2023 and average EBITDA per MSU consistent with Certarus’ historic results.
• Adjusted EBITDA in 2023 for U.S. Propane is anticipated to be higher than 2022 primarily due to the full year contribution from the Kamps and Quarles acquisitions and tuck-in acquisitions completed in 2023, higher average margins, cost-saving initiatives and realized synergies, partially offset by warmer weather experienced in January 2023. Average weather where Superior operates in the U.S., as measured by degree days, for the remainder of 2023 is expected to be consistent with the five-year average.
• Adjusted EBITDA in 2023 for Canadian Propane is anticipated to be modestly lower than 2022 due to reduced sales of carbon offset credits, warmer weather in the first quarter of 2023 compared to 2022, the impact of the CEWS benefit being terminated and the impact of inflation on operating costs, partially offset by an increase in commercial sales volumes and higher average margins. Average weather as measured by degree days for the remainder of 2023 is expected to be consistent with the five-year average.
• Adjusted EBITDA in 2023 for Wholesale Propane is anticipated to be consistent with 2022 due to full year contribution from the Kiva acquisition and increased third-party sales volumes related to sales and marketing initiatives, offset by by anticipated weaker market fundamentals relative to 2022, the impact of a stronger Canadian dollar on the translation of U.S. denominated transactions and warmer weather in the first quarter.
• A USD/CAD foreign exchange rate of 1.33.
• Corporate costs in the range of $20 million to $25 million consistent with historical results primarily due to lower insurance costs and professional fees, partially offset by the impact of inflation and higher travel costs.
• Long-term incentive plan costs in the range of $5 million to $10 million.

Debt and Leverage Update

Superior is focused on managing both Net debt and its Leverage Ratio. Superior’s Leverage Ratio on December 31, 2022 was 4.1x, compared to 4.3x at September 30, 2022. Superior is maintaining its targeted Leverage Ratio at 3.5x to 4.0x while it continues to focus on integrating acquisitions and executing on the Superior Way Forward initiatives, including achievement of the anticipated organic growth in the Certarus business. Superior expects to be in the target range of 3.5x to 4.0x at the close of the acquisition of Certarus.

MD&A and Financial Statements

Superior’s MD&A, the audited Consolidated Financial Statements and the Notes to the audited Consolidated Financial Statements as at and for the year ended December 31, 2022 provide a detailed explanation of Superior’s operating results. These documents are available online on Superior’s website at www.superiorplus.com under the Investor Relations section and on SEDAR under Superior’s profile at www.sedar.com.

2022 Fourth Quarter Conference Call

Superior will conduct a conference call and webcast for investors, analysts, brokers and media representatives to discuss the 2022 fourth quarter and full year financial results will be held at 10:30 AM EDT on Friday February 17, 2023. To listen to the live webcast, please use the following link: Register Here. The webcast will be available for replay on Superior's website at: www.superiorplus.com under the Events section.

Non-GAAP Financial Measures and Reconciliation

Throughout this news release, Superior has identified specific terms that it uses that are not standardized measures under International Financial Reporting Standards (“Non-GAAP Financial Measures”) and, therefore may not be comparable to similar financial measures disclosed by other issuers. Reconciliations of these Non-GAAP Financial Measures to the most directly comparable financial measures in Superior’s annual financial statements are provided below. Certain additional disclosures for these Non-GAAP Financial Measures, including an explanation of the composition of these financial measures, how they provide helpful information to an investor, and any additional purposes management uses for them, are incorporated by reference from the “Non-GAAP Financial Measures and Reconciliations” section in Superior’s 2022 Annual MD&A dated February 16, 2023, available on www.sedar.com.

Beth Summers Executive Vice President and Chief Financial Officer
Phone: (416) 340-6015

Rob Dorran Vice President, Capital Markets
Phone: (416) 340-6003
Toll Free: 1-866-490-PLUS (7587)

Wallbox in full compliance with NEVI technical standards and Buy America manufacturing requirements, touts Arlington, TX factory capabilities and job creation

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Wallbox (NYSE: WBX), a leading provider of electric vehicle (EV) charging and energy management solutions worldwide, today shared its praise for the Biden administration’s finalized requirements for EV charging infrastructure under its National Electric Vehicle Investment (NEVI) Formula Program. A February 15 statement from the White House announced finalized standards for the program as set forth by the US Department of Transportation. Following the opening of its first North American manufacturing facility in Arlington, Texas in 2022, Wallbox was highlighted as one of the few EV charging companies to have made important investments in US manufacturing.

“Wallbox welcomes the latest standards announced by the Biden administration for the NEVI program and we are thankful to be amongst the manufacturing providers highlighted by the White House for our US investments,” said Enric Asuncion, Founder and CEO of Wallbox. “We are among the few EV charging companies already compliant with the finalized requirements and are delighted to continue to participate in this landmark program. We are already manufacturing in Arlington, Texas and we are fully committed to increasing our manufacturing capabilities in the U.S. to support and meet the future demands of the market.”

"The City of Arlington is proud to be home to Wallbox's first US manufacturing facility, where they will be building critically needed EV chargers right here in America to support American drivers,” said Jim Ross, Mayor of Arlington, Texas. “We look forward to continuing our support for their investments in US domestic manufacturing and creating jobs right here in Arlington."

In October of 2022, Wallbox officially opened its first North American manufacturing facility in Arlington, Texas. Capable of producing over 250,000 units in 2023 and over one million in 2030, the 150,000 square foot factory will manufacture all of the company’s chargers in the U.S. which will serve multiple segments of EV charging including residential charging, bidirectional charging and DC fast charging. The Arlington facility is now producing Pulsar Plus, Wallbox’s global best-selling smart home EV charger that is compatible with all EVs. In 2023, the factory is expected to begin the production of Hypernova, its hyperfast 150-400 kW DC fast charger capable of adding 100 miles in five minutes, and starting next year, Wallbox will start producing Quasar 2, the company’s next generation bidirectional charger in the US.

About Wallbox Chargers

Wallbox is a global company, dedicated to changing the way the world uses energy in the electric vehicle industry. Wallbox creates smart charging systems that combine innovative technology with outstanding design and manage the communication between vehicle, grid, building and charger. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public and public use in more than 113 countries. Founded in 2015, with headquarters in Barcelona, Wallbox’s mission is to facilitate the adoption of electric vehicles today to make more sustainable use of energy tomorrow. The company employs approximately 1,400 people in Europe, Asia, and the Americas.

For additional information, please visit www.wallbox.com.

Wallbox Public Relations Contact:
Elyce Behrsin
Public Relations
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+34 622 513 358 

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

NEW YORK--(BUSINESS WIRE)--OUPES, an innovative pioneer in the renewable energy industry, just launched a crowdfunding campaign on Indiegogo for its latest product Mega 5, a home backup power station specifically for power outages, off-grid life, and commercial use, on 16^th February.

Home Power Backup Mega 5

This power station with 4000W rated power (7000W surge) comes with a huge battery capacity of 5040Wh, which is expandable up to 10,080Wh by connecting with an extra battery, the B5, launched at the same time with Mega 5. Two units can be combined to generate a massive output power when integrated into the home grid, making it a reliable home backup for unexpected blackouts.

• Rated 4000Watt AC output, surge 7000Watt
• Blazing Fast Charging: Recharge via solar and AC power simultaneously, the OUPES Mega 5 can be fully recharged in just 1.5 hours.
• Size & Weight: Weighted around 110lb, it can be moved around easily with the help of the pull rod and 4 smooth-rolling wheels.
• 24/7 Seamless UPS (Uninterruptible Power Supply), which can be integrated into the home circuit seamlessly and run appliances during power outages for days.
• APP Smart Control: Remotely monitor and control the power usage or get the power station preset and save electricity bill.

Stretch Goals & Gifts

There are three stretch goals of this crowdfunding and in the meantime, when the funding reaches the following values, backers will get some gifts for free.

$1 million: Big Carrying Bag ( 14.9''L x 10.2''W x 14.2''H )
$2 million: 1-year extended warranty (3 years in total)
$3 million: 2-year extended warranty (4 years in total)

Pricing & Shipping Status

OUPES revealed the crowdfunding price today, which is tiered and will be adjusted over time. The perks of the OUPES Mega 5 power station Indiegogo campaign are as follows:

Super early bird price: $3099 (38% off, first 48 hours only)
Early bird price: $3299 (34% off, first 2 weeks only)
Crowdfunding price: $3399 ( 32% off, before March 30, 2023)

For more discount information, please go to Indiegogo to learn more.

According to OUPES sources, 95% of backers are expected to receive the product by July of this year. To contribute to their event, please visit https://www.indiegogo.com/projects/oupes-mega-5-the-4000w-home-backup-power-station/x/31165653#/

Contact OUPES:
Official website of OUPES: https://oupes.com/
Contact Person: Cheney Green
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Paolo Balugani named General Manager of Manitex Valla, a leading electric industrial crane supplier

BRIDGEVIEW, Ill.--(BUSINESS WIRE)--$MNTX #manitex--Manitex International (Nasdaq: MNTX) ("Manitex" or the "Company"), a leading international provider of truck cranes, specialized industrial equipment, and construction equipment rental solutions serving the infrastructure and construction markets, today announced the appointment of Paolo Balugani to General Manager of Manitex Valla, the Company’s electric crane division.

“We are pleased to announce Paolo will be joining Manitex International to lead our electric industrial crane division, Manitex Valla,” said Michael Coffey, Manitex’s Chief Executive Officer. “Paolo has over 32 years of experience in the crane and aerial platform industry, most recently serving as CEO and co-founder of Palfinger Platform Italy. The addition of Paolo is an important step in our updated corporate strategic plan. His leadership, industry knowledge and operating experience will be critical in advancing our growth plans, which include bringing Valla’s line of electric industrial cranes to the North America market and developing and introducing new products to the global market.”

Paolo will oversee all operations of Manitex Valla from the Company’s manufacturing operations in Panaro, Italy, where he will report to Manitex International’s Vice President and Italian Managing Director, Giovanni Tacconi.

“I have had the pleasure of working with Paolo Balugani in the past, and I am excited to have someone with his industry expertise fill this critical role. In recent months Paolo has been working as a consultant to the Company and he has been instrumental in the development and refinement of our strategic growth plans, so we are fortunate he will be joining the Company to help us execute on these important strategic initiatives,” said Giovanni Tacconi, Manitex’s Vice President and Italian Managing Director.

Valla cranes was founded in Northern Italy in 1945 and is a leading innovator of safe, reliable, and carbon neutral lifting solutions. The Valla product team has developed many industry firsts and now produces an impressive range of electric powered remote and/or semi-autonomous lifting solutions. The Valla product offering may be found at www.vallacrane.com. Some of the Valla product line will be on display at ConExpo 2023, in Las Vegas, Nevada on March 14-18, 2023.

About Manitex International, Inc.

Manitex International is a leading provider of mobile truck cranes, industrial lifting solutions, aerial work platforms, construction equipment and rental solutions that serve general construction, crane companies, and heavy industry. The company engineers and manufactures its products in North America and Europe, distributing through independent dealers worldwide. Our brands include Manitex, PM, Oil & Steel, Valla, and Rabern Rentals.

Forward-Looking Statements

Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This release contains statements that are forward-looking in nature which express the beliefs and expectations of management including statements regarding the Company's expected results of operations or liquidity; statements concerning projections, predictions, expectations, estimates or forecasts as to our business, financial and operational results and future economic performance; and statements of management's goals and objectives and other similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "we believe," "we intend," "may," "will," "should," "could," and similar expressions. Such statements are based on current plans, estimates and expectations and involve a number of known and unknown risks, uncertainties and other factors that could cause the Company's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. These factors and additional information are discussed in the Company's filings with the Securities and Exchange Commission and statements in this release should be evaluated in light of these important factors. Although we believe that these statements are based upon reasonable assumptions, we cannot guarantee future results. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.

Chase Jacobson, Vallum Advisors
704-713-4324
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Expanding availability in Europe, Tigo brings Energy Intelligence (EI) Residential Solar Solution for fast, flexible, and dependable residential solar-plus-storage to Spain.

MONTEVARCHI, Italy--(BUSINESS WIRE)--Tigo Energy, Inc. (“Tigo” or the “Company”), a leading provider of intelligent solar and energy storage solutions, will showcase and launch the Tigo EI Residential Solar Solution to the Iberian market at the Genera Energy and Environment Fair in Madrid on Wednesday, February 22, 2023. Tigo business and engineering representatives will attend the conference to meet with Spanish PV professionals and to show them the peculiarities of the new Tigo all-in-one system.

The Tigo EI Residential Solar Solution for the European market consists of Tigo TS4 Flex MLPE products, a new line of single-phase and three-phase inverters, modular DC-coupled energy storage components, and the Tigo EI Link, which acts as the communications hub and central connection point for all grid, inverter, PV, and battery connections. Through module-level monitoring, energy data from the EI Residential Storage System is processed by Tigo Energy Intelligence software, allowing installers to monitor and manage their fleet of customer systems with a few mouse clicks. Tigo customers in the EU will also benefit from industry-leading warranties and a skilled, multilingual support team to ensure that installers are never on their own with Tigo products.

“The solar market in Spain is expanding rapidly, in terms of installed PV capacity as well as residential sector installs, so Tigo’s release of the EI Residential Solution here could not be timed more perfectly,” said Pablo Campo Martínez, CEO at DSP Solar. “What makes Tigo so beneficial in the eyes of Spanish installers is the modular and scalable architecture: fast installations and smooth commissioning means more running systems, all managed with a user-friendly monitoring platform characterized by absolute data granularity.”

Genera Energy and Environment Fair attendees can learn about the EI Residential Solution by attending one of a series of presentations during the conference. These sessions include participation by Tigo engineers and will be hosted by Grupo Noria (Tuesday, February 21 at 15:00, Wednesday, February 22 at 11:00, and Thursday, February 23 at 15:00 in booth 8-8B04) and by DSP Solar (Wednesday, February 22 at 16:30 in booth 8-8D15).

“Every aspect of the installation process of the EI Residential Solution is shaped around the installer, combining the simplicity of a plug-and-play system with a streamlined process, from installation to commissioning,” said Ángel Marrero, renewables product manager at Grupo Noria. “With a stackable architecture, the EI solution brilliantly solves the problem related to space constraints faced by our residential customers. For us as installers, the EI Solution provides detailed remote monitoring with powerful software to make operations and maintenance very efficient. Finally, Tigo’s Reclaimed Energy technology is a powerful tool to maximize return on investment and quantify the benefits of optimization in all kinds of PV installations, which benefits installers as well as homeowners.”

In addition to an introduction to the new Tigo EI Residential Solution, Genera attendees can also learn more about the Tigo TS4 Flex MLPE platform. Company representatives will also participate in two panel discussions about the benefits of optimization on commercial and industrial (C&I) solar, which are scheduled to take place on Thursday, February 23 at 11:00 at the Technosun booth (8-8B22) and again at 13:00 at the Albasolar booth (nr 10-10G37). Both discussions will be moderated by Gianluca Pieralli, the Tigo Business Development Manager Iberia and Large Project Coordinator.

To learn more about the Tigo Flex MLPE product family and the Tigo EI Residential Solar Solution, please visit the Genera International Energy and Environment Fair (Ifema, Madrid) from February 21 to 23, 2023. To view a list of partners showcasing Tigo solutions or schedule an appointment with a Tigo representative ahead of time, please visit the Tigo scheduling page here.

About Tigo Energy
Founded in 2007, Tigo is a worldwide leader in the development and manufacture of smart hardware and software solutions that enhance safety, increase energy yield, and lower operating costs of residential, commercial, and utility-scale solar systems. Tigo combines its Flex MLPE (Module Level Power Electronics) and solar optimizer technology with intelligent, cloud-based software capabilities for advanced energy monitoring and control. Tigo MLPE products maximize performance, enable real-time energy monitoring, and provide code-required rapid shutdown at the module level. The company also develops and manufactures products such as inverters and battery storage systems for the residential solar-plus-storage market. For more information, please visit www.tigoenergy.com.

About DSP Solar
Founded in 2007, DSP Solar was born from the commitment with the society and the environment, given the incipient climate change. More than a decade later, many professionals in the sector guide their knowledge and good practices under the protection of the maximum “closeness and trust” to the personalized advice of each client, together with the after-sales technical service has led it to become a benchmark in the sector with a portfolio of more than 10,000 professional clients and 1 million items sold as of 2022.

About Grupo Noria
Grupo Noria is the purchasing center that provides service to a group of brands dedicated to the purchase, sale and distribution of electrical, climate, plumbing, telecommunications and renewable material. Among its associates, up to now, there are three outstanding brands: Novelec, Sinelec and Muntaner Electro. The main objective of Grupo Noria is to collaborate with its clients in improving their business processes, offering them a personalized service of the highest quality. The constant search for new and innovative solutions has led the company to offer a continuous improvement of its services, supporting lighting projects, air conditioning, home automation, automation, fluids, pipes, conductors, energy efficiency and VDI networks. The group was formalized in 2013 and has professionals with extensive experience in this sector. Today it works with an ambitious agenda to accelerate its growth, new commitments and entry into new markets. At the beginning of 2022, he joined UNEF as a result of its strategy of commitment to renewable energies. Grupo Noria has a dedicated team and resources that allow it to manage the service to its customers faster.

Gilberto Lembo
EMEA Marketing Manager at Tigo Energy
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• Reaffirming 2023 Adjusted EBITDA and FCFbG NRG standalone guidance
• Reported 2022 Full Year Net Income of $1.2 billion; lower than expected Adjusted EBITDA and FCFbG
• Closed Astoria land sale
• Vivint acquisition on track to close in the first quarter of 2023
• Providing enhanced disclosure on growth targets

HOUSTON--(BUSINESS WIRE)--NRG Energy, Inc. (NYSE: NRG) today reported full year 2022 Net Income of $1.2 billion, or $5.17 per diluted common share. Adjusted EBITDA for the full year 2022 was $1.8 billion, Net Cash Provided by Operating Activities was $0.4 billion, and Free Cash Flow Before Growth (FCFbG) was $0.6 billion.

“In 2022, NRG advanced many of our strategic priorities while also navigating a challenging business environment,” said Mauricio Gutierrez, NRG President and Chief Executive Officer. “Our core business is well-positioned for 2023, and I am confident in the value opportunity that essential home services represent for NRG and our customers.”

Fourth quarter Net Loss was $1.1 billion, $668 million lower than the fourth quarter of 2021. This was driven by the higher recovery of Winter Storm Uri mitigants in the fourth quarter of 2021, higher unrealized mark-to-market losses on economic hedges in the fourth quarter of 2022 primarily in the East, due to large movements in natural gas and power prices, and the gain on 4.8 GW of fossil generation asset sales in December 2021. This was partially offset by lower impairment losses in the fourth quarter of 2022 and higher income tax benefits.

Fourth quarter 2022 and 2021 Cash Used by Operating Activities were ($1.4) billion, primarily driven by decreases in collateral deposits received in support of risk management activities as a result of large movements in natural gas and power prices.

Segment Results

Fourth quarter Net Loss in the East of ($1.8) billion in 2022 and ($1.2) billion in 2021 were primarily driven by unrealized mark-to-market losses on economic hedges due to large movements in natural gas and power prices.

Texas: Fourth quarter Adjusted EBITDA was $200 million, $39 million higher than the fourth quarter of 2021. This increase was primarily driven by partial settlements of insurance claims related to the W.A. Parish and Limestone extended outages and increased margin rates. This was partially offset by higher supply costs as a result of Winter Storm Elliott in December 2022, and higher ancillary charges.

East: Fourth quarter Adjusted EBITDA was $180 million, $47 million lower than the fourth quarter of 2021. This decrease was driven by the December 2021 4.8 GW asset sales, PJM asset retirements, and estimated capacity performance net impact resulting from Winter Storm Elliott.

West/Services/Other: Fourth quarter Adjusted EBITDA was $55 million, $10 million higher than the fourth quarter of 2021. This increase was driven by higher gross margin from Cottonwood, including a positive impact from capacity performance, and was partially offset by the 4.8 GW asset sales.

Liquidity and Capital Resources

As of December 31, 2022, NRG's cash was $430 million, and $2.3 billion was available under the Company’s credit facilities. Total liquidity was $2.8 billion, which was $108 million higher than December 31, 2021.

NRG Strategic Developments

Vivint Smart Home Acquisition

On December 6, 2022, NRG and Vivint Smart Home, Inc. (Vivint) announced the entry into a definitive agreement under which the Company will acquire Vivint, a smart home platform company, in an all-cash transaction. The acquisition accelerates the realization of NRG’s consumer-focused growth strategy and creates a leading essential home services platform fueled by market-leading brands, unparalleled insights, proprietary technologies, and complementary sales channels. The Company expects to achieve $100 million in cost synergies and $300 million in revenue synergies/growth through cross-selling, channel optimization, and continued base business growth by 2025.

The Company will pay $12 per share, or approximately $2.8 billion in cash, and expects to fund the acquisition using proceeds from newly issued debt and preferred equity, drawing on its Revolving Credit Facility and Receivables Securitization Facilities, and through cash on hand. Additionally, NRG increased its Revolving Credit Facility by $600 million in February 2023 to meet the additional liquidity requirements related to the acquisition. Close of the acquisition is targeted for the first quarter of 2023 and is subject to customary closing conditions.

In connection with the merger agreement, NRG entered into a commitment letter for a senior secured 364-day bridge term loan facility in a principal amount not to exceed $2.1 billion for the purposes of financing the Vivint acquisition, paying fees and expenses in connection with the acquisition, and certain other third-party payments in respect of arrangements of Vivint.

Sale of Astoria

On January 6, 2023, NRG closed on the sale of land and related assets from the Astoria site, within the East region of operations, for net proceeds of $209 million. As part of the transaction, NRG entered into an agreement to lease the land back for the purpose of operating the Astoria gas turbines through the planned April 30, 2023 retirement date. The operating lease agreement is expected to end six months after the facility's actual retirement date.

W.A. Parish Extended Outage

In May 2022, W.A. Parish Unit 8 came offline as a result of damage to the steam turbine/generator. Based on work completed to date, NRG is targeting to return the unit to service by the end of the second quarter of 2023. The Company is working with its insurers related to claims surrounding the outage and has received partial settlements in the fourth quarter of 2022.

Reaffirming 2023 Guidance

NRG is reaffirming its standalone Adjusted EBITDA and FCFbG guidance for 2023 as set forth below.

Capital Allocation Update

As part of NRG’s long-term capital allocation plan, the return of capital to shareholders during the twelve months ending December 31, 2022 was comprised of the annual dividend of $1.40 per share, or $332 million, and share repurchases of $606 million at an average price of $40.50 per share, for a total amount of capital returned to shareholders of $938 million in 2022. The Company’s $1 billion share repurchase program began with $39 million of shares repurchased in December of 2021, resulting in $645 million of shares repurchased under that program to date. The program is expected to be completed in 2023, subject to availability of cash and full visibility of the achievement of the Company’s 2023 targeted credit metrics.

In 2023, the Company expects to use its excess free cash flow to fund the Vivint acquisition, reduce acquisition-related debt, and maintain its common stock dividend. In addition, NRG is targeting additional asset sales with projected proceeds, net of any required deleveraging, of $500 million during 2023. Following the completion of the Vivint acquisition, the Company plans to update 2023 capital allocation.

NRG is committed to maintaining a strong balance sheet and credit ratings, and remains focused on achieving investment grade credit metrics. The Company expects to achieve 2.50x to 2.75x corporate net debt to adjusted EBITDA by late 2025 or 2026, which will be primarily achieved through debt reduction and the realization of growth initiatives.

On January 20, 2023, NRG declared a quarterly dividend on the Company's common stock of $0.3775 per share, or $1.51 per share on an annualized basis. This dividend represents an 8% increase from the prior year, which is in line with the Company’s previously announced dividend growth rate target of 7% to 9% per year.

Earnings Conference Call

On February 16, 2023, NRG will host a conference call at 9:00 a.m. Eastern (8:00 a.m. Central) to discuss these results. Investors, the news media and others may access the live webcast of the conference call and accompanying presentation materials by logging on to NRG’s website at http://www.nrg.com and clicking on “Investors” then "Presentations & Webcasts." The webcast will be archived on the site for those unable to listen in real-time.

About NRG

NRG Energy is a leading energy and home services company powered by people and our passion for a smarter, cleaner, and more connected future. A Fortune 500 company operating in the United States and Canada, NRG delivers innovative solutions that help people, organizations, and businesses achieve their goals while also advocating for competitive energy markets and customer choice. More information is available at www.nrg.com. Connect with NRG on Facebook and LinkedIn, and follow us on Twitter, @nrgenergy.

Forward-Looking Statements

In addition to historical information, the information presented in this press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act. These statements involve estimates, expectations, projections, goals, assumptions, known and unknown risks and uncertainties and can typically be identified by terminology such as “may,” “should,” “could,” “objective,” “projection,” “forecast,” “goal,” “guidance,” “outlook,” “expect,” “intend,” “seek,” “plan,” “think,” “anticipate,” “estimate,” “predict,” “target,” “potential” or “continue” or the negative of these terms or other comparable terminology. Such forward-looking statements include, but are not limited to, statements about the Company’s future revenues, income, indebtedness, capital structure, plans, expectations, objectives, projected financial performance and/or business results and other future events, and views of economic and market conditions.

Although NRG believes that its expectations are reasonable, it can give no assurance that these expectations will prove to be correct, and actual results may vary materially. Factors that could cause actual results to differ materially from those contemplated herein include, among others, general economic conditions, hazards customary in the power industry, weather conditions and extreme weather events, competition in wholesale power and gas markets, the volatility of energy and fuel prices, failure of customers or counterparties to perform under contracts, changes in the wholesale power and gas markets, our ability to execute our market operations strategy, unanticipated outages at our generation facilities, changes in government or market regulations, the condition of capital markets generally, our ability to access capital markets, failure to identify, execute or successfully implement acquisitions or asset sales, our ability to achieve our net debt targets, our ability to achieve or maintain investment grade credit metrics, the potential impact of COVID-19 or any other pandemic on the Company’s operations, financial position, risk exposure and liquidity, data privacy, cyberterrorism and inadequate cybersecurity, adverse results in current and future litigation, our ability to implement value enhancing improvements to plant operations and companywide processes, our ability to proceed with projects under development or the inability to complete the construction of such projects on schedule or within budget, the inability to maintain or create successful partnering relationships, our ability to operate our business efficiently, our ability to retain retail customers, the ability to successfully integrate businesses of acquired companies, including Direct Energy, our ability to realize anticipated benefits of transactions (including expected cost savings and other synergies) or the risk that anticipated benefits may take longer to realize than expected, and our ability to execute our Capital Allocation Plan. Achieving investment grade credit metrics is not an indication of or guarantee that the Company will receive investment grade credit ratings. Debt and share repurchases may be made from time to time subject to market conditions and other factors, including as permitted by United States securities laws. Furthermore, any common stock dividend is subject to available capital and market conditions.

NRG undertakes no 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. The adjusted EBITDA, adjusted cash flow from operations and free cash flow guidance are estimates as of February 16, 2023. These estimates are based on assumptions the company believed to be reasonable as of that date. NRG disclaims any current intention to update such guidance, except as required by law. The foregoing review of factors that could cause NRG’s actual results to differ materially from those contemplated in the forward-looking statements included in this press release should be considered in connection with information regarding risks and uncertainties that may affect NRG's future results included in NRG's filings with the Securities and Exchange Commission at www.sec.gov.