DALLAS--(BUSINESS WIRE)--Matador Resources Company (NYSE: MTDR) (“Matador” or the “Company”) today announced plans to release fourth quarter and full year 2022 operational and financial results after the close of trading on Tuesday, February 21, 2023. Management will also host a live conference call on Wednesday, February 22, 2023 at 10:00 a.m. Central Time to review fourth quarter and full year 2022 financial results and operational highlights and the $1.6 billion strategic bolt-on acquisition of Advance Energy Partners Holdings, LLC, which is expected to close early in the second quarter of 2023. Matador also expects to release its full year 2023 operational and financial guidance in conjunction with this earnings release.

To access the live conference call by phone, you can use the following link https://register.vevent.com/register/BI7729c95d8e704d7c898ad682abf857dd and you will be provided with dial in details. To avoid delays, it is recommended that participants dial into the conference call fifteen minutes ahead of the scheduled start time.

The live conference call will also be available through the Company’s website at www.matadorresources.com on the Events and Presentations page under the Investor Relations tab. The replay for the event will be available on the Company’s website at www.matadorresources.com on the Events and Presentations page under the Investor Relations tab for one year.

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.

Mac Schmitz
Vice President – Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
(972) 371-5225

UMO divestiture significantly streamlines business, improving focus on conventional fuels refining operations and initial renewable diesel production operations at Mobile, AL facility

Net proceeds of $85 million provide substantial liquidity to improve balance sheet health, as well as pursue incremental organic investment opportunities

HOUSTON--(BUSINESS WIRE)--Vertex Energy, Inc. (NASDAQ:VTNR) ("Vertex" or the "Company"), a leading specialty refiner and marketer of high-quality refined products, today announced that it has sold its Heartland used motor oil collection and recycling business to a wholly owned subsidiary of GFL Environmental, Inc. ("GFL"), for total cash consideration of $90 million. The transaction was completed pursuant to the entry into a sale and purchase agreement which closed at the time of signing, on February 1, 2023.

Under the terms of the transaction, GFL acquired Vertex’s 20 million gallon per year Heartland used motor oil (UMO) refinery in Ohio and the associated Heartland UMO collections business.

STRATEGIC RATIONALE

• Transaction facilitates continued improvement of balance sheet health. After fees, total net cash proceeds from the transaction are approximately $85 million. The Company may use some of the transaction proceeds to reduce outstanding debt on its balance sheet.
• Transaction supports capital deployment into higher-return energy transition opportunities. This transaction positions Vertex to redeploy capital into energy transition assets of scale. Vertex continues to examine potential investment opportunities across the sustainable fuels sector, including further development of its renewable diesel production business, as well as potential new opportunities in the rapidly growing Sustainable Aviation Fuel (SAF) market. Management believes the transition to the production of lower-carbon, sustainable fuels and products represents an attractive investment opportunity that positions the Company to achieve meaningful growth in Adjusted EBITDA and free cash flow long-term.
• Transaction enhances strategic and operational focus on its core refining operations. Vertex believes the resulting streamlined asset footprint will enable further operational focus and enhanced efficiencies throughout the Company. The improved operational focus on the Mobile refining facility comes almost concurrently with anticipated mechanical completion and subsequent start-up of initial renewable diesel production which is currently expected to be completed in the second quarter 2023.

Management Commentary

"We believe that the divestiture of our used motor oil business at Heartland, while a significant element of our Company’s history and roots, will reflect another step forward in the greater transformation of our business into an energy transition story of scale. We expect that this transaction will serve us well by enabling the improvement of our balance sheet health, while adding strategic value through the streamlining of our operations. We remain highly focused on the execution of our conventional fuels refining strategy and the development of a large-scale, sustainable fuels production business longer-term. Make no mistake, we are committed to our remaining legacy business, coupled with our new investments in the Mobile refinery and the Gulf Coast, a key pathway to our greater energy transition strategy," stated Benjamin P. Cowart, President and CEO of Vertex.

ADVISORS

Houlihan Lokey served as financial advisor to Vertex, and Stroock & Stroock & Lavan LLP served as legal counsel to Vertex for the transaction.

MORE INFORMATION

Further information regarding the transaction is included in the Current Report on Form 8-K which Vertex plans to file today with the Securities and Exchange Commission.

ABOUT VERTEX ENERGY

Houston-based Vertex Energy, Inc. (NASDAQ: VTNR), is an energy transition company focused on the production and distribution of conventional and alternative fuels. Vertex owns a refinery in Mobile (AL) with an operable refining capacity of 75,000 barrels per day and more than 3.2 million barrels of product storage, positioning it as a leading supplier of fuels in the region. Vertex is also one of the largest processors of used motor oil in the U.S., with operations located in Houston and Port Arthur (TX), and Marrero (LA). Vertex also owns a facility, Myrtle Grove, located on a 41-acre industrial complex along the Gulf Coast in Belle Chasse, LA, with existing hydroprocessing and plant infrastructure assets, that include nine million gallons of storage. The Company has built a reputation as a key supplier of base oils to the lubricant manufacturing industry throughout North America.

FORWARD-LOOKING STATEMENTS

Certain of the matters discussed in this communication which are not statements of historical fact constitute forward-looking statements within the meaning of the securities laws, including the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. Words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “would,” “will,” “estimates,” “intends,” “projects,” “goals,” “targets” and other words of similar meaning are intended to identify forward-looking statements but are not the exclusive means of identifying these statements. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. The important factors that may cause actual results and outcomes to differ materially from those contained in such forward-looking statements include, without limitation, the benefits to the Company of the transaction discussed above, the Company’s ability to raise sufficient capital to complete future capital projects and the terms of such funding, to the extent necessary; the estimates of the impact of recent events on fourth quarter revenue, EBITDA and cash flow; the timing of planned capital projects at the Company’s Mobile Refinery and the outcome thereof and downtime associated with such projects; the future production of the Mobile Refinery; the estimated timeline of the renewable diesel capital project at the Mobile Refinery, estimated and actual production associated therewith, estimated revenues over the course of the agreement with Idemitsu, anticipated and unforeseen events which could reduce future production at the refinery or delay planned capital projects, changes in commodity and credits values, and certain early termination rights associated with the Idemitsu agreement and conditions precedent to such agreement; certain mandatory redemption provisions of the outstanding senior convertible notes, the conversion rights associated therewith, and dilution caused by such conversions; the Company’s ability to comply with required covenants under outstanding senior notes and a term loan and pay amounts due under such senior notes and term loan, including interest and other amounts due thereunder; the ability of the Company to retain and hire key personnel; risks associated with the ability of Vertex to complete current plans for expansion and growth, and planned capital projects; the level of competition in our industry and our ability to compete; our ability to respond to changes in our industry; the loss of key personnel or failure to attract, integrate and retain additional personnel; our ability to protect our intellectual property and not infringe on others’ intellectual property; our ability to scale our business; our ability to maintain supplier relationships and obtain adequate supplies of feedstocks; our ability to obtain and retain customers; our ability to produce our products at competitive rates; our ability to execute our business strategy in a very competitive environment; trends in, and the market for, the price of oil and gas and alternative energy sources; the impact of inflation on margins and costs; the volatile nature of the prices for oil and gas caused by supply and demand, including volatility caused by the ongoing Ukraine/Russia conflict, increased interest rates, recessions and increased inflation; our ability to maintain our relationships with our partners; the impact of competitive services and products; the outcome of pending and potential future litigation, judgments and settlements; rules and regulations making our operations more costly or restrictive; changes in environmental and other laws and regulations and risks associated with such laws and regulations; economic downturns both in the United States and globally, increases in inflation and interest rates, increased costs of borrowing associated therewith and potential declines in the availability of such funding; risk of increased regulation of our operations and products; disruptions in the infrastructure that we and our partners rely on; interruptions at our facilities; unexpected changes in our anticipated capital expenditures resulting from unforeseen and expected required maintenance, repairs, or upgrades; our ability to acquire and construct new facilities; our ability to effectively manage our growth; decreases in global demand for, and the price of, oil, due to COVID-19, state, federal and foreign responses thereto, inflation, recessions or other reasons, including declines in economic activity or global conflicts; our ability to acquire sufficient amounts of used oil feedstock through our collection routes, to produce finished products, and in the absence of such internally collected feedstocks, and our ability to acquire third-party feedstocks on commercially reasonable terms; expected and unexpected downtime at our facilities; risks associated with COVID-19, the global efforts to stop the spread of COVID-19, and COVID-19 in general; anti-dilutive rights associated with our outstanding securities; our level of indebtedness, which could affect our ability to fulfill our obligations, impede the implementation of our strategy, and expose us to interest rate risk; dependence on third party transportation services and pipelines; risks related to obtaining required crude oil supplies, and the costs of such supplies; counterparty credit and performance risk; unanticipated problems at, or downtime effecting, our facilities and those operated by third parties; risks relating to our hedging activities; and risks relating to future divestitures and acquisitions. Other important factors that may cause actual results and outcomes to differ materially from those contained in the forward-looking statements included in this communication are described in the Company’s publicly filed reports, including, but not limited to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, and the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 and future Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q. These reports are available at www.sec.gov. The Company cautions that the foregoing list of important factors is not complete. All subsequent written and oral forward-looking statements attributable to the Company or any person acting on behalf of the Company are expressly qualified in their entirety by the cautionary statements referenced above. Other unknown or unpredictable factors also could have material adverse effects on Vertex’s future results. The forward-looking statements included in this press release are made only as of the date hereof. Vertex cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, Vertex undertakes no obligation to update these statements after the date of this release, except as required by law, and takes no obligation to update or correct information prepared by third parties that are not paid for by Vertex. If we update one or more forward-looking statements, no inference should be drawn that we will make additional updates with respect to those or other forward-looking statements.

INVESTOR
John Ragozzino Jr., CFA (ICR)
This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--Enterprise Products Partners L.P. (“Enterprise”) (NYSE: EPD) today announced its financial results for the three months and year ended December 31, 2022.

Year Ended 2022 Results

Enterprise reported net income attributable to common unitholders of $5.5 billion, or $2.50 per unit on a fully diluted basis for 2022, compared to $4.6 billion, or $2.10 per unit on a fully diluted basis for 2021. Net income for 2022 and 2021 was reduced by non-cash, asset impairment charges of approximately $53 million, or $0.02 per fully diluted unit, and $233 million, or $0.11 per fully diluted unit, respectively.

Distributable Cash Flow (“DCF”) increased 17 percent to $7.8 billion for 2022 compared to $6.6 billion for 2021. DCF provided 1.9 times coverage of the distributions declared with respect to 2022. Enterprise retained $3.6 billion of DCF in 2022 to reinvest in the partnership, repurchase partnership units, and reduce debt. Distributions declared with regard to 2022 increased 5 percent to $1.905 per common unit, compared to distributions declared for 2021, marking the partnership’s 24^th consecutive year of distribution growth.

Adjusted cash flow provided by operating activities (“Adjusted CFFO”), increased 13 percent to $8.1 billion for 2022 compared to $7.1 billion for 2021. Enterprise’s payout ratio of distributions to common unitholders and partnership unit buybacks was 54 percent of Adjusted CFFO in 2022. Adjusted Free Cash Flow (“Adjusted FCF”) was $3.0 billion for 2022. Excluding $3.2 billion used for the acquisition of Navitas Midstream Partners, LLC (“Navitas Midstream”) in February 2022, the partnership’s payout ratio of Adjusted FCF was 71 percent for 2022.

“We are extremely proud and grateful for the teamwork and contribution of our 7,200 employees to Enterprise’s record performance in 2022,” said A. J. “Jim” Teague, co-chief executive officer of Enterprise’s general partner. “We established 25 safety, operating and financial records in 2022.”

“The partnership’s performance was generated by record volumes across many of our assets, higher margins in our natural gas processing and octane enhancement businesses, and contributions from our acquisition of Navitas Midstream. This acquisition was immediately accretive to Enterprise’s cash flow per unit and has exceeded our expectations. We also increased the value of our partnership in 2022 by investing $1.6 billion in organic growth projects and asset purchases and strengthened our balance sheet by repurchasing $250 million of our common units on the open market while reducing the principal amount of our debt by $1.3 billion,” continued Teague.

Fourth Quarter and Full Year 2022 Financial Highlights

• Enterprise increased its cash distribution 5.4 percent to $0.49 per common unit with respect to the fourth quarter of 2022 compared to the distribution declared with respect to the fourth quarter of 2021. The distribution will be paid on February 14, 2023, to common unitholders of record as of the close of business on January 31, 2023.

• DCF for the fourth quarter of 2022 was $2.0 billion, which provided 1.9 times coverage of the $0.49 per common unit cash distribution. Enterprise retained $956 million of DCF in the fourth quarter of 2022.

• Adjusted CFFO for the fourth quarter of 2022 was a record $2.1 billion compared to $1.8 billion for the same quarter in 2021. Adjusted FCF was $1.4 billion for both the fourth quarters of 2022 and 2021.

• Capital investments in the fourth quarter of 2022 were $763 million, which included $160 million for purchases of approximately 580 miles of pipelines and related assets and $138 million of sustaining capital expenditures. Total capital investments for 2022 were $5.2 billion, including $3.2 billion for the acquisition of Navitas Midstream, $1.4 billion of investments in growth capital projects, $160 million for purchases of pipelines and related assets and $372 million of sustaining capital expenditures.

• During the fourth quarter of 2022, Enterprise purchased $120 million of its common units in the open market, bringing the total amount of common unit buybacks during 2022 to $250 million. Including these purchases in 2022, the partnership has utilized 37 percent of its authorized $2.0 billion unit buyback program. In addition, the partnership’s distribution reinvestment and employee unit purchase plans purchased $41 million and $164 million of Enterprise common units on the open market during the fourth quarter and the full year 2022, respectively.

Fourth Quarter and Full Year 2022 Volume Highlights

“Enterprise finished 2022 with a solid fourth quarter, reporting record total gross operating margin. Our quarterly results were driven by record total pipeline transportation volumes of 11.5 million BPD, on a barrel equivalent basis, higher NGL and natural gas pipeline transportation volumes, higher natural gas processing margins and increased fee-based gas processing volumes. Our Midland Basin gathering and processing assets we acquired in February 2022 continued to produce solid results this quarter,” stated Teague.

“During the quarter, we opportunistically purchased approximately 580 miles of pipeline and related assets that enables us to cost effectively optimize and expand our NGL and petrochemical pipeline systems on the Texas Gulf Coast. The partnership has $3.6 billion of assets under construction that are scheduled to be completed and begin commercial operations in 2023. These major projects include our second facility to convert propane into polymer grade propylene (PDH 2), two natural gas processing plants in the Permian basin and a twelfth NGL fractionator at our Chambers County complex. These projects are underwritten by long-term agreements and will provide new sources of cash flow for the partnership,” said Teague.

“We began 2023 by successfully issuing a total of $1.75 billion of 3-year and 10-year notes, which effectively refinances $1.25 billion of debt maturities and should satisfy our remaining long-term funding needs for the year. We thank our debt investors for their consistent support over the years. We also increased our fourth quarter distribution that will be paid later this month by 5.4 percent compared to the distribution paid a year ago. In July, Enterprise will celebrate the 25th anniversary of our initial public offering. The partnership is on track to accomplish another significant financial milestone in 2023: 25 consecutive years of distribution growth,” continued Teague.

“We embark on this new year with one of the strongest balance sheets in our history. This provides Enterprise the financial flexibility to invest in new growth opportunities and to help weather unforeseen macro-economic challenges. Since our initial public offering, our financial goals have remained the same: to responsibly invest in the growth of the partnership to provide our partners with a growing and resilient stream of cash distributions and increase the long-term value of the partnership. With the support of our employees, customers, suppliers and investors, we look forward to the year ahead,” concluded Teague.

Review of Fourth Quarter 2022 Segment Performance

Enterprise reported record total gross operating margin of $2.4 billion for the fourth quarter of 2022, a 13 percent increase over $2.1 billion of total gross operating margin reported for the fourth quarter of 2021. Gross operating margin for the fourth quarter of 2022 included net non-cash, mark-to-market (“MTM”) losses of $32 million, compared to net non-cash MTM losses of $59 million reported for the fourth quarter of 2021. Below is a summary review of each business segment’s performance.

NGL Pipelines & Services – Gross operating margin for the NGL Pipelines & Services segment increased 17 percent to $1.3 billion for the fourth quarter of 2022 compared to $1.1 billion for the fourth quarter of 2021.

Enterprise’s natural gas processing and related NGL marketing business reported gross operating margin of $459 million for the fourth quarter of 2022, a 58 percent increase over gross operating margin of $291 million for the fourth quarter of 2021. Gross operating margin for the fourth quarters of 2022 and 2021 included non-cash, MTM losses of $40 million and $50 million, respectively. Total fee-based natural gas processing volumes increased to a record 5.4 Bcf/d in the fourth quarter of 2022 compared to 4.0 Bcf/d for the fourth quarter of 2021. Equity NGL-equivalent production volumes increased to 173 MBPD this quarter from 158 MBPD for the same quarter of 2021.

The partnership’s Midland Basin natural gas processing facility, acquired in February 2022, contributed $76 million of gross operating margin in the fourth quarter of 2022 on 977 MMcf/d of fee-based natural gas processing volumes and 53 MBPD of equity NGL-equivalent production volumes. The partnership’s Delaware Basin natural gas processing facilities generated $76 million of gross operating margin this quarter compared to $71 million for the same quarter of 2021. The $5 million net increase was primarily due to higher average processing margins, including the impact of hedging activities, higher average processing fees, and a 208 MMcf/d increase in fee-based natural gas processing volumes, partially offset by an 18 MBPD decrease in equity NGL-equivalent volumes and higher operating costs.

Gross operating margin from Enterprise’s South Texas natural gas processing facilities increased $14 million for the fourth quarter of 2022 compared to the fourth quarter of 2021, primarily due to higher average processing margins, including the impact of hedging activities. Fee-based natural gas processing volumes at these facilities increased 208 MMcf/d for the fourth quarter of 2022 compared to the fourth quarter of 2021.

Gross operating margin from Enterprise’s natural gas processing facilities in Louisiana and Mississippi decreased $18 million this quarter compared to the same quarter last year, primarily due to lower average processing margins. Total fee-based natural gas processing volumes at these facilities increased by 52 MMcf/d for the fourth quarter of 2022 compared to the fourth quarter of 2021. The weighted-average indicative NGL price for the fourth quarter of 2022 was $0.69 per gallon compared to $0.89 per gallon for the fourth quarter of 2021.

Gross operating margin from NGL marketing activities increased $84 million for the fourth quarter of 2022 compared to the fourth quarter of 2021, primarily due to higher average sales margins and higher non-cash, MTM earnings, partially offset by lower sales volumes.

Gross operating margin from the partnership’s NGL pipelines and storage business increased to $646 million for the fourth quarter of 2022 from $572 million for the fourth quarter of 2021. NGL pipeline transportation volumes increased to 3.9 million BPD this quarter from 3.5 million BPD for the same quarter in 2021. NGL marine terminal volumes increased to 751 MBPD for the fourth quarter of 2022 compared to 651 MBPD for the same quarter of 2021.

Gross operating margin from the partnership’s Eastern ethane pipelines, which include its ATEX and Aegis pipelines, increased a combined $34 million for the fourth quarter of 2022 compared to the fourth quarter of 2021, primarily due to a 22 MBPD increase in transportation volumes on the ATEX Pipeline and higher average transportation fees.

A number of Enterprise’s NGL pipelines, including the Mid-America and Seminole NGL Pipeline Systems, Chaparral NGL Pipeline, and Shin Oak NGL Pipeline, serve the Permian Basin and Rocky Mountain regions. On a combined basis, gross operating margin from these pipelines increased a net $9 million, primarily due to an 84 MBPD, net to our interest, increase in aggregate transportation volumes, partially offset by higher utility and other operating costs.

The partnership’s Dixie NGL pipeline contributed $7 million to the quarterly increase in gross operating margin, primarily due to a 33 MBPD increase in transportation volumes for the fourth quarter of 2022 versus the same quarter in 2021. The partnership’s Morgan’s Point Ethane Export Terminal reported a $10 million increase in gross operating margin this quarter compared to the same quarter last year, primarily due to higher average loading fees.

Enterprise’s NGL fractionation business reported gross operating margin of $189 million for the fourth quarter of 2022 compared to $246 million for the fourth quarter of 2021. Total NGL fractionation volumes were 1.3 million BPD for both the fourth quarters of 2022 and 2021.

Gross operating margin from Enterprise’s NGL fractionation complex in Chambers County, Texas decreased $55 million for the fourth quarter of 2022 compared to the same quarter in 2021, primarily due to lower average fractionation fees, lower ancillary service revenues and a 20 MBPD, net to our interest, decrease in fractionation volumes.

Crude Oil Pipelines & Services – Gross operating margin from the Crude Oil Pipelines & Services segment was $418 million for the fourth quarter of 2022 versus $438 million for the fourth quarter of 2021. Included in gross operating margin are non-cash, MTM gains of $8 million in the fourth quarter of 2022 compared to non-cash, MTM losses of $3 million in the fourth quarter of 2021. Total crude oil pipeline transportation volumes were 2.3 million BPD for both the fourth quarters of 2022 and 2021. Total crude oil marine terminal volumes increased 16 percent to 756 MBPD for the fourth quarter of 2022 from 649 MBPD for the fourth quarter of 2021.

Gross operating margin from Enterprise’s EFS Midstream System decreased $70 million for the fourth quarter of 2022 compared to the fourth quarter of 2021, primarily due to lower deficiency fees as a result of the expiration of minimum volume commitments associated with certain long-term gathering agreements entered into at the time Enterprise acquired the system in July 2015. The EFS Midstream System will continue to transport volumes produced from dedicated acreage through the remaining term of these agreements.

Enterprise’s share of gross operating margin from the Seaway Pipeline decreased $18 million for the fourth quarter of 2022 compared to the same quarter in 2021, primarily due to lower transportation revenues and higher utility and other operating costs.

Gross operating margin from the partnership’s West Texas Pipeline System increased $31 million this quarter compared to the same quarter in 2021, primarily due to higher ancillary service and other revenues. Transportation volumes decreased 7 MBPD for the fourth quarter of 2022 compared to the fourth quarter of 2021 on this pipeline system.

Gross operating margin from crude oil activities at the Enterprise Houston Terminal (“EHT”) and the partnership’s Beaumont Marine West Terminal increased a combined $13 million for the fourth quarter of 2022, compared to the fourth quarter of 2021, primarily due to higher storage and other fee revenues. Loading and unloading volumes increased a combined 96 MBPD for the fourth quarter of 2022 compared to the fourth quarter of 2021.

Gross operating margin from crude oil marketing activities, excluding Midland-to-ECHO activities, increased $32 million, primarily due to higher average sales margins and higher non-cash, MTM earnings.

Natural Gas Pipelines & Services – Gross operating margin for the Natural Gas Pipelines & Services segment increased to $315 million for the fourth quarter of 2022 compared to $195 million for the fourth quarter of 2021. Total natural gas transportation volumes were a record 17.6 TBtus/d for the fourth quarter of 2022 compared to 14.6 TBtus/d for the same quarter in 2021.

Gross operating margin from the partnership’s Texas Intrastate System increased $34 million for the fourth quarter of 2022 compared to the fourth quarter of 2021, primarily due to higher average transportation fees. Transportation volumes for the Texas Intrastate System increased 407 BBtus/d to 5.6 TBtus/d for the fourth quarter of 2022.

Enterprise’s Permian Basin natural gas gathering systems reported a combined $20 million increase in gross operating margin for the fourth quarter of 2022 compared to the same quarter in 2021. The Midland Basin Gathering System, acquired in February 2022, generated $15 million of gross operating margin in the fourth quarter of 2022 on gathering volumes of 1.3 TBtus/d. Increased earnings from condensate sales contributed to a $5 million increase in gross operating margin from the Delaware Basin Gathering System for the fourth quarter of 2022 versus the fourth quarter of 2021.

On a combined basis, gross operating margin from the partnership’s Jonah Gathering System, Piceance Basin Gathering System, and San Juan Gathering System in the Rocky Mountains increased $9 million for the fourth quarter of 2022 compared to the fourth quarter of 2021, primarily due to higher average gathering fees. Gathering volumes on these systems decreased a combined 94 BBtus/d for the fourth quarter of 2022 compared to the same quarter of 2021.

Gross operating margin from Enterprise’s natural gas marketing business increased $60 million during the fourth quarter of 2022 versus the same quarter in 2021, primarily due to higher average sales margins.

Petrochemical & Refined Products Services – Gross operating margin for the Petrochemical & Refined Products Services segment was $339 million for the fourth quarter of 2022 compared to $338 million for the fourth quarter of 2021. Total segment pipeline transportation volumes were 740 MBPD for the fourth quarter of 2022 compared to 704 MBPD for the fourth quarter of 2021. Marine terminal volumes were 215 MBPD for the fourth quarter of 2022 versus 207 MBPD for the same quarter in 2021.

The partnership’s propylene production and related activities reported a $99 million decrease in gross operating margin to $90 million for the fourth quarter of 2022. Total propylene production volumes were 89 MBPD in the fourth quarter of 2022 compared to 105 MBPD in the fourth quarter of 2021. Gross operating margin from Enterprise’s Chambers County propylene production facilities decreased $95 million, primarily due to lower average propylene sales margins and volumes, and lower average processing fees. Propylene and associated by-product production volumes at these facilities decreased 17 MBPD this quarter versus the fourth quarter of 2021. The partnership’s PDH 1 facility was down for approximately 44 days during the fourth quarter of 2022 for planned and unplanned maintenance.

Enterprise’s octane enhancement and related businesses reported a $58 million net increase in gross operating margin for the fourth quarter of 2022 compared to the fourth quarter of 2021, primarily due to higher average sales margins and volumes, partially offset by higher utility and other operating costs.

Enterprise’s refined products pipelines and related activities reported a $23 million net increase in gross operating margin for the fourth quarter of 2022 compared to the fourth quarter of 2021, primarily due to higher average sales margins from refined products marketing activities and higher transportation revenues on a 37 MBPD increase in transportation volumes, partially offset by higher operating costs from our refined products pipelines and product terminals.

Gross operating margin for the marine transportation and other services business increased $10 million for the fourth quarter of 2022, compared to the fourth quarter of 2021, primarily due to higher average fees and fleet utilization rates.

Capitalization

Total debt principal outstanding at December 31, 2022 was $28.6 billion, including $2.3 billion of junior subordinated notes, to which the debt rating agencies ascribe partial equity content. At December 31, 2022, Enterprise had consolidated liquidity of approximately $4.1 billion, comprised of available borrowing capacity under its revolving credit facilities and unrestricted cash on hand.

Capital Investments

Total capital investments in the fourth quarter of 2022 were $763 million, which included $465 million for growth capital projects, $160 million for purchases of 580 miles of pipelines and related assets and $138 million of sustaining capital expenditures. Total capital investments in 2022 were $5.2 billion, which included $3.4 billion for the acquisition of Navitas Midstream and purchases of assets, $1.4 billion for investments in growth capital projects and $372 million of sustaining capital expenditures.

For 2023, we expect growth capital investments to be approximately $2.3 billion to $2.5 billion and sustaining capital expenditures to be approximately $400 million.

2022 K-1 Tax Packages

The Enterprise K-1 tax packages are expected to be made available online through our website at www.enterpriseproducts.com on or before February 28, 2023. The mailing of the tax packages is currently expected to be completed by March 7, 2023.

Conference Call to Discuss Fourth Quarter 2022 Earnings

Enterprise will host a conference call today to discuss fourth quarter 2022 earnings. The call will be broadcast live over the Internet beginning at 9:00 a.m. (CT) and may be accessed by visiting the partnership’s website at www.enterpriseproducts.com.

Use of Non-GAAP Financial Measures

This press release and accompanying schedules include the non-GAAP financial measures of total gross operating margin, Adjusted CFFO, FCF, Adjusted FCF, DCF and Adjusted EBITDA.

Randy Burkhalter, Vice President, Investor Relations, (713) 381-6812
Rick Rainey, Vice President, Media Relations, (713) 381-3635

The industry leader in oil and gas back office transactional accounting services adds important capability to become premier full service back office provider.

SAN ANTONIO & OKLAHOMA CITY--(BUSINESS WIRE)--PetroLedger Financial Services, LLC. (“PetroLedger”) today announced the acquisition of Oklahoma City-based oil and gas land management and accounting firm, Associated Resources, Inc. (“ARI”), as an expansion of its strategic transactional accounting services for the energy market.

"We are thrilled to welcome Associated Resources to the PetroLedger family," said Chad Smith, Partner at PetroLedger. "The combination of their high-quality land services and our premier transaction accounting creates a full-service offering for our current and potential clients. This acquisition is a natural extension of our current business and will enable us to better serve our existing clients and continue to grow our business.”

“Land administration services is a natural progression for PetroLedger as our current and potential clients continue to ask for help to support their operational needs,” continued Smith. “With our broad product offering, operators can be assured that in one-stop, all of their outsourcing needs will be met. Our industry is increasingly losing experienced professionals who are retiring, and due to concerns about the future of our industry, fewer young professionals see a career in oil and gas. PetroLedger is heavily investing in people, training, and technology while also opening offices in new markets. We are committed to supporting the hard-working individuals in our industry,” concluded Smith.

“To find a buyer in PetroLedger who believes in the power of what we do and the people we work with was paramount in our decision to sell,” said Brandan Ward, Partner at ARI. “We believe their attitude to put the client first by investing in their people honors the brand we built over the last 30 years. Our hard-working clients and friends in the oil and gas industry deserve a reputable and diligent partner to support all their needs, and now PetroLedger can do that across land administration.”

PetroLedger, headquartered in San Antonio, is a nationwide leader in providing transaction services for the oil and gas industry. We focus on people and process, making sure the right person is doing the right work at the right time. Supported by over 125 employees across the nation, we support a full suite of transactions services, gas plant settlements, division orders, mineral interest management and regulatory requirements. To learn more about our mission, vision and values, and see where PetroLedger can take your company, visit us at petro-ledger.com.

Jordan Driskell at 210-903-0500
This email address is being protected from spambots. You need JavaScript enabled to view it.

NEW YORK & OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)--FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, will publish a press release detailing fourth quarter and full year 2022 results and conduct a conference call on February 27, 2023.

The fourth quarter and full year 2022 press release will be issued by 6:00 am U.S. Eastern Standard Time (12:00 pm Central European Time). The conference call is scheduled to begin at 7:30 am U.S. Eastern Standard Time (1:30 pm Central European Time).

To access the conference call, listeners should contact the conference call operator at the appropriate number listed below approximately 10 minutes prior to the start of the call.

Participant conference call dial-in numbers:

United Kingdom: 020 3936 2999
United States: 1 (646) 664 1960
All other locations: +44 20 3936 2999

The participant passcode for the call is: 649807

A webcast of the conference call will be broadcast simultaneously at https://streams.eventcdn.net/freyer/freyr-battery-q4-2022-earnings-conference-call on a listen-only basis. Please log in at least 10 minutes in advance to register and download any necessary software.

A replay of the webcast will be available at https://ir.freyrbattery.com/events-and-presentations/Events-Calendar/default.aspx

About FREYR Battery

FREYR Battery aims to provide industrial scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR’s mission is to produce green battery cells to accelerate the decarbonization of energy and transportation systems globally. FREYR has commenced building the first of its planned factories in Mo i Rana, Norway and announced potential development of industrial scale battery cell production in Vaasa, Finland, and the United States. FREYR intends to install 50 GWh of battery cell capacity by 2025 and 100 GWh annual capacity by 2028 and 200 GWh of annual capacity by 2030. To learn more about FREYR, please visit www.freyrbattery.com

Investor contact:

Jeffrey Spittel
Vice President, Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: (+1) 281-222-0161

Media contact:

Katrin Berntsen
Vice President, Communication and Public Affairs
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: (+47) 9920 54 570

Appoints Lola Oyewole as Chief Human Resources Officer and Aaron Wimberly as Chief Health, Safety and Environmental Officer; Clayton McGratty Promoted to Chief Administrative Officer

DALLAS--(BUSINESS WIRE)--Aethon Energy Operating LLC (“Aethon”) announced the appointment of Lola Oyewole as Chief Human Resources Officer, and Aaron Wimberly as Chief Health, Safety and Environmental Officer, effective immediately. Clayton McGratty was also promoted to Chief Administrative Officer from his previous role as Chief Communications Officer.

“I am pleased to welcome Lola and Aaron to the Aethon team, who exemplify the very best in their areas of expertise, and to recognize Clayton for his significant contributions since joining Aethon in 2021,” said Albert Huddleston, Chief Executive Officer and Partner at Aethon. “Our success is the product of an outstanding team, and I look forward to working with them in creating excellent business outcomes and social uplift through environmentally responsible energy development.”

“It is an important time to be investing responsibly in natural gas and energy more broadly, and welcoming Lola, Aaron and Clayton in their new roles will enhance and increase the scale of our business as a forward-thinking investor and operator,” said Gordon Huddleston, President and Partner at Aethon. “As we continue to grow our platform and expand our leading footprint in the Haynesville Shale, we will benefit from the perspective, vision and results-oriented approach of our enhanced executive team.”

About Lola Oyewole
Ms. Oyewole has 20 years of experience in talent management, most recently serving as Vice President, Human Resources and Global Chief Diversity & Inclusion Officer at Ocwen Financial Corporation. Prior to Ocwen, Ms. Oyewole served as Senior Director, Human Resources of Apollo Education Group, and held several HR leadership roles at GE Capital. She holds an MBA from Southern Methodist University’s Cox School of Business, and a Bachelor of Science degree from Ball State University.

About Aaron Wimberly
Mr. Wimberly has over 20 years of experience in the oil and gas industry across refinery and pipeline operations, management, and business development. Prior to joining Aethon, he served as Vice President and Department Head of the EHS Resources Group at EnLink Midstream, and previously held health, safety and environmental roles at Earth Consulting Group, Shaw Environmental, and Professional Technical Support Services. He holds a Bachelor of Science degree in Agriculture, Environmental Management Systems, with a concentration in Resource Conservation, from Louisiana State University Baton Rouge.

About Clayton McGratty
Mr. McGratty joined Aethon in August 2021 as Chief Communications Officer. Prior to Aethon, he was Vice President, Communications at Standard Industries, and previously was Director and Head of Corporate & U.S. Communications at Tradeweb Markets. Earlier in his career, he represented a range of financial services, energy and economic development clients in previous roles at Makovksy, Intermarket Communications and MWW Group. He holds a Bachelor of Arts degree in Rhetoric and Communications Studies from the University of Richmond.

About Aethon Energy
Aethon Energy is a private investment firm focused on acquiring, operating, and developing onshore energy assets across North America. Headquartered in Dallas, TX, Aethon has a 30-plus year track record of generating attractive returns for investors over multiple commodity price cycles. Aethon’s vertically integrated strategy and large-scale development provide capital efficient growth, combined with disciplined risk management to support cash flow assurance. Today, Aethon is a leading, low-emission operator and the second largest private natural gas producer in the U.S. Please visit www.AethonEnergy.com for more information.

Tim Ragones / Erik Carlson
Joele Frank, Wilkinson Brimmer Katcher
+1 212-355-4449

Clayton McGratty
Aethon Energy
+1 214-356-7959

Highest Fourth Quarter Net Income and Adjusted EBITDA in Company History

Permian Crude System Volumes Hit Record-Breaking Average of 584,000 Barrels Per Day/13 Percent Above 4Q 2021

Operations Performing Well Across all Systems

Fuels Marketing Segment Up Almost $23 Million Year-Over-Year

Optimization Initiative a Huge Success

Encouraging 2023 Full-Year Outlook

SAN ANTONIO--(BUSINESS WIRE)--NuStar Energy L.P. (NYSE: NS) today announced its highest fourth quarter net income and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in the company’s history, along with strong full-year 2022 results fueled by record-breaking volumes in its Permian Crude System and strong performance in its Fuels Marketing Segment.

“Given how 2022’s historic inflation and volatility made for a bumpy ride around the globe and across financial markets, I am particularly proud of our results last year, which once again demonstrate the stability and strength of NuStar’s business,” said NuStar Chairman and CEO Brad Barron. “Most importantly, we were able to deliver on our top financial priorities – to fund all our spending with internally generated cash flows and continue to strengthen our balance sheet by beginning our initiative to repurchase the outstanding Series D preferred units.”

NuStar reported net income of $92 million for the fourth quarter of 2022, or $0.18 per unit, compared to net income of $58 million, or $0.19 per unit, for the fourth quarter of 2021. Results for the fourth quarter of 2022 include a $16 million gain from insurance proceeds to rebuild tanks at its Selby terminal. Earnings per unit (EPU) for the fourth quarter of 2022 also included a $0.31 per unit premium related to the repurchase of a portion of the Series D preferred units. Excluding the effects of these items, adjusted net income was $75 million for the fourth quarter of 2022, or $0.34 per unit, compared to adjusted net income of $52 million, or $0.14 per unit, for the fourth quarter of 2021.

In addition to the insurance proceeds, Barron noted that both 2022 and 2021 included non-cash charges that impacted full-year net income, making an apples-to-apples comparison difficult. For example, for full-year 2022, NuStar reported net income of $223 million, or $0.36 per unit, compared to net income of $38 million, or a net loss of $0.99 per unit, for the year ended 2021.

“However, excluding the non-cash charges and insurance proceeds, as well as the EPU impact from the repurchase of a portion of the Series D preferred units in the fourth quarter of 2022, our full-year 2022 adjusted net income was $250 million, or $0.92 per unit, compared to 2021 adjusted net income of $212 million, or $0.60 per unit,” said Barron.

Barron continued, “Our adjusted EBITDA was $197 million for the fourth quarter of 2022, which is the highest fourth quarter adjusted EBITDA in our company’s history. This is up $28 million, or 16 percent, compared to fourth quarter of 2021 adjusted EBITDA of $169 million. Our adjusted EBITDA for full-year 2022 was $722 million, compared to 2021 adjusted EBITDA of $705 million.

“We are proud to have generated higher adjusted EBITDA for 2022 through a combination of revenue improvement and expense optimization, which helped mitigate some of the impact of 2022’s historic inflation.”

Adjusted distributable cash flow (DCF) was $89 million for the fourth quarter of 2022, compared to fourth quarter of 2021 DCF of $63 million. The adjusted distribution coverage ratio was 2.01 times for the fourth quarter of 2022.

Adjusted DCF was $357 million for full-year 2022, compared to adjusted DCF of $333 million in 2021. The adjusted distribution coverage ratio was 2.02 times for full-year 2022.

Operations Performing Well Across all Systems

“Our Pipeline Segment generated $176 million of EBITDA in the fourth quarter of 2022, up $27 million, or 18 percent, over fourth quarter 2021 EBITDA of $149 million, largely due to the strong performance of our Permian Crude System,” said Barron.

NuStar’s Permian Crude System volumes hit another high in the fourth quarter of 2022 with a record-breaking average of 584,000 barrels per day (BPD), up 13 percent over fourth quarter of 2021 volumes.

He also noted that NuStar’s Mid-Continent refined product systems once again delivered solid, dependable revenue contribution in the fourth quarter of 2022.

“In South Texas, we are pleased that our Corpus Christi Crude System throughputs averaged over 368,000 BPD in the fourth quarter of 2022, which is above our minimum volume commitments for the system and eight percent higher than volumes in the third quarter of 2022. We are also encouraged by the continued improvement we saw in January on that system, as our average volumes rose to almost 400,000 BPD last month.”

Barron also noted that operating income and EBITDA in NuStar’s Fuels Marketing Segment were $12 million in the fourth quarter of 2022, a $7 million increase compared to the fourth quarter of 2021, largely due to stronger margins.

“For full-year 2022, our Fuels Marketing Segment generated near-record operating income and EBITDA of $34 million, which was an increase of approximately $23 million compared to full-year 2021 operating income and EBITDA of $11 million.

“In addition, our West Coast region’s revenues continue to grow, as revenues were up around 20 percent compared to the fourth quarter of 2021 and around 10 percent year-over-year, driven in large part by our West Coast renewable fuels strategy,” said Barron.

Balance Sheet Continues to Improve

NuStar Executive Vice President and Chief Financial Officer Tom Shoaf gave a positive update on the company’s continued progress in reducing its debt and building its financial strength and flexibility.

“We ended the fourth quarter of 2022 with a debt-to-EBITDA ratio of 3.98 times,” said Shoaf. “Our total debt balance was $3.3 billion, and our revolver facility availability was over $775 million of the facility’s $1 billion capacity.

“In November, we were able to repurchase about one-third of our Series D preferred units while keeping our debt-to-EBITDA ratio under 4 times for year-end 2022. As we mentioned last quarter, we are now positioned to accelerate our timeframe for addressing the Series D preferred units by completing the redemption in 2024, which is several years ahead of our previously scheduled timeframe. This redemption is another important step in our ongoing optimization and will meaningfully increase our cash flow over the next few years.”

Encouraging 2023 Outlook

Shoaf also gave full-year guidance for net income and EBITDA, as well as strategic capital and reliability capital for 2023.

“We expect to generate full-year 2023 net income in the range of $202 to $240 million and full-year 2023 EBITDA in the range of $700 to $760 million,” said Shoaf.

He also noted that NuStar now plans to spend $130 to $150 million in strategic capital in 2023.

“We expect to allocate approximately $60 million to growing our Permian system and plan to spend about $25 million to expand our West Coast Renewable Fuels Network,” said Shoaf. “In addition, we expect to spend between $25 and $35 million on reliability this year.”

Optimization Initiative a Huge Success

Barron closed by mentioning how integral NuStar’s optimization initiative was to the company’s solid results and in facilitating an important first step to improve its capital structure in 2022.

“By systematically scrutinizing every dollar of spending, we have been able to significantly increase our cash flow with systematic changes that will continue to reap benefits in 2023 and beyond,” said Barron. “And by investing that increased cash flow in our growth footprint, we are already on the path to compounding those benefits, with the EBITDA growth we expect from organic capital projects on our Permian System and in our West Coast Renewables Network, as well as the projects we hope to announce later this year across our Ammonia System.

“We plan to continue to optimize our business and build our financial strength and unitholder value, while we continue to safely and reliably store and transport the essential energy that fuels our lives,” Barron concluded.

Conference Call Details

A conference call with management is scheduled for 10:00 a.m. CT on Wednesday, February 1, 2023, to discuss the financial and operational results for the fourth quarter of 2022. Persons interested in listen-only participation may access the conference call directly at https://edge.media-server.com/mmc/p/bgpdnpyj. Persons interested in Q&A participation may pre-register for the conference call and obtain a dial-in number and passcode at https://register.vevent.com/register/BI757a142163514824bfe28118ca3c0731. A recorded version will be available two hours after the conclusion of the conference call at https://edge.media-server.com/mmc/p/bgpdnpyj.

The conference call may also be accessed through the “Investors” section of NuStar Energy L.P.’s website at https://investor.nustarenergy.com.

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

Cautionary Statement Regarding Forward-Looking Statements

This press release includes, and the related conference call will include, forward-looking statements regarding future events and expectations, such as NuStar’s future performance, plans and expenditures. All forward-looking statements are based on NuStar’s beliefs as well as assumptions made by and information currently available to NuStar. These statements reflect NuStar’s current views with respect to future events and are subject to various risks, uncertainties and assumptions. These risks, uncertainties and assumptions are discussed in NuStar Energy L.P.’s 2021 annual report on Form 10-K and subsequent filings with the Securities and Exchange Commission. Actual results may differ materially from those described in the forward-looking statements. Except as required by law, NuStar does not intend, or undertake any obligation, to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.

Note 1: NuStar Energy L.P. utilizes financial measures, such as earnings before interest, taxes, depreciation and amortization (EBITDA), distributable cash flow (DCF) and distribution coverage ratio, which are not defined in U.S. generally accepted accounting principles (GAAP). Management believes these financial measures provide useful information to investors and other external users of our financial information because (i) they provide additional information about the operating performance of the partnership’s assets and the cash the business is generating, (ii) investors and other external users of our financial statements benefit from having access to the same financial measures being utilized by management and our board of directors when making financial, operational, compensation and planning decisions and (iii) they highlight the impact of significant transactions. We may also adjust these measures to enhance the comparability of our performance across periods.

Our board of directors and management use EBITDA and/or DCF when assessing the following: (i) the performance of our assets, (ii) the viability of potential projects, (iii) our ability to fund distributions, (iv) our ability to fund capital expenditures and (v) our ability to service debt. In addition, our board of directors uses EBITDA, DCF and a distribution coverage ratio, which is calculated based on DCF, as some of the factors in its compensation determinations. DCF is a financial indicator used by the master limited partnership (MLP) investment community to compare partnership performance. DCF is used by the MLP investment community, in part, because the value of a partnership unit is partially based on its yield, and its yield is based on the cash distributions a partnership can pay its unitholders.

None of these financial measures are presented as an alternative to net income. They should not be considered in isolation or as substitutes for a measure of performance prepared in accordance with GAAP.

The following is a reconciliation of net income to EBITDA, DCF and distribution coverage ratio.

The following is the reconciliation for the calculation of our Consolidated Debt Coverage Ratio, as defined in our revolving credit agreement (the Revolving Credit Agreement).

The following are reconciliations of net income / net income (loss) per common unit to adjusted net income / adjusted net income per common unit.

The following is a reconciliation of EBITDA to adjusted EBITDA.

The following is a reconciliation of DCF to adjusted DCF and adjusted distribution coverage ratio.

Investors, Pam Schmidt, Vice President, Investor Relations
Investor Relations: 210-918-INVR (4687)
or
Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,
Corporate Communications: 210-918-2314 / 210-410-8926

Partnership Enables the Energy Transition Through Data Sharing and Digital Customer Engagement, Unlocking the Full Potential of AMI Data

LIBERTY LAKE, Wash.--(BUSINESS WIRE)--#AMI--Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, is expanding its collaboration with Smart Energy Water (SEW), an industry-leading cloud platform provider that helps utilities deliver superior digital customer and workforce experiences. Together, the companies are transforming the utility-consumer relationship, enabling utilities to become a trusted advisor to consumers in managing the energy transition and integrating distributed energy resources (DERs). As part of the collaboration, the companies are accelerating the value realized from Itron’s distributed intelligence (DI) ecosystem and advanced metering infrastructure (AMI) data through more effective data sharing and consumer empowerment. By creating an easy, secure and standardized mechanism to share data with consumers and authorized third parties, they are helping utilities and consumers realize the expanded benefits of next generation AMI.

The collaboration will help utilities, third parties and consumers take advantage of the new data streams being created by Itron’s growing ecosystem of DI applications, like load disaggregation. To ensure data is secure and that privacy is protected, utilities can take advantage of Itron’s innovative DataHub – a secure, scalable, cloud-based platform that will make these new data streams easily available to any third party with proper authorizations – coupled with SEW’s end-to-end pre-integrated consumer experience platform to enable consumers to opt in to making the most of their AMI and DI data. The DataHub is a new way for third parties to engage with and become a part of Itron’s expanding DI ecosystem.

With this approach to data sharing, utilities, third parties and consumers can collaborate to provide new services and revenue streams to one another. This is essential to streamlining and optimizing the integration of DERs, such as electric vehicles, onto the grid. Sharing real-time information about how energy is being produced and consumed enables DER vendors to provide improved consumer energy services, such as customized offers from solar and storage providers and automated measurement and verification of energy arbitrage (storing and shifting energy usage for grid benefit). Sharing real-time energy data also enables smart home companies to provide entirely new customer experiences.

How It Works

SEW provides end-customer experience platform that will help customers understand the new types of data being created by their meters and other in-home devices and how sharing data with trusted third parties can benefit them through added services. SEW platform will provide mechanism for consumers to opt in to sharing data with third parties, which DataHub will use to authorize third party use of those data. Itron’s DataHub provides a single, consistent, user-friendly mechanism for utilities and third parties to enable the sharing of metering data, distributed intelligence application data, DER data and low voltage network data. The DataHub, powered by Microsoft Azure, eliminates the need for utilities and third parties to create expensive custom integrations and manual data requests by providing third-party authorization and authentication services and simple API data access. The Itron DataHub is a great example of how Itron and Microsoft are collaborating to develop solutions that deliver new insights and benefits for utilities.

Quotes

“With Itron’s DataHub and expanded collaboration with SEW, we are changing the game for consumer engagement and creating more value from AMI and distributed intelligence, out of the gate,” said Don Reeves, senior vice president of Outcomes at Itron. “Itron’s distributed intelligence platform is creating new data streams, at scale, that have never been available in the industry before, such as real-time streaming data over Wi-Fi, disaggregated load profile data, meter-to-transformer connectivity mapping and more. This data will create new opportunities to engage consumers and provide them with innovative and valuable services. This is made possible through the Itron DataHub and our expanded collaboration with SEW.”

“As more distributed energy resources are brought onto the grid, engaging consumers and providing them with choice, control and convenience will be key. Together with Itron, we are helping utilities build a new type of relationship with consumers,” said Deepak Garg, CEO and Founder of SEW. “As a global leader in utility customer experience, SEW will help consumers understand what data they might share, with who, and what services they will receive in return. We are excited about this opportunity to enable innovation and provide new services to the end customer and the grid.”

More Information

For a demonstration of Itron’s DataHub, visit booth 2514 at DISTRIBUTECH, February 7-9, 2023. Attendees will experience how Itron and SEW are enabling DI ecosystem partner NET2GRID to make any home smart instantly, without purchasing a single new device.

To learn more about Itron’s DataHub, visit the DI Partner Ecosystem page and read the DI Developer ebook. For sales inquiries, go to www.itron.com/contact.

About Itron

Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.

Itron^® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

About SEW

SEW with its innovative and industry-leading cloud platforms, delivers the best Digital Customer Experiences (CX) and Workforce Experiences (WX), powered by AI, ML, and IoT Analytics to the global energy, water, and gas providers. At SEW, the vision is to Engage, Empower, and Educate billions of people to save energy and water. We partner with businesses to deliver platforms that are easy-to-use, integrate seamlessly, and help build a strong technology foundation that allows them to become future-ready.

Additional Resources

• LinkedIn: www.linkedin.com/company/itroninc
• Twitter: https://twitter.com/ItronInc
• Newsroom: www.itron.com/company/newsroom
• Blog: https://blogs.itron.com

Itron, Inc.
Alison Mallahan
Senior Manager, Corporate Communications
509-891-3802
This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Advanced Biofuel Market-Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Fuel Type (Biodiesel, Biobutanol, BioDME and Cellulosic Ethanol), By Feedstock Type, By Processing Technology (Thermochemical Vs Biochemical) By Region, and Competition" report has been added to ResearchAndMarkets.com's offering.

Global Advanced Biofuel Market is projected to grow at an impressive rate through 2028

This can be ascribed to the supportive governmental regulations regarding the usage of second-generation biofuel to reduce carbon emissions.

Advanced biofuels, sometimes called second-generation biofuels, are renewable fuels used as gasoline and diesel substitutes since they emit relatively minimum greenhouse gas. Advanced biofuels can be produced using many biomasses, including lignocellulose, non-corn starch, and sugar. Advanced biofuels mainly use lignocellulose biomass to produce biofuels.

Due to its extensive use in automotive vehicles without requiring significant changes to the internal combustion engine, ethanol is expected to see tremendous development in the biofuel sector. Additional feedstocks that could be utilized to produce biofuels are being researched, which are environmentally friendly and less destructive manufacturing methods, which can certainly open many options in the future.

In terms of market expansion, the desire for safe, clean, and sustainable energy is anticipated to drive up the blending of biofuels in automobile fuels in response to regulatory mandates.

Advanced biofuel producers are less in number. However, it is anticipated that number will increase during the forecast period. Companies invest highly in R&D to create technologies that turn biomass into sophisticated biofuels. The market for Advanced biofuels is expected to grow at a promising CAGR over the forecast period.

Growing Demand of Sustainable Fuels

As a sustainable and clean fuel source, Advanced biofuels are anticipated to raise the market potential of the Advanced biofuels industry worldwide. The global market for Advanced biofuels will be driven by the ease with which raw materials are available and the fact that the raw materials used are non-food and waste.

The combustion of fossil fuels in internal combustion engines makes the transportation sector the largest emitter of greenhouse gases. A typical passenger vehicle emits about 4.6 metric tons of carbon dioxide per year. Along with commercial vehicles, private vehicles like two- and four-wheelers make up a significant portion of the transportation sector.

Since the use of fossil fuels is dwindling, Advanced biofuels were developed to provide alternative energy sources to balance energy consumption. As Advanced biofuels produce fewer greenhouse emissions, the environmental component drives the global market for Advanced biofuels.

Increasing Awareness Towards Global Warming

The market for Advanced biofuels will be driven by government incentives that stimulate the development of technologies for generating them globally. There are prospects for other new entrants in the global Advanced biofuels market to enter the market because there are only a few fully commercialized manufacturers of various types of Advanced biofuels.

Significant global blending requirements that propel the need for biofuels are established in North America, India, Brazil, Europe, etc. The Indian government and oil marketing firms are actively promoting the blend of 10% ethanol in motor spirit, intending to gradually raise the blending proportion to 20% by 2028.

Global bio-gasoline consumption peaked in 2016 at 965 thousand barrels of oil equivalent per day, increased until 2019, and then fell precipitously in 2020 due to the COVID-19 epidemic. Once the pandemic's effects fade, consumption is anticipated to rebound. Advanced biofuel producers are less in number.

However, it is anticipated that the number will increase during the forecast period. Companies invest highly in R&D to create technologies that turn biomass into sophisticated biofuels. The market for Advanced biofuels is expected to grow at a promising CAGR over the forecast period.

Competitive Landscape

Company Profiles: Detailed analysis of the major companies in Global Advanced Biofuel Market.

• Algenol LLC
• Abengoa bioenergy Co LLC
• DuPont de Nemours, Inc.,
• Fujian Zhongde Energy Co., Ltd.
• Ineos Group Holdings PLC
• Inbicon A/S
• Clariant AG
• ZeaChem Inc.
• China Petroleum & Chemical Corporation (Sinopec)

Report Scope:

Global Advanced Biofuel market, by fuel type:

• Biodiesel
• Biobutanol
• BioDME
• Cellulosic Ethanol Silicone

Global Advanced Biofuel market, by feedstock type:

• Simple lignocellulose
• Algae
• Complex lignocellulose

Global Advanced Biofuel market, by processing technology

• Thermochemical Vs Biochemical

Global Advanced Biofuel Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• Germany
• United Kingdom
• Italy
• Spain
• Asia-Pacific
• China
• India
• Japan
• South Korea
• Australia
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE
• Turkey
• Egypt

For more information about this report visit https://www.researchandmarkets.com/r/1gcwry-biofuel?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
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

Wolfspeed and ZF to establish joint R&D center in Germany to further advance global Silicon Carbide system and device innovation leadership

ZF invests in Wolfspeed to support construction of the world’s most advanced and largest Silicon Carbide device fab

DURHAM, N.C. & ENSDORF, Germany--(BUSINESS WIRE)--Wolfspeed, Inc. (NYSE: WOLF), the global leader in Silicon Carbide technology and ZF, a global technology company enabling next generation mobility, today announced a strategic partnership that includes the creation of a joint innovation lab to drive advances in Silicon Carbide systems and devices for mobility, industrial and energy applications. The partnership also includes a significant investment by ZF to support the planned construction of the world’s most advanced and largest 200mm Silicon Carbide device fab in Ensdorf, Germany. Both the joint innovation lab and the Wolfspeed device fab are planned as part of the Important Project of Common European Interest (IPCEI) for Microelectronics and Communication Technologies framework, and are dependent upon state aid approval from the European Commission.

“These initiatives are a significant step towards a successful industrial transformation. They strengthen European supply resilience and, at the same time, support the European Green Deal and the strategic goals for Europe’s Digital Decade,” said Dr. Holger Klein, CEO of ZF.

Wolfspeed and ZF Partner on Silicon Carbide R&D Center

The strategic partnership includes a joint research facility in Germany that will focus on real world e-mobility and renewable energy system level challenges. The goal of the collaboration is to develop breakthrough innovations for Silicon Carbide systems, products, and applications, covering the full value chain from chip to complete systems. Additional collaboration partners will be invited to participate in the innovation process, establishing an end-to-end, European Silicon Carbide innovation network.

The R&D center will focus on innovation for Silicon Carbide systems and devices to meet specific requirements in all mobility segments including consumer, commercial, agricultural, and industrial vehicles as well as in the industrial and renewable energy markets. The collaboration will drive improvements such as higher efficiency, increased power density and higher performances for electrification solutions.

ZF to Invest in Wolfspeed for Next Generation 200mm Silicon Carbide Fab

As separately announced, Wolfspeed plans to construct a fully automated, highly advanced 200mm wafer fabrication facility in Saarland, Germany. ZF intends to support this new construction by making a sizable financial investment in the hundreds of millions of dollars in exchange for Wolfspeed common stock. As a part of this investment ZF will have a minority ownership position in the fab. Wolfspeed will maintain all operational and management control rights in the new fab. ZF and Wolfspeed previously announced a strategic partnership in 2019 to create industry-leading, highly efficient electric drivelines with a Silicon Carbide inverter, and these new initiatives represent the next generation of innovation for the partners.

“We have a strong partner by our side in ZF, which brings industry-leading experience in scaling components for electric mobility as well as the aptitude to accelerate innovation in Silicon Carbide systems and power devices. I am confident this partnership will lift Silicon Carbide semiconductor technology to a new level of global impact, supporting increased sustainability and efficiency efforts across a multitude of industries,” said Gregg Lowe, president and CEO of Wolfspeed.

“Together, Wolfspeed and ZF combine expertise in power electronics and systems with a know-how in applications that is unparalleled in the industry. Wolfspeed brings its more than 35 years in Silicon Carbide technology, and at ZF we have a unique understanding of the overall systems across all sectors - from passenger cars and commercial vehicles to construction machinery, wind power and industrial applications. The close cooperation between fab and R&D center will enable us to develop breakthrough innovations beyond state of the art for the benefit of our customers,” says Stephan von Schuckmann, Member of the ZF Board of Management.

About Wolfspeed, Inc.:

Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of Silicon Carbide and GaN technologies. We provide industry-leading solutions for efficient energy consumption and a sustainable future. Wolfspeed’s product families include Silicon Carbide materials, power devices and RF devices targeted for various applications such as electric vehicles, fast charging, 5G, renewable energy and storage, and aerospace and defense. We unleash the power of possibilities through hard work, collaboration and a passion for innovation. Learn more at www.wolfspeed.com.

Twitter: @Wolfspeed
LinkedIn: @Wolfspeed

Wolfspeed® is a registered trademark of Wolfspeed, Inc.

About ZF

ZF is a global technology company supplying systems for passenger cars, commercial vehicles and industrial technology, enabling the next generation of mobility. ZF allows vehicles to see, think and act. In the four technology domains of Vehicle Motion Control, Integrated Safety, Automated Driving, and Electric Mobility, ZF offers comprehensive product and software solutions for established vehicle manufacturers and newly emerging transport and mobility service providers. ZF electrifies a wide range of vehicle types. With its products, the company contributes to reducing emissions, protecting the climate and enhancing safe mobility.

With some 157,500 employees worldwide, ZF reported sales of €38.3 billion in fiscal year 2021. The company is represented with 188 production locations in 31 countries.

For further press information and photos, please visit:www.zf.com

Forward Looking Statements:

This press release contains forward-looking statements by Wolfspeed involving risks and uncertainties, both known and unknown, that may cause Wolfspeed’s actual results to differ materially from those indicated. Actual results may differ materially due to a number of factors, including the risk that Wolfspeed does not receive receiving funding from the European Union’s Important Projects of Common European Interest (IPCEI) framework; that Wolfspeed may encounter delays or other difficulties in constructing and/or ramping up production in this new device factory on time, at the projected costs, with the anticipated job creation and to the extent of the anticipated production levels or at all; risks associated with the transition of high volume production from 150mm to 200mm wafers; the continued pace of the transition to using Silicon Carbide devices in electric vehicles and other industrial uses; Wolfspeed’s ability to develop and design Silicon Carbide devices that will continue to improve performance in broad markets; the risk that Wolfspeed may be unable to manufacture its products with sufficiently low cost to offer them at competitive prices or with acceptable margins; the risk that demand for Silicon Carbide will not grow as Wolfspeed expects; the rapid development of new technology and competing products that may impair demand or render Wolfspeed’s products obsolete; and other factors discussed in Wolfspeed’s filings with the Securities and Exchange Commission, including its report on Form 10-K for the year ended June 26, 2022, and subsequent filings. For additional product and company information, please refer to www.wolfspeed.com.

Wolfspeed
PR contact:
Melinda Walker
+1 818-261-4585
This email address is being protected from spambots. You need JavaScript enabled to view it.

IR contact:
Tyler Gronbach
+1 919-407-4820
This email address is being protected from spambots. You need JavaScript enabled to view it.

ZF
Christoph Horn, Head of Group Communications,
phone: +49 7541 77-2705,
e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Karin Markenstein, Head of Communication, Electrified Powertrain Technology Division,
phone: +49 681 920-2563,
e-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

ALEXANDRIA, Va.--(BUSINESS WIRE)--VSE Corporation (NASDAQ: VSEC), a leading provider of aftermarket distribution and maintenance, repair and overhaul (MRO) services for land, sea and air transportation assets for government and commercial markets, today announced that it has acquired Precision Fuel Components, LLC (“Precision Fuel”), in an all-cash transaction. This transaction is immediately accretive to VSE’s Aviation segment.

Founded in 2001, Washington-based Precision Fuel is a market-leading provider of MRO services for engine accessory and fuel systems supporting the business and general aviation (“B&GA”) market. Precision Fuel specializes in supporting small turbine rotorcraft fuel controls, governors, sensors, bleed valves, and fuel pumps, along with radial engine components and Bendix-Stromberg carburetors. Precision Fuel is a member of the Honeywell Authorized Warranty and Repair Station (AWARS) network.

TRANSACTION RATIONALE

• Expands specialty distribution and MRO capabilities in B&GA and Rotorcraft market. By combining VSE Aviation’s existing part distribution and MRO services with Precision Fuel’s engine accessory and fuel system MRO services, VSE Aviation customers will have access to differentiating, full-service, on-demand repair and distribution solutions.

• Accelerates customer acquisition within B&GA market, building upon recent organic wins. This transaction provides VSE Aviation access to new rotorcraft and fixed wing operator customers and expands VSE’s MRO capabilities within new engine platforms. This acquisition will allow for significant cross-selling opportunities, positioning VSE Aviation to expand its market share within niche, B&GA market adjacencies.

• Further highlights VSE Aviation as an acquiror of choice for high-quality, growing B&GA and Rotorcraft assets with established brands. Given the fragmented nature of the B&GA services industry, this transaction further positions VSE Aviation as a well-capitalized market consolidator focused on driving scale through both organic and inorganic growth.

MANAGEMENT COMMENTARY

“We are pleased to welcome the Precision Fuel team to the VSE Aviation family,” stated John Cuomo, President and CEO of VSE Corporation. “This transaction represents an important strategic investment for our Aviation segment, one that expands our repair capabilities across a diverse base of global rotorcraft, fixed wing, and B&GA customers. Precision Fuel’s value-added, high-margin MRO solutions will complement our existing service capabilities, while positioning us to further enhance our unique value proposition.”

“Precision Fuel’s customer-centric culture, long-term relationships, established OEM partnerships, and proven technical expertise are highly complementary to our existing business,” stated Ben Thomas, President of VSE Aviation. “We look forward to leveraging our expanded suite of solutions across our combined base of customers, while continuing to provide industry-leading, on-demand products and services throughout our growing global footprint.”

ADVISORS

Jones Day served as legal counsel to VSE Corporation. Janes Capital Partners served as financial advisor and Karr Tuttle Campbell served as legal counsel to Precision Fuel Components, LLC.

ABOUT VSE CORPORATION

VSE is a leading provider of aftermarket distribution and repair services for land, sea and air transportation assets for government and commercial markets. Core services include MRO services, parts distribution, supply chain management and logistics, engineering support, and consulting and training services for global commercial, federal, military and defense customers. VSE also provides information technology and energy consulting services. For additional information regarding VSE's products and services, visit www.vsecorp.com.

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause VSE's actual results to vary materially from those indicated or anticipated by such statements. Many factors could cause actual results and performance to be materially different from any future results or performance, including, among others, the risk factors described in our reports filed or expected to be filed with the SEC. Any forward-looking statement or statement of belief speaks only as of the date of this press release. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

Noel Ryan | 720.778.2415 | This email address is being protected from spambots. You need JavaScript enabled to view it.

U.S. Patent Office rejects more than 80% of SunSpec Alliance patent challenges, helping Tigo protect solar industry R&D investments.

CAMPBELL, Calif.--(BUSINESS WIRE)--Tigo Energy, Inc., the solar industry’s leading Flex MLPE (Module Level Power Electronics) supplier, today announced that the U.S. Patent and Trademark Office (USPTO) has denied a SunSpec Alliance challenge to the validity of Tigo U.S. Patent No. 8,933,321 in its entirety, as well as denying the organization’s challenge to the validity of claims 14-16 of Tigo U.S. Patent No. 10,256,770. The Tigo patent claims upheld by the USPTO are relevant to the SunSpec Alliance Rapid Shutdown Specification. Rapid shutdown is a safety function for photovoltaic systems on buildings, designed to reduce the risk of electrical shock to emergency responders, and is mandated by building codes and regulatory bodies in the U.S. and in a rapidly growing number of countries around the world.

In its two IPR (inter partes review) filings from February, 2022, SunSpec Alliance challenged 11 claims in Tigo’s ’321 and ’770 patents with the aspiration to show those claims as being invalid based on prior art. In the January, 2023 ruling, the USPTO overwhelmingly rejected the SunSpec Alliance IPRs by upholding nine of the Tigo patent claims it challenged. The ruling on the two other claims has no effect on the applicability of the 18 remaining claims in the ’770 patent to the SunSpec Rapid Shutdown Specification.

“We welcome this ruling by the U.S. Patent Office, which not only demonstrates the value and strength of our IP portfolio, but also allows Tigo and the rest of the solar industry to continue bringing solar installers the high-quality equipment on which they rely,” said Zvi Alon, chairman and CEO at Tigo Energy, Inc. “For many years, Tigo has deployed financial and human capital to develop novel technologies that deliver safe and reliable solutions for the solar industry. Our patents reflect the advancements and contributions we have made to solar. And as with previous patent challenges, Tigo will offer reasonable and non-discriminatory licensing terms to SunSpec Alliance members.”

Tigo is a leader in rapid shutdown technology and MLPE with more than one hundred patents granted or pending. The Company has prevailed in a previous patent infringement litigation and presently has an open lawsuit which includes six patent infringement claims against SMA Solar Technology America LLC. Tigo has also licensed its patented technology to other solar equipment manufacturers. Millions of Tigo units are installed around the world, where they provide optimized, monitored, and safe solar to protect critical solar energy infrastructure and deliver consistent ROI for the lifetime of renewable energy systems.

For more information about the portfolio of Tigo Flex MLPE solutions, please visit https://www.tigoenergy.com/ts4, and keep up with the latest information by signing up for the Tigo newsletter here: https://www.tigoenergy.com/newsletter.

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.

Mike Gazzano
North America Marketing Manager at Tigo Energy
(408) 806-9626 Ext. 9783
This email address is being protected from spambots. You need JavaScript enabled to view it.

DALLAS--(BUSINESS WIRE)--Generational Equity, a leading mergers and acquisitions advisor for privately held businesses, is pleased to announce that its client, A2B Development (dba NewGen Energy) has received a strategic investment from Mars Equity Partners. The investment was made on December 21, 2022.

NewGen Energy (NGE), located in Loomis, California, is one of the leading alternative energy system providers in California. NGE specializes in various alternative energy systems such as solar PV, energy storage, and backup power solutions for the agricultural sectors, commercial, industrial, as well as homeowners.

The Company provides turnkey services, such as design and engineering, site assessment, financing, permitting, project management, installation, grid connection, 24/7 monitoring, asset management, and billing support. NGE uses proven technologies and techniques, enabling customers to achieve savings by substantially decreasing their utility costs.

Located in Fremont, California, Mars Equity Partners (Mars) is an investment firm founded by operators who understand the complexities of starting, growing and selling a small business. When the Firm invests capital, they also send in exceptional talent to help run and scale the business. Mars knows that this business is only as good as its people: that’s why they take care of them. Mars doesn’t like financial engineering: that’s why they are thoughtful and intentional in their approach. The Firm knows that it takes years, often decades, to build a legacy: that’s why they nurture it.

Generational Equity Executive Managing Director of M&A – Western Region, Stephen Crisham, with support from Sr. Managing Director - Western Region, Lori Galloway, successfully arranged the investment.

About Generational Equity

Generational Equity, Generational Capital Markets (member FINRA/SIPC), Generational Wealth Advisors, Generational Consulting Group, and DealForce are part of the Generational Group, which is headquartered in Dallas and is one of the leading M&A advisory firms in North America.

With more than 350 professionals located throughout 16 offices in North America, the companies help business owners release the wealth of their business by providing growth consulting, merger, acquisition, and wealth management services. Their six-step approach features strategic and tactical growth consulting, exit planning education, business valuation, value enhancement strategies, M&A transactional services, and wealth management.

The M&A Advisor named the company Investment Banking Firm of the Year three years in a row, Valuation Firm of the Year in 2020, and North American Investment Bank of the Year in 2022 as well as Consulting Firm of the Year. The Global M&A Network named Generational USA Investment Bank of the Year in 2023. For more information visit https://www.genequityco.com/ or the Generational Equity press room.

Carl Doerksen
972-342-0968
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investment to fast-track development of solar optimization and solar-EV technology that will deliver more generation and accelerate the shift in energy consumption habits

MORGAN HILL, Calif.--(BUSINESS WIRE)--Enteligent Inc., developer of solar power optimization and solar electric vehicle (EV) charging technologies that delivers more of the clean energy generation and dramatically reduces cost, today announced it has raised $7 million in capital from strategic and institutional investors to fast-track the commercialization of its proprietary solar optimization platform and the world’s first DC-to-DC solar hybrid bi-directional EV charger.

This seed round included investments by several strategic investors such as NOVA, the venture arm of Saint-Gobain, one of the world’s largest building materials companies, and Taronga Ventures, one of the world’s leading real asset technology investors, as well as other strategic investors.

Enteligent enables consumers to shift their energy consumption habits by providing technology that makes it affordable and convenient to charge during the day. The company’s proprietary solar optimization technology with rapid shutdown safety capability optimizes the local delivery and use of solar panel electricity generation and provides intelligent monitoring to maintain maximum solar array production. Similarly, the Enteligent EV charger takes DC electricity directly from solar with dramatically more usable energy, leading to significant cost savings per kW. It is an ideal solution for residential, commercial, and industrial customers who want to maximize renewable energy output.

Today, EVs are mainly charged overnight via a fossil fuel-powered grid. The proliferation of EVs however, is straining the grid’s ability to handle the exponential growth in energy demand. Enteligent’s proprietary solar EV chargers expedite a fundamental shift to clean, solar-based, daytime charging, eliminating unnecessary DC to AC to DC conversions, resulting in up to 25% in energy savings.

“There is an increasing demand for EV charging to become more readily available, and we are seeing this across our real asset partners globally. Enteligent’s DC-input EV charger provides a step-change in the energy efficiency and price-point of EV fast chargers, which is needed to accelerate the adoption of clean energy in commercial assets,” said Avi Naidu, Managing Partners at Taronga Ventures. “Enteligent’s world-class innovative team has a track record of effectively delivering practical technologies to market, and we’re delighted to support them on their initiatives.”

“Our vision is to deliver technology that solves the near-term electrification challenges stemming from the EV revolution—ubiquitous daytime EV charging, everywhere you park, with efficient use of clean, on-site generated solar electricity,” commented Sean Burke, founder, and CEO of Enteligent. “This investment validates our technology as well as our vision to foster a fundamental shift to cleaner and more effective energy consumption habits.”

About Enteligent

Enteligent is a California-based developer of smart solar power optimization and solar EV charging technologies that dramatically increase energy utilization, improve returns on energy investments and enable critical paradigm shifts in the way we use energy for the upcoming green electrification revolution. Enteligent’s NMax photovoltaic module power optimizers use smart digital technology to both dynamically adjust when to optimize and provide panel-level monitoring data, resulting in greater rooftop yield, more energy harvesting and higher system reliability. Enteligent’s bidirectional DC solar EV chargers enable direct electrification from clean energy to charge faster and more efficiently, recouping the up to 25% electricity lost by traditional means. Learn more about Enteligent at: https://enteligent.com/

About NOVA by Saint-Gobain

NOVA, the external venturing arm of Saint-Gobain, identifies forward-thinking startups around the world whose philosophies align with Saint-Gobain’s focus on sustainability. It helps those startups nurture their ideas and grow their companies to scale through partnerships and investment. With a presence in Asia, Europe and North America, NOVA connects the global startup community with the power, resources, and experience of Saint-Gobain to address the needs of today and challenges of tomorrow. Learn more by visiting https://www.nova-saint-gobain.com.

About Taronga Ventures

Taronga Ventures is one of the world’s leading technology investors focused on driving innovation across real asset sectors such as real estate and infrastructure. The group consists of the RealTech Ventures funds, the RealTechX innovation programs, and Taronga Advisory, which provides institutional real asset owners and operators strategic advice on critical areas of sustainability and technology. Taronga Ventures’ funds are backed by leading global institutional investors and major real asset owners and operators including APG, Ivanhoé Cambridge, CBRE Inc., PGIM Real Estate, Mitsubishi Corporation, Nomura Real Estate, Patrizia AG, Dexus, Grosvenor Estate, amongst others. Taronga Ventures covers markets across Asia-Pacific, North America, Europe and the Middle East. Learn more about Taronga Ventures.

Wendy Prabhu, Mercom Communications
This email address is being protected from spambots. You need JavaScript enabled to view it.
US: +1.512.215.4452

The industry’s first to integrate components for hydrogen inventory management, it is ideal for high-flow customers generating hydrogen from MW-size electrolyzers or developing roadside dispensing stations

DELHI, India--(BUSINESS WIRE)--Fluitron LLC, an established developer and manufacturer of industrial-grade gas compression systems, today announced the achievement of a significant milestone with the introduction of a commercialized one (1) ton-per-day hydrogen gas processing system at 520 bar. The industry’s first to integrate components for hydrogen inventory management systems, it is ideal for high flow customers generating hydrogen from MW-size electrolyzers or developing roadside dispensing stations.

Available for global markets immediately, the system compresses and transfers hydrogen from a low-pressure source to high pressure gas distribution tube trailers, which deliver Fuel Cell Grade Hydrogen to dispensing locations. Much more cost efficient than conventional stick-built systems, this packaged system leverages the strong synergies between Fluitron Compressors and Bethlehem Hydrogen’s engineering excellence.

“Becoming an industry-leader in the hydrogen field requires an intense focus on development of simple, cost-effective solutions for our customers,” said Tom Joseph, VP of Business Development of Fluitron LLC. “The increased compressor capacity and integrated tube trailer filling system sets a new bar for the industry with regard to lowering installed capital costs. This system clearly demonstrates our commitment to continuously exceed market expectations as we add new processes, systems, and products to our product line offerings.

About Fluitron

Fluitron is a global leader in precision technology for clean energy. With over 45 years of experience, Fluitron has grown to become a trusted partner for industrial gas compression technologies. Setting the bar in creating equipment that safely handles hydrogen and other specialized gases, Fluitron has the expertise to deliver the technology critical to your mission. For more information, www.fluitron.com.

Wilson Craig
Mindshare PR
+1 408-516-6182
This email address is being protected from spambots. You need JavaScript enabled to view it.

Designed and Manufactured in New York, Ctrl+e’s New Building Intelligence & Energy Management Platform Unlocks Actionable Insights Needed to Save Money and Eliminate Waste

NEW YORK--(BUSINESS WIRE)--Ctrl+e, an innovative building intelligence and energy management company, today unveiled its transformative solution to one of the largest costs and environmental challenges commercial building owners face today: energy waste.

Ctrl+e’s revolutionary building intelligence & energy management platform modernizes the legacy infrastructure of any commercial building and unlocks massive savings. By providing real-time visibility and control over a building’s devices and energy consumption, the platform empowers building owners to effortlessly adapt and optimize energy usage, reduce building expenses, eliminate carbon emissions and unlock meaningful insights into any building’s health and safety.

“Today’s commercial buildings generate troves of untapped data just waiting to be utilized. It’s a massive opportunity for building owners to reduce costs and unlock tax incentives and rebates, all while supporting a greener future,” said Charles Wolofsky, Co-founder & CEO of Ctrl+e. “By taking control of energy, we control costs.”

Carbon emissions in buildings are directly related and are the byproduct of energy consumption.

On average, commercial buildings waste 30% or more of the energy they consume, incurring significant costs to property owners. Existing solutions are too expensive for buildings under 50,000 sq. ft. – which account for more than 90% of all commercial buildings in the US.

“By enacting Local Law 97, NYC is among the first municipalities to mandate energy conservation and carbon emission reductions by building owners, and we expect this trend to grow nationwide,” added Wolofsky. “This law heavily penalizes and fines building owners for emissions above a set threshold, compelling them to adopt energy efficient solutions.”

Ctrl+e’s solutions are more affordable, simple to integrate and provide immediate savings to building owners. Using powerful wireless IoT, cloud-based and AI-driven technology, Ctrl+e’s platform can improve building health and the energy consumption of HVAC, water and boiler systems; lighting; on-site fuel cells; electrical grid power; and solar panels. In addition, Ctrl+e enables buildings to become grid interactive and become eligible to participate in demand-response incentive programs.

About Ctrl +e

Ctrl+e is a leading innovator in building intelligence and energy management solutions, empowering building owners to improve sustainability, reduce costs and advance the health of their community.

With decades of combined engineering, IoT and real estate experience, its dedicated team can cost-effectively modernize any property’s infrastructure using the company’s multi-patented building intelligence and energy management platform. By providing real-time visibility and actionable insights, building owners and managers can easily adapt and optimize energy usage, save money, reduce waste, minimize carbon emissions and obtain meaningful insights into any building’s health and safety.

Ctrl+e is headquartered in New York City and is entirely American made. Its solutions are designed, engineered, and manufactured in Rochester, NY.

For more information, contact:
Robert Brownlie
Bob Gold & Associates
310-320-2010
This email address is being protected from spambots. You need JavaScript enabled to view it.

Introducing a sustainable shippers association to collectively address GHG emissions within supply chains

NEW YORK--(BUSINESS WIRE)--#decarbonization--Greenabl Shippers Association, the logistics industry’s first not-for-profit cooperative procurement group committed to decarbonization, announced its launch today. The association will be managed by Bluspark which has deep roots in ocean freight and procurement as well as support for importers and exporters — most notably through the management of and technology support for Gemini Shippers Association.

The path to global supply chain decarbonization requires commitment, cooperation and action from multiple stakeholders. The company believes that a green-focused, supply chain coalition like Greenabl is part of the solution.

“Everyone has a part to play,” explained Ken O’Brien, president & CEO of Bluspark. “Decarbonizing the transportation industry is a complex and challenging task. However, we think that with the right combination of technologies, policies and operational changes, it is possible to reduce the industry’s carbon output and transition to a more sustainable future.”

Like many shippers associations, a neutral cooperative procurement approach is at the core of the Greenabl solution. However, what makes Greenabl unique is that it has combined this coalition strategy with a powerful technology platform to enable both shippers and carriers to measure, mitigate and offset their GHG emissions.

“Greenabl is the first of its kind and I’m optimistic that it will change the transportation industry for good,” said George Goldman, former president at ZIM American Integrated Shipping Services and executive chairman of Greenabl. “With a commitment to both inset and offset initiatives, plus the necessary reporting and analytics to measure success, Greenabl is providing a 360-degree solution.”

Companies that are looking to accelerate their sustainability and decarbonization efforts have two initial membership options. More information is available at greenabl.co/about.

About Greenabl

Greenabl is a new community for like-minded companies to immediately address carbon emissions in the supply chain. We are the logistics industry’s first sustainable shippers association and cooperative procurement group committed to supply chain decarbonization. Using best-in-class technology and a proven measurement framework, Greenabl helps shippers address the impact of CO2 in their supply chain while providing a center of excellence to advance their decarbonization efforts. Learn more and sign up today at greenabl.co.

Media:
Stephanie Bond | This email address is being protected from spambots. You need JavaScript enabled to view it.

MONTREAL--(BUSINESS WIRE)--Ecolomondo Corporation (TSXV: ECM) (OTC: ECLMF) (the “Company” or “Ecolomondo”), a cleantech company specializing in the commercialization of its Thermal Decomposition Process (“TDP”) proprietary recycling technology and the deployment of TDP turnkey facilities, is proud to announce it has completed a second successful production run at its new TDP Hawkesbury facility on January 25.

The Company recently performed a first batch of 1,600 lbs, on January 11, in which all of the thermal equipment performed according to expectations. The success of the first test enabled the Company to proceed with a second test on January 25, a batch with a payload of 7,000 lbs, signalling the beginning of its ramp-up phase. The ramp-up phase will be completed when payloads achieve 16,000 lbs per batch per reactor. The Hawkesbury plant is expected to operate 330 days per year and produce 5,300 tons of recovered carbon black (“rCB”), 42,700 barrels of oil, 1,800 tons of steel, 1,600 tons of process gas and 850 tons of fiber.

The outcome of this second batch was equally successful as the first, showing that our new generation reactors are capable of processing large quantities of scrap tire waste efficiently. Every part of the thermal process, flare, reactor evacuation and control system worked according to expectations.

The mass balance of this 7,000 lbs batch should yield approximately 2,660 lbs of recovered carbon black and approximately 7.5 barrels of oil (a barrel being 42 gallons).

The successful performance of the TDP equipment reflects the experience and technical data acquired from the hundreds of batches performed during the development of Ecolomondo’s TDP proprietary technology since 1998 at the Contrecoeur (Quebec) industrial-size pilot plant.

“This is another important achievement in our Company’s exciting history. After so many years of hard work and dedication, it is amazing to see it finally coming together”, says Eliot Sorella, Chairman & CEO of Ecolomondo Corporation.

Podcast on January 19, 2023

Mr. Eliot Sorella, Chairman of the Board and CEO, in a recent podcast discusses what Ecolomondo achieved in 2022 and what is in the pipeline for 2023. He shares about the Company's rich history and commitment to a cleaner and more sustainable planet. He explains the advantages of Ecolomondo’s TDP proprietary recycling technology, how it will contribute to a circular economy. He further outlines why investors should take notice of TDP technology and the Company. He also discusses recent corporate developments including progress of the Hawkesbury TDP facility. The interview is hosted by Emmy-Winner Ashleigh Barry and is reshared across social channels and platforms. View the podcast on youtube at https://youtu.be/ROP5PfQSdsE.

Corporate Video January 2023

In January 2023 the Company also issued a new video outlining its corporate vision and strategy. It presents the Company’s TDP technology, present facilities and current projects, while focusing on the Company’s strategic objectives. View the video on youtube at https://www.youtube.com/watch?v=M8Nwv2u4dFA.

About Ecolomondo Corporation

Ecolomondo Corporation is a Canadian cleantech company that prides itself after its proprietary Thermal Decomposition technology TDP which is headquartered in Québec, Canada. It has a 25-year history and during this time has been focused on its development of its technology and the deployment of TDP turnkey facilities. TDP recovers high value re-usable commodities from scrap tire waste, notably rCB, oil, syngas, fiber and steel. Ecolomondo expects to be a leading player in the cleantech space and be an active contributor to the global circular economy. Ecolomondo trades on the TSX Venture Exchange under the symbol (TSXV:ECM). To learn more, visit www.ecolomondo.com

Our Mission, Vision & Strategy

Ecolomondo’s mission is to be a contributing participant in a dynamic Circular Economy and to increase shareholder value by producing and supplying large quantities of recovered resources to be re-used in the manufacture of new products.

Ecolomondo’s vision is to be a leading producer and reseller of recovered resources by building and operating TDP facilities, strategically located in industrialized countries, close to feedstock, labor and offtake clients.

Our strategy is to become a major global builder and operator of TDP turnkey facilities, for now specializing in the processing of ELTs. Our intent is to expand aggressively in North America and Europe. Our experience and modular technology should help us get there faster and better. We plan to keep performing ongoing research and development to ensure that Ecolomondo remains technologically advanced. We expect to finance our expansion with asset-backed debt and raise capital by selling minority stakes in each of the TDP plants that we build. Our newly constructed Hawkesbury and soon to begin Shamrock facilities clearly demonstrate the ideal model of how the future of turnkey facilities will be built.

About TDP

The TDP process is technically proven and more advanced than most other pyrolysis technologies. Over the years, our Technological teams were able to overcome all uncertainties that plagued most competitors especially in these areas: pre-filtration, reactor cooling, reactor rotation, reactor evacuation, water recycling, cleaning of rCB, (hydrocarbon removal), mass monitoring, heat curve development, humidity and water removal, safety testing, system automation, emissions control and monitoring, rCB and pyrolysis oil post processing, efficient syngas reuse.

TDP is Environmentally Friendly – CO2 Reduction

By producing rCB, TDP reduces GHG emissions by 90% versus the production of virgin carbon black. The production of rCB at the Hawkesbury and Shamrock facilities are expected to reduce CO2 emissions by 22,400 and 67,200 tons per year, respectively.

Please follow @EcolomondoECM on Twitter, Facebook, LinkedIn, Instagram and YouTube.
Twitter: https://twitter.com/EcolomondoECM
Facebook: https://www.facebook.com/EcolomondoECM
LinkedIn: https://www.linkedin.com/company/ecolomondo/
Instagram: https://www.instagram.com/ecolomondoecm/
YouTube: https://www.youtube.com/@Ecolomondo

Cautionary Note Regarding Forward Looking Statements

The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward-looking statements. Although Ecolomondo believes that the expectations reflected in forward looking statements are reasonable, it can give no assurance that the expectations of any forward-looking statements will prove to be correct. Except as required by law, Ecolomondo disclaims any intention and assumes no obligation to update or revise any forward-looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward-looking statements or otherwise.

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

Ecolomondo Corporation Contact
Eliot Sorella
Chairman and Chief Executive Officer, Ecolomondo
Tel: (450) 587-5999
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.ecolomondo.com

SAN RAMON, Calif.--(BUSINESS WIRE)--Complete Solaria, Inc. (“Complete Solaria” or the “Company”), a leading solar technology, services, and installation company, today announced that Brian Wuebbels has been named Chief Financial Officer, effective February 1, 2023. Wuebbels brings more than 20 years of financial and executive experience, having served as CFO and in senior leadership positions for public and private solar and industrial companies throughout his career, including companies such NIDEC, GCL Solar Materials, SunEdison, Honeywell, and General Electric.

“I am pleased to welcome Brian to our leadership team,” said Will Anderson, Complete Solaria CEO. “Brian’s deep and extensive public and private company experience across the broader solar and industrial sectors position him to immediately add value to our organization. On behalf of the entire Complete Solaria team, I look forward to working closely with Brian as we deliver strong financial performance and increase value for our shareholders.”

“I am honored to join Complete Solaria at this pivotal time in the company’s growth trajectory, as it transitions toward life as a public company,” said Wuebbels. “I have closely watched the company’s evolution, and I look forward to playing a key role in expanding solar and its role in the transition to clean energy.”

Wuebbels succeeds Albert Luu, who will work as an advisor to Complete Solaria during the transition period.

Complete Solaria Investor & Analyst Day

Complete Solaria and Freedom Acquisition I Corporation (“Freedom”) (NYSE: FACT) will be holding an Investor & Analyst Day on February 13, 2023 at 11:00am EST. The leadership team from Complete Solaria and Freedom, including Brian Wuebbels, will present an overview of the Company’s operations and strategy plan, followed by a live question and answer session. Interested parties can register by clicking here.

About Complete Solaria

Complete Solaria is a solar company with unique technology and an end-to-end customer offering, which is expected to include financing, project fulfillment, and customer service, allowing it to sell more products across more markets and enable more options for customers wishing to make the switch to a more energy-efficient existence. To learn more, visit: www.completesolaria.com/investors.

Complete Solaria announced on October 3, 2022, an agreement for a business combination with Freedom (NYSE: FACT). The business combination is expected to close in the first half of 2023, subject to approval by Freedom’s shareholders, the Registration Statement being declared effective by the SEC, and other customary closing conditions.

About Freedom

Freedom is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. Freedom is led by Executive Chairman Tidjane Thiam, who previously served as CEO of Credit Suisse and Prudential. Senior management of Freedom also includes Chief Executive Officer Adam Gishen and Edward Zeng, a proven entrepreneur with a strong track record of creating value for investors across financial services, technology and energy transition sectors. To learn more about Freedom, visit www.freedomac1.com.

Important Information and Where to Find It

This press release relates to proposed transactions involving Complete Solaria and Freedom. Freedom intends to file a registration statement (“Registration Statement”), which will include a proxy statement for the solicitation of Freedom shareholder approval and a prospectus for the offer and sale of Freedom securities in the proposed transaction with Complete Solaria, and other relevant documents with the Securities and Exchange Commission (the “SEC”) to be used at its extraordinary general meeting of shareholders to approve the proposed transaction with Complete Solaria. The proxy statement will be mailed to shareholders as of a record date to be established for voting on the proposed business combination between Freedom and Complete Solaria. INVESTORS AND SECURITY HOLDERS OF FREEDOM AND COMPLETE SOLARIA ARE URGED TO READ THE REGISTRATION STATEMENT, PROXY STATEMENT, PROSPECTUS AND OTHER RELEVANT DOCUMENTS THAT WILL BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the Registration Statement, proxy statement, prospectus and other documents containing important information about Freedom and Complete Solaria once such documents are filed with the SEC, through the website maintained by the SEC at www.sec.gov.

Participants in the Solicitation

Freedom, Complete Solaria and their respective directors and executive officers may be deemed to be participants in the solicitation of proxies of Freedom’s shareholders in connection with the proposed business combination between Freedom and Complete Solaria. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination between Freedom and Complete Solaria will be contained in the proxy statement/prospectus pertaining to the proposed transaction when available at www.sec.gov.

No Offer or Solicitation

This press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed business combination between Freedom and Complete Solaria. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.

Forward Looking Statements

This communication may contain certain forward-looking statements within the meaning of the federal securities laws with respect to the referenced and proposed transactions. These forward-looking statements generally are identified by the words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would,” and similar expressions, but the absence of these words does not mean that a statement is not a forward-looking statement. Forward-looking statements are forecasts, predictions, projections and other statements about future events that are based on current expectations, hopes, beliefs, intentions, strategies 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) the risk that the proposed business combination may not be completed in a timely manner or at all; (ii) the risk that the proposed business combination between Freedom and Complete Solaria may not be completed by Freedom’s business combination deadline and the potential failure to obtain an extension of the business combination deadline if sought by Freedom; (iii) the failure to satisfy the conditions to the consummation of the proposed business combination; (iv) the effect of the announcement or pendency of the proposed business combination on Complete Solaria’s business relationships, operating results, and business generally; (v) risks that the proposed business combination disrupts current plans and operations of the companies or diverts managements’ attention from Complete Solaria’s ongoing business operations and potential difficulties in employee retention as a result of the announcement and consummation of the proposed business combination; (vi) the outcome of any legal proceedings that may be instituted in connection with the proposed business combination; (vii) the ability to maintain the listing of Freedom’s securities on a national securities exchange; (viii) the price of Freedom’s securities may be volatile due to a variety of factors, including changes in the applicable competitive or regulatory landscapes, variations in operating performance across competitors, changes in laws and regulations affecting Freedom’s or Complete Solaria’s business, and changes in the combined capital structure; (ix) the ability to implement business plans, forecasts, and other expectations after the completion of the proposed business combination, and identify and realize additional opportunities; (x) the ability to recognize the anticipated benefits of the previously consummated Complete Solaria merger and the proposed business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with customers and suppliers and retain its management and key employees; (xi) the evolution of the markets in which Complete Solaria will compete; (xii) the costs related to the previously consummated Complete Solaria merger and the proposed business combination; (xiii) any impact of the COVID-19 pandemic on Complete Solaria’s business; and (xiv) Freedom and Complete Solaria’s expectations regarding market opportunities.

The foregoing list of factors is not exhaustive. Readers should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of documents filed by Freedom from time to time with the SEC, including the Registration Statement, when available. Such 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 Freedom and Complete Solaria assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Neither Freedom nor Complete Solaria gives any assurance that any of them will achieve its expectations.

Investor Relations – Complete Solaria
Sioban Hickie, ICR, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.

Public Relations – Complete Solaria
Doug Donsky, ICR, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations – Freedom
Adam Gishen, Freedom Acquisition l Corp.
This email address is being protected from spambots. You need JavaScript enabled to view it.

Public Relations – Freedom
Andy Smith, Powerscourt (U.K.)
This email address is being protected from spambots. You need JavaScript enabled to view it.

TORONTO--(BUSINESS WIRE)--Greenland Resources Inc. (NEO:MOLY, FSE:M0LY) (“Greenland Resources” or the “Company”) is pleased to announce that it has appointed Endeavour Financial as its Financial Advisor to help raise capital expenditure funds for its Malmbjerg Molybdenum Project in east Greenland (the “Project”).

The advisory services will complement the current outstanding support from the European Raw Material Alliance (“ERMA”) as per their press release EIT/ERMA_June 13, 2022 Press Release. The Company has been working along with the ERMA Access to Finance group on discussions with potential investors comprised of European and North American supranational banks, crown corporations, funds and commercial banks.

George Pyper, Managing Director of Endeavour Financial, commented: “Endeavour Financial is delighted to be able to work with the Greenland Resources team to evaluate and execute financing for the development of this world class asset in Greenland.”

Dr. Ruben Shiffman, Chairman Greenland Resources, stated: “Endeavour Financial not only has an impressive track record and was recently winner of the Mines and Money 2022 “Deal of the Year” award in recognition of a US$633 million mining project finance package they arranged, but they have also experience in Greenland. We see very positive European demand for our high quality molybdenum from Greenland, as this, combined with our high ESG standards, and today’s molybdenum price (US$36.50/lb Mo) which is more than twice the price used in our recent feasibility study, make our Project a compelling investment story.”

About Endeavour Financial

Endeavour Financial, with offices in London, UK, George Town, Cayman Islands, and Vancouver, British Columbia, is one of the top mining financial advisory firms, specializing in arranging multi-sourced funding solutions for development-stage companies. Founded in 1988, Endeavour Financial has a well-established reputation of achieving success for its clients with over US$500 million in royalty and stream finance, US$4 billion in debt finance and US$28 billion in mergers and acquisitions. The Endeavour Financial team has diverse experience in both natural resources and finance, including investment bankers, geologists, mining engineers, cash flow modelers and financiers. To learn more visit www.endeavourfinancial.com.

About Greenland Resources Inc.

Greenland Resources is a Canadian public company with the Ontario Securities Commission as its principal regulator and is focused on the development of its 100% owned world-class Climax type pure molybdenum deposit located in central east Greenland. The Malmbjerg molybdenum project is an open pit operation with an environmentally friendly mine design focused on reduced water usage, low aquatic disturbance and low footprint due to modularized infrastructure. The Malmbjerg project benefits from a NI 43-101 Definitive Feasibility Study completed by Tetra Tech in 2022, with Proven and Probable Reserves of 245 million tonnes at 0.176% MoS₂, for 571 million pounds of contained molybdenum metal. As the high-grade molybdenum is mined for the first half of the mine life, the average annual production for years one to ten is 32.8 million pounds per year of contained molybdenum metal at an average grade of 0.23% MoS₂. The project had a previous exploitation license granted in 2009. With offices in Toronto, the Company is led by a management team with an extensive track record in the mining industry and capital markets. For further details, please refer to our web site (www.greenlandresources.ca) and our Canadian regulatory filings on Greenland Resources’ profile at www.sedar.com.

About Molybdenum and the European Union

Molybdenum is a critical metal used mainly in steel and chemicals that is needed in all technologies in the upcoming green energy transition (World Bank, 2020; IEA, 2021). When added to steel and cast iron, it enhances strength, hardenability, weldability, toughness, temperature strength, and corrosion resistance. Based on data from the International Molybdenum Association and the European Commission Steel Report, the world produced around 576 million pounds of molybdenum in 2021 where the European Union (“EU”) as the second largest steel producer in the world used approximately 25% of global molybdenum supply and has no domestic molybdenum production. To a greater degree, the EU steel dependent industries like the automotive, construction, and engineering, represent around 18% of the EU’s ≈ US$16 trillion GDP. Greenland Resources strategically located Malmbjerg molybdenum project has the potential to supply in and for the EU approximately 24 million pounds per year, of environmentally friendly molybdenum from a responsible EU Associate country, for decades to come. The high quality of the Malmbjerg ore, having low impurity content in phosphorus, tin, antimony, and arsenic, makes it an ideal source of molybdenum for the high-performance steel industry lead worldwide by Europe, specifically the Scandinavian countries and Germany.

Forward Looking Statements

This news release contains "forward-looking information" (also referred to as "forward looking statements"), which relate to future events or future performance and reflect management’s current expectations and assumptions. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "hopes", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: the engagement of advisors and their ability to raise capital on terms which are economic or at all; the ability to negotiate a supply agreement with end users, roasters and distributors on terms that are economic or at all; the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources and reserves, and their valuation, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions.

These forward-looking statements and information reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: our mineral reserve estimates and the assumptions upon which they are based, including geotechnical and metallurgical characteristics of rock confirming to sampled results and metallurgical performance; tonnage of ore to be mined and processed; ore grades and recoveries; assumptions and discount rates being appropriately applied to the technical studies; estimated valuation and probability of success of the Company’s projects, including the Malmbjerg molybdenum project; prices for molybdenum remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company’s projects; capital decommissioning and reclamation estimates; mineral reserve and resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements and information include known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the projected and actual effects of the COVID-19 coronavirus on the factors relevant to the business of the Corporation, including the effect on supply chains, labour market, currency and commodity prices and global and Canadian capital markets, fluctuations in molybdenum and commodity prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar versus the U.S. dollar versus the Euro); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structure formations, cave-ins, flooding and severe weather); inadequate insurance, or the inability to obtain insurance, to cover these risks and hazards; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in Greenland, including environmental, export and import laws and regulations; legal restrictions relating to mining; risks relating to expropriation; increased competition in the mining industry for equipment and qualified personnel; the availability of additional capital; the ability to source and negotiate supply and offtake agreements with qualified counterparties on terms that are economic or at all; title matters and the additional risks identified in our filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on forward-looking statements or information.

These forward-looking statements are made as of the date hereof and, except as required by applicable securities regulations, the Company does not intend, and does not assume any obligation, to update the forward-looking information.

Neither the NEO Exchange Inc. nor its regulation services provider accepts responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

For further information please contact:

Ruben Shiffman, PhD Chairman, President
Keith Minty, P.Eng, MBA Engineering and Project Management
Jim Steel, P.Geo, MBA Exploration and Mining Geology
Nauja Bianco, M.Pol.Sci. Public and Community Relations
Gary Anstey Investor Relations
Eric Grossman, CPA, CGA Chief Financial Officer
Corporate office Suite 1410, 181 University Av. Toronto, Ontario, Canada M5H 3M7
Telephone +1 647 273 9913
Email This email address is being protected from spambots. You need JavaScript enabled to view it.
Web www.greenlandresources.ca