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Council members include renowned experts in geopolitics, defense, climate, and energy policy

THE WOODLANDS, Texas--(BUSINESS WIRE)--Excelerate Energy, Inc. (NYSE: EE) (“Excelerate” or “Company”) announces the formation of an International Strategic Advisory Council (“Council”) consisting of international experts who provide advice to the Company on global political, social, economic, and policy issues. The Council is composed of practitioners in the fields of academia, diplomacy, energy and climate policy, and political-military affairs who bring a wealth of experience and outside perspectives to inform the Company’s development strategy and decision making.


The initial members of the Council are Ambassador (ret.) Liliana Ayalde, Admiral (ret.) Craig Faller, Ambassador (ret.) Gerald Feierstein, Dr. Michał Kurtyka, Ambassador (ret.) Anne Patterson, and Dr. Angela Stent.

  • Amb. Ayalde is a Senior Advisor at the Center for Strategic and International Studies. She served as U.S. Ambassador to Brazil and Paraguay, and Senior Deputy Assistant Administrator of USAID.
  • Adm. Faller is a retired four-star U.S. Navy Admiral who served as Commander of U.S. Southern Command and Senior Military Assistant to the Secretary of Defense.
  • Amb. Feierstein is a distinguished senior fellow at the Middle East Institute. He served as U.S. Ambassador to Yemen and Principal Deputy Assistant Secretary of State for Near Eastern Affairs.
  • Dr. Kurtyka served as Poland’s first Climate Minister, responsible for energy, climate and the environment, President of COP 24 (2018 in Katowice), and Chair of the 2019 IEA Ministerial.
  • Amb. Patterson is a retired Foreign Service Officer who served as U.S. Ambassador to Colombia, Egypt, El Salvador, and Pakistan and Assistant Secretary of State for Near Eastern Affairs.
  • Dr. Stent is Director Emerita of Georgetown University’s Center for Eurasian, Russian, and East European Studies. She was previously a U.S. National Intelligence Officer for Russia and Eurasia.

“I am honored to name this distinguished group of subject matter experts and former public servants to Excelerate’s new International Strategic Advisory Council,” said Steven Kobos, President and CEO of Excelerate. “The Council members’ collective expertise and unique perspectives will enrich Excelerate’s decision making and enable us to continue to deliver flexible, secure, and reliable energy to countries that need it most.”

About Excelerate Energy:

Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with the objective of delivering rapid-to-market and reliable LNG solutions to customers. The Company offers a full range of flexible regasification services from FSRUs to infrastructure development to LNG supply. Excelerate has offices in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Helsinki, Ho Chi Minh City, Manila, Rio de Janeiro, Singapore, and Washington, DC. For more information, please visit www.excelerateenergy.com.


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  • Third quarter 2022 revenue of $1.7 million, driven by revenue from the energy storage projects with Jupiter Power in Texas and California.
  • Revenue for the first nine months ending September 30, 2022, totaled $45.6 million, driven mainly by gravity energy storage licensing revenue with Atlas Renewable.
  • Third quarter GAAP loss from operations of $(36.2) million, and GAAP net loss of $(28.8) million.
  • Third quarter 2022 adjusted EBITDA totaled $(17.2) million; for the first nine months of 2022 ending September 30, 2022, adjusted EBITDA was approximately breakeven totaling $(0.2) million.
  • Total cash on the balance sheet of $274.7 million as of September 30, 2022, vs $299.1 million as of June 30, 2022.
  • Operating Highlights:
    • Signed and booked orders for 495 megawatt hours (MWh), converting prior project awards, for approximately $210 million.
    • New projects awards of approximately 2 gigawatt hours (GWh) of energy storage systems, including our first 48-hour long-duration hybrid system utilizing green hydrogen. This approximately 300 MWh project, awarded by a leading western public utility, is expected to be one of the largest green hydrogen energy storage projects globally.
    • Total signed contracts and project awards are now approximately 4.8 GWh, representing approximately $2 billion of potential revenue.
    • Gravity systems: Construction progressed as planned in China, completing foundation activities, and moving to fixed frame structural erection and power electronic staging; test piling activity commenced in Snyder, Texas for Enel Green Power.
    • Battery systems: Engineering, procurement and construction commenced for Jupiter’s Texas and California projects, and Wellhead’s Stanton, California project. These battery projects are expected to be operational between the second and third quarter of 2023.
    • Global infrastructure and commercial build-out progressed with legal entity establishment underway in Australia and China to complement our United States and European presence.
    • Total headcount grew 18% from the second quarter of 2022 to the third quarter of 2022, bringing YTD 2022 headcount growth to 104% versus end of year 2021.
  • Appointed Jan Kees van Gaalen as Chief Financial Officer replacing interim Chief Financial Officer, David Hitchcock, who will remain as an advisor to Energy Vault through December 31, 2022.
  • Re-affirming prior guidance: 2022 revenue of $75 million to $100 million and adjusted EBITDA of $(10) million to $3 million, driven by Gravity Energy Storage System territory expansions and execution on initial project construction starts in California and Texas with Jupiter Power and Wellhead. Expect to end 2022 with total cash balance of $260 million to $280 million.
  • Re-affirming 2-year aggregate revenue guidance of approximately $680 million for combined full year 2022 and full year 2023.

LUGANO, Switzerland & WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault” or “the Company”), a leader in sustainable, grid-scale energy storage solutions, announced financial results for the third quarter ended September 30, 2022.



Robert Piconi, Chairman and CEO of Energy Vault, stated, “We made strong progress during the quarter across all commercial, operational and financial facets of our business. Customers are choosing Energy Vault given the innovative portfolio of solutions that address their needs across short and long duration storage, as well as addressing their complex requirements to optimize energy density, economics, and overall performance. During the quarter, we announced contract signings totaling 495 megawatt hours for our battery energy storage solutions for immediate delivery in 2023 with top tier customers. This highlights the readiness of our solutions and software capabilities, and more importantly, the trust that our customers have in us to deliver projects on-time and on-budget.

Additionally, we have received awards for approximately 2 gigawatt hours of energy storage solutions to address our customer’s immediate needs. This includes a 500 MWh short-duration battery storage project with Meadow Creek in Australia as previously announced, an 820 MWh short-duration battery storage project in Europe and our previously announced 440 MWh award with a large western utility. These projects mark our first entrance into the European market and our first shorter duration project to complement our long duration gravity projects in Australia, regions that we have seen increased demand for energy storage driven by supportive policy and macro events. I am also pleased to announce one of the first and largest utility-scale green hydrogen storage projects, for approximately 300 MWh of storage capacity with another large western utility. The introduction of green hydrogen into our technology portfolio further validates our technical differentiation with our energy management software platform and the market for hybrid short and long duration integrated systems.”

Mr. Piconi continued, “Looking ahead to the balance of 2022 and 2023, we will continue to scale our talent base and global infrastructure to enable commercial and operational execution for our customers. We will leverage, in a disciplined manner, our position as the only energy storage company offering a hardware agnostic portfolio of both short and long duration storage solutions, bringing innovative gravity, green hydrogen and hybrid solutions to the market for the first time.”

Third Quarter 2022 and Recent Business Highlights:

Realized significant commercial momentum on our utility-scale battery energy storage projects:

  • Signed contract with Wellhead Electric and W Power for 275 MWh energy storage project in Southern California.
    • Energy Vault has signed a contract to deploy a 68.8 megawatt (275 MWh) battery energy storage system (BESS) at Wellhead’s Energy Reliability Center in Stanton, California to provide enhanced resources and improved grid reliability in the Southern California Edison territory. The Stanton ESS will be one of the largest energy storage systems in southern California and will be based on Energy Vault Solutions’ (EVS) proprietary system design and EVS’s Energy Management Software for optimal economic dispatching. This contract reflects successful validation of EVS’s technology-agnostic strategy, to provide customers with the most flexible and cost-effective energy storage solutions. The project is expected to be completed in the second half of 2023.
  • Signed contract with Jupiter Power for 220 MWh energy storage project in Texas and California.
    • Energy Vault and Jupiter Power will deploy a BESS in Texas to provide energy and ancillary services to the ERCOT energy-only market and a battery energy storage system in California to provide similar services through participation in the CAISO Resource Adequacy program. The storage systems will be based on EVS’s proprietary integration system design and EVS’ Energy Management Software for optimal economic dispatching. The project is expected to be completed in the second half of 2023.
  • Awarded a 250 MW/500 MWh grid-connected battery storage agreement in Victoria, Australia.
    • Meadow Creek Solar pty Ltd., a developer of the Meadow Creek Solar Farm has awarded Energy Vault a 250 MW/500 MWh BESS project to support its 330 MW solar project. Under the notice of award, Energy Vault will begin the advanced grid studies and modeling with technical advisor DNV, as required by the Australian Energy Market Operator (AEMO) for interconnected power systems in Australia's eastern and south-eastern seaboard, which will be located 2 hours north of Melbourne, Australia. The battery storage system, being co-located with the solar PV, will provide the flexibility of charge and discharge, essential to shoring up renewable energy supply across the network as Australia adopts the Australian Energy Market Operator's Integrated System Plan. The project is expected to be completed in 2024.
  • Awarded a 410 MW/820 MWh project in Europe with a large renewable energy developer.
    • Energy Vault announced it was awarded an 820 MWh battery energy storage system project with a large renewable energy developer with expected completion in 2024.
  • Awarded an approximately 300 MWh, utility-scale battery plus green hydrogen storage project with an additional large western public utility for long duration storage, marking our first hydrogen deployment.
    • The hybrid battery plus hydrogen storage project will provide 300 MWh of carbon-free energy over 48 hours. The hybrid architecture will allow for grid forming and black start capabilities. Energy Vault’s Energy Management System will provide full system control and optimal dispatching among the batteries, hydrogen tanks and fuel-cells.
  • Previously announced award for a 220 MW/440 MWh energy storage project with a large western utility is in the final stages of contract execution.
    • The project is expected to reach commercial operation by the end of 2023.

Large scale gravity-energy storage projects utilizing our EVx system continues multi-continent progress:

  • Received a limited notice to proceed with the Enel Green Power project which has resulted in groundbreaking on location in Snyder, Texas for an 18 MW / 36 MWh gravity energy storage system. This project will be the first gravity storage deployment in the western hemisphere.
  • First 100 MWh project in China progressing in line with plan
    • Energy Vault will continue to support the 100 MWh project in the fourth quarter of 2022 and into next year. We expect the project to achieve commercial deployment in the first half of 2023.
  • 2 GWh Mandate announced for Energy Vault’s EVx™ Gravity Energy Storage Platform for Initial Zero Carbon Industrial Parks in China
    • In partnership with Atlas Renewable, EIPC (a policy oriented supporting organization of the Investment Association of China), in conjunction with China Tianying and selected provincial and local governments, will develop five national zero carbon industrial parks. The parks will utilize Energy Vault’s gravity energy storage technology and its Energy Management Software platform to support China’s mandated climate change and environmental policy. The first announced site has been confirmed for a 2 GWh system located in Inner Mongolia.

Other recent updates:

  • Energy Vault announced key executive appointments.
    • Jan Kees van Gaalen will be appointed as Chief Financial Officer effective November 16, 2022, and is replacing interim Chief Financial Officer David Hitchcock, who will remain as an advisor to Energy Vault through December 31, 2022.
    • E.B. Jensen has joined as Senior Vice President, Project Execution and Delivery. Jensen will lead the teams responsible for energy storage deployment across the global landscape.
    • Dr. Craig Horne has joined as Vice President of Advanced Energy Storage Development, responsible for the expansion of Energy Vault’s portfolio of storage solutions.

Outlook:

  • Energy Vault reiterates its expectation for full year 2022 revenue in the range of $75 million to $100 million and adjusted EBITDA range of $(10.0) million to $3.0 million.
  • Energy Vault maintains its two-year aggregate revenue guidance of approximately $680 million for full year 2022 and full year 2023.
  • Expect to end 2022 with total cash balance in the range of $260 million to $280 million.

Conference Call Information

Energy Vault will host a conference call today at 4:30 PM ET to discuss the results, followed by a Q&A session. A live webcast of the call can be accessed https://www.energyvault.com/. To access the call, participants may dial 1-877-704-4453, international callers may use 1-201-389-0920, and request to join the Energy Vault earnings call.

A telephonic replay will be available shortly after the conclusion of the call and until, November 28, 2022. Participants may access the replay at 1-844-512-2921, international callers may use 1-412-317-6671, and enter access code 13733498. The call will also be available for replay via webcast link on the Investors portion of the Energy Vault website at https://www.energyvault.com/.

About Energy Vault

Energy Vault develops and deploys turnkey sustainable energy storage solutions designed to transform the world’s approach to utility-scale energy storage in realizing decarbonization while maintaining grid resiliency. The company’s proprietary energy management system and optimization software suite is technology agnostic in its ability to orchestrate various generation and energy storage resources to help utilities, independent power producers and large industrial energy users to significantly reduce their levelized cost of energy while maintaining power quality and grid reliability. Energy Vault’s EVx™ gravity energy storage system utilizes eco-friendly materials with the ability to integrate waste materials for beneficial re-use. Energy Vault is facilitating the shift to a circular economy while accelerating the clean energy transition for its customers. For additional information, please visit: www.energyvault.com

Non- GAAP measures

Energy Vault has provided a reconciliation of Adjusted EBITDA to net loss, the most directly comparable GAAP measures, for the historical period in the appendix hereto. A reconcilation of projected non-GAAP measures for the full-year 2022 has not been provided because certain information necessary to calculate such measures on a GAAP basis is unavailable or dependent on the timing of future events outside of our control. Therefore, because of the uncertainty and variability of the nature of the amount of future adjustments, which could be significant, the Company is unable to provide a reconciliation for these forward-looking non-GAAP measures without unreasonable effort.

Forward-Looking Statements

This press release includes forward-looking statements that reflect the Company’s current views with respect to, among other things, the Company’s operations and financial performance. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as “ anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “project,” “forecast,” “estimates,” “targets,” “projections,” “should,” “could,” “would,” “may,” “might,” “will” and other similar expressions. We base these forward-looking statements or projections on our current expectations, plans and assumptions, which we have made in light of our experience in our industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances at the time. These forward-looking statements are based on our beliefs, assumptions and expectations of future performance, taking into account the information currently available to us. These forward-looking statements are only predictions based upon our current expectations and projections about future events. These forward-looking statements involve significant risks and uncertainties that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including changes in our strategy, expansion plans, customer opportunities, future operations, future financial position, estimated revenues and losses, projected costs, prospects and plans; the implementation, market acceptance and success of our business model and growth strategy; our ability to develop and maintain our brand and reputation; developments and projections relating to our business, our competitors, and industry; the impact of health epidemics, including the COVID-19 pandemic, on our business and the actions we may take in response thereto; our expectations regarding our ability to obtain and maintain intellectual property protection and not infringe on the rights of others; expectations regarding the time during which we will be an emerging growth company under the JOBS Act; our future capital requirements and sources and uses of cash; our ability to obtain funding for our operations and future growth; our business, expansion plans and opportunities and other important factors discussed under the caption “Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2022 and in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2022 to be filed with the SEC, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov. New risks emerge from time to time and it is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. Any forward-looking statement made by us in this press release speaks only as of the date of this press release and is expressly qualified in its entirety by the cautionary statements included in this press release. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable laws. You should not place undue reliance on our forward-looking statements.

 

ENERGY VAULT HOLDINGS, INC.

Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands except par value)

 

September 30,
2022

 

December 31,
2021

Assets

Current Assets

Cash and cash equivalents

$

249,649

 

 

$

105,125

 

Restricted cash

 

25,086

 

 

 

 

Accounts receivable

 

22,824

 

 

 

 

Contract assets

 

24,714

 

 

 

 

Prepaid expenses and other current assets

 

9,421

 

 

 

5,538

 

Total current assets

 

331,694

 

 

 

110,663

 

Property and equipment, net

 

1,577

 

 

 

11,868

 

Right-of-Use assets, net

 

1,378

 

 

 

1,238

 

Other assets

 

3,900

 

 

 

1,525

 

Total Assets

$

338,549

 

 

$

125,294

 

Liabilities, Convertible Preferred Stock, and Stockholders’ Equity (Deficit)

 

 

 

Current Liabilities

 

Accounts payable

$

2,801

 

 

$

1,979

 

Accrued expenses

 

3,669

 

 

 

4,704

 

Contract liabilities, current portion

 

27,517

 

 

 

 

Long-term finance leases, current portion

 

37

 

 

 

48

 

Long-term operating leases, current portion

 

676

 

 

 

612

 

Total current liabilities

 

34,700

 

 

 

7,343

 

Deferred pension obligation

 

166

 

 

 

734

 

Asset retirement obligation

 

819

 

 

 

978

 

Contract liabilities, long-term portion

 

1,500

 

 

 

1,500

 

Long-term finance leases

 

23

 

 

 

34

 

Long-term operating leases

 

760

 

 

 

662

 

Warrant liability

 

271

 

 

 

 

Total liabilities

 

38,239

 

 

 

11,251

 

Commitments and contingencies

 

Convertible preferred stock, $0.0001 par value; 85,741 shares authorized, 85,741 shares issued and outstanding at December 31, 2021; liquidation preference of $171,348

 

 

 

 

182,709

 

Stockholders’ Equity (Deficit)

 

 

 

Preferred stock, $0.0001 par value; 5,000 shares authorized, none issued

 

 

 

 

 

Common stock, $0.0001 par value; 500,000 shares authorized, 137,839 shares issued, and 137,839 outstanding at September 30, 2022; 120,568 shares authorized, 20,432 shares issued, and 20,432 outstanding at December 31, 2021

 

14

 

 

 

 

Additional paid-in capital

 

424,499

 

 

 

713

 

Accumulated deficit

 

(123,988

)

 

 

(68,966

)

Accumulated other comprehensive loss

 

(215

)

 

 

(413

)

Total stockholders’ equity (deficit)

 

300,310

 

 

 

(68,666

)

Total Liabilities, Convertible Preferred Stock, and Stockholders’ Equity (Deficit)

$

338,549

 

 

$

125,294

 

 

ENERGY VAULT HOLDINGS, INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(In thousands except per share data)

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

Revenue

$

1,694

 

 

$

 

 

$

45,555

 

 

$

 

Operating expenses:

 

 

 

 

 

 

 

Cost of revenue

 

1,623

 

 

 

 

 

 

2,194

 

 

 

 

Sales and marketing

 

3,758

 

 

 

169

 

 

 

8,287

 

 

 

443

 

Research and development

 

16,731

 

 

 

1,697

 

 

 

36,155

 

 

 

4,920

 

General and administrative

 

12,960

 

 

 

3,759

 

 

 

33,434

 

 

 

8,620

 

Asset impairment

 

2,828

 

 

 

(11

)

 

 

2,828

 

 

 

2,733

 

Loss from operations

 

(36,206

)

 

 

(5,614

)

 

 

(37,343

)

 

 

(16,716

)

Other income (expense)

 

 

 

 

 

 

 

Interest expense

 

 

 

 

 

 

 

(1

)

 

 

(7

)

Change in fair value of warrant liability

 

6,706

 

 

 

 

 

 

2,061

 

 

 

 

Transaction costs

 

 

 

 

 

 

 

(20,586

)

 

 

 

Other income (expense), net

 

920

 

 

 

(549

)

 

 

1,205

 

 

 

(1,866

)

Loss before income taxes

 

(28,580

)

 

 

(6,163

)

 

 

(54,664

)

 

 

(18,589

)

Provision for income taxes

 

185

 

 

 

 

 

 

358

 

 

 

 

Net loss

$

(28,765

)

 

$

(6,163

)

 

$

(55,022

)

 

$

(18,589

)

 

 

 

 

 

 

 

 

Net loss per share — basic and diluted

$

(0.21

)

 

$

(0.45

)

 

$

(0.46

)

 

$

(1.54

)

Weighted average shares outstanding — basic and diluted

 

140,302

 

 

 

13,598

 

 

 

118,560

 

 

 

12,094

 

 

 

 

 

 

 

 

 

Other comprehensive income (loss) — net of tax

 

 

 

 

 

 

Actuarial gain (loss) on pension

$

1

 

 

$

63

 

 

$

561

 

 

$

295

 

Foreign currency translation gain (loss)

 

(8

)

 

 

(596

)

 

 

(363

)

 

 

303

 

Total other comprehensive income (loss)

 

(7

)

 

 

(533

)

 

 

198

 

 

 

598

 

Total comprehensive loss

$

(28,772

)

 

$

(6,696

)

 

$

(54,824

)

 

$

(17,991

)

 

ENERGY VAULT HOLDINGS, INC.

Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)

 

Nine Months Ended September 30,

 

 

2022

 

 

 

2021

 

Cash Flows From Operating Activities

Net loss

$

(55,022

)

 

$

(18,589

)

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

 

 

 

Depreciation and amortization

 

7,562

 

 

 

976

 

Non-cash lease expense

 

548

 

 

 

319

 

Non-cash interest income

 

(217

)

 

 

 

Stock based compensation

 

26,757

 

 

 

452

 

Asset Impairment

 

2,828

 

 

 

3,236

 

Change in fair value of warrant liability

 

(2,061

)

 

 

 

Change in pension obligation

 

21

 

 

 

53

 

Asset retirement obligation accretion expense

 

(93

)

 

 

 

Foreign exchange gains and losses

 

163

 

 

 

100

 

Change in operating assets

 

(55,247

)

 

 

664

 

Change in operating liabilities

 

26,966

 

 

 

(1,286

)

Net cash used in operating activities

 

(47,795

)

 

 

(14,075

)

Cash Flows From Investing Activities

 

Purchase of property and equipment

 

(679

)

 

 

(76

)

Purchase of convertible notes

 

(2,000

)

 

 

 

Net cash used in investing activities

 

(2,679

)

 

 

(76

)

Cash Flows From Financing Activities

 

Proceeds from exercise of stock options

 

131

 

 

 

 

Proceeds from reverse recapitalization and PIPE financing, net

 

235,940

 

 

 

 

Proceeds from exercise of warrants

 

7,855

 

 

 

 

Payment of transaction costs related to reverse recapitalization

 

(20,651

)

 

 

(469

)

Payment of taxes related to net settlement of equity awards

 

(3,017

)

 

 

 

Repayment of debt

 

 

 

 

(765

)

Proceeds from promissory note

 

 

 

 

125

 

Payment of finance lease obligations

 

(51

)

 

 

(43

)

Proceeds from Series B-1 preferred Stock, net of issuance costs

 

 

 

 

15,295

 

Proceeds from Series C preferred Stock, net of issuance costs

 

 

 

 

105,520

 

Proceeds from issue of shares, net of issuance costs

 

 

 

 

5

 

Net cash provided by financing activities

 

220,207

 

 

 

119,668

 

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

 

(123

)

 

 

723

 

Net increase in cash, cash equivalents, and restricted cash

 

169,610

 

 

 

106,240

 

Cash, cash equivalents, and restricted cash  –  beginning of the period

 

105,125

 

 

 

10,051

 

Cash, cash equivalents, and restricted cash –  end of the period

 

274,735

 

 

 

116,291

 

Less: Restricted cash at end of period

 

25,086

 

 

 

 

Cash and cash equivalents - end of period

$

249,649

 

 

$

116,291

 

 

 

 

 


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Equinor and partner bp, New York City Economic Development Corporation, and key community members kick off fund to promote workforce growth and inclusivity in New York’s offshore wind industry


BROOKLYN, N.Y.--(BUSINESS WIRE)--Equinor and bp, in partnership with the New York City Economic Development Corporation (NYCEDC) and the Sunset Park Task Force (SPTF), today announced the creation of the Offshore Wind Ecosystem Fund, a $5 million clean energy community grant program designed to support sustainable growth, workforce development, empowerment of underserved communities, and climate justice in New York City’s emerging offshore wind ecosystem.

The fund will provide grants that help spur job education and training, provide historically marginalized communities access to workforce and small business opportunities, and assist minority and women-owned business enterprises in New York City to foster innovation that contributes to the growth of the offshore wind ecosystem.

The Ecosystem Fund is governed by a Strategy Development Committee responsible for creating investment strategies that align with the Fund’s objectives, and a Selection Committee that will help evaluate and select funding proposals. Both include representatives of the Sunset Park Task Force, which advocates to maximize the economic potential and community links between Sunset Park residents and the waterfront, NYCEDC and Equinor.

One of the largest wind developers in the world, Equinor is leading the Ecosystem Fund initiative on behalf of its 50-50 strategic partnership with bp in the US. Together, the companies are developing the Empire Wind and Beacon Wind projects, which will provide enough renewable energy to power more than two million New York homes. Empire Wind, located off the southern coast of Long Island, will provide over two gigawatts of offshore wind energy, and Beacon Wind will provide an additional 1.2 gigawatts of power.

“We are thrilled to announce the launch of the Ecosystem Fund that will provide important funding to help develop the future of the clean energy economy in New York. This initiative will help spur a new pipeline of creative ideas and talented people from across the city, especially from underserved communities, to build careers in this exciting new field,” said Molly Morris, President of Equinor Wind US. “It also aligns with our work with the South Brooklyn Marine Terminal and the community of Sunset Park in Brooklyn to revitalize the industrial port facility and transform it into a major staging and assembly port for offshore wind turbines that will last well into the future.”

Dave Lawler, Chairman and President of bp America, said: “bp recognizes the importance of a just energy transition that delivers quality jobs, supports the livelihoods of local communities and prepares workers for new opportunities in the energy sector. That’s why we’re investing to support equity within the offshore-wind sector, help people develop skills for the future energy system and build greater workforce resilience.”

“We are thrilled to partner with Equinor in the creation of the Offshore Wind Ecosystem Fund, which will be a critical program helping to advance New York City’s Offshore Wind vision,” said NYCEDC President and CEO Andrew Kimball. “This fund is the result of a great public private partnership that will help ensure the green economy is accessible to all New Yorkers.”

Doreen M. Harris, President and CEO, NYSERDA said, “NYSERDA’s partnership with Equinor includes three of New York’s five offshore wind projects currently in development—part of the largest active portfolio in the U.S., that will anchor this game-changing renewable resource here in the Empire State and bring benefits to all New Yorkers – especially those who have historically been left behind. This Ecosystem Fund will support communities like Sunset Park with a pathway to provide historical knowledge and local expertise for workforce training and development initiatives—and guide community investments that will best serve their neighborhoods and the broader development of offshore wind projects.”

“The Offshore Wind Ecosystem Fund is bringing an integrated approach to environmental justice in Brooklyn,” said Brooklyn Borough President Antonio Reynoso. “Not only will these grants accelerate our clean energy efforts, but they will also open up green careers to new generations and empower small businesses owned by minorities, women, and service-disabled veterans to participate in the offshore wind industry. Thank you to Equinor, NYCEDC, and SPTF for the thoughtful approach to New York’s clean and green future.”

“As we work to create a regional hub of offshore wind production and logistics at South Brooklyn Marine Terminal, it is essential we prepare the local workforce to build and operate it. The principle of a just transition is that we focus on equity and include underserved and environmental justice communities in our energy transition. Toward this end, I was also pleased to secure Department of Labor funding for a local workforce development program for climate adaptation manufacturing. As we retool our economy for green energy, I am pleased that this initiative and the work of NYCEDC, Sunset Park Task Force, and Equinor will ensure additional resources for a more just transition as we prepare the local workforce to have real manufacturing jobs right here in Brooklyn. With all levels of government, industry and the community working together, the future can be bright,” said Rep. Nydia M. Velázquez (D-NY).

"New York City’s green energy sector continues to grow stronger with today’s announcement of $5 million dedicated to supporting sustainable and equitable growth in our local communities. These are the green jobs that will not only ensure that we meet our city’s climate goals of 100% clean electricity by 2040, but will also meet our goals for a just economic recovery. As the Chair of the New York City Council’s Committee on Economic Development, I am excited to see the attention that the NYCEDC, Equinor, and the Sunset Park Task Force are paying to the intersectional needs of our workforce. To recover equitably we must put our Black, Brown, and minority communities first- this grant does just that by making sure our Offshore Wind Sector is focusing on M/WBEs, SDVOBs and environmental justice communities. Thank you to President Andrew Kimball, Equinor, and the Sunset Park Task Force for your leadership and collaboration on this important grant," said Councilmember Amanda Farias, Chair of Committee on Economic Development.

“Climate change is one of the biggest threats facing our city. These types of public/private partnerships play an instrumental role in making New York City greener,” said Council Member James F. Gennaro, Chair of the New York City Council’s Committee on Environmental Protection. “I applaud Equinor Wind, NYCEDC and Sunset Park Task Force for this much-needed investment in clean energy.”

“This grant program is a win for climate justice: growing our city’s green economy and supporting good jobs while empowering this community,” said Kizzy Charles-Guzmán, Executive Director, Mayor’s Office of Climate & Environmental Justice. “Offshore wind is crucial to reducing our city’s dependence on fossil fuels and reaching city and state clean energy goals, and we are so pleased that this fund will prioritize frontline communities like Sunset Park.”

“Programs like this show New York City’s great progress toward becoming a world-renowned offshore wind hub,” said Rohit T. Aggarwala, Commissioner, Department of Environmental Protection and Chief Climate Officer. “The Offshore Wind Ecosystem Fund moves us closer to achieving the city’s long-term sustainability goals while creating economic opportunities that revitalize environmental justice communities.”

Further information on the Ecosystem Fund, guidance on applications, and matching opportunities for collaborating with other applicants will be provided in the coming weeks.

An online site for applications opened on November 14th. For more information about the Offshore Wind Ecosystem Fund, visit https://www.empirewind.com/ecosystem-fund

Equinor is one of the largest offshore wind developers in the world. Its work in the United States includes the development of two lease areas off of New York, Empire Wind and Beacon Wind. The projects plan to provide New York State with 3.3 gigawatts (GWs) of energy—enough to power nearly two million homes—including more than 2 GWs from Empire Wind and 1,230 megawatts from Beacon Wind 1.

bp in the US

bp’s ambition is to become a net zero company by 2050 or sooner, and to help the world get to net zero. bp has a larger economic footprint in the United States than anywhere else in the world, investing more than $130 billion in the economy and supporting about 245,000 jobs. For more information on bp in the US, visit www.bp.com/us.

New York City Economic Development Corporation (NYCEDC) is a mission-driven, nonprofit organization that creates shared prosperity across New York City by strengthening neighborhoods and creating good jobs. NYCEDC works with and for communities to bring emerging industries to New York City; develop spaces and facilities for businesses; empower New Yorkers through training and skill-building; and invest in sustainable and innovative projects that make the city a great place to live and work.

The Sunset Park Task Force’s mission is to maximize the potential of the Sunset Park waterfront district. The group brings together partners and community stakeholders, including business owners, elected officials, and neighborhood residents, throughout the year to further this mission, which includes efforts to advocate for local businesses and the working waterfront, promote transit and transportation, plan for future investments, and more for the area and surrounding community.


Contacts

Lauren Shane, senior communications manager, Equinor Renewables US
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1-917-392-4252

Brian Young, Senior Consultant Communications, Equinor US
+1-917-915-6461
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HOUSTON--(BUSINESS WIRE)--SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or “the Company”) announced today it has been awarded a Top Workplaces 2022 honor by the Houston Chronicle. The list is based solely on employee feedback gathered through a third-party survey administered by employee engagement technology partner Energage LLC. The confidential survey uniquely measures 15 culture drivers that are critical to the success of any organization: including alignment, execution, and connection, just to name a few.


Sean Woolverton, SilverBow’s Chief Executive Officer, commented, “We are honored to have received this recognition for the third consecutive year. Marking our debut in the Houston Chronicle’s Top Workplaces list in 2020 was a historic milestone for the Company, and maintaining that Top Workplace status for 2021 and 2022 is a remarkable accomplishment and a reflection of SilverBow’s culture and focus on its employees which continue to be our number one asset.”

“Earning a Top Workplaces award is a badge of honor for companies, especially because it comes authentically from their employees,” said Eric Rubino, Energage CEO. “That's something to be proud of. In today's market, leaders must ensure they’re allowing employees to have a voice and be heard. That's paramount. Top Workplaces do this, and it pays dividends.”

ABOUT SILVERBOW RESOURCES, INC.

SilverBow Resources, Inc. (NYSE: SBOW) is a Houston-based energy company actively engaged in the exploration, development, and production of oil and gas in the Eagle Ford Shale and Austin Chalk in South Texas. With over 30 years of history operating in South Texas, the Company possesses a significant understanding of regional reservoirs which it leverages to assemble high quality drilling inventory while continuously enhancing its operations to maximize returns on capital invested. For more information, please visit www.sbow.com. Information on the Company’s website is not part of this release.


Contacts

Jeff Magids
Director of Finance & Investor Relations
(281) 874-2700, (888) 991-SBOW

Currently Exhibiting 100 Projects of Impact From Academic Teams in U.S. and 50 Other Countries

DUBAI, United Arab Emirates--(BUSINESS WIRE)--As one of the top global hubs for innovation, Dubai announces “Prototypes for Humanity 2022,” a multi-faceted global initiative that recognizes, advances and rewards ground-breaking ideas that will change the way society lives and works.


Prototypes for Humanity is a collaborative initiative aimed at convening global talent and forging strategic alliances across academia, business, and government to accelerate and maximize global impact for good.

As part of the initiative, Dubai is currently hosting 160 universities students and professors from more than 50 countries to present 100 innovations that can spark change: from carbon-capturing mobility solutions to a portable defibrillator and off-grid electricity sources.

Teams from Harvard University; Massachusetts Institute of Technology; Case Western Reserve University, Cleveland; University of California, Santa Cruz; Cornell University; Pratt Institute; Georgia Institute of Technology; University of Pennsylvania, Philadelphia; and University of Cincinnati are now exhibiting at the Dubai International Financial Centre where they will have access to potential investors and entrepreneurial programming to help advance their prototypes.

"The initiative aligns with Dubai's ambitions, and its commitment to empowering a creative and innovation-embracing community. In light of the global challenges we constantly face, it is time to unite efforts and utilize our creativity to address them,” said Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, Chairperson of Dubai Culture and Arts Authority (Dubai Culture) and Member of the Dubai Council. “I am highly confident in the ability and creativity of those university students and their capabilities to foster a better and more sustainable tomorrow. They have taken responsibility for the future of the planet, and we admire them greatly. This initiative resonates with Dubai’s entrepreneurial spirit and the agenda for COP28, which will be hosted by our beloved UAE in only twelve months,” she added.

A comprehensive list of this year’s 100 entries currently on exhibit and more information can be found at www.prototypesforhumanity.com.

ABOUT PROTOTYPES FOR HUMANITY

Prototypes for Humanity is the most diverse assembly of innovations that have the power to change the world, with programs and activities to raise awareness of global problems, celebrate solutions, and catalyze action for positive social and environmental impact. Prototypes for Humanity debuts this year as an evolution from Global Grad Show, which launched in 2015.

An initiative by the Art Dubai Group, it is held under the patronage of Her Highness Sheikha Latifa bint Mohammed bin Rashid Al Maktoum, in partnership with Dubai International Financial Centre (DIFC), and supported by Dubai Culture & Arts Authority and A.R.M. Holding.


Contacts

U.S. Media:
Janice Saragoni, Saragoni & Company
+1 (617) 592-2877
This email address is being protected from spambots. You need JavaScript enabled to view it.

ANAHEIM, Calif.--(BUSINESS WIRE)--Phoenix Motor Inc. (Nasdaq: PEV) (“Company” or “Phoenix”), a leader in manufacturing of all-electric, medium-duty vehicles, today announced its financial results for the third quarter ended September 30, 2022.


Financial Highlights Third Quarter

  • Revenue totaled $409,000 for the third quarter, a decrease of approximately 26% compared to the prior-year period of $554,000 principally due to software-related issues and battery supply constraints that resulted in a delay in delivery of electric vehicles (“EVs”) from the third quarter into the fourth quarter of 2022 and the first quarter of 2023.
  • Gross profit increased to $121,000 in the third quarter of 2022, compared to a loss of $49,000 in the third quarter of 2021, primarily driven by a shift in the product mix to higher gross margin products, particularly lithium ion powered electric forklifts.
  • Net losses increased to $3.9 million in the third quarter of 2022, compared to a loss of $2.2 million in the prior-year period.
  • Total assets were $20.5 million as of September 30, 2022.
  • Cash and cash equivalents were $1.3 million as of September 30, 2022.

Financial Highlights Nine Months Ending September 30

  • Revenues for the nine months ended September 30, 2022 were $2.6 million, an increase of 53.5% compared to the prior-year period, primarily driven by the increase in sales of electric forklifts.
  • Gross profit increased to $566,000 for the most recent nine-month period, compared to a loss of $156,000 for the prior-year period, due to a shift in product mix, particularly attributable to the 20.1% gross margin of electric forklifts products.
  • Net losses increased to $8.1 million during the nine-month period ending September 30, 2022, compared to $6.4 million in the prior-year period.

Recent Highlights

  • Phoenix just received a nomination letter from CATL (Contemporary Amperex Technology Co., Limited), the world’s largest EV battery manufacturer, forming a strategic partnership and outlining the terms for the procurement of K-Pack batteries and related products for Phoenix Motorcars’ product lines.
  • In October, the Company and Pegasus Specialty Vehicles announced the formation of a strategic partnership to jointly develop Class A electric school buses, targeted for the North American market.
  • Also in October, the Company engaged IAT to advance engineering and design work for Phoenix’s Gen 4 EVs, to maximize cost efficiencies, speed time to market and ensure the highest quality standards.

“We are excited to have received the Board’s approval for our Gen 4 Development Program,” Phoenix Motorcars CEO, Dr. Lance Zhou commented. “We are well underway in the design, development and engineering processes and have already built a strong order book for our Gen 4 vehicles.”

“We expect our Gen 4 development to be a game changer for Phoenix. The project will demonstrate our “asset light” business model, which will allow for lower costs and shorter time to market than before. We will have standardized design and production processes, which combined with the proven project management experience of our executive leadership team, will enable us to ramp production quickly. We look forward to providing regular updates regarding our strategic plans, important milestones and our progress in the coming quarters for both our Gen 4 and our Gen 5 ground-up chassis vehicles.”

Gen 4 is the “Bridge” to Gen 5

In 2023, Phoenix will introduce its fourth generation “Gen 4” vehicles to the medium-duty EV market. The development of Gen 4 will provide a natural a bridge between our current Gen 3 vehicles and the introduction of our Gen 5 ground-up chassis design. The Gen 4 development will provide several advantages versus our current Gen 3 models, specifically:

  • Asset Light Business Model: Gen 4 will mark the deployment of the Company’s “asset light” business model both upstream and downstream. Upstream, Phoenix will leverage its strategic partnerships with R&D partners and engineering suppliers such as IAT, Aulton and Fangsheng. Downstream, Phoenix is partnering with customers and third parties to develop manufacturing and assembly facilities.
  • Scale: The Company anticipates efficient scaling of its production, utilizing customer and third-party assembly facilities. Phoenix is reconfiguring its current Anaheim manufacturing facility to increase production capacity and to utilize it as a showcase facility and training center to ensure its processes and procedures are standardized across all partner-operated locations.
  • Reduced Costs: Gen 4 is expected to achieve lower production and materials costs compared to Gen 3 vehicles, benefiting from standardization of processes and procedures, as well as components and sub-assemblies—a benefit which will carry over to Gen 5 production as well.
  • Battery Supply: The Company expects it will benefit from its recent partnership with CATL for long-term strategic supply of K-Packs and related products for our Gen 4 electric vehicles.

Gen 5 Will Offer Chassis Independence Beginning in 2024

Design, development and production planning for Phoenix’s Gen 5 vehicles will leverage on Phoenix’s experience and benefit from the development of its Gen 4 line of vehicles. Unique highlights of Gen 5 are expected to include:

  • Ground-up Chassis Design: The Company will be producing its own ‘ground-up’ chassis in 2024.
  • Chassis Independence: The development of Gen 5 will provide Phoenix with chassis independence, overcoming one of the major impediments facing businesses such as ours.
  • Lower Cost: Phoenix should be able to produce its chassis for far less than the cost it is currently paying to acquire each chassis.
  • Increased Design Flexibility and Customer Satisfaction: Phoenix’s ground up chassis will enable it to customize vehicle designs to meet specialized needs, while maintaining standardized processes and procedures, increasing the Company’s capacity to accommodate customer requirements and meet the evolving needs of the transforming electric vehicle market.

EdisonFuture: The Platform for Growth in 2025 and Beyond

Phoenix continues to make progress in the design and development of its EdisonFuture line of light-duty electric vehicles. This product line is anticipated to provide the market with both consumer and commercial pick-up trucks, SUVs and delivery vans. The development of EdisonFuture will, much like Gen 5, benefit greatly from the development of prior generations, which will further lower costs and speed time-to-market.

Conference Call Information

Phoenix Motor will host a conference call today at 5:00 PM ET to discuss the results. Interested investors and other parties may access a live webcast of the conference call which will be available on the Events and Presentations page on the Investor Relations section of Phoenix’s website at https://ir.phoenixmotorcars.com/events-and-presentations/default.aspx. The call can also be accessed live via telephone by dialing (888) 660-6373 or for international callers (929) 203-1975 and referencing Phoenix Motorcars.

An archive of the webcast will be available after the call on the Events and Presentations page on the Investor Relations section of Phoenix’s website, along with Phoenix’s earnings press release.

About Phoenix Motor Inc.

Phoenix Motor Inc., a pioneer in the electric vehicle (“EV”) industry, designs, builds, and integrates electric drive systems and light and medium duty EVs and sells electric forklifts and electric vehicle chargers for the commercial and residential markets. Phoenix operates two primary brands, “Phoenix Motorcars”, which is focused on commercial products including medium duty EVs (shuttle buses, school buses, municipal transit vehicles and delivery trucks, among others), electric vehicle chargers and electric forklifts, and “EdisonFuture”, which intends to offer light-duty EVs. Phoenix endeavors to be a leading designer, developer and manufacturer of electric vehicles and electric vehicle technologies. For more information, please visit: www.phoenixmotorcars.com and www.edisonfuture.com.

Forward-Looking Statement

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

Phoenix Motor, Inc.

Consolidated Statement of Operations

For the three and nine months ended September 30, 2022 and September 30, 2021

(Dollars in thousands, except per share data)

 
Three Months Ended Nine Months Ended
September 30, 2022 September 30, 2021 September 30, 2022 September 30, 2021
Net sales $

409

 

$

554

 

$

2,579

 

$

1,680

 

Cost of revenues

288

 

603

 

2,013

 

1,836

 

Gross profit (loss)

121

 

(49

)

566

 

(156

)

Operating expenses:
Selling, general and administrative

3,847

 

2,117

 

9,160

 

6,216

 

Operating loss

(3,726

)

(2,166

)

(8,594

)

(6,372

)

 
Other income (expense):
Interest expense, net

(2

)

(4

)

(6

)

(2

)

Others

(202

)

1

 

437

 

1

 

Total other (expense) income, net

(204

)

(3

)

431

 

(1

)

Loss before income taxes

(3,930

)

(2,169

)

(8,163

)

(6,373

)

Income tax provision

-

 

-

 

(14

)

(3

)

Net loss $

(3,930

)

$

(2,169

)

$

(8,177

)

$

(6,376

)

 
Net loss per share of common stock:
Basic and Diluted $

(0.20

)

$

(0.12

)

$

(0.44

)

(0.36

)

Weighted average shares outstanding

19,664,273

 

17,500,000

 

18,390,891

 

17,500,000

 

Phoenix Motor, Inc.

Consolidated Balance Sheet

As of September 30, 2022, and December 31, 2021

 
September 30, 2022 December 31, 2021
(Unaudited)
Assets
Current assets
Cash and cash equivalents $

1,317

 

$

2,683

 

Accounts receivable, net

1,422

 

1,201

 

Inventories

5,682

 

2,225

 

Prepaid expenses and other current assets

3,464

 

528

 

Amount due from related party

103

 

-

 

Total current assets

11,988

 

6,637

 

Restricted cash, non current

250

 

-

 

Property and equipment, net

1,942

 

2,205

 

Security deposits

209

 

-

 

Intangible assets, net

1,859

 

2,323

 

Goodwill

4,271

 

4,271

 

Total assets $

20,519

 

$

15,436

 

 
Liabilities
Current liabilities
Accounts payable $

1,245

 

$

1,786

 

Accrued liabilities

594

 

779

 

Advance from customers

1,124

 

803

 

Deferred revenue

477

 

714

 

Warranty reserve

325

 

360

 

Long-term borrowing, current portion

25

 

10

 

Total current liabilities

3,790

 

4,452

 

Long-term borrowings

148

 

756

 

Total liabilities

3,938

 

5,208

 

 
Commitments and contingencies (Note 9)
 
Equity
Common stocks, par $0.0004, 450,000,000 shares authorized,
20,185,625 and 17,500,000 shares issued and outstanding
as of September 30, 2022 and December 31, 2021, respectively*

8

 

7

 

Subscription receivable

-

 

(7

)

Additional paid in capital

40,607

 

26,085

 

Accumulated deficit

(24,034

)

(15,857

)

Total equity

16,581

 

10,228

 

Total liabilities and equity $

20,519

 

$

15,436

 

 

Phoenix Motor, Inc.

Consolidated Statement of Cash Flows

For the nine months ended September 30, 2022 and September 30, 2021

 

Nine months ended September 30,

 

2022

 

 

2021

 

Cash flows from operating activities:
Net loss

$

(8,177

)

$

(6,376

)

Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization

 

1,305

 

 

1,384

 

Gain on disposal of fixed assets

 

(54

)

 

-

 

Forgiveness of PPP loan

 

(586

)

 

-

 

Stock-based compensation expenses

 

947

 

 

49

 

Changes in operating assets and liabilities:
Accounts receivable

 

(221

)

 

20

 

Inventories

 

(3,532

)

 

(600

)

Prepaid expenses and other assets

 

(3,145

)

 

(3,586

)

Accounts receivable, related party

 

(103

)

 

-

 

Accounts payable

 

(541

)

 

(399

)

Accrued liabilities

 

(185

)

 

26

 

Warranty reserve

 

(35

)

 

(115

)

Deferred revenue

 

(237

)

 

87

 

Advance from customer

 

321

 

 

(102

)

Net cash used in operating activities

 

(14,243

)

 

(9,612

)

 
Cash flows from investing activities:
Proceeds from disposal of property and equipment

 

273

 

 

-

 

Purchase of property and equipment

 

(722

)

 

(680

)

Net cash used in investing activities

 

(449

)

 

(680

)

 
Cash flows from financing activities:
Proceeds from borrowings

 

-

 

 

586

 

Proceeds from a related party

 

1,676

 

 

-

 

Repayment to a related party

 

(1,676

)

 

-

 

Repayment of borrowings

 

(7

)

 

(17

)

Proceeds from IPO

 

13,438

 

 

-

 

Proceeds from capital injection by a shareholder

 

7

 

 

-

 

Proceeds from exercise of employee stock options

 

138

 

Net cash generated from financing activities

 

13,576

 

 

569

 

 
Decrease in cash, cash equivalents and restricted cash

 

(1,116

)

 

(9,723

)

Cash, cash equivalents and restricted cash at beginning of the period

 

2,683

 

 

15,699

 

Cash, cash equivalents and restricted cash at end of the period

 

1,567

 

 

5,976

 

 
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents

 

1,317

 

 

5,976

 

Restricted cash

 

250

 

 

-

 

Total cash, cash equivalents, and restricted cash

 

1,567

 

 

5,976

 

 
Supplemental cash flow information:
Interest paid

 

6

 

 

7

 

Income tax paid

 

7

 

 

3

 

Non-cash investing activities:
Inventories transferred to property and equipment

 

75

 

 

-

 

 


Contacts

Investor Relations Contacts:
Mark Hastings, SVP & Head of Investor Relations
Sioban Hickie, ICR Inc.
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DUBLIN--(BUSINESS WIRE)--The "Yacht Charter Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.


The global yacht charter market is expected to grow from $12.13 billion in 2021 to $13.39 billion in 2022 at a compound annual growth rate (CAGR) of 10.4%. The yacht charter market is expected to grow to $19.29 billion in 2026 at a compound annual growth rate (CAGR) of 9.5%.

The main types of yacht charter are motorized yachts, sailing yachts, and other types. A sailing yacht refers to a small boat that uses wind power to propel it forward. The contract includes bareboat charter, and crewed charter. The various sizes include large, medium, and small and are used in vacation or leisure, sailing, and other applications.

Europe was the largest region in the yacht charter market in 2021. North America is expected to be the fastest-growing region in the forecast period. The regions covered in yacht charter market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The growing popularity of luxury marine tourism is expected to propel the growth of the yacht charter market going forward. Marine tourism refers to leisure endeavors entailing travel away from one's home and having the marine environment as their host or main focus. Yacht charters are widely used as a premium form of marine tourism for luxurious and tremendous experiences. For instance, in 2019, according to India.com, an India-based news portal, the luxury cruise tourism, the industry has seen a 50% increase in growth. The total number of cruise calls on Chennai, Cochin, Mumbai, Mangalore, and Mormugao was 285 in 2019 and is expected to climb to 593 in 2020. Therefore, the growing popularity of luxury marine tourism is driving the growth of the yacht charter market.

Product innovations are a key trend gaining popularity in the yacht charter market. Major companies operating in the yacht charter market are focused on developing new product innovation solutions to strengthen their position in the market. For instance, in April 2022, Sunseeker, a UK-based luxury motor yacht manufacturer, launched a 30m Sunseeker 100 that started a new era in flybridge design and functionality for the British yard. This was the first 29.85-meter sunseeker consisting of unique entertainment features at the fore, the sweeping flybridge, with complete walk-around access from bow to stern, which is one of the exceptional entertainment areas that define the 100 Yacht.

Scope

Markets Covered:

1) By Type: Motorized Yacht; Sailing Yacht; Other Types

2) By Contract: Bareboat Charter; Crewed Charter

3) By Size: Large; Medium; Small

4) By Application: Vacation/ Leisure; Sailing; Other Applications

Key Topics Covered:

1. Executive Summary

2. Yacht Charter Market Characteristics

3. Yacht Charter Market Trends And Strategies

4. Impact Of COVID-19 On Yacht Charter

5. Yacht Charter Market Size And Growth

6. Yacht Charter Market Segmentation

7. Yacht Charter Market Regional And Country Analysis

8. Asia-Pacific Yacht Charter Market

9. China Yacht Charter Market

10. India Yacht Charter Market

11. Japan Yacht Charter Market

12. Australia Yacht Charter Market

13. Indonesia Yacht Charter Market

14. South Korea Yacht Charter Market

15. Western Europe Yacht Charter Market

16. UK Yacht Charter Market

17. Germany Yacht Charter Market

18. France Yacht Charter Market

19. Eastern Europe Yacht Charter Market

20. Russia Yacht Charter Market

21. North America Yacht Charter Market

22. USA Yacht Charter Market

23. South America Yacht Charter Market

24. Brazil Yacht Charter Market

25. Middle East Yacht Charter Market

26. Africa Yacht Charter Market

27. Yacht Charter Market Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions In The Yacht Charter Market

29. Yacht Charter Market Future Outlook and Potential Analysis

30. Appendix

Companies Mentioned

  • Northrop & Johnson
  • Yachtico Inc.
  • Sailogy S.A.
  • Burgess
  • Princess Yacht Charter

For more information about this report visit https://www.researchandmarkets.com/r/5mu9dv


Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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BETHESDA, Md.--(BUSINESS WIRE)--Enviva Inc. (NYSE: EVA) (“Enviva,” “our,” “we,” or the “Company”) today announced that Thomas Meth, Enviva’s President, has been appointed the Company’s Chief Executive Officer and will become a member of Enviva’s board of directors (the “Board”), while retaining his title as President.


The Company also announced that John Keppler, Chairman and Chief Executive Officer, is expected to assume the role of Executive Chairman, consistent with the succession plan developed by the Board. Prior to doing so, Mr. Keppler will be stepping down from his responsibilities to pursue medical and surgical treatment to address a cardiac valve issue. The Company expects Mr. Keppler, who co-founded Enviva in 2004 with Mr. Meth, to remain available to the Company, and to return in the active Executive Chairman role early in 2023.

Additionally, the Company announced that Ralph Alexander, who has been a member of the Board since 2013, will fulfill Mr. Keppler’s duties as Chairman of the Board until Mr. Keppler’s return, when Mr. Alexander is expected to become Lead Independent Director.

“After careful consideration, I have decided with my medical team and family to step back and focus on my heart condition,” said Mr. Keppler. “The Board and I are delighted that Thomas Meth will serve as our next CEO. Thomas has been my closest business partner in building Enviva into the great company it is today, and I know he will continue to excel in leading Enviva’s growth trajectory as we execute our plan for the future. Thomas is an exceptionally skilled leader who has full command of all facets of the Company and has earned the respect of our employees, customers, investors, and other key stakeholders.”

“We have had the privilege of working with Thomas since Enviva’s earliest days and, during our succession planning process, the Board has had the opportunity to see firsthand Thomas’s substantial contributions to the Company and the leadership team. He is the right person to lead Enviva into the future,” said Ralph Alexander. “We are especially pleased that John is expected to continue as Executive Chairman when he completes what we expect to be a full recovery.”

“All of us at Enviva wish John the best as he prioritizes his health and full recovery, and we look forward to his return as Executive Chairman,” said Thomas Meth. “We are laser-focused on executing the previously announced business plan and are on track to deliver results for 2022 in line with the expectations we outlined recently on our third-quarter earnings call. The world wants cost-effective, ready-to-deploy bio-based alternatives to fossil fuels, from secure sources, and that’s exactly what we offer.”

Mr. Keppler concluded, “I am incredibly proud of the executive team we have built and the tremendous leadership they have demonstrated and continue to demonstrate, not only in building a remarkable business, but also in delivering exceptional shareholder value. Enviva is a company with a robust backlog of fully contracted long-term revenues, a strong growth profile with a large and growing high-quality customer base around the globe, and a durable and sustainable cash flow generation capability. I am confident this trajectory will continue under Thomas, as the team grows and scales Enviva’s manufacturing and customer footprint, and helps customers accelerate their transition from traditional fossil fuel feedstocks for power and heat generation and for hard-to-abate industries. Enviva has a tremendous team leading this company and I look forward to joining them for our investor day and launch of full-year 2023 guidance early in the new year.”

Brief Bio on Thomas Meth

Mr. Meth is a co-founder of Enviva and, prior to his appointment as CEO, he held the position of President, working closely with Mr. Keppler, with responsibility for the Company’s activities from the forest, through our operations and logistics, and ultimately to our customers’ discharge. Mr. Meth has led Enviva’s business development, sales and commercial customer relations, fiber procurement, and sustainability functions. In addition, he has had oversight over the broader plant and port operations and global public affairs initiatives. Mr. Meth holds a Bachelor of Commerce from Vienna University of Economics and Business Administration in Austria as well as an M.B.A. from The Darden Graduate School of Business Administration at The University of Virginia.

About Enviva

Enviva is the world’s largest producer of industrial wood pellets, a renewable and sustainable energy source produced by aggregating a natural resource, wood fiber, and processing it into a transportable form, wood pellets. Enviva owns and operates ten plants with a combined production capacity of approximately 6.2 million metric tons per year in Virginia, North Carolina, South Carolina, Georgia, Florida, and Mississippi, and is constructing its 11th plant in Epes, Alabama. Enviva sells most of its wood pellets through long-term, take-or-pay off-take contracts with creditworthy customers in the United Kingdom, the European Union, and Japan, helping to accelerate the energy transition and to decarbonize hard-to-abate sectors like steel, cement, lime, chemicals, and aviation fuels. Enviva exports its wood pellets to global markets through its deep-water marine terminals at the Port of Chesapeake, Virginia, the Port of Wilmington, North Carolina, and the Port of Pascagoula, Mississippi, and from third-party deep-water marine terminals in Savannah, Georgia, Mobile, Alabama, and Panama City, Florida.

Cautionary Note Concerning Forward-Looking Statements

The information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, regarding Enviva’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans, and objectives of management are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms, and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Enviva disclaims any duty to revise or update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Enviva cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Enviva. These risks include, but are not limited to: adverse changes to Mr. Keppler’s health; changes in leadership plans and strategies; overall domestic and global political and economic conditions; and other factors, as described in Enviva’s filings with the Securities and Exchange Commission (the “SEC”), including the detailed factors discussed under the heading “Risk Factors” in Enviva’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as supplemented in the Company’s Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, June 30, and September 30, 2022.

Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could different materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Enviva’s expectations and projections can be found in Enviva’s periodic filings with the SEC. Enviva’s SEC filings are available publicly on the SEC’s website at www.sec.gov.

To learn more about Enviva please visit our website at www.envivabiomass.com. Follow Enviva on social media @Enviva.


Contacts

INVESTOR CONTACT:
Kate Walsh
Vice President, Investor Relations
+1 240-482-3856
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CEO Bryan Sansbury Selected as Winner of Leadership, Small Company Category

THE WOODLANDS, Texas--(BUSINESS WIRE)--AEGIS Hedging Solutions (“AEGIS”) has been awarded as a Top Workplaces 2022 honoree by the Houston Chronicle – coming in at #4 out of 155 small-sized companies across the Greater Houston area. AEGIS CEO, Bryan Sansbury was also recognized as winner of the Leadership, Small Company category for his achievements in leadership, values, communication and work/life balance.


The Top Workplaces 2022 list is based solely on employee feedback gathered through a third-party survey administered by employee engagement technology partner Energage LLC. The confidential survey uniquely measures 15 culture drivers that are critical to the success of any organization, including alignment, execution, and connection.

“Earning a Top Workplaces award is a badge of honor for companies, especially because it comes authentically from their employees,” said Eric Rubino, Energage CEO. “That’s something to be proud of. In today’s market, leaders must ensure they’re allowing employees to have a voice and be heard. That’s paramount. Top Workplaces do this, and it pays dividends.”

“These recognitions are a tremendous honor -- and a testament to every person who has helped to build and shape AEGIS. We hustle, dare to do things others won’t, leave it all on the field, and raise people up. Our team members differentiate us and take care to make sure each person is well-informed and positioned to move us forward. With this team and a world-class set of customers, it is easy to know we will be even better tomorrow,” said Bryan Sansbury, AEGIS CEO.

ABOUT AEGIS

AEGIS simplifies commodity and environmental markets for companies serious about managing their commodity exposures and/or emission footprints. AEGIS has unmatched technology and expertise to deliver market insights, tailored hedge strategies, efficient and compliant trade execution, and full-cycle management of hedge positions. Building on its core energy hedging capabilities, AEGIS has extended its expertise into environmental and metals markets and built a fully-integrated SaaS E/CTRM software platform. AEGIS was recently named the industry leader in hedging solutions for a sixth consecutive year and a Top 5 Workplace. AEGIS is headquartered in The Woodlands, Texas. To learn more, visit AEGIS' website at www.aegis-hedging.com.

ABOUT ENERGAGE

Making the world a better place to work together.TM

Energage is a purpose-driven company that helps organizations turn employee feedback into useful business intelligence and credible employer recognition through Top Workplaces. Built on 16 years of culture research and the results from 27 million employees surveyed across more than 70,000 organizations, Energage delivers the most accurate competitive benchmark available. With access to a unique combination of patented analytic tools and expert guidance, Energage customers lead the competition with an engaged workforce and an opportunity to gain recognition for their people-first approach to culture. For more information or to nominate your organization, visit energage.com or topworkplaces.com.


Contacts

AEGIS Hedging Solutions
This email address is being protected from spambots. You need JavaScript enabled to view it., 346-277-0971
https://aegis-hedging.com/

Guidance Adjusted for 2022; Backlog Grows Over $100 Million; Litigation Complete

ATLANTA--(BUSINESS WIRE)--Williams Industrial Services Group Inc. (NYSE American: WLMS) (“Williams” or the “Company”), an energy and industrial infrastructure services company, today reported financial results for the fiscal third quarter ended September 30, 2022.

Recent Highlights

  • Williams posted revenue of $56.7 million in the third quarter of 2022 compared with $73.4 million in the prior-year period
  • In the third quarter of 2022 Williams reached two legal settlements that, in aggregate, resulted in net cash receipts of $10.8 million, recorded as “other income” in the Company’s statement of operations and used a portion of the cash to pay down approximately $8.1 million of its term-loan
  • Williams reported net income from continuing operations of $3.6 million, or $0.14 per diluted share, in the third quarter of 2022 compared with net income from continuing operations of $0.8 million, or $0.03 per diluted share, in the third quarter of 2021
  • Adjusted EBITDA1 was $6.2 million for the third quarter of 2022 compared with $3.8 million in the prior-year period
  • Williams secured a multi-year extension of existing business providing maintenance and modification services at various sites owned and operated by a large southern-based utility during the quarter. The work, through a longstanding joint venture, is estimated to be worth approximately $120 million of revenue over the next four years
  • In addition, Eversource Energy (NYSE: ES) expanded its previously-announced Master Service Agreement with the Company, covering additional geographic areas over a three-year period, with a two-year optional extension
  • As of September 30, 2022, the Company’s backlog was $352.7 million compared to $234.3 million as of June 30, 2022; approximately $168.2 million of the current backlog is expected to be converted to revenue over the next twelve months
  • The Company has updated its 2022 guidance to reflect lower than anticipated revenue and further margin compression on certain projects this year

“Williams’ guidance is being adjusted to reflect near-term challenges,” said Tracy Pagliara, President and CEO of Williams. “During 2022 we have not converted as much of our pipeline to revenue as anticipated, particularly with respect to our nuclear end market. Furthermore, after ongoing project reviews, we identified additional losses in our Florida water business which significantly impacted our overall gross margin.

“At the same time, we are pleased by other recent events that have a positive impact on our outlook. Settling two ongoing litigation issues brought in net cash receipts of $10.8 million that was used to pay down debt. We were also awarded a multi-year Master Service Agreement with Eversource Energy that covers Connecticut and certain surrounding areas, where we provide installation, maintenance, repair and other services associated with natural gas distribution. In addition, Williams recently secured a multi-year extension of maintenance and modification service work at various sites owned and operated by a large southern-based utility. This business is estimated to be worth approximately $120 million of revenue over the next four years and accounted for a large portion of our backlog increase this quarter.”

1See NOTE 1 — Non-GAAP Financial Measures in the attached tables for important disclosures regarding Williams’ use of Adjusted EBITDA, as well as a reconciliation of income (loss) from continuing operations to Adjusted EBITDA.

Third Quarter 2022 Financial Results Compared to Third Quarter 2021

Revenue in the third quarter was $56.7 million compared with $73.4 million in the third quarter of 2021, largely reflecting reduced decommissioning and nuclear business. Gross profit was $0.7 million, or 1.3% of revenue, compared with $6.8 million, or 9.2% of revenue, in the prior-year period, with the lower margin primarily due to the impact of certain loss contracts in Florida, as previously announced, and start-up costs tied to the Company’s further expansion into the energy delivery market. Excluding the aforementioned business start-up expenses and negative impact from the Company’s Florida water projects, adjusted gross margin would have been 9.7% of revenue.

Operating expenses were $7.0 million in the 2022 third quarter compared with $4.6 million in the prior-year period. The $2.4 million increase was largely driven by professional fees primarily associated with the legal actions settled during the quarter, as well as the reversal of incentive compensation in 2021. The Company reported an operating loss of $6.3 million during the third quarter of 2022 versus operating profit of $2.2 million in the same period of 2021. Interest expense was $1.5 million in the third quarter of 2022 versus $1.2 million in 2021. The Company reported net income from continuing operations of $3.6 million, or $0.14 per diluted share, in the third quarter of 2022 compared with net income from continuing operations of $0.8 million, or $0.03 per diluted share, in the third quarter of 2021. In 2022 Williams achieved two legal settlements that, in aggregate, resulted in net cash receipts of $10.8 million, recorded as “other income” in the Company’s statement of operations.

Liquidity and Balance Sheet

The Company’s total liquidity (the sum of unrestricted cash and availability under the Company’s revolving credit facility) was $7.3 million as of September 30, 2022 versus $27.7 million at the beginning of 2022. As of September 30, 2022, the Company had $1.0 million of unrestricted cash and cash equivalents, $0.5 million of restricted cash, and $37.4 million of bank debt compared with $2.5 million of unrestricted cash and cash equivalents, $0.5 million of restricted cash, and $32.1 million of bank debt as of December 31, 2021.

The Company had negative cash flows from operations during the nine months ended September 30, 2022. These negative cash flows were primarily a consequence of the following factors:

  • Significant losses incurred on a number of fixed price contracts in the Company’s Florida water business, which have been the subject of prior disclosures;
  • Start-up costs related to the Company’s entry into the transmission and distribution market, which have utilized cash resources and, while ultimately anticipated to benefit the Company’s business, have negatively impacted liquidity;
  • Failure to convert pipeline opportunities into revenue, which has had the effect of delaying the Company’s receipt of cash from such opportunities; and
  • Delays in collecting cash receipts from customers.

To address negative cash flows in the Company’s business, Williams has developed a liquidity plan to reduce operating expenses and eliminate unprofitable projects. The Company will continue to refine its liquidity plan as circumstances dictate. For further information, please see the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2022.

Backlog

Total backlog as of September 30, 2022 was $352.7 million compared with $234.3 million on June 30, 2022. During the third quarter of 2022 the Company recognized revenue of $56.7 million, booked new awards of $159.0 million, and saw net adjustments and cancellations of $16.1 million.

 

 

 

 

 

 

 

 

 

Three Months Ended September 30, 2022

 

Nine Months Ended September 30, 2022

Backlog - beginning of period

 

$

234,303

 

 

$

631,693

 

New awards

 

 

158,960

 

 

 

214,480

 

Adjustments and cancellations, net

 

 

16,145

 

 

 

(311,147

)

Revenue recognized

 

 

(56,685

)

 

 

(182,303

)

Backlog - end of period

 

$

352,723

 

 

$

352,723

 

Williams estimates that approximately $168.2 million of its current backlog will be converted to revenue within the next twelve months compared with $144.6 million of backlog as of June 30, 2022 that the Company anticipated would be converted to revenue over the succeeding twelve-month period.

Outlook

The Company adjusted guidance for the current fiscal year from that previously provided on August 4, 2022, as follows:

2022 Guidance

 

Revenue:

$245 to $255 million (previously, $275 to $295 million)

Gross margin:

5.50% to 5.75% (previously, 9.0% to 9.5%)

SG&A:

10.5% to 11.0% of revenue (previously, 8.25% to 8.75% of revenue)

Adjusted EBITDA*:

$2.5 to $3.5 million (previously, $5.0 to $7.5 million)

*See Note 1 — Non-GAAP Financial Measures for information regarding the use of Adjusted EBITDA and forward-looking non-GAAP financial measures.

Webcast and Teleconference

The Company will host a conference call, November 15, 2022, at 10:00 a.m. Eastern time. A webcast of the call and an accompanying slide presentation will be available at www.wisgrp.com. To access the conference call by telephone, listeners should dial 201-493-6780.

An audio replay of the call will be available later that day by dialing 412-317-6671 and entering conference ID number 13734113; alternatively, a webcast replay can be found at http://ir.wisgrp.com/, where a transcript will be posted once available.

About Williams

Williams Industrial Services Group has been safely helping plant owners and operators enhance asset value for more than 50 years. The Company is a leading provider of infrastructure related services to blue-chip customers in energy and industrial end markets, including a broad range of construction maintenance, modification, and support services. Williams’ mission is to be the preferred provider of construction, maintenance, and specialty services through commitment to superior safety performance, focus on innovation, and dedication to delivering unsurpassed value to its customers.

Additional information about Williams can be found on its website: www.wisgrp.com.

Forward-looking Statement Disclaimer

This press release contains “forward-looking statements” within the meaning of the term set forth in the Private Securities Litigation Reform Act of 1995. The forward-looking statements include statements or expectations regarding the Company’s ability to perform in accordance with guidance, to contain margin reductions within the Florida business, build and diversify its backlog and convert backlog to revenue, realize opportunities, including receiving contract awards on outstanding bids and successfully pursuing future opportunities, successfully perform and realize revenue as a result of the multi-year extension of existing business and the expansion of the Eversource Energy Master Service Agreement, achieve higher growth and increased margins in 2023 and beyond and successfully achieve its growth, strategic and business development initiatives, including decreasing the Company’s outstanding indebtedness, future demand for the Company’s services, and expectations regarding future revenues, cash flow, and other related matters. These statements reflect the Company’s current views of future events and financial performance and are subject to a number of risks and uncertainties, including implementation of the Company’s liquidity plan and its ability to continue as a going concern, the Company’s level of indebtedness and ability to make payments on, and satisfy the financial and other covenants contained in, its amended debt facilities, as well as its ability to engage in certain transactions and activities due to limitations and covenants contained in such facilities; its ability to generate sufficient cash resources to continue funding operations, including investments in working capital required to support growth-related commitments that it makes to customers, and the possibility that it may be unable to obtain any additional funding as needed or incur losses from operations in the future; exposure to market risks from changes in interest rates; the Company’s ability to obtain adequate surety bonding and letters of credit; the Company’s ability to maintain effective internal control over financial reporting and disclosure controls and procedures; the Company’s ability to attract and retain qualified personnel, skilled workers, and key officers; failure to successfully implement or realize its business strategies, plans and objectives of management, and liquidity, operating and growth initiatives and opportunities, including any expansion into new markets and its ability to identify potential candidates for, and consummate, acquisition, disposition, or investment transactions; the loss of one or more of its significant customers; its competitive position; market outlook and trends in the Company’s industry, including the possibility of reduced investment in, or increased regulation of, nuclear power plants, declines in public infrastructure construction, and reductions in government funding; costs exceeding estimates the Company uses to set fixed-price contracts; harm to the Company’s reputation or profitability due to, among other things, internal operational issues, poor subcontractor performances or subcontractor insolvency; potential insolvency or financial distress of third parties, including customers and suppliers; the Company’s contract backlog and related amounts to be recognized as revenue; its ability to maintain its safety record, the risks of potential liability and adequacy of insurance; adverse changes in the Company’s relationships with suppliers, vendors, and subcontractors, including increases in cost, disruption of supply or shortage of labor, freight, equipment or supplies, including as a result of the COVID-19 pandemic; compliance with environmental, health, safety and other related laws and regulations, including those related to climate change; limitations or modifications to indemnification regulations of the U.S.; the Company’s expected financial condition, future cash flows, results of operations and future capital and other expenditures; the impact of unstable market and economic conditions on our business, financial condition and stock price, including inflationary cost pressures, supply chain disruptions and constraints, labor shortages, the effects of the Ukraine-Russia conflict and ongoing impact of COVID-19, and a possible recession; our ability to meet publicly announced guidance or other expectations about our business, key metrics and future operating results; the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, and cash flows, including global supply chain disruptions and the potential for additional COVID-19 cases to occur at the Company’s active or future job sites, which potentially could impact cost and labor availability; information technology vulnerabilities and cyberattacks on the Company’s networks; the Company’s failure to comply with applicable laws and regulations, including, but not limited to, those relating to privacy and anti-bribery; the Company’s ability to successfully implement its new enterprise resource planning (ERP) system; the Company’s participation in multiemployer pension plans; the impact of any disruptions resulting from the expiration of collective bargaining agreements; the impact of natural disasters, which may worsen or increase due to the effects of climate change, and other severe catastrophic events (such as the ongoing COVID-19 pandemic); the impact of corporate citizenship and environmental, social and governance matters; the impact of changes in tax regulations and laws, including future income tax payments and utilization of net operating loss and foreign tax credit carryforwards; volatility of the market price for the Company’s common stock; the Company’s ability to maintain its stock exchange listing; the effects of anti-takeover provisions in the Company’s organizational documents and Delaware law; the impact of future offerings or sales of the Company’s common stock on the market price of such stock; expected outcomes of legal or regulatory proceedings and their anticipated effects on the Company’s results of operations; and any other statements regarding future growth, future cash needs, future operations, business plans and future financial results.

Other important factors that may cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, including the “Risk Factors” section of the Annual Report on Form 10-K for its 2021 fiscal year and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2022. Any forward-looking statement speaks only as of the date of this press release. Except as may be required by applicable law, the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, and you are cautioned not to rely upon them unduly.

Financial Tables Follow

WILLIAMS INDUSTRIAL SERVICES GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

($ in thousands, except share and per share amounts)

 

2022

 

2021

 

2022

 

2021

Revenue

 

$

56,685

 

 

$

73,351

 

 

$

182,303

 

 

$

225,773

 

Cost of revenue

 

 

55,936

 

 

 

66,590

 

 

 

173,564

 

 

 

203,561

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

 

749

 

 

 

6,761

 

 

 

8,739

 

 

 

22,212

 

Gross margin

 

 

1.3

%

 

 

9.2

%

 

 

4.8

%

 

 

9.8

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling and marketing expenses

 

 

322

 

 

 

267

 

 

 

1,054

 

 

 

709

 

General and administrative expenses

 

 

6,657

 

 

 

4,248

 

 

 

19,022

 

 

 

16,931

 

Depreciation and amortization expense

 

 

61

 

 

 

50

 

 

 

173

 

 

 

137

 

Total operating expenses

 

 

7,040

 

 

 

4,565

 

 

 

20,249

 

 

 

17,777

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

 

(6,291

)

 

 

2,196

 

 

 

(11,510

)

 

 

4,435

 

Operating margin

 

 

(11.1

)%

 

 

3.0

%

 

 

(6.3

)%

 

 

2.0

%

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

1,485

 

 

 

1,227

 

 

 

3,965

 

 

 

3,733

 

Other (income) expense, net

 

 

(11,114

)

 

 

181

 

 

 

(11,533

)

 

 

(1,411

)

Total other (income) expense, net

 

 

(9,629

)

 

 

1,408

 

 

 

(7,568

)

 

 

2,322

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations before income tax

 

 

3,338

 

 

 

788

 

 

 

(3,942

)

 

 

2,113

 

Income tax expense (benefit)

 

 

(272

)

 

 

(6

)

 

 

(214

)

 

 

256

 

Income (loss) from continuing operations

 

 

3,610

 

 

 

794

 

 

 

(3,728

)

 

 

1,857

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from discontinued operations before income tax

 

 

(45

)

 

 

(34

)

 

 

(92

)

 

 

130

 

Income tax expense (benefit)

 

 

(3

)

 

 

22

 

 

 

(626

)

 

 

59

 

Income (loss) from discontinued operations

 

 

(42

)

 

 

(56

)

 

 

534

 

 

 

71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss)

 

$

3,568

 

 

$

738

 

 

$

(3,194

)

 

$

1,928

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic income (loss) per common share

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

0.14

 

 

$

0.03

 

 

$

(0.14

)

 

$

0.07

 

Income (loss) from discontinued operations

 

 

(0.00

)

 

 

(0.00

)

 

 

0.02

 

 

 

0.00

 

Basic income (loss) per common share

 

$

0.14

 

 

$

0.03

 

 

$

(0.12

)

 

$

0.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Diluted income (loss) per common share

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from continuing operations

 

$

0.14

 

 

$

0.03

 

 

$

(0.14

)

 

$

0.07

 

Income (loss) from discontinued operations

 

 

(0.01

)

 

 

(0.00

)

 

 

0.02

 

 

 

0.00

 

Diluted income (loss) per common share

 

$

0.13

 

 

$

0.03

 

 

$

(0.12

)

 

$

0.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding (basic)

 

 

26,102,308

 

 

 

25,699,545

 

 

 

26,009,465

 

 

 

25,306,130

 

Weighted average common shares outstanding (diluted)

 

 

26,437,681

 

 

 

26,506,575

 

 

 

26,009,465

 

 

 

26,097,700

WILLIAMS INDUSTRIAL SERVICES GROUP INC. AND SUBSIDIARIES

REVENUE BRIDGE ANALYSIS*

 

Third Quarter 2022 Revenue Bridge

 

 

 

 

(in millions)

 

 

$ Change

Third quarter 2021 revenue

 

$

73.4

 

Decommissioning

 

 

(13.5

)

Canada Nuclear

 

 

(9.0

)

U.S. Nuclear

 

 

(4.0

)

Energy Delivery

 

 

4.1

 

Chemical

 

 

2.1

 

Water

 

 

2.1

 

Other

 

 

1.5

 

Total change

 

 

(16.7

)

Third quarter 2022 revenue*

 

$

56.7

 

 

*Numbers may not sum due to rounding

WILLIAMS INDUSTRIAL SERVICES GROUP INC. AND SUBSIDIARIES
GROSS MARGIN RECONCILIATION
NON-GAAP FINANCIAL MEASURE (UNAUDITED)

 

The following table reconciles adjusted gross margin to actual gross margin by deducting the energy transmission and distribution projects that are incurring start-up costs and lump sum projects in the water markets that are generating a loss. The Company believes this information is meaningful as it isolates the impact that the start-up costs and the non-profitable lump sum projects have on gross margin. Because adjusted gross margin is not calculated in accordance with GAAP, it may not be comparable to other similarly titled measures of other companies and should not be considered in isolation or as substitute for, or superior to, financial measures prepared in accordance with GAAP.

 

 

 

 

 

 

 

(in thousands)

 

Three Months Ended September 30, 2022

 

Nine Months Ended June 30, 2022

Revenue

 

$

56,685

 

 

$

182,303

 

Cost of revenue

 

 

55,936

 

 

 

173,564

 

 

 

 

 

 

 

 

Gross profit

 

 

749

 

 

 

8,739

 

Gross margin

 

 

1.3

%

 

 

4.8

%

 

 

 

 

 

 

 

Minus: revenue from transmission and distribution start-up business

 

 

(2,900

)

 

 

(5,440

)

Minus: revenue from Florida lump sum water projects

 

 

(3,322

)

 

 

(16,995

)

Minus: total revenue deducted

 

 

(6,222

)

 

 

(22,435

)

 

 

 

 

 

 

 

Minus: cost of revenue from transmission and distribution start-up business

 

 

(3,622

)

 

 

(8,947

)

Minus: cost of revenue from the Florida lump sum water projects

 

 

(6,759

)

 

 

(22,178

)

Minus: total cost of revenue deducted

 

 

(10,381

)

 

 

(31,125

)

 

 

 

 

 

 

 

Adjusted revenue

 

 

50,463

 

 

 

159,868

 

Adjusted cost of revenue

 

 

45,555

 

 

 

142,439

 

Adjusted gross profit

 

$

4,908

 

 

$

17,429

 

Adjusted gross profit margin

 

 

9.7

%

 

 

10.9

%

WILLIAMS INDUSTRIAL SERVICES GROUP INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

 

 

 

 

 

 

 

 

 

September 30,

 

December 31,

($ in thousands, except per share amounts)

 

2022

 

2021

ASSETS

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

1,013

 

 

$

2,482

 

Restricted cash

 

 

468

 

 

 

468

 

Accounts receivable, net of allowance of $318 and $427, respectively

 

 

37,339

 

 

 

35,204

 

Contract assets

 

 

10,076

 

 

 

12,683

 

Other current assets

 

 

10,675

 

 

 

11,049

 

Total current assets

 

 

59,571

 

 

 

61,886

 

 

 

 

 

 

 

 

Property, plant and equipment, net

 

 

1,016

 

 

 

653

 

Goodwill

 

 

35,400

 

 

 

35,400

 

Intangible assets, net

 

 

12,500

 

 

 

12,500

 

Other long-term assets

 

 

7,732

 

 

 

5,712

 

Total assets

 

$

116,219

 

 

$

116,151

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

11,732

 

 

$

12,168

 

Accrued compensation and benefits

 

 

14,312

 

 

 

12,388

 

Contract liabilities

 

 

3,440

 

 

 

3,412

 

Short-term borrowings

 

 

14,525

 

 

 

676

 

Current portion of long-term debt

 

 

1,050

 

 

 

1,050

 

Other current liabilities

 

 

4,630

 

 

 

11,017

 

Current liabilities of discontinued operations

 

 

106

 

 

 

316

 

Total current liabilities

 

 

49,795

 

 

 

41,027

 

Long-term debt, net

 

 

21,809

 

 

 

30,328

 

Deferred tax liabilities

 

 

2,263

 

 

 

2,442

 

Other long-term liabilities

 

 

4,440

 

 

 

1,647

 

Long-term liabilities of discontinued operations

 

 

3,513

 

 

 

4,250

 

Total liabilities

 

 

81,820

 

 

 

79,694

 

Commitments and contingencies

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock, $0.01 par value, 170,000,000 shares authorized and 26,865,064 and 26,408,789 shares issued, respectively, and 26,422,761 and 25,939,621 shares outstanding, respectively

 

 

264

 

 

 

261

 

Paid-in capital

 

 

93,705

 

 

 

92,227

 

Accumulated other comprehensive loss

 

 

(440

)

 

 

(95

)

Accumulated deficit

 

 

(59,124

)

 

 

(55,930

)

Treasury stock, at par (442,303 and 469,168 common shares, respectively)

 

 

(6

)

 

 

(6

)

Total stockholders’ equity

 

 

34,399

 

 

 

36,457

 

Total liabilities and stockholders’ equity

 

$

116,219

 

 

$

116,151

 


Contacts

Chris Witty
Darrow Associates
646-345-0998
This email address is being protected from spambots. You need JavaScript enabled to view it.


Read full story here

Almond Industry Will Benefit From a Much-Needed Climate-Controlled Facility

IRVINGTON, N.Y.--(BUSINESS WIRE)--X-Caliber Capital, a national, direct commercial real estate lender focused on impact lending, announced its affiliate companies, X-Caliber Rural Capital (XRC) and CastleGreen Finance (CastleGreen), closed a $52MM combined transaction for the new construction of Origo Cold Storage, a California-based 254,000 square-foot cold storage almond facility. XRC provided $35MM through the USDA’s Food Supply Chain Program and CastleGreen provided $17MM of Commercial Property Assessed Clean Energy (C-PACE) financing through the California Statewide Communities Development Authority PACE Program.


X-Caliber Capital is the only lender in the country that can offer the powerful combination of long-term, competitive financing, leveraging both C-PACE and USDA loans under one roof. The loan was originated by X-Caliber Capital’s Executive Managing Director, Mike Hammond.

Origo Cold Storage is designed to save the borrower a total of $3.7 million over the lifetime of the improvements through reducing electricity usage by 138,909 KWh/yr, saving 11,462 gallons of water annually and reducing CO2 emissions by 98 MT/yr.

The new facility is projected to be completed by April 2023 and is expected to create up to 10 new full-time jobs.

“We are pleased to provide long-term financing for a much-needed facility to the robust almond growing industry,” says Jordan Blanchard, X-Caliber Rural Capital Co-Founder and Executive Manager. “The combination of this USDA Food Supply Chain Loan plus C-PACE financing provides a competitive lending solution that supports energy efficiency, the creation of permanent jobs and overall economic growth in the Madera community.”

Almonds are harvested within a three-month period and require storage until they are used by processors. The new facility’s financing supports a unique pairing of competitive loan terms, cost savings, and environmental sustainability.

“CastleGreen is pleased to participate in this project that allows C-PACE to double down on community benefits by helping promote environmental and food supply chain advantages,” said Sal Tarsia, Managing Partner at CastleGreen Finance. “The state-of-the-art facility will incorporate features that significantly reduce greenhouse gas emissions, decrease water and energy consumption, and passes along substantial cost savings to the borrower.”

The C-PACE funds will be used for various energy efficiency and resiliency improvements to be installed on site.

C-PACE financing provides property owners funding to finance projects that include energy efficiency, renewable energy, water conservation, and seismic improvements. The unique C-PACE financing is only administered through C-PACE-approved lenders and allows borrowers to pay it back over time through a voluntary tax assessment that provides a long-term, low-cost financing option coupled with the ability to transfer repayment to the next owner.

USDA loans offer innovative solutions to eligible borrowers in rural areas with competitive terms through five, dedicated, flagship programs that support infrastructure improvements, business expansion, community facilities, public safety, renewable energy, and more, with the goal of increasing private investment in rural America. A rural area is defined as primarily serving rural areas with populations of 50,000 residents or less based on the last census and not contiguous with an adjacent populated area.

Through the Food Supply Chain Guaranteed Loan Program, USDA has partnered with lenders to guarantee loans of up to $40 million to help eligible entities expand meat and poultry processing capacity and finance other food supply chain infrastructure. Lenders may provide the loans to eligible cooperatives, corporations, for profits, nonprofits, Tribal communities, public bodies and people in rural and urban areas.

About X-Caliber –www.x-calibercap.com

X-Caliber Capital is a nationally recognized direct commercial mortgage lender and loan servicer. We are an FHA-approved Multifamily Accelerated Processing (MAP) lender and GNMA- approved MBS issuer, and together with our affiliates, provide bridge, USDA, and C-PACE finance solutions.

We strive to deliver to our clients, and to the communities in which we lend, the best financing solutions available to support their business goals, while focusing on some of the nation’s greatest challenges – affordable housing, the environment, care for our seniors, and rural businesses. By leveraging the most effective private and government programs in the country, we can harness the power of our expertise and practice the values for which we stand – so we can make the world a better place for all.

About CastleGreen Finance –www.castlegreenfinance.com

CastleGreen Finance is a private capital source focused on Commercial PACE (Property Assessed Clean Energy) financing. CastleGreen brings experience in commercial real estate across a broad range of financial disciplines. The real estate experience of the CastleGreen team, combined with its core C-PACE capabilities, provides its clients with the knowledge and resources to create a superior capital stack that meets all its needs and helps to unlock the potential of their commercial real estate. We understand that the most important part of any real estate transaction is showing up with the capital at closing. Our team focuses on the details of every deal to ensure we can get our clients to the finish line.

About X-Caliber Rural Capital - www.xrcusda.com

X-Caliber Rural Capital is an affiliate of X-Caliber Capital, a national, licensed and approved U.S. Department of Agriculture lender that provides financing for rural business and economic development projects through five flagship programs that fall under the OneRD Guarantee Loan Initiative. The Company is dedicated to creating attractive solutions for its borrowers that meet the needs of rural communities throughout the country.

About Origo Investments – www.origoinvestments.com

Origo Investments is an alternative investment platform focused on thematic real estate opportunities that deliver defensive, long-term, inflation adjusted income for institutional clients and family offices. Origo Cold Storage delivers secure, temperature / humidity controlled, and FDA compliant storage facilities for growers and processors at the start of the critical food supply chain.


Contacts

Media:
Bonnie Habyan
914.815.9806
Chief Marketing Officer

NEWCASTLE & HOUSTON--(BUSINESS WIRE)--TechnipFMC (NYSE: FTI) announced today that Doug Pferdehirt, Chair and Chief Executive Officer, will address attendees on Wednesday, November 16, at 3:30 p.m. EST at the following event:


BofA Securities 2022 Global Energy Conference
November 15 – 18, 2022

Location: 1 Hotel South Beach, 2341 Collins Ave, Miami Beach, FL 33139

The live webcast will be available at the time of the event and can be accessed at the Investor Relations website. There will be no presentation materials associated with the event.

About TechnipFMC

TechnipFMC is a leading technology provider to the traditional and new energy industries, delivering fully integrated projects, products, and services.

With our proprietary technologies and comprehensive solutions, we are transforming our clients’ project economics, helping them unlock new possibilities to develop energy resources while reducing carbon intensity and supporting their energy transition ambitions.

Organized in two business segments – Subsea and Surface Technologies – we will continue to advance the industry with our pioneering integrated ecosystems (such as iEPCI™, iFEED™ and iComplete™), technology leadership and digital innovation.

Each of our approximately 20,000 employees is driven by a commitment to our clients’ success, and a culture of strong execution, purposeful innovation, and challenging industry conventions.

TechnipFMC uses its website as a channel of distribution of material company information. To learn more about how we are driving change in the industry, go to www.TechnipFMC.com and follow us on Twitter @TechnipFMC.


Contacts

Investor relations
Matt Seinsheimer
Senior Vice President, Investor Relations and Corporate Development
Tel: +1 281 260 3665
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

James Davis
Senior Manager, Investor Relations
Tel: +1 281 260 3665
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Media relations
Nicola Cameron
Vice President, Corporate Communications

Tel: +44 1383 742297
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Catie Tuley
Director, Public Relations
Tel: +1 281 591 5405
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LOS ANGELES--(BUSINESS WIRE)--#driveh2--Via Care Community Health Centers has received the donation of a Toyota Mirai Hydrogen Fuel Cell EV as part of the DriveH2.org public service initiative by Energy Independence Now (EIN), an environmental non-profit organization dedicated to advancing fuel cell electric vehicles and renewable hydrogen infrastructure for transportation, renewable energy storage and industrial decarbonization.

A community-based non-profit organization, Via Care provides caring, affordable, accessible and quality healthcare to among the poorest in Los Angeles. The car donated by DriveH2 will enable the Via Care team to make critical patient visits and prescription deliveries to those with transportation challenges – and with zero toxic emissions.

The Toyota Mirai converts hydrogen to electricity in an advanced fuel cell, leaving clean water as the only tailpipe emission. With a refueling time of just 3-5 minutes, the Mirai can travel more than 300 miles on a single tank of hydrogen.

“The donation of this remarkable vehicle immediately allows us to expand our pharmacy and patient visit care services,” said Deborah Villar, CEO. “With the addition of free home delivery of prescriptions for our patients, this will ensure those in the greatest need will experience no delay in receiving their medication. This donation further strengthens and supports Via Care’s commitment to the individuals and families we care for.”

“We’re delighted to donate this Hydrogen Fuel Cell EV to Via Care,” said Brian Goldstein, CEO of DriveH2.org. “This donation is already having an amazing impact on the community, delivering vital medical resources to those most in need while helping one of our nonprofit partners to fulfill its mission in a sustainable manner. The DriveH2.org Mirai Donation Program is raising awareness about zero-emission hydrogen technology that offers quick, communal fueling by placing these vehicles in service to the communities that are hit hardest by air pollution and climate change. We’re incredibly thankful for Toyota’s support as we continue fighting for clean air and healthier communities.”

The DriveH2.org program has also made Hydrogen Fuel Cell EV donations to nonprofits including the American Red Cross, Petersen Automotive Museum, Social Justice Learning Institute, ThinkWatts LA, and After-School All-Stars.

DriveH2 is a public service initiative by Energy Independence Now, an environmental non-profit dedicated to advancing fuel cell electric vehicles and renewable hydrogen infrastructure for transportation, renewable energy storage and industrial decarbonization. The organization engages in comprehensive research, policy advocacy and public outreach to promote the widespread adoption of a diverse zero emissions portfolio. Learn more at driveh2.org.

Via Care is a non-profit Federally Qualified Health Center formed to provide exceptional care to patients in our service area throughout their lives. Via Care’s mission is to support and uphold the community’s right to health by providing quality, equitable & comprehensive care. Learn more at viacarela.org.

EDITOR’S NOTE
You can view and share the official video here.
Spanish language version of this press release is available here.


Contacts

Media Contact:
Paul Williams
This email address is being protected from spambots. You need JavaScript enabled to view it.
310/569-0023

Second Quarter Revenues of $20.8M, up 21% from $17.2M in the Second Quarter Last Year and up 18% Year-over-Year for the First Half of Fiscal 2023

Second Quarter Adjusted EBITDA Improved 19% Year-over-Year and 66% Year-over-Year for the First Half of Fiscal 2023

LOS ANGELES--(BUSINESS WIRE)--$CGRN #Biogas--Capstone Green Energy Corporation (NASDAQ: CGRN), announced its financial results for the second quarter ended September 30, 2022, as the Company continues to execute on its Energy-as-a-Service (EaaS) business plan.


Second Quarter and First Half Fiscal 2023 Highlights:

  • Revenues for the second quarter ending September 30, 2022, were $20.8 million, up 11% from $18.7 million in revenue during the first quarter ended June 30, 2022, and up 21% from $17.2 million in the year-ago September quarter.
  • Revenues for the first half of fiscal 2023 totaled $39.4 million, up 18% from $33.3 million from the first half of fiscal 2022, as the Company executes its EaaS growth strategy.
  • Gross margins for the second quarter ending September 30, 2022, were 11% compared to 25% in the first quarter, which ended June 30, 2022. Gross margins decreased primarily due to increased costs in the company's supply chain, specifically related to C1000 enclosures and the need to source alternative recuperator materials at a higher relative cost to meet customer delivery requirements.
  • Net loss of $4.9 million for the second quarter ending September 30, 2022, improved 18% from a net loss of $6.0 million in the year-ago September quarter. Net loss increased from $2.1 million from the first quarter 2023, in large part due to approximately $1.6 million of additional supply chain expenses, freight and expediting charges.
  • Adjusted EBITDA improved 19% to negative $2.2 million from negative $2.7 million in the second quarter year-over-year but decreased from a positive $0.4 million for the first quarter ending June 30, 2022, in part as a result of the approximately $1.6 million of additional supply chain expenses, freight and expediting charges.
  • Adjusted EBITDA improved 66% to negative $1.7 million for the first half of fiscal 2023 compared to negative $5.0 million in the first half of fiscal 2022 as a result of the continued growth of the high-margin EaaS business and reduced operating expenses offset by the additional supply chain expenses, freight and expediting charges.
  • EaaS long-term rental units and re-rental units under contract on September 30, 2022, totaled approximately 34 MW versus 12.7 MW on September 30, 2021, representing 168% growth year-over-year. Today, the EaaS long-term rental units under contract are approximately 39 MW, representing significant progress toward the company's goal of 50 MW under contract by March 31, 2023.
  • Total revenue from EaaS rentals was $1.8 million for the second quarter, up $1.2 million or 200% from $0.6 million year-over-year. The gross margin for the EaaS rental business continued to be strong at 72% for the second quarter.
  • Gross product bookings for the second quarter ending September 30, 2022, were robust at $15.4 million, up from $12.4 million in the previous quarter ended June 30, 2022, demonstrating the ongoing success of the company's current growth strategy.
  • The product Book-to-Bill Ratio improved to 1.6:1 in the second quarter ending September 30, 2022. The ending product backlog on September 30, 2022, was $28.9 million, up $4.1 million or 16.5% from $24.8 million on June 30, 2022.
  • Total cash as of September 30, 2022, was $23.8 million, up from $16.9 million as of June 30, 2022. The increase of $6.9 million was primarily related to the net proceeds of the $7.3 million Lake Street public equity offering on August 23, 2022.
  • Net cash provided by operating activities was $0.9 million, primarily as a result of $3.8 million in cash provided by working capital as the company’s Days Sales Outstanding, or DSO, dropped from 123 days in the quarter ending June 30, 2022, to 85 days in the most recent quarter.
  • To mitigate global supply chain shortages, parts price increases, and higher freight costs, the Company plans to enact a new across-the-board product, spare parts, and FPP service contract price increase on January 30, 2023 in addition to remediating the recent higher costs associated with C1000 enclosures and recuperator materials.

"The top-line revenue growth in our second quarter is very encouraging and reinforces our belief in our strategic direction. However we faced a strong headwind in significantly higher C1000 enclosure costs and expensive alternative recuperator materials that we needed to procure in order to maintain our customers’ scheduled deliveries. We believe these cost increases are short-term and expect to work through both of these supply chain issues in the current quarter. We look forward to a return to more normal Adjusted EBITDA results in the fourth quarter and beyond as costs normalize,” said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy.

“The most important take-away from our second quarter results is the continued growth of our EaaS rental business and the benefits it brings. Specifically, it drives higher margins, generates more constant and predictable revenue, and enables us to leverage a more streamlined staffing model relative to that of a traditional industrial manufacturing company. Furthermore, the solution is attractive to our customers across various industries as it helps them to manage capital costs and meet environmental impact targets directly, while generating an attractive return for Capstone and our stockholders," continued Jamison.

"Capstone’s key goals for the current fiscal year remain growing the top-line and achieving positive Adjusted EBITDA on a sustainable basis. We intend to accomplish this by accelerating the growth of our EaaS business and boosting balance sheet liquidity through a combination of revenue growth and leveraging the benefits from last year’s cost reduction efforts. We see several factors helping to drive the growth, including the efforts of our Capstone Direct Sales organization, expansion of our global Distribution network, and increased demand related to the US Inflation Reduction Act (IRA). Not only do we expect these factors to drive growth in the second half of this year, but we also expect to see continued tailwinds well into next year,” concluded Mr. Jamison.

The signing of the Inflation Reduction Act (IRA) in September was pivotal event for Capstone and its customers. For example, the tax credit available to microturbine combined heat and power (CHP) projects, which is a common customer solution for Capstone, will increase from 10% to 30% for projects that are placed in service or safe harbored by the end of 2024, and the IRA reinstates the tax credit for biogas energy projects. This is significant incentive for these projects and is expected to provide a robust backdrop for Capstone’s CHP technology platform.

Additionally, a bonus credit of 10% is available for projects that meet domestic content requirements or are in energy communities. Capstone expects its US based manufacturing facility to be eligible for the domestic production credit to further bolster the attractiveness and economics of our products. The legislation also adds new covered technologies, including energy storage, microgrid controllers, and hydrogen production facilities, several of which relate to Capstone’s core products.

About Capstone Green Energy

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

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

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

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

Cautionary Note Regarding Forward-Looking Statements

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

CAPSTONE GREEN ENERGY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except share amounts)

(Unaudited)

 

 

 

 

 

 

 

 

 

September 30,

 

March 31,

 

 

2022

 

2022

 

Assets

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

$

23,780

 

 

$

22,559

 

 

Accounts receivable, net of allowances of $916 at September 30, 2022 and $845 at March 31, 2022

 

18,189

 

 

 

24,665

 

 

Inventories, net

 

21,801

 

 

 

18,465

 

 

Prepaid expenses and other current assets

 

7,039

 

 

 

5,519

 

 

Total current assets

 

70,809

 

 

 

71,208

 

 

Property, plant, equipment and rental assets, net

 

25,375

 

 

 

18,038

 

 

Non-current portion of accounts receivable

 

1,109

 

 

 

1,212

 

 

Non-current portion of inventories

 

2,277

 

 

 

1,680

 

 

Other assets

 

11,735

 

 

 

8,635

 

 

Total assets

$

111,305

 

 

$

100,773

 

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

Accounts payable and accrued expenses

$

24,344

 

 

$

25,130

 

 

Accrued salaries and wages

 

1,123

 

 

 

1,147

 

 

Accrued warranty reserve

 

1,662

 

 

 

1,483

 

 

Deferred revenue

 

10,686

 

 

 

9,185

 

 

Current portion of notes payable and lease obligations

 

3,215

 

 

 

675

 

 

Total current liabilities

 

41,030

 

 

 

37,620

 

 

Deferred revenue - non-current

 

915

 

 

 

981

 

 

Term note payable, net

 

50,966

 

 

 

50,949

 

 

Long-term portion of notes payable and lease obligations

 

12,321

 

 

 

5,809

 

 

Total liabilities

 

105,232

 

 

 

95,359

 

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

Stockholders’ Equity:

 

 

 

 

 

 

Preferred stock, $.001 par value; 1,000,000 shares authorized; none issued

 

 

 

 

 

 

Common stock, $.001 par value; 51,500,000 shares authorized, 18,449,567 shares issued and 18,332,553 shares outstanding at September 30, 2022; 15,398,368 shares issued and 15,296,735 shares outstanding at March 31, 2022

 

18

 

 

 

15

 

 

Additional paid-in capital

 

954,750

 

 

 

946,969

 

 

Accumulated deficit

 

(946,556

)

 

 

(939,482

)

 

Treasury stock, at cost; 117,014 shares at September 30, 2022 and 101,633 shares at March 31, 2022

 

(2,139

)

 

 

(2,088

)

 

Total stockholders’ equity

 

6,073

 

 

 

5,414

 

 

Total liabilities and stockholders' equity $

111,305

$

100,773

 

CAPSTONE GREEN ENERGY CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

Six Months Ended

 

 

September 30,

 

September 30,

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Revenue:

 

 

 

 

 

 

 

 

 

 

 

 

Product and accessories

 

$

10,603

 

 

$

8,465

 

 

$

19,770

 

 

$

16,854

 

Parts, service and rentals

 

 

10,172

 

 

 

8,731

 

 

 

19,657

 

 

 

16,424

 

Total revenue

 

 

20,775

 

 

 

17,196

 

 

 

39,427

 

 

 

33,278

 

Cost of goods sold:

 

 

 

 

 

 

 

 

 

 

 

 

Product and accessories

 

 

12,496

 

 

 

8,797

 

 

 

21,387

 

 

 

17,790

 

Parts, service and rentals

 

 

6,103

 

 

 

5,689

 

 

 

11,158

 

 

 

10,130

 

Total cost of goods sold

 

 

18,599

 

 

 

14,486

 

 

 

32,545

 

 

 

27,920

 

Gross margin

 

 

2,176

 

 

 

2,710

 

 

 

6,882

 

 

 

5,358

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

603

 

 

 

987

 

 

 

1,093

 

 

 

1,870

 

Selling, general and administrative

 

 

5,107

 

 

 

6,438

 

 

 

10,026

 

 

 

11,762

 

Total operating expenses

 

 

5,710

 

 

 

7,425

 

 

 

11,119

 

 

 

13,632

 

Loss from operations

 

 

(3,534

)

 

 

(4,715

)

 

 

(4,237

)

 

 

(8,274

)

Other income

 

 

(50

)

 

 

(5

)

 

 

(48

)

 

 

660

 

Interest income

 

 

26

 

 

 

6

 

 

 

32

 

 

 

11

 

Interest expense

 

 

(1,356

)

 

 

(1,278

)

 

 

(2,718

)

 

 

(2,513

)

Gain (loss) on debt extinguishment

 

 

 

 

 

 

 

 

 

 

 

1,950

 

Loss before provision for income taxes

 

 

(4,914

)

 

 

(5,992

)

 

 

(6,971

)

 

 

(8,166

)

Provision for income taxes

 

 

4

 

 

 

2

 

 

 

6

 

 

 

10

 

Net loss

 

 

(4,918

)

 

 

(5,994

)

 

 

(6,977

)

 

 

(8,176

)

Less: Deemed dividend on purchase warrant for common shares

 

 

97

 

 

 

 

 

 

97

 

 

 

 

Net loss attributable to common stockholders

 

$

(5,015

)

 

$

(5,994

)

 

$

(7,074

)

 

$

(8,176

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per common share attributable to common stockholders—basic and diluted

 

$

(0.30

)

 

$

(0.40

)

 

$

(0.44

)

 

$

(0.58

)

Weighted average shares used to calculate basic and diluted net loss per common share attributable to common stockholders

 

 

16,785

 

 

 

15,167

 

 

 

16,056

 

 

 

14,202

 

CAPSTONE GREEN ENERGY CORPORATION AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURE

(In thousands, except per share data)

(Unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended
September 30,

 

Six Months Ended
September 30,

Reconciliation of Reported Net Loss to EBITDA and Adjusted EBITDA

 

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net loss, as reported

 

$

(4,918

)

 

$

(5,994

)

 

$

(6,977

)

 

$

(8,176

)

Interest expense

 

 

1,361

 

 

 

1,278

 

 

 

2,723

 

 

 

2,513

 

Provision for income taxes

 

 

4

 

 

 

2

 

 

 

6

 

 

 

10

 

Depreciation and amortization

 

 

831

 

 

 

458

 

 

 

1,526

 

 

 

844

 

EBITDA

 

$

(2,722

)

 

$

(4,256

)

 

$

(2,722

)

 

$

(4,809

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain on debt extinguishment

 

 

 

 

 

 

 

 

 

 

 

(1,950

)

Additional PPP Loan forgiveness

 

 

 

 

 

 

 

 

 

 

 

(660

)

Stock-based compensation and other expense

 

 

154

 

 

 

780

 

 

 

386

 

 

 

1,650

 

Debt compliance costs/legal settlements

 

 

387

 

 

 

750

 

 

 

587

 

 

 

750

 

Adjusted EBITDA

 

$

(2,181

)

 

$

(2,726

)

 

$

(1,749

)

 

$

(5,019

)

To supplement the company’s unaudited financial data presented on a generally accepted accounting principles (GAAP) basis, management has presented Adjusted EBITDA, a non-GAAP financial measure. This non-GAAP financial measure is among the indicators management uses as a basis for evaluating the company’s financial performance as well as for forecasting future periods. Management establishes performance targets, annual budgets and makes operating decisions based in part upon this metric. Accordingly, disclosure of this non-GAAP financial measure provides investors with the same information that management uses to understand the company’s economic performance year-over-year.

EBITDA is defined as net income before interest, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as EBITDA before gain on debt extinguishment, additional PPP loan forgiveness, stock-based compensation, consulting and legal expenses related to compliance with debt covenants, and legal settlements. Gain on debt extinguishment and additional PPP loan forgiveness relates to the Paycheck Protection Program loan forgiveness. Stock-based compensation and other expense includes expense related to stock issued to employees, directors, vendors, and for extraordinary, non-recurring expenses.

Adjusted EBITDA is not a measure of the company’s liquidity or financial performance under GAAP and should not be considered as an alternative to net income or any other performance measure derived in accordance with GAAP, or as an alternative to cash flows from operating activities as a measure of its liquidity.

While management believes that the non-GAAP financial measure provides useful supplemental information to investors, there are limitations associated with the use of this measure. The measures are not prepared in accordance with GAAP and may not be directly comparable to similarly titled measures of other companies due to potential differences in the exact method of calculation. Management compensates for these limitations by relying primarily on the company’s GAAP results and by using Adjusted EBITDA only supplementally and by reviewing the reconciliations of the non-GAAP financial measure to its most comparable GAAP financial measure.

Non-GAAP financial measures are not in accordance with, or an alternative for, generally accepted accounting principles in the United States. The company’s non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the company’s consolidated financial statements prepared in accordance with GAAP.


Contacts

Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
This email address is being protected from spambots. You need JavaScript enabled to view it.

TORONTO--(BUSINESS WIRE)--Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) is pleased to announce that it has closed its previously announced overnight-marketed public offering (the “Offering”) of units of the Company (the “Units”) on a best efforts basis at a price of US$2.35 per Unit for gross proceeds of approximately US$5.5 million (~CAD$7.4 million). Each Unit comprises one common share in the capital of the Company (each, a “Common Share”) and one Common Share purchase warrant (each, a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at a price of US$3.10 at any time on or before the date that is 36 months after the closing date of the Offering.


The Company intends to use the net proceeds of the Equity Offering for capital expenditures associated with the expansion and recommissioning of the Company’s wholly-owned hydrometallurgical cobalt refinery, including buildings, equipment, infrastructure, and other direct costs, as well as engineering and project management costs.

The Offering was conducted by a syndicate of agents led by Cantor Fitzgerald Canada Corporation (“Cantor”), as lead agent and sole book runner, and which included Canaccord Genuity Corp., H.C. Wainwright & Co., LLC, A.G.P./Alliance Global Partners, Desjardins Securities Inc., Paradigm Capital Inc. and Red Cloud Securities Inc. (each an “Agent” and, together with Cantor, the “Agents”). In connection with their services in the Offering, the Agents received a cash fee of US$324,652.50. As additional compensation for their services, the Company issued to the Agents 138,150 compensation warrants (the “Broker Warrants”) exercisable to acquire an aggregate of 138,150 Units (the “Broker Warrant Units”) at any time on or before the date that is 36 months after the closing date of the Offering, with each Broker Warrant Unit consisting of one Common Share and one Warrant.

The Company filed a preliminary prospectus supplement dated November 8, 2022, as amended on November 9, 2022, as well as a final prospectus supplement dated November 9, 2022 (the draft prospectus supplement, amended draft prospectus supplement, and final prospectus supplement, the “Prospectus Supplement”) to its final short form base shelf prospectus dated November 26, 2020, as amended by amendment no. 1 dated November 30, 2021 (collectively, the “Base Shelf Prospectus”) in connection with the Offering. The Prospectus Supplement was filed with the securities regulatory authorities in each of the provinces of Canada, except Québec. The Prospectus Supplement was also filed with the U.S. Securities and Exchange Commission (the “SEC”) as part of a registration statement on Form F-10 (File No. 333-264982), effective upon filing with the SEC on May 16, 2022, in accordance with the Multijurisdictional Disclosure System established between Canada and the United States. The Prospectus Supplement, the Base Shelf Prospectus, and the documents incorporated by reference therein are available on the Company’s issuer profile on SEDAR at www.sedar.com and with the SEC at www.sec.gov. Copies of the Prospectus Supplement and accompanying Base Shelf Prospectus may also be obtained in Canada from Cantor Fitzgerald Canada Corporation, Attn: Equity Capital Markets, 181 University Avenue, Suite 1500, Toronto, ON, M5H 3M7, email: This email address is being protected from spambots. You need JavaScript enabled to view it., or in the United States from Cantor Fitzgerald & Co., Attn: Capital Markets, 499 Park Avenue, 4th Floor, New York, New York 10022 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.. Prospective investors should read the Prospectus Supplement and the accompanying Base Shelf Prospectus, and the other documents the Company has filed, before making an investment decision.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Electra Battery Materials

Electra is a processor of low-carbon, ethically-sourced battery materials.

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

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects', “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Such forward-looking statements include, without limitation, statements regarding the expected use of proceeds of the Offering. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for Electra Battery Materials Corporation, filed on SEDAR at www.sedar.com and with on EDGAR at www.sec.gov. Although Electra Battery Materials Corporation believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Electra Battery Materials Corporation disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.


Contacts

Joe Racanelli Vice President, Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it. 1.416.900.3891

IRVING, Texas & SHANGHAI, China--(BUSINESS WIRE)--Fluor Corporation (NYSE: FLR) announced today that it has achieved substantial engineering completion for Albemarle’s Lithium Conversion project in China.



Fluor is providing engineering, procurement and construction management services for the facility. Lithium is an essential precursor material for high performance lithium-ion batteries for electric vehicles. When complete, the facility will produce 50,000 tons of lithium hydroxide per year.

“We are off to a great start on this project as the team has achieved more than 3 million safe hours,” said Jim Breuer, group president, Energy Solutions, Fluor Corporation. “We are excited to work on this important project that will expand Albermarle’s position as an industry leader in lithium and lithium derivatives, one of the highest growth markets in the specialty chemicals sector.”

The project site is located in Meishan City in the Sichuan Province of China. Fluor’s Shanghai, China, operations center is leading the project.

Fluor Corporation

Fluor Corporation (NYSE: FLR) is building a better future by applying world-class expertise to solve its clients’ greatest challenges. Fluor’s 41,000 employees provide professional and technical solutions that deliver safe, well-executed, capital-efficient projects to clients around the world. Fluor had revenue of $12.4 billion in 2021 and is ranked 259 among the Fortune 500 companies. With headquarters in Irving, Texas, Fluor has provided engineering, procurement and construction services for more than 110 years. For more information, please visit www.fluor.com or follow Fluor on Twitter, LinkedIn, Facebook and YouTube.

#ec


Contacts

Brian Mershon
Media Relations
469.398.7621

Jason Landkamer
Investor Relations
469.398.7222

Impersonators take advantage of hectic schedules to steal money and personal information

CHICAGO--(BUSINESS WIRE)--Media Alert: ComEd can make company representatives available for interviews to share scam-awareness tips for Utility Scam Awareness Day, Wednesday, Nov. 16.

In advance of Utility Scam Awareness Day, which is Wednesday, Nov. 16, ComEd urges families and businesses to be on the lookout for impersonators looking to steal money and information from unsuspecting individuals.

Scammers posing as ComEd employees will call homes and businesses from a number that appears to be from ComEd and threaten to turn off electric service unless payment is made to a bogus website or phone number. Sometimes imposters will visit in person to collect personal information that can be used to steal identities or access bank accounts.

During the holidays, scammers and imposters will up their game… knowing people are busier, distracted with holiday plans and paying less attention to their spending and bill-paying habits,” said Nichole Owens, ComEd vice president of customer channels. “The best defense against scams is knowing what to look for and sharing scam-awareness tips with family and friends.”

Adds Steve J. Bernas, president and CEO of Better Business Bureau, and a strategic partner with ComEd in raising awareness of utility scams: “Fraudsters use fear and distraction to trick their victims. They put the fear in people that they may lose their electricity during the holidays as well as the coldest of winter months and peak summer heat. We always see a spike in these reports to the BBB Scamtracker when staying warm or cool is most important, and your well-being may depend on it.”

Tips to Help Identify Scams

ComEd will never call or visit your home or business to:

  • ask for direct payment with a prepaid cash card, cryptocurrency such as Bitcoin, or third-party payment app like Cash App, QuickPay, Venmo or Zelle;
  • demand immediate payment; or
  • ask for personal information, such as a Social Security number, driver’s license number of bank information; we also will not ask for your ComEd account number unless you contact us first to enroll in a program or service.

Tips to Help Identify a True ComEd Employee

  • All ComEd field employees wear a uniform with the ComEd logo and visibly display a company ID badge with the logo and employee’s name.
  • ComEd recently changed its logo, so customers may continue to see the former ComEd logo on uniforms, badges and vehicles until the logo is phased out.
  • If customers are ever unsure about whether a person knocking at their door is a true ComEd employee, they are encouraged to close and lock their door, and call ComEd from a trusted phone number – which is 800-EDISON1 (800-334-7661). A true ComEd employee will not mind waiting.

Assistance With Past-Due Balances

Scammers sometimes find success with individuals and businesses who may be behind in their bills and pressure them into sending immediate payment. For anyone facing difficulty paying their electric bill, ComEd offers a number of payment assistance programs to help customers avoid late notices and disconnection. For information, visit ComEd.com/PaymentAssistance.

To make it easier for customers to find ways to pay electric bills and energy-saving tips, ComEd offers its Smart Assistance Manager (SAM), an online self-service tool that can match customers with payment-assistance programs and energy-efficiency offerings to help them manage their electric bills now and into the future.

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


Contacts

ComEd Media Relations
312-394-3500

Strong performance continues in 2022, with reliability for the first 10 months of the year better than in any prior year

CHICAGO--(BUSINESS WIRE)--Families and businesses served by ComEd experienced fewer power outages on average than customers of any comparable electric company for a fifth consecutive year in 2021, based on industry standard measures for reliability. And when ComEd customers did experience an outage last year, their service was restored as fast or faster on average than customers of the other electric companies. This is according to a company analysis of 25 peer U.S. energy companies with approximately 1 million customers or more.


“Our customers appreciate that the energy we deliver is some of the cleanest and lowest cost in the nation, but what they value most is the 24/7 reliability of our critical service,” said ComEd CEO Gil Quiniones. “It’s gratifying to see the difference a decade’s worth of investment to make our power grid stronger and more intelligent has made for the 9 million people we have the privilege of serving every day.”

ComEd has continued its consistent record of strong reliability performance in 2022. Overall reliability for the first 10 months of the year was better than in any prior year and 82 percent better than when ComEd began to increase its smart grid improvements in 2012. More than 3.6 million of ComEd’s 4.1 million customers have experienced either zero or no more than one outage in 2022. Since it began its smart grid investments, ComEd and its more than 6,200 employees have helped customers avoid nearly 19 million outages, saving more than $3 billion in outage-related costs.

ComEd continues to provide industry-leading reliability at some of the lowest costs to customers in the nation. Based on data from the U.S. Energy Information Administration, in 2021, the average monthly bill for a ComEd residential customer was lower than the average in 49 out of 50 U.S. states. The average monthly residential bill for ComEd customers in 2022 is less than it was at the same time last year.

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


Contacts

ComEd Media Relations
312-394-3500

  • Third quarter revenue increased 69% year-over-year to $14.4 million
  • Record media revenue of $12.2 million, an increase of 9% quarter-over-quarter and 66% year-over-year
  • Volta’s network of installed charging stalls was 3,093 as of September 30, 2022, adding 173 charging stalls, up 6% quarter-over-quarter and up 45% year-over-year
  • Volta Media™ Network surpassed 5,700 screens and one billion monthly media impressions; new advertisers included Google, Neiman Marcus, FIJI Water, Peacock, and Capital One; repeat advertisers included Jeep, Target, Disney, Bank of America, and Coca-Cola
  • Volta reduced run-rate cash SG&A by 43%, which included a 54% reduction of U.S. full-time headcount

NEW YORK--(BUSINESS WIRE)--Volta Inc. (NYSE: VLTA, VLTA WS) (“Volta” or the “Company”), an industry-leading electric vehicle (“EV”) charging and media company, today announced financial results for its third quarter ended September 30, 2022.


Volta’s business continues to grow, demonstrating the power and value of our business model and media network,” said Vince Cubbage, Interim CEO at Volta. “While Volta’s short-term challenges have been significant, we continue to take aggressive action to reduce costs and grow revenue, while positioning the Company for long-term success. We're a powerful dual energy and media network, delivering the best charging solution for drivers, advertisers, commercial properties, and municipalities. I remain as excited as ever about the opportunity in front of us and the prospects for our business.”

Third Quarter and Recent Business Highlights

Organizational Realignment & Cost Reductions: Volta reduced run-rate cash SG&A by 43%, which included a 54% reduction of U.S. full-time headcount. The Company continued to streamline the organization and prioritize resources toward revenue-driving initiatives, including expanding its digital advertising business and accelerating its role as an EV charging partner for commercial properties and government agencies.

Federal Funds: Volta realigned a component of its sales organization to emphasize its unique offerings as an ideal public-private partner for state and federal government agencies to ensure high-value deployment of the $7.5 billion of federal funding under the Bipartisan Infrastructure Law. Results of this realignment include Volta’s work with the City of Hoboken, which demonstrates the attractiveness of Volta’s model to communities developing EV charging infrastructure to serve growing demand. Volta will continue to prioritize future EV charging station installations that qualify for government-provided funds by leveraging its PredictEV® infrastructure planning software. By analyzing multiple data sources, including local economic and equity data, PredictEV can identify locations within Volta’s signed pipeline of over 7,200 EV charging stalls, nearly 4,000 of which Volta believes satisfy the government’s requirements.

Accelerating National Digital Advertising Business: In the quarter, the Volta Media™ Network surpassed 5,700 screens and one billion monthly media impressions. This network footprint, combined with advanced digital media capabilities such as data-driven audience targeting, programmatic media buying, dynamic creative triggers, mobile retargeting, and a suite of measurement analytics, offered value to an increasingly diversified roster of clients. AdExchanger recently awarded Volta the Best Commerce Media Technology for its campaign with Coca-Cola®, demonstrating the power of the Volta Media Network to drive measurable sales for leading advertisers.

Third Quarter 2022 Financial Highlights

  • Total third quarter revenue increased 69% year-over-year to $14.4 million.
  • Record media revenue of $12.2 million, an increase of 9% quarter-over-quarter and 66% year-over-year.

Revenue by Category

 

Three months ended September 30,

 

 

2022

 

 

2021

 

Revenues

(in thousands)

Media Revenue

$

12,245

 

$

7,360

 

Network Development

 

1,878

 

 

1,071

 

Charging Network Operations

 

38

 

 

(1

)

Network Intelligence

 

196

 

 

60

 

Total Revenues

$

14,357

 

$

8,490

 

  • Selling, general and administrative expenses were $40.0 million, compared to $55.7 million in the prior-year period.
  • Net loss was $42.5 million, compared to a loss of $69.7 million in the prior-year period.
  • Adjusted EBITDA was $30.9 million loss, compared to $22.1 million loss in the prior-year period.
  • Cash and marketable securities were $15.6 million as of September 30, 2022.
  • Weighted-average shares outstanding for the three months ended September 30, 2022 were 168.8 million.

Total Stalls Connected, including for Network Development Customers

In the third quarter, Volta’s installed base increased by 173 stalls, bringing Volta’s installed base of total stalls connected as of September 30, 2022 to 3,093, representing a 45% year-over-year increase. A stall is attributed to a station based on the number of vehicles that can charge concurrently from that station, and there are certain configurations of Volta sites where one station is capable of charging more than one vehicle at a time. The Company now has stalls in 31 states and territories.

Webcast and Conference Call Information

Company management will host a webcast and conference call on November 14, 2022, at 5:00 p.m. Eastern Time, to discuss the Company’s financial results and business operations updates.

Interested investors and other parties can listen to a webcast of the live conference call and access the Company’s third quarter update presentation by logging onto the Investor Relations section of the Company’s website at https://investors.voltacharging.com/.

The conference call can be accessed live over the phone by dialing +1-888-999-6281 (domestic) or +1-848-280-6550 (international). A telephonic replay will be available approximately three hours after the call by dialing +1-844-512-2921, or for international callers, +1-412-317-6671. The pin number for the replay is 11152525. The replay will be available until 11:59 p.m. Eastern Time on November 28, 2022.

About Volta Inc.

Volta Inc. (NYSE: VLTA) is an industry-leading electric vehicle (“EV”) charging and media company. Volta's unique network of charging stations powers vehicles and drives business growth while accelerating a clean energy future. Volta delivers value to site hosts, brands, and consumers by installing charging stations that feature large-format digital advertising screens located steps away from the entrances of popular commercial locations. Retailers can attract and influence foot traffic, advertisers can precisely target audiences, and EV drivers can charge their vehicles seamlessly as they go about their daily routines. Volta's extensive network leverages its proprietary PredictEV® platform, which uses sophisticated behavioral science and machine learning technology to help commercial property owners, cities, and electric utilities plan EV infrastructure intelligently, efficiently, and equitably. To learn more, visit www.voltacharging.com.

Non-GAAP Financial Information

This press release contains references to EBITDA and Adjusted EBITDA of Volta, which are adjusted from results based on generally accepted accounting principles in the United States (“GAAP”) and exclude certain expenses, gains and losses. The Company defines and calculates EBITDA as net loss attributable to Volta before the impact of interest income or expense, provision for income taxes, depreciation and amortization. The Company defines and calculates Adjusted EBITDA as EBITDA adjusted to exclude stock-based compensation expense and change in fair value of warrant liabilities.

These non-GAAP financial measures are provided to enhance the user’s understanding of our prospects for the future and the historical performance for the context of the investor. The Company’s management team uses these non-GAAP financial measures in assessing performance, as well as in planning and forecasting future periods. These non-GAAP financial measures are not computed according to GAAP and the methods the Company uses to compute them may differ from the methods used by other companies. Non-GAAP financial measures are supplemental, should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

Refer to the attached financial supplement for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures for the three and nine months ended September 30, 2022, and 2021.

Total Stalls Installed

Volta management considers “Total Stalls Installed” as the total size of its installed charging network at the end of the period, including Volta-owned and network development customer-owned charging stations operated by Volta. Volta’s management uses Total Stalls Installed for internal network planning and forecasting purposes, including evaluating the potential Media (previously Behavior and Commerce) revenue generating capacity of its charging network, which is generated through delivery of content by Volta’s advertisers across both Volta-owned and its network development customer-owned charging stalls. In addition, Total Stalls Installed provides the basis for Volta’s assessment of its charging network operations. Volta believes that this performance measure provides meaningful, supplemental information regarding the Volta charging network that helps illustrate trends in its business and operating performance. Volta believes that this performance measure is helpful to its investors as it is used by management in assessing the growth of the Volta charging network.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of federal securities laws, including statements regarding Volta’s future business, operations and financial performance. These forward-looking statements generally are identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “may,” “opportunity,” “plan,” “potential,” “project,” “should,” “strategy,” “will,” “would,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as updated in our subsequent Quarterly Reports on Form 10-Q, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at www.voltacharging.com. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we 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.

Volta Inc.

Unaudited Condensed Consolidated Balance Sheets

 

 

September 30, 2022

 

December 31, 2021

 

(in thousands, except share data)

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

15,646

 

 

$

262,260

 

Accounts receivable, net

 

18,515

 

 

 

12,587

 

Inventory

 

2,132

 

 

 

2,726

 

Prepaid partnership costs

 

7,965

 

 

 

8,982

 

Prepaid expenses and other current assets

 

12,582

 

 

 

12,091

 

Total current assets

 

56,840

 

 

 

298,646

 

Operating lease right-of-use assets, net

 

95,503

 

 

 

76,364

 

Property and equipment, net

 

202,160

 

 

 

97,728

 

Restricted cash

 

12,953

 

 

 

 

Other noncurrent assets

 

742

 

 

 

321

 

Intangible assets, net

 

1,254

 

 

 

643

 

Goodwill

 

221

 

 

 

221

 

Total assets

$

369,673

 

 

$

473,923

 

 

 

 

 

LIABILITIES

 

 

 

Current liabilities:

 

 

 

Accounts payable

 

36,084

 

 

 

18,461

 

Accrued expenses and other current liabilities

 

22,322

 

 

 

20,168

 

Current portion of operating leases

 

9,082

 

 

 

5,952

 

Deferred revenue

 

13,352

 

 

 

8,450

 

Term loan payable, net of unamortized issuance costs - current

 

15,998

 

 

 

15,998

 

Warrant liabilities

 

5,094

 

 

 

27,071

 

Total current liabilities

 

101,932

 

 

 

96,100

 

Term loan payable, net of unamortized issuance costs and current term loan payable

 

11,999

 

 

 

23,997

 

Noncurrent operating leases

 

81,383

 

 

 

64,422

 

Other noncurrent liabilities

 

8,182

 

 

 

7,268

 

Total liabilities

$

203,496

 

 

$

191,787

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

Class A and Class B common stock, $0.0001 and $0.0001 par value respectively: 400,000,000 (Class A 350,000,000, Class B 50,000,000) shares authorized as of both September 30, 2022 and December 31, 2021

 

17

 

 

 

16

 

Additional paid-in capital

 

722,867

 

 

 

710,638

 

Accumulated other comprehensive income

 

134

 

 

 

213

 

Accumulated deficit

 

(556,841

)

 

 

(428,731

)

Total stockholders’ equity

 

166,177

 

 

 

282,136

 

Total liabilities and stockholders’ equity

$

369,673

 

 

$

473,923

 

Volta Inc.

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss

 

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

(in thousands, except share data)

OPERATING REVENUE

 

Service

$

13,987

 

 

$

8,058

 

 

$

36,752

 

 

$

19,115

 

Product

 

124

 

 

 

372

 

 

 

399

 

 

 

670

 

Other

 

246

 

 

 

60

 

 

 

936

 

 

 

387

 

Total operating revenue

 

14,357

 

 

 

8,490

 

 

 

38,087

 

 

 

20,172

 

 

 

 

 

 

 

 

 

OPERATING EXPENSE

 

 

 

 

 

 

 

Service costs

 

8,665

 

 

 

5,347

 

 

 

27,871

 

 

 

15,087

 

Product costs

 

143

 

 

 

528

 

 

 

440

 

 

 

881

 

Selling, general and administrative

 

40,015

 

 

 

55,664

 

 

 

140,172

 

 

 

133,873

 

Depreciation and amortization

 

5,252

 

 

 

3,116

 

 

 

13,564

 

 

 

7,812

 

Other operating expense

 

854

 

 

 

203

 

 

 

2,532

 

 

 

1,067

 

Total operating expense

 

54,929

 

 

 

64,858

 

 

 

184,579

 

 

 

158,720

 

Operating Loss

 

(40,572

)

 

 

(56,368

)

 

 

(146,492

)

 

 

(138,548

)

 

 

 

 

 

 

 

 

OTHER EXPENSE (INCOME)

 

 

 

 

 

 

 

Interest expense, net

 

1,080

 

 

 

1,639

 

 

 

3,592

 

 

 

5,030

 

Other expense, net

 

 

 

 

188

 

 

 

 

 

 

467

 

Change in fair value of warrant liabilities

 

873

 

 

 

11,554

 

 

 

(21,978

)

 

 

11,436

 

Total other expense (income)

 

1,953

 

 

 

13,381

 

 

 

(18,386

)

 

 

16,933

 

LOSS BEFORE INCOME TAXES

 

(42,525

)

 

 

(69,749

)

 

 

(128,106

)

 

 

(155,481

)

Income tax expense

 

2

 

 

 

 

 

 

4

 

 

 

24

 

NET LOSS

$

(42,527

)

 

$

(69,749

)

 

$

(128,110

)

 

$

(155,505

)

 

 

 

 

 

 

 

 

OTHER COMPREHENSIVE LOSS

 

 

 

 

 

 

 

Foreign currency translation adjustment

 

(137

)

 

 

 

 

 

(79

)

 

 

 

TOTAL COMPREHENSIVE LOSS

$

(42,664

)

 

$

(69,749

)

 

$

(128,189

)

 

$

(155,505

)

 

 

 

 

 

 

 

 

Weighted-average Class A common stock outstanding, basic and diluted

 

168,750,399

 

 

 

65,923,212

 

 

 

163,265,514

 

 

 

27,998,369

 

Net loss per share Class A common stock, basic and diluted

$

(0.25

)

 

$

(0.94

)

 

$

(0.76

)

 

$

(4.20

)

Weighted-average Class B common stock outstanding, basic and diluted

 

 

 

 

8,481,143

 

 

 

6,077,937

 

 

 

8,998,756

 

Net loss per share Class B common stock, basic and diluted

$

 

 

$

(0.94

)

 

$

(0.76

)

 

$

(4.20

)

Volta Inc.
Non-GAAP Reconciliation

EBITDA and Adjusted EBITDA

The following table provides a reconciliation of EBITDA and Adjusted EBITDA to net loss, the most directly comparable U.S. GAAP measure reported in Volta’s unaudited condensed consolidated financial statements for the following periods:

 

Three Months Ended September 30,

 

Nine Months Ended September 30,

 

 

2022

 

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

(in thousands)

Net loss

$

(42,527

)

 

$

(69,749

)

 

$

(128,110

)

 

$

(155,505

)

Income tax expense

 

2

 

 

 

 

 

 

4

 

 

 

24

 

Interest expense, net

 

1,080

 

 

 

1,639

 

 

 

3,592

 

 

 

5,030

 

Depreciation and amortization

 

5,252

 

 

 

3,116

 

 

 

13,564

 

 

 

7,812

 

EBITDA

$

(36,193

)

 

$

(64,994

)

 

$

(110,950

)

 

$

(142,639

)

Stock-based compensation

 

4,376

 

 

 

31,312

 

 

 

27,207

 

 

 

78,112

 

Change in fair value of warrant liabilities

 

873

 

 

 

11,554

 

 

 

(21,978

)

 

 

11,436

 

Adjusted EBITDA

$

(30,944

)

 

$

(22,128

)

 

$

(105,721

)

 

$

(53,091

)

 


Contacts

For Investor/Analyst:
Drew Lipsher, Chief Development Officer
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For Media/Press:
Jette Speights, SVP of Communications
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STAMFORD, Conn.--(BUSINESS WIRE)--Altus Power, Inc. (“Altus Power” or the “Company”) (NYSE: AMPS), the premier independent developer, owner and operator of commercial-scale solar facilities, today announced that it has closed on the acquisition of approximately 88 megawatts (MW) of operating solar assets. These assets were purchased from D. E. Shaw Renewable Investments (DESRI), under definitive agreements that were previously announced on September 27, 2022.

Gregg Felton, Co-CEO of Altus Power, said “We were pleased to be able to partner with DESRI’s talented team to execute this transaction. With closing now complete, we’re excited to incorporate these new long-term assets and customer relationships into our portfolio.”

“We were impressed by the Altus Power team’s ability to transact with efficiency, notwithstanding the complexity of a portfolio spanning several states with multiple stakeholders,” commented Bryan Martin, Executive Chairman of DESRI. “We expect that Altus Power will continue to operate these projects with the same thought and care that DESRI has.”

These commercial and industrial scale assets include rooftop, ground and carport-mounted solar arrays which deliver clean electricity under long-term contracts to predominantly investment-grade customers. Altus Power owns, operates and services customers across its portfolio of 469 MW of long-term contracted solar assets with the potential to offer additional electrification solutions, including battery storage, as well as electric vehicle or fleet charging stations.

About Altus Power, Inc.

Altus Power, based in Stamford, Connecticut, is the premier commercial-scale clean electrification company serving commercial, industrial, public sector and community solar customers with an end-to-end solution. Altus Power originates, develops, owns and operates locally-sited solar generation, energy storage and charging infrastructure across the nation. Visit www.altuspower.com to learn more.

About D.E. Shaw Renewable Investments

D. E. Shaw Renewable Investments (DESRI) and its affiliates develop, acquire, own, and operate long-term contracted renewable energy assets in the U.S. DESRI's portfolio of contracted, operating, and in-construction renewable energy projects currently includes more than 65 solar and wind projects representing more than 6 gigawatts of aggregate capacity. DESRI is a member of the D. E. Shaw group, a global investment and technology development firm with more than $60 billion in investment and committed capital as of September 1, 2022, and offices in North America, Europe, and Asia. For more information, visit www.desri.com.

Forward-Looking Statements

This press release contains forward-looking statements. Forward-looking statements may be identified by the use of words such as "aims," "believes," "expects," "intends," "aims", "may," “could,” "will," "should," "plans," “projects,” “forecasts,” “seeks,” “anticipates,” “goal,” “objective,” “target,” “estimate,” “future,” “outlook,” "strategy," “vision,” or variations of such words or similar terminology that predict or indicate future events or trends or that are not statements of historical matters. These statements, which involve risks and uncertainties, relate to analyses and other information that are based on forecasts of future results and estimates of amounts not yet determinable and may also relate to Altus Power’s future prospects, developments and business strategies. These statements are based on Altus Power’s management’s current expectations and beliefs, as well as a number of assumptions concerning future events.

Such forward-looking statements are subject to known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Altus Power’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. These risks, uncertainties, assumptions and other important factors include, but are not limited to: (1) the risk that pending acquisitions may not close in the anticipated timeframe or at all due to a closing condition not being met; (2) failure to obtain required consents or regulatory approvals in a timely manner or otherwise; (3) the ability of Altus Power to successfully integrate the acquisition of solar assets into its business and generate profit from their operations; (4) the ability of Altus Power to retain customers and maintain and expand relationships with business partners, suppliers and customers; (5) the risk of litigation and/or regulatory actions related to the proposed acquisition of solar assets; (6) the possibility that Altus Power may be adversely affected by other economic, business, regulatory and/or competitive factors; and (7) the impact of COVID-19, inflationary pressures, and supply chain issues on Altus Power's business.

Additional factors that could cause actual results to differ materially from those expressed or implied in forward-looking statements can be found under the heading “Risk Factors” in Altus Power’s Form 10-K filed with the Securities and Exchange Commission on March 24th, 2022, as well as the other information we file with the Securities and Exchange Commission. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect us. You are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made and the information and assumptions underlying such statement as we know it and on the date such statement was made, and Altus Power undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, changes in expectations, future events or otherwise.

This press release is not intended to be all-inclusive or to contain all the information that a person may desire in considering an investment in Altus Power and is not intended to form the basis of an investment decision in Altus Power. All subsequent written and oral forward-looking statements concerning Altus Power or other matters and attributable to Altus Power or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above.


Contacts

Altus Power Contacts:

Chris Shelton
Head of IR
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