LYNCHBURG, Va.--(BUSINESS WIRE)--$BWXT--BWX Technologies, Inc. (NYSE: BWXT) today with officials from the U.S. Department of Defense, Department of Energy, NASA and Idaho National Laboratory celebrated the landmark production of TRISO nuclear fuel that will power the first microreactor built and operated in the United States.

The Department of Energy (DOE) calls TRISO “the most robust nuclear fuel on earth.” The small, energy-dense coated uranium particles can withstand high temperatures, enabling smaller and more advanced reactor designs.

Under a $37 million award from the Idaho National Laboratory (INL), BWXT will manufacture a core for Project Pele, TRISO fuel for additional reactors and coated particle fuel for NASA. INL administers the contract and provides the technical support and oversight. Fuel for the reactor will be downblended from U.S. government stockpiles of high-enriched uranium (HEU) to high-assay low-enriched uranium (HALEU) and fabricated into TRISO fuel at the BWXT facility in Lynchburg, Virginia. BWXT facilities are the only private U.S. facilities licensed to possess and process HEU.

“TRISO particle fuel is ideal for the next generation of reactors poised to help us meet our country’s clean energy goals,” said U.S. Department of Energy Assistant Secretary for Nuclear Energy Dr. Kathryn Huff. “It is extremely exciting to see decades of DOE’s investments in TRISO fuel’s robust safety performance paying off to power many of the most innovative advanced reactor designs to be deployed within this decade.”

The Project Pele microreactor is designed to be capable of being safely transported in standard-sized shipping containers. Microreactors are designed to reduce the need for vulnerable fossil fuel deliveries relied on by the U.S. military, and also to provide power for disaster response and recovery, power generation in remote areas and deep decarbonization efforts.

“With supreme safety and performance characteristics, advanced nuclear fuels are the key enabler for fielding of next-generation reactor technologies,” BWXT President and CEO Rex D. Geveden said. “We are extremely pleased to initiate full-scale production of TRISO for the Pele program and further develop similar coated nuclear fuel technology for space exploration programs with NASA. This differentiating capability at BWXT results from a longstanding partnership with the Department of Energy’s Idaho National Lab, and it is gratifying to reach this milestone.”

“This commercial TRISO fuel production line is the culmination of more than 15 years of work at INL and other DOE national laboratories, in partnership with BWXT, to develop and qualify this fuel with immense potential for use in microreactors, space reactors and other advanced reactor concepts,” INL Laboratory Director John Wagner said. “As the United States moves steadily toward a carbon-free energy future, nuclear power is an essential part of the journey. Project Pele will demonstrate the viability of this fuel type, opening the door for other advanced reactors.”

BWXT Advanced Technologies announced in June that it was selected by the Department of Defense Strategic Capabilities Office (DoD SCO) to manufacture and deliver the Project Pele prototype microreactor to INL. The fuel will be delivered to the lab separately.

“TRISO fuel is capable of providing years of zero-carbon 24/7 energy in a safe and rugged form, with strategic implications for the DoD toward both its energy resilience and climate-change goals,” SCO Director Jay Dryer said.

BWXT has expanded its specialty coated fuels production manufacturing capacity through previously announced awards funded by the DoD Operational Energy Capabilities Improvement Fund Office and NASA and program management provided by SCO. In addition to TRISO, BWXT also produces specialty coated fuels for NASA in support of its space nuclear propulsion project within the agency’s Space Technology Mission Directorate.

"The high efficiency and high thrust provided by nuclear propulsion makes it an enabling capability for human missions to Mars," said Associate Administrator for NASA’s Space Technology Mission Directorate James L. Reuter. "Advancing nuclear fuels and systems are key to achieving our exploration goals at Mars."

TRISO stands for TRIstructural ISOtropic. TRIstructural refers to the three layers of carbon and ceramic materials that surround kernels or balls of HALEU fuel. ISOtropic means the coatings have uniform characteristics in all directions. Fuel particles, each the size of a poppy seed, are enriched to a level four times higher than fuel used in most of today’s commercial nuclear reactors. The coatings retain fission products, making each particle its own containment system. They also protect the fuel from the factors that most degrade performance in conventional reactors – neutron irradiation, corrosion, oxidation and high temperatures.

Forward Looking Statement

BWXT cautions that this release contains forward-looking statements, including statements relating to the performance, timing, impact, quantity and value of TRISO nuclear fuel production for use in advanced microreactors. These forward-looking statements involve a number of risks and uncertainties, including, among other things, modification or termination of the project and delays. If one or more of these or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, please see BWXT’s annual report on Form 10-K for the year ended December 31, 2021 and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. BWXT cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

About BWXT

At BWX Technologies, Inc. (NYSE: BWXT), we are People Strong, Innovation Driven. Headquartered in Lynchburg, Virginia, BWXT is a Fortune 1000 and Defense News Top 100 manufacturing and engineering innovator that provides safe and effective nuclear solutions for global security, clean energy, environmental restoration, nuclear medicine and space exploration. With approximately 6,700 employees, BWXT has 14 major operating sites in the U.S., Canada and the U.K. In addition, BWXT joint ventures provide management and operations at more than a dozen U.S. Department of Energy and NASA facilities. Follow us on Twitter at @BWXT and learn more at www.bwxt.com.

About Idaho National Laboratory

Battelle Energy Alliance manages INL for the U.S. Department of Energy’s Office of Nuclear Energy. INL is the nation’s center for nuclear energy research and development, and also performs research in each of DOE’s strategic goal areas: energy, national security, science and the environment. For more information, visit www.inl.gov. Follow them on social media: Twitter, Facebook, Instagram and LinkedIn.

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• Organic capex of $14 billion; affiliate capex of $3 billion
• Includes $2 billion of lower carbon capex

SAN RAMON, Calif.--(BUSINESS WIRE)--Chevron Corporation today announced 2023 organic capital expenditure budgets of $14 billion for consolidated subsidiaries (capex) and $3 billion for equity affiliates (affiliate capex), which total near the high end of the company’s guidance range.

The company’s 2023 capex budget is up more than 25% from 2022 expected spend, excluding acquisitions. Affiliate capex in 2023 is down modestly from 2022 expected spend. These budgets support Chevron’s objective to safely deliver higher returns and lower carbon and include approximately $2 billion in lower carbon capex, more than double the 2022 budget.

“We’re maintaining capital discipline while investing to grow both traditional and new energy supplies,” said Chevron Chairman and CEO Mike Wirth. “Our 2023 capex budgets are consistent with our long-term plans to safely deliver higher returns and lower carbon.”

Chevron’s 2023 capex budget assumes cost inflation that averages in the mid-single digits with certain areas higher, such as the Permian Basin that assumes low double-digit cost inflation.

“Our capex budgets remain in line with prior guidance despite inflation,” Wirth continued. “We’re winning back investors with capital efficient growth, a strong balance sheet, and more cash returned to shareholders.”

Capex

Upstream capex includes more than $4 billion for Permian Basin development and roughly $2 billion for other shale & tight assets. More than 20% of upstream capex is for projects in the Gulf of Mexico. Lower carbon capex across all segments totals around $2 billion, including $0.5 billion to lower the carbon intensity of Chevron’s traditional operations and about $1 billion to increase renewable fuels production capacity.

Affiliate Capex

Nearly half of affiliate capex is for Tengizchevroil’s FGP / WPMP Project in Kazakhstan and about a third is for Chevron Phillips Chemical Company, including the U.S. Gulf Coast II petrochemical project.

Chevron is one of the world’s leading integrated energy companies. We believe affordable, reliable and ever-cleaner energy is essential to achieving a more prosperous and sustainable world. Chevron produces crude oil and natural gas; manufactures transportation fuels, lubricants, petrochemicals and additives; and develops technologies that enhance our business and the industry. We are focused on lowering the carbon intensity in our operations and growing lower carbon businesses along with our traditional business lines. More information about Chevron is available at www.chevron.com.

NOTICE

As used in this news release, the term “Chevron” and such terms as “the company,” “the corporation,” “our,” “we,” “us” and “its” may refer to Chevron Corporation, one or more of its consolidated subsidiaries, or to all of them taken as a whole. All of these terms are used for convenience only and are not intended as a precise description of any of the separate companies, each of which manages its own affairs.

Please visit Chevron’s website and Investor Relations page at www.chevron.com and www.chevron.com/investors, LinkedIn: www.linkedin.com/company/chevron, Twitter: @Chevron, Facebook: www.facebook.com/chevron, and Instagram: www.instagram.com/chevron, where Chevron often discloses important information about the company, its business, and its results of operations.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains forward-looking statements relating to Chevron’s operations and energy transition plans that are based on management's current expectations, estimates and projections about the petroleum, chemicals and other energy-related industries. Words or phrases such as “anticipates,” “expects,” “intends,” “plans,” “targets,” “advances,” “commits,” “drives,” “aims,” “forecasts,” “projects,” “believes,” “approaches,” “seeks,” “schedules,” “estimates,” “positions,” “pursues,” “may,” “can,” “could,” “should,” “will,” “budgets,” “outlook,” “trends,” “guidance,” “focus,” “on track,” “goals,” “objectives,” “strategies,” “opportunities,” “poised,” “potential,” “ambitions,” “aspires” and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond the company’s control and are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. The reader should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. Unless legally required, Chevron undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Among the important factors that could cause actual results to differ materially from those in the forward-looking statements are: changing crude oil and natural gas prices and demand for the company’s products, and production curtailments due to market conditions; crude oil production quotas or other actions that might be imposed by the Organization of Petroleum Exporting Countries and other producing countries; technological advancements; changes to government policies in the countries in which the company operates; public health crises, such as pandemics (including coronavirus (COVID-19)) and epidemics, and any related government policies and actions; disruptions in the company’s global supply chain, including supply chain constraints and escalation of the cost of goods and services; changing economic, regulatory and political environments in the various countries in which the company operates; general domestic and international economic, market and political conditions, including the military conflict between Russia and Ukraine and the global response to such conflict; changing refining, marketing and chemicals margins; actions of competitors or regulators; timing of exploration expenses; timing of crude oil liftings; the competitiveness of alternate-energy sources or product substitutes; development of large carbon capture and offset markets; the results of operations and financial condition of the company’s suppliers, vendors, partners and equity affiliates, particularly during the COVID-19 pandemic; the inability or failure of the company’s joint-venture partners to fund their share of operations and development activities; the potential failure to achieve expected net production from existing and future crude oil and natural gas development projects; potential delays in the development, construction or start-up of planned projects; the potential disruption or interruption of the company’s operations due to war, accidents, political events, civil unrest, severe weather, cyber threats, terrorist acts, or other natural or human causes beyond the company’s control; the potential liability for remedial actions or assessments under existing or future environmental regulations and litigation; significant operational, investment or product changes undertaken or required by existing or future environmental statutes and regulations, including international agreements and national or regional legislation and regulatory measures to limit or reduce greenhouse gas emissions; the potential liability resulting from pending or future litigation; the company’s future acquisitions or dispositions of assets or shares or the delay or failure of such transactions to close based on required closing conditions; the potential for gains and losses from asset dispositions or impairments; government mandated sales, divestitures, recapitalizations, taxes and tax audits, tariffs, sanctions, changes in fiscal terms or restrictions on scope of company operations; foreign currency movements compared with the U.S. dollar; higher inflation and related impacts; material reductions in corporate liquidity and access to debt markets; the receipt of required Board authorizations to implement capital allocation strategies, including future stock repurchase programs and dividend payments; the effects of changed accounting rules under generally accepted accounting principles promulgated by rule-setting bodies; the company’s ability to identify and mitigate the risks and hazards inherent in operating in the global energy industry; and the factors set forth under the heading “Risk Factors” on pages 20 through 25 of the company’s 2021 Annual Report on Form 10-K and in subsequent filings with the U.S. Securities and Exchange Commission. Other unpredictable or unknown factors not discussed in this news release could also have material adverse effects on forward-looking statements.

Randy Stuart -- +1 713-283-8609

Winners to be announced December 8 at a black-tie gala in New York City

FRAMINGHAM, Mass.--(BUSINESS WIRE)--#carbonreduction--Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced that it has been named a finalist in the S&P Global Platts 2022 Global Energy Awards for the Infrastructure Project of the Year and Corporate Impact, Sustained Commitment categories.

Ameresco was selected as a finalist for the Infrastructure Project of the Year award in recognition of its work at Fort Bragg, in collaboration with Duke Energy, to install the largest floating solar array in the Southeast. The solar facility is part of a $36 million design-build contract, to improve energy resilience and security, through infrastructure modernization, lighting and water upgrades, heating, ventilation and air-conditioning and boiler system improvements.

The company has also been named a finalist for the Corporate Impact, Sustained Commitment award in recognition of its efforts to support the communities that its employees reside in and projects touch. Through the end of 2021, Ameresco employees devoted a collective 2,040 hours to more than 140 non-profit organizations, and the company donated over $172,000 between employee donation matches and business donations.

“In a year of unexpected challenges, from the Russia-Ukraine war, to Europe’s energy crisis, to trade-flow changes and banner market volatility, it’s particularly inspiring to see the innovation and leadership of this year’s finalists in steering a continued course toward better ensuring the energy needs of the future,” said Sue Avinir, Senior Vice President of Conferences & Advisory Solutions, S&P Global Commodity Insights. “We’re proud to honor this year’s finalists and celebrate their efforts.”

The theme of this year’s Global Energy Awards is “Committed.Connected.Charged.” and reflects how energy industry leaders are working towards the global energy transition, as well as supporting their local communities.

“It is a great honor to be named a finalist in two categories at the 2022 S&P Global Platts Global Energy Awards,” said George Sakellaris, President and CEO, Ameresco. “We are proud to have been involved in developing such an innovative project at Fort Bragg, and we are committed to staying true to our mission of doing well by doing good.”

The Global Energy Awards’ independent panel of esteemed judges will select winners for each award category from the corresponding group of finalists. Winners will be announced at the S&P Global Platts Global Energy Awards black-tie gala on December 8 at Cipriani Wall Street in New York City.

To learn more about the energy efficiency solutions offered by Ameresco, visit www.ameresco.com/energy-efficiency/.

About Ameresco, Inc.

Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and Europe. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and Europe. For more information, visit www.ameresco.com.

About S&P Global Commodity Insights

At S&P Global Commodity Insights, our complete view of global energy and commodity markets enables our customers to make decisions with conviction and create long-term, sustainable value. We’re a trusted connector that brings together thought leaders, market participants, governments, and regulators and we create solutions that lead to progress. Vital to navigating commodity markets, our coverage includes oil and gas, power, chemicals, metals, agriculture, shipping and energy transition. Platts® products and services, including the most significant benchmark price assessments in the physical commodity markets, are offered through S&P Global Commodity Insights. S&P Global Commodity Insights is a division of S&P Global (NYSE: SPGI). S&P Global is the world’s foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets. With every one of our offerings, we help many of the world’s leading organizations navigate the economic landscape so they can plan for tomorrow, today. For more information visit https://www.spglobal.com/commodityinsights.

Ameresco: Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.

LONDON--(BUSINESS WIRE)--Boston Consulting Group (BCG), a global management consultancy, and leading advisor on decarbonization to the maritime industry, and American Bureau of Shipping (ABS), a global leader in providing classification services for marine and offshore companies and assets, have today signed a memorandum of understanding to join their technical and consulting expertise in the maritime and offshore industries, providing joint support to clients’ decarbonization journeys.

ABS has deep knowledge of and experience in the marine and offshore industries, as well as extensive insight into the dynamic sector’s regulatory landscape and a global network of sustainability centers.

BCG offers strategic perspective, change management, and transition design that provide a unique, end-to-end proposition to capture future benefits in the marine and offshore value chain.

Peter Jameson, Partner and Global Lead for Climate and Sustainability in BCG’s Infrastructure, Transport and Cities practice, said: “High uncertainty around regulation, technology and new markets requires every player across the maritime value chain to work together. Taking a bold leadership position, even with uncertainty, will create an advantage for first movers, and sustainable business for followers.”

Christopher J. Wiernicki, ABS Chairman, President and CEO, said: “We are excited to be bringing two global and industry recognized brands together to help the maritime industry, governments, charterers, suppliers, shipyards and shipowners deal with the challenges and opportunities of decarbonization. ABS is built to play in the sweet spot of safety, technology and regulations while BCG is built to play in the sweet spot of strategy, transformation and change management. Bringing these capabilities together will provide a unique offering to help the industry safely unlock value, manage risks and take advantage of opportunities over the life cycle of the clean energy transition in a changing world. Success is a team sport and together ABS and BCG will make a difference.”

The new joint proposition will help clients achieve their net-zero goals, supporting asset owners in their efforts to explore feasible options for operational and technical improvement, advise on carbon capture technologies, and the uptake of alternative and low-carbon fuels, among other consultative services that support carbon reduction strategies.

The BCG/ABS offer is also aimed at those looking to tap into the opportunities afforded by the transition to net zero. This would include all businesses that feed into the low-carbon value chain for offshore industries, including renewable energy producers, low-carbon fleet development, and subsea storage, among others.

Notes to editors

Boston Consulting Group partners with leaders in business and society to tackle their most important challenges and capture their greatest opportunities. BCG was the pioneer in business strategy when it was founded in 1963. Today, we work closely with clients to embrace a transformational approach aimed at benefiting all stakeholders—empowering organizations to grow, build sustainable competitive advantage, and drive positive societal impact.

Our diverse, global teams bring deep industry and functional expertise and a range of perspectives that question the status quo and spark change. BCG delivers solutions through leading-edge management consulting, technology and design, and corporate and digital ventures. We work in a uniquely collaborative model across the firm and throughout all levels of the client organization, fuelled by the goal of helping our clients thrive and enabling them to make the world a better place.

About ABS

ABS, a leading global provider of classification and technical advisory services to the marine and offshore industries, is committed to setting standards for safety and excellence in design and construction. Focused on safe and practical application of advanced technologies and digital solutions, ABS works with industry and clients to develop accurate and cost-effective compliance, optimized performance, and operational efficiency for marine and offshore assets.

ABS media contact: Gareth Lewis, This email address is being protected from spambots. You need JavaScript enabled to view it.

BCG media contact: Seb Button, This email address is being protected from spambots. You need JavaScript enabled to view it.

SAN FRANCISCO--(BUSINESS WIRE)--As provisional winner of a lease area on the Outer Continental Shelf off California, Equinor continues to lead the way in growing the US’ offshore wind industry.

Five leases were offered by the Bureau of Ocean Energy Management (BOEM) in the first-ever offshore wind lease sale on the US west coast and the first-ever US sale to support commercial-scale floating offshore wind energy development opportunities. With a bid of USD 130 million for 80,062 acres in the Pacific Ocean, Equinor secured a ~2-gigawatt (GW) lease in the Morro Bay area that has the potential to generate enough energy to power ~750 000 US homes.

About two-thirds of America’s offshore wind energy potential is in deep waters. The narrow outer continental shelf running along the Pacific seaboard, drops down swiftly to 1,000 meters (3,280 feet) or more, opening up for new power opportunities for the west coast – floating offshore wind. As the world’s leading floating offshore wind operator and developer, Equinor looks forward to applying its experience to create a sustainable offshore wind industry in California.

Following regulatory approvals, the new lease will be added to Equinor’s existing US portfolio – which includes the Empire Wind and Beacon Wind projects on the US Northeast coast – and has the potential to generate a total capacity of at least 2 GW of renewable power for the West Coast.

“We are delighted to get the opportunity to explore the potential for producing even more renewable energy for the US, this time in the Pacific Ocean. The US West Coast is one of the most attractive growth regions for floating offshore wind in the world due to its favorable wind conditions and proximity to markets that need reliable, clean energy. Offshore wind on the west coast could help achieve the state’s clean energy goals, bolster renewable energy sources, and create new jobs and investments in California. The US is a key market for Equinor’s offshore wind activities and one where we aspire to be a leader in growing this new energy industry,” says Molly Morris, President of Equinor Wind US.

“Today’s announcement confirms Equinor’s floating leadership and strong commitment to deliver renewable energy to the US. It adds at least another potential 2 GW to our existing 3.3 GW US offshore wind portfolio. We were among the first movers into US offshore wind and are now one of the first movers into California, a market we believe will become a strategic floating market globally. We now have the scale needed to optimize value across our US and Asia-Pacific portfolio,” says Pål Eitrheim, executive vice president of Renewables in Equinor.

The Biden administration has set an offshore wind target of 30 GW by 2030 and 15 GW by 2035 in floating offshore wind capacity, that is well above 100 times more than what’s currently installed in floating around the world. The administration’s offshore wind target is complemented by state offshore wind policies and actions throughout the North Pacific. California has set an offshore wind target of up to 5 GW by 2030 and 25 GW floating offshore wind by 2045.

ABOUT EQUINOR RENEWABLES US

Equinor is one of the largest offshore wind developers in the U.S., where it operates two lease areas, Empire Wind and Beacon Wind. Together, Empire Wind 1, Empire Wind 2 and Beacon Wind 1 will 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 1 and 2 and 1.230 GW from Beacon Wind 1.

Equinor’s ambition is to be a leading company in the energy transition. By 2030, the company aims to develop profitable growth in renewables and install 12-16 GW renewables capacity.

www.equinor.com/renewablesu

Equinor
Magnus Frantzen Eidsvold
Media Relations
+4797528604

For US media:
Lauren Shane
917 392 4252

Renewable natural gas (biomethane) is now being injected at three of its seven facilities being developed in Europe – Tønder (Denmark), Easy Energia and Calimera (Italy)

BURLINGTON, Ontario--(BUSINESS WIRE)--Anaergia Inc. (TSX: ANRG, “the Company”) today announced the achievement of several milestones. First, over the last month, two more of the Company’s European facilities have started injecting renewable natural gas (“RNG”) into the grid. Second, there have been positive developments relating to increasing the feedstock at the Company’s Rialto Bioenergy Facility in California (the “RBF”), and also in registering the produced RNG for sale. The Company has also reaffirmed its 2022 guidance and is providing guidance for 2023.

Operational Milestones in Europe

In addition to the Company’s Easy Energia facility, the second of the six Italian plants, Calimera, also started injecting RNG into the grid last month. The Company’s build-own-operate (“BOO”) project in Tønder, Denmark has also started injecting gas. The two Italian plants combined have the capacity to supply up to 232,000 MMBtu of RNG per year when fully operational. Injection of first gas in Denmark qualifies the Tønder facility for a 20-year biogas subsidy program promoted by the Danish Energy Agency. When fully operational, the Tønder facility will produce up to 1.4 million MMBtu annually.

An additional four BOO plants are still under construction in Italy, and these are expected to be commissioned later this year and in early 2023. At full capacity, three of these plants will combine to produce over 430,000 MMBtu of RNG per year, while another will produce six million kilowatts of electricity annually utilizing biogas created from animal waste.

Rialto Bioenergy Facility Developments

The Company’s confidence in continued revenue growth at the RBF is reinforced by the passing of an expected ordinance. On November 29, 2022, the City Council of Los Angeles adopted an ordinance requiring commercial and multifamily generators under the RecycLA franchise to subscribe for organic waste collection and diversion services, as required by state law SB 1383. The ordinance, which is to be signed by the Mayor of Los Angeles on or before December 9, 2022, is expected to substantially increase the amount of organic waste diverted to the RBF for conversion to renewable natural gas. The RBF is North America’s largest landfill diverted organic waste RNG facility.

In addition, the U.S. Environmental Protection Agency (EPA) has approved the Quality Assurance Plan (QAP) for the RBF enabling the sale of RINs. The Company expects to receive a deemed complete Low Carbon Fuel Standard (“LCFS”) pathway from the California Air Resources Board (CARB) in 2022. As a result, the Company expects to be able to sell its RNG for transportation use in the first quarter of 2023.

CEO Commentary

“We continue to successfully execute on our revenue backlog of BOO and Capital Sales projects which now stands at $4.8 billion (up from $2.8 billion at our IPO). Three of our seven facilities in Europe are now injecting RNG into national grids in Italy and in Denmark. Getting first gas into the grid at Tønder, Denmark in 2022 was critical for ensuring the availability of Danish incentives for the next twenty years for the project. Our team did an exceptional job achieving this important milestone on schedule and in record time,” said Andrew Benedek, Chairman and CEO of Anaergia. “Year after year these facilities, along with the new ones we build, will continue to reduce and prevent methane emissions, and create renewable fuel to replace fossil natural gas. Our opportunities to build such plants are continuing to grow due to increasing incentives favouring RNG production in Europe and in North America.”

Reaffirming 2022 Guidance

Anaergia is reaffirming its previously disclosed Revenue and Adjusted EBITDA¹ guidance for full year 2022. All guidance is current as of the published date and is subject to change. For more information, please refer to the Company’s management’s discussion and analysis of financial condition and results of operations for the three and nine months ended September 30, 2022 available on the Company’s SEDAR profile at www.sedar.com (the “Q3 MD&A”).

2023 Revenue and Adjusted EBITDA Guidance

Anaergia is providing new Revenue and Adjusted EBITDA guidance for full year 2023. All guidance is current as of the published date and is subject to change.

The 2023 guidance is based on several key assumptions:

• The estimated revenue is subject to the receipt of an LCFS pathway and associated carbon intensity (“CI”) score for the RBF, over which the Company has no influence or control.
• The RBF is expected to ramp up feedstock during 2023, operating near capacity in the fourth quarter of 2023 with more rapid ramp up in the second half of the year as adoption of the ordinance referred to above advances. Guidance assumes that commercial and multifamily generators under the RecycLA franchise subscribe to organic waste collection and diversion services, as required by state law SB 1383, and that the ordinance is enforced.
• The Italian BOOs are expected to be fully operational by the end of the second quarter of 2023.
• Government incentives in Italy to support the diversion of organic waste from landfills and to produce RNG are available on schedule as expected following injection of first gas.
• There is significant external investment in the Company’s Tønder project to finance the construction of the second phase of this project prior to the end of the second quarter 2023.

About Anaergia

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

Forward-Looking Information

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

The targets disclosed above under “Reaffirming 2022 Guidance” and “Adjusted EBITDA Guidance” do not constitute a forecast or projection. There can be no assurance that the Company will achieve these targets and actual results may vary materially. The Company’s ability to achieve the targets referred to in these sections above is subject to a number of risks, challenges and uncertainties, including those described under the headings “Caution Regarding Forward-Looking Information” in the Q3 MD&A and in the “Risk Factors” section of the Annual Information Form, all of which may cause actual results to vary materially from those set out in the targets. There can be no assurance that any or all of the potential projects described above will go forward on the terms we expect, or at all, or be completed as anticipated. If the amount or type of future awards of new business to the Company fall short of management’s expectations or are inconsistent with management’s past experience, the Company may not achieve the referenced targets. In addition, delays or other issues relating to the Company’s performance under its contracts may require the Company to incur additional costs, which may have a material adverse effect on the Company’s revenues and Adjusted EBITDA. The targets referred to above also reflect the Company’s assumptions regarding the number and type of opportunities for new business awards that will arise in the future, which in turn reflect management’s assumptions regarding the general growth and direction of the waste-to-value industry over the next two-year period.

Non-IFRS Measures

This press release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of the Company’s financial information reported under IFRS. Management uses non-IFRS measures to provide investors with supplemental measures.

Management also uses non-IFRS measures internally in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet the Company’s future debt service, capital expenditure and working capital requirements. Management believes these non-IFRS measures and industry metrics are important supplemental measures of operating performance because they eliminate items that have less bearing on operating performance and highlight trends in the core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management believes such measures allow for assessment of the Company’s operating performance and financial condition on a basis that is more consistent and comparable between reporting periods. Management also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of public companies.

Definitions of non-IFRS measures and industry metrics used in this press release are provided below.

“Adjusted EBITDA” is defined as net earnings before finance costs, taxes and depreciation and amortization adjusted for our normalized proportionate interest in our BOO assets and one-time or nonrecurring items, stock-based compensation expense, asset impairment charges and write downs, gains and losses for equity-accounted investees, foreign exchange gains or losses, restructuring costs, ERP customization and configuration costs, litigation and other claims settlements, gains and losses resulting from changes in certain balance sheet valuations (such as derivatives and warrants), acquisition costs and costs related to our initial public offering, including estimated incremental auditing and professional services costs incurred in connection with our initial public offering. For further details, refer to “Non-IFRS Measures and Industry Metrics” and “Reconciliation of Non-IFRS Measures” in the Q3 MD&A.

For further information please see: www.anaergia.com

__________________________
¹ “Adjusted EBITDA” is a non-IFRS Measure. See “Non-IFRS Measures”.

For media relations: Melissa Bailey, Director, Marketing & Corporate Communications, This email address is being protected from spambots. You need JavaScript enabled to view it.
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$1.13 dividend per share; $1.12 net income attributable to KMI per share; and $7.7 billion Adjusted EBITDA

HOUSTON--(BUSINESS WIRE)--Kinder Morgan, Inc. (NYSE: KMI) today announced its preliminary 2023 financial projections. “We expect 2023 to be another very good year for Kinder Morgan, with strong market fundamentals, continued robust growth in demand for existing and expanded natural gas transportation, storage, and gathering and processing; and continued demand for refined products midstream services and investments in our Energy Transition Ventures business,” said Steve Kean, KMI Chief Executive Officer. “Those results will be offset by the higher interest rate environment we expect in 2023. We anticipate generating net income attributable to KMI per share of $1.12, flat to our year-end 2022 forecast of $1.12 per share, with Adjusted EBITDA up 3% from 2022 at $7.7 billion, compared to the 2022 forecast of $7.5 billion. We anticipate total segment EBDA of $8.2 billion, up 5% compared to the 2022 forecast. We also expect to end 2023 with a Net Debt-to-Adjusted EBITDA ratio of 4.0 times, well below our long-term target of 4.5 times.”

“We expect distributable cash flow (DCF) per share of $2.13, down from our 2022 forecast of $2.17 DCF per share. We project interest expense to be significantly higher than our 2022 forecast, representing a DCF impact of approximately $0.15 per share. Absent that impact, expected DCF per share would be up 5% year over year,” said Kimberly Dang, KMI President. “Over the long-term, our corporate strategy of maintaining a portion (~25%) of our debt at a floating rate has been sound, saving the company approximately $1.2 billion over the last 10 years, far exceeding the expected 2023 impact.”

Below is a summary of KMI’s expectations for 2023:

• Generate $1.12 of net income attributable to KMI per share, flat to our current 2022 forecast of $1.12.
• Generate $2.13 DCF per share, down 1% from the current forecast for 2022 due to the impact of the projected increased interest expense discussed above.
• Generate $7.7 billion of Adjusted EBITDA, up 3% from the 2022 forecast; and total segment EBDA of $8.2 billion, up 5% from the 2022 forecast.
• Invest $2.1 billion in expansion projects and contributions to joint ventures, or discretionary capital expenditures (of which roughly 80% is in lower carbon projects).
• Return additional value to shareholders in 2023 through an anticipated $1.13 per share dividend (annualized) and opportunistic share repurchases.
• End 2023 with a Net Debt-to-Adjusted EBITDA ratio of 4.0 times, well below our long-term target of approximately 4.5 times.
• The expected $2.13 of DCF per share and the 4.0 times leverage metric do not reflect the impact of possible opportunistic share repurchases, which KMI will have substantial capacity to transact on.

Please see “Non-GAAP Financial Measures” below for definitions of DCF, Adjusted EBITDA and Net Debt, and the accompanying tables for reconciliations of 2023 budgeted net income attributable to KMI to budgeted DCF and budgeted Adjusted EBITDA.

KMI’s expectations assume average annual prices for West Texas Intermediate (WTI) crude oil and Henry Hub natural gas of $85 per barrel and $5.50 per MMBtu, respectively, consistent with forward pricing during the budget process. The vast majority of cash generated by KMI is fee-based and therefore is not directly exposed to commodity prices. The primary area where KMI has commodity price sensitivity is in its CO₂ segment, where KMI hedges the majority of its next 12 months of oil production to minimize this sensitivity. For 2023, the company estimates that every $1 per barrel change in the average WTI crude oil price impacts DCF by approximately $9.1 million and each $0.10 per MMBtu change in the price of natural gas impacts DCF by approximately $1.3 million.

The KMI board of directors has preliminarily reviewed the 2023 budget and will take formal action on it at the January board meeting. Management will discuss the budget in detail during the company’s annual investor day conference on January 25, 2023, in Houston, Texas. The 2023 budget will be the standard by which KMI measures its performance next year and will be a factor in determining employee compensation. Kinder Morgan remains committed to transparency and will continue to publish its budget on the company’s website as presented at the investor day conference. An investor presentation updated with a brief overview of the 2023 budget has been posted to the Investor Relations page of KMI’s website.

About Kinder Morgan, Inc.

Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient and environmentally responsible manner for the benefit of the people, communities and businesses we serve. We own an interest in or operate approximately 83,000 miles of pipelines, 141 terminals, 700 billion cubic feet of working natural gas storage capacity and have renewable natural gas generation capacity of approximately 2.2 Bcf per year of gross production with an additional 5.2 Bcf in development. Our pipelines transport natural gas, refined petroleum products, renewable fuels, crude oil, condensate, CO₂ and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, renewable fuel feedstocks, chemicals, ethanol, metals and petroleum coke. Learn more about our renewables initiatives on the low carbon solutions page at www.kindermorgan.com.

Important Information Relating to Forward-Looking Statements

This news release includes forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934. Generally the words “expects,” “believes,” anticipates,” “plans,” “will,” “shall,” “estimates,” and similar expressions identify forward-looking statements, which are generally not historical in nature. Forward-looking statements in this news release include express or implied statements pertaining to KMI’s expectations for 2022 and 2023, including expected net income attributable to Kinder Morgan, Inc., DCF (in each case in the aggregate and per share), total segment EBDA, Adjusted EBITDA, Net Debt-to-Adjusted EBITDA ratios, anticipated dividends and discretionary capital expenditures, and KMI’s financing strategy, including use of floating-rate debt. Forward-looking statements are subject to risks and uncertainties and are based on the beliefs and assumptions of management, based on information currently available to them. Although KMI believes that these forward-looking statements are based on reasonable assumptions, it can give no assurance as to when or if any such forward-looking statements will materialize nor their ultimate impact on our operations or financial condition. Important factors that could cause actual results to differ materially from those expressed in or implied by these forward-looking statements include: the timing and extent of changes in the supply of and demand for the products we transport and handle; commodity prices; and the other risks and uncertainties described in KMI’s reports filed with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K for the year-ended December 31, 2021 (under the headings “Risk Factors” and “Information Regarding Forward-Looking Statements” and elsewhere) and its subsequent reports, which are available through the SEC’s EDGAR system at www.sec.gov and on our website at ir.kindermorgan.com. Forward-looking statements speak only as of the date they were made, and except to the extent required by law, KMI undertakes no obligation to update any forward-looking statement because of new information, future events or other factors. Because of these risks and uncertainties, readers should not place undue reliance on these forward-looking statements.

Non-GAAP Financial Measures

The non-generally accepted accounting principles (non-GAAP) financial measures of distributable cash flow (DCF), both in the aggregate and per share; Adjusted EBITDA; and Net Debt are presented herein.

Our non-GAAP financial measures described further below should not be considered alternatives to GAAP net income attributable to Kinder Morgan, Inc. or other GAAP measures and have important limitations as analytical tools. Our computations of these non-GAAP financial measures may differ from similarly titled measures used by others. You should not consider these non-GAAP financial measures in isolation or as substitutes for an analysis of our results as reported under GAAP. Management compensates for the limitations of these non-GAAP financial measures by reviewing our comparable GAAP measures, understanding the differences between the measures and taking this information into account in its analysis and its decision-making processes.

Certain Items, as adjustments used to calculate our non-GAAP financial measures, are items that are required by GAAP to be reflected in net income attributable to Kinder Morgan, Inc., but typically either (1) do not have a cash impact (for example, asset impairments), or (2) by their nature are separately identifiable from our normal business operations and in our view are likely to occur only sporadically (for example, certain legal settlements, enactment of new tax legislation and casualty losses). We also include adjustments related to joint ventures (see “Amounts from Joint Ventures” below).

DCF is calculated by adjusting net income attributable to Kinder Morgan, Inc. for Certain Items, and further by DD&A, amortization of excess cost of equity investments, income tax expense, cash taxes, sustaining capital expenditures and other items. We also include amounts from joint ventures for income taxes, DD&A and sustaining capital expenditures (see “Amounts from Joint Ventures” below). DCF is a significant performance measure useful to management and external users of our financial statements in evaluating our performance and in measuring and estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and expending sustaining capital, that could be used for discretionary purposes such as dividends, stock repurchases, retirement of debt, or expansion capital expenditures. DCF should not be used as an alternative to net cash provided by operating activities computed under GAAP. We believe the GAAP measure most directly comparable to DCF is net income attributable to Kinder Morgan, Inc. DCF per share is DCF divided by average outstanding shares, including restricted stock awards that participate in dividends.

Adjusted EBITDA is calculated by adjusting net income attributable to Kinder Morgan, Inc. before interest expense, income taxes, DD&A, and amortization of excess cost of equity investments (EBITDA) for Certain Items. We also include amounts from joint ventures for income taxes and DD&A (see “Amounts from Joint Ventures” below). Adjusted EBITDA is used by management and external users, in conjunction with our Net Debt (as described further below), to evaluate certain leverage metrics. Therefore, we believe Adjusted EBITDA is useful to investors. We believe the GAAP measure most directly comparable to Adjusted EBITDA is net income attributable to Kinder Morgan, Inc.

Net Debt is calculated by subtracting from debt (1) cash and cash equivalents, (2) debt fair value adjustments, and (3) the foreign exchange impact on Euro-denominated bonds for which we have entered into currency swaps. Net Debt is a non-GAAP financial measure that management believes is useful to investors and other users of our financial information in evaluating our leverage. We believe the most comparable measure to Net Debt is debt net of cash and cash equivalents.

Amounts from Joint Ventures - Certain Items, DCF and Adjusted EBITDA reflect amounts from unconsolidated joint ventures (JVs) and consolidated JVs utilizing the same recognition and measurement methods used to record “Earnings from equity investments” and “Noncontrolling interests,” respectively. The calculations of DCF and Adjusted EBITDA related to our unconsolidated and consolidated JVs include the same items (DD&A and income tax expense, and for DCF only, also cash taxes and sustaining capital expenditures) with respect to the JVs as those included in the calculations of DCF and Adjusted EBITDA for our wholly-owned consolidated subsidiaries. Although these amounts related to our unconsolidated JVs are included in the calculations of DCF and Adjusted EBITDA, such inclusion should not be understood to imply that we have control over the operations and resulting revenues, expenses or cash flows of such unconsolidated JVs.

Dave Conover
Media Relations
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Investor Relations
(800) 348-7320
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www.kindermorgan.com

New partnership will look to address infrastructure gaps across Africa, including integrated ports, warehouses, maritime and logistics hubs

ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--AD Ports Group (ADX: ADPORTS), the leading global facilitator of trade, logistics, and industry, has signed a collaboration agreement with the Africa Finance Corporation (“AFC”), the leading infrastructure solutions provider in Africa, to address infrastructure gaps across the continent.

The agreement provides the basis for the two organisations to join forces on identifying, financing, developing and investing in much-needed ports, warehouses, maritime and logistics infrastructure projects across Africa. Both parties will bring their technical expertise and strong financial capacity and networks to a range of development initiatives, focusing on brownfield and greenfield opportunities.

AFC is a pan-African multilateral development finance institution that bridges the infrastructure investment gap through the provision of financing solutions that cover the entire project cycle as well as technical and advisory services. Over the last 15 years, AFC has invested more than US$ 10 billion in infrastructure projects across 37 countries in Africa. AFC developed and financed the first carbon neutral industrial zone in Africa, the Nkok Special Economic Zone, which has made Gabon the largest exporter of veneer wood globally, generating US$1 billion in annual export revenue and creating over 30,000 jobs. The approach is being replicated by the Arise platform in Benin and Togo. Most recently, AFC, in a joint venture with UAE’s Masdar and EBRD, jointly acquired Lekela Power, the continent’s biggest renewables independent power producer, with plans to double generation capacity within four years.

AD Ports Group has significant expertise in the construction and operation of ports, free zones, logistics and maritime hubs, and is currently active in a range of development projects in territories as diverse as Jordan, Egypt and Iraq.

The collaboration agreement could provide vital support for ports and maritime facilities in Africa, which are often overstretched by growing demand for imported goods and export-driven industrial production facilities that require significant investment to modernise and increase capacity and enhance productivity. According to a report from the African Union (AU), throughput at African ports will reach 2 billion tonnes by 2040, a major challenge when the current average dwell time – the time cargo spends at port – is around 20 days across the continent, compared to the global average of four days.

Capt. Mohamed Juma Al Shamisi, Managing Director and Group CEO, AD Ports Group, said: “Some of the world’s fastest-growing economies are in Africa, necessitating the creation a new generation of ports and maritime facilities, supported by smart technology and enhanced freight infrastructure. We see a key opportunity to support African nations in their efforts to develop advanced trade hubs that can manage the rising volume of maritime commerce and deliver excellent connectivity. Working with AFC, we will look to prioritise projects that can make a lasting impact on the economies and communities of their respective nations, in-line with the direction of our wise leadership to support progressive development.”

Samaila Zubairu, President & Chief Executive Officer of AFC, said: “We are pleased to sign this collaboration agreement with AD Ports Group today, demonstrating the UAE’s ongoing enthusiasm to invest and deploy expertise in Africa. Combining AFC’s specialist expertise and outstanding investment track record with AD Ports Group’s technical proficiency, I am confident that our collaboration will yield the development of some of the most advanced integrated ports and logistics platforms in Africa and the world at large. We look forward to a continued partnership as we work together to unleash Africa’s economic potential and transform lives on the continent.”

About AD Ports Group:

Established in 2006, AD Ports Group today serves as the region’s premier facilitator of logistics, industry, and trade, as well as a bridge linking Abu Dhabi to the world. Listed on the Abu Dhabi Securities Exchange (ADX: ADPORTS), AD Ports Group’s vertically integrated business approach has proven instrumental in driving the emirate’s economic development over the past decade.

Operating several clusters covering Ports, Economic Cities & Free Zones, Maritime, Logistics, and Digital, AD Ports Group’s portfolio comprises 10 ports and terminals, and more than 550 square kilometres of economic zones within KEZAD, the largest integrated trade, logistics, and industrial business grouping in the Middle East.

AD Ports Group is rated A+ by S&P and A+ Outlook Stable by Fitch.

For more information, please visit: adportsgroup.com

Follow AD Ports Group on:

LinkedIn: https://www.linkedin.com/company/adportsgroup

Instagram: https://instagram.com/adportsgroup

Facebook: https://www.facebook.com/adportsgroup

Twitter: https://twitter.com/adportsgroup

YouTube: https://www.youtube.com/c/adportsgroup

About AFC:

AFC was established in 2007 to be the catalyst for private sector-led infrastructure investment across Africa. AFC’s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital to address Africa’s infrastructure development needs and drive sustainable economic growth.

Fifteen years on, AFC has developed a track record as the partner of choice in Africa for investing and delivering on instrumental, high-quality infrastructure assets that provide essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications. AFC has invested over US$10 billion in 35 countries across Africa since inception.

www.africafc.org

Follow AFC on:

LinkedIn: https://www.linkedin.com/company/africa-finance-corporation/

Twitter: https://twitter.com/africa_finance

*Source: AETOSWire

Marc Hammoud
Head of Investor Relations - AD Ports Group
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+971 2 695 2790

Or

AD Ports Media Office
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Yewande Thorpe
Communications
Africa Finance Corporation
Mobile : +234 1 279 9654
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Gavin Serkin
New Markets Media & Intelligence
Telephone: +44 20 3478 9710
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NEW YORK & OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)--FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, has announced the appointment of Tor Stendahl as Managing Director for FREYR Battery Finland Oy.

“We are pleased with our initial progress in Finland, and we are excited to onboard an experienced leader to head our operations and take us into the next phase of development. Tor brings an industrial and battery-specific background, and his leadership and relevant experience from the region will be of great value for FREYR,” said Axel Thorsdal, SVP Project Development.

FREYR has signed an agreement with the City of Vaasa, Finland, for the temporary lease of 1.3 million square meters of land in the GigaVaasa area. This land is a candidate future site for FREYR’s developmental initiatives based on the company’s collaboration with the City of Vaasa.

Tor Stendahl, a Finnish national, comes to FREYR from his position as Country Manager Finland/Baltic and General Manager for Battery Materials, Base Metal Services and Recycling at BASF. He has held various leadership and sales roles throughout his 25-year career at BASF, and most recently led the build-up of BASF’s pCAM plant in Harjavalta, Finland. Stendahl holds a master’s degree in chemical engineering from Åbo Akademi University.

“The mission of FREYR is more critical than ever as we transition our energy systems and seek greater reliability and efficiency. My experience from my previous role is initiating and ramping up operations, and I’m thrilled to put that knowledge to work for FREYR as we establish and grow our presence in Finland,” said Tor Stendahl.

Tor Stendahl will assume his new role in FREYR’s Finnish operations during spring 2023.

About FREYR Battery

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

Cautionary Statement Concerning Forward-Looking Statements

All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding FREYR’s ability to realize the benefits of Finland’s strategic importance due to its ample supply of renewable energy, proximity to essential raw materials and highly competent workforce are forward-looking and involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.

Most of these factors are outside FREYR’s control and difficult to predict. Information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in (i) FREYR’s Registration Statement on Form S-3 filed with the Securities and Exchange Commission (the “SEC”) on September 1, 2022, as amended, and (ii) FREYR’s annual report on Form 10-K filed with the SEC on March 9, 2022, and available on the SEC’s website at www.sec.gov.

Investor contact:
Jeffrey Spittel
Vice President, Investor Relations
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Tel: (+1) 281-222-0161

Media contact:
Katrin Berntsen
Vice President, Communication and Public Affairs
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Tel: (+47) 920 54 570

Clean Energy’s Centre County Recycling and Refuse Authority station will provide RNG to reduce truck carbon emissions, help fleets achieve sustainability goals

NEWPORT BEACH, Calif.--(BUSINESS WIRE)--$CLNE--Clean Energy Fuels Corp. (NASDAQ: CLNE), the largest provider of the cleanest fuel for the transportation market, announced it is has begun providing renewable natural gas (RNG) for the Centre County Recycling and Refuse Authority (CCRRA) in Bellefonte, PA, supporting a transition to a cleaner, low-carbon fuel produced from organic waste.

“The recycling and refuse industry has long embraced natural gas to mitigate the impact of greenhouse gas emissions,” said Chad Lindholm, senior vice president, Clean Energy. “Our CCRRA station is one of the first on the East Coast to transition to RNG, and will further our sustainability goal of providing RNG at all of our stations by 2025.”

Clean Energy constructed the station, located at 100 Transfer Road, which will provide fuel for both CCRRA vehicles and other fleets, and is expected to dispense an estimated 500,000 gallons of RNG annually. Switching the station from conventional natural gas to RNG will reduce carbon emissions by 3,696 metric tons each year – the equivalent of removing 803 passenger cars from the road, recycling 1,484 tons of waste instead of landfilled, and planting 61,601 trees.

“As a refuse and recycling authority, we are constantly promoting the benefits of a circular economy by purchasing products generated from the materials we handle daily,” said CCRRA Executive Director Ted Onufrak. “Migrating to RNG is just another example of how closing the loop can be beneficial economically and environmentally.

CCRRA also collaborated with the local WM affiliate to provide RNG as fuel for eight new CNG tractor-trailer units hauling over 4,300 loads of waste annually. This will support WM in meeting its goals of fleet conversion from diesel to RNG.

“WM is proud to work with the Centre County Recycling and Refuse Authority and commends their transition to a cleaner, renewable fleet with renewable natural gas,” said Christopher Pilzer, director of sustainable growth, WM Capitol Area. “WM is committed to the growth of our natural gas fleet and investing in renewable energy through RNG. The Centre County RRA’s investment in an RNG fueling station will help support our efforts locally.”

"The Borough of State College has a longstanding commitment to sustainability, and we are continually seeking ways to reduce our carbon footprint and to make our systems and operations more efficient and sustainable. We commend sustainability efforts made by our partners, and CCRRA's conversion to fleet fuels with lower carbon emissions is an important step forward," said State College Borough Mayor Ezra Nanes.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks, uncertainties and assumptions, including without limitation statements about the provision of RNG at the CCRRA station; the amount of fuel anticipated to be dispensed and the associated reduction in carbon emissions; and CCRRA’s partnership with WM for RNG tractor-trailer units. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements. The forward-looking statements made herein speak only as of the date of this press release and, unless otherwise required by law, Clean Energy undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. Additionally, the reports and other documents Clean Energy files with the SEC (available at www.sec.gov) contain risk factors, which may cause actual results to differ materially from the forward-looking statements contained in this news release.

About Clean Energy

Clean Energy Fuels Corp. is the country’s largest provider of the cleanest fuel for the transportation market. Our mission is to decarbonize transportation through the development and delivery of renewable natural gas (RNG), a sustainable fuel derived from organic waste. Clean Energy allows thousands of vehicles, from airport shuttles to city buses to waste and heavy-duty trucks, to reduce their amount of climate-harming greenhouse gas. We operate a vast network of fueling stations across the U.S. and Canada. Visit www.cleanenergyfuels.com and follow @ce_renewables on Twitter.

Raleigh Gerber
949-437-1397
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ROCKVILLE, Md.--(BUSINESS WIRE)--Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”) today announces financial results for its third quarter ended October 31, 2022. For additional information, please read the Company’s Quarterly Report on Form 10-Q, which the Company intends to file today with the U.S. Securities and Exchange Commission (the “SEC”). The Quarterly Report can be retrieved from the SEC’s website at www.sec.gov or from the Company’s website at www.arganinc.com.

Summary Information (dollars in thousands, except per share data)

“We were pleased to announce last month that our Gemma Power Systems subsidiary received full notice to proceed on an engineering, procurement and construction (“EPC”) services contract to build the Trumbull Energy Center, a 950 MW natural gas-fired power plant in Lordstown, Ohio, which increased our project backlog to exceed $0.8 billion,” David Watson, President and Chief Executive Officer of Argan, said. “All of our companies are generally experiencing increasing amounts of project backlogs this year and continue to see significant opportunities in their markets. We believe this increase is a reflection, in part, on our ability to execute effectively and efficiently for our customers. For example, the Guernsey Power Station, the largest single-phase, gas-fired, power plant project in the U.S. has been under construction throughout the entire COVID-19 pandemic with limited schedule delays to date and recently reached first fire on all three units, major milestones for the project. Due to increased project backlog and market opportunities, our dedicated and talented employees and our strong balance sheet, we are positioned to finish out the year strong and for growth into the future.”

Consolidated revenues for the quarter ended October 31, 2022 were $117.9 million, which represented a decrease of $6.6 million, or 5.3%, from consolidated revenues of $124.5 million reported for the three months ended October 31, 2021. Consolidated revenues of our power industry services segment decreased by $8.9 million as the quarterly construction activities associated with the Guernsey Power Station project and the Equinix data center project have passed peak levels. The reduction in revenues between the quarters was partially offset by increasing revenues at several projects including the Kilroot Power Station, the ESB FlexGen peaker plants and the Maple Hill Solar energy facility. The Company’s consolidated project backlog was approximately $839 million as of October 31, 2022.

For the quarter ended October 31, 2022, we reported a consolidated gross profit of approximately $22.2 million which represented a gross profit percentage of approximately 18.8% of corresponding consolidated revenues. The gross profit percentages of corresponding revenues for the power industry services, industrial services and the telecommunications infrastructure segments were 19.8%, 15.4% and 16.8%, respectively, for the current quarter.

Selling, general and administrative expenses for the three months ended October 31, 2022 and 2021, were $12.7 million and $11.6 million, respectively, representing an increase of $1.1 million between the quarters, or 9.3%, which was due primarily to the accrual of costs associated with the retirement of the Company’s former chief executive officer in August 2022.

For the three months ended October 31, 2022, net income was $7.8 million, or $0.56 per diluted share. For the three months ended October 31, 2021, we reported net income in the amount of $12.4 million, or $0.78 per diluted share. EBITDA for the quarter ended October 31, 2022 decreased to $11.3 million from $16.7 million for the prior year quarter. The Company paid its regular quarterly cash dividend of $0.25 per share in October 2022.

For the nine months ended October 31, 2022, we reported net income in the amount of $19.5 million, or $1.36 per diluted share, compared to $36.0 million of net income, or $2.25 per diluted share, in the prior year period. EBITDA for the nine months ended October 31, 2022 decreased to $36.9 million from $50.5 million for the prior year period.

As of October 31, 2022, cash, cash equivalents and short-term investments totaled $287 million and net liquidity was $230 million; furthermore, the Company had no debt. The $154 million reduction in cash, cash equivalents and short-term investments from January 31, 2022 reflected the expected cash flow cycle of two significant projects, the payment of dividends and the repurchase of shares. During the three months ended October 31, 2022, the Company repurchased 308,423 shares of common stock at a cost of $10 million. Since last November, the Company has repurchased 2,248,767 shares of common stock, or approximately 14% of its outstanding shares, at a cost of approximately $84 million under the now $100 million share repurchase program authorization.

About Argan

Argan’s primary business is providing a full range of services to the power industry, including the renewable energy sector. Argan’s service offerings focus on the engineering, procurement and construction of natural gas-fired power plants and renewable energy facilities, along with related commissioning, operations management, maintenance, project development and consulting services, through its Gemma Power Systems and Atlantic Projects Company operations. Argan also owns The Roberts Company, which is a fully integrated fabrication, construction and industrial plant services company, and SMC Infrastructure Solutions, which provides telecommunications infrastructure services.

Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Reference is hereby made to the cautionary statements made by the Company with respect to risk factors set forth in its most recent reports on Form 10-K, Forms 10-Q and other SEC filings. The Company’s future financial performance is subject to risks and uncertainties including, but not limited to, the successful addition of new contracts to project backlog, the receipt of corresponding notices to proceed with contract activities, and the Company’s ability to successfully complete the projects that it obtains. The Company has several signed EPC contracts that have not started and may not start as forecasted due to market and other circumstances beyond its control. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to the risk factors highlighted above and described regularly in the Company’s SEC filings.

Company Contact:
David Watson
301.315.0027

HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) announced today that it will participate in the Wells Fargo 21st Annual Midstream & Utilities Symposium in New York, New York. The conference is being held in person on Wednesday, December 7, 2022 and Thursday, December 8, 2022.

The Partnership’s latest presentation materials are available and may be downloaded by visiting the Partnership’s website at www.genesisenergy.com under “Presentations” under the Investors tab.

Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation and marine transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.

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

HARTFORD, Conn. & BOSTON--(BUSINESS WIRE)--For the third time in the last four years, Eversource Energy (NYSE: ES) has been recognized by Newsweek magazine as the top utility in its annual list of America’s Most Responsible Companies, in recognition of its national leadership in promoting corporate social responsibility, sustainability and corporate citizenship.

Eversource ranked first in the nation among 53 companies in the Energy & Utilities category, and 50th overall on the top-500 list among the approximately 2,000 large public companies assessed. The 2023 ranking represents Eversource’s highest finish in the four years in a row that it has been included in the independent public survey.

“Responsible environmental, social, and governance principles are at the core of our mission at Eversource because exemplary corporate citizenship is integral to serving our customers,” said Eversource President and CEO Joe Nolan. “This is a gratifying confirmation of our decision to operate in an ethically and socially responsible manner in all we do. Importantly, it is also a recognition of the unyielding, everyday work of our employees across three states and a testament to their commitment to supporting the environment, racial and social justice, and morally responsible business practices.”

The Newsweek list determines the most responsible companies based on their corporate social sustainability performance and reputation. Eversource and the other recognized companies on the Newsweek ranking of America’s Most Responsible Companies are featured in the December 7 issue of the news magazine.

Eversource (NYSE: ES), again celebrated as a national leader for its corporate citizenship, is the #1 energy company in Newsweek’s list of America’s Most Responsible Companies for 2023 and recognized as one of America’s Most JUST Companies. Eversource transmits and delivers electricity and natural gas and supplies water to approximately 4.4 million customers in Connecticut, Massachusetts and New Hampshire. The #1 energy efficiency provider in the nation, Eversource harnesses the commitment of approximately 9,500 employees across three states to build a single, united company around the mission of safely delivering reliable energy and water with superior customer service. The company is empowering a clean energy future in the Northeast, with nationally recognized energy efficiency solutions and successful programs to integrate new clean energy resources like solar, offshore wind, electric vehicles and battery storage, into the electric system. For more information, please visit eversource.com, and follow us on Twitter, Facebook, Instagram, and LinkedIn. For more information on our water services, visit aquarionwater.com.

Caroline Pretyman
617-424-2460
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Al Lara
860-665-2344
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Company scales to accommodate region’s increasing demand for sustainable IoT technologies

SCOTTS VALLEY, Calif.--(BUSINESS WIRE)--Ambient Photonics announced today the opening of its first European office, located in Dusseldorf, Germany, to further support its consumer electronics and IoT customer base around the world. As global leaders in sustainability, Europe’s technology manufacturers are leveraging Ambient’s low-light indoor energy harvesting solar cells to decarbonize a range of electronic devices, including remote controls, tablets and sensors.

“One of the reasons Europe’s approach to sustainability is so successful is because it focuses on replacing traditional production processes with low carbon, low waste resources at every level of the supply chain,” said Ambient CEO Bates Marshall. “Ambient’s new EU headquarters will provide local, hands-on service and engineering design support, which will deliver greater value to our European customers on their journeys to scrub emissions from their operations.”

Ambient’s European presence provides consumer electronics and IoT manufacturers with local contacts for integrating Ambient’s high power density PV cells into device designs. Eliminating the need for disposable batteries, Ambient’s novel solar cells address Scope 3 supply chain emissions and reduce the carbon footprint of electronic devices by up to 80 percent.

This expansion follows on the heels of the groundbreaking for Ambient’s 43,000-square foot, low-light solar cell manufacturing facility in Scotts Valley, California and recent $48.5 million Series A funding round.

To learn more about Ambient’s new first-of-its-kind production facility in California, watch the video: https://bit.ly/3XP0dIu.

About Ambient Photonics

California-based Ambient Photonics was founded in 2019 to bring low-light energy harvesting technology to mass scale. Ambient’s technology originally developed at the Warner Babcock Institute for Green Chemistry, and funded at inception by Cthulhu Ventures LLC, is backed by leading investors like Amazon’s Climate Pledge Fund, Ecosystem Integrity Fund (EIF), Tony Fadell’s Future Shape and I Squared Capital. The company’s low-light solar PV cells deliver ground-breaking power density from a broader spectrum of ambient light, inspiring a new era in connected device form and function. Ambient works with leading global smart home and IoT device manufacturers on embedded solar cells to deliver superior design possibilities, performance, sustainability and consumer convenience. Explore endless power at: ambientphotonics.com.

Christine Bennett for Ambient Photonics
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NEW YORK--(BUSINESS WIRE)--#KBRA--KBRA assigns preliminary ratings to four classes of notes issued by Mosaic Solar Loan Trust 2022-3 (“Mosaic 2022-3”), an asset-backed securitization collateralized by a pool of residential solar loans.

The collateral pool of Mosaic 2022-3 will include approximately $308 million of residential solar loans. The preliminary ratings reflect the initial credit enhancement levels ranging from 49.22% for the Class A notes to 7.24% for the Class D notes.

Solar Mosaic LLC (“Mosaic” or the “Company”) is a California-based specialty finance company focused on originating and servicing consumer loans used for the purchase of residential solar systems. Mosaic was founded as a limited liability company in Colorado in 2010, converted to a Delaware corporation in 2011 and converted to a Delaware limited liability company in 2021. Mosaic disburses funds directly to installers (or their designees), equal to the system cost minus installer discounts. This discount depends on the loan term and dealer agreements and is generally netted out proportionately with each disbursement to the installer/dealer. Mosaic directly originates loans in 48 states and the District of Columbia through its state lending licenses where required, and across all 50 states and the District of Columbia through lending partnerships with financial institution.

KBRA applied its General Global Rating Methodology for Asset-Backed Securities as well as its Consumer Loan ABS Global Rating Methodology, Global Structured Finance Counterparty Methodology and ESG Global Rating Methodology. In applying the methodologies, KBRA analyzed Mosaic’s portfolio pool data, underlying collateral pool and proposed capital structure under stressed cash flow assumptions. KBRA considered its operational review of Mosaic, as well as periodic update calls with the Company. Operative agreements and legal opinions will be reviewed prior to closing.

To access ratings and relevant documents, click here.
Click here to view the report.

Related Publications

• Global General Rating Methodology for Asset-Backed Securities
• Consumer Loan ABS Global Rating Methodology
• Global Structured Finance Counterparty Methodology
• ESG Global Rating Methodology

Disclosures

Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.

A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.

Information on the meaning of each rating category can be located here.

Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.

About KBRA

Kroll Bond Rating Agency, LLC (KBRA) is a full-service credit rating agency registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority pursuant to the Temporary Registration Regime. In addition, KBRA is designated as a designated rating organization by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized by the National Association of Insurance Commissioners as a Credit Rating Provider.

Analytical Contacts

Melvin Zhou, Managing Director (Lead Analyst)
+1 (646) 731-2412
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Michael Espino, Associate Director
+1 (646) 731-1282
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Jacob Paulose, Associate Director
+1 (646) 731-1269
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Rahel Avigdor, Senior Director (Rating Committee Chair)
+1 (646) 731-1203
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Eric Neglia, Senior Managing Director
+1 (646) 731-2456
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Business Development Contact

Ted Burbage, Managing Director
+1 (646) 731-3325
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~New Entity Will Serve as a Foundation to Drive Industry Technology Growth~

~Company Announces Agreement to Acquire Remaining Interest in Boatzon~

CLEARWATER, Fla.--(BUSINESS WIRE)--MarineMax, Inc. (NYSE: HZO), the world’s largest recreational boat and yacht retailer, today announced the formation of New Wave Innovations, a new business that will invest in and grow technology-related products and services. Boatyard, which was previously acquired and recently recognized as a top innovative company, and Boatzon will fall under this new entity.

MarineMax today announced that it has entered into a definitive agreement to acquire the remaining seventy-five percent interest in Boatzon, that it does not already own. The closing is expected in the Company’s fiscal second quarter ending March 31, 2023. Boatzon is the first 100 percent online boat and marine retailer providing secure direct marketplace services. Since making its initial investment in Boatzon in December 2021, MarineMax has been partnering with the Boatzon team to grow product capabilities and expand service offerings, serving both customers and marine dealers. As the partnership and Boatzon business have grown, the two companies are now teaming up to accelerate growth opportunities. Boatzon will operate as an independent company managed by co-founders Bryan Lenett, Michael Muchnick, and their team.

Shawn Berg, EVP, Chief Digital Officer of MarineMax and New Wave Innovations President stated, “Aligning our passion for boating with entrepreneurship and technology growth opportunities will advance our Company’s strategic growth. We look forward to Bryan, Michael, and the entire Boatzon team joining the MarineMax family. The formation of New Wave Innovations is an incredible opportunity for MarineMax to partner with entrepreneurial technology companies seeking the resources and expertise to accelerate the growth of their businesses.”

W. Brett McGill, Chief Executive Officer and President of MarineMax, stated, “Innovation and technology have been at the forefront of our strategy to build an integrated company that is a leader in marine products, services, and experiences. We are excited about our ability to selectively invest in and grow businesses such as Boatyard and Boatzon. New Wave Innovations provides us with an exclusive technology growth engine to build on that success.”

About MarineMax
MarineMax is the world’s largest recreational boat and yacht retailer, selling new and used recreational boats, yachts, and related marine products and services, as well as providing yacht brokerage and charter services. MarineMax has over 125 locations worldwide, including 78 retail dealership locations, some of which include marinas. Collectively, with the IGY acquisition, MarineMax owns or operates 57 marinas worldwide. Through Fraser Yachts and Northrop & Johnson, the Company also is the largest superyacht services provider, operating locations across the globe. Cruisers Yachts, a MarineMax company, manufactures boats and yachts with sales through our select retail dealership locations and through independent dealers. Intrepid Powerboats, a MarineMax company, manufactures powerboats and sells through a direct-to-consumer model. MarineMax provides finance and insurance services through wholly owned subsidiaries and operates MarineMax Vacations in Tortola, British Virgin Islands. The Company also owns Boatyard, an industry-leading customer experience digital product company. MarineMax is a New York Stock Exchange-listed company (NYSE: HZO). For more information, please visit www.marinemax.com.

Forward-Looking Statement

Certain statements in this press release are forward-looking as defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include the expected investments of New Wave Innovations, the closing of the acquisition of the remaining 75% interest in Boatzon, Boatzon's operation as an independent company, the advancement of the Company's strategic growth, and the Company's ability to invest and grow certain businesses. These statements are based on current expectations, forecasts, risks, uncertainties, and assumptions that may cause actual results to differ materially from expectations as of the date of this release. These risks, assumptions, and uncertainties include the Company’s abilities to reduce inventory, manage expenses and accomplish its goals and strategies, the quality of the new product offerings from the Company’s manufacturing partners, the performance and integration of the recently-acquired businesses, general economic conditions, as well as those within the Company's industry, the level of consumer spending, and numerous other factors identified in the Company’s Form 10-K for the fiscal year ended September 30, 2022 and other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Investors:
Michael H. McLamb
Chief Financial Officer
727-531-1700

Scott Solomon or Laura Resag
Sharon Merrill Associates, Inc.
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Media:
Katherine Cooper
MarineMax, Inc.

NEW YORK--(BUSINESS WIRE)--The Board of Directors of Hess Corporation (NYSE: HES) today declared a regular quarterly dividend of 37.5 cents per share payable on the Common Stock of the Corporation on December 29, 2022 to holders of record at the close of business on December 19, 2022.

Hess Corporation is a leading global independent energy company engaged in the exploration and production of crude oil and natural gas. More information on Hess Corporation is available at http://www.hess.com.

For Hess Corporation

Investor Contact:
Jay Wilson
(212) 536-8940

Media Contact:
Lorrie Hecker
(212) 536-8250
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DURHAM, N.C.--(BUSINESS WIRE)--Wolfspeed, Inc. (NYSE: WOLF), the global leader in Silicon Carbide technology and production, today announced its participation at the following investor conference:

• Gregg Lowe, chief executive officer, will participate in a fireside chat at the Deutsche Bank AutoTech Conference at 11:15 am ET on December 14, 2022.

A live webcast of the presentation will be available on the Investor section of Wolfspeed’s website. To access the webcast, please visit https://investor.wolfspeed.com/events-and-presentations/.

About Wolfspeed, Inc.

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

Wolfspeed® is a registered trademark of Wolfspeed, Inc.

Media Relations:
Melinda Walker
Director, Corporate Communications
818-261-4585
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Investor Relations:
Tyler Gronbach
VP, Investor Relations
919-407-4820
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(The Assessment covers New York, New England, and Eastern Canada)

NEW YORK--(BUSINESS WIRE)--Northeast Power Coordinating Council, Inc’s (NPCC’s) annual winter reliability assessment forecasts the NPCC Region will have an adequate supply of electricity this winter to meet projected peak demand under forecasted weather conditions.

The forecast NPCC coincident peak demand of 110,639 MW (the simultaneous peak demand for the entire region) is projected to occur the week of January 22, 2023 and is estimated to be 1,248 MW higher than last winter’s forecast. An installed winter capacity of 169,914 MW is estimated to be in place to meet the forecasted electricity demand, which is 1,156 MW more than last winter.

After accounting for transmission constraints, the region’s spare operable capacity under forecasted conditions during the winter period is estimated to be substantial (capacity over and above reserve requirements) – ranging from approximately 20,400 to 35,200 MW.

“NPCC’s assessment indicates adequate capacity margins and transmission capability to meet the region’s peak demand and required operating reserves under forecasted conditions this winter,” said Charles Dickerson, President and CEO of NPCC. “In addition, an analysis of extreme prolonged cold weather combined with potential severe resource unavailability concluded that strategies and procedures are in place to provide load relief, manage operational challenges and potential emergencies if needed. While our assessment suggests the region’s capacity and transmission capabilities will be adequate, specific areas such as New England could be challenged if prolonged extreme weather occurs.”

New York, Ontario and Quebec forecast adequate resources to meet winter demand. The Maritimes show a limited likelihood of using operating procedures designed to mitigate resource shortages, primarily driven by their forecast load and corresponding reserve margins.

New England’s constrained natural gas pipeline infrastructure and significant reliance on global LNG supplies and fuel-oil, will make situational awareness of fuel inventories critical to meeting New England’s electricity demand. Under mild to moderate winter weather conditions, New England expects to have sufficient resources to meet demand. If prolonged periods of extreme cold weather should occur, ISO New England is prepared to address operational issues and mitigate potential reliability challenges if they arise.

“As conditions warrant this winter, NPCC will facilitate communication among system operators, providing for enhanced regional coordination,” added Phil Fedora, NPCC’s Vice President of Reliability Services and Chief Engineer.

NPCC’s reliability assessment considered a wide range of scenarios through the application of probabilistic methods, including weather conditions derived from over 40 years of data, unexpected generating plant outages, transmission constraints between and within areas, delays in expected in-service dates of planned facilities, the potential for some natural gas generators to be temporarily unavailable during cold or extreme winter conditions as well as shifts in consumer electricity demand.

NPCC’s Reliability Assessment for Winter 2022-2023 is available at:

https://www.npcc.org/library/reports/seasonal-assessment

About NPCC

Northeast Power Coordinating Council, Inc. is one of six Regional Entities located throughout the United States, Canada, and portions of Mexico that, in concert with the North American Electric Reliability Corporation, seeks to assure a highly reliable, resilient, and secure North American bulk power system through the effective and efficient identification, reduction, and mitigation of reliability risks. NPCC’s geographic area includes the six New England states, the State of New York, the provinces of Ontario, Québec, and the Canadian Maritime Provinces of New Brunswick and Nova Scotia. Overall, NPCC covers an area of nearly 1.2 million square miles, populated by approximately 56 million people.

NPCC carries out its mission through: (i) the development of regional reliability standards and compliance assessment and enforcement of continent-wide and Regional Reliability standards; (ii) coordination of system planning, design and operations, and assessment of reliability; and (iii) the establishment of Regionally specific criteria and monitoring and enforcement of compliance with such criteria.

Stephen Allen, (617) 640-6522

With GEOptimize in-house, Endurant Energy’s position as the leading North American design-build-own-operate geothermal heat exchange system developer is confirmed, while GEOptimize is positioned for further growth.

NEW YORK--(BUSINESS WIRE)--Distributed energy resource (DER) developer Endurant Energy (Endurant) today announced the completed acquisition of specialist geothermal heating and cooling and ground source heat pump (GSHP) design company, GEOptimize, Inc.

Endurant’s ownership positions GEOptimize to accelerate growth by taking advantage of the increased interest in low-carbon heating and cooling solution utilizing GSHPs. With GEOptimize in-house, Endurant’s position as North America’s market leading geothermal developer is strengthened.

GEOptimize supports every aspect of geothermal feasibility and design, ensuring the long term and efficient operations of a system. Their specialist geo-forensics monitoring and troubleshooting services can improve design on existing systems. They also offer highly commended Certified Geothermal Design courses for sustainable energy professionals.

Endurant is a full-service developer and owner of cost-effective, resilient, and sustainable energy solutions. It serves a wide range of sectors including education, commercial, industrial, real estate, healthcare, hospitality, and public utilities. Endurant offers a host of full-service clean energy solutions incorporating GSHPs, including microgrids and integrated eco-districts. Having been involved in the origins of the technology, Endurant pioneered the energy foundation concept, installing geothermal loops as concrete is poured into piles. Recently, Endurant was awarded multiple NYSERDA grants to undertake feasibility studies for GHSPs across NY State.

“Following the investment in Endurant by LS Power, we have been able to grow our business both organically and by acquisition, rapidly positioning ourselves as the go-to DER provider in north America,” said Tom Chadwick, CEO of Endurant. “As we decarbonize our energy system and rely more heavily on electricity, the value of reliability and resilience is increasing. GSHPs are a key part of the solution. We have huge respect for Ed’s and his team’s skills and are glad to be able to incorporate them into Endurant’s offering ever-more seamlessly.”

Ed Lohrenz, GEOptimize’s Principal said, “When working with Endurant on several projects in the last few years they demonstrated their commitment to doing things the right way, ensuring their customers achieve the reductions in energy use and cost and at the same time reducing CO₂ emissions from their projects. It is exciting to join a company with the resources and people needed to take the GSHP industry to another level, and we’re looking forward to working closely with Tony Amis, who is a world expert in deploying Energy Foundations and complex geothermal solutions.”

Since its inception in 2013, GEOptimize has focused on optimizing the design and performance of GSHP systems with iterative building energy modeling and computer simulations of geothermal systems, from large-scale districts to individual buildings. Endurant has been at the forefront of innovative and sustainable GSHP solutions, having designed and built several marquee projects across the country, such as the borehole solution for the Georgina and Emma Bloomberg building on Cornell Tech’s STEM campus in NYC.

GEOptimize will continue to be led by world-renowned Ed Lohrenz and supported by existing employees. Plans are already underway to expand the organization to accelerate its growth, both through supporting Endurant’s work and working as a consultant to others.

GEOptimize is based in Winnipeg, Canada. Endurant is headquartered in Chicago, with offices in New York City as well as Anaheim and Beverly Hills, California.

About GEOptimize:
GEOptimize focuses on the design and optimization of geothermal heating and cooling solutions utilizing ground source heat pump systems and ground heat exchangers. The firm has expertise in creating the iterative energy model required to reduce the size and cost of a ground heat exchanger while ensuring it will perform efficiently for the life of the building.

About Endurant Energy:
Endurant Energy develops and owns reliable, resilient, clean, and cost-effective on-site energy infrastructure solutions across the US. It has expertise in a wide range of solutions including renewable thermal systems at single building or district scale, fuel-based technologies for resiliency, solar + storage solutions, and an integrated offering for eco-districts. Services include planning, financial structuring, design, and construction. Asset management services include operations and maintenance. By integrating solutions into clients' operations, Endurant is enabling the future of sustainable distributed energy. For more information, please visit endurant.com and follow us on Twitter at @endurantenergy.

Media
Dave Yanni
Chief Development Officer
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