HARTFORD, Conn.--(BUSINESS WIRE)--The Travelers Companies, Inc. (NYSE: TRV) today announced it has once again been named a Best for Vets Employer by Military Times, as well as a Military Friendly® Employer and Military Friendly® Spouse Employer by VIQTORY.

“These recognitions demonstrate our steadfast commitment to creating a welcoming environment for the military community,” said Diane Kurtzman, Executive Vice President and Chief Human Resources Officer at Travelers. “Service members and their families add incredible value to our workforce, and we’re proud to support them.”

Travelers offers a robust suite of military-friendly programs and benefits, including:

• An employee resource group focused on building awareness of veterans’ skills and experiences. Since its launch in 2013, the Military and Veterans & Allies Diversity Network has grown to more than 3,100 members.
• A recruiting initiative designed specifically to help military spouses. Since 2020, the company has hired more than 200 military spouses and recently created a forum where they can come together to share tips, exchange resources and offer support to one another.
• A partnership with American Corporate Partners, a national nonprofit that helps veterans discover their next careers. Since 2010, Travelers employees have mentored hundreds of post-9/11 veterans.
• Comprehensive benefits for employees deployed on active duty, which include full benefits that are in addition to supplementing employees’ military pay for up to five years of their deployment.

The company has also signed the Statement of Employer Support of the Guard and Reserve at both state and national levels and is part of the Department of Defense Military Spouse Employment Partnership. In addition, Travelers was named a 2021 Employer for Outstanding Support by the U.S. Navy Reserve.

To learn more about Travelers and its commitment to recruiting military service members, visit Travelers.com/military.

About Travelers

The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $35 billion in 2021. For more information, visit Travelers.com.

Media:
Courtney Garro, 860.277.8719
This email address is being protected from spambots. You need JavaScript enabled to view it.

MINNEAPOLIS--(BUSINESS WIRE)--$NOG--Northern Oil and Gas, Inc. (NYSE: NOG) (the “Company” or “NOG”) today announced the completion of its semi-annual borrowing base redetermination under its reserves-based revolving credit facility. The borrowing base under the facility was increased from $1.3 billion to $1.6 billion, and NOG has chosen to increase the elected commitment amount from $850.0 million to $1.0 billion. Wells Fargo Bank, as administrative agent, and the syndicate of 14 lenders unanimously approved the increases on November 10, 2022.

ABOUT NOG

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

Investor Relations
(952) 476-9800
This email address is being protected from spambots. You need JavaScript enabled to view it.

TORONTO--(BUSINESS WIRE)--Kontrol Technologies Corp. (NEO:KNR) (OTCQB:KNRLF) (FSE:1K8) ("Kontrol” or "Company") a leader in smart buildings and cities through IoT, Cloud and SaaS technology will report will its financial results for the nine month period ended September 30^th, 2022, on Monday, November 14^th, 2022 (the “filing date”). A complete set of the interim Financial Statements and Management's Discussion & Analysis will also be filed on SEDAR (www.sedar.com) on the filing date at 4:30PM Eastern.

A call to discuss the financial results has been scheduled for Monday, November 14^th, 2022, at 5:00PM (Eastern). The event will be hosted by Paul Ghezzi, CEO and Claudio Del Vasto, CFO, of Kontrol Technologies Corp. We kindly request all participants to please connect at least 5 minutes prior to the event start time.

Event Details:

Kontrol Technologies Corp.

Kontrol Technologies Corp., a Canadian public company, is a leader in smart buildings and cities through IoT, Cloud and SaaS technology. Kontrol provides solutions and services to its customers to improve energy management, monitor continuous emissions and accelerate the sustainability of all buildings.

Additional information about Kontrol Technologies Corp. can be found on its website at www.kontrolcorp.com and by reviewing its profile on SEDAR at www.sedar.com

Neither IIROC nor any stock exchange or other securities regulatory authority accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as “may”, “will”, “expect”, “likely”, “should”, “would”, “plan”, “anticipate”, “intend”, “potential”, “proposed”, “estimate”, “believe” or the negative of these terms, or other similar words, expressions, and grammatical variations thereof, or statements that certain events or conditions “may” or “will” happen, or by discussions of strategy.

Where Kontrol expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include, without limitation, that sufficient capital will be available to the Company and that technology will be as effective as anticipated.

However, forward-looking statements are subject to risks, uncertainties, and other factors, which could cause actual results to differ materially from future results expressed, projected, or implied by such forward-looking statements. Such risks include, but are not limited to, that sufficient capital and financing cannot be obtained on reasonable terms, or at all; that those technologies will not prove as effective as expected; those customers and potential customers will not be as accepting of the Company's product and service offering as expected; and government and regulatory factors impacting the energy conservation industry.

Accordingly, undue reliance should not be placed on forward-looking statements and the forward-looking statements contained in this press release are expressly qualified in their entirety by this cautionary statement. The forward-looking statements contained herein are made as at the date hereof and are based on the beliefs, estimates, expectations, and opinions of management on such date. Kontrol does not undertake any obligation to update publicly or revise any such forward-looking statements or any forward-looking statements contained in any other documents whether as a result of new information, future events or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required under applicable securities law. Readers are cautioned to consider these and other factors, uncertainties, and potential events carefully and not to put undue reliance on forward-looking information.

Kontrol Technologies Corp.
Paul Ghezzi, CEO
This email address is being protected from spambots. You need JavaScript enabled to view it.
601 Rowntree Dairy Road, Unit B
Woodbridge, ON L4L 5T8
Tel: (905) 766.0400

BROOKLYN HEIGHTS, Ohio--(BUSINESS WIRE)--The Board of Directors of GrafTech International Ltd. (NYSE:EAF) (the “Company”) declared a quarterly cash dividend of $0.01 per share to stockholders of record as of the close of business on November 30, 2022, to be paid on December 30, 2022.

About GrafTech

GrafTech International Ltd. is a leading manufacturer of high-quality graphite electrode products essential to the production of electric arc furnace steel and other ferrous and non-ferrous metals. The Company has a competitive portfolio of low-cost, ultra-high power graphite electrode manufacturing facilities, including three of the highest capacity facilities in the world. We are the only large-scale graphite electrode producer that is substantially vertically integrated into petroleum needle coke, a key raw material for graphite electrode manufacturing. This unique position provides us with competitive advantages in product quality and cost.

Michael Dillon
216-676-2000

RICHMOND, Va.--(BUSINESS WIRE)--Harris Williams, a global investment bank specializing in M&A advisory services, announces it advised United States Infrastructure Corporation (USIC), a portfolio company of Partners Group, acting on behalf of its clients, on its sale of a 50% stake to Kohlberg & Company (Kohlberg). Partners Group will retain a 50% co-lead interest. Kohlberg was joined in this investment by a group of new partners that includes funds managed by Neuberger Berman. USIC is a leading provider of outsourced "utility locate" services, which involve locating, identifying, and marking sub-surface utility infrastructure such as pipes, cables, and fiber. The transaction was led by the Harris Williams Energy, Power & Infrastructure (EPI) Group and Business Services Group, including Bob Baltimore, Drew Spitzer, Matt White, Taylor Morris, Bill Greven, Thomas Saunders, Phil Hart and John Holleman.

“USIC represents another marquee transaction for Harris Williams within the broader infrastructure services sector,” said Matt White, a managing director at Harris Williams. “The company’s proven track record of growth coupled with its resiliency through market cycles were key differentiators for investors seeking platforms of scale. These factors, along with management’s vision to create a tech-focused, employee-centric business model, led to tremendous excitement across the investment community.”

“It is a pleasure to have partnered again with USIC,” added Bob Baltimore, a managing director at Harris Williams. “The USIC relationship is longstanding, given we have represented the company multiple times, and underpins one of the hallmarks of Harris Williams - fostering lasting relationships with best-in-class providers and delivering successful outcomes multiple times over. We are excited to watch the next chapter unfold in their partnership with Partners Group and Kohlberg.”

USIC is North America’s largest provider of utility damage prevention services with operations in 48 states and Canada and corporate headquarters located in Indianapolis. The company, which currently serves over 1,300 customers across the cable, telecommunications, electric, gas, water, and sewer utility markets, performs over 80 million locates each year. Additionally, the company provides a range of advanced utility solutions and services offered by its affiliates, Blood Hound, LLC; Reconn Utility Services; and On Target Utility Services.

Partners Group is a leading global private markets firm. Since 1996, the firm has invested $185 billion in private equity, private real estate, private debt, and private infrastructure on behalf of its clients globally. Partners Group seeks to generate strong returns through capitalizing on thematic growth trends and transforming attractive businesses and assets into market leaders. The firm is a committed, responsible investor and aims to create sustainable returns with lasting, positive impact for all its stakeholders. With $131 billion in assets under management as of June 30, 2022, Partners Group provides an innovative range of bespoke client solutions to institutional investors, sovereign wealth funds, family offices, and private individuals globally. The firm employs more than 1,600 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN).

Kohlberg is a leading private equity firm based in Mount Kisco, New York. Since its inception in 1987, the company has organized nine private equity funds, through which it has raised $12 billion of committed equity capital. Over its 35-year history, Kohlberg has completed 91 platform investments and nearly 250 add-on acquisitions, with an aggregate transaction value of approximately $40 billion.

Harris Williams, an investment bank specializing in M&A advisory services, advocates for sellers and buyers of companies worldwide through critical milestones and provides thoughtful advice during the lives of their businesses. By collaborating as one firm across Industry Groups and geographies, the firm helps its clients achieve outcomes that support their objectives and strategically create value. Harris Williams is committed to execution excellence and to building enduring, valued relationships that are based on mutual trust. Harris Williams is a subsidiary of the PNC Financial Services Group, Inc. (NYSE: PNC).

The Harris Williams EPI Group has significant experience advising market leading providers of technology, services and products across a broad range of sectors. These sectors include energy management; infrastructure services; utility services; testing, inspection, and certification services; environmental services; engineering and construction; power products and technology; and energy technology. For more information on the Group’s experience, please visit the EPI Group’s section of the Harris Williams website.

The Harris Williams Business Services Group has experience advising companies that provide a range of commercial, industrial and professional services. For more information on the firm’s Business Services Group and other recent transactions, visit the Business Services Group’s section of the Harris Williams website.

Harris Williams LLC is a registered broker-dealer and member of FINRA and SIPC. Harris Williams & Co. Ltd is a private limited company incorporated under English law with its registered office at 8th Floor, 20 Farringdon Street, London EC4A 4AB, UK, registered with the Registrar of Companies for England and Wales (registration number 07078852). Harris Williams & Co. Ltd is authorized and regulated by the Financial Conduct Authority. Harris Williams & Co. Corporate Finance Advisors GmbH is registered in the commercial register of the local court of Frankfurt am Main, Germany, under HRB 107540. The registered address is Bockenheimer Landstrasse 33-35, 60325 Frankfurt am Main, Germany (email address: This email address is being protected from spambots. You need JavaScript enabled to view it.). Geschäftsführer/Directors: Jeffery H. Perkins, Paul Poggi. (VAT No. DE321666994). Harris Williams is a trade name under which Harris Williams LLC, Harris Williams & Co. Ltd and Harris Williams & Co. Corporate Finance Advisors GmbH conduct business.

For media inquiries, please contact Julia Moore at This email address is being protected from spambots. You need JavaScript enabled to view it..

DALLAS--(BUSINESS WIRE)--New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the third quarter ended September 30, 2022.

The Company reported net income of $27,000 for three months ended September 30, 2022, as compared to net a net loss of $8,000 for the similar period in 2021.

For the three months ended September 30, 2022 the Company had revenue of $63,000 including $25,000 for rental revenue and $38,000 for management fees as compared to $25,000 for rental revenue for the comparative period in 2021.

For the three months ended September 30, 2022 the Company had interest income of $53,000 as compared to $53,000 for the comparative period in 2021.

For the three months ended September 30, 2022, corporate general & administrative expenses were $71,000 as compared to $53,000 for the comparable periods in 2021.

New Concept Energy Inc.
Investor Relations
Gene Bertcher, (800) 400-6407
This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Utility Communication Market by Technology (Wired, Wireless), Utility (Public, Private), Component (Hardware, Software), Application (Oil & Gas, Electricity T&D), End-User (Residential, Commercial, Industrial) and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The utility communication market is expected to grow from an estimated in USD 20.2 billion in 2022 to USD 26.1 billion by 2027, at a CAGR of 5.3% during the forecast period.

The primary drivers of the market include growing investment in smart grids and the modernization of electricity networks.

The transmission & distribution segment, by application, is expected to be the largest and the fastest-growing market from 2022 to 2027.

The utility communication market, by application, is bifurcated into transmission & distribution, oil & gas utilities and others. The transmission & distribution segment is expected to dominate in terms of market share and CAGR during the forecast period and this dominance can be attributed to the rising demand from various end use industries due to the upgrade of infrastructures across the world, especially in the North American region.

The industrial segment, by end-user, is expected to be the fastest-growing market from 2022 to 2027.

The utility communication market by location is segmented into residential, commercial and industrial. The industrial segment is expected to be the fastest growing segment, followed by the commercial segment.

Demand for faster communication and restoration of utility services is driving the demand for utility communication in the commercial segment.

Market Dynamics

Drivers

• Growing Investments in Smart Grids and Modernization of Electricity Networks
• Rising Focus on Improving Grid Reliability, Increasing Operational Efficiency, and Reducing Outage Time
• Rising Trend of Digitalizing Oilfields
• Government-Led Initiatives to Support Deployment of Smart Grid Technologies

Restraints

• High Upfront Costs for Installation and Maintenance of Smart Grid Technologies
• Lack of Standards and Interoperability of Different It Protocols and Components

Opportunities

• Rise in Number of Smart City Projects in Developing Countries
• Replacement of Aging Communication Systems with Advanced Communication Networks
• Growing Adoption of Wireless Communication Technologies

Challenges

• Rise in Cyberattacks and Natural Disasters
• Oil Price Instability, Decline in Oil Demand, and Supply Chain Disruptions due to COVID-19

Companies Mentioned

• Black & Veatch Holding Company
• Cisco Systems, Inc.
• Digi International Inc.
• Fujitsu
• General Electric
• Hitachi Energy Ltd
• Itron Inc.
• Landis+Gyr
• Milsoft Utility Solutions
• Motorola Solutions, Inc.
• Nokia
• Open Systems International, Inc.
• Rad
• Ribbon Communications Operating Company, Inc.
• Schneider Electric
• Sensus, a Xylem Brand
• Siemens
• Telefonaktiebolaget Lm Ericsson
• Trilliant Holdings Inc
• Valiant Communications
• ZTE Corporation

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

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

HOUSTON--(BUSINESS WIRE)--$HESM--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) announced today that Jonathan Stein, Chief Financial Officer, and Jennifer Gordon, Vice President, Investor Relations, will meet with investors at the Scotiabank Energy Infrastructure Conference on November 16, 2022.

A presentation will be posted in the “Investors” section of the Hess Midstream website at www.hessmidstream.com.

About Hess Midstream

Hess Midstream is a fee-based, growth-oriented, midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Hess and third-party customers. Hess Midstream owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. More information is available at www.hessmidstream.com.

Forward Looking Statements

This press release may include forward-looking statements within the meaning of the federal securities laws. Generally, the words “anticipate,” “estimate,” “expect,” “forecast,” “guidance,” “could,” “may,” “should,” “believe,” “intend,” “project,” “plan,” “predict,” “will” and similar expressions identify forward-looking statements, which generally are not historical in nature. Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results and current projections or expectations. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in the filings made by Hess Midstream with the U.S. Securities and Exchange Commission, which are available to the public. Hess Midstream undertakes no obligation to, and does not intend to, update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

Investor Contact:
Jennifer Gordon
(212) 536-8244

Media Contact:
Robert Young
(713) 496-6076

BROOKLYN, N.Y.--(BUSINESS WIRE)--Equinor and bp, in partnership with the Sunset Park Task Force and the New York City Economic Development Corporation (NYCEDC), will officially launch the new “Offshore Wind Ecosystem Fund” with a press conference and reception/light lunch on Tuesday, November 15^th at 11:00am in Brooklyn, NY.

The $5 million clean energy fund will provide grants designed to spur job education and training, help historically marginalized communities access workforce and business opportunities, and assist small, minority-owned, women-owned, and disadvantaged business enterprises in New York City to foster innovation that contributes to the growth of the offshore wind ecosystem.

Speakers will discuss the Fund’s goal and how community organizations and businesses can apply. A reception/light lunch will be held for all attendees following the press conference.

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

This email address is being protected from spambots. You need JavaScript enabled to view it.
202-828-1714

HOUSTON--(BUSINESS WIRE)--Archaea Energy Inc. (“Archaea,” “the Company,” or “we”) (NYSE: LFG), one of the largest producers of renewable natural gas (“RNG”) in the U.S., today announced financial and operating results for the three and nine months ended September 30, 2022.

FINANCIAL HIGHLIGHTS

• Revenue of $105.0 million and net equity investment income of $2.9 million for the three months ended September 30, 2022 and revenue of $239.1 million and net equity investment income of $7.1 million for the nine months ended September 30, 2022.
• Net loss¹ of $24.2 million for the three months ended September 30, 2022 and $24.8 million for the nine months ended September 30, 2022.
• Net loss per Class A Common Share (basic) of $0.18 for the three months ended September 30, 2022 and $0.15 for the nine months ended September 30, 2022.
• Produced and sold 2.42 million MMBtu of RNG for the three months ended September 30, 2022 and 6.00 million MMBtu of RNG for the nine months ended September 30, 2022.²
• Produced and sold 260 thousand MWh of electricity for the three months ended September 30, 2022 and 584 thousand MWh of electricity for the nine months ended September 30, 2022.²

PENDING MERGER

In October, the Company announced that it has agreed to be acquired by bp (NYSE: BP) for $26 per share in cash, or a total enterprise value of approximately $4.1 billion, including approximately $800 million of net debt. Subject to regulatory approvals and Archaea shareholder approval, the parties are targeting closing the transaction (“the Merger”) by the end of 2022. In light of the transaction, the Company will not be hosting an earnings conference call or webcast to discuss its financial results and the Company will not be providing guidance for the fourth quarter or fiscal year 2022.

SUMMARY AND REVIEW OF FINANCIAL RESULTS

The following results for the three months and nine months ended September 30, 2022 are presented on a consolidated basis.

RNG production sold for the three months and nine months ended September 30, 2022 was positively impacted by incremental production from the Assai and Soares RNG facilities which were completed in December 2021 and January 2022, respectively, and increased uptime, methane recovery, and RNG production from certain plant optimization initiatives. RNG production sold for the nine months ended September 30, 2022 was also negatively impacted by downtime at certain facilities related to winter weather and maintenance activities during the first quarter.

Electricity production sold for the three months and nine months ended September 30, 2022 was positively impacted by efficiency improvements across the Company’s asset portfolio and incremental production from the INGENCO³ power assets after the acquisition closed in July 2022. Electricity production sold for the nine months ended September 30, 2022 was also negatively impacted by winter seasonality in the first quarter.

Revenues for the three months and nine months ended September 30, 2022 were positively impacted by RNG production from Assai, incremental electricity production from the INGENCO power assets, and strong market pricing of Environmental Attributes⁴, natural gas, and electricity.

Net loss for the three months and nine months ended September 30, 2022 was primarily driven by increased general and administrative expense, higher cost of energy due to higher gas costs, electric utility costs, and employee costs, as well as higher royalties due to higher energy revenues, partially offset by strong market pricing of Environmental Attributes, natural gas, and electricity. Expenses for the three months ended September 30, 2022 included $10.7 million for non-recurring legal and professional fees and other non-recurring costs primarily associated with the Merger, the formation of Lightning Renewables, LLC, and the acquisition of INGENCO. Net loss for the three months ended September 30, 2022 was also driven by losses from changes in fair value of warrant derivatives, and net loss for the nine months ended September 30, 2022 was also partially offset by gains from changes in fair value of warrant derivatives.

ACCOUNTING TREATMENT OF LIGHTNING RENEWABLES, LLC

The Company has determined that Lightning Renewables, LLC is a variable interest entity (“VIE”) and the Company is the primary beneficiary; therefore, the Company consolidates Lightning Renewables, LLC. The ownership interests of Lighting Renewables, LLC not owned by the Company are reflected as nonredeemable noncontrolling interests.

LIQUIDITY AND CAPITAL INVESTMENTS

As of September 30, 2022, Archaea had cash and cash equivalents of $299.5 million including cash of $191.4 million of the Lightning Renewables, LLC VIE, restricted cash of $19.2 million, and $278.9 million of available borrowing capacity under the revolving credit facility after taking into consideration outstanding letters of credit.

Capital Investments

Total cash used in investing activities was $366.3 million for the three months ended September 30, 2022. Archaea spent $98.0 million on development activities and $267.5 million, net of cash acquired, primarily related to the acquisition of INGENCO and other landfill gas right assets. Development activities in the three months ended September 30, 2022 were related to supply chain purchases, deposits on long-lead equipment and subcomponents, and construction and optimization across the Company’s various plants and projects in development. The Company also made contributions to equity method investments totaling $2.8 million and received return of investment in equity method investments of $2.1 million.

Total cash used in investing activities was $499.9 million for the nine months ended September 30, 2022. Archaea spent $225.9 million on development activities and $274.6 million, net of cash acquired, primarily related to the acquisition of INGENCO and other landfill gas right assets. Development activities in the nine months ended September 30, 2022 were related to supply chain purchases, deposits on long-lead equipment and subcomponents, and construction and optimization across the Company’s various plants and projects in development. The Company also made contributions to equity method investments totaling $10.8 million and received return of investment in equity method investments of $9.5 million.

<sup>1. Unless otherwise specified, net income (loss) as shown herein is before net income (loss) attributable to both nonredeemable and redeemable noncontrolling interest. For information regarding net income (loss) attributable to Class A Common Stock, please see the Consolidated Statements of Operations included in this release.
2. Volumes produced and sold include production from the Company’s wholly-owned facilities and its proportionate share of production from its equity method investment facilities.
3. NextGen Power Holdings LLC and its subsidiaries.
4. Environmental Attributes refer to federal, state, and local government incentives in the United States, provided in the form of RINs, Renewable Energy Credits, Lower Carbon Fuel Standard credits, renewable thermal certificates, rebates, tax credits, and other incentives to end users, distributors, system integrators and manufacturers of renewable energy projects, that promote the use of renewable energy.</sup>

ABOUT ARCHAEA

Archaea Energy Inc. is one of the largest RNG producers in the U.S., with an industry-leading platform and expertise in developing, constructing, and operating RNG facilities to capture waste emissions and convert them into low carbon fuel. Archaea’s innovative, technology-driven approach is backed by significant gas processing expertise, enabling Archaea to deliver RNG projects that are expected to have higher uptime and efficiency, faster project timelines, and lower development costs. Archaea partners with landfill and farm owners to help them transform potential sources of emissions into RNG, transforming their facilities into renewable energy centers. Archaea’s differentiated commercial strategy is focused on long-term contracts that provide commercial partners a reliable, non-intermittent, sustainable decarbonizing solution to displace fossil fuels.

Additional information is available at www.archaeaenergy.com.

FORWARD-LOOKING STATEMENTS

This release contains certain statements that may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that do not relate strictly to historical or current facts are forward-looking and usually identified by the use of words such as “anticipate,” “estimate,” “could,” “would,” “should,” “will,” “may,” “forecast,” “approximate,” “expect,” “project,” “intend,” “plan,” “believe” and other similar words. Forward looking statements are based on current expectations, estimates, projections, targets, opinions and/or beliefs of Archaea, and such statements involve known and unknown risks, uncertainties and other factors.

The risks and uncertainties that could cause those actual results to differ materially from those expressed or implied by these forward looking statements include, but are not limited to: (a) the risk that the pending merger may not be completed in a timely manner or at all, which may adversely affect Archaea’s business and the price of Archaea’s Class A Common Stock; (b) the failure to satisfy any of the conditions to the consummation of the pending merger, including the receipt of certain regulatory approvals and stockholder approval; (c) the occurrence of any event, change, or other circumstance or condition that could give rise to the termination of the merger agreement; and (d) other risks and uncertainties described in Archaea’s Annual Report on Form 10-K for the year ended December 31, 2021, including those under “Risk Factors” therein, Archaea’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022 and other documents filed or to be filed by Archaea with the Securities and Exchange Commission.

Forward-looking statements should not be relied upon as representing Archaea’s views as of any subsequent date. Archaea does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.

(Financial Tables and Supplementary Information Follow)

^{(1) Class A Common Stock is outstanding beginning September 15, 2021 due to the reverse recapitalization transaction described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021.}

^{Parenthetical references reflect amounts as of September 30, 2022 for the Lightning Renewables, LLC VIE.}

ARCHAEA
Megan Light
This email address is being protected from spambots. You need JavaScript enabled to view it.
346-439-7589

Blake Schreiber
This email address is being protected from spambots. You need JavaScript enabled to view it.
346-440-1627

• First renewable diesel partnership in Holcim Group North America operations as part of its carbon reduction strategies
• Supporting the drive toward a circular economy by procuring and powering production with alternative energy

VANCOUVER, British Columbia--(BUSINESS WIRE)--Lafarge Canada today announced a partnership with 4Refuel, a Finning Industrial Service, for the supply of renewable diesel (R50, a 50% renewable diesel) to Lafarge in the Greater Vancouver Area (GVA) market until the end of 2022.

Starting October 1, Lafarge’s GVA aggregate, ready-mix, asphalt and construction sites introduced use of R50 across its diesel equipment fleet. The standard diesel used in GVA prior to the switch was B5, diesel that contains 5% biodiesel and 95% petro-diesel.

“Reduction of fleet emissions is part of our larger advancement towards sustainable and profitable development in our operations across Canada, and a significant strategy in our journey to net-zero”, says Lincoln Kyne, Vice President & General Manager, British Columbia and US Pacific Northwest, Lafarge Canada. “As industry drives towards sustainable solutions, we know the importance it will be for the government to incentivize business, like a carbon tax reduction to help offset the increased costs to use renewable fuels.”

The switch from standard B5 to R50 renewable diesel will reduce approximately 36% or 1,300 tonnes of CO₂ equivalent, on a lifecycle basis, by the end of 2022; a CO₂ avoidance equivalent to taking 295 cars off the road.  Lafarge has projected a 5 thousand tonnes CO2e annual reduction if the switch to R50 is made for all of 2023.

“We welcome Lafarge as a top-tier industrial customer to receive our R50 renewable diesel solution”, says Lauren Foulkes, Director of Sustainability, 4Refuel. “As a leader in mobile diesel fuel delivery, we are excited to partner with Lafarge, an industry leader in providing building materials and innovative and sustainable building solutions. Further, we are delivering the fuel using R50 in our own fleet helping further decarbonize the transportation industry, while reducing our customers’ Scope 3 emissions.”

Renewable diesel is produced through a variety of biological, thermal and chemical processes using biomass sources. The current supply available to the market is limited and a higher cost to produce than standard B5 diesel. Manufacturers are strategic to select partners for significant impact and are using carbon credits to offset added costs. 

Lafarge Canada is the first in Holcim Group North America operations to pilot a renewable diesel partnership as part of its carbon reduction strategies. The use of R50 supports the company’s drive towards a circular economy by procuring and powering production with alternative energy.

About Lafarge Canada Inc.

Lafarge is Canada’s largest provider of sustainable and innovative building solutions including Aggregates, Cement, Ready Mix and Precast Concrete, Asphalt and Paving, and Road and Civil Construction. With over 6,900 employees and 400 sites across the country, we provide green products to build the infrastructure and communities where Canadians live and work. As a member of Holcim Group, our purpose is to build progress for people and the planet.

About 4Refuel

“4Refuel is North America’s largest on-site fuel provider. Co-headquartered in Milton, Ontario and Grapevine, Texas, 4Refuel offers direct-to-equipment and bulk refuelling, fuel cards and fuel management technology solutions across Canada and Texas. We serve a diverse range of markets including construction, commercial transport, mining, agriculture and marine. 4Refuel is a wholly owned subsidiary of Finning International.”

Christa Broadfoot - This email address is being protected from spambots. You need JavaScript enabled to view it.

To jumpstart the holiday shopping season, Sendle is alleviating shipping sticker shock with this loonie deal, helping Canadian small businesses drive more sales during their busiest time of year

TORONTO--(BUSINESS WIRE)--#BCorp--Fifth paragraph, last sentence of release should read: Both existing and new Sendle customers everywhere in Canada can sign up at no cost. (instead of: Both existing and new Sendle customers everywhere in Canada (except Quebec) can sign up at no cost.) Also, the last sentence of the caption for the photo should read: Both existing and new Sendle customers everywhere in Canada can sign up at no cost. (instead of: Both existing and new Sendle customers everywhere in Canada (except Quebec) can sign up at no cost.)

The updated release reads:

OUTRAGEOUS SHIPPING COSTS PROMPT SENDLE TO BUCK THE TREND BY OFFERING $1 PARCEL DELIVERY FOR BLACK FRIDAY AND CYBER MONDAY

To jumpstart the holiday shopping season, Sendle is alleviating shipping sticker shock with this loonie deal, helping Canadian small businesses drive more sales during their busiest time of year

Sendle, Canada’s first 100% carbon-neutral, national shipping carrier and a Certified B Corporation, today launched a shipping promotion that enables small business customers to ship Black Friday and Cyber Monday parcels for $1. The offer aims to offset the high cost of shipping that leads nearly two-thirds of Canadians to abandon their online shopping carts at checkout. It also helps small businesses keep more of their hard-earned money. With record-setting inflation and ongoing pandemic recovery, small businesses simply can’t afford to continue paying unfair shipping rates—or pass those costs along to their customers.

“Black Friday marks the start of what is traditionally the busiest time of year for small businesses, and we want our customers to win big this season,” says Lauren Helstab, Sendle’s country manager for Canada. “With consumer expectations for free shipping at an all-time high, $1 shipping helps small businesses take on the retail giants and drive even more sales during this critical holiday shopping period. As a result, Sendle customers can retain more of their earnings and grow their business.”

Sendle debuted in Canada earlier this fall. Its mission is to level the playing field for small businesses to compete with bigger retailers by bringing more choice and competition to the Canadian shipping industry. With flat-fee shipping rates that are up to 88% lower than Canada Post, Sendle makes parcel delivery more affordable for Canadian small businesses and consumers alike. Sendle offers free pickups with no hidden fees, subscriptions, or minimums required, and provides customers with direct access to its world-class support team.

Moreover, Sendle taps existing shipping providers and fills their vehicles to make every trip as efficient as possible, reducing the environmental impact of shipping. The company, which has been 100% carbon neutral since its founding, then purchases carbon offsets for every single package it sends.

To qualify for the promotion, customers must book one shipment with Sendle on or before November 18. The offer is valid from 12:01 am ET on November 25, 2022 through 11:59 pm ET on November 30, 2022. Both existing and new Sendle customers everywhere in Canada can sign up at no cost.

About Sendle

Sendle is the first shipping carrier specifically designed to serve the needs of small eCommerce businesses. Sendle levels the playing field for small businesses by offering affordable, flat-rate shipping, with no hidden fees, subscriptions, or warehousing required. Merchants simply purchase a label and schedule a pickup from Sendle, and their package is picked up from their front door. Sendle is the first 100% carbon neutral shipping carrier in Australia, the US, and Canada, and a Certified B Corporation. The company was launched in Australia in 2014 and has headquarters in Sydney, Australia, Seattle, Washington, and Toronto, Canada.

Note to Media

Sendle images and b-roll are available for download through Google Drive.

Media
Tonja Aldis
Boulevard Public Relations (for Sendle)
This email address is being protected from spambots. You need JavaScript enabled to view it.

WALL, N.J.--(BUSINESS WIRE)--The board of directors (the “Board”) of New Jersey Resources Corporation (NYSE: NJR) unanimously declared a quarterly dividend on its common stock of $0.39 per share. The dividend will be payable on January 3, 2023, to shareowners of record as of December 14, 2022.

The Company is committed to providing value to its shareowners with a competitive return and has paid quarterly dividends continuously since its inception in 1952.

About New Jersey Resources

New Jersey Resources (NYSE: NJR) is a Fortune 1000 company that, through its subsidiaries, provides safe and reliable natural gas and clean energy services, including transportation, distribution, asset management and home services. NJR is composed of five primary businesses:

• New Jersey Natural Gas, NJR’s principal subsidiary, operates and maintains over 7,600 miles of natural gas transportation and distribution infrastructure to serve over 560,000 customers in New Jersey’s Monmouth, Ocean and parts of Morris, Middlesex, Sussex and Burlington counties.
• Clean Energy Ventures invests in, owns and operates solar projects with a total capacity of over 380 megawatts, providing residential and commercial customers with low-carbon solutions.
• Energy Services manages a diversified portfolio of natural gas transportation and storage assets and provides physical natural gas services and customized energy solutions to its customers across North America.
• Storage and Transportation serves customers from local distributors and producers to electric generators and wholesale marketers through its ownership of Leaf River and the Adelphia Gateway Pipeline Project, as well as our 50% equity ownership in the Steckman Ridge natural gas storage facility.
• Home Services provides service contracts as well as heating, central air conditioning, water heaters, standby generators, solar and other indoor and outdoor comfort products to residential homes throughout New Jersey.

NJR and its over 1,200 employees are committed to helping customers save energy and money by promoting conservation and encouraging efficiency through Conserve to Preserve® and initiatives such as The SAVEGREEN Project® and The Sunlight Advantage®.

For more information about NJR:
www.njresources.com.

Follow us on Twitter @NJNaturalGas.
“Like” us on facebook.com/NewJerseyNaturalGas.

Media:
Mike Kinney
732-938-1031
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor:
Adam Prior
732-938-1145
This email address is being protected from spambots. You need JavaScript enabled to view it.

TULSA, Okla.--(BUSINESS WIRE)--Empire Petroleum (NYSE American: EP) (“Empire” or the “Company”), today announced that it will release its financial and operational results for the third quarter of 2022 after the market closes on Monday, November 14, 2022. An investor conference call to review its results will be held on Tuesday, November 15, 2022, at 12:00 p.m. Eastern (11:00 a.m. Central). The call will be hosted by Tommy Pritchard, the Company’s Chief Executive Officer, and Mike Morrisett, Empire’s President. Details for the conference call are as follows:

Date: Tuesday, November 15, 2022

Time: 12:00 p.m. Eastern (11:00 a.m. Central)

Telephone: 1-877-270-2148 (Toll free); 1-412-902-6510 (International); participants should ask to be joined into the Empire Petroleum Corporation call.

Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=foO19cFK

Replay: A webcast replay will be available on Empire’s website (www.empirepetroleumcorp.com) under "Investors Relations" on the "Events & Presentations" page following the call or via the webcast link listed above. The replay will be available through November 15, 2023.

About Empire Petroleum

Empire Petroleum Corporation is a publicly traded, Tulsa-based oil and gas company with current producing assets in Texas, Louisiana, North Dakota, Montana, and New Mexico. Management is focused on organic growth and targeted acquisitions of proved developed assets with synergies with its existing portfolio of wells. More information about Empire can be found at www.empirepetroleumcorp.com.

Safe Harbor Statement

This 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. Forward-looking statements involve a wide variety of risks and uncertainties, and include, without limitations, statements with respect to the Company’s estimates, strategy and prospects. Such statements are subject to certain risks and uncertainties which are disclosed in the Company’s reports filed with the SEC, including its Form 10-K for the fiscal year ended December 31, 2021, and its other filings with the SEC. Readers and investors are cautioned that the Company’s actual results may differ materially from those described in the forward-looking statements due to a number of factors, including, but not limited to, the Company’s ability to acquire productive oil and/or gas properties or to successfully drill and complete oil and/or gas wells on such properties, general economic conditions both domestically and abroad, and other risks and uncertainties related to the conduct of business by the Company.

Empire Petroleum Corporation:
Tommy Pritchard, CEO
Mike Morrisett, President
539-444-8002
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations:
Al Petrie Advisors
Wes Harris, Partner
713-300-6321
This email address is being protected from spambots. You need JavaScript enabled to view it.

The U.S. Department of State and the Clean Energy Buyers Alliance announce the formation of a Secretariat for the Clean Energy Demand Initiative to accelerate corporate and government collaboration in global renewable energy markets.

WASHINGTON--(BUSINESS WIRE)--#CEDI--Corporate energy demand has driven the evolution of energy markets in the U.S. through dedicated advocacy for policy and regulatory frameworks for clean energy. Today, the U.S. Department of State’s Bureau of Energy Resources and the Clean Energy Buyers Alliance announced the formation of a Secretariat for the Clean Energy Demand Initiative (CEDI) to maximize the engagement of leading companies interested in investing in energy infrastructure to meet their clean energy commitments and countries ready to create the enabling environment for that investment. The Secretariat will strengthen CEDI efforts by fostering public-private collaboration, maximizing potential for investment, and streamlining the investment process.

“Corporate energy customers have played an influential role in the clean energy transition by procuring over 57 gigawatts of clean energy in the U.S. alone. We are thrilled to co-lead the Secretariat with the U.S. Department of State to truly scale corporate demand for clean energy globally and accelerate decarbonization,” said Miranda Ballentine, CEO of the Clean Energy Buyers Alliance.

The Clean Energy Demand Initiative was launched in November 2021 with more than 75 companies committing to collaborate with 14 countries -- potentially paving the way for over $100 billion in clean energy infrastructure investment. Today, those commitments have resulted in tangible actions thanks to collaboration amongst corporate energy customers, international governments, and policymakers.

"CEDI is founded on the principle that the energy transition is the most important economic opportunity of our generation. The Secretariat will ensure that CEDI has the people, operational structure, and funding to continue its efforts to unlock clean energy markets around the world and support CEDI’s extensive member network,” said the U.S. Department of State’s Assistant Secretary for Energy Resources Geoffrey Pyatt.

“CEDI brings companies and countries together to unlock corporate procurement of clean energy and fuel broader economic growth. The Secretariat will amplify this work to extend CEDI’s impact on clean energy deployment around the world,” said the U.S. Department of State’s Deputy Assistant Secretary for Energy Transformation Anna Shpitsberg.

As part of this initiative, Google.org is giving a $1M grant to support the Clean Energy Buyers Alliance’s internationalization, enabling the organization to establish CEDI’s Secretariat and supporting CEBA to identify barriers to clean energy and unlock solutions in critical markets around the world.

“Ambitious climate action requires that companies and governments work together to accelerate the energy transition in every region to help the world achieve 1.5 degrees Celsius. We are pleased to participate in CEBA and CEDI’s efforts to advance clean energy around the world: this is the kind of public-private partnership we need to help businesses and governments meet their climate goals, decarbonize global electricity systems, and build a more sustainable future,” said Kate Brandt, Chief Sustainability Officer at Google.

Energy customers have championed clean energy procurement since the 2008 announcement of the first renewable energy project in the United States, and widespread support for the clean energy transition from businesses, federal, and international stakeholders continues to grow. Clean energy records were broken in 2021 with global energy sector investments hitting a new milestone of $755 billion and the continued U.S. expansion of the energy workforce for the sixth straight year.

Many of these energy customers have ambitious clean energy targets in countries around the world. By working with governments and policy makers through CEDI, energy customers can signal their demand for clean energy in these countries and collaborate to design policies and environments that cultivate corporate investment in clean energy. Such engagement helps ensure that country policies encourage corporate investment in support of shared clean energy deployment goals.

The U.S. Department of State Bureau of Energy Resources and the Clean Energy Buyers Alliance will co-lead the Secretariat for the Clean Energy Demand Initiative to support clean energy procurement around the world. The Secretariat will:

• Expand the Clean Energy Demand Initiative to include additional governments and corporations dedicated to taking action on the clean energy transition
• Advance clean energy policies and investments through public-private discourse and collaboration
• Catalogue and distribute clean energy policy, project, and investment best practices
• Engage and coordinate with the broader energy and climate NGO community to maximize impact by optimizing existing tools and solutions

To learn more or to get involved as a corporate energy customer or international government, visit the Clean Energy Demand Initiative website: www.cedisecretariat.org

The Clean Energy Buyers Alliance is a consortium of two organizations, the Clean Energy Buyers Association (CEBA) and the Clean Energy Buyers Institute (CEBI), whose missions and methods are complementary. As a business trade association, CEBA activates a community of 340+ energy customers and partners to deploy market and policy solutions for a carbon-free energy system. Complementing CEBA as a public-good nonprofit, CEBI solves the toughest market and policy barriers to achieve a carbon-free energy system.

The U.S. Department of State’s Bureau of Energy Resources (ENR) leads the Department’s efforts to develop and execute international energy policy through diplomatic and programmatic engagement that promote a low-emissions future, energy security for the United States and our allies and partners, and economic prosperity through sustainable, affordable, and reliable energy access.

Katie Boyer, This email address is being protected from spambots. You need JavaScript enabled to view it.

DULUTH, Minn.--(BUSINESS WIRE)--The Minnesota Public Utilities Commission today unanimously approved Minnesota Power’s 15-year Integrated Resource Plan (IRP), the regulatory roadmap for the company’s EnergyForward vision to provide 100% carbon-free energy by 2050 while maintaining safe, reliable and affordable electric serve to its customers.

Building on an extensive process that involved discussion with customers and stakeholders over the past two years, Minnesota Power, a utility division of ALLETE Inc. (NYSE:ALE), reached a joint agreement earlier this week with stakeholders that included clean energy organizations, labor groups, and the city of Cohasset and Itasca County, which are host communities to the company’s last remaining coal-fired power plant. The Commission approved all of the elements of the joint agreement.

“In early 2021, Minnesota Power set forth its vision for a carbon-free energy supply by 2050, and today’s decision by the Commission affirmed Minnesota Power’s state-leading efforts to shape a clean-energy future that benefits our customers, our communities, and the climate, while ensuring time to transition our employees,” said ALLETE Chair, President and CEO Bethany Owen. “Bringing all of these important stakeholders together has been a hallmark of Minnesota Power’s extensive process and is critical to a truly just transition that leaves no one behind. We’re grateful for the Commission’s approval and excited to get to work on this next phase of our collaborative and innovative energy transformation.”

Minnesota Power’s IRP lays out ambitious goals of reducing carbon emissions by 80% by 2035, and achieving more than 70% renewable energy in 2030. It calls for adding up to 400 megawatts of wind energy and 300 megawatts of regional solar energy. That’s nearly twice what the company proposed in its initial Integrated Resource Plan filing in Feb. 2021, which called for the addition of 200 megawatts of wind and 200 megawatts of solar. The IRP also includes a significant investment in energy storage to support the expansion of renewables on Minnesota Power’s system.

The IRP also charts a course to cease coal operations at the company’s Boswell Energy Center Unit 3 by 2030 and Boswell Unit 4 by 2035.

“Today’s outcome confirms MP’s thoughtful pace and path for transforming our fleet and reducing carbon, while keeping affordability, as well as reliability and resiliency of our system at the fore and maintaining a just transition for our employees and host communities,” said Minnesota Power Chief Operating Josh Skelton. “Our planning for a sustainable transformation has incorporated feedback from many diverse voices, while recognizing the rapid changes of an energy industry in transformation. We will leverage the opportunities now available with the recent passage of the Inflation Reduction Act and the Infrastructure Investment and Jobs Act that support lowering the cost of renewables and maintaining competitive rates for our customers.”

Additional consideration of other resource investments, including a previously approved natural gas power plant, and the Midcontinent Independent System Operator’s long-range transmission plan to strengthen the electric grid, will occur in future regulatory filings. Also approved today, the company will file its next IRP by March 1, 2025.

Minnesota Power submitted its 1,427-page IRP to the MPUC on Feb. 1, 2021 after a first of its kind stakeholder outreach process. An IRP is required of all investor-owned utilities, generation-and-transmission cooperatives and municipal power agencies. An IRP outlines how the company will meet the expected energy needs of its customers over the next 15 years with a safe, reliable and cost-effective supply of energy, and is an important tool for regulators who implement Minnesota’s energy policy.

Minnesota Power provides electric service within a 26,000-square-mile area in northeastern Minnesota, supporting comfort, security and quality of life for 145,000 customers, 14 municipalities and some of the largest industrial customers in the United States. More information can be found at www.mnpower.com. ALE-CORP

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

Amy Rutledge
Director - Corporate Communications
Minnesota Power/ALLETE
218-723-7400
This email address is being protected from spambots. You need JavaScript enabled to view it.

First Quarter Fiscal 2023 Revenue Increased 184% to a Record $17.8 Million

First Quarter Fiscal 2023 Gross Profit Increased 195% to $3.9 Million

Management to Host Conference Call Today at 4:30 p.m. Eastern Time

VISTA, Calif.--(BUSINESS WIRE)--Flux Power Holdings, Inc. (NASDAQ: FLUX), a developer of advanced lithium-ion energy storage solutions for electrification of commercial and industrial equipment, has reported its financial and operational results for the fiscal first quarter ended September 30, 2022.

Key Financial & Operational Highlights for the First Quarter Fiscal Year 2023

• Shipments (Revenue) increased 184% to $17.8M in Q1’23 compared to Q1’22 revenue of $6.3M.
• Gross profit Increased 195% to $3.9M in Q1’23 compared to $1.3M in Q1’22.
• Q1’23 gross margin was 22% compared to 21% in Q1’22, reflecting recovery from pandemic driven material cost increases
• Achieved 17th consecutive quarter of year-over-year revenue growth.
• Customer order backlog totaled $26.9M as of September 30, 2022.
• Strategic Supply Chain & Profitability Improvement Initiatives continued to accelerate path to cash flow breakeven, including:
  • Utilized lower cost, more reliable, and secondary suppliers of key components including cells, steel, electronics, circuit boards and other key components;
  • Improved manufacturing capacity and production processes (including implementing Lean Manufacturing) to increase throughput, reduce the time to fulfill customer orders and improve gross margins;
  • Increased inventory turns from 3.4 to 3.6 during the quarter ended September 30, 2022, while increasing inventory to $18.9M to mitigate supply chain disruptions and support timely deliveries;
  • Introduced new product designs to lower costs, simplify part count and cost, and improve serviceability;
  • Launched in-house automated cell module production initiative to manage module SKUs and accommodate diversification of cell suppliers;
  • Expanded customer base, acquiring two major Fortune 500 customers;
  • Developed in-house vibration table and temperature control unit for battery testing, enabling lower cost and expedited UL testing.

Backlog Summary

CEO Commentary

“Our first quarter of fiscal year 2023 delivered our 17^th consecutive quarter of year-over-year revenue growth and further reduction of our backlog as we continue to focus on fulfilling orders,” said Ron Dutt, Chief Executive Officer of Flux Power. “This quarter saw gross profit increase 195% to $3.9M and gross margin expand to 22% compared to $1.3M and 21%, respectively, in the year-ago period. Growth was driven by both installed and new customers, while new order flow in First Quarter reflected unevenness of purchasing patterns. Progress with new accounts was substantial, adding two new customers in the new fiscal year, which have fleet potential and at least seven-figure revenue potential.

“Our emphasis on building strong partnerships with our existing customers has enhanced our order volume, with nearly 90% of revenue during the quarter contributed from customers with whom we have had long-term relationships. Our strategic focus on relationship business with an emphasis on price, service, and quality, continues to provide ongoing new purchase needs and service requirements. We believe business from our installed base will represent the future of expanding revenues as these relationships help drive new customers to our technology and ensures our customers have the most updated products and services.

“During the first fiscal quarter ongoing efforts to fulfill timely shipment of our orders reduced our backlog to $26.9 million as of September 30, 2022, down from $35.0 million in the prior quarter. Our reduced backlog has been facilitated by improvement in sourcing actions to mitigate part shortages and to increase confidence in future supplier performance. Our strategic initiatives to accelerate backlog conversion to shipments and increase inventory turns are also driving revenue results and gross margins that we believe will lead toward profitability.

“Although global supply chain disruptions have improved, we increased our inventory of raw materials and component parts to $18.9 million as of September 30, 2022, to mitigate supply chain disruptions and support timely deliveries. To address disruptions, we have improved production process improvements and supply chain management. We have launched an in-house automated modular production initiative to manage module SKUs and accommodate diversification of cell suppliers; and also utilized lower cost, more reliable, and secondary suppliers of key components including cells, steel, electronics, circuit boards and other key components. These initiatives should drive inventory reductions.

“As of November 4, 2022, we believe that our existing cash, together with $1.4 million that currently remains available under our $8.0 million revolving line of credit with Silicon Valley Bank (“SVB Credit Facility”), and $4.0 million available under the subordinated line of credit (“Subordinated LOC”), will be sufficient to meet our anticipated capital resources to fund planned operations for the next twelve (12) months.

“Looking ahead, we believe the combination of existing customer orders and acquisition of new customers who want the benefits of lithium-ion technology business can drive continued revenue growth. We are encouraged by strong purchase orders, improving backlog and continued expansion of margins through improved sourcing and supply chain management, continual process improvement, and pricing.

While our current highest priority is achieving profitability, subsequently we anticipate expanding into new markets having strong demand for our value proposition of high performance and service at lower cost. I look forward to providing additional updates in the months to come,” concluded Dutt.

Q1’23 Financial Results

• Revenue for the fiscal first quarter of 2023 increased by 184% to $17.8 million compared to $6.3 million in the fiscal first quarter of 2022, driven by increased sales volumes and models with higher selling prices, including greater sales to existing and new customers.
• Gross profit for the fiscal first quarter of 2023 increased to $3.9 million compared to a gross profit of $1.3 million in the fiscal first quarter of 2022. Gross margin was 22% in the fiscal first quarter of 2023 as compared to 21% in the fiscal first quarter of 2022, reflecting higher volume of units sold with greater gross margin and lower cost of sales as a result of the gross margin improvement initiatives.
• Selling & Administrative expenses increased to $4.5 million in the fiscal first quarter of 2023 from $3.5 million in the fiscal first quarter of 2022, reflecting increases in outbound shipping costs, personnel expenses related to new hires and temporary labor, and an increase in insurance premiums.
• Research & Development expenses decreased to $1.2 million in the fiscal first quarter of 2023, compared to $2.0 million in the fiscal first quarter of 2022, primarily due to lower staff related expenses and expenses related to development of new products.
• Net loss for the fiscal first quarter of 2023 decreased to $2.1 million from a net loss of $4.1 million in the fiscal first quarter of 2022, principally reflecting gross margin profit from higher revenue, partially offset by increases in operating expenses and interest expense.
• Adjusted EBITDA loss was $1.5 million for the fiscal first quarter of 2023, an improvement from an adjusted EBITDA loss of $3.8 million for the fiscal first quarter of 2022.
• Cash was $0.3 million at September 30, 2022, as compared to $0.5 million at June 30, 2022. Available working capital include: our line of credit as of November 4, 2022 under our $8.0 million revolving line of credit with Silicon Valley Bank (“SVB Credit Facility”) with an availability of $1.4 million; and $4.0 million available under the subordinated line of credit (“Subordinated LOC”); which provide total cash availability of $5.4 million. Cash requirements during the quarter were higher due to the purchase of inventory to support increasing sales orders.
• Net cash used in operating activities decreased 87% to $0.6M in the fiscal first quarter of 2023 compared to $4.4M in the fiscal first quarter of 2022, primarily due to a decrease in net loss and an increase in accounts payable.

First Quarter Fiscal Year 2023 Results Conference Call

Flux Power CEO Ron Dutt and CFO Chuck Scheiwe will host the conference call, followed by a question-and-answer session. The conference call will be accompanied by a presentation, which can be viewed during the webcast or accessed via the investor relations section of the Company’s website here.

To access the call, please use the following information:

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact MZ Group at 1-949-491-8235.

The conference call will be broadcast live and available for replay at https://viavid.webcasts.com/starthere.jsp?ei=1574446&tp_key=aa786a7a11 and via the investor relations section of the Company's website here.

A replay of the webcast will be available after 7:30 p.m. Eastern Time through February 10, 2023.

About Flux Power Holdings, Inc.

Flux Power (NASDAQ: FLUX) designs, manufactures, and sells advanced lithium-ion energy storage solutions for electrification of a range of industrial and commercial sectors including material handling, airport ground support equipment (GSE), and stationary energy storage. Flux Power’s lithium-ion battery packs, including the proprietary battery management system (BMS) and telemetry, provide customers with a better performing, lower cost of ownership, and more environmentally friendly alternative, in many instances, to traditional lead acid and propane-based solutions. Lithium-ion battery packs reduce CO2 emissions and help improve sustainability and ESG metrics for fleets. For more information, please visit www.fluxpower.com.

Note about Non-GAAP Financial Measures

A non-GAAP financial measure is a numerical measure of a company’s performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with accounting principles generally accepted in the United States of America, or GAAP. Non-GAAP measures are not in accordance with, nor are they a substitute for, GAAP measures. Other companies may use different non-GAAP measures and presentation of results.

In addition to financial results presented in accordance with GAAP, this press release presents adjusted EBITDA, which is a non-GAAP measure. Adjusted EBITDA is determined by taking net loss and adding interest, taxes, depreciation, amortization and stock-based compensation expenses. The company believes that this non-GAAP measure, viewed in addition to and not in lieu of net loss, provides additional information to investors by providing a more focused measure of operating results. This metric is an integral part of the Company’s internal reporting to evaluate its operations and the performance of senior management. A reconciliation of adjusted EBITDA to net loss, the most comparable GAAP measure, is available in the accompanying financial tables below. The non-GAAP measure presented herein may not be comparable to similarly titled measures presented by other companies.

Forward-Looking Statements

This release contains projections and other "forward-looking statements" relating to Flux Power’s business, that are often identified using "believes," "expects" or similar expressions. Forward-looking statements involve several estimates, assumptions, risks, and other uncertainties that may cause actual results to be materially different from those anticipated, believed, estimated, expected, etc. Such forward-looking statements include impact of COVID-19 on Flux Power’s business, results and financial condition; Flux Power’s ability to obtain raw materials and other supplies for its products at competitive prices and on a timely basis, particularly in light of the potential impact of the COVID-19 pandemic on its suppliers and supply chain; the development and success of new products, projected sales, cancellation of purchase orders, deferral of shipments, Flux Power’s ability to fulfill backlog orders or realize profit from the contracts reflected in backlog sale; Flux Power’s ability to fulfill backlog orders due to changes in orders reflected in backlog sales, Flux Power’s ability to obtain the necessary funds under the credit facilities, Flux Power’s ability to timely obtain UL Listing for its products, Flux Power’s ability to fund its operations, distribution partnerships and business opportunities and the uncertainties of customer acceptance and purchase of current and new products, and changes in pricing, and Flux Power’s ability to negotiate and enter into a definitive agreement in connection with the Letter of Intent. Actual results could differ from those projected due to numerous factors and uncertainties. Although Flux Power believes that the expectations, opinions, projections, and comments reflected in these forward-looking statements are reasonable, they can give no assurance that such statements will prove to be correct, and that the Flux Power’s actual results of ‎operations, financial condition and performance will not differ materially from the ‎results of operations, financial condition and performance reflected or implied by these forward-‎looking statements. Undue reliance should not be placed on the forward-looking statements and Investors should refer to the risk factors outlined in our Form 10-K, 10-Q and other reports filed with the SEC and available at www.sec.gov/edgar. These forward-looking statements are made as of the date of this news release, and Flux Power assumes no obligation to update these statements or the reasons why actual results could differ from those projected.

Flux, Flux Power, and associated logos are trademarks of Flux Power Holdings, Inc. All other third-party brands, products, trademarks, or registered marks are the property of and used to identify the products or services of their respective owners.

Follow us at:

Blog: Flux Power Blog
News Flux Power News
Twitter: @FLUXpwr
LinkedIn: Flux Power

Media & Investor Relations:

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

External Investor Relations:
Chris Tyson, Executive Vice President
MZ Group - MZ North America
949-491-8235
This email address is being protected from spambots. You need JavaScript enabled to view it.
www.mzgroup.us

OMAHA, Neb.--(BUSINESS WIRE)--Valmont Industries, Inc. (NYSE: VMI), a global leader that provides vital infrastructure and advances agricultural productivity while driving innovation through technology, is pleased to announce that the Federal Aviation Administration (FAA) granted the company a nationwide Beyond Visual Line of Sight (BVLOS) waiver.

The BVLOS waiver gives Valmont the ability to fly their multi-hour capable unmanned drones for commercial inspections of utility lines across the nation at a moment’s notice, eliminating the need to wait for geographic approval from the FAA. In addition to the removal of the geographic restriction, the entire diverse fleet of Valmont’s unmanned aerial systems were included.

“This nationwide waiver goes hand in hand with the primary goal of Valmont providing our customers more efficient and timely service through technology,” says Angi Chamberlain, vice president UAS Technology Services for Valmont. “Using drone technology allows us to reduce costs and provide an improved alternative to manned aviation.”

Using drone technology allows Valmont to collect high-resolution images and infrastructure performance data safely and quickly. It also opens the door to future waivers as the company moves toward a completely autonomous solution.

“To our knowledge, we are one of the first five entities to receive this waiver arrangement,” explains Aaron Schapper, Valmont group president Infrastructure. “We see this as a clear endorsement from the FAA, acknowledging that Valmont has the right people, training, technology and a proven history for continuous advancement of operational innovation.”

About Valmont Industries, Inc.

For over 75 years, Valmont^® has been a global leader in creating vital infrastructure and advancing agricultural productivity. Today, we remain committed to doing more with less by innovating through technology. Learn more about how we’re Conserving Resources. Improving Life.^® at valmont.com.

Angi Chamberlain, Valmont Industries, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.

SAN JOSE, Calif.--(BUSINESS WIRE)--Momentus Inc. (NASDAQ: MNTS) (“Momentus” or the "Company”), a U.S. commercial space company that offers transportation and other in-space infrastructure services, today announced that Dawn Harms, Chief Revenue Officer, will retire effective Dec. 31, 2022.

"We express our heartfelt thanks to Dawn for her leadership, resilience, and dedication to our company and our customers,” said Momentus Chief Executive Officer John Rood. “Dawn’s contributions were integral to the transformation of our Company, particularly as we started trading on the NASDAQ last August, and as we flew our first demonstration mission in May 2022. On behalf of the entire team, we wish Dawn the best in her well-earned retirement.”

Harms joined Momentus in 2019 as Chief Revenue Officer, leading the Company’s commercial sales strategy. From January 2021 to August 2021, she served as interim Chief Executive Officer, and she returned to the CRO role at the conclusion of her interim CEO tenure.

“I’ve enjoyed supporting the transformation of the Company from startup status into a public company,” said Harms. “I am confident that Momentus will thrive as it works to bring foundational space infrastructure services to market.”

Momentus plans to announce a successor to Harms later this year.

About Momentus

Momentus is a U.S. commercial space company that offers in-space infrastructure services, including in-space transportation, hosted payloads and in-orbit services. Momentus believes it can make new ways of operating in space possible with its planned in-space transfer and service vehicles that will be powered by an innovative water plasma-based propulsion system that is under development.

Forward-Looking Statements

This press release contains certain statements which may constitute “forward-looking statements” for purposes of the federal securities laws. Forward-looking statements include, but are not limited to, statements regarding Momentus’ or its management team’s expectations, hopes, beliefs, intentions or strategies regarding future events or circumstances, and are not guarantees of future performance. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Momentus’ control. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to risks and uncertainties included under the heading “Risk Factors” in the Annual Report on Form 10-K filed by the Company on March 9, 2022, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at investors.momentus.space. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Investors
Darryl Genovesi at This email address is being protected from spambots. You need JavaScript enabled to view it.

Media
Jessica Pieczonka at This email address is being protected from spambots. You need JavaScript enabled to view it.

Network Carbon Intensity energy (NCIe) metric introduced to evaluate network energy efficiency

SHARM EL-SHEIKH, Egypt--(BUSINESS WIRE)--A Huawei executive said Thursday information and communications technologies, or ICT, will enable the digitalization of industry, spark innovation and make other industries green.

The remarks were made at a session organized by the Global Innovation Hub (UGIH) of the United Nations Framework Convention on Climate Change (UNFCCC) at the ongoing 27^th Conference of the Parties, or COP27, in Sharm El-Sheikh of Egypt.

Referring to what is known as the “enabling effect”, Philippe Wang, Huawei’s Executive Vice President for the Northern Africa region, said ICT is “making other industries greener”.

“5G, Artificial Intelligence, data analytics, cloud computing – all these things will improve industrial processes in a way that cuts energy use, and lowers carbon emissions,” he said.

According to Philippe Wang, in the same way that ICT enables a smart streetlight to turn itself off when no one is around, 5G wireless base stations can automatically shut down when there is no data traffic, which saves energy.

Base stations need a power source and have antennas. For its part, Huawei has been replacing diesel generators with solar panels, which offer a cleaner source of electric power, in Nigeria and Angola. At the same time, the company has launched a green 5G antenna that covers an area of up to 500 meters area using half the transmission power. That cuts energy consumption by 30 percent.

Also speaking at the session on Thursday, Luis Neves, CEO, Global Enabling Sustainability Initiative (GeSI), stressed that digital should be at the core of the climate conversation.

“If you bring a sustainability mindset together with digital, I think we can create a powerful machine to drive the sustainability agenda and accelerate the path for a world where 10 billion people can live a healthy life. And businesses should take both their carbon footprint and handprint into consideration,” he said.

To this end, members of the ITU-T, including Huawei, have proposed a standard for measuring network energy use. Known as the Network Carbon Intensity energy metric, the standard was approved by ITU-T on October 19 as the Recommendation ITU-T L.1333.

According to Nompilo Morafo, MTN Group Chief Sustainability & Corporate Affairs Officer, “sustainable, measurable action” holds the key to meeting net zero goals. “In this journey, the use of digital technologies offers particular potential to increase the generation of green energy and power efficiency of all industries,” she added.

The UNFCCC UGIH session, titled ICT for Green, addressed the ways in which transformative ICT technology could be utilized to enable the green development of a wide range of industries, facilitating the world’s path to net-zero emissions.

About Huawei

Founded in 1987, Huawei is a leading global provider of information and communications technology (ICT) infrastructure and smart devices. We have 195,000 employees and we operate in more than 170 countries and regions, serving more than three billion people around the world.

Our vision and mission is to bring digital to every person, home and organization for a fully connected, intelligent world. To this end, we will work towards ubiquitous connectivity and inclusive network access, laying the foundation for an intelligent world; provide diversified computing power where you need it, when you need it, to bring cloud and intelligence to all four corners of the earth; build digital platforms to help all industries and organizations become more agile, efficient, and dynamic; and redefine user experience with AI, making it smarter and more personalized for people in all aspects of their life, whether they're at home, on the go, in the office, having fun, or working out. For more information, please visit Huawei online at www.huawei.com or follow us on:

http://www.linkedin.com/company/Huawei
http://www.twitter.com/Huawei
http://www.facebook.com/Huawei
http://www.youtube.com/Huawei

Huawei, Francis Yang, +86 13871384929, This email address is being protected from spambots. You need JavaScript enabled to view it.