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

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

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

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

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

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

Tips to Help Identify Scams

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

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

Tips to Help Identify a True ComEd Employee

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

Assistance With Past-Due Balances

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

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

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

ComEd Media Relations
312-394-3500

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

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

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

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

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

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

ComEd Media Relations
312-394-3500

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

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

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

Third Quarter and Recent Business Highlights

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

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

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

Third Quarter 2022 Financial Highlights

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

Revenue by Category

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

Total Stalls Connected, including for Network Development Customers

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

Webcast and Conference Call Information

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

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

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

About Volta Inc.

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

Non-GAAP Financial Information

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

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

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

Total Stalls Installed

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

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of federal securities laws, including statements regarding Volta’s future business, operations and financial performance. These forward-looking statements generally are identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “may,” “opportunity,” “plan,” “potential,” “project,” “should,” “strategy,” “will,” “would,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021, as updated in our subsequent Quarterly Reports on Form 10-Q, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at www.voltacharging.com. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Volta Inc.
Non-GAAP Reconciliation

EBITDA and Adjusted EBITDA

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

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

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

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

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

About Altus Power, Inc.

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

About D.E. Shaw Renewable Investments

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

Forward-Looking Statements

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

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

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

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

Altus Power Contacts:

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

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

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

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

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

Third Quarter 2022 and Recent Business Highlights:

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

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

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

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

Other recent updates:

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

Outlook:

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

Conference Call Information

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

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

About Energy Vault

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

Non- GAAP measures

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

Forward-Looking Statements

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

Investors:
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Media:
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HAMILTON, Bermuda--(BUSINESS WIRE)--Valaris Limited (NYSE: VAL) ("Valaris" or the "Company") today announced that President and Chief Executive Officer Anton Dibowitz will present at the BofA Securities Global Energy Conference on Wednesday, November 16, 2022, beginning at 8:45 am ET.

Investor materials to be used during the conference will be available on Valaris’ website at www.valaris.com the morning of the event. A live webcast will be available at the time of the presentation in the "Investors – Events & Presentations" section of the Company’s website www.valaris.com. A replay of the presentation will be available for 90 days following the completion of the conference.

About Valaris Limited

Valaris Limited (NYSE: VAL) is the industry leader in offshore drilling services across all water depths and geographies. Operating a high-quality rig fleet of ultra-deepwater drillships, versatile semisubmersibles and modern shallow-water jackups, Valaris has experience operating in nearly every major offshore basin. Valaris maintains an unwavering commitment to safety, operational excellence, and customer satisfaction, with a focus on technology and innovation. Valaris Limited is a Bermuda exempted company (Bermuda No. 56245). To learn more, visit our website at www.valaris.com.

Investor & Media Contacts:
Darin Gibbins
Vice President - Investor Relations and Treasurer
+1-713-979-4623

Tim Richardson
Director - Investor Relations
+1-713-979-4619

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

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

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

ABOUT SILVERBOW RESOURCES, INC.

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

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

Two high-performing Caterpillar dealers will join forces to create stronger service and support to their customers in the Southwest

HENDERSON, Nev.--(BUSINESS WIRE)--Cashman Equipment Company, founded by James Cashman Sr. during the construction of Hoover Dam in 1931, is announcing that our Company will be acquired by our neighboring Cat Dealer to the South, Empire Southwest, of Arizona at the end of December 2022. During our long tenure of ninety-one years, our team has grown to over 1100 highly talented and dedicated employees, partnering with our customers to find the best solutions for their business needs.

The Company expanded from Southern Nevada to include most of Northern Nevada and portions of several California border counties in the early 60s. Cashman has been led over these nine decades by James Cashman Sr., James Cashman Jr., James Cashman III and most recently, during the last twenty-seven years, by MaryKaye Cashman. The Company is one of the most successful and highly respected Cat Dealerships in North America today, supplying machinery, service, parts, power generation, pumps and rental options, across the full Cat product line.

We are pleased and confident knowing that our customers will continue to receive superior support for all their construction, mining, landscaping and industrial needs from Empire Southwest, as we know they share our values and commitment to providing the Best Customer Experience. Empire Southwest is also a third generation, family owned business, and was founded in 1950.

Going forward, we are confident that the combination of these two great companies will provide new synergies, great customer satisfaction and very importantly, even more options and enhanced capabilities.

About Cashman Equipment

Founded in 1931 by James "Big Jim" Cashman, Cashman Equipment is one of the highest-rated Cat equipment dealers in North America. A full-service dealership, Cashman provides new and used equipment for sale and rental, as well as high-quality parts and service to construction, paving, mining, truck engine, technology, and power system industries throughout Nevada and the Eastern Sierras. For more information, visit cashmanequipment.com.

About Empire Southwest

Empire Southwest is an authorized Cat® dealer for heavy equipment and power systems throughout Arizona and Southeastern California. In addition, Empire is a provider of Tier 1 commercial solar products and microgrids, an authorized AGCO equipment dealer representing Fendt and Massey Ferguson, an authorized Trimble dealer through SITECH Southwest, and a premiere distributor of Maintainer, Trail King and other leading truck and trailer brands. The third-generation, family-owned company was founded in 1950 and has over 2,300 employees across 22 locations. Learn more about Empire's products, services, partnerships, and careers at empirecat.com.

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

Financial Highlights Third Quarter

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

Financial Highlights Nine Months Ending September 30

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

Recent Highlights

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

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

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

Gen 4 is the “Bridge” to Gen 5

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

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

Gen 5 Will Offer Chassis Independence Beginning in 2024

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

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

EdisonFuture: The Platform for Growth in 2025 and Beyond

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

Conference Call Information

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

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

About Phoenix Motor Inc.

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

Forward-Looking Statement

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

Investor Relations Contacts:
Mark Hastings, SVP & Head of Investor Relations
Sioban Hickie, ICR Inc.
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Two high-performing Caterpillar dealers will join forces to create stronger service and support to their clients in the Southwest

MESA, Ariz. & HENDERSON, Nev.--(BUSINESS WIRE)--Arizona-based Empire Southwest (“Empire”), the Cat dealer serving the service territory of Arizona and Southeastern California, has agreed to acquire Nevada-based Cashman Equipment (“Cashman”), the Cat dealer serving the service territory of Nevada and parts of Eastern California.

Empire and Cashman are both third-generation, family-owned Cat dealers. They share similar rich histories, values-driven corporate cultures, and strong reputations for exceptional customer and community service. Empire, which was founded in 1950, operates 22 dealership locations; Cashman, founded in 1931, operates 7 locations. Together, the combined dealership will be positioned to provide even stronger service and solutions to clients in the construction, mining, energy, agricultural, and industrial sectors as well as expanded capabilities to serve one of the country’s fastest growing areas.

Jeff Whiteman, Empire President, and CEO, said, “We have tremendous respect and admiration for MaryKaye Cashman and her team. Cashman is a very high performing dealership that has been dedicated to their people, customers, and communities for generations. We are honored and humbled by the trust MaryKaye and Caterpillar have placed in us. Like Empire, the Cashman organization is full of amazing men and women who are committed to making things better. I’m confident that the new combined team will take the business in both service territories to new levels of client success by building on the industry-leading strengths of both dealerships.”

MaryKaye Cashman, Owner, CEO & Chairman of Cashman Equipment, said, “Since taking the reins of the company in 1995, I have dedicated my life to Cashman Equipment and our fantastic team, which has done such exceptional work supporting our customers and rallying around me in my unique and new role as the head of a Cat dealership. Empire has long had a reputation for excellence among Cat dealers and, as I pursue a new chapter in my life, it is an exciting opportunity for our teams to be able to join forces. I have known the Whiteman family for decades and appreciate not just what their company does but how they have built it – with honesty, respect, and integrity, and with employees and customers always at the center. Our cultures and values share a lot of common ground, and I know that our team members will thrive in this new, combined business that will deliver even more for the customers and communities we serve.”

This transaction is expected to close in December 2022. The combined company will be led by Empire’s current CEO Jeff Whiteman and will continue to provide exceptional support to its clients while focusing on growing the business and attracting great people in one of the country’s fastest growing regions. All Cashman and Empire employees will be important for the continued success of the combined company.

About Empire Southwest

Empire Southwest is an authorized Cat® dealer for heavy equipment and power systems throughout Arizona and Southeastern California. In addition, Empire is a provider of Tier 1 commercial solar products and microgrids, an authorized AGCO equipment dealer representing Fendt and Massey Ferguson, an authorized Trimble dealer through SITECH Southwest, and a premiere distributor of Maintainer, Trail King and other leading truck and trailer brands. The third-generation, family-owned company was founded in 1950 and has over 2,300 employees across 22 locations. Learn more about Empire's products, services, partnerships, and careers at empirecat.com.

About Cashman Equipment

Founded in 1931 by James "Big Jim" Cashman, Cashman Equipment is one of the highest-rated Cat equipment dealers in North America. A full-service dealership, Cashman provides new and used equipment for sale and rental, as well as high-quality parts and service to construction, paving, mining, truck engine, technology, and power system industries throughout Nevada and the Eastern Sierras. For more information, visit cashmanequipment.com.

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

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

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

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

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

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

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

Brief Bio on Thomas Meth

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

About Enviva

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

Cautionary Note Concerning Forward-Looking Statements

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

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

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

INVESTOR CONTACT:
Kate Walsh
Vice President, Investor Relations
+1 240-482-3856
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WHITE PLAINS, N.Y.--(BUSINESS WIRE)--OPAL Fuels Inc. (“OPAL Fuels” or the “Company”) (Nasdaq: OPAL), a leading vertically integrated producer and distributor of renewable natural gas (RNG), today announced financial and operating results for the three and nine months ended September 30, 2022.

Financial Highlights

• Revenues for the three and nine months ended September 30, 2022, were $66.6 million and $168.8 million, respectively, up 41% and 61%, compared to prior-year periods.
• Net income for the three and nine months ended September 30, 2022, was $5.4 million and $0.6 million, respectively, compared to $0.8 million and $19.0 million, in the same period last year.
• Adjusted EBITDA¹ for the three and nine months ended September 30, 2022, was $25.5 million and $40.6 million, respectively, up 130% and 78%, compared to prior-year periods.

Full Year 2022 Guidance Expectations

• Estimated Adjusted EBITDA² for the full year 2022 is anticipated to range between $60.0 million and $63.0 million.
• 2022 RNG production for the full year 2022 is anticipated to range between 2.2 million MMBtu and 2.3 million MMBtu.³

¹ Adjusted EBITDA is a non-GAAP measure. A reconciliation of GAAP Net (Loss) Income to Adjusted EBITDA has been provided in the financial tables included in this press release. An explanation of this measure and how it is calculated is also included below under the heading “Non-GAAP Financial Measures."

² Estimated Adjusted EBITDA is a non-GAAP financial measure. A reconciliation of the full year estimated Adjusted EBITDA to net income (loss), the closest GAAP measure, cannot be provided due to the inherent difficulty in quantifying certain amounts including but not limited to changes in fair value of the derivative instruments and other items, due to a number of factors including the unpredictability of underlying price movements, which may be significant.

³ Reflects OPAL Fuels proportional ownership with respect to RNG projects owned with joint venture partners.

Management Commentary

Adam Comora, Co-CEO of OPAL Fuels, commented, “We are pleased to report our third quarter earnings. First, and most importantly we continue to execute on our strategic goals and operational priorities. As of today, six RNG projects are in operation and seven are in construction. These construction projects are expected to come online throughout 2023 and into 2024. Second, we are on a solid trajectory towards realizing the significant long-term earnings power of our company. We also continue to grow our development portfolio adding to our pipeline of future RNG projects further supporting our long-term growth.”

Jonathan Maurer, Co-CEO of OPAL Fuels, stated, “The passage of the Inflation Reduction Act and recent industry consolidation are clear endorsements of the RNG industry and the strength of our integrated business model. Over OPAL Fuels' long operating history in this sector, never has a period of positive momentum existed like the present. Our portfolio of RNG projects combined with our integrated downstream operations enable us to offer a differentiated value proposition that resonates with our customers and partners.”

Operational Highlights

• Produced 0.6 million and 1.6 million MMBtu of RNG, for the three and nine months ended September 30, 2022, respectively, up 50% and 33%, compared to prior-year periods.
• Sold 7.4 million and 20.5 million GGEs of RNG as transportation fuel for the three and nine months ended September 30, 2022, respectively, up 17% and 45%, compared to prior- year periods.
• Delivered 30.7 million and 82.6 million GGEs through a combination of owned station fuel provider agreements and third-party service and dispensing agreements for the three and nine months ended September 30, 2022, respectively, up 33% and 20%, compared to prior-year periods.
• During the first nine months of 2022, the Pine Bend, New River and Noble Road RNG projects commenced commercial operations, bringing OPAL Fuels' share of annual nameplate capacity across our six RNG projects in operation to 3.7 million MMBtu for landfill projects and 0.2 million MMBtu for dairy projects.⁴

⁴ Nameplate capacity is the annual design output for each facility and may not reflect actual production from the projects, which depends on many variables including, but not limited to, quantity and quality of the biogas, operational up-time of the facility, and actual productivity of the facility.

Construction Update

• The Company has begun construction on a renewable power to RNG conversion project in the Northeast bringing to seven the number of RNG facilities under construction as of September 30, 2022, with anticipated aggregate nameplate capacity of 4.2 million MMBtu of landfill biogas and 0.6 million MMBtu of dairy biogas.
• Received RIN certification for New River in October and anticipate receiving RIN certification for Pine Bend by end of 2022.
• Emerald and Prince William RNG projects are expected to commence commercial operations by mid-2023 and the Sapphire RNG project by early 2024. OPAL Fuels’ share of annual nameplate capacity for these landfill projects is 3.8 million MMBtu.
• Construction is progressing at two Central Valley California dairy RNG projects with commercial operations anticipated in 2024.

Development Update

• The Company's Advanced Development Pipeline⁵ comprises 16 projects representing 7.4 million MMBtu of feedstock biogas per year consisting of 6.2 million MMBtu of landfill biogas, 0.5 million MMBtu dairy biogas, and 0.7 million MMBtu of food waste and wastewater biogas.⁶
• The Company is evaluating nine of our existing renewable power projects comprising 3.2 million MMBtu per year of landfill biogas in light of the incentives in the Inflation Reduction Act.
• The Company's total number of RNG dispensing stations grew from 69 at December 31, 2021, to 123 at September 30, 2022.

⁵ The Company's Advanced Development Pipeline comprises projects that have been qualified and are reasonably expected to be in construction within the next twelve to eighteen months. The associated MMBtu associated with these projects is presented as available biogas resource and assumes a conversion ratio of 90% for output gas.

⁶ OPAL Fuels proportional share with respect to RNG projects owned with joint venture partners.

2022 Guidance

All guidance is current as of the date of this release and is subject to change.

We anticipate providing guidance for 2023 concurrently with our results for fiscal 2022.

⁷ RNG Production reflects OPAL Fuels' proportional share with respect to RNG projects owned with joint venture partners.

Results of Operations

Revenue for the three months ended September 30, 2022, were $66.6 million, an increase of 41%, or $19.4 million, compared to $47.2 million in the prior-year period. While each business segment experienced growth, the increase was primarily driven by the RNG Fuel segment. Total revenues for the nine months ended September 30, 2022, were $168.8 million compared to $105.0 million in the prior-year period.

Net income for the three months ended September 30, 2022, was $5.4 million, compared to $0.8 million in the prior-year period. The third quarter benefited from higher brown gas prices as well as higher sales of environmental attributes as a result of Noble Road having achieved RIN certification in the second quarter and the release of higher levels of stored gas. We also benefited from approximately $2.5 million of one-time income from an equity method investment that was recognized in the third quarter. Net income for the nine months ended September 30, 2022, was $0.6 million compared to $19.0 million in the prior-year period. The nine month period ended September 30, 2022, reflects the impacts of higher transaction costs associated with becoming a public company offset by higher brown gas prices and higher RIN pricing under forward sales contracts and the $2.5 million one-time benefit from an equity method investment, while the prior year period includes a $19.8 million one-time gain associated with the acquisition of our remaining interest in the Imperial and Greentree projects in May, 2021.

Adjusted EBITDA⁽¹⁾ for the three months ended September 30, 2022, was $25.5 million, reflecting an increase of 130%, compared to $11.1 million for the prior-year period. Adjusted EBITDA for the nine months ended September 30, 2022, was $40.6 million compared to $22.8 million in the prior-year period.

Timing of Sales of RINs for Gas in Storage

At September 30, 2022, the Company had biogas in storage from second and third quarter production that was pending certification for generation of environmental credits from New River and Pine Bend. Upon completion of certification, which occurred in October for New River and is expected prior to year-end for Pine Bend, this stored biogas is anticipated to generate approximately 2.4 million RINs. These RINs will be monetized under forward sales contracts as they are generated, at a weighted-average price of $3.20.

Under generally accepted accounting principles (“GAAP”), the timing of revenue recognition for stand-alone RIN sales contracts is tied to the delivery of the RIN to our counterparties and not the production of the RIN. Of the $7.5 million that is anticipated to be generated from these RIN sales, $6.6 million is allocated to third quarter Adjusted EBITDA and represents the volume of the stored biogas produced in the third quarter. The remainder would have been allocated to the second quarter.

Segment Revenues

RNG Fuel

Revenue from RNG Fuel increased was $32.4 million, an increase of $14.5 million, or 81%, for the three months ended September 30, 2022, compared to the three months ended September 30, 2021. This change was attributable primarily due to an increase in RIN sales and brown gas sales driven by additional volumes and higher prices.

For the nine months ended September 30, 2022, revenue from RNG Fuel increased by $46.1 million, or 124%, compared to the nine months ended September 30, 2021. $28.0 million of this increase was attributable primarily to the impact of nine months of Beacon revenues in 2022 versus only five months in 2021. The remainder of the increase is due to higher sales of environmental credits, higher brown gas sales and incremental fuel dispensing primarily due to increased volumes.

Fuel Station Services

Revenue from Fuel Station Services was $23.2 million an increase of $4.8 million, or 26%, for the third quarter of 2022 compared to the three months ended September 30, 2021. This change was primarily attributable to additional fuel station projects and incremental service volumes from four new fueling service sites.

For the nine months ended September 30, 2022, revenue from Fuel Station Services increased by $20.0 million, or 56% compared to the nine months ended September 30, 2021. This was primarily attributable to increased fuel station construction projects.

Renewable Power

Revenue from Renewable Power was $10.9 million flat for the three months ended September 30, 2022, compared to the third quarter 2021.

For the nine months ended September 30, 2022, revenue from Renewable Power decreased by $2.2 million, or 7%, compared to the third quarter 2021. This change was attributable primarily to a positive mark to market change in commodity swaps.

Liquidity

As of September 30, 2022, our liquidity consisted of cash and cash equivalents including restricted cash of $71.4 million, plus an additional $146.9 million in short-term investments maturing within 90 days. Additionally, we entered into an aggregate $105 million senior secured credit facility to be used to fund up to $100 million of the construction costs of a portfolio of fully- and jointly-owned RNG projects owned, either in full or through a joint venture with a third party over a two year delayed draw period, with the remaining funds to be maintained in the debt service reserve account. No funds have been drawn under this facility. During the quarter three months ended September 30, 2022, we drew $12.5 million under the OPAL term loan, and recently. Subsequent to quarter-end, we drew an additional $12.5 million. We also entered into an amendment to this term loan which extended the commitment available date to March 2023 for the remaining $10.0 million.

We believe that our available cash, anticipated cash flows from operations, available lines of credit under existing debt facilities, and access to expected sources of capital will be sufficient to meet our existing commitments and funding needs.

Capital Expenditures

During the third quarter, OPAL Fuels invested $24.4 million across six RNG projects and 21 owned fueling stations in construction as compared to $19.2 million as of the comparable period in 2021. On a year-to-date basis, we have invested $61.8 million compared to $41.8 million for the nine months ended September 30, 2021.⁸

⁸ Capital Expenditures reflect net investment in RNG projects net of proceeds received from our non-redeemable non-controlling interests. We received $6.2 million and $6.4 million from such parties for the three months ended September 30, 2022 and 2021, respectively. We received $23.1 million and $15.2 million from these parties for the nine months ended September 30, 2022 and 2021, respectively. These amounts have been excluded to reflect only capital expenditures attributable to OPAL Fuels.

Earnings Call

A webcast to review OPAL Fuels’ Third Quarter 2022 results is being held tomorrow, November 15, 2022 at 11:00AM Eastern Time.

Materials to be discussed in the webcast will be available before the call on the Company's website.

Participants may access the call at https://edge.media-server.com/mmc/p/5oahi7s2, and a live webcast will also be available at https://investors.opalfuels.com/news-events/events-presentations.

Glossary of terms

“Environmental Attributes” refer to federal, state, and local government incentives in the United States, provided in the form of Renewable Identification Numbers, Renewable Energy Credits, Low Carbon Fuel Standard credits, 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.

“GGE” refers to Gasoline gallon equivalent. It is used to measure the total volume of RNG production that OPAL Fuels expects to dispense each year. The conversion ratio is 1MMBtu equal to 7.74 GGE.

“LFG” refers to landfill gas.

“MMBtu” refers to British thermal units.

“Renewable Power” refers to electricity generated from renewable sources.

“RNG” refers to renewable natural gas.

“D3” refers to cellulosic biofuel with a 60% GHG reduction requirement.

“RIN” refers to Renewal Identification Numbers.

“EPA” refers to Environmental Protection Agency.

About OPAL Fuels Inc.

OPAL Fuels Inc. (Nasdaq: OPAL) is a leading vertically integrated renewable fuels platform involved in the production and distribution of renewable natural gas (RNG) for the heavy-duty truck market. RNG is a proven low-carbon fuel that is rapidly decarbonizing the transportation industry now while also significantly reducing fuel costs for fleet owners. OPAL Fuels captures harmful methane emissions at the source and recycles the trapped energy into a commercially viable, lower-cost alternative to diesel fuel. The company also develops, constructs, and services RNG and hydrogen fueling stations. As a producer and distributor of carbon-reducing fuel for heavy-duty truck fleets for more than a decade, OPAL Fuels delivers complete renewable solutions to customers and production partners. To learn more about OPAL Fuels and how it is leading the effort to capture North America’s harmful methane emissions and decarbonize the transportation industry, please visit www.opalfuels.com and follow the company on LinkedIn and Twitter at @OPALFuels.

Forward-Looking Statements

Certain statements in this communication may be considered forward-looking statements within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and generally relate to future events or OPAL Fuels’ (the “Company”) future financial or other performance metrics. In some cases, you can identify forward-looking statements by terminology such as “believe,” “may,” “will,” “potentially,” “estimate,” “continue,” “anticipate,” “intend,” “could,” “would,” “project,” “target,” “plan,” “expect,” or the negatives of these terms or variations of them or similar terminology. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those expressed or implied by such forward looking statements. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. These forward-looking statements are based upon estimates and assumptions that, while considered reasonable by the Company and its management, as the case may be, are inherently uncertain and subject to material change. Factors that may cause actual results to differ materially from current expectations include various factors beyond management’s control, including but not limited to general economic conditions and other risks, uncertainties and factors set forth in the sections entitled “Risk Factors” and “Cautionary Statement Regarding Forward-Looking Statements” in the Company's quarterly report on Form 10Q filed on November 14, 2022, and other filings the Company makes with the Securities and Exchange Commission. Nothing in this communication should be regarded as a representation by any person that the forward-looking statements set forth herein will be achieved or that any of the contemplated results of such forward-looking statements will be achieved. You should not place undue reliance on forward-looking statements in this communication, which speak only as of the date they are made and are qualified in their entirety by reference to the cautionary statements herein. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based.

Disclaimer

This communication is for informational purposes only and is neither an offer to purchase, nor a solicitation of an offer to sell, subscribe for or buy, any securities, nor shall there be any sale, issuance or transfer or securities in any jurisdiction in contravention of applicable law. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.