PARIS--(BUSINESS WIRE)--Technip Energies N.V. (the "Company”) (PARIS: TE) (ISIN:NL0014559478) hereby announces that it intends to terminate the registration of its Ordinary Shares, par value €0.01 per share, and its reporting obligations under Section 15(d) of the Securities Exchange Act of 1934, as amended, with the United States Securities and Exchange Commission (the “SEC”). For this purpose, the Company intends to file with the SEC a certification under Form 15F today (November 14, 2022). Upon such filing, the Company’s reporting obligations with the SEC will be suspended immediately. The termination of the Company’s registration and reporting obligations is expected to become effective no later than 90 days after such filing if there are no objections from the SEC.

The Company will continue to publish reports it files with the Dutch Financial Markets Authority and the French Financial Markets Authority on its website (https://investors.technipenergies.com), in the English language, in accordance with Rule 12g3-2(b) under the Exchange Act.

About Technip Energies

Technip Energies is a leading Engineering & Technology company for the energy transition, with leadership positions in Liquefied Natural Gas (LNG), hydrogen and ethylene as well as growing market positions in blue and green hydrogen, sustainable chemistry and CO₂ management. The Company benefits from its robust project delivery model supported by extensive technology, products and services offering.

Operating in 34 countries, our 15,000 people are fully committed to bringing our clients’ innovative projects to life, breaking boundaries to accelerate the energy transition for a better tomorrow.

Technip Energies is listed on Euronext Paris with American depositary receipts (“ADRs”) trading over-the-counter in the United States. For further information: www.technipenergies.com.

Investor relations
Phil Lindsay
Vice-President Investor Relations
Tel: +44 207 585 5051
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Media relations
Stella Fumey
Director Press Relations & Digital Communications
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Jason Hyonne
Press Relations & Social Media Lead
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AIT-Europe teammates vote to support umbrella organization of Childhood Cancer International

AMSTERDAM--(BUSINESS WIRE)--#AITCares--Global supply chain solutions leader AIT Worldwide Logistics is proud to announce it selected Childhood Cancer International – Europe (CCI Europe) as the company’s flagship charitable alliance in its European region.

“No matter where you go around our global network, the fight to end cancer is a mission that’s near and dear to a lot of hearts at AIT, including mine,” said AIT’s Executive Chairman and CEO, Vaughn Moore. “In fact, ending cancer is one of the pillars of AIT Cares, our company’s philanthropic arm. So, the work that CCI Europe is doing makes them a perfect fit as a charitable partner for AIT.”

To achieve CCI Europe’s vision of curing children and adolescents of cancer, the non-profit collaborates with medical professionals, academics, scientists, and professionals across Europe to conduct research, establish diagnosis, treatment, and care standards, enhance survivorship, improve education and networking, and more.

“I am extremely proud that by partnering with the team at CCI Europe we’ve been able to align with AIT’s value of engaging in the communities where we live and work,” said AIT’s Vice President, Europe, Michael Völlnagel. “And it’s an honor to ally with the truly amazing team at CCI Europe, who are fully passionate about saving children’s lives.”

Völlnagel added that the AIT-Europe team has already started its first projects and steps to support CCI Europe in its fight against childhood cancer.

“The passion is already uniting us, and that’s something you could feel during our kick-off project to support this flagship alliance in September as part of the company’s regional leadership meeting in Amsterdam, building and delivering four custom foosball tables for CCI Europe to use towards their mission,” he said.

AIT-Europe teammates selected CCI Europe as their regional charitable partner, first through a nomination process in March 2022, then through a final vote in July 2022, after a vetting process.

St. Jude Children’s Research Hospital^® is AIT’s regional flagship charitable alliance for North America. In Asia, AIT-Hong Kong supports the Tung Wah Group of Hospitals, AIT-Taiwan partners with the Taiwan Cardiac Children’s Foundation and AIT-Shanghai is allied with the Aihao Children Rehab Training Center.

To learn more about CCI Europe, visit ccieurope.eu.

About AIT Worldwide Logistics

AIT Worldwide Logistics is a global freight forwarder that helps companies grow by expanding access to markets all over the world where they can sell and/or procure their raw materials, components and finished goods. For more than 40 years, the Chicago-based supply chain solutions leader has relied on a consultative approach to build a global network and trusted partnerships in nearly every industry, including aerospace, automotive, consumer retail, food, government, healthcare, high-tech, industrial and life sciences. Backed by scalable, user-friendly technology, AIT’s flexible business model customizes door-to-door deliveries via sea, air, ground and rail — on time and on budget. With expert teammates staffing more than 100 worldwide locations in Asia, Europe and North America, AIT’s full-service options also include customs clearance, warehouse management and white glove services. Learn more at www.aitworldwide.com.

Our Mission

At AIT, we vigorously seek opportunities to earn our customers’ trust by delivering exceptional worldwide logistics solutions while passionately valuing our co-workers, partners and communities.

Matt Sanders
Public Relations Manager
+1 (630) 766-8300
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800-669-4AIT (4248)
www.aitworldwide.com

Investment in European Expansion to Support New Hires and Business Growth in Key Region

NEW YORK--(BUSINESS WIRE)--#ArtificialIntelligence--Nanotronics is pleased to announce the opening of an office in Munich, Germany, led by Managing Director, Marius Fischer, who will report to Global CEO and cofounder, Dr. Matthew Putman. The new office will serve as a central European location for Applications Engineers and Sales Associates to consolidate operations and ensure the highest quality of service and support to the growing customer base in the region.

“Marius’ extensive regional experience managing customers and teams along with his expertise in quality control, semiconductor frontend process automation, and overall tech, will enable him to serve as the ideal office lead who will continue to work closely with U.S. counterparts,” said Matthew Putman. “It is critical for us to have solid support on the ground to meet demanding customer needs across Europe and the Middle East,” he continued. “We have more plans in the region and beyond and Munich is a great start.”

Nanotronics Munich will be located at GmbH Lohstr 24, Technopark II, Haus B (3. OG), 85445 Oberding, Germany.

The company will be exhibiting their unique inspection and security solutions at Booth C1.233 during SEMICON Europa in Munich on November 15-18, 2022. SEMICON Europa is the premiere event for electronics manufacturing bringing together influential participants from all stages of the electronics production process to discuss issues such as supply chain disruption, sustainability, and the most effective ways to build a responsible manufacturing future.

About Nanotronics

Nanotronics is an advanced machines and intelligence company that helps customers across the public, private, and nonprofit sectors solve for the unique inspection and process control challenges of precision manufacturing. A leading developer of optical inspection tools for the semiconductor industry, Nanotronics uses hardware and software to provide industrial-scale, high-throughput, super imaging systems. Deployed across fifteen countries and industry agnostic, Nanotronics works with leading-edge companies, from aerospace, to electronics, to healthcare, to drive up yield, reduce footprint and waste, lower costs, and speed up design iteration, while eliminating laborious manual inspections.

Sales

Learn how you can partner with Nanotronics to implement advanced solutions to increase yields and expand capacity by contacting This email address is being protected from spambots. You need JavaScript enabled to view it.

Careers

Nanotronics seeking to staff the Munich location with intellectually curious, driven tech talent. https://nanotronics.co/careers/.

Press inquiries
Jack Kerwin, Director of Strategy and Business Development
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Cecilia McLaren, Marketing and Communications Associate
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S&P Global includes EPIC Corpus Christi Crude Terminal in its Platts Dated Brent Price Assessment

HOUSTON--(BUSINESS WIRE)--EPIC Crude Holdings, LP (“EPIC Crude” or “the Company”) today announced that Platts will include the Company’s Crude Marine Terminal in Corpus Christi as a pre-approved terminal for WTI Midland crude oil in its Platts Dated Brent and Cash BFOE* Market-on-Close (“Dated Brent”) price assessment beginning with June 2023 deliveries.

Dated Brent is the world’s leading crude benchmark and a critical component of the Brent Complex which includes the trading of physically delivered oil as well as financially settled derivatives. WTI Midland will be the first non-North Sea grade of oil to be included in Dated Brent and will only reflect WTI Midland cargoes loaded from pre-approved terminals.

“EPIC is honored to be accepted by Platts to deliver WTI Midland crude oil into the Brent Complex," said Brian Freed, Chief Executive Officer of EPIC. "This addition recognizes the strict export quality grade crude oil EPIC delivers, and further highlights the strategic importance of Corpus Christi in meeting the global energy demands.”

EPIC Crude delivers up to 600,000 barrels per day of crude oil from it’s ~3.5 million barrel Robstown Terminal to export terminals and refineries in Corpus Christi and Ingleside, including EPIC’s Crude Marine Terminal capable of loading Aframax-sized tankers.

About EPIC Crude Holdings, LP

EPIC Crude Holdings, LP (“EPIC Crude”) was formed in 2017 to build and operate the EPIC Crude Oil Pipeline, a 700-mile, 30” crude oil pipeline that extends from Orla, Texas to the Port of Corpus Christi and services the Delaware, Midland, and Eagle Ford basins. The Crude Oil Pipeline is currently operating at a capacity of 600,000 barrels per day (bpd), as well as total operational storage of approximately 7,000,000 million barrels. The project includes terminals in Orla, Pecos, Crane, Wink, Midland, Hobson, and Gardendale, with connectivity to the Port of Corpus Christi, including the EPIC Marine Terminal, third-party export terminals and local refineries. EPIC Crude is backed by capital commitments from funds managed by the Private Equity Group of Ares Management Corporation (NYSE: ARES) as well as additional equity ownership by Chevron Corporation (NYSE: CVX), Kinetik Holdings Inc (NASDAQ: KNTK) and Diamondback Energy Inc (NASDAQ: FANG). For more information, visit www.epicmid.com.

EPIC Midstream Holdings, LP
David McArthur
Corporate Communications Director
(210) 446-1059
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SANTA CLARA, Calif.--(BUSINESS WIRE)--Mercuria, one of the world’s largest independent energy and commodities groups, today announced an investment in Natron Energy, the global leader in the manufacturing of sodium-ion batteries. The investment will further Natron’s development of sodium-ion battery technology as an energy storage solution for global energy markets.

Natron plans to use the funds to accelerate the production of its sodium-ion batteries, which furthers Mercuria’s continued investment in the energy transition. Natron’s Prussian blue sodium-ion technology offers higher power density, longer life, and superior safety characteristics that make it uniquely suited for applications in energy markets. The supply chain for Natron’s sodium-ion batteries requires zero lithium, cobalt, copper, nickel, or other minerals that are difficult to source.

“We are enthusiastic about our investment in Natron to advance carbon reduction initiatives,” said Jean-François Steels, Vice President of Energy Transition at Mercuria. “We look forward to working together with its team and stakeholders at Natron to advance the mass production of sodium-ion batteries, which are a needed energy transition storage solution.”

Colin Wessells, Natron Co-Founder, and CEO said, “Mercuria’s investment bolsters Natron’s expansion into oil and gas and alternative energy markets and advances carbon reduction initiatives in the oilfield and elsewhere. This is the third such investment in Natron in the last four months, consistent with market enthusiasm for our technology. Mercuria’s investment will accelerate our plans for the world’s first mass production of sodium-ion batteries.”

The Mercuria investment comes on the heels of similar investments in Natron from Liberty Energy, Inc. and Nabors Industries Ltd. earlier this year.

About Mercuria

Established in 2004, the Mercuria group is one of the largest independent energy and commodity groups in the world, bringing efficiency to the commodity value chain with technology, expertise and solutions. Mercuria’s business includes trading flows, strategic assets and structuring activities that generate more than $120 billion in turnover. The company has built upon a series of strategic acquisitions, including the physical commodities trading unit of JPMorgan Chase & Company, Noble Group’s US gas and power business and the Aegean Marine Petroleum Network, reorganized as Minerva Bunkering. It has become one of the most active players in the renewable markets with more than fifty percent of new investments dedicated to the energy transition. www.mercuria.com

About Natron Energy

Natron Energy manufactures sodium-ion battery products based on a unique Prussian blue electrode chemistry for a wide variety of industrial power applications ranging from critical backup power systems to EV fast charging and behind-the-meter applications. Natron’s mission is to transform industrial and grid energy storage markets by providing customers with lower-cost, longer-lasting, more efficient, safer batteries. Natron’s products are UL 1973 listed, offer higher power density, faster recharge, and significantly longer cycle life than incumbent technologies. Natron builds its batteries using commodity materials on existing cell manufacturing lines in Michigan, USA. Learn more about Natron and its sodium-ion technology at Natron.energy.

For Mercuria:
Matthew J. Lauer
(US) +1-703-463-1841
(CH) +41-79-172-4995
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For Natron:
Susan Bruns
(US) +1 208-472-0587
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NORTH BETHESDA, Md.--(BUSINESS WIRE)--$ESAB #ESAB--ESAB Corporation (NYSE: ESAB) (the “Company” or “ESAB”) announced today the commencement of an underwritten offering of 6,003,431 shares of its common stock currently owned by Enovis Corporation (“Enovis”), ESAB’s former parent company. ESAB is not selling any shares and will not receive any proceeds from the sale of the shares in the offering or the debt-for-equity exchange (as described below).

Prior to the closing of the offering, Enovis intends to exchange the shares of ESAB common stock to be sold in the offering for indebtedness of Enovis that will be owned by Goldman Sachs & Co. LLC or an affiliate thereof. Goldman Sachs & Co. LLC, as the selling stockholder in the offering, then intends to sell these shares of ESAB common stock to the underwriters in connection with the public offering.

Goldman Sachs & Co. LLC and Evercore ISI are acting as the joint lead book-runners for the offering and as representatives of the underwriters.

The Company has filed a shelf registration statement (including a prospectus) on Form S-1 with the U.S. Securities and Exchange Commission (the “SEC”) for the offering to which this communication relates, but such registration statement has not yet become effective. The securities may not be sold, nor may offers to buy be accepted, prior to the time that the registration statement becomes effective. Before you invest, you should read the base prospectus in that registration statement, the accompanying prospectus supplement and other documents the Company has filed with the SEC for more complete information about the Company and this offering. You may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the prospectus supplement and accompanying base prospectus relating to the offering, when available, may be obtained from Goldman Sachs & Co. LLC, Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it.; and Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, NY 10055, by telephone at (888) 474-0200 or by e-mail at This email address is being protected from spambots. You need JavaScript enabled to view it..

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

About ESAB Corporation

ESAB Corporation (NYSE: ESAB) is a world leader in fabrication and specialty gas control technology, providing our partners with advanced equipment, consumables, specialty gas control, robotics, and digital solutions which enable the everyday and extraordinary work that shapes our world.

Forward‐Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of words such as “anticipate”, “believe”, “expect”, “estimate”, “plan”, “outlook”, and “project” and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Such forward-looking statements include, but are not limited to, statements concerning the terms of the proposed public offering, the Company’s ability to consummate the proposed public offering, the Company’s plans, goals, objectives, outlook, expectations, and intentions, and other statements that are not historical or current fact. Forward-looking statements are based on the Company’s current expectations and involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements, including general risks and uncertainties such as market conditions, economic conditions, geopolitical events, changes in laws, regulations or accounting rules, fluctuations in interest rates, terrorism, wars or conflicts, major health concerns, natural disasters or other disruptions of expected business conditions. Factors that could cause the Company’s results to differ materially from current expectations include, but are not limited to, risks related to the war in Ukraine and escalating geopolitical tensions as a result of Russia’s invasion of Ukraine and the related impact on energy supplies and prices; macroeconomic conditions; supply chain disruptions; the impact of the COVID-19 global pandemic, including the rise, prevalence and severity of variants of the virus, actions by governments, businesses and individuals in response to the situation, such as the scope and duration of the outbreak, the nature and effectiveness of government actions and restrictive measures implemented in response; the impact on creditworthiness and financial viability of customers; the Company’s ability to realize the anticipated benefits of its separation from Enovis Corporation, and the financial and operating performance of the Company following the separation; other impacts on the Company’s business and ability to execute business continuity plans; and the other factors detailed in the Company’s Registration Statement on Form S-1 filed on November 14, 2022, as well as other risks discussed in the Company’s filings with the U.S. Securities and Exchange Commission.

Investor Relations:
Mark Barbalato
Vice President, Investor Relations
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Phone: 1-301-323-9098

Media:
Tilea Coleman
Vice President, Corporate Communications
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Phone: 1-301-323-9092

DUBLIN--(BUSINESS WIRE)--The "Waste Heat to Power Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

The global waste heat to power market is expected to grow from $13.44 billion in 2021 to $15.67 billion in 2022 at a compound annual growth rate (CAGR) of 16.6%. The waste heat to power market is expected to grow to $25.65 billion in 2026 at a CAGR of 13.1%.

The waste heat to power market consists of sales of waste heat to power products by entities (organizations, sole traders, and partnerships) that are involved in capturing heat discharged by an existing process and using it to create power. Waste heat is energy produced in industrial operations that are not consumed and are thus lost, thrown away, or discharged into the environment.

Steel mills, refineries, glass furnaces, and cement kilns, among other energy-intensive industrial operations, all emit hot exhaust gases and waste streams that can be used to generate power using well-established technology. It reduces pollution, equipment size, and auxiliary energy consumption.

The main types of products in waste heat to power are the steam Rankine cycle, organic Rankine cycle, and Kalina cycle. The steam Rankine cycle is a simplified thermodynamic cycle of a constant-pressure heat engine that turns some heat into mechanical work. Heat is provided externally to a closed loop in this cycle, which typically uses water (in both liquid and vapor phases) as the working fluid.

The various application includes preheating, steam, and electricity generation, among others, and are used by several sectors such as petroleum refining, cement industry, heavy metal production, chemical industry, pulp and paper, food and beverage, glass industry, others.

Europe was the largest region in the waste heat to power market in 2021. The regions covered in waste heat to power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The growth in the industrial sector is expected to propel the growth of waste heat to the power market going forward. Capital investment, labor input, financial investment, and technological innovation are the major factors influencing industrial growth. Non-metallic mineral production, petroleum refining, and heavy metal production are some of the key application areas with considerable waste heat recovery potential.

For instance, according to the U.S. Energy Information Administration, in the year 2020, the industrial sector accounted for 36% of the total United States' end-use energy consumption and 33% of total U.S. energy consumption. Also, according to new Central Statistics Office data, factory output in the non-metallic mineral products industry increased by 8.0% in February 2020 compared to February 2019.

The non-metallic mineral products industry grew faster than overall industrial output, which increased by 4.5%. Nonmetallic mineral products accounted for 4.09% of total industrial production (IIP) and contributed 0.33% to IIP growth. Therefore, the growth in the industrial sector is driving the growth of waste heat to the power market.

The development of Lead (PB) free materials for waste power recovery is a key trend in the market. Till 2020, Lead was the only major element used in waste heat recovery systems which is limiting the mass applications of waste heat. As a result, scientists are working on novel lead-free materials to recover waste heat with seemingly different qualities into a single material: the strong electrical conductivity of metals, the great thermoelectric sensitivity of semiconductors, and the poor thermal conductivity of glasses.

For instance, in February 2021, scientists from the Jawaharlal Nehru Centre for Advanced Scientific Research (JNCASR), an autonomous institution of the Department of Science and Technology (DST), Government of India, have discovered a lead-free material called Cadmium (Cd) doped Silver Antimony Telluride (AgSbTe2) that can efficiently recover electricity from 'waste heat,' signaling a paradigm shift in the thermoelectric puzzle.

In February 2021, Siemens Energy AG, a Germany-based energy company has signed an agreement with TC Energy Corporation for the commission of a waste heat-to-power plant installation in Alberta, Canada, for an undisclosed amount. As part of the deal, Siemens Energy will build and run the facility, with the possibility of TC Energy regaining ownership at a later date.

The facility would capture waste heat from a gas-fired turbine operating at a pipeline compression station and will further convert it into emissions-free power. The electricity generated will be fed back into the system, resulting in an estimated 44,000 tons of greenhouse gas reductions each year. TC Energy Corporation is a Canada-based natural gas company.

The countries covered in the waste heat to power market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.

Major players in the waste heat to power market are

• ABB Ltd.
• Amec Foster Wheeler Ltd.
• Cnbm Group
• Cochran Ltd.
• Dalian East New Energy Development Co. Ltd.
• Durr Group
• Electratherm
• E-Rational
• Forbes Marshall
• General Electric
• Getec Energie Holding GmbH
• Ihi Corp.
• Mitsubishi Power Ltd.
• Ormat Technologies
• Rentech Boiler Systems Inc.
• Siemens
• Thermax Limited
• Viessmann Limited
• Ac Boilers Spa
• Bosch Thermotechnology
• Walchandnagar

Key Topics Covered:

1. Executive Summary

2. Waste Heat to Power Market Characteristics

3. Waste Heat to Power Market Trends And Strategies

4. Impact Of COVID-19 On Waste Heat to Power

5. Waste Heat to Power Market Size And Growth

5.1. Global Waste Heat to Power Historic Market, 2016-2021, $ Billion

5.1.1. Drivers Of The Market

5.1.2. Restraints On The Market

5.2. Global Waste Heat to Power Forecast Market, 2021-2026F, 2031F, $ Billion

5.2.1. Drivers Of The Market

5.2.2. Restraints On the Market

6. Waste Heat to Power Market Segmentation

6.1. Global Waste Heat to Power Market, Segmentation By Product, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Steam Rankine Cycle
• Organic Rankine Cycle
• Kalina Cycle

6.2. Global Waste Heat to Power Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Preheating
• Steam And Electricity Generation
• Other Applications

6.3. Global Waste Heat to Power Market, Segmentation By End Use, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Petroleum Refining
• Cement Industry
• Heavy Metal Production
• Chemical Industry
• Pulp And Paper
• Food And Beverage
• Glass Industry
• Other End Uses

7. Waste Heat to Power Market Regional And Country Analysis

7.1. Global Waste Heat to Power Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

7.2. Global Waste Heat to Power Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/upf380

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Ceremony to be held at 10 am, November 17^th on Neways’ booth, Hall A1, Stand 306, Messe München, Munich, Germany

CAMBRIDGE, England & EINDHOVEN, Netherlands--(BUSINESS WIRE)--Cambridge GaN Devices (CGD), the fabless, clean-tech semiconductor company that develops a range of energy-efficient GaN-based power devices to make greener electronics possible, and Neways Electronics (Neways), the international innovator in electronics for smart mobility, semiconductor and connectivity solutions, will sign an agreement to develop high efficiency, photovoltaic solar inverter products based on gallium nitride technology at Electronica 2022.

The partnership, which was forged after the two companies met while collaborating on the European-funded GaNext project, has already borne fruit. At Electronica, both on the Neways booth, and at CGD’s booth (Hall C3, Booth 535), visitors will be able to see a demo of a 3kW photovoltaic inverter jointly developed by the two companies. Using eight CGD65A055S2 GaN transistors, this transformer-less, ultra compact design achieves a power density of 1kW/L. With a V_in of 150-350VDC, a V_out of 230VAC and a switching frequency 350kHz the design has a maximum efficiency of 99.22%.

About Cambridge GaN Devices

Cambridge GaN Devices (CGD) is a fabless semiconductor company spun-out by Professor Florin Udrea and Dr Giorgia Longobardi from Cambridge University in 2016 to exploit a revolutionary technology in power devices. Our mission is to shape the future of power electronics by delivering the most efficient and easy-to-use transistor. CGD designs, develops and commercialises GaN transistors and ICs enabling a radical step change in energy efficiency and compactness and is suitable for high volume production. CGD’s ICeGaN™ technology is protected by a strong IP portfolio which constantly grows based on the company's leading innovation skills and ambitions. In addition to the multi-million seed fund and Series A private investments, CGD has so far successfully secured four projects funded by iUK, BEIS and EU (Penta). The technical and commercial expertise of the CGD team combined with an extensive track record in the power electronics market has been fundamental in early market traction of its proprietary technology.

About Neways

Neways is an international innovator in electronics for smart mobility, connectivity and semicon solutions. With more than 50 years’ experience and strong engineering power, we are proud to act as technology innovation partner for the most demanding customers in the industry. Neways develops and produces electronics that facilitate major trends around global ESG themes. Our team of more than 2,500 specialists across the Netherlands, Germany, USA, China, Czech Republic and Slovakia enables future solutions for EV charging, electric power trains, digitizing health solutions, sustainable agriculture, producing microchips and more. www.newayselectronics.com

Andrea Bricconi, VP Business Development CGD | +49 173 2410796 This email address is being protected from spambots. You need JavaScript enabled to view it.

Freek Deelen, Head of Strategy & Communications Neways | +31 653 986 914 This email address is being protected from spambots. You need JavaScript enabled to view it.

Agency: Nick Foot, BWW Communications | This email address is being protected from spambots. You need JavaScript enabled to view it. | +44-7808-362

AUSTIN, Texas--(BUSINESS WIRE)--USA Compression Partners, LP (NYSE: USAC) (“USA Compression”) today announced that its senior management will attend the RBC Midstream and Energy Infrastructure Conference in Dallas, Texas. Senior management expects to participate in a series of meetings with members of the investment community on November 17, and presentation materials used during these meetings will be posted to USA Compression’s website on November 16. Please visit the Investor Relations section of the website at usacompression.com under “Presentations.”

About USA Compression Partners, LP

USA Compression Partners, LP is a growth-oriented Delaware limited partnership that is one of the nation’s largest independent providers of natural gas compression services in terms of total compression fleet horsepower. USA Compression partners with a broad customer base composed of producers, processors, gatherers, and transporters of natural gas and crude oil. USA Compression focuses on providing natural gas compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities, and transportation applications. More information is available at usacompression.com.

USA Compression Partners, LP
Mike Pearl, CFO
(832) 823-7306

Julie McEwen, Controller
(512) 369-1389
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KENNESAW, Ga.--(BUSINESS WIRE)--The Yamaha Marine Technical School Partnership program (TSP) added ten new schools to its growing list of participants during the last 12 months, bringing the total number to 117 nationwide. Developed in 2015, Yamaha’s TSP program aims to develop a stronger marine technician workforce through a certified curriculum, Yamaha systems access and product donations used in the classroom for hands-on training.

New program participants include: The Alaska Maritime Education Consortium (AMEC), Fairbanks, Alaska; Andover High School, Andover, Minnesota; Cape Cod Community College, West Barnstable, Massachusetts; Catawba Community College, Hickory, North Carolina; Coastal Alabama Community College, Foley, Alabama; Chapman School of Seamanship, Stuart, Florida; Ft. Myers High School, Ft. Myers, Florida; Mid-Coast School of Technology, Rockland, Maine; Salem High School, Salem, Massachusetts; and William Floyd High School, Mastic Beach, New York.

For Jennifer Castle Field, President of the legendary Chapman School of Seamanship, becoming a Yamaha Technical School Partner was a natural fit for the school.

“Our school offers students the opportunity to learn at the helm. Yamaha’s hands-on training extends our courses to outboards and further broadens the skills we can bring to the table,” said Field. “In a market full of serviceable Yamaha outboards, I can’t imagine a better company to work with as we train the next generation of marine industry experts.”

Coastal Alabama Community College represents the first Yamaha TSP in the state of Alabama. Through the program, the college, which is uniquely positioned near Orange Beach and Gulf Shores, will have the opportunity to work even closer with local marine businesses to develop a strong technician workforce in the area.

“Baldwin County, Alabama, the area we serve, attracts more than 8 million visitors a year, many of whom boat and fish,” said Josh Duplantis, Dean of Economic and Workforce Development for Coastal Alabama Community College. “By teaming up with Yamaha to bring niche programs like marine technician training courses to our college, we can better serve the businesses in our area by helping develop skills locally.”

“The need for quality technicians in this area of the country is so important,” said Matthew Judy, Marine Technical Instructor for Coastal Alabama Community College. “Through this course, we have the ability to reach students of all ages, including those in high school. When these students finish our courses and earn Yamaha Marine certifications, they enter the workforce ready to contribute and add value to the dealerships and service operations in our area.”

The facilitation and growth of Yamaha Marine’s technical school relationships led to the development of Yamaha-sponsored curricula available to technical schools for use in the classroom. The first curriculum, titled “Introduction to Outboard Systems,” (ITOS) includes textbook materials and hands-on learning experiences for students who wish to start a career as a marine industry technician. Students who successfully complete the course receive Yamaha Marine’s Introduction to Outboard Systems Certification. ITOS is a pre-requisite for Yamaha’s new Maintenance Certification Program (MCP), which is based on the 20, 100, 300, 500 and 1,000 maintenance procedures for Yamaha Outboards. MCP students will leave the Yamaha Technical School Partner with certified maintenance competencies that prepare them to be immediately profitable in Yamaha dealership service departments. Yamaha dealerships can take them on as apprentices or full-time technicians to help them continue to develop their skills.

For more information about the Yamaha Technical School Partnership program or to find a Yamaha TSP school partner near you, program, please visit ymutechs.com or contact This email address is being protected from spambots. You need JavaScript enabled to view it..

Yamaha U.S. Marine Business Unit, based in Kennesaw, Ga., markets and sells marine outboard motors ranging in size from 2.5 to 425 horsepower. It also markets and sells fiberglass, jet-drive sport boats ranging from 19 to 27 feet, and personal watercraft. The unit includes manufacturing divisions of Yamaha Marine Systems Co., Inc., including Kracor of Milwaukee (rotational molding), Bennett Marine of Deerfield Beach, Fla. (trim tabs), and Yamaha Marine Precision Propellers of Indianapolis (stainless steel propellers). Yamaha Marine Group is a division of Yamaha Motor Corporation, U.S.A., based in Cypress, Calif.

This document contains many of Yamaha's valuable trademarks. It may also contain trademarks belonging to other companies. Any references to other companies or their products are for identification purposes only and are not intended to be an endorsement.

REMEMBER to always observe all applicable boating laws. Never drink and drive. Dress properly with a USCG-approved personal floatation device and protective gear.

© 2022 Yamaha Motor Corporation, U.S.A. All rights reserved.

Nicholas Genesi
Public Relations Manager
Yamaha U.S. Marine Business Unit
Mobile: (470) 898-7278
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Neal Wheaton
Wilder+Wheaton for
Yamaha U.S. Marine Business Unit
Mobile: (404) 317-0698
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AKRON, Ohio--(BUSINESS WIRE)--$BW--Babcock & Wilcox (B&W) (NYSE: BW) announced today that its Babcock & Wilcox Construction Co., LLC (BWCC) subsidiary was awarded more than $42 million in significant upgrade and maintenance projects within the electrical utility, pulp & paper, and oil & gas segments in North America.

“We’ve seen continued strong demand for our Thermal aftermarket offerings and remain committed to supporting our customers through our portfolio of best-in-class products and services,” said Chris Riker, Senior Vice President, Thermal. “The demand for outage services, plant maintenance and parts supply is high, particularly for the North American utility and heavy industrial fleet.”

BWCC Vice President & General Manager Mike Hidas said, “We have a substantial backlog in our construction business for the months ahead and this new set of bookings further strengthens that as we head into 2023.“

“We’re pleased to provide our significant experience and expertise to meet our customers’ needs and look forward to executing these projects safely and profitably, while achieving our Target Zero safety goal of zero injuries or incidents,” Hidas said.

BWCC’s projects and services include package boiler installations, industrial boiler component replacements, repairs, maintenance and new services. BWCC also provides upgrades and enhancement services to utility customers in North America. BWCC is a single-source supplier of a full range of field construction, construction management and maintenance services with extensive experience — from large, complex projects to small unanticipated quick turnaround repair needs for any facility.

About Babcock & Wilcox

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises, Inc. is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to contracts for upgrade and maintenance projects customers in North America. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

Investor Contact:
Investor Relations
Babcock & Wilcox
704.625.4944
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Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345
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• Signs agreement with Denmark-based Euro Steel
• Enables Renewable Energy management team to focus exclusively on growing the solar business
• Reflects company’s strategy to focus on businesses that provide global capabilities, scalability and long-term shareholder value

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, today announced that the Company has entered into a definitive agreement to sell its offshore wind business to Euro Steel, a Denmark-based supplier of steel products to the European wind market. The offshore wind business, known as Valmont SM^®, was acquired in 2014. It is reported in the Renewable Energy product line in the Company’s Infrastructure segment and expected to generate approximately $100 million of revenue in fiscal 2022. The Company plans to utilize the net cash proceeds from this transaction toward repayment of short-term borrowings.

“A critical aspect of our strategy is to focus our businesses in areas where we see the highest potential for global growth, scalability and value creation,” said Stephen G. Kaniewski, Valmont President and CEO. “This transaction enables our Renewable Energy management team to focus exclusively on expanding our solar business, which has tremendous growth opportunities globally and better aligns with our strategy of delivering long-term value to our shareholders. I want to thank our Valmont SM associates for successfully facilitating the efforts to reshape the business toward more profitable growth. We are very pleased that the team will be working with a strong partner who has a shared vision to invest and grow the business to meet increasing market demand for larger turbine and structure sizes.”

The transaction will generate a GAAP diluted loss per share of approximately ($1.20) to ($1.45), nearly all due to a non-cash accumulated currency translation loss. The Company expects the transaction, which is subject to customary closing conditions, to be completed in fourth quarter 2022 and plans to reflect the EPS impact as a non-GAAP adjustment to its fourth quarter and fiscal year 2022 net earnings. No further financial details are being provided at this time.

Founded in 1988, Euro Steel Denmark supplies steel plates, beams, and other products to turbine manufacturers in European wind markets. For more information, visit their website at www.euro-steel.eu/en.

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.

Concerning Forward-Looking Statements

This release contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions that management has made in light of experience in the industries in which Valmont operates, as well as management’s perceptions of historical trends, current conditions, expected future developments and other factors believed to be appropriate under the circumstances. As you read and consider this release, you should understand that these statements are not guarantees of performance or results. They involve risks, uncertainties (some of which are beyond Valmont’s control) and assumptions. Although management believes that these forward-looking statements are based on reasonable assumptions, you should be aware that many factors could affect Valmont’s actual financial results and cause them to differ materially from those anticipated in the forward-looking statements. These factors include among other things, the continuing and developing effects of the pandemic including the effects of the outbreak on the general economy and the specific economic effects on the Company’s business and that of its customers and suppliers, risk factors described from time to time in Valmont’s reports to the Securities and Exchange Commission, as well as future economic and market circumstances, industry conditions, company performance and financial results, operating efficiencies, availability and price of raw material, availability and market acceptance of new products, product pricing, domestic and international competitive environments, geopolitical risks, and actions and policy changes of domestic and foreign governments. The Company cautions that any forward-looking statement included in this press release is made as of the date of this press release and the Company does not undertake to update any forward-looking statement.

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

DALLAS--(BUSINESS WIRE)--Granite Ridge Resources, Inc. (“Granite Ridge” or the “Company”) (NYSE:GRNT) today announced its third quarter 2022 pro forma financial and operating results.

Granite Ridge did not conduct any activity prior to its business combination with Executive Network Partnering Corporation (“ENPC”) and GREP Holdings LLC on October 24, 2022. Pursuant to the business combination, Granite Ridge acquired subsidiaries of funds managed by Grey Rock Energy Management, LLC, including Grey Rock Energy Fund III-A, LP, Grey Rock Energy Fund III-B, LP, and Grey Rock Energy Fund III-B Holdings, LP (collectively, the “Predecessor” or “Fund III”). The information provided in Granite Ridge’s Quarterly Report on Form 10-Q only reflects the financial condition and results of operations of the Predecessor.

For the purpose of presenting Granite Ridge’s third quarter results, Granite Ridge is presenting a summary of selected unaudited pro forma condensed combined operating and financial results for the three months ended September 30, 2022 and 2021, respectively, for Fund III, Grey Rock Energy Fund II, L.P., Grey Rock Energy Fund II-B, LP, Grey Rock Energy Fund II-B Holdings, L.P., and Grey Rock Energy Fund, LP (collectively the “Grey Rock Funds”), the assets of which, together with cash remaining in ENPC’s trust account following any stockholder redemptions, constitute the assets of Granite Ridge following the business combination.

Third Quarter 2022 Pro Forma Highlights

• Closed the previously announced business combination resulting in the formation of publicly traded Granite Ridge listed on the NYSE under the ticker symbol “GRNT”
• Total pro forma net income of $66 million during the third quarter and adjusted pro forma net income (non-GAAP) of $48 million during the third quarter
• Declared initial dividend of $0.08 per common share (representing a $0.11 per common share dividend for the full quarter, prorated to effective date¹)
• Third quarter total production of 21.2 MBoe per day (45% oil), up 29% from the third quarter of 2021
• Pro forma Adjusted EBITDA (non-GAAP) of $99 million during the third quarter
• Free cash flow (non-GAAP) of $25 million during the third quarter
• Total capital expenditures of $72 million during the third quarter, including $12 million of acquisition entry costs
• Producing wells added during the period were 11 gross and 0.5 net, respectively, with 24.3 net wells in process at quarter-end

Management Comments

“We are thrilled to share Granite Ridge’s initial pro forma results today, our first as a public company. Following the successful business combination of Grey Rock Funds and Executive Network Partnering Corporation, we are proud to showcase the powerful free cash flow Granite Ridge can deliver for the benefit of our shareholders,” commented Luke Brandenburg, President and CEO of Granite Ridge.

“We believe Granite Ridge is a differentiated offering in the upstream segment by providing exposure to not only the best basins, but the best operators, both public and private. Granite Ridge starts with no debt outstanding and is offering an attractive dividend yield. Combined with our non-operated acquisition strategy, Granite Ridge creates value by generating sustainable full-cycle risk adjusted returns for investors, and delivering reliable energy solutions to all – safely and responsibly.”

Summary of Combined Pro Forma Operations and Selected Financial Results

The below selected financial results have been combined and are presented as pro forma results and are reconciled in the section below.

Production

Third quarter production on average was 21.2 MBoe per day, an increase of 6% from the second quarter of 2022 and an increase of 29% from the third quarter of 2021. Oil represented 45% of total production in the third quarter. Granite Ridge had 0.5 net wells turned in-line during the third quarter of 2022, compared to 1.4 net wells turned in-line in the second quarter of 2022. The increase in production is consistent with the increase in net producing wells which increased to 124 wells as of September 30, 2022, up from 109 as of December 31, 2021. The increase in wells was primarily driven by Fund III’s acquisition of additional wells during the first nine months of 2022 and the last three months of 2021.

Realized Pricing

For the third quarter, NYMEX West Texas Intermediate (“WTI”) crude oil averaged $93.18 per Bbl, and NYMEX natural gas at Henry Hub averaged $7.95 Mcf. Granite Ridge’s average realized oil price per Bbl in the third quarter was $91.71, or 98% of WTI. Granite Ridge’s average realized natural gas price per Mcf in the third quarter was $9.24, or 116% of Henry Hub.

Operating Expenses

Lease operating costs were $12.5 million in the third quarter of 2022, or $6.58 per Boe, an increase on a per unit basis compared to the third quarter of 2021. The increase in unit costs was driven primarily by gas processing fees. Production taxes were $7.7 million in the third quarter of 2022, or $4.02 per Boe, an increase on a per unit basis compared to the third quarter of 2021. The increase in unit costs was driven primarily by the increase in prices and the related impact to production taxes.

General and Administrative Expenses

General and administrative (“G&A”) expenses were approximately $2.7 million for the third quarter of 2022, compared to $3.1 million for the third quarter of 2021. The decrease was primarily due to a decrease in professional fees, fund insurance expense and franchise tax expense.

Capital Expenditures and Development Activity

Of the 24.3 net wells that were in progress as of the end of the third quarter, 41 gross (5.5 net wells) have been brought online and converted to PDP as of November 14, 2022.

Initial Dividend

Granite Ridge’s board of directors declared a dividend of $0.08 per share of Granite Ridge’s common stock. The dividend is payable on December 15, 2022 to stockholders of record on December 1, 2022. This dividend payout is aligned with Granite Ridge’s intent to pay a minimum dividend of $60 million per year to its shareholders, which would currently equate to $0.45 per share annually or an approximate five percent dividend yield. The initial common dividend was prorated to October 24, 2022, the effective date of Granite Ridge’s business combination, resulting in a dividend of $0.08 per common share for the quarter.

Balance Sheet and Capital Resources

On October 24, 2022, Granite Ridge entered into a senior secured revolving credit agreement (the “Credit Agreement”) among Granite Ridge, as borrower, Texas Capital Bank, as administrative agent, and the lenders from time to time party thereto. The Credit Agreement has a maturity of five years from the effective date thereof and is secured by a first priority mortgage and security interest in substantially all assets of the Company and its restricted subsidiaries. The Credit Agreement provides for aggregate elected commitments of $150.0 million, an initial borrowing base of $325.0 million and an aggregate maximum revolving credit amount of $1.0 billion. On a pro forma basis, assuming the Credit Agreement was executed as of September 30, 2022, the Company would have had total liquidity of $187.1 million consisting of cash of $37.1 million and $150.0 million of unfunded, committed borrowing availability under the Credit Agreement.

Hedge Positions

Granite Ridge hedges portions of its expected production volumes to increase the predictability of its cash flow and to help maintain a strong financial position. The following tables presents Granite Ridge’s pro forma net gain/(loss) on derivative contracts for the three months ended September 30, 2022 and 2021:

Third Quarter 2022 Earnings Conference Call

A conference call is scheduled for Monday, November 14, 2022 at 11:00 a.m. Eastern Standard Time to discuss the third quarter combined pro forma results. Instructions on how to access the call and relevant accompanying disclosures are shown below.

Internet: We encourage participants to pre-register for the webcast using the following link https://events.q4inc.com/attendee/432451518. Alternatively, at www.graniteridge.com select “Investors” then “Earnings & Webcasts” to listen to the discussion and view the press release.

Telephone: Dial (888) 660-6093 (or (929) 203-0844 for international callers) and enter confirmation code 4127559 five minutes before the call. Additional disclosures are available via Granite Ridge’s internet address above.

A transcript of the conference call will be archived on Granite Ridge’s website. Alternatively, an audio replay will be available through November 28, 2022. To access the audio replay dial (800) 770-2030 and enter confirmation code 4127559.

About Granite Ridge

Granite Ridge is a scaled, non-operated oil and gas exploration and production company. We invest in a diversified portfolio of production and top-tier acreage across the Permian and four other prolific US basins in partnership with proven operators. We create value by generating sustainable full-cycle risk adjusted returns for investors, offering a rewarding experience for our team, and delivering reliable energy solutions to all – safely and responsibly. For more information, visit Granite Ridge’s website at www.graniteridge.com.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933 (the “Securities Act”) and the Securities Exchange Act of 1934 (the “Exchange Act”). All statements other than statements of historical facts included in this release regarding Granite Ridge’s dividend plans and practices, financial position, operating and financial performance, business strategy, plans and objectives of management for future operations, industry conditions, and indebtedness covenant compliance are forward-looking statements. When used in this release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future production and sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond Granite Ridge’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: the ability to recognize the anticipated benefits of the business combination, Granite Ridge’s financial performance following the business combination, changes in Granite Ridge’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospectus and plans, changes in current or future commodity prices and interest rates, supply chain disruptions, infrastructure constraints and related factors affecting our properties, expansion plans and opportunities, operational risks including, but not limited to, the pace of drilling and completions activity on our properties, changes in the markets in which Granite Ridge competes, geopolitical risk and changes in applicable laws, legislation, or regulations, including those relating to environmental matters, cyber-related risks, the fact that reserve estimates depend on many assumptions that may turn out to be inaccurate and that any material inaccuracies in reserve estimates or underlying assumptions will materially affect the quantities and present value of the Granite Ridge’s reserves, the outcome of any known and unknown litigation and regulatory proceedings, legal and contractual limitations on the payment of dividends, limited liquidity and trading of Granite Ridge’s securities, acts of war or terrorism and market conditions and global, regulatory, technical, and economic factors beyond Granite Ridge’s control, including the potential adverse effects of the COVID-19 pandemic, or another major disease, affecting capital markets, general economic conditions, global supply chains and Granite Ridge’s business and operations.

Granite Ridge has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond Granite Ridge’s control. Granite Ridge does not undertake any duty to update or revise any forward-looking statements, except as may be required by the federal securities laws.

Non-GAAP Financial Measures

Adjusted Net Income, Adjusted EBITDA and Free Cash Flow are non-GAAP measures. Granite Ridge defines Adjusted Net Income as net income (loss) excluding the change in unrealized (gain) loss on derivatives. Granite Ridge defines Adjusted EBITDA as net income before (i) income taxes, (ii) interest expense, (iii) depletion and accretion, (iv) amortization of loan origination costs and (vi) change in unrealized (gain) loss on derivative financial instruments. Granite Ridge defines Free Cash Flow as cash flows from operations before changes in working capital and other items, less capital expenditures. A reconciliation of each of these measures to the most directly comparable GAAP measure is included below.

Management believes the use of these non-GAAP financial measures provides useful information to investors to gain an overall understanding of current financial performance. Management believes Adjusted Net Income and Adjusted EBITDA provide useful information to both management and investors by excluding certain expenses and unrealized derivative gains and losses that management believes are not indicative of Granite Ridge’s core operating results. Management believes that Free Cash Flow is useful to investors as a measure of a company’s ability to internally fund its budgeted capital expenditures, to service or incur additional debt, and to measure success in creating stockholder value. In addition, these non-GAAP financial measures are used by management for budgeting and forecasting as well as subsequently measuring Granite Ridge’s performance, and management believes it is providing investors with financial measures that most closely align to its internal measurement processes. The non-GAAP financial measures included herein may be defined differently than similar measures used by other companies and should not be considered an alternative to, or more meaningful than, the comparable GAAP measures. From time to time Granite Ridge provides forward-looking Free Cash Flow estimates or targets; however, Granite Ridge is unable to provide a quantitative reconciliation of the forward looking non-GAAP measure to its most directly comparable forward looking GAAP measure because management cannot reliably quantify certain of the necessary components of such forward looking GAAP measure. The reconciling items in future periods could be significant.

The formation transactions that were completed concurrently with the business combination are is accounted for consistent with that of a common control transaction pursuant to the guidance in ASC 805-50, recognizing the assets and liabilities received in the transaction at their historical carrying amounts. Fund III has been identified as the acquirer and “predecessor” to the Company. As control of each of the Grey Rock Funds will remain with its respective general partner and there will not be a substantive economic change with respect to the Grey Rock Funds pre and post the business combination, the transactions are accounted for consistent with that of a common control transaction and the formation transactions combined the Grey Rock Funds at historical cost.

Investor and Media Contact: This email address is being protected from spambots. You need JavaScript enabled to view it. – 214.396.2850

• Electriq Power Holdings Inc. will become a publicly listed company on NYSE under the new ticker symbol, "ELIQ"
• Transaction values Electriq Power at a pro forma pre-money equity value of $495 million
• Transaction is expected to provide up to $125 million in cash proceeds
• Builds on Electriq Power’s highly differentiated end-to-end home and small business energy storage and management solution
• Addresses a large and growing addressable market in the U.S., with residential solar energy growth currently at 17 percent annually
• Delivers on recent U.S. Federal government legislation, notably Inflation Reduction Act’s solar energy incentive provision, various tax incentives, and ESG imperatives

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Electriq Power (Electriq), a provider of intelligent energy storage and management for homes and small businesses, and TLG Acquisition One Corp. (NYSE: TLGA), a publicly traded special purpose acquisition company, today announced that they have entered into a definitive merger agreement. Upon closing of the transaction, which is expected during the first half of 2023, the combined company will operate under the name Electriq Power Holdings Inc. and will be led by existing Electriq management with Mike Lawrie joining the board as Chairman. The transaction values Electriq at a pro forma pre-money equity value of $495 million, and the combined company plans to publicly trade on the NYSE under the symbol ELIQ.

Electriq, founded in 2014 in Silicon Valley, provides intelligent energy storage and management solutions for residential and small business use. In combination with rooftop solar, Electriq’s solutions provide always-available, low-cost clean energy, even during intermittent outages and inclement weather. The solutions are delivered via an innovative go-to-market model that makes solar plus storage easily accessible to all socio-economic groups, including low- and middle- income communities across the U.S. In addition to engagements with communities, from Santa Barbara and Parlier in California to Washington, D.C., and Puerto Rico, Electriq also has a broad range of industry partnerships, including a multi-billion-dollar global manufacturer, high-growth providers of turnkey microgrids, and residential solar companies.

Driven by the transition to residential solar energy, the addressable U.S. residential solar/energy storage market is large and thriving. Solar installs are forecast to grow at 17 percent per year, even before the potentially significant impact on the market of the rebates, tax credits and subsidies contained in the U.S. Federal Government’s recently enacted Inflation Reduction Act. In addition, the market is seeing accelerated attachment of energy storage to rooftop solar systems – expected to rise from 2 percent of installs in 2017 to nearly 30 percent in 2025. The combination of solar and energy storage delivers lower cost energy to homes and small businesses, provides reliable access to energy during power outages, and lessens dependence on fossil fuel-based generation.

“Electriq and TLGA together is a strategic combination for both companies, and consistent with TLGA’s continuing evaluation and pursuit of target companies,” said Mike Lawrie, Chief Executive Officer, TLGA. “Our proposed merger comes at the right time to address the rapidly growing demand in the residential solar energy storage market, technology development and innovation, consumer and provider demand, and government policy and environmental initiatives. We believe that together we can create exciting new opportunities and value for our people, customers, partners, and investors.”

“The Electriq team has achieved significant technology and customer milestones over the last two years, and we’re ready for the next step in our journey,” said Frank Magnotti, Chief Executive Officer, Electriq. “The success of our innovative residential energy storage and management platform, combined with the rapidly evolving energy ecosystem, promises exciting new growth and opportunities ahead—for our company, the evolving market, the environment, and society. We are proud of our progress and the communities we serve, and we look forward to our future with TLGA.”

Transaction Overview

The transaction values Electriq at a pro forma pre-money equity value of $495 million and is expected to provide Electriq with up to $125 million of capital to fund its growth through a combination of debt and equity. Electriq is in advanced discussions for up to $60 million of capital that includes an asset-backed revolving credit facility from a leading institutional investor, a personal convertible debt commitment of up to $8.5 million from TLGA CEO Mike Lawrie and other convertible debt to be raised before transaction close. Electriq intends to close and partially fund the revolving credit facility and the convertible debt from Mr. Lawrie before year end 2022. In addition, a meaningful number of shares will be placed into escrow to provide incentives for equity financing commitments. TLGA may also enter into a forward purchase agreement prior to transaction close to backstop redemptions for up to $100 million.

The boards of directors of both Electriq and TLGA have approved the proposed transaction, which is expected to be completed during the first half of 2023, subject to, among other things, approval by TLGA’s stockholders and satisfaction or waiver of the other conditions stated in the definitive documentation. Upon close of the transaction, Electriq’s existing shareholders will continue to own a majority of the merged company.

Additional information about the proposed transactions, including a copy of the business combination agreement, related ancillary agreements in connection with the proposed business combination, and an investor presentation, will be available in a Current Report on Form 8-K to be filed by TLGA with the Securities and Exchange Commission (SEC), which will be available on the SEC’s website at www.sec.gov.

Advisors

Truist Securities, Inc. is acting as financial advisor to TLG Acquisition One Corp and as structuring agent for the transaction. The Duff & Phelps Opinions practice of Kroll, LLC rendered a fairness opinion to TLGA. Gibson, Dunn & Crutcher LLP is acting as legal counsel to TLGA. Ellenoff Grossman & Schole LLP is acting as legal counsel to Electriq.

Webcast Details

A webcast of the presentation materials is available on NetRoadshow at 11:00 a.m. EST.
www.netroadshow.com/event/TLG2022

Important Information About the Merger and Where to Find It

This communication relates to the Business Combination involving TLG and Electriq. This communication may be deemed to be solicitation material in respect of the Business Combination. The Business Combination will be submitted to TLG’s stockholders for their consideration. In connection with the proposed merger, TLG intends to file with the SEC a registration statement on Form S-4 (the “Form S-4”) containing a registration statement/proxy statement (the “Registration Statement / Proxy Statement”) to be distributed to TLG’s stockholders in connection with TLG’s solicitation of proxies for the vote of TLG’s stockholders in connection with the proposed merger and other matters as described in such Registration Statement / Proxy Statement. The Registration Statement / Proxy Statement will also serve as the prospectus relating to the offer of the securities to be issued to Electriq’s stockholders in connection with the completion of the Business Combination. TLG also intends to file other relevant documents with the SEC regarding the Business Combination. The definitive Registration Statement / Proxy Statement will be mailed to TLG’s stockholders when available. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION WITH RESPECT TO THE BUSINESS COMBINATION, INVESTORS AND STOCKHOLDERS OF TLG AND INVESTORS AND STOCKHOLDERS OF ELECTRIQ AND OTHER INTERESTED PERSONS ARE URGED TO READ THE DEFINITIVE REGISTRATION STATEMENT / PROXY STATEMENT REGARDING THE BUSINESS COMBINATION (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND OTHER RELEVANT MATERIALS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE BUSINESS COMBINATION.

The Registration Statement / Proxy Statement, any amendments or supplements thereto and other relevant materials, and any other documents filed by TLG with the SEC, may be obtained once such documents are filed with the SEC free of charge at the SEC’s website at www.sec.gov or free of charge from TLG at https://tlgacquisitions.com/investor-relations/default.aspx or by directing a written request to TLG at 515 North Flagler Drive, Suite 520, West Palm Beach, FL 33401.

No Offer or Solicitation

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Participants in the Solicitation

TLG, Electriq and certain of their respective executive officers, directors, other members of management and employees may, under the rules of the SEC, be deemed to be “participants” in the solicitation of proxies in connection with the proposed merger. Information regarding TLG’s directors and executive officers is available in its Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on March 25, 2022 (the “Annual Report”). To the extent that holdings of TLG’s securities have changed from the amounts reported in the Annual Report, such changes have been or will be reflected on Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. These documents may be obtained free of charge from the sources indicated above. Information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be contained in the Form S-4, the Registration Statement / Proxy Statement and other relevant materials relating to the proposed merger to be filed with the SEC when they become available. Stockholders and other investors should read the Registration Statement / Proxy Statement carefully when it becomes available before making any voting or investment decisions.

Forward-Looking Statements

This press release (“Press Release”) includes “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Certain of these forward-looking statements can be identified by the use of words such as “anticipate,” “believe,” “could,” “continue,” “estimate,” “expect,” “forecast,” “intend,” “may,” “might,” “outlook,” “plan,” “possible,” “potential,” “predict,” “project,” “scheduled,” “seek,” “should,” “will,” “would” or similar expressions, but the absence of these words does not mean that a statement is not forward-looking. These statements are based on the beliefs and assumptions of the management of TLG and Electriq. Although TLG and Electriq believe that their respective plans, intentions, and expectations reflected in or suggested by these forward-looking statements are reasonable, neither TLG nor Electriq can assure you that either will achieve or realize these plans, intentions, or expectations. Forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Generally, statements that are not historical facts, including statements concerning possible or assumed future actions, business strategies, events or results of operations, and any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking statements. Forward-looking statements contained in this Press Release include, but are not limited to, statements about the ability of TLG and Electriq prior to the Business Combination, and New Electriq following the Business Combination, to: execute their business strategy, including expansions in new geographies; meet the closing conditions to the Business Combination, including approval by stockholders of TLG and Electriq on the expected terms and schedule; realize the benefits expected from the proposed Business Combination; continue to develop new energy storage systems and software-enabled services to meet constantly evolving customer demands; develop, design, and sell products and services that are differentiated from those of competitors; anticipate the impact of the COVID-19 pandemic and its effect on business and financial conditions; manage risks associated with operational changes in response to the COVID-19 pandemic; minimize supply chain risks by diversifying the sources of key product components while maintaining component acquisition costs; attract, train, and retain effective directors, officers and key technical and sales personnel; enhance future operating and financial results; comply with laws applicable to their business, including environmental, health and safety regulations and policies; stay abreast of modified or new laws and regulations applicable to their business, including any changes in technician qualification requirements or data and privacy regulation; anticipate the impact of, and respond to, new accounting standards; anticipate the significance and timing of contractual obligations; respond to the failure of customers and partners to comply with contractual obligations; manage operational risks associated with construction, utility interconnection and installation permitting; respond to fluctuations in foreign currency exchange rates and political unrest and regulatory changes in international markets from various events; deliver on contractual commitments with existing customers and convert non-binding letters of intent into binding agreements; maintain key strategic relationships with partners and customers; acquire new customers; respond to uncertainties associated with product and service development and market acceptance and adoption of solar and energy storage systems; successfully defend litigation; upgrade and maintain information technology systems; access, collect, and use personal data about consumers; protect proprietary software and enforce intellectual property rights; anticipate rapid technological changes in the energy storage industry; meet future liquidity requirements and comply with any applicable restrictive covenants related to indebtedness; maintain the listing on, or the delisting of TLG’s or New Electriq’s securities from, the NYSE or an inability to have our securities listed on the NYSE or another national securities exchange following the Business Combination; effectively respond to general economic and business conditions; obtain additional capital, including use of the debt market and third-party project financing, on acceptable terms; successfully deploy the proceeds from the Business Combination; and those factors discussed in documents of TLG filed, or to be filed, with the SEC.

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• Third quarter 2022 revenues increased 105.0% over the prior year period to €22.3 million, largely driven by a doubling of charging and services revenues.
• Total energy sold was 37.0 gigawatt hour (GWh), an increase of 81.0% over the prior-year period.
• Total number of charging sessions were 2.2 million, 36.6% higher compared to 1.6 million in the prior-year period.
• Third quarter 2022 average utilization rate¹ increased to 11.5% from 6.6%.
• Signed 10-year power purchase agreement (PPA), which is expected to begin January 1, 2023, with a major European independent renewable power producer in Germany for 25 gigawatt hours (GWh), to drastically lower and stabilize the impact of commodity price volatility.
• Implemented substantial price increases to minimize margin impact; price hikes in January, September and October of this year.
• Strong commercial activities with multiple contracts and locations signed. Backlog of ultra-fast charging ports increased by 24% in the quarter to approximately 8,400 charging ports on 1,270 sites, compared to the prior-year period.

ARNHEM, Netherlands--(BUSINESS WIRE)--Allego N.V. (“Allego” or the “Company”) (NYSE: ALLG), a leading pan-European public electric vehicle fast and ultrafast charging network, today announced its results for the third quarter of 2022.

Total revenues increased 105.0% to €22.3 million for the three months ended September 30, 2022, compared to €10.9 million in the prior-year period. Charging revenues grew 107.7% to €14.4 million. The improvement was driven by an increase in charging sessions of 2.2 million, as well as price increases to offset input costs.

Services revenue increased 102.6% to €7.9 million, compared to €3.9 million for the three months ended September 30, 2021. Services revenue was driven by the Carrefour project, which as expected, was second half of 2022 weighted and is expected to accelerate during the fourth quarter of 2022. Allego increased substantially its backlog of signed contracts ready to be rolled out with a backlog of sites reaching 1,270 premium sites representing around 8,400 ultrafast charging ports that will serve its customers.

Allego’s total energy sold in the third quarter was 37.0 GWh, which marked an increase of 81.0% over the same period in 2021. The energy sold was 100% green energy. During the third quarter, utilization rate increased by 74.5% to reach 11.5%.

Net loss for the three months ended September 30, 2022 was €(18.7) million, which was largely a reflection of the volatility in the energy markets. Net loss for the three months ended September 30, 2021 was €(80.5) million, largely driven by non-recurring, non-cash share based payments.

Operational EBITDA was €(4.2) million compared to €(1.8) million for the three months ended September 30, 2021. Operational EBITDA was adversely affected by €6.7 million of higher energy costs, partly offset by the benefits from an increase of €1.9 million from charging prices and higher income of €2.4 million from the sale of carbon credit certificates. The price increase of around 15% on average, effective October 7, 2022, and the first power purchase agreements (“PPA”) starting January 1, 2023, are expected to moderate the impact of higher energy input costs going forward.

¹ Utilization rate, a key performance measure, is defined as the number of charging sessions per charge point per day divided by a maximum number of charging sessions per charger per day of 50 (for the ultra-fast charging pole).

CEO and CFO Comments and Outlook

Allego’s Chief Executive Officer, Mathieu Bonnet, stated “I am pleased with the progress we continue to make as we near the end of our first fiscal year as a public company. The Carrefour project remains on track and has entered the second phase of the development process, as we are currently installing more than 310 new ultrafast charging ports. We have signed new important contracts all around Europe representing more than 1,800 ultrafast charging ports to be installed. As we expand and develop more sites across more jurisdictions, we believe we are very well positioned to maintain and advance our pivotal role in Europe’s EV charging infrastructure that is accelerating.”

Bonnet continued, “I am pleased to report that we have signed our first 10-year PPA with a European independent renewable power producer in Germany for 25 GWh. Sourced through a solar farm, the electricity provides our customers with 100% green energy, effective January 1, 2023. PPAs will enable us to lock in very attractive, long-term energy prices, meaningfully reducing our exposure to increases in commodity prices. As previously announced, our goal is to hedge approximately 80% of our energy input costs by 2023 by executing long-term, low-cost power contracts based on renewable power assets. The agreement represents a first step in that strategy that we are aiming to accelerate over the next months.”

Allego’s Chief Financial Officer, Ton Louwers, commented, “Our multi-pronged approach of signing PPAs, price increases, minimizing supply chain disruptions by proactively managing our European supplier partnerships, and the natural hedge that we have from income from the sale of certificates (or carbon credits) generated from the sale of green energy, has significantly reduced the risk of margin contraction to earnings. We expect to benefit from all the steps we have taken thus far and believe we are on track to achieve our long-term revenue and growth targets.”

Financial Summary:

The summary financial highlights for the three months ended September 30, 2022 are provided below:

• Total revenues: €22.3 million
• Gross Profit: €1.8 million
• Net Loss: €(18.7) million
• Operational EBITDA: €(4.2)million
• Cash Flow from Operations: €(112.3) million

Key Metrics

Guidance:

2022 Full Year Guidance Range:

• Total Revenues: €135.0 million - €155.0 million
• Energy Sold: 150 GWh – 160 GWh
• Operational EBITDA: Positive

Conference Call Information

Allego will hold a conference call for investors at 8:30 AM Eastern Time today, Monday, November 14, 2022, to discuss its results for the quarter ended September 30, 2022. Participants may access the call at 1-877-407-9716, international callers may use 1-201-493-6779 and request to join the Allego earnings call. A live webcast will also be available at https://ir.allego.eu/events-publications.

A telephonic replay of the call will be available shortly after the conclusion of the call and until Monday November 28, 2022. Participants may access the replay 1-844-512-2921, international callers may use 1-412-317-6671 and enter access code 13733903. An archived replay of the call will also be available on the investor portion of the Allego website at https://ir.allego.eu/.

About Allego

Allego delivers charging solutions for electric cars, motors, buses, and trucks, for consumers, businesses, and cities. Allego’s end-to-end charging solutions make it easier for businesses and cities to deliver the infrastructure drivers need, while the scalability of our solutions makes us the partner of the future. Founded in 2013, Allego is a leader in charging solutions, with an international charging network comprising approximately 34,000 public and private charging ports operational throughout the pan-European market – and proliferating. Our charging solutions are connected to our proprietary platform, EV-Cloud, which gives our customers and us a full portfolio of features and services to meet and exceed market demands. We are committed to providing independent, reliable, and safe charging solutions, agnostic of vehicle model or network affiliation. At Allego, we strive every day to make EV charging easier, more convenient, and more enjoyable for all.

Forward-Looking Statements

All statements other than statements of historical facts contained in this press release are forward-looking statements. Allego intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Forward looking statements may generally be identified by the use of words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,”, “project,” “forecast,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “target” or other similar expressions (or the negative versions of such words or expressions) that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, without limitation, Allego’s expectations with respect to future performance. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially, and potentially adversely, from those expressed or implied in the forward-looking statements. Most of these factors are outside Allego’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (i) changes adversely affecting Allego’s business, (ii) the price and availability of electricity, (iii) the risks associated with vulnerability to industry downturns and regional or national downturns, (iv) fluctuations in Allego’s revenue and operating results, (v) unfavorable conditions or further disruptions in the capital and credit markets, (vi) Allego’s ability to generate cash, service indebtedness and incur additional indebtedness, (vii) competition from existing and new competitors, (viii) the growth of the electric vehicle market, (ix) Allego’s ability to integrate any businesses it may acquire, (x) Allego’s ability to recruit and retain experienced personnel, (xi) risks related to legal proceedings or claims, including liability claims, (xii) Allego’s dependence on third-party contractors to provide various services, (xiii) Allego’s ability to obtain additional capital on commercially reasonable terms, (xiv) the impact of COVID-19, including COVID-19 related supply chain disruptions and expense increases, (xv) general economic or political conditions, including the armed conflict in Ukraine and (xvi) other factors detailed under the section entitled “Risk Factors” in Allego’s filings with the Securities and Exchange Commission. The foregoing list of factors is not exclusive. If any of these risks materialize or Allego’s assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Allego presently does not know or that Allego currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Allego’s expectations, plans or forecasts of future events and views as of the date of this press release. Allego anticipates that subsequent events and developments will cause Allego’s assessments to change. However, while Allego may elect to update these forward-looking statements at some point in the future, Allego specifically disclaims any obligation to do so, unless required by applicable law. These forward-looking statements should not be relied upon as representing Allego’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

FINANCIAL INFORMATION; NON-IFRS FINANCIAL MEASURES

Some of the financial information and data contained in this press release, such as EBITDA and Operational EBITDA, have not been prepared in accordance with Dutch generally accepted accounting principles, United States generally accepted accounting principles or the International Financial Reporting Standards (“IFRS”). We define (i) EBITDA as earnings before interest expense, taxes, depreciation and amortization and (ii) Operational EBITDA as EBITDA further adjusted for reorganization costs, certain business optimization costs, lease buyouts, and transaction costs. Allego believes that the use of these non-IFRS measures of financial results provide useful information to management and investors regarding certain financial and business trends relating to Allego’s financial condition and results of operations. Allego’s management uses these non-IFRS measures for trend analyses, for purposes of determining management incentive compensation and for budgeting and planning purposes. Allego believes that the use of these non-IFRS financial measures provides an additional tool for investors to use in evaluating projected operating results and trends and in comparing Allego’s financial measures with other similar companies, many of which present similar non-IFRS financial measures to investors. Management does not consider these non-IFRS measures in isolation or as an alternative to financial measures determined in accordance with IFRS. The principal limitation of these non-IFRS financial measures is that they exclude significant expenses and income that are required by IFRS to be recorded in Allego’s financial statements. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which expense and income are excluded or included in determining these non-IFRS financial measures. In order to compensate for these limitations, management presents non-IFRS financial measures in connection with IFRS results, and reconciliations to the most directly comparable IFRS measure are provided in this press release.

Historical Key Metrics

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HOUSTON--(BUSINESS WIRE)--Cheniere Energy Partners, L.P. (“Cheniere Partners”) (NYSE American: CQP) announced today that its subsidiary, Sabine Pass Liquefaction, LLC (“SPL”), intends to offer, subject to market and other conditions, $430 million principal amount of Senior Secured Amortizing Notes due 2037 (the “SPL 2037 Notes”).

SPL intends to use the gross proceeds from the offering, together with cash on hand, to redeem $500 million in aggregate principal amount of SPL’s outstanding senior secured notes due 2023 (the “SPL 2023 Notes”). This press release does not constitute an offer to purchase or a solicitation of an offer to sell the SPL 2023 Notes or a notice of redemption under the indenture governing the SPL 2023 Notes. The SPL 2037 Notes will rank pari passu in right of payment with all existing and future senior secured indebtedness of SPL, including its outstanding senior secured notes due 2023, senior secured notes due 2024, senior secured notes due 2025, senior secured notes due 2026, senior secured notes due 2027, senior secured notes due 2028, senior secured notes due 2030, existing senior secured notes due 2037 and its obligations under its working capital facility.

The offer of the SPL 2037 Notes has not been registered under the Securities Act of 1933, as amended (the "Securities Act") and the SPL 2037 Notes may not be offered or sold in the United States absent registration under the Securities Act or an applicable exemption from the registration requirements of the Securities Act. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements.” All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere Partners’ financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding Cheniere Partners’ anticipated quarterly distributions and ability to make quarterly distributions at the base amount or any amount, (iii) statements regarding regulatory authorization and approval expectations, (iv) statements expressing beliefs and expectations regarding the development of Cheniere Partners’ LNG terminal and liquefaction business, (v) statements regarding the business operations and prospects of third-parties, (vi) statements regarding potential financing arrangements, and (vii) statements regarding future discussions and entry into contracts. Although Cheniere Partners believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere Partners’ actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere Partners’ periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere Partners does not assume a duty to update these forward-looking statements.

Cheniere Energy Partners, L.P.

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Third Quarter 2022 Financial Highlights

• Revenues of $30.4 million during third quarter 2022, an increase of 51% over third quarter 2021
• GAAP net loss of $96.6 million, as compared to third quarter 2021 net loss of $1.3 million driven by a $102.0 million non-cash loss from fair value remeasurement of both warrants and alignment shares
• Adjusted EBITDA* of $19.4 million, an increase of 66% over third quarter 2021
• Adjusted EBITDA margin* of 64%
• Ending unrestricted cash balance of $290.9 million

Recent Business Highlights

• Increased portfolio by approximately 100 MW since second quarter including 88 MW acquired from D.E. Shaw Renewable Investments (DESRI)
• Operating portfolio now serving customers across 22 states
• Obtained commitments for revolving credit facility of up to $200 million
• Completed redemption of all outstanding public and private warrants
• Generated 139 thousand megawatt hours of clean, locally sited electricity during third quarter
• Avoided over 300,000 metric tons of CO2 equivalent over the last twelve months when compared to utility power¹

STAMFORD, Conn.--(BUSINESS WIRE)--Altus Power, Inc. (NYSE: AMPS) (“Altus Power” or the “Company”), a premier commercial-scale clean electrification company, today announced its financial results for the third quarter of 2022.

“We are thrilled to be reporting our best quarter ever in terms of revenue and adjusted EBITDA. During the third quarter we took steps to significantly expand our operating portfolio of commercial-scale solar assets, which contribute to our profitable growth," commented Gregg Felton, Co-CEO of Altus Power. "We are pleased to welcome all of these new long-term customers to Altus Power and look forward to expanding our relationships."

"This quarter's performance illustrates our determination to grow profitably in a challenging market environment," added Lars Norell, Co-CEO of Altus Power. "Our construction team is working in close collaboration with CBRE Project Management to move additional assets into construction throughout the United States.”

Third Quarter Financial Results

Operating revenues during the third quarter of 2022 totaled $30.4 million, compared to $20.1 million during the same period of 2021, an increase of 51%. The increase reflects the growth of megawatts installed over the past twelve months. Third quarter 2022 GAAP net loss totaled $96.6 million, compared to net loss of $1.3 million for the same period last year. The increase in net loss during the quarter was driven by the $102.0 million loss from remeasurement of both warrants and alignment shares. This remeasurement is non-cash and is driven by the appreciation of Altus Power common share price between June 30, 2022, and September 30, 2022. Both the warrants and alignment shares are revalued quarterly according to our share price at the end of each quarter.

Adjusted EBITDA* during the third quarter of 2022 was $19.4 million, compared to $11.7 million for the third quarter of 2021, a 66% increase. The quarter over quarter growth in adjusted EBITDA* is primarily the result of increased revenue from additional solar energy facilities, partially offset by an increase in our general and administrative expenses. Adjusted EBITDA margin* during the third quarter of 2022 was 64%.

Closing of DESRI Portfolios

Altus Power announced today that the company has closed on the purchase of approximately 88 MWs of operating solar assets from D.E. Shaw Renewable Investments, L.L.C. (DESRI) which were previously under definitive agreements as announced on September 27, 2022.

Balance Sheet and Liquidity

Altus Power ended the third quarter of 2022 with $290.9 million in unrestricted cash and cash equivalents, and $545.0 million of total debt. The Company expects to fund its operations using available cash, additional borrowings under its debt facilities and third-party tax equity financing.

New Revolving Credit Facility

Today Altus Power announced it has obtained commitments with a syndicate of banks for up to $200 million revolving credit facility. This facility is expected to maximize the Company's financial flexibility and enhance its liquidity. The company is currently in the process of definitive documentation and will update the market if and when completed.

Completed Warrant Redemption

As announced on October 20, 2022 the Company completed redemption of all of its outstanding public and private warrants in exchange for a total of 4,058,845 shares of Class A Common Stock and net cash proceeds of $83,061. In connection with the redemption, the Public Warrants ceased trading on the New York Stock Exchange on October 14, 2022 and were delisted. Please refer to the Companies press releases announcing the offering on September 15, 2022, completion of the offering on October 20, 2022 as well as our Warrant Holder redemption notice and Warrant Holder FAQ documents for additional information.

2022 Guidance

Altus Power's 2022 adjusted EBITDA* is expected to be near the low-end of its previous guidance. The primary driver for the revision to the company's adjusted EBITDA* outlook was the extended time to close its previously announced acquisition, which has now been completed. The Company's expectation for 2022 adjusted EBITDA margin* remains unchanged in the mid-50% range.

Use of Non-GAAP Financial Information

*Denotes Non-GAAP financial measure. We present our operating results in accordance with accounting principles generally accepted in the U.S. (“GAAP”). We believe certain financial measures, such as adjusted EBITDA and adjusted EBITDA margin provide users of our financial statements with supplemental information that may be useful in evaluating our business. The presentation of non-GAAP financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP.

We define adjusted EBITDA as net income (loss) plus net interest expense, depreciation, amortization and accretion expense, income tax expense, acquisition and entity formation costs, non-cash compensation expense, and excluding the effect of certain non-recurring items we do not consider to be indicative of our ongoing operating performance such as, but not limited to, gain on fair value remeasurement of contingent consideration, gain on disposal of property, plant and equipment, change in fair value of redeemable warrant liability, change in fair value of alignment shares, loss on extinguishment of debt, and other miscellaneous items of other income and expenses.

We define adjusted EBITDA margin as adjusted EBITDA divided by operating revenues.

Adjusted EBITDA and adjusted EBITDA margin are non-GAAP financial measures that we use to measure our performance. We believe that investors and analysts also use adjusted EBITDA in evaluating our operating performance. This measurement is not recognized in accordance with GAAP and should not be viewed as an alternative to GAAP measures of performance. The GAAP measure most directly comparable to adjusted EBITDA is net income and to adjusted EBITDA margin is net income over operating revenues. The presentation of adjusted EBITDA and adjusted EBITDA margin should not be construed to suggest that our future results will be unaffected by non-cash or non-recurring items. In addition, our calculation of adjusted EBITDA and adjusted EBITDA margin are not necessarily comparable to adjusted EBITDA as calculated by other companies and investors and analysts should read carefully the components of our calculations of these non-GAAP financial measures.

We believe adjusted EBITDA is useful to management, investors and analysts in providing a measure of core financial performance adjusted to allow for comparisons of results of operations across reporting periods on a consistent basis. These adjustments are intended to exclude items that are not indicative of the ongoing operating performance of the business. Adjusted EBITDA is also used by our management for internal planning purposes, including our consolidated operating budget, and by our board of directors in setting performance-based compensation targets. Adjusted EBITDA should not be considered an alternative to but viewed in conjunction with GAAP results, as we believe it provides a more complete understanding of ongoing business performance and trends than GAAP measures alone. Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our results as reported under GAAP.

Altus Power does not provide GAAP financial measures on a forward-looking basis because the Company is unable to predict with reasonable certainty and without unreasonable effort, items such as acquisition and entity formation costs, gain on fair value remeasurement of contingent consideration, change in fair value of redeemable warrant liability, change in fair value of alignment shares. These items are uncertain, depend on various factors, and could be material to Altus Power’s results computed in accordance with GAAP.

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 24^th, 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.

Conference Call Information

The Altus Power management team will host a conference call to discuss its third quarter 2022 financial results later this morning at 8:30 a.m. Eastern Time. The call can be accessed via a live webcast accessible on the Events & Presentations page in the Investor Relations section of Altus Power's website at https://investors.altuspower.com/overview/default.aspx. An archive of the webcast will be available after the call on the Investor Relations section of Altus Power's website as well.

About Altus Power, Inc.

Altus Power, based in Stamford, Connecticut, is a premier commercial-scale clean electrification company serving commercial, industrial, public sector and community solar customers with end-to-end solutions. 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.