DUBLIN--(BUSINESS WIRE)--The "Maritime Safety System Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

The global maritime safety system market is expected to grow from $17.66 billion in 2021 to $18.40 billion in 2022 at a compound annual growth rate (CAGR) of 4.19%. The marine safety system market is expected to grow to $24.62 billion in 2026 at a compound annual growth rate (CAGR) of 7.56%.

The main types of systems include ship security reporting system, automatic identification system (AIS), global maritime distress safety system (GMDSS), long range tracking and identification (LRIT) system, vessel monitoring and management system, other systems (automated manifest system (AMS), and automated mutual assistance vessel rescue system (AMVER). Security reporting system refers to electric systems used to prevent or abate potential risks in ships by taking less hazardous processes programs to reduce injuries and property loss. The maritime safety systems are used for loss prevention and detection, security management, counter piracy, coastal monitoring, safety of ship, pollution prevention and response (PPR) management. They used by government institutions, oil & gas, marine & construction, shipping & transportation, cargos & containers, other end-users.

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

The growing maritime trade and transportation are expected to propel the maritime safety system market. The increased well-being of consumers leads to increased production. The lower emissions on long voyages, maritime trade, and transportation assist producers in remaining competitive. The volume of products moved on a single trip is greater, making sea transport more cost-effective and environmentally friendly than other methods of shipping goods over long distances. For instance, In April 2019, a report published by the Organisation for Economic Co-operation and Development projected a significant increase in a variety of ocean economic activities by 2030. According to estimates, the worldwide value generated by ocean-based industries could double from $1.5 trillion in 2010 to $ 3 trillion in 2030. Therefore, the rising maritime trade and transportation will drive the maritime safety system.

Technology developments such as AI, IoT are a key trend gaining popularity in the maritime safety system market. For a long time, the key technology of marine safety and systems has remained unchanged. However, the rising number of accidents, terrorism, and other components is now subject to many changes created within maritime safety and security by involving AI, IoT, Big Data, digital route management, innovative defense technology, integrated control systems, and others.

For instance, In December 2020, Iridium Communications, satellite communications company, has introduced its GMDSS service that is embedded with a strong network of 66 cross-linked Low Earth Orbit (LEO) satellites which provide low latency, high-quality, and real-time voice and data connections across the entire system, including seas and polar regions.

Markets Covered:

1) By System: Ship Security Reporting System; Automatic Identification System (AIS); Global Maritime Distress Safety System (GMDSS); Long Range Tracking and Identification (LRIT) System; Vessel Monitoring and Management System; Other Systems

2) By Application: Loss prevention and detection; Security management; Counter piracy; Coastal monitoring; Safety of ship; Pollution Prevention and Response (PPR) management

3) By End User: Government Institutions; Oil & Gas; Marine & construction; Shipping & Transportation; Cargos & containers; Other End-Users

Key Topics Covered:

1. Executive Summary

2. Maritime Safety System Market Characteristics

3. Maritime Safety System Market Trends And Strategies

4. Impact Of COVID-19 On Maritime Safety System

5. Maritime Safety System Market Size And Growth

6. Maritime Safety System Market Segmentation

7. Maritime Safety System Market Regional And Country Analysis

8. Asia-Pacific Maritime Safety System Market

9. China Maritime Safety System Market

10. India Maritime Safety System Market

11. Japan Maritime Safety System Market

12. Australia Maritime Safety System Market

13. Indonesia Maritime Safety System Market

14. South Korea Maritime Safety System Market

15. Western Europe Maritime Safety System Market

16. UK Maritime Safety System Market

17. Germany Maritime Safety System Market

18. France Maritime Safety System Market

19. Eastern Europe Maritime Safety System Market

20. Russia Maritime Safety System Market

21. North America Maritime Safety System Market

22. USA Maritime Safety System Market

23. South America Maritime Safety System Market

24. Brazil Maritime Safety System Market

25. Middle East Maritime Safety System Market

26. Africa Maritime Safety System Market

27. Maritime Safety System Market Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions In The Maritime Safety System Market

29. Maritime Safety System Market Future Outlook and Potential Analysis

30. Appendix

Companies Mentioned

• Raytheon Anschutz
• Honeywell
• Elbit Systems
• Saab Group
• OSI Maritime Systems

For more information about this report visit https://www.researchandmarkets.com/r/o29o9y

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Appoints Anthony Rabb as CFO

WILSONVILLE, Ore.--(BUSINESS WIRE)--ESS Tech, Inc. (“ESS,” “ESS, Inc.” or the “Company”) (NYSE:GWH), a leading manufacturer of long-duration iron flow batteries for commercial and utility-scale energy storage applications, today announced financial results for its third quarter of 2022 ended September 30, 2022.

“In the third quarter, the team at ESS executed well and gained traction across multiple fronts of the business. First, I’m pleased with the rapid progress we have made in expediting the time between product shipment and revenue recognition, allowing us to recognize revenue on an Energy Warehouse™ unit in less than three months. We are currently installing our fully-automated manufacturing line and expect it to become fully operational before the end of the year, which should bring our annual production capacity to more than 750 MWh. In addition, we have already cut the labor input to Energy Warehouses by half compared to the start of the year and expect further progress by the end of the year. These significant improvements in operational efficiency speak volumes as to the strength of the team we are building at ESS,” said Eric Dresselhuys, CEO of ESS.

“With the recent signing into law of the Inflation Reduction Act, the value proposition of our long-duration energy storage solutions has never been clearer and we are excited to capitalize on the opportunity it presents. We are seeing accelerating demand among customers and, in the third quarter, announced a transformative deal with the Sacramento Municipal Utility District to supply up to 2 GWh of long-duration energy storage over the next five years in order to support their 2030 Zero Carbon Plan.”

Appointment of Anthony Rabb as Chief Financial Officer

ESS announced the appointment of Anthony Rabb as Chief Financial Officer, replacing Amir Moftakhar who will remain with the company in an advisory role through at least the end of the year.

Mr. Rabb brings a wealth of experience to ESS, having most recently served as CFO of Total Safety, the global leader in providing industrial safety services to the refinery, petrochem, utility and transportation, and others, having begun his career at General Electric.

“We are delighted to have Tony join ESS at this very exciting time in our Company’s growth,” said Eric Dresselhuys, CEO of ESS. “Tony’s experience working across global markets, the energy sector and high growth industries make him a great match for ESS. We appreciate Amir’s many contributions to ESS, are grateful for his extended help in transition and wish him the all the best in his future endeavors.”

Recent Business Highlights

• On August 26, Vince Canino was named Chief Operating Officer of ESS.

• Began installing our fully-automated manufacturing line in the third quarter, which should increase our annual production capacity to over 750 MWh. The fully-automated manufacturing line is expected to be operational before year end.

• Recognized $189 thousand in revenue in the third quarter on one Energy Warehouse™ that was delivered to partner TerraSol Energies in the second quarter. This unit was deployed by Sycamore International, a technology recycling firm in Pennsylvania, where it complements a solar installation to provide business continuity and energy cost savings. TerraSol has also contracted for a second Energy Warehouse™ at the Sycamore International site to double their storage capacity.

• In the third quarter, announced an agreement with the Sacramento Municipal Utility District (SMUD) to supply up to 2 GWh of long-duration energy storage over the next five years in the form of Energy Warehouses™ and Energy Centers™. These are expected to begin shipping next year and will support SMUD’s 2030 Zero Carbon Plan. As part of this multi-year agreement, ESS also intends to set up facilities for battery system assembly, operations and maintenance support and project delivery in Sacramento, creating local, high-paying jobs. In addition, ESS and SMUD plan to team up with local colleges and universities to establish a Center of Excellence to expand and train the workforce that will be needed to support long-duration energy storage technology.

Conference Call Details

ESS will hold a conference call on Thursday, November 3, 2022 at 5:00 p.m. EDT to discuss financial results for its third quarter 2022 ended September 30, 2022.

Interested parties may join the conference call beginning at 5:00 p.m. EDT on Thursday, November 3, 2022 via telephone by calling (833) 927-1758 in the U.S., or for international callers, by calling +1 (929) 526-1599 and entering conference ID 121282. A telephone replay will be available until November 10, 2022, by dialing (866) 813-9403 in the U.S., or for international callers, +44 (204) 525-0658 with conference ID 024057. A live webcast of the conference call will be available on ESS’ Investor Relations website at http://investors.essinc.com/.

A replay of the call will be available via the web at http://investors.essinc.com/.

About ESS, Inc.

At ESS (NYSE: GWH), our mission is to accelerate global decarbonization by providing safe, sustainable, long-duration energy storage that powers people, communities and businesses with clean, renewable energy anytime and anywhere it’s needed. As more renewable energy is added to the grid, long-duration energy storage is essential to providing the reliability and resiliency we need when the sun is not shining and the wind is not blowing.

Our technology uses earth-abundant iron, salt and water to deliver environmentally safe solutions capable of providing up to 12 hours of flexible energy capacity for commercial and utility-scale energy storage applications. Established in 2011, ESS Inc. enables project developers, independent power producers, utilities and other large energy users to deploy reliable, sustainable long-duration energy storage solutions. For more information visit www.essinc.com.

Use of Non-GAAP Financial Measures

In this press release, the Company includes Non-GAAP Operating Expenses and Adjusted EBITDA, which are non-GAAP performance measures that the Company uses to supplement its results presented in accordance with U.S. GAAP. As required by the rules of the Securities and Exchange Commission (“SEC”), the Company has provided herein a reconciliation of the non-GAAP financial measures contained in this press release to the most directly comparable measures under GAAP. The Company’s management believes Non-GAAP Operating Expenses and Adjusted EBITDA are useful in evaluating its operating performance and are similar measures reported by publicly-listed U.S. companies, and regularly used by securities analysts, institutional investors, and other interested parties in analyzing operating performance and prospects. By providing these non-GAAP measures, the Company’s management intends to provide investors with a meaningful, consistent comparison of the Company’s profitability for the periods presented. Adjusted EBITDA is not intended to be a substitute for net income/loss or any U.S. GAAP financial measure and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry. Further, Non-GAAP Operating Expenses are not intended to be a substitute for GAAP Operating Expenses or any U.S. GAAP financial measure and, as calculated, may not be comparable to other similarly titled measures of performance of other companies in other industries or within the same industry. For guidance purposes, the Company is not providing a quantitative reconciliation of forecasted non-GAAP operating expenses in reliance on the “unreasonable efforts” exception for forward-looking non-GAAP measures set forth in SEC rules because certain financial information is not available and cannot be reasonably estimated without unreasonable effort and expense.

The Company defines and calculates Non-GAAP Operating Expenses as GAAP Operating Expenses adjusted for stock-based compensation and other special items determined by management as they are not indicative of business operations. The Company defines and calculates Adjusted EBITDA as net loss before interest, other non-operating expense or income, (benefit) provision for income taxes, and depreciation, and further adjusted for stock-based compensation and other special items determined by management, including, but not limited to, fair value adjustments for certain financial liabilities associated with debt and equity transactions as they are not indicative of business operations.

Forward-Looking Statements

This communication contains certain forward-looking statements, including statements regarding ESS and its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intends”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “should”, “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Examples of forward-looking statements include, among others, statements regarding the Company’s manufacturing plans, the Company’s order and sales pipeline, the Company’s ability to execute on orders, the Company’s ability to effectively manage costs and the Company’s partnerships with third parties such as SMUD. These forward-looking statements are based on ESS’ current expectations and beliefs concerning future developments and their potential effects on ESS. Many factors could cause actual future events to differ materially from the forward-looking statements in this communication. There can be no assurance that the future developments affecting ESS will be those that we have anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond ESS control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, which include, but are not limited to, continuing supply chain issues; delays, disruptions, or quality control problems in the Company’s manufacturing operations; the Company’s ability to hire, train and retain an adequate number of manufacturing employees; issues related to the shipment and installation of the Company’s products; issues related to customer acceptance of the Company’s products; issues related to the Company’s partnership with third parties; inflationary pressures; and the Company’s need to achieve significant business growth to achieve sustained, long-term profitability. Except as required by law, ESS is not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Investors:
Erik Bylin
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Media:
Morgan Pitts
+1 (503) 568-0755
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IRVING, Texas--(BUSINESS WIRE)--ExxonMobil said today that Jim Chapman has been appointed vice president, Tax and Treasurer, effective November 28, 2022. Chapman replaces Jaime Spellings, who has elected to retire after 31 years of service with the company.

“We welcome Jim Chapman to the company, and look forward to working with him. Jim brings a breadth of capital market and functional experience that we will put to good use as we continue to position ExxonMobil for a leading role through the energy transition,” said Kathy Mikells, ExxonMobil senior vice president and chief financial officer. “We thank Jaime for more than three decades of service to ExxonMobil and wish him all the best in his retirement.”

Chapman joins ExxonMobil from Dominion Energy, Inc. where he served as executive vice president and chief financial officer since 2018. He previously held the role of senior vice president and treasurer at Dominion. He also held several senior finance positions at Barclays Investment Bank and Lehman Brothers in Asia and the United States. Chapman began his career with Ernst & Young in Russia. He earned a bachelor’s degree in history and political science from Auburn University and a master’s of business from the University of Virginia’s Darden School of Business.

Spellings was appointed general tax counsel in 2010 and was elected vice president of Tax and Treasurer’s in 2020. He joined Exxon Company USA in 1991 and has held managerial positions with increasing responsibility in finance, tax and planning, including assignments in the U.S., United Kingdom and Thailand. Spellings graduated from University of Pennsylvania Wharton School of Business with a bachelor’s degree in business and economics, and he earned a J.D. from the University of Texas at Austin.

About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor.

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WARRENVILLE, Ill.--(BUSINESS WIRE)--Fuel Tech, Inc. (NASDAQ: FTEK), a technology company providing advanced engineering solutions for the optimization of combustion systems, emissions control and water treatment in utility and industrial applications, today announced the receipt of multiple air pollution control (APC) contracts from new and existing customers in the US. These awards support natural gas and coal-fired projects serving various end markets, and have an aggregate value of approximately $2.7 million.

An order was received in the US for two ULTRA^® systems to be installed on natural gas-fired package boiler units at a medical facility on the West Coast. Fuel Tech’s ULTRA process provides for the safe and cost-effective on-site conversion of urea to ammonia for use as a reagent where Selective Catalytic Reduction (SCR) is used to reduce NO_x, eliminating the hazards associated with the transport, storage and handling of anhydrous or aqueous ammonia. Deliveries are expected to be completed in the second quarter of 2023.

Three additional orders in the US were received for ULTRA systems. The first contract was for an ULTRA system deployed on a natural gas-fired turbine at a university on the West Coast. Delivery is expected in the first quarter of 2023. The second ULTRA order was for an industrial unit firing natural gas at a chemical production facility in the Southeast. This system is expected to be delivered in the second quarter of 2023. The third order was for an ULTRA system on a coal-fired unit in the Western US; this is the second ULTRA system at that site, with delivery expected in the third quarter of 2023.

The final contract was received from an existing customer for engineering services in advance of a potential Selective Non-Catalytic Reduction (SNCR) system for a coal-fired unit in the Midwest. Fuel Tech’s SNCR technology is a proven solution for utility and industrial combustion unit owners looking to comply with more stringent NO_x control requirements. The potential SNCR system is being driven by the proposed EPA Good Neighbor Rule, which is expected to finalize in the first quarter of 2023. Engineering work is expected to be completed by the fourth quarter of 2022.

Vincent J. Arnone, President and Chief Executive Officer, commented, “We are pleased to announce these contract awards which represent continued growth of Fuel Tech’s ULTRA technology solution that can address a wide range of end markets. We are excited to see activity from both new customers and existing end users. Additionally, the future NOx reduction requirements generated by the EPA proposal to create a next phase of the Cross State Air Pollution Rule to meet the Good Neighbor provision of the Clean Air Act could create a number of opportunities for both SNCR and SCR technology over the next several years. We are continuing to support potential customers as they assess their need for additional NOx reduction.”

About Fuel Tech

Fuel Tech develops and commercializes state-of-the-art proprietary technologies for air pollution control, process optimization, water treatment, and advanced engineering services. These technologies enable customers to operate in a cost-effective and environmentally sustainable manner. Fuel Tech is a leader in nitrogen oxide (NO_x) reduction and particulate control technologies and its solutions have been in installed on over 1,200 utility, industrial and municipal units worldwide. The Company’s FUEL CHEM^® technology improves the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units by controlling slagging, fouling, corrosion and opacity.

Water treatment technologies include DGI™ Dissolved Gas Infusion Systems which utilize a patented channel injector to deliver supersaturated oxygen solutions and other gas-water combinations to target process applications or environmental issues. This infusion process has a variety of applications in the water and wastewater industries, including remediation, aeration, biological treatment and wastewater odor management. Many of Fuel Tech’s products and services rely heavily on the Company’s exceptional Computational Fluid Dynamics modeling capabilities, which are enhanced by internally developed, high-end visualization software. For more information, visit Fuel Tech’s web site at www.ftek.com.

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” as defined in Section 21E of the Securities Exchange Act of 1934, as amended, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and reflect Fuel Tech’s current expectations regarding future growth, results of operations, cash flows, performance and business prospects, and opportunities, as well as assumptions made by, and information currently available to, our management. Fuel Tech has tried to identify forward-looking statements by using words such as “anticipate,” “believe,” “plan,” “expect,” “estimate,” “intend,” “will,” and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on information currently available to Fuel Tech and are subject to various risks, uncertainties, and other factors, including, but not limited to, those discussed in Fuel Tech’s Annual Report on Form 10-K in Item 1A under the caption “Risk Factors,” and subsequent filings under the Securities Exchange Act of 1934, as amended, which could cause Fuel Tech’s actual growth, results of operations, financial condition, cash flows, performance and business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Fuel Tech undertakes no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances or for any other reason. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those detailed in Fuel Tech’s filings with the Securities and Exchange Commission.

Vince Arnone
President and Chief Executive Officer
(630) 845-4500

Devin Sullivan
Senior Vice President
The Equity Group Inc.
(212) 836-9608

• 10 Winners to be announced at Awards Ceremony in January 2023 across the categories of Health, Food, Energy, Water and Global High Schools
• 4,538 submissions from 152 countries, marking a 13% increase in entries compared to the previous cycle

ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--The Zayed Sustainability Prize, the UAE's pioneering global award for recognising excellence in sustainability, held its Jury meeting to elect winners for its current 2023 cycle, who will be announced during the Prize’s Awards Ceremony at the 2023 Abu Dhabi Sustainability Week (ADSW), this January.

A total of 30 finalists were confirmed and are now in competition for the 10 awards, across the five categories of Health, Food, Energy, Water, and Global High Schools. This year, the Prize received a record 4,538 applications, marking a 13% increase in entries compared to the previous cycle, while attracting submissions from 152 countries.

The Prize Jury, comprising former heads of state, UAE government ministers, and international business figures, met in Abu Dhabi in October to review the shortlisted submissions identified by the Prize’s Selection Committee.

Remarking on the announcement of the finalists, H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Director General of the Zayed Sustainability Prize, said: “The late Sheikh Zayed bin Sultan Al Nahyan instilled in the UAE a commitment to inclusive sustainable and humanitarian development, and the Zayed Sustainability Prize continues to honour his legacy by turning this commitment into action. For the past 14 years, the Prize has accelerated the deployment of practical yet sustainable solutions that have positively transformed the lives of over 370 million people.”

“The Zayed Sustainability Prize has played an important role in supporting the UAE's vision to drive inclusive climate action. The Prize will continue to amplify the UAE’s track record of supporting sustainable innovation across the world and driving progress toward empowering entities and schools who are contributing to global development,” he added.

Many of this year’s finalists proposed sustainable solutions that tackle environmental issues while also empowering local community members by unlocking their entrepreneurial potential. Many of those solutions leverage next generation technologies such as Artificial Intelligence (AI) and the Internet of Things (IoT) to drive impact.

The Chair of the Jury and former President of the Republic of Iceland, H.E. Ólafur Ragnar Grímsson, added: “The diverse range of innovations demonstrated in this year’s applications, including inspiring projects envisioned by the youth, reflects the Prize’s continuous ability to bring out the world’s sustainability pioneers by offering them a unique platform for driving transformational change.”

Health finalists focused on providing specialised medical care to remote communities.

The ‘Health’ category finalists are

• Associação Expedicionários da Saúde (Brazil), an NPO that provides specialised medical and surgical care for indigenous communities geographically isolated within the Amazon through its Mobile Hospital Complex.
• Helmholtz Centre for Infection Research (Germany), an NPO that developed the Surveillance Outbreak Response Management and Analysis System, an open-source digital platform for early detection of disease outbreaks and epidemic control management.
• Ory Laboratory (Japan), an SME that developed the robot, OriHime, designed for people with disabilities to reduce social isolation and provide them the opportunity to work and connect with society.

Food finalists focused on transforming small farmers into entrepreneurs with improved agricultural productivity, either through innovative business models or advanced technologies.

The ‘Food’ finalists are:

• Nuru International (USA), an NPO that helps farmers in Africa transition from subsistence farming to farmer-owned and farmer-led cooperative agribusiness, tailoring their capacity development activities to existing efforts by government agencies and adapting to the local context.
• Sanergy (Kenya), an SME that combats issues of high farm input prices, low availability of supplies, and declining soil fertility faced by Sub-Saharan African farmers by manufacturing organic fertiliser and insect protein from diverse waste streams.
• Ynsect (France), an SME that produces insect protein and natural insect fertilisers, with Europe’s first of its kind insect factory equipped with innovative vertical farming and integrated biorefining setup.

Energy finalists focused on extending clean energy access to vulnerable communities while also introducing new business models that promote a gender-inclusive clean energy sector and generate socioeconomic opportunities.

The ‘Energy’ category finalists are:

• Green Girls Organisation (Cameroon), an NPO that uses patented algorithms to identify areas where women and girls can benefit from energy access, and then deploys decentralised solar PV and biogas systems in identified areas for lighting and clean cooking.
• NeuroTech (Jordan), an SME that developed Al-based algorithms with a blockchain-based transaction system to bring reliable energy access to refugee camps.
• Solarkiosk Solutions GmbH (Germany), an SME that developed the “E-HUBB” and the Connected Solar Market Center “THE PULSE” to empower local farmers and micro-businesses with renewable energy for productive use.

Water finalists focused on affordable solutions to make safe drinking water and sanitation more accessible in last-mile communities.

The ‘Water’ category finalists are:

• HELIOZ – WADI (Australia), an SME that deploys a solar-powered device that informs people when water is safe to drink – a method that reduces CO2 emissions and indoor air pollution.
• LEDARS (Bangladesh), an NPO that integrates water resource management models to solve water scarcity issues in disaster-prone areas where water becomes unusable due to salinity and flooding.
• Seisui Industries Inc. (Japan), an SME that developed a movable wastewater treatment plant which can be customised as per needs and deployed when and where it’s needed.

The Global High Schools’ finalists presented project-based, student-led sustainability solutions, with finalists divided into 6 regions. The regional finalists include:

The Americas: Centro Etnoeducativo Integral Rural Nuestra Señora del Carmen (Colombia), Escuela Técnica Nro.3 Maria Sanchez de Thompson (Argentina), and Fundacion Bios Terrae - ICAM Ubate (Colombia).

Europe & Central Asia: ES Kreativno pero (Serbia), Northfleet Technology College (United Kingdom), and Romain-Rolland Gymnasium (Germany).

Middle East & North Africa: Gifted Students School (Iraq), JSS Private School (UAE), and Obour STEM School (Egypt).

Sub-Saharan Africa: Cheshire High School (Nigeria), Mary Mount Secondary School (Kenya), and UWC East Africa - Arusha Campus (Tanzania).

South Asia: Dhaka Residential Model College (Bangladesh), Kopila Valley School (Nepal), and Obhizatrik School (Bangladesh).

East Asia & Pacific: Bohol Wisdom School (The Philippines), Kamil Muslim College (Fiji), and Sangam Sadhu Kuppuswamy Memorial College (Fiji).

In the Health, Food, Energy, and Water categories, each winner receives US$600,000. The Global High Schools category has six winners, representing six world regions, with each winner receiving up to US$100,000. Since its launch in 2008, the US$3 million Prize has, directly and indirectly, transformed the lives of over 370 million people across 150 countries. Today, the Prize remains a catalyst for addressing the world’s most pressing issues as it continues to drive and deliver long-term impact to various communities around the world.

About the Zayed Sustainability Prize

The Zayed Sustainability Prize is the UAE’s pioneering global award in sustainability and a tribute to the legacy of the late founding father of the UAE, Sheikh Zayed bin Sultan Al Nahyan. Established in 2008, the Zayed Sustainability Prize aims to drive sustainable development and humanitarian action by recognising and rewarding small and medium-sized enterprises, nonprofit organisations, and high schools that are delivering impactful, innovative and inspiring solutions in the categories of Health, Food, Energy, Water and Global High Schools.

Through its 96 winners, the Prize has positively impacted the lives of 370 million people around the world.

*Source: AETOSWire

Reem Diab
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TAMPA, Fla.--(BUSINESS WIRE)--Overseas Shipholding Group, Inc. (NYSE: OSG) (the “Company” or “OSG”), a leading provider of energy transportation services for crude oil and petroleum products in the U.S. Flag markets, today reported results for the third quarter 2022.

• Shipping revenues for the third quarter of 2022 were $123.1 million, an increase of $5.1 million, or 4.3%, from the second quarter of 2022. Compared to the third quarter of 2021, shipping revenues increased 31.0% from $94.0 million.
• Net income for the third quarter of 2022 was $13.2 million, or $0.15 per diluted share, compared with net income of $3.7 million, or $0.04 per diluted share, in the second quarter of 2022. Net loss was $16.0 million, or $(0.18) per diluted share, for the third quarter of 2021.
• Time charter equivalent (TCE) revenues^(A), a non-GAAP measure, for the third quarter of 2022 were $115.1 million, an increase of $11.8 million, or 11.4%, from the second quarter of 2022. TCE revenues were up 52.7% compared to the third quarter of 2021.
• Third quarter 2022 Adjusted EBITDA^(B), a non-GAAP measure, was $42.3 million, an increase of $10.8 million, or 34.4%, from the second quarter of 2022. Adjusted EBITDA increased 247.6% from $12.2 million in the third quarter of 2021.
• Total cash^(C) was $73.7 million as of September 30, 2022.
• During the quarter, the Company used cash on hand to purchase a $15.0 million U.S. Treasury Note for $14.8 million with a maturity date of August 15, 2024. The U.S. Treasury Note is classified as investment in security to be held to maturity on the condensed consolidated balance sheets.

Sam Norton, President and CEO, offered the following comments on the quarterly results announced today: “Financial results achieved during the past quarter provide a welcome affirmation of our long-held belief in the viability of OSG’s business strategy, exceeding our expectations and signaling continued strength through the balance of the year and into 2023. Our niche businesses in particular delivered stellar results for the quarter, adding meaningfully to the continuing rebound seen in the time charter equivalent returns of our conventional tankers and ATBs. Adjusted EBITDA of $42.3 million generated $14 million of free cashflow for the period, clearly the best performance on that measure in many years.”

Mr. Norton added, “As previously announced, redelivery in December of three conventional tankers will reduce the number of vessels leased from American Shipping Company, releasing OSG from annual fixed payment obligations of approximately $27 million during 2023 and beyond. The effective deleveraging achieved through the decision not to extend options on these three vessels should, when taken together with positive free cash flow performance expected in the quarters ahead, provide OSG with enhanced flexibility to address existing and anticipated business opportunities.”

Third Quarter 2022 Results

Shipping revenues were $123.6 million for the third quarter of 2022, an increase of $5.1 million, or 4.3%, from the second quarter of 2022. TCE revenues increased $11.8 million, or 11.4%, from the second quarter of 2022 to $115.1 million in the third quarter of 2022. The increases were primarily a result of (a) an 82-day decrease in layup days, as our two remaining vessels in layup returned to service in May 2022, (b) an increase in average daily rates earned by our fleet and (c) a 10-day decrease in repair days. The increases were partially offset by (a) a 13-day increase in scheduled drydocking, (b) a decrease in Delaware Bay lightering volumes and (c) the timing of Government of Israel voyages.

Third quarter 2022 operating income was $22.4 million compared to the second quarter 2022 operating income of $12.6 million.

Quarterly adjusted EBITDA increased to $42.3 million during the third quarter of 2022, a $10.8 million increase from the second quarter of 2022. The increase was driven by the increased revenues for the quarter.

In comparison to the third quarter of 2021, shipping revenues were up 31.0% and TCE revenues increased $39.7 million or 52.7%. The increases primarily resulted from a 599-day decrease in layup days as we had no vessels in layup. During the third quarter of 2021, we had seven vessels in layup for most of the quarter with two of seven vessels coming out of layup in September 2021. Additionally, the increase in TCE revenues resulted from an increase in average daily rates earned by our fleet and an increase in Delaware Bay lightering volumes. The increase was partially offset by a 54-day increase in scheduled drydocking.

Operating income for the third quarter of 2022 was $22.4 million compared to an operating loss of $5.6 million for the third quarter of 2021. Net income for the third quarter of 2022 was $13.2 million, or $0.15 per diluted share, compared with a net loss of $16.0 million, or $(0.18) per diluted share, for the third quarter of 2021.

Adjusted EBITDA was $42.3 million for the 2022 third quarter, an increase of $30.1 million compared with the third quarter of 2021, driven primarily by the increase in TCE revenues.

Conference Call

The Company will host a conference call to discuss its third quarter 2022 results at 9:30 a.m. Eastern Time (“ET”) on Friday, November 4, 2022.

To access the call, participants should dial (844) 200-6205 for domestic callers and (929) 526-1599 for international callers and enter Access Code 947417. Please dial in ten minutes prior to the start of the call.

A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at www.osg.com.

An audio replay of the conference call will be available for one week starting at 11:30 a.m. ET on Friday, November 4, 2022, by dialing (866) 813-9403 for domestic callers and (929) 458-6194 for international callers and entering Access Code 291009.

About Overseas Shipholding Group, Inc.

Overseas Shipholding Group, Inc. (NYSE:OSG) is a publicly traded company providing energy transportation services for crude oil and petroleum products in the U.S. Flag markets. OSG is a major operator of tankers and ATBs in the Jones Act industry. OSG’s 23 vessel U.S. Flag fleet consists of three Suezmax crude oil tankers doing business in Alaska, two conventional ATBs, two lightering ATBs, three shuttle tankers, ten MR tankers, and two non-Jones Act MR tankers that participate in the U.S. Maritime Security Program, and one tanker in cold layup. In addition, OSG also owns and operates one Marshall Islands flagged MR tanker which trades internationally.

OSG is committed to setting high standards of excellence for its quality, safety and environmental programs. OSG is recognized as one of the world’s most customer-focused marine transportation companies and is headquartered in Tampa, FL. More information is available at www.osg.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, the Company may make or approve certain forward-looking statements in future filings with the Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical fact should be considered forward-looking statements. These matters or statements may relate to our prospects, supply and demand for vessels in the markets in which we operate and the impact on market rates and vessel earnings, the continued stability of our niche businesses, the impact of our time charter contracts on our future financial performance, and external events including geopolitical conflicts such as the Russian/Ukraine conflict. Forward-looking statements are based on our current plans, estimates and projections, and are subject to change based on a number of factors. COVID-19 has had, and will continue to have, a profound impact on our workforce and many other aspects of our business and industry. Investors should carefully consider the risk factors outlined in more detail in our filings with the SEC. We do not assume any obligation to update or revise any forward-looking statements except as may be required by applicable law. Forward-looking statements and written and oral forward-looking statements attributable to us or our representatives after the date of this press release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by us with the SEC.

Spot and Fixed TCE Rates Achieved and Revenue Days

The following tables provide a breakdown of TCE rates achieved for spot and fixed charters and the related revenue days for the three and nine months ended September 30, 2022 and the comparable period of 2021. Revenue days in the quarter ended September 30, 2022 totaled 2,035 compared with 1,494 in the prior year quarter.

Fleet Information

As of September 30, 2022, OSG’s operating fleet consisted of 24 vessels, 12 of which were owned, with the remaining vessels chartered-in. Vessels chartered-in are on Bareboat Charters.

Reconciliation to Non-GAAP Financial Information

The Company believes that, in addition to conventional measures prepared in accordance with GAAP, the following non-GAAP measures provide investors with additional information that will better enable them to evaluate the Company’s performance. Accordingly, these non-GAAP measures are intended to provide supplemental information, and should not be considered in isolation or as a substitute for measures of performance prepared with GAAP.

(A) Time Charter Equivalent (TCE) Revenues

Consistent with general practice in the shipping industry, the Company uses TCE revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter. TCE revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists Company management in making decisions regarding the deployment and use of its vessels and in evaluating their financial performance. Reconciliation of TCE revenues of the segments to shipping revenues as reported in the consolidated statements of operations follows:

Vessel Operating Contribution

Vessel operating contribution, a non-GAAP measure, is TCE revenues minus vessel expenses and charter hire expenses.

(B) EBITDA and Adjusted EBITDA

EBITDA represents net income/(loss) before interest expense, income taxes and depreciation and amortization expense. Adjusted EBITDA consists of EBITDA adjusted to exclude amortization classified in charter hire expenses, interest expense classified in charter hire expenses, loss/(gain) on disposal of vessels and other property, including impairments, net, non-cash stock based compensation expense and loss on repurchases and extinguishment of debt and the impact of other items that we do not consider indicative of our ongoing operating performance. EBITDA and Adjusted EBITDA do not represent, and should not be a substitute for, net income/(loss) or cash flows from operations as determined in accordance with GAAP. Some of the limitations are: (i) EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or future requirements for capital expenditures or contractual commitments; (ii) EBITDA and Adjusted EBITDA do not reflect changes in, or cash requirements for, our working capital needs; and (iii) EBITDA and Adjusted EBITDA do not reflect the interest expense, or the cash requirements necessary to service interest or principal payments, on our debt. While EBITDA and Adjusted EBITDA are frequently used as a measure of operating results and performance, neither of them is necessarily comparable to other similarly titled measures used by other companies due to differences in methods of calculation. The following table reconciles net income/(loss) as reflected in the consolidated statements of operations, to EBITDA and Adjusted EBITDA.

(C) Total Cash

Category: Earnings

Investor Relations & Media Contact:
Susan Allan, Overseas Shipholding Group, Inc.
(813) 209-0620
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OAKLAND, Calif.--(BUSINESS WIRE)--A series of November weather systems is bringing welcome rain and snow to much of Northern California and serves as a reminder of the importance of winter storm safety.

In addition to the rain and snow that fell earlier this week across Northern California, additional storm systems are expected to pass intermittently through the area beginning Saturday and continuing through at least Wednesday.

Further, the National Oceanic and Atmospheric Administration’s Climate Prediction Center anticipates colder and wetter than normal conditions through November 15.

“It is looking like the storm door is going to be open for the next week or two,” said Neil Flaiz, a meteorologist in PG&E’s Meteorological Operations department.

PG&E’s meteorology team has developed a Storm Outage Prediction Model that incorporates real-time weather forecasts, historical data and system knowledge to predict where and when storm impacts will be most severe. This model enables the company to pre-stage crews and equipment as storms approach to enable rapid response to outages.

PG&E is urging its customers to take the necessary steps to be prepared and stay safe throughout the winter.

Safety Tips:

• Never touch downed wires: If you see a downed power line, assume it is energized and extremely dangerous. Do not touch or try to move it—and keep children and animals away. Report downed power lines immediately by calling 911 and by calling PG&E at 1-800-743-5002.
• Use flashlights, not candles: During a power outage, use battery-operated flashlights, and not candles, due to the risk of fire. If you must use candles, please keep them away from drapes, lampshades, pets and small children. Do not leave candles unattended.
• Have a backup phone: If you have a telephone system that requires electricity to work, such as a cordless phone or answering machine, plan to have a standard telephone or cellular phone ready as a backup.
• Have fresh drinking water, ice: Freeze plastic containers filled with water to make blocks of ice that can be placed in your refrigerator/freezer during an outage to prevent foods from spoiling. Blue Ice from your picnic cooler also works well in the freezer.
• Use generators safely: Customers with standby electric generators should make sure they are properly installed by a licensed electrician in a well-ventilated area. Improperly installed generators pose a significant danger to customers, as well as crews working on power lines. If using portable generators, be sure they are in a well-ventilated area.
• Turn off appliances: If you experience an outage, unplug or turn off all electrical appliances to avoid overloading circuits and to prevent fire hazards when power is restored. Simply leave a single lamp on to alert you when power returns. Turn your appliances back on one at a time when conditions return to normal.
• Safely clean up: After the inclement weather has passed, be sure to safely clean up. Never touch downed wires and always call 811 or visit 811express.com at least two full business days before digging to have all underground utilities safely marked.

Other tips can be found at pge.com/beprepared

About PG&E

Pacific Gas and Electric Company, a subsidiary of PG&E Corporation (NYSE:PCG), is one of the largest combined natural gas and electric energy companies in the United States. Based in Oakland, with more than 23,000 employees, the company delivers some of the nation's cleanest energy to 16 million people in Northern and Central California. For more information, visit pge.com and pge.com/news.

MEDIA RELATIONS:
415-973-5930

Athena^® AI platform recognized as “a top software solution with a track record of delivering tangible, high-value ROI”

SAN FRANCISCO--(BUSINESS WIRE)--Stem (NYSE: STEM), a global leader in AI-driven clean energy solutions and services, today announced that Frost & Sullivan ranked Stem as the Leader in Innovation in the Frost Radar™: Digital Platforms for Renewable Energy and Battery Storage Optimization and Trading report. The report attributed Stem’s ranking to the combination of Athena, Stem’s clean energy optimization platform, PowerTrack, its industry-leading solar monitor and controls application, and the company’s expertise in front-of-the-meter (FTM) technology and optimization.

“Stem is a notable pioneer in BTM analytics and asset optimization and leveraged its expertise, credibility, and AI platform, Athena, to enter the FTM market in 2019. Its cloud-native SaaS platform leverages AI and continuous machine learning with fully automated model selection to constantly improve the results of its optimization, forecasting and automated energy trading. Stem’s team of energy specialists supports the entire value chain and provides insights on how projects can capture more returns given market dynamics across jurisdictions. With a continued focus on product leadership and customer value, Stem is well positioned to continue consolidating its FTM market leadership position,” reported Frost & Sullivan.

Frost & Sullivan forecasts global grid-scale battery storage systems to expand rapidly in the coming years, reaching 260 gigawatts (GW) by 2030 at a compound annual growth rate of 34% from 2021. As the energy transition advances and power generation portfolios and market rules become more sophisticated, customers are expected to increasingly require machine-driven forecasting and optimization and trading algorithms to maximize revenues, reduce carbon impacts, and provide energy resilience.

“Stem is honored to be recognized as an Innovation Leader by Frost & Sullivan, a leading global research and growth consulting firm — a testament to the decade of work Stem has invested in delivering optimized operational and economic value to our customers,” said Larsh Johnson, Chief Technology Officer at Stem. “With dozens of gigawatts of renewable energy assets under management in more than 50 countries worldwide, Stem has the expertise to continuously monitor evolving market needs and the data to translate that into value-added solutions for our customers’ clean energy assets and portfolios.”

For the report, Frost & Sullivan independently evaluated Stem as a “market powerhouse” along with 10 other companies offering battery storage and renewable energy trading and optimization services. Per Frost & Sullivan, the companies evaluated exhibit a genuine commitment to decarbonization by unlocking the untapped value of battery storage and helping accelerate the energy transition. The report’s Innovation Index specifically measured a company’s ability to develop products, services, or solutions (with a clear understanding of disruptive Mega Trends) that are globally applicable, are able to evolve and expand to serve multiple markets, and are aligned to customers’ changing needs. The report can be accessed at https://www.stem.com/frost-sullivan-radar-report/.

About Stem

Stem (NYSE: STEM) provides clean energy solutions and services designed to maximize the economic, environmental, and resiliency value of energy assets and portfolios. Stem’s leading AI-driven enterprise software platform, Athena®, enables organizations to deploy and unlock value from clean energy assets at scale. Powerful applications, including AlsoEnergy’s PowerTrack, simplify and optimize asset management and connect an ecosystem of owners, developers, assets, and markets. Stem also offers integrated partner solutions to help improve returns across energy projects, including storage, solar, and EV fleet charging. For more information, visit www.stem.com.

Source: Stem, Inc.

For Investors:
Ted Durbin, Stem
Marc Silverberg, ICR
This email address is being protected from spambots. You need JavaScript enabled to view it.
(847) 905-4400

For News Media:
Suraya Akbarzad, Stem
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Project will enhance energy performance of more than 4,900 military family homes through HVAC replacements, water retrofits and LED lighting technology

MALVERN, Pa.--(BUSINESS WIRE)--Balfour Beatty Communities, a leading residential real estate investment and management company, recently launched a large-scale renovation project to improve the energy performance of more than 4,900 homes at eleven Navy installations on behalf of its Navy Southeast Housing partnership with the Navy. The project will bring both water and energy-conservation improvements through a self-funding Energy Savings Performance Contract (ESPC).

“These energy upgrades will immediately enhance the comfort of our residents across the Navy Southeast portfolio, and the future utility savings realized will be reinvested to fund further renovations and improvements,” said Ed Lopes, Vice President Project Development for Balfour Beatty Communities. “This project also directly supports the Department of Defense objective to improve the resiliency of our military installations.”

The $31M project will bring conservation upgrades to privatized military family housing communities operated by Balfour Beatty Communities at Naval Air Station Jacksonville (FL), Naval Air Station Joint Reserve Base Fort Worth (TX), Naval Air Station Key West (FL), Naval Air Station Meridian (MS), Naval Air Station Pensacola (FL), Naval Air Station Whiting Field (FL), Naval Construction Battalion Center Gulfport (MS), Naval Station Mayport (FL), Naval Submarine Base Kings Bay (GA), Naval Support Activity Charleston (SC), and Naval Support Activity Panama City (FL). Work is underway at several sites and Balfour Beatty Communities expects all homes across the 11 installations will be completed in the fall of 2023.

The turnkey project is being delivered in conjunction with ENGIE Services U.S., a subsidiary of ENGIE, a global leader in low-carbon energy and services. Upgrades will include new, high-efficiency HVAC systems equipped with modern thermostats and humidity-sensing bathroom exhaust fan switches, which will make the homes more comfortable to live in, reduce mechanical outages, and standardize equipment across the portfolio which will reduce operating and maintenance costs. The project will also improve the homes with weatherization sealing, and provide comprehensive water efficiency and energy upgrades through domestic water retrofits and LED lighting technology.

Southeast Housing LLC is a joint venture between affiliates of Balfour Beatty Communities and the U.S. Navy under the Military Housing Privatization Initiative (MHPI). MHPI has enabled extensive renovations, new construction and sustainability initiatives for service members and their families living in on-base military housing communities.

About Balfour Beatty Communities
Balfour Beatty Communities is an active owner and operator of residential real estate in the multifamily, student, and military housing sectors across the United States. Since 1999, Balfour Beatty Communities has invested in more than 100 properties representing more than $8 billion of gross asset value. Our broad in-house expertise includes decades of acquisition, development, finance, renovation, leasing and property/facility management experience. Leveraging this extensive expertise and a customer service-focused approach, Balfour Beatty Communities seeks to create value in its real estate projects while delivering exceptional living experiences. For more information, visit balfourbeattycommunities.com.

Balfour Beatty Communities is a subsidiary of Balfour Beatty Investments, Inc. and Balfour Beatty plc, a leading international infrastructure group.

Media:
Maureen Omrod, 610-355-8136, This email address is being protected from spambots. You need JavaScript enabled to view it.

ANNAPOLIS, Md.--(BUSINESS WIRE)--Hannon Armstrong Sustainable Infrastructure Capital, Inc. ("Hannon Armstrong," "we," "our" or the "Company") (NYSE: HASI), a leading investor in climate solutions, today reported results for the third quarter of 2022.

Financial Highlights

• Delivered $0.38 GAAP EPS on a fully diluted basis for the third quarter of 2022, compared with $(0.04) for the same period in 2021
• Delivered $0.49 Distributable EPS for the third quarter of 2022, compared to $0.41 Distributable EPS for the same period in 2021, representing a 20% YOY increase
• Reported GAAP-based Net Investment Income of $11.4 million for the third quarter of 2022, compared to $5.3 million for the same period in 2021
• Increased Distributable Net Investment Income for the third quarter of 2022 by 36% YOY to $43.4 million, compared to $32.0 million for the same period in 2021
• Closed $273 million of investments in the third quarter of 2022, compared to $359 million in the same period in 2021
• Raised $383 million in Term Loan A financing from a syndicate of six banks in November 2022, reflecting continued strong support of the bank debt market
• Declared dividend of $0.375 per share
• Affirm guidance that Distributable Earnings Per Share is expected to grow at a compound annual rate of 10% to 13% from 2021 to 2024, relative to the 2020 baseline of $1.55 per share, which is equivalent to a 2024 midpoint of $2.40 per share

ESG Highlights

• An estimated 49,000 metric tons of carbon emissions will be avoided annually by our transactions closed this quarter, equating to a CarbonCount^® score of 0.18 metric tons per $1,000 invested

“Another outstanding quarter, including an increase in our 12 month pipeline to $4.5 billion. We expect the Inflation Recovery Act will spur additional pipeline growth and our current programmatic clients are at the forefront of this energy transition” said Jeffrey W. Eckel, Hannon Armstrong Chairman and Chief Executive Officer. “With that backdrop, improved investment level pricing and continued access to capital allows us to reaffirm guidance and grow our enthusiasm for climate solutions investing.”

A summary of our results is shown in the table below:

Financial Results

“We continue to position ourselves for success despite the challenging macroeconomic and capital markets environment” said Jeffrey A. Lipson, Chief Financial Officer and Chief Operating Officer. “Our recent closing of a Term Loan A is further affirmation that our diverse funding strategy allows us to continue to fund portfolio growth.”

Comparison of the quarter ended September 30, 2022 to the quarter ended September 30, 2021

Total revenue increased by $11 million, driven by $8 million in higher interest income from a larger portfolio. There was a $3 million increase in gain on sale and fee income, driven by a change in the mix and volume of assets being securitized.

Interest expense increased $2 million primarily due to a larger average outstanding debt balance. We released $2 million of our allowance for loss on receivables driven by improved expectations related to loans for which we had previously specifically reserved, offset partially by reserves on new loans and loan commitments. Other expenses (compensation and benefits and general and administrative expenses) increased by approximately $4 million primarily due to increased investment in corporate infrastructure and corporate governance expenses.

We recognized income of $31 million using the hypothetical liquidation at book value method (HLBV) for our equity method investments in the third quarter of 2022, compared to a loss of $7 million for the same period in 2021, primarily due to income from new projects in the current period and lower losses related to economic hedges used by some of our projects to reduce the impact of power price fluctuations.

Income tax expense increased by approximately $9 million in the third quarter of 2022 compared to the same period in 2021 due to an increase in GAAP earnings.

GAAP net income (loss) in the third quarter of 2022 was $35 million, compared to $(3) million in the same period in 2021. Distributable earnings in the third quarter of 2022 was approximately $44 million, or an increase of approximately $9 million from the same period in 2021 due primarily to new assets added to our portfolio.

Leverage

The calculation of our fixed-rate debt and leverage ratios as of September 30, 2022 and December 31, 2021 are shown in the table below:

Portfolio

Our balance sheet portfolio totaled approximately $3.9 billion as of September 30, 2022, which included approximately $2.2 billion of behind-the-meter assets and approximately $1.6 billion of grid-connected assets, with the remainder in sustainable infrastructure. The following is an analysis of the Performance Ratings of our portfolio as of September 30, 2022: