MELBOURNE, Australia--(BUSINESS WIRE)--Hansen Technologies (ASX:HSN), a leading global provider of software and services to the energy, water and communications industries, is pleased to announce today that it has signed a multi-year agreement with the City of New Bern, part of the State of North Carolina, as the city charts a new digital transformation journey and envisions a new technological infrastructure.

Under the terms of the agreement, Hansen will provide Hansen CIS, part of the Hansen Suite for Energy and Utilities, to the historical city, delivered through a SaaS (Software as a Service) model – marking another successful progression in Hansen’s Cloud and SaaS-based CIS strategy within North America. This continues to meet the evolving needs of North American utilities and municipalities as they look to migrate towards more flexible and scalable software platforms. This will modernize New Bern’s existing infrastructure and enable the replacement of their existing systems.

Equipped with enhanced UI configuration capabilities and an expanded integration framework, Hansen CIS empowers utilities and municipalities to manage the full customer service and revenue lifecycle for water and energy-related services. The solution offers business-process automation, wizards, workflows and other efficiencies to streamline the customer management and billing operations – with a secure, low cost of ownership.

Charles Bauschard, Director of Public Utilities, City of New Bern, commented: “Hansen’s track record in seamlessly introducing new systems and integrating solutions for North American utilities, was a major determining factor in the initiation of our partnership. The agility of the Hansen team in constructing and implementing a tailored solution to meet our timeline, and the flexibility of their CIS to enable us to deliver the services sought by our water and electric customers – such as smart metering, advanced billing rates for solar and EVs – were other major drivers.”

John May, Division President, Energy and Utilities at Hansen, commented: “With their capabilities now augmented as a result of this new agreement, the latest release of the SaaS-based Hansen CIS at the City of New Bern marks the start of what we believe will be a long and successful relationship. It also stands as a testament to the trust placed in us by our valued customers, as well as our position as a leading provider of solutions to energy and utilities providers in North America. In the years to come, complexity in the industry is only set to increase; we continue to be encouraged by the positive and progressive uptake of Hansen CIS.”

For further information about Hansen Technologies, please visit www.hansencx.com.

About Hansen Technologies

Hansen Technologies (ASX: HSN) is a leading global provider of software and services to the energy, water and communications industries. With its award-winning software portfolio, Hansen serves 600+ customers in over 80 countries, helping them to create, sell, and deliver new products and services, manage and analyse customer data, and control critical revenue management and customer support processes.

For more information, visit www.hansencx.com

About the City of New Bern

Situated in North Carolina, the City of New Bern provides water, electric, sanitation and stormwater services to 42,000 residential and commercial customers.

For more information, visit https://www.newbernnc.gov/

Adnan Bashir
Senior Manager, Global Corporate Communications
Hansen Technologies
+1 647-204-0999

Report features company's plans to achieve industry-leading carbon reduction goals, grow its use of clean energy and engage its communities as your community energy company.

MADISON, Wis.--(BUSINESS WIRE)--Madison Gas and Electric (MGE) has published its annual Corporate Responsibility and Sustainability Report, detailing its environmental, social and governance (ESG) commitments and progress toward the company's sustainability goals. The report is a comprehensive overview of the company's activities and performance in fulfilling its role as a critical services provider, environmental steward, and community resource and partner.

"MGE was one of the first utilities nationwide to set a goal of net-zero carbon electricity by 2050, and we continue to work toward our goal of reducing carbon at least 80% by the end of this decade," said Chairman, President and CEO Jeff Keebler. "We're working aggressively toward these goals while ensuring that we continue to provide safe and reliable service and that all of our customers enjoy the economic and environmental benefits of our clean energy transition. That is part of our fundamental commitment to serve our customers as your community energy company."

Report highlights

The 2022 report and our ESG Data Center feature information about MGE's corporate strategy and climate-related matters, safety and operations, customer and employee engagement, risk management, and governance and oversight. Highlights include:

• MGE's plans and strategies to reduce carbon at least 80% by 2030 as it works with customers toward achieving net-zero carbon electricity by 2050.
• MGE's plans to eliminate coal-fired generation from its portfolio by the end of 2035. By the end of 2030, MGE expects coal to be used only as a backup fuel at the Elm Road Generating Station, which plans to transition to natural gas. MGE is a minority owner of the Elm Road power plant.
• An estimated $700 million in clean energy projects announced since 2015. These projects are expected to increase MGE's owned renewable capacity by more than nine times when completed.
• The company's Statement on Human Rights adopted in 2022 by the Board of Directors.
• Industry leadership. MGE continues to be top-ranked for electric reliability, placing first in the two main industry reliability metrics, according to results from an annual industry survey including more than 75 electric utilities. MGE crews also continue to earn high marks when notified of a potential natural gas emergency with MGE's total response time ranking in the top 11% of a nationwide industry survey, based on 2021 data.
• MGE's Occupational Health and Safety Policy. Introduced in 2022, the policy recognizes the risks inherent to occupational health and safety and embraces safe work practices and environments as fundamental values at MGE.
• The company's charitable giving benefiting local communities. In the last five years, the company's philanthropic arm, the MGE Foundation, has given more than $7.3 million to more than 400 nonprofit organizations.

Commitment to transparency and disclosure

MGE is committed to helping customers, investors and other stakeholders better understand the company's goals, long-term strategies and progress toward achieving its goals as it transitions to a more sustainable, net-zero carbon future.

CDP (Carbon Disclosure Project)

To advance transparency and disclosure in company operations and governance, MGE submits data to the global environmental impact disclosure platform CDP. The company's climate change questionnaire is available online.

Edison Electric Institute (EEI)

MGE also continues to participate in EEI's ESG and sustainability reporting templates. EEI, which represents all U.S. investor-owned electric companies, developed the voluntary, industry-specific templates to provide more uniform and consistent reporting of data and information from the electric sector. The templates include data related to MGE's portfolio (generation and capacity), emissions, capital expenditures, human and natural resources, and other matters.

CDP and EEI disclosure information is available in our ESG Data Center.

About MGE

MGE generates and distributes electricity to 159,000 customers in Dane County, Wisconsin, and purchases and distributes natural gas to 169,000 customers in seven south‐central and western Wisconsin counties. MGE's parent company is MGE Energy, Inc. The company's roots in the Madison area date back more than 150 years.

Kaya Freiman
Corporate Communications Manager
608-252-7276 | This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBAI, United Arab Emirates--(BUSINESS WIRE)--Dubai Electricity and Water Authority PJSC (ISIN: AED001801011) (Symbol: DEWA), the Emirate of Dubai’s exclusive electricity and water services provider, which is listed on the Dubai Financial Market (DFM), has reported its third quarter 2022 financial results, recording quarterly revenue of AED 8.55 bn and net profit of AED 3.17 bn. Year to date, DEWA’s revenue is AED 20.63 bn and net profit is AED 6.47 bn.

Demand driven robust financial performance

DEWA’s first 9 month revenue increase of 15% to AED 20.63 bn was mainly driven by an increase in demand and a transition to normalized tariff structure. Energy demand in Dubai during the first 9 months of 2022 increased by 5% compared to the same period in 2021. Similarly, water demand in the same period grew by 6.4%.

“In line with the vision of the wise leadership to strengthen Dubai’s position as a leading global financial and economic hub we achieved a profit for the first 9 months of 2022 which is nearly at par with our full year net profit of 2021. These record results are a testament to our steadfast focus on delivering our strategic priorities of sustainable and innovative growth. We are well positioned to deliver the best full year financial performance in our history. Moreover, we have made sustained progress towards unlocking shareholder value by paying our first dividend of AED 3.1bn in Oct, 2022, by announcing the intention to float our 70% owned subsidiary EMPOWER and by recommending the payment of a one-time special dividend of AED 2.03bn to be paid to our shareholders in December. For the financial year 2022, we expect to return AED 8.23bn in dividends to our shareholders,” said HE Saeed Mohammed Al Tayer, MD & CEO of DEWA.

Demand for energy in the first 9 months of 2022 reached 40.7 TWh compared to 38.6 TWh in the first 9 months of 2021. Further, DEWA’s peak demand in the first 9 months of 2022 was 9.5 GW, which represents a 3.3% increase over the same period of last year.

*Source: AETOSWire

Dubai Electricity and Water Authority
Khuloud Al Ali, +971563974965
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WIXOM, Mich.--(BUSINESS WIRE)--XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), is a leading owner and operator of distributed solar energy assets across the United States, offering subscription-based services to more than 51,000 customers and making renewable energy more accessible to everyone, today announced third quarter 2022 financial results. Results for the third quarter of 2022 reflect contribution from the Company’s XL Grid and Drivetrain businesses for the full three month period ended September 30, 2022, and partial-quarter contribution from Spruce Power for the period from September 9, 2022 through September 30, 2022.

Third Quarter 2022 and Recent Highlights

• Completed transformational acquisition of Spruce Power, a leader in residential solar, on September 9, 2022
• Reported total revenue of $8.4 million in 3Q22, including $5.1 million of partial-quarter contribution from Spruce Power
• Exited 3Q22 with more than 51,000 customers; combined portfolio generated 134 million MWh of power in 3Q22
• PV5 gross customer value of $821 million at the end of the third quarter of 2022
• Exercised options to buy out remaining equity interests in six residential solar portfolios totaling $7.7 million
• Exited the third quarter of 2022 with approximately $240 million of unrestricted cash and equivalents on hand
• Progressing on exploration of strategic alternatives for XL Fleet’s legacy Drivetrain business
• Announced name change to Spruce Power and NYSE ticker symbol change to SPRU effective November 14, 2022

Management Commentary & Outlook

“We were proud to have recently completed our transformational acquisition of Spruce Power, reflecting our company’s transition to a profitable leader in the fast-growing residential solar market,” said Eric Tech, Chief Executive Officer of XL Fleet. “We are in the final stages of our strategy to focus our company on delivering clean tech solutions to residential and small businesses, and are in advanced conversations with several interested parties related to the pursuit of strategic alternatives for XL Fleet’s legacy Drivetrain business. We expect to announce the outcome of this process in the coming weeks. With this final step, combined with our acquisition of a world-class business benefiting from the long-term structural growth in demand, we are confident in our ability to unlock the value of Spruce Power and its exciting growth trajectory.”

“Our team is more enthusiastic than ever about the opportunity to extend and accelerate the growth trajectory we’ve achieved to date,” said Christian Fong, President of XL Fleet and Chief Executive Officer of Spruce Power. “Our business performed well during the period, generating more than 134 million megawatt hours of power throughout the third quarter across our portfolio of more than 51,000 customers. Our business strategy as a third-party operator is uniquely positioned to deliver stability and strength across a range of macro environments.”

Mr. Fong continued, “Our differentiated M&A-driven growth strategy is better supported than ever with $240 million of cash on the balance sheet. Following the completion of our transaction with XL Fleet, our M&A team got right back to work, exercising to buy out the remaining equity interests in six residential solar portfolios for a total of approximately $7.7 million. While these transactions are smaller scale than our typical deals, these accretive buyouts are expected to drive unlevered IRRs of approximately 14%, which reflects returns we target and have achieved throughout our history. We continue to see strong upstream growth in customer installations, which represent potential future acquisitions for our M&A team.”

“Financial results for the third quarter of 2022 reflect approximately three weeks of contribution from Spruce Power following our acquisition completed on September 9, 2022,” said Don Klein, Chief Financial Officer of XL Fleet. “Spruce’s stable base of cash flows backed by long-term customer agreements continue to carry strong momentum into the end of 2022 and into next year. With $821 million of PV5 gross customer value exiting the third quarter, XL Fleet is well positioned to drive value for stakeholders over the near and long-term.”

Company Name Change to Spruce Power

On November 4, 2022, XL Fleet announced that that it will change its corporate name from XL Fleet Corp. to Spruce Power Holding Corporation, effective November 14, 2022. The Company will be known as Spruce Power. Additionally, the Company will change its New York Stock Exchange (“NYSE”) ticker symbol from “XL” to “SPRU” at the open of market trading on Monday, November 14, 2022. The Company’s common stock will continue to be listed on the NYSE and its CUSIP will change in connection with the name change.

Consolidated Financial Results

Revenue totaled $8.4 million in the third quarter of 2022 compared to $3.0 million in the second quarter of 2022 and $3.2 million in the third quarter of 2021.

Selling, general & administrative expenses for the third quarter of 2022 totaled $31.1 million, compared to $12.8 million in the second quarter of 2022 and $12.7 million in the third quarter of 2021. SG&A expenses for the third quarter of 2022 include approximately $2.6 million in legal fees related to previously disclosed class action complaints and Securities and Exchange Commission investigation and approximately $15 million of one-time transaction costs associated with the Spruce acquisition.

Adjusted EBITDA totaled ($1.8) million for the third quarter of 2022, compared to ($11.7) million for the second quarter of 2022 and ($14.3) million in the third quarter of 2021.

Net loss was $19.6 million for the third quarter of 2022, compared to net loss of $12.7 million in the second quarter of 2022 and net loss of $7.5 million in the third quarter of 2021. Adjusted net loss was $4.2 million for the third quarter of 2022, compared to adjusted net loss of $11.7 million in the second quarter of 2022 and adjusted net loss of $14.7 million in the third quarter of 2021. A reconciliation of net loss to adjusted net loss and adjusted EBITDA is set out in the tables below.

Segment Financial Results

Residential Solar: Revenues totaled $5.1 million for the third quarter of 2022, reflecting the three week period from September 9, 2022 through September 30, 2022. Segment loss was $1.2 million for the third quarter of 2022. PV5 gross customer value was $821 million at the end of the third quarter of 2022. Spruce Power exercised options to buy out the remaining equity interests in six residential solar portfolios for a total of approximately $7.7 million, of which, three occurred during November 2022.

Drivetrain: Revenues totaled $0.9 million for the third quarter of 2022, compared with $0.9 million in the second quarter of 2022 and $0.6 million in the third quarter of 2021. Segment loss was $3.6 million, compared with a segment loss of $3.4 million in the second quarter of 2022 and a segment loss of $4.9 million in the third quarter of 2021.

XL Grid: Revenues totaled $2.4 million for the third quarter of 2022, compared with $2.2 million in the second quarter of 2022 and $2.6 million for the third quarter of 2021. The slight sequential decrease in revenue for the third quarter of 2022 was primarily driven by project approval delays, material availability, and longer sales cycle times attributed to larger project mix. Segment loss was $0.5 million dollars, compared with a segment loss of $1.5 million in the second quarter of 2022 and a segment loss of $1.6 million in the third quarter of 2021.

Balance Sheet and Capital

Unrestricted cash and cash equivalents as of September 30, 2022 totaled $239.5 million, compared to $322.4 million as of June 30, 2022 Total debt outstanding as of September 30, 2022 was $517.2 million. XL Fleet had 144.4 million shares of Common Stock outstanding as of September 30, 2022. Cash used in operations for the third quarter of 2022 totaled $46 million reflecting the impact of transactions costs associated with the Spruce Power acquisition.

Third Quarter 2022 and Recent Operational & Business Updates

• On November 4 2022, XL Fleet announced that it will change its corporate name to Spruce Power Holding Corporation, effective November 14, 2022. The Company will be known as Spruce Power. Additionally, the Company will change its NYSE ticker symbol from “XL” to “SPRU” at the open of market trading on Monday, November 14, 2022.
• On September 12, 2022, XL Fleet announced the transformational acquisition of Spruce Power, the largest privately held owner and operator of residential rooftop solar systems in the U.S. at the time of the transaction, with more than 51,000 current customer subscribers. After paying the purchase price and related transaction fees and expenses, XL Fleet had approximately $240 million of unrestricted cash and cash equivalents.

Conference Call Information

The XL Fleet management team will host a conference call to discuss its third quarter 2022 financial results today at 5:00 p.m. Eastern Time. The call can be accessed live over the telephone by dialing (877) 510-3772, or for international callers, (412) 902-0125 and referencing XL Fleet. Alternatively, the call can be accessed via a live webcast accessible on the Events & Presentations page in the Investor Relations section of The Company’s website at www.xlfleet.com. A replay will be available shortly after the call and can be accessed by dialing (844) 512-2921, or for international callers, (412) 317-6671. The passcode for the replay is 10169416. The replay will be available until August 23, 2022. An archive of the webcast will be available for a period of time shortly after the call on the Investor Relations section of The Company’s website at www.xlfleet.com.

About XL Fleet (to be called Spruce Power after November 14, 2022)

XL Fleet, which after November 14, 2022 will be known as Spruce Power, is a leading owner and operator of distributed solar energy assets across the United States. By offering subscription-based services to more than 51,000 customers, Spruce is able to make renewable energy more accessible to everyone. For additional information, please visit www.sprucepower.com.

Forward Looking Statements

Certain statements in this press release may constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of management and are not predictions of actual performance. Forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including but not limited to: expectations regarding the growth of the solar industry, home electrification, electric vehicles and distributed energy resources; the ability to successfully integrate the Spruce Power acquisition; the ability of XL Fleet to implement its plans, forecasts and other expectations with respect to Spruce Power’s business and realize the expected benefits of the acquisition; the ability to identify and complete future acquisitions; the ability to develop and market new products and services; the effects of pending and future legislation; the highly competitive nature of the Company’s business and markets; the ability to execute on and consummate business plans in anticipated time frames; litigation, complaints, product liability claims and/or adverse publicity; cost increases or shortages in the components or chassis necessary to support the Company’s products and services; the introduction of new technologies; the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition, regulatory compliance and customer experience; the potential loss of certain significant customers; privacy and data protection laws, privacy or data breaches, or the loss of data; general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the inability to convert its sales opportunity pipeline into binding orders; risks related to the rollout of the Company’s business and the timing of expected business milestones, including the ongoing global microchip shortage and limited availability of chassis from vehicle OEMs and our reliance on our suppliers; the effects of competition on the Company’s future business; the availability of capital; and the other risks discussed under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K filed on March 31, 2022, subsequent Quarterly Reports on Form 10-Q and other documents that the Company files with the SEC in the future. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. These forward-looking statements speak only as of the date hereof and the Company specifically disclaims any obligation to update these forward-looking statements.

Use of Non-GAAP Financial Information

To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S. generally accepted accounting principles (“GAAP”), XL Fleet Corp. reports certain non-GAAP financial information which have been reconciled to the nearest GAAP measures in the tables within this press release. This prospective financial information was not prepared with a view toward compliance with published guidelines of the SEC or the guidelines established by the American Institute of Certified Public Accountants for preparation and presentation of prospective financial information or U.S. GAAP with respect to forward looking financial information. We believe that these non-GAAP measures, viewed in addition to and not in lieu of our reported GAAP results, provides useful information to investors by providing a more focused measure of operating results, enhances the overall understanding of past financial performance and future prospects, and allows for greater transparency with respect to key metrics used by management in its financial and operational decision making. The non-GAAP measures presented herein may not be comparable to similarly titled measures presented by other companies.

Earnings (loss) Before Interest, Income Taxes, Depreciation, and Amortization (“EBITDA”): We define EBITDA as our consolidated net income (loss) and adding interest expense, income taxes, and depreciation and amortization. We believe EBITDA provides meaningful information to the performance of our business and therefore we use it to supplement our GAAP reporting. We have chosen to provide this supplemental information to investors, analysts and other interested parties to enable them to perform additional analyses of operating results.

Adjusted EBITDA and Adjusted Net Income (Loss): We believe that adjusted EBITDA and Adjusted Net Income (loss), which excludes certain identified items that we do not consider to be part of our ongoing business, improves the comparability of year to year results, and is representative of our underlying performance. Management uses this information to assess and measure the performance of our operating segments. We have chosen to provide this supplemental information to investors, analysts and other interested parties to enable them to perform additional analyses of operating results, to illustrate the results of operations giving effect to the non-GAAP adjustments shown in the below reconciliations, and to provide an additional measure of performance.

Spruce Power Customers

Spruce Power's customers have ongoing PPA and Lease contracts which include solar system servicing with the Company. The number of customers may be periodically adjusted to account for new acquisitions of residential solar portfolios as well as customers electing to prepay or buyout their PPA and Lease Contracts. In addition to the Company's approximately 51,000 customers as of September 30, 2022, the Company also services nearly 27,000 third-party owned residential solar systems as well as over 10,000 third-party loans.

Subscriber Value Metrics

• Gross Total Subscriber Value reflects the remaining projected net cash flows from current customers discounted at 5% (“PV5”)
• Projected cash flows include the customer’s initial agreement plus renewal

(1) As adjusted adjusts for the following one-time charges: Severance charges (including benefits) included in Corporate, Inventory charge for obsolete inventory included in DriveTrain, Goodwill impairment charge included in Corporate, Legal charges related to SEC investigation and shareholder lawsuits included in Corporate, Accreted contingent compensation obligation to sellers of World Energy included in Corporate, Accelerated amortization of right-of-use asset included in Corporate, Non-recurring acquisition expenses included in Corporate, Non-recurring acquisition expenses included in Residential Solar, Meter upgrade campaign costs included in Residential Solar, Other one-time costs included in Residential Solar.

Investor Contact:
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Carrier promotes safety by teaming up with The National Sleep Foundation

GREEN BAY, Wis.--(BUSINESS WIRE)--Schneider (NYSE: SNDR), a premier multimodal provider of transportation, intermodal and logistics services, is proud to announce the company will be an official sponsor of the National Sleep Foundation’s Drowsy Driving Prevention Week®.

The 15th annual Drowsy Driving Prevention Week kicked off this week, days after most Americans turned their clocks back an hour, disrupting their sleep schedules.

Schneider is an industry leader in safety, with a commitment to safety first and always. The company is focused on providing its drivers with the training and information to do their job safely, protecting themselves and the motoring public.

“Anyone getting behind the wheel has a responsibility to those around them to be alert and focused. Drowsy Driving Prevention Week reminds everyone to get the sleep they need, especially before driving,” said Schneider Vice President of Safety, Driver Training and Compliance Tom DiSalvi. “Getting proper sleep is of the utmost importance before driving.”

The National Sleep Foundation recommends 7-9 hours of sleep per night for most adults, especially the night before hitting the road.

“By getting the sleep you need you can help keep yourself and others safe on the road,” said DiSalvi.

This year’s campaign theme Sleep First, Drive Alert emphasizes the National Sleep Foundation’s goal to have every driver get the proper amount of sleep before they get behind the wheel of a vehicle.

For over 30 years, the National Sleep Foundation, a nonprofit organization, has been the voice of sleep health for the public – educating people about the importance of sleep and its effect on overall health and well-being.

Healthy sleep starts with being your Best Slept Self, so check out the Best Slept Self resource on the National Sleep Foundation’s website – go to theNSF.com to learn about the small steps you can take each day and night to have a positive impact on your sleep.

To learn more about Schneider’s commitments to safety and wellness across the industry, visit: https://schneider.com/company/corporate-responsibility/safety.

About Schneider

Schneider is a premier provider of transportation, intermodal and logistics services. Offering one of the broadest portfolios in the industry, Schneider’s solutions include Regional and Long-Haul Truckload, Expedited, Dedicated, Bulk, Intermodal, Brokerage, Warehousing, Supply Chain Management, Port Logistics and Logistics Consulting.

With nearly $5.6 billion in annual revenue, Schneider has been safely delivering superior customer experiences and investing in innovation for over 85 years. The company’s digital marketplace, Schneider FreightPower®, is revolutionizing the industry giving shippers access to an expanded, highly flexible capacity network and provides carriers with unmatched access to quality drop-and-hook freight – Always Delivering, Always Ahead.

For more information about Schneider, visit Schneider.com or follow the company socially on Facebook, LinkedIn and Twitter: @WeAreSchneider.

Kara Leiterman, Media Relations Manager
M 920-370-7188
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LOWELL, Ark.--(BUSINESS WIRE)--J.B. Hunt Transport Services, Inc. (NASDAQ: JBHT) President Shelley Simpson, Chief Operating Officer and President of Contract Services Nick Hobbs, and Chief Financial Officer and Executive Vice President of Finance John Kuhlow will address the 2022 Stephens Annual Investment Conference at 11:00 a.m. central time on Tuesday, November 15. Investors may access the live presentation by visiting the Newsroom section of our website at https://investor.jbhunt.com. A presentation replay will also be made available on J.B. Hunt’s website following the event.

Information presented at the conference may contain forward-looking statements made by the company that involve risks, assumptions, and uncertainties difficult to predict. Actual results may differ materially from those currently anticipated due to a number of factors, including, but not limited to, those discussed in Item 1A of our Annual Report filed on Form 10-K for the year ended December 31, 2021. J.B. Hunt assumes no obligation to update any forward-looking statements to the extent the company becomes aware they will not be achieved for any reason.

Interested parties may view this press release on the company’s website.

About J.B. Hunt

J.B. Hunt Transport Services, Inc., a Fortune 500 and S&P 500 company, provides innovative supply chain solutions for a variety of customers throughout North America. Utilizing an integrated, multimodal approach, the company applies technology-driven methods to create the best solution for each customer, adding efficiency, flexibility, and value to their operations. J.B. Hunt services include intermodal, dedicated, refrigerated, truckload, less-than- truckload, flatbed, single source, last mile, and more. J.B. Hunt Transport Services, Inc. stock trades on NASDAQ under the ticker symbol JBHT and is a component of the Dow Jones Transportation Average. J.B. Hunt Transport, Inc. is a wholly owned subsidiary of JBHT. For more information, visit www.jbhunt.com.

Brad Delco
Sr. Vice President – Finance
(479) 820-2723

NEW YORK & CHARLOTTE, N.C.--(BUSINESS WIRE)--ClearGen LLC, a portfolio company of Blackstone Credit’s Sustainable Resources Platform, announced an investment in a portfolio of partnership interests in 25 wind farms totaling 1.4 net GW of existing generation capacity throughout the United States. The Sustainable Investing Group within Goldman Sachs’ Asset Management (Goldman Sachs) provided tax equity to ClearGen to support the acquisition of the interests from MUFG.

“ClearGen is excited to provide a unique solution to MUFG by utilizing Blackstone Credit’s efficient cost of capital and the partnership with Goldman,” said Rob Howard, ClearGen’s CEO. “The transaction adds significant scale to our portfolio of diversified, contracted renewable energy holdings.”

“Goldman Sachs is pleased to partner with ClearGen and the Blackstone Credit team on the acquisition of MUFG’s wind portfolio,” said Vikas Agrawal, Managing Director, Goldman Sachs. “Goldman has been an investor in renewable energy projects for almost two decades and is excited to have the opportunity to substantially increase its commitment to the renewable energy sector through this investment.”

MUFG was represented by CCA Capital LLC, and ClearGen and Goldman Sachs were represented by CohnReznick Capital. As part of the transaction, Bank of America, Crédit Agricole Corporate and Investment Bank and Societe Generale provided financing to ClearGen. Legal representation included Mayer Brown for ClearGen, O’Melveny & Meyers for Goldman Sachs and Milbank for MUFG and the lenders.

About ClearGen

ClearGen is empowering the transition to a more sustainable energy future. In partnership with Blackstone, ClearGen works with partners to support the energy transition by offering efficient and reliable capital solutions. By combining smart and flexible financing with unmatched industry expertise, ClearGen will lead the way to a new era of energy outcomes. At ClearGen, we bring capital to projects that deliver results and make the world a cleaner place. Visit www.clear-gen.com to learn more.

About Blackstone Credit and Sustainable Resources Platform

Blackstone Credit is one of the world's largest credit-focused asset managers, with $234 billion in AUM. We seek to generate attractive risk-adjusted returns for our clients by investing across the entire corporate credit market, from public debt to private loans. Our capital supports a wide range of companies across sectors and geographies, enabling businesses to expand, invest, and navigate changing market environments. Blackstone Credit’s Sustainable Resources Platform is focused on investing in and lending to renewable energy companies and those supporting the energy transition and climate change solutions. Blackstone sees an opportunity to invest an estimated $100 billion in energy transition and climate change solutions over the next decade across its businesses.

About Goldman Sachs

Bringing together traditional and alternative investments, Goldman Sachs Asset Management provides clients around the world with a dedicated partnership and focus on long-term performance. As the primary investing area within Goldman Sachs (NYSE: GS), we deliver investment and advisory services for the world’s leading institutions, financial advisors and individuals, drawing from our deeply connected global network and tailored expert insights, across every region and market—overseeing more than $2 trillion in assets under supervision worldwide as of September 30, 2022. Driven by a passion for our clients’ performance, we seek to build long-term relationships based on conviction, sustainable outcomes, and shared success over time.

About MUFG

Mitsubishi UFJ Financial Group, Inc. (MUFG) is one of the world’s leading financial groups. Headquartered in Tokyo and with over 360 years of history, MUFG has a global network with approximately 2,400 locations in more than 50 countries. The Group has about 170,000 employees and offers services including commercial banking, trust banking, securities, credit cards, consumer finance, asset management, and leasing. The Group aims to “be the world’s most trusted financial group” through close collaboration among our operating companies and flexibly respond to all of the financial needs of our customers, serving society, and fostering shared and sustainable growth for a better world. MUFG’s shares trade on the Tokyo, Nagoya, and New York stock exchanges. For more information, visit https://www.mufg.jp/english

ClearGen
Rob Howard, Chief Executive Officer
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Goldman Sachs
Avery Reed, Media Relations
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MUFG
Oksana Poltavets, Corporate Communications
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Product Revenue up 38% from Fiscal 2022 Q2

Company to Host Webcast Today at 5:00 p.m. ET

GOLETA, Calif.--(BUSINESS WIRE)--Transphorm, Inc. (NASDAQ: TGAN)—a pioneer in and global supplier of high-reliability, high-performance gallium nitride (GaN) power conversion products, announced today financial results for its 2023 fiscal second quarter ended September 30, 2022.

Fiscal 2023 Second Quarter and Recent Highlights

(All comparisons are to the second quarter of fiscal 2022, unless otherwise noted.)

• Revenue of $3.7 million, compared to revenue of $11.3 million in the prior year, which included one-time licensing revenue of $8.0 million. Excluding the one-time licensing revenue, revenue was up 11% on a year-over-year basis.
• Product revenue was up 38% compared to the same period in fiscal 2022.
• Improved supply from Japan Epi reactors and completed acquisition of additional MOCVD reactors.
• Increased shipments on previously announced Fortune 100 laptop adapter win, a top 3 world-wide laptop manufacturer, and secured new Fortune 100 laptop adapter design-win.
• Strengthened senior operations, sales and marketing teams with the addition of seasoned industry leaders.
• Secured ARPA-E program to innovate on Transphorm’s unique bi-directional GaN technology that replaces 2-4 silicon devices with a single FQS GaN in applications like microinverters and motor drives.
• Secured approval for Shenzhen, China WFOE (Wholly Foreign Owned Enterprise) to enhance local customer support, sales, field applications and marketing.
• Expanded package offerings by adding Industry Standard PQFN products, which enable pin-to-pin with multiple sources. This complements Transphorm’s existing High Performance PQFN products, both validated to deliver superior results versus competing GaN.

Transphorm President, COO, and co-founder, Primit Parikh, commented, “We continue to maintain our leadership position in high power GaN which comprised over 65% of our fiscal Q2 revenue, while winning marquee new designs in fast chargers and adapters, enabled by superior and easy to interface SuperGaN® FETs. We are also executing on our stated plan of increasing capacity, with notable improvements from our Japan Epi reactors, giving us confidence we can better address demand.“

Mr. Parikh added, “We exceeded our fiscal Q2 revenue target and remain well-positioned to resume revenue growth of 20% sequentially in fiscal Q3, with the opportunity to achieve 25%, despite persistent macroeconomic headwinds. We continue to aggressively pursue new customer wins and are fulfilling our existing backlog, while managing both internal and external supply chain constraints. With our wide range of product offerings and notably high power GaN, we continue to be well-positioned for growth across multiple market segments – including consumer, data centers, blockchain, and industrial. We also continue to pursue near-term opportunities in two-wheel and three-wheel EVs and longer-term opportunities in the automotive EV market.”

“This quarter saw solid execution and lower operational burn despite reduced revenue. The Company remains well-positioned with a solid balance sheet to continue to invest in staffing and capital equipment to realize its short and long-term objectives”, stated Cameron McAulay, Chief Financial Officer.

Fiscal 2023 Second Quarter Financial Results

Revenue for the second quarter of fiscal 2023 was $3.7 million, compared to $11.3 million for the second quarter of fiscal 2022. Excluding $8.0 million of one-time licensing revenue in the second quarter of fiscal 2022, revenue for the second quarter of fiscal 2023 was up $0.4 million, or 11%, year-over-year. Product revenue reflected yet another strong quarter from ramping shipments of GaN products for a broad range of power conversion applications, with a 38% increase from the second quarter of fiscal 2022.

Operating expenses on a GAAP basis were $5.9 million in the second quarter of fiscal 2023, compared to $6.1 million in the prior quarter and $5.1 million in the second quarter of fiscal 2022. Second quarter of fiscal 2023 operating expenses consisted of R&D expenses of $1.8 million and SG&A expenses of $4.1 million. On a non-GAAP basis, operating expenses in the second quarter of fiscal 2023 were $5.1 million, compared with non-GAAP operating expenses of $5.4 million in the prior quarter and $4.5 million in the second quarter of fiscal 2022.

GAAP net profit (loss) for the second quarter of fiscal 2023 was ($6.0) million, or ($0.10) per share, compared to GAAP net loss of ($5.4) million, or ($0.10) per share, in the prior quarter, and a GAAP net profit of $6.0 million, or $0.15 per share, in the second quarter of fiscal 2022. On a non-GAAP basis, net loss for the second quarter of fiscal 2023 was ($5.1) million, or ($0.09) per share, compared to non-GAAP net loss of ($4.5) million, or ($0.08) per share, in the prior quarter, and a non-GAAP net profit of $3.6 million, or $0.09 per share, in the second quarter of fiscal 2022.

Cash, cash equivalents and restricted cash as of September 30, 2022 were $34.0 million.

Webcast

Transphorm will host a webcast today at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) to review the Company’s 2023 fiscal second quarter results and provide a business update. The webcast can be accessed at: https://edge.media-server.com/mmc/p/bp5xfkie.

Upon registration, telephone participants will receive a confirmation email detailing how to join the audio version of the webcast, including the dial-in number and a unique registrant ID. The live webcast will be available via Transphorm’s Investor Relations website at https://www.transphormusa.com/en/investors/.

About Transphorm

Transphorm, Inc., a global leader in the GaN revolution, designs and manufactures high performance and high reliability GaN semiconductors for high voltage power conversion applications. Having one of the largest Power GaN IP portfolios of more than 1,000 owned or licensed patents, Transphorm produces the industry’s first JEDEC and AEC-Q101 qualified high voltage GaN semiconductor devices. The Company’s vertically integrated device business model allows for innovation at every development stage: design, fabrication, device, and application support. Transphorm’s innovations are moving power electronics beyond the limitations of silicon to achieve over 99% efficiency, 40% more power density and 20% lower system cost. Transphorm is headquartered in Goleta, California and has manufacturing operations in Goleta and Aizu, Japan. For more information, please visit www.transphormusa.com. Follow us on Twitter @transphormusa and WeChat @ Transphorm GaN.

Non-GAAP Financial Measures

This press release includes and makes reference to certain non-GAAP financial measures. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with GAAP.

Transphorm believes that the presentation of non-GAAP financial measures provides important supplemental information to management and investors regarding financial and business trends relating to the Company’s financial condition and results of operations. Transphorm believes that these non-GAAP financial measures provide additional insight into Transphorm’s ongoing performance and core operational activities and has chosen to provide these measures for more consistent and meaningful comparison between periods. These measures should only be used to evaluate Transphorm’s results of operations in conjunction with the corresponding GAAP measures. The non-GAAP results exclude the effect of stock-based compensation, depreciation, amortization, change in fair value of promissory note and other income in joint venture.

A reconciliation between GAAP and non-GAAP financial results is provided in the financial statements portion of this press release.

Forward-Looking Statements

This press release contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning the Company’s ability to manage supply chain constraints, expand its manufacturing capacity and meet demand, industry acceptance of GaN technology, and the Company’s pipeline and future anticipated growth. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “plan,” “believe,” “intend,” “look forward,” and other similar expressions among others. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: risks related to Transphorm’s operations, such as additional financing requirements and access to capital; competition; the ability of Transphorm to protect its intellectual property rights; and other risks set forth in the Company’s filings with the Securities and Exchange Commission. Except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contacts:
David Hanover or Jack Perkins
KCSA Strategic Communications
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Company Contact:
Cameron McAulay
Chief Financial Officer
1-805-456-1300 ext. 140
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To jumpstart the holiday shopping season, Sendle is alleviating shipping sticker shock with this loonie deal, helping Canadian small businesses drive more sales during their busiest time of year

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

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

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

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

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

About Sendle

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

Note to Media

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

Media
Tonja Aldis
Boulevard Public Relations (for Sendle)
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HOUSTON--(BUSINESS WIRE)--#energyexploration--Geospace Technologies (NASDAQ: GEOS) today announced that it will release fourth quarter and fiscal year 2022 financial results on Thursday, November 17, 2022 after the market closes. In conjunction with the release, Geospace has scheduled a conference call for Friday, November 18, 2022 at 10:00 a.m. Eastern Time (9:00 a.m. Central).

WHAT:

Geospace Technologies Fourth Quarter and Fiscal Year 2022 Results Conference Call

WHEN:

Friday, November 18, 2022 at 10:00 a.m. Eastern Time (9:00 a.m. Central)

HOW:

Live via phone – U.S. participants can dial toll free (800) 225-9448. International participants can dial (203) 518-9708. Please reference the Geospace Technologies conference ID: GEOSQ422 prior to the start of the conference call.

For those who cannot listen to the live call, a replay will be available for approximately 60 days and may be accessed through the Investor Relations page.

Geospace principally designs and manufactures seismic instruments and equipment. We market our seismic products to the oil and gas industry to locate, characterize and monitor hydrocarbon producing reservoirs. We also market our seismic products to other industries for vibration monitoring, border and perimeter security, and various geotechnical applications. We design and manufacture other products of a non-seismic nature, including water meter products, imaging equipment and offshore cables.

Caroline Kempf, This email address is being protected from spambots. You need JavaScript enabled to view it., 321.341.9305

NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE: HES) announced today that John Hess, Chief Executive Officer, will provide a keynote presentation at the Bank of America Securities 2022 Global Energy Conference on November 17, 2022 at 7:45 a.m. Eastern Time.

A live webcast and a replay of the presentation will be accessible via Hess Corporation’s website.

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

Cautionary Statements

This presentation will contain projections and other forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These projections and statements reflect the company’s current views with respect to future events and financial performance. No assurances can be given, however, that these events will occur or that these projections will be achieved, and actual results could differ materially from those projected as a result of certain risk factors. A discussion of these risk factors is included in the company’s periodic reports filed with the Securities and Exchange Commission.

Investor contact:
Jay Wilson
(212) 536-8940
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Media contact:
Lorrie Hecker
(212) 536-8250
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PULLACH, Germany--(BUSINESS WIRE)--The international mobility services provider SIXT experienced the strongest quarter in its history in the third quarter of this year[1]. Consolidated revenue increased by 24.8% to EUR 997.1 million from July to September compared to the same quarter of the previous year. Consolidated earnings before taxes (EBT) increased to EUR 283.1 million. For the first nine months of the year, SIXT recorded a 42.4% increase in revenue to EUR 2.32 billion and a 59.5% increase in EBT to EUR 506.3 million compared to the same period of the previous year. Compared to the pre-Covid year 2019, this represents an increase of 21.4% in revenue and even 94.8% in earnings. The company once more highly invested to be able to meet the buoyant demand. More than 1,000 additional employees , mainly in the area of Operations, have been hired worldwide to date. By paying a special bonus of EUR 1,700 to all of its employees globally, SIXT is not only expressing its appreciation, but also providing assistance in meeting the higher costs of living. This measure will affect total earnings in the amount of around EUR 15 million for financial year 2022, approximately EUR 10 million of which is attributable to the third quarter.

• Consolidated revenue after nine months rises by 42.4% to EUR 2.32 billion compared to the same period in the previous year; strong growth in all regions as demand remains high
• Consolidated earnings before taxes (EBT) increase to EUR 506.3 million after three quarters (+59.5%) and thus show disproportionately high growth compared to revenue; compared to the pre-Covid year 2019, an increase of 95%
• High investments in premium quality and innovation: more than 1,000 additional employees since January 2022, further expansion of the fleet, holistic sustainability strategy introduced
• SIXT expects consolidated EBT for 2022 to be at the upper end of the previously communicated range of EUR 500 to 550 million CFO Prof. Dr. Kai Andrejewski: “Although we are heading for a record year in 2022, we are also monitoring the economic trend very closely and are not immune to respective risks beginning at the end of the year. Nevertheless, we have a high degree of resilience and the capacity to invest counter-cyclical in our brand, the expansion of our network and our technology.”

Farsighted fleet policy and close relationships with suppliers paying off

Due to the good long-standing business relationships with all of the major car manufacturers, the flexible extension of the term of the vehicles and the addition of new OEMs to the portfolio, SIXT managed to increase its worldwide rental fleet (excluding franchise countries) to around 136,500 vehicles in the first nine months of 2022 (average inventory) despite the difficult procurement situation. This means the company had 13% more vehicles than in the same period of last year (120,700) and a good 5% more than in the first half of 2022 (129,400). In terms of value, 64% of the fleet consisted of vehicles from brands that can be assigned to the premium segment, a significant increase compared to the period before Covid.

Prof. Dr. Kai Andrejewski, (CFO) of Sixt SE: “We are very satisfied with our economic development. SIXT’s premium strategy is resonating with its customers. We have also benefited from a persistently positive market environment in terms of demand and prices. Although we are heading for a record year in 2022, we are also monitoring the economic trend very closely and are not immune to respective risks beginning at the end of the year. Nevertheless, we have a high degree of resilience and the capacity to invest counter-cyclical in our brand, the expansion of our network and our technology. SIXT is already very diversified, both geographically and in terms of its products, financed very solidly and continues to actively drive the digitalisation of its products and services. In addition, we have repeatedly demonstrated the adaptability of our business model to changing conditions.”

Strong growth in Europe – further expansion in North America

The importance of the international business to the Group increased further in the first nine months of 2022. It accounted for 72.1% of consolidated revenue, compared to 67.3% in the same period of the previous year.

• Revenue in the European foreign markets increased by 46.8% to EUR 1 billion from January to September of this year. This was driven, among other factors, by the strong summer business in the tourist destinations of France, Spain and Italy, after Covid restrictions on travel had largely been lifted.
• Revenue in North America was up 62.4% to EUR 671.0 million in the first nine months. The United States is not only the world’s largest car rental market with a total volume of USD 32 billion, but now also the largest individual market for SIXT, with 98 rental stations in 22 states and around 1,200 employees. SIXT is currently present at 37 of the 50 largest airports in the United States that account for around 70% of the total airport market volume of approximately USD 11 billion in the US. By expanding its operations to Canada in July, SIXT has also strengthened its presence in North America. Following the opening of the first stations in the metropolitan city of Vancouver, the next step will be to serve half of the country’s top 10 airports.
• In Germany, revenue reached EUR 641.3 million in the first nine months, an increase of 22.0% compared to the same period in 2021.

Achieving the mobility turnaround – 360° sustainable

SIXT’s sustainability strategy, which was communicated in September, creates the prerequisites for combining future growth with a green mobility revolution and significantly increasing enthusiasm for e-mobility. The strategy is based on four pillars:

• Further electrification of the SIXT fleet with the goal of having between 70% and 90% of the fleet in Europe consisting of e-vehicles by 2030. SIXT is relying on a broad mix of manufacturers and models, predominantly models from European and American OEMs, which currently account for around 85% of the total fleet and will continue to do so at a very high level in the future. Since 2019, the company has already succeeded in increasing the share of electrified vehicles from around 1% to around 11%. The 100,000 vehicles that SIXT intends to acquire from BYD will be in-fleetedon a rolling basis over the next 6 years. Assuming an average retention period of half a year, this will result in a single-digit percentage share of SIXT’s total fleet at the current fleet size.
• Expansion of its own charging infrastructure with an investment programme of EUR 50 million as well as access for all SIXT customers to most of the currently 300,000 publicly available charging points in SIXT’s European corporate countries using only one app, the SIXT App, in the course of 2023
• Further expansion of the SIXT App and the underlying mobility platform ONE as a hub for booking climate-friendly product offerings from SIXT and partners
• Climate neutrality of SIXT’s own branches and sites by the end of 2023 and thus five years earlier than originally planned

CFO Prof. Dr. Kai Andrejewski: “With our ambitious goals for climate and environmental protection, we want to live up to our aspiration as technology and innovation leader in our industry. The measures aimed at reducing our CO2 emissions will also ensure that the capital market will continue to be able to invest in SIXT in the form of equity and debt capital in the long term. The topic of sustainability is therefore important to us, both in terms of our ecological responsibility and from an economic perspective.”

Key Group figures for the first nine months of 2022

• Consolidated revenue amounted to EUR 2.32 billion in the first nine months of this year, an increase of 42.4% compared to the figure for the same period of the previous year (EUR 1.63 billion). The increase was positively influenced by the rise in value of the US dollar against the euro (currency- adjusted: EUR 2.24 billion, + 37.2%).
• Corporate EBITDA, which represents the Group’s operating result including interest income and depreciation on rental vehicles, increased by 51.6% and thus disproportionately to growth in revenue to EUR 628.9 million (9 months of 2021: EUR 414.8 million). All three Group segments – Europe, North America and Germany – contributed to the strong rise in earnings.
• Consolidated earnings before taxes (EBT) rose by 59.5% in the first nine months from EUR 317.4 million to EUR 506.3 million. This improved the Group’s return on revenue from 19.5% in the same period of the previous year to 21.8%.
• At 36.9%, the consolidated equity ratio at the end of the third quarter was slightly below the figure at the end of 2021 (38.6%) due to the significant increase in total assets as a result of the fleet expansion, and thus remained at an excellent level compared to the industry as a whole.

Key Group figures for the third quarter of 2022

• SIXT increased its consolidated revenue by 24.8% to EUR 997.1 million in the third quarter (Q3 2021: EUR 799.0 million). The lower percentage increase compared to the nine-month view is due to a base effect resulting from the significant upturn in demand over the course of the previous year. The largest contributor to growth in the third quarter was the North America segment, where revenue increased by 57.4% to EUR 276.3 million.
• Corporate EBITDA increased by 14.3% compared to the same quarter of the previous year, from EUR 287.9 million to EUR 329.1 million.
• EBT increased by 11.8% from EUR 253.2 million to EUR 283.1 million.

Outlook

The market environment is still positive in terms of both demand and prices at the moment. For the financial year 2022, SIXT continues to expect a consolidated revenue of between EUR 2.8 billion and EUR 3.1 billion and a consolidated EBT to be at the upper end of the previously communicated range of EUR 500 million to EUR 550 million.

In addition to geopolitical crises such as Russia’s war in Ukraine, rampant inflation, high energy prices and, as a consequence, a possible slowdown in spending and travel pose risks to the future development of business that are difficult to predict. The possibility of the business cooling down is both real and difficult to project in terms of its extent. Moreover, SIXT is exposed to the risk of rising costs due to persistent inflation. The Management Board is confident overall in view of the strong diversification of the business with regard to customer groups and regions, the very good equity base as well as financing of EUR 950 million concluded in September at significantly better conditions and the resulting significant financial scope to take action. SIXT intends to take advantage of opportunities for anticyclical investments.

Sixt SE is publishing its Group Quarterly Statement as at 30 September 2022 on its website today at http://ir.sixt.com in the section “Financial Publications.”

About SIXT

Sixt SE with its registered office in Pullach near Munich, is a leading international provider of high-quality mobility services. With its products SIXT rent, SIXT share, SIXT ride and SIXT+ on the mobility platform ONE the company offers a uniquely integrated premium mobility service across the fields of vehicle and commercial vehicle rental, car sharing, ride hailing and car subscriptions. The products can be booked through the SIXT app, which also integrates the services of its renowned mobility partners. SIXT has a presence in more than 100 countries around the globe. The company stands for consistent customer orientation, a lived culture of innovation with strong technological competence, a high proportion of premium vehicles in the fleet and an attractive price-performance ratio. In 2021 SIXT achieved significant market share gains, which contributed to a record earnings before taxes of EUR 442.2 million and a significant increase in revenues of EUR 2.28 billion – despite the since 2020 ongoing COVID-19 pandemic. In the decade before, from 2009 to 2019, the SIXT Group doubled its revenues. Sixt SE has been listed on the Frankfurt stock exchange since 1986 (ISIN ordinary share: DE0007231326, ISIN preference share: DE0007231334).

https://about.sixt.com

¹ The comparative data used for 2019 in this press release have been adjusted and refer to continuing operations in each case. For example, the leasing business was sold in July 2020.

¹ Value of vehicles added to the rental fleet

Press contact
Sixt SE
Johannes Gunst
Sixt Central Press Office
Tel.: +49 – (0)89 – 74444 6700
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Super Post Panamax cranes will increase productivity by 30 percent, Reduce carbon footprint by 11 percent

LIRQUÉN, Chile--(BUSINESS WIRE)--With global interest in sustainability rising across the consumer and industrial supply chain, DP World, a leading global end-to-end logistics solutions provider, today inaugurated two state-of-the-art Super Post Panamax (STS) cranes at its Lirquén, Chile terminal. The two new cranes, powered by renewable energy, will help increase port productivity by 30 percent and reduce the operational carbon footprint by 11 percent while accelerating the company’s efficiency and growth at one of the main terminals in the Biobío Region.

Michael Spoerer, general manager of DP World Lirquén, explained, "DP World’s Lirquen terminal is now poised to support additional economic activity through the port, expanding the world’s access to Chilean exports. This investment of nearly US$ 45 million brings two of the most modern cranes in the world to our facility. As demand for goods increases across the region, we now have the capacity to handle the region’s largest vessels in the most sustainable manner."

The new cranes will support DP World’s commitment to a clean energy future. DP World’s operations in Chile, through its terminals DP World Lirquén and DP World San Antonio, recently renewed its certification as the first port operator in South America to use 100 percent renewable energy, confirming the company’s global commitment to be carbon neutral by 2050 and its leadership as a sustainable logistics operator. In addition, the company announced at the United Nations Climate Change Conference (COP27), a $500 million investment to cut carbon emissions by 700,000 tons as part of its commitment to the Green Shipping Challenge.

Spoerer also noted, "This investment confirms DP World's decision to enhance its commercial offer for containers on the West Coast of South America and to be a long-term strategic facilitator of cargo for Chilean importers and exporters. Productivity and efficiency at DP World Lirquén's docks has grown significantly in recent years, thanks to investments, operational redesign and support from our workers, which have translated into benefits for our customers, both in containers, cellulose ships, ships with servicing the clean energy market and transportation."

Curtis Doiron, CEO of DP World’s operations in Chile, added, "Sustainable logistics goes beyond carbon reduction. This project reflects the global nature of DP World’s workforce as the training of the Chilean operators took place at DP World facility in Santos, Brazil, the largest private multimodal terminal in Brazil. Developing the skills of our workforce across South America is critical to our future success."

Editor’s Notes:

• The Super Post Panamax cranes will allow DP World to service ships with up to 22 rows, and are supported by yard equipment such as Reach Stackers and Port Trucks to accompany the increase in productivity at the dock
• The project also includes the addition of modern Optical Character Recognition (OCR) technology, which will speed up the process and improve the Terminal's safety.

For more information please visit www.dpworld.cl.

MEDIA CONTACTS:

María Elena Retamal Contreras
DP World, Chile
C +56975163938
E This email address is being protected from spambots. You need JavaScript enabled to view it.

Patrick MacElroy
DP World, Americas
C: 704-449-5719
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BOSTON--(BUSINESS WIRE)--SES AI Corporation (NYSE: SES), headquartered in Boston, a global leader in the development and manufacturing of high-performance lithium-metal (Li-Metal) rechargeable batteries for electric vehicles (EVs) and other applications, today announced its business and financial results for the third-quarter ended September 30, 2022.

The company posted a letter to shareholders on its Investor Relations website from Founder and CEO Dr. Qichao Hu, and Chief Financial Officer, Jing Nealis, that provides a business update and details its third-quarter financial results.

“As a leader in Li-Metal battery cell development, our organization continues to evolve and innovate in order to meet all the challenges that come with manufacturing large format cells,” said Founder and CEO, Qichao Hu. “As a result of real-world experiences with large cells, we have started to take a fresh look at our supply chain and procurement strategies and have decided to take certain operations in-house to improve quality. If you don’t control the entire supply chain, it will be difficult to meet the full-blown specs from OEMs for A and B Samples.”

Webcast and Conference Call

SES will host a live conference call at 5:00 p.m. EDT that will be available through its Investor Relations website, investors.ses.ai. The following link can be used to register for the call: earnings call webcast.

The conference call can also be accessed live over the phone by dialing the following numbers:

A webcast replay of the conference call will be available approximately two hours after the event is over at investors.ses.ai/events-and-presentations.

About SES

SES is a global leader in development and production of high-performance Li-Metal rechargeable batteries for EVs and other applications. Founded in 2012, SES is an integrated Li-Metal battery manufacturer with strong capabilities in material, cell, module, AI-powered safety algorithms and recycling. Formerly known as SolidEnergy Systems, SES is headquartered in Boston and has operations in Singapore, Shanghai, and Seoul. To learn more about SES, please visit: ses.ai

SES may use its website as a distribution channel of material company information. Financial and other important information regarding SES is routinely posted on and accessible through the Company’s website at www.ses.ai. Accordingly, investors should monitor this channel, in addition to following SES’s press releases, Securities and Exchange Commission filings and public conference calls and webcasts.

Forward-Looking Statements

All statements other than statements of historical facts contained in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, without limitation, statements relating to expectations for future financial performance, business strategies or expectations for our business. These statements are based on the beliefs and assumptions of the management of SES. Although SES believes that its plans, intentions and expectations reflected in or suggested by these forward-looking statements are reasonable, it cannot provide assurance that it will achieve or realize these plans, intentions or expectations. These statements constitute projections, forecasts and forward-looking statements, and are not guarantees of performance. Such statements can be identified by the fact that they do not relate strictly to historical or current facts. When used in this press release, words such as “anticipate”, “believe”, “can”, “continue”, “could”, “estimate”, “expect”, “forecast”, “intend”, “may”, “might”, “plan”, “possible”, “potential”, “predict”, “project”, “seek”, “should”, “strive”, “target”, “will”, “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.

You should not place undue reliance on these forward-looking statements. Should one or more of a number of known and unknown risks and uncertainties materialize, or should any of our assumptions prove incorrect, our actual results or performance may be materially different from those expressed or implied by these forward-looking statements. Some factors that could cause actual results to differ include, but are not limited to the following risks: changes in domestic and foreign business, market, financial, political and legal conditions, including but not limited to the ongoing conflict between Russia and Ukraine; risks relating to the uncertainty of the projected financial information with respect to SES; risks related to the development and commercialization of SES’s battery technology and the timing and achievement of expected business milestones; the effects of competition on SES’s business; the ability of SES to issue equity or equity-linked securities or obtain debt financing in the future; the ability of SES to integrate its products into electric vehicles (“EVs”); the risk that delays in the pre-manufacturing development of SES’s battery cells could adversely affect SES’s business and prospects; potential supply chain difficulties; risks resulting from SES’s joint development agreements and other strategic alliances and investments; the quickly evolving battery market; SES’s ability to accurately estimate future supply and demand for its batteries; SES’s ability to develop new products on an ongoing basis in a timely manner; product liability and other potential litigation, regulation and legal compliance; SES’s ability to effectively manage its growth; SES’s ability to attract, train and retain highly skilled employees and key personnel; the willingness of vehicle operators and consumers to adopt EVs; developments in alternative technology or other fossil fuel alternatives; SES’s ability to meet certain motor vehicle standards; a potential shortage of metals required for manufacturing batteries; risks related to SES’s intellectual property; risks related to SES’s business operations outside the United States, including in China and South Korea; the uncertainty in global economic conditions and risks relating to health epidemics, including the COVID-19 pandemic and any operational interruptions; SES has identified material weaknesses in its internal control over financial reporting and may identify material weaknesses in the future or otherwise fail to maintain an effective system of internal controls; compliance with certain health and safety laws; changes in U.S. and foreign tax laws; and the other risks described in “Part I, Item 1A. Risk Factors” in our annual report on Form 10-K for the fiscal year ended December 31, 2021 filed with the Securities and Exchange Commission (“SEC”) on March 31, 2022 and other documents filed from time to time with the SEC. There may be additional risks that SES presently knows and/or 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 SES’s expectations, plans or forecasts of future events and views only as of the date of this press release. SES anticipates that subsequent events and developments will cause its assessments to change. However, while SES may elect to update these forward-looking statements at some point in the future, SES specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing SES’s assessments as of any date subsequent to the date of this press release.

Investors: Eric Goldstein This email address is being protected from spambots. You need JavaScript enabled to view it.
Media: Irene Lam This email address is being protected from spambots. You need JavaScript enabled to view it.

Modernized Mobile Workforce Management Platform to be Implemented by Infosys Will Optimize Customer-Facing Field Operations

SUNNYVALE, Calif.--(BUSINESS WIRE)--#customerservice--KloudGin, Inc., the leading provider of AI cloud-based field service, work and asset management solutions, has contracted with Citizens Energy Group to provide next generation mobile field service and work management solutions for their natural gas, thermal energy, water, and wastewater services.

KloudGin’s Field Service Management platform will provide Citizens Energy Group with enterprise-wide integration of work orders, inventory and CIS functions across their entire range of services.

“KloudGin’s SaaS Field Service Management solution is easy for our employees to use and provides strong functionality. The modern, cloud-native and mobile-first platform running on AWS creates a digital foundation for the utility of the future. KloudGin’s architecture allows us to integrate with our on-premise systems and with our cloud applications, providing the foundation for a great customer experience,” said Curtis Popp, VP Customer Operations of Citizens Energy Group. “Infosys issued a strong RFP response on the implementation, coupled with their existing implementation knowledge of our Customer Care & Billing solution. We are pleased to work with the Infosys and KloudGin team to improve our customer & employee experience.”

“KloudGin is honored to be part of Citizens Energy Group’s digital transformation program. As utilities transform to more efficiently manage their resources, leveraging modern cloud technology and AI models are key to success. The ability to access these systems anytime, anywhere, is a key benefit to improving productivity and the retention of their field workers and providing a modern customer experience,” said Vikram Takru, KloudGin Co-founder & CEO.

Infosys, a global leader in next-generation digital services and consulting, will team up with KloudGin to deploy the mobile field service solution at Citizens Energy Group.

“With the increased demand for digital transformation by utilities, we’re proud to team globally with KloudGin to bring modern systems to market quickly, efficiently and to deliver customer, worker and utility-wide value,“ said Ashiss Kumar Dash, Infosys EVP and Segment Head of Services, Utilities, Resources, Energy. “Providing a single, cohesive platform for all key field service and asset management operations is a proven formula for increasing operational efficiency and better connecting with customers in the highly competitive utility services arena.”

About Citizens Energy Group

In 1887, Indianapolis civic leaders came up with the idea of operating a natural gas company as a Public Charitable Trust, solely for the benefit of customers and the community. Today, this Trust lives on as Citizens Energy Group, a broad-based utility service company, providing natural gas, thermal energy, water, and wastewater services to about 800,000 people and thousands of businesses in the Indianapolis area. At Citizens, our vision is to fulfill the promise of the Trust to serve our customers and communities with unparalleled excellence and integrity. Visit www.citizensenergygroup.com

About KloudGin

KloudGin is the only SaaS single-platform, cloud-based field service, work and asset management solution that eliminates silos, automates work management processes, enables customer self-service, and increases worker productivity. KloudGin applications help operations develop new revenue streams and business models. Serving companies with complex asset management and field service requirements, KloudGin connects customers, employees, sub-contractors and assets with AI-powered access to information on any device, anywhere. Visit www.kloudgin.com.

About Infosys

Infosys is a global leader in next-generation digital services and consulting. Over 300,000 of our people work to amplify human potential and create the next opportunity for people, businesses, and communities. With over four decades of experience in managing the systems and workings of global enterprises, we expertly steer clients, in more than 50 countries, as they navigate their digital transformation powered by the cloud. We enable them with an AI-powered core, empower the business with agile digital at scale and drive continuous improvement with always-on learning through the transfer of digital skills, expertise, and ideas from our innovation ecosystem. We are deeply committed to being a well-governed, environmentally sustainable organization where diverse talent thrives in an inclusive workplace. Visit www.infosys.com to see how Infosys (NSE, BSE, NYSE: INFY) can help your enterprise navigate your next.

Tanya Stricker, VP of Marketing, KloudGin
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1-877-256-8303

Infosys
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HOUSTON--(BUSINESS WIRE)--ECA MARCELLUS TRUST I (OTC Pink: ECTM) announced today that the Trust’s distribution for the quarter ended September 30, 2022, will be $0.180 per unit, which is expected to be distributed on or before November 29, 2022 to holders of record as of the close of business on November 21, 2022.

As previously disclosed, commencing with the distribution to unitholders paid in the first quarter of 2019, the Trustee has withheld, and in the future intends to withhold, the greater of $90,000 or 10% of the funds otherwise available for distribution each quarter to gradually build a cash reserve of approximately $1.8 million. In November 2021, the Trustee notified the Sponsor that the Trustee has determined to increase its targeted cash reserve for the payment of future expenses and liabilities to approximately $3.8 million, and therefore the Trustee plans to increase the cash reserve amount to be withheld from each quarterly distribution, commencing with the distribution payable to unitholders in the first quarter of 2022. This cash is reserved to pay or provide for the payment of future known, anticipated or contingent expenses or liabilities of the Trust. The Trustee may increase or decrease the targeted amount at any time and may increase or decrease the rate at which it is withholding funds to build the cash reserve at any time, without advance notice to the unitholders. Cash held in reserve will be invested as required by the trust agreement. Any cash reserved in excess of the amount necessary to pay or provide for the payment of future known, anticipated or contingent expenses or liabilities of the Trust eventually will be distributed to unitholders, together with interest earned on the funds. The Trustee has elected to withhold approximately $90,000 from funds otherwise available for distribution this quarter.

The Trust was formed to own royalty interests in natural gas properties now held by Greylock Energy LLC, and certain of its wholly owned subsidiaries (“Greylock”) in the Marcellus Shale formation in Greene County, Pennsylvania. The Trust is entitled to receive certain amounts of the proceeds attributable to Greylock’s interest in the sale of production from the properties. As described in the Trust's filings, the amount of the quarterly distributions is expected to fluctuate from quarter to quarter, depending on the proceeds received by the Trust as a result of production and natural gas prices and the amount of the Trust's administrative expenses, among other factors. The amount of proceeds received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by the volatility in commodity prices, which have experienced significant fluctuation since the beginning of 2020 as a result of a variety of factors that are beyond the control of the Trust or Greylock. Low natural gas prices will reduce proceeds to which the Trust is entitled, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders.

Pursuant to IRC Section 1446, withholding tax on income effectively connected to a United States trade or business allocated to non-U.S. persons (“ECI”) should be made at the highest marginal rate. Under Section 1441, withholding tax on fixed, determinable, annual, periodic income from United States sources allocated to non-U.S. persons should be made at a 30% rate unless the rate is reduced by treaty. This release is intended to be a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b) by ECA Marcellus Trust I, and while specific relief is not specified for Section 1441 income, this disclosure is intended to suffice. For distributions made to non-U.S. persons, nominees and brokers should withhold at the highest marginal rate.

This press release contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include the amount and date of any anticipated distribution to unit holders. The anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from Greylock with respect to the relevant quarterly period. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause actual results to differ materially include expenses of the Trust and reserves for anticipated future expenses and the effect, impact, potential duration or other implications of the COVID-19 pandemic. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither Greylock nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in Common Units issued by ECA Marcellus Trust I is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2021, and all of its other filings with the Securities and Exchange Commission. The Trust's annual, quarterly and other filed reports are or will be available over the Internet at the SEC's web site at http://www.sec.gov.

ECA Marcellus Trust I
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555

TORONTO--(BUSINESS WIRE)--$ELBM--Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra” or the “Company”) announced today the pricing of its previously announced overnight-marketed public offering (the “Equity Offering”) of units of the Company (the “Units”) on a best efforts basis at a price of US$2.35 per Unit for total gross proceeds of approximately US$5.5 million (~CAD$7.4 million). Each Unit shall be comprised of one common share in the capital of the Company (each, a “Common Share”) and one Common Share purchase warrant (each, a “Warrant”). Each Warrant shall entitle the holder to purchase one Common Share at US$3.10 at any time on or before the date which is 36 months after the closing date of the Equity Offering.

The Company has filed a preliminary prospectus supplement dated November 8, 2022, as amended on November 9, 2022 (the “Preliminary Prospectus Supplement”), to its final short form base shelf prospectus dated November 26, 2020, as amended by amendment no. 1 dated November 30, 2021 (collectively, the “Base Shelf Prospectus”) in connection with the Equity Offering of Units. The Preliminary Prospectus Supplement was filed with the securities regulatory authorities in each of the provinces of Canada, except Québec. The Preliminary Prospectus Supplement was also filed with the U.S. Securities and Exchange Commission (the “SEC”) as part of a registration statement on Form F-10 (File No. 333-264982), effective upon filing with the SEC on May 16, 2022, in accordance with the Multijurisdictional Disclosure System established between Canada and the United States. The Company expects to file a final prospectus supplement (the “Prospectus Supplement”) in connection with the Equity Offering by no later than 5:30 pm (Toronto time) on November 9, 2022.

The Units are being offered (i) to the public in each of the provinces of Canada, other than Québec, (ii) in the United States, and (iii) in such other international jurisdictions, as the Company and the dealers agree.

The Company intends to use the net proceeds of the Equity Offering for capital expenditures associated with the expansion and recommissioning of the Company’s wholly-owned hydrometallurgical cobalt refinery, including buildings, equipment, infrastructure, and other direct costs, as well as engineering and project management costs.

The Equity Offering is expected to close on or about November 15, 2022, and is subject to customary closing conditions including the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange and notification to The Nasdaq Stock Market. There can be no assurance as to whether or when the Equity Offering may be completed, or as to the actual size or terms of the Equity Offering.

Cantor Fitzgerald Canada Corporation is acting as lead agent and sole bookrunner for the Equity Offering.

The Prospectus Supplement and the accompanying Base Shelf Prospectus contain important detailed information about the Equity Offering. The Prospectus Supplement and the accompanying Base Shelf Prospectus can be found without charge on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Copies of the Prospectus Supplement and accompanying Base Shelf Prospectus may also be obtained in Canada from Cantor Fitzgerald Canada Corporation, Attn: Equity Capital Markets, 181 University Avenue, Suite 1500, Toronto, ON, M5H 3M7, email: This email address is being protected from spambots. You need JavaScript enabled to view it., or in the United States from Cantor Fitzgerald & Co., Attn: Capital Markets, 499 Park Avenue, 4th Floor, New York, New York 10022 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it.. Prospective investors should read the Prospectus Supplement and the accompanying Base Shelf Prospectus, and the other documents the Company has filed, before making an investment decision.

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

About Electra Battery Materials
Electra is a processor of low-carbon, ethically-sourced battery materials.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects', “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Such forward-looking statements include, without limitation, statements regarding the size and timing of closing of the offering, the receipt of all necessary approvals, and the expected use of proceeds. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for Electra Battery Materials Corporation, filed on SEDAR at www.sedar.com and with on EDGAR at www.sec.gov. Although Electra Battery Materials Corporation believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Electra Battery Materials Corporation disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Joe Racanelli
Vice President, Investor Relations
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1.416.900.3891

Declares Cash Dividend of $0.17 per Share

Reaffirms Full Year 2022 Production, Capex, Adj. EBITDAX and LFCF Guidance

HOUSTON--(BUSINESS WIRE)--Crescent Energy Company (NYSE: CRGY), ("Crescent" or the "Company"), today announced financial and operating results for the third quarter of 2022 and a quarterly cash dividend of $0.17 per share. Crescent has provided a supplemental slide deck on its third quarter results, which can be found at www.crescentenergyco.com. The Company plans to host its third quarter conference call and webcast at 10 a.m. CT, Thursday, November 10, 2022. Details can be found in this release.

Third Quarter 2022 Highlights

• Produced 150 MBoe/d, a 6% quarter-over-quarter increase; oil comprised 46% of total third quarter volumes on an equivalent basis
• Reported $555 million of net income and $179 million of Adjusted Net Income⁽¹⁾
• Generated $359 million of Adjusted EBITDAX⁽¹⁾, $570 million of Unhedged Adjusted EBITDAX⁽¹⁾
• Announced $144 million of Levered Free Cash Flow⁽¹⁾
• Exited the third quarter at 1.0x Net LTM Leverage⁽¹⁾, in-line with the Company's long-term target
• Capital investments, excluding acquisitions, were $190 million, in-line with expectations
• Announced positive amendments to its revolving credit facility (the "Credit Facility")
• Completed secondary equity offering, and concurrent buyback of OpCo Units, increasing public equity float by 15%
• Entered into a definitive purchase agreement to sell non-core Permian assets for $80 million, subject to customary purchase price adjustments
• Reaffirms full year 2022 guidance for production, capital expenditures, Adjusted EBITDAX and Levered Free Cash Flow assuming prior pricing assumptions and adjusted for divestitures
• Published second environmental, social and governance ("ESG") report, setting targets for five ESG priority areas, as well as benchmarks for measuring future performance. The document, which can be found on Crescent's website, reports against the Task Force on Climate-related Financial Disclosures ("TCFD") framework and offers guidance on the Company's role in a lower carbon future

Crescent CEO David Rockecharlie said, “Since going public less than a year ago, we’ve executed exceptionally well and advanced our top priorities: generating significant cash flow, completing accretive acquisitions, accessing the capital markets, executing on our high-return, multi-rig development program and publishing our second ESG report. Our year-to-date achievements are a testament to the quality of both our asset base and our people – each of these accomplishments align with our strategy and broader goals to create long-term shareholder value.”

Third Quarter 2022 Results

Crescent reported $555 million of net income and $179 million of Adjusted Net Income⁽¹⁾. The Company generated $359 million of Adjusted EBITDAX⁽¹⁾, $570 million of Unhedged Adjusted EBITDAX⁽¹⁾ and $144 million of Levered Free Cash Flow⁽¹⁾ for the period, a 4% decrease, 11% decrease and 5% increase, respectively, relative to the second quarter.

Costs and expenses, stated on a Boe basis, were generally in-line with Company expectations, despite industry-wide inflationary pressures. Operating costs and operating costs excluding production and other taxes, were both 4% higher relative to the second quarter, and in excess of our operating cost guide, reflecting incremental inflation and infrastructure maintenance as well as overall elevated workover activity. This increase includes $0.46 per Boe of transaction and nonrecurring operating expenses. G&A expense and Adjusted Recurring Cash G&A⁽¹⁾ (includes manager compensation and excludes non-cash equity-based compensation) totaled $1.25 and $1.40 per Boe, a 17% decrease and nominal percent increase relative to the second quarter, respectively.

Crescent produced 150 net MBoe/d in the third quarter (comprised of 46% oil, 13% NGLs, and 41% gas), a 6% increase above the prior quarter, and in-line with the Company's expectations.

Average realized price for the third quarter, excluding the effect of commodity derivatives, totaled $61.65 per Boe, 11% lower than the second quarter. Excluding the effect of commodity derivatives during the quarter, average realized prices by commodity were $86.77 per barrel of oil (95% of WTI), $6.99 per Mcf of gas (95% of Henry Hub) and $35.22 per barrel of NGLs (38% of WTI).

Third quarter capital investments, excluding acquisitions, were $190 million. The Company drilled five gross operated locations in the Uinta and five in the Eagle Ford. In addition, Crescent brought online 13 gross wells in the Uinta. Crescent is planning to operate two rigs (one Uinta, one Eagle Ford) for the remainder of the year.

On November 4, 2022, subsequent to quarter end, Crescent entered into a definitive purchase and sale agreement to divest non-core Permian basin assets in Ector County, Texas for $80 million in cash, subject to customary purchase price adjustments. Closing is expected to occur by year-end 2022. Closing is subject to customary closing conditions. Proceeds are expected to reduce outstanding borrowings on the Company’s Credit Facility. Year to date, the Company has divested non-core assets for combined proceeds in excess of $100 million.

Financial Position

In late September, the Company announced positive amendments to its Credit Facility, effective September 23, 2022. The amendments were approved by the 11 member banks supporting the facility. Highlights include: (i) an 11% borrowing base increase to $2.0 billion from $1.8 billion, (ii) a flat elected commitment amount of $1.3 billion, (iii) a facility term extension through September 2027 and (iv) a 50 bps decrease in the interest rate margin for amounts outstanding on the Credit Facility.

As of September 30, 2022, the Company had total long-term debt of $1.4 billion, consisting of $700 million of senior unsecured notes and $685 million of outstanding borrowings on its revolving credit facility (the "Credit Facility"). Total liquidity as of September 30, 2022, was $625 million, including availability on its revolver ($1.3 billion elected commitment with a $2.0 billion borrowing base), cash and cash equivalents of $22 million, and outstanding letters of credit of $12 million. Crescent exited the quarter with a Net LTM Leverage⁽¹⁾ ratio of 1.0x, in-line with its stated target. The Company expects to generate additional cash flow for the remainder of 2022, which it plans to use to fund its dividend and further strengthen the balance sheet.

Dividend

Consistent with the Company’s framework to return cash to shareholders, the Board approved a third quarter cash dividend of $0.17 per share, payable on December 7, 2022, to shareholders of record as of the close of business on November 23, 2022. Crescent expects to pay a $0.17 per share quarterly dividend for the fourth quarter of 2022, subject to Board approval and applicable law.

Guidance

Crescent reiterates full year 2022 guidance for production, capital, Adj. EBITDAX, and Levered Free Cash Flow, assuming prior pricing assumptions of $100/Bbl WTI and $6/MMBtu Henry Hub, when adjusted for divestitures. Additional guidance details are available in supplemental materials provided on the Company's website.

Risk Management

Crescent utilizes hedges to manage commodity price risks, protect the balance sheet, and ensure returns on invested capital. Crescent is approximately 60% hedged for the remainder of 2022 at the midpoint of its production guidance. Approximately 50% of the Company’s current hedge book was entered into in connection with prior acquisitions. As certain acquisition hedges are rolled off, the Company will more fully participate at market pricing. Complete details on the Company's derivative positions can be found in its investor presentation located at https://ir.crescentenergyco.com/events-presentations/.

Third Quarter 2022 Conference Call Information

Crescent plans to host a conference call to discuss its third quarter 2022 financial and operating results at 10 a.m. CT on Thursday, November 10, 2022. Complete details are below. A webcast replay will be available on the website following the call. Crescent has provided an investor presentation on its third quarter 2022 results on its website, www.crescentenergyco.com.

Date: Thursday, November 10, 2022
Time: 10 a.m. CT (11 a.m. ET)
Conference Dial-In: 877-407-0989 / 201-389-0921 (Domestic / International)
Webcast Link: https://ir.crescentenergyco.com/events-presentations/

About Crescent Energy Company

Crescent is a well-capitalized, U.S. independent energy company with a portfolio of assets in key proven basins across the lower 48 states and substantial cash flow supported by a predictable base of production. Crescent’s core leadership team is a group of experienced investment, financial and industry professionals who continue to execute on the strategy management has employed since 2011. The Company’s mission is to invest in energy assets and deliver better returns, operations and stewardship. For additional information, please visit www.crescentenergyco.com.

Cautionary Statement Regarding Forward-Looking Statements

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on current expectations, including with respect to the Uinta Acquisition. The words and phrases “should”, “could”, “may”, “will”, “believe”, “plan”, “intend”, “expect”, “potential”, “possible”, “anticipate”, “estimate”, “forecast”, “view”, “efforts”, “goal” and similar expressions identify forward-looking statements and express the Company’s expectations about future events. All statements, other than statements of historical facts, included in this communication that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the Company’s control. Such risks and uncertainties include, but are not limited to, weather, political, economic and market conditions, including a decline in the price and market demand for natural gas, natural gas liquids and crude oil, the impact of pandemics such as COVID-19, actions by the Organization of the Petroleum Exporting Countries (“OPEC”) and non-OPEC oil producing countries, the impact of armed conflict, including in Ukraine, the timing and success of business development efforts, sustained cost inflation and central bank policy changes associated therewith, and other uncertainties. Consequently, actual future results could differ materially from expectations. The Company assumes no duty to update or revise its respective forward-looking statements based on new information, future events or otherwise.

Financial Presentation

On December 7, 2021, Crescent was formed through the merger of Independence Energy ("Independence"), and Contango Oil and Gas ("Contango"). Referenced results for the three and nine months ended September 30, 2022, as well as the three months ended June 30, 2022, reflect the combined Company. Referenced results for the three and nine months ended September 30, 2021, reflect only legacy Independence, Crescent's predecessor for financial reporting purposes.

While OpCo Units and corresponding shares of Class B common stock are outstanding in our "Up-C" structure, and in accordance with the terms of our Management Agreement under which Class A shareholders bear only their proportionate share of Manager Compensation, portions of Manager Compensation, income tax provision (benefit) amounts and dividends paid corresponding to such ownership are required to be classified as distributions to redeemable noncontrolling interests rather than G&A expense, income tax provision (benefit), and dividends paid to Class A Common Stock, respectively. We define those redeemable noncontrolling interest ("RNCI") distributions made by OpCo related to (i) Manager Compensation as “Manager Compensation RNCI Distributions,” (ii) income tax provision (benefit) as “Income Tax RNCI Distributions,” and (iii) dividends paid as “Dividend RNCI Distributions.”

To facilitate comparison of our G&A expense, dividends paid to Class A Common Stock, and income tax provision (benefit) to peer companies with varying corporate and management structures, Adjusted EBITDAX, Unhedged Adjusted EBITDAX and Levered Free Cash Flow, for both (i) historical periods since the Merger Transaction and (ii) periods for which we provide guidance, are presented assuming the full redemption of all outstanding OpCo Units for shares of our Class A common stock and a corresponding cancellation of all shares of our Class B Common Stock. Management believes this presentation is most useful to investors, as the full amounts of Manager Compensation as G&A expense, dividends paid to Class A Common Stock, and income tax provision (benefit) are thereby reflected as such.