• Third quarter 2022 GAAP earnings per share (EPS) of $1.86, Adjusted EPS (Non-GAAP) of $2.01
• Increases quarterly dividend 7%, to $0.6125 per share, annualized to $2.45
• Revises 2022 GAAP EPS guidance range to $3.33 to $3.43, revises Adjusted EPS (Non-GAAP) guidance range to $3.53 to $3.63 from $3.43 to $3.63

KANSAS CITY, Mo.--(BUSINESS WIRE)--Evergy, Inc. (NYSE: EVRG) today announced third quarter 2022 GAAP earnings of $428 million, or $1.86 per share, compared to GAAP earnings of $449 million, or $1.95 per share, for third quarter 2021.

Evergy’s third quarter 2022 adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) were $462 million and $2.01, respectively, compared to $452 million and $1.97, respectively, in third quarter 2021. Adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP) are reconciled to GAAP earnings in the financial table included in this release.

Third quarter earnings were driven by higher weather-normalized demand, favorable weather, and higher transmission margin, partially offset by higher depreciation and amortization expense and higher interest expense.

"We finished the third quarter with solid results despite mounting challenges impacting our customers, our company and our communities – in particular, ongoing high inflation and increasing interest rates. Given results ahead of expectations driven by operational performance and warmer than normal weather, we are narrowing our 2022 adjusted earnings guidance range to $3.53 to $3.63 per share from $3.43 to $3.63 per share. We are also increasing our quarterly dividend by 7%, consistent with our stated targets," said David Campbell, Evergy President and Chief Executive Officer. "We'll make a strong push to the finish line in 2022 and drive ongoing execution as we continue to address these macroeconomic challenges in 2023."

Earnings Guidance

The Company revised its 2022 GAAP EPS guidance range to $3.33 to $3.43 from its original guidance of $3.37 to $3.57 and narrowed its 2022 adjusted EPS (Non-GAAP) guidance range to $3.53 to $3.63 from its original guidance of $3.43 to $3.63. Additionally, the Company reaffirmed its long-term adjusted EPS (Non-GAAP) annual growth target of 6% to 8% through 2025 from the $3.30 midpoint of the original 2021 adjusted EPS (Non-GAAP) guidance range. Adjusted EPS (non-GAAP) guidance is reconciled to GAAP EPS guidance in the financial table included in this release.

Dividend Declaration

The Board of Directors declared a dividend on the Company’s common stock of $0.6125 per share payable on December 20, 2022. The dividends are payable to shareholders of record as of November 18, 2022.

Earnings Conference Call

Evergy management will host a conference call Friday, November 4, with the investment community at 9:00 a.m. ET (8:00 a.m. CT). To view the webcast and presentation slides, please go to investors.evergy.com. To access via phone, investors and analysts will need to register using this link where they will be provided a phone number and access code.

Members of the media are invited to listen to the conference call and then contact Gina Penzig with any follow-up questions.

This earnings announcement, a package of detailed third-quarter financial information, the Company's quarterly report on Form 10-Q for the period ended September 30, 2022, and other filings the Company has made with the Securities and Exchange Commission are available on the Company's website at http://investors.evergy.com.

Adjusted Earnings (non-GAAP) and Adjusted Earnings Per Share (non-GAAP)

Effective in the third quarter of 2022, the calculation of adjusted earnings (non-GAAP) and adjusted EPS (non- GAAP) excludes the revenues collected from customers for the return on investment of the retired Sibley Station in the current period and the subsequent deferral of the cumulative amount of revenues collected since December 2018 for expected future refunds to customers. Management believes that this is a more representative measure of Evergy's recurring earnings, assists in the comparability of results and is consistent with how management reviews performance. Evergy's adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) for the three months ended and year to date September 30, 2021 have been recast, as applicable, to conform to the current year presentation.

In addition to net income attributable to Evergy, Inc. and diluted EPS, Evergy's management uses adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) to evaluate earnings and EPS without i.) the income or costs resulting from non-regulated energy marketing margins from the February 2021 winter weather event; ii.) gains or losses related to equity investments subject to a restriction on sale; iii.) the revenues collected from customers for the return on investment of the retired Sibley Station in the current period and the subsequent deferral of the cumulative amount of revenues collected since December 2018 for expected future refunds to customers; iv.) the estimated impairment loss on Sibley Unit 3; v.) the mark-to-market impacts of economic hedges related to Evergy Kansas Central's non-regulated 8% ownership share of Jeffrey Energy Center; and vi.) costs resulting from executive transition, severance and advisor expenses.

Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are intended to enhance an investor's overall understanding of results. Management believes that adjusted earnings (non-GAAP) provides a meaningful basis for evaluating Evergy's operations across periods because it excludes certain items that management does not believe are indicative of Evergy's ongoing performance or that can create period to period earnings volatility.

Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are used internally to measure performance against budget and in reports for management and the Evergy Board. Adjusted earnings (non-GAAP) and adjusted EPS (non-GAAP) are financial measures that are not calculated in accordance with GAAP and may not be comparable to other companies' presentations or more useful than the GAAP information provided elsewhere in this report.

The following tables provide a reconciliation between net income attributable to Evergy, Inc. and diluted earnings per common share as determined in accordance with GAAP and adjusted earnings (non-GAAP) and adjusted earnings per share (non-GAAP).

GAAP to Non-GAAP Earnings Guidance

About Evergy

Evergy, Inc. (NYSE: EVRG), serves 1.6 million customers in Kansas and Missouri. Evergy’s mission is to empower a better future. Our focus remains on producing, transmitting and delivering reliable, affordable, and sustainable energy for the benefit of our stakeholders. Today, about half of Evergy’s power comes from carbon-free sources, creating more reliable energy with less impact to the environment. We value innovation and adaptability to give our customers better ways to manage their energy use, to create a safe, diverse and inclusive workplace for our employees, and to add value for our investors. Headquartered in Kansas City, our employees are active members of the communities we serve.

For more information about Evergy, visit us at http://investors.evergy.com.

Forward Looking Statements

Statements made in this document that are not based on historical facts are forward-looking, may involve risks and uncertainties, and are intended to be as of the date when made. Forward-looking statements include, but are not limited to, statements relating to Evergy's strategic plan, including, without limitation, those related to earnings per share, dividend, operating and maintenance expense and capital investment goals; the outcome of legislative efforts and regulatory and legal proceedings; future energy demand; future power prices; plans with respect to existing and potential future generation resources; the availability and cost of generation resources and energy storage; target emissions reductions; and other matters relating to expected financial performance or affecting future operations. Forward-looking statements are often accompanied by forward-looking words such as “anticipates,” “believes,” “expects,” “estimates,” “forecasts,” “should,” “could,” “may,” “seeks,” “intends,” “proposed,” “projects,” “planned,” “target,” “outlook,” “remain confident,” “goal,” “will” or other words of similar meaning. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from the forward-looking information.

In connection with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Evergy, Inc., Evergy Kansas Central, Inc. and Evergy Metro, Inc. (collectively, the Evergy Companies) are providing a number of risks, uncertainties and other factors that could cause actual results to differ from the forward-looking information. These risks, uncertainties and other factors include, but are not limited to: economic and weather conditions and any impact on sales, prices and costs; changes in business strategy or operations; the impact of federal, state and local political, legislative, judicial and regulatory actions or developments, including deregulation, re-regulation, securitization and restructuring of the electric utility industry; decisions of regulators regarding, among other things, customer rates and the prudency of operational decisions such as capital expenditures and asset retirements; changes in applicable laws, regulations, rules, principles or practices, or the interpretations thereof, governing tax, accounting and environmental matters, including air and water quality and waste management and disposal; the impact of climate change, including increased frequency and severity of significant weather events and the extent to which counterparties are willing to do business with, finance the operations of or purchase energy from the Evergy Companies due to the fact that the Evergy Companies operate coal-fired generation; prices and availability of electricity and natural gas in wholesale markets; market perception of the energy industry and the Evergy Companies; the impact of the Coronavirus (COVID-19) pandemic on, among other things, sales, results of operations, financial condition, liquidity and cash flows, and also on operational issues, such as supply chain issues and the availability and ability of the Evergy Companies’ employees and suppliers to perform the functions that are necessary to operate the Evergy Companies; changes in the energy trading markets in which the Evergy Companies participate, including retroactive repricing of transactions by regional transmission organizations (RTO) and independent system operators; financial market conditions and performance, including changes in interest rates and credit spreads and in availability and cost of capital and the effects on derivatives and hedges, nuclear decommissioning trust and pension plan assets and costs; impairments of long-lived assets or goodwill; credit ratings; inflation rates; the transition to a replacement for the London Interbank Offered Rate (LIBOR) benchmark interest rate; effectiveness of risk management policies and procedures and the ability of counterparties to satisfy their contractual commitments; impact of physical and cybersecurity breaches, criminal activity, terrorist attacks, acts of war and other disruptions to the Evergy Companies’ facilities or information technology infrastructure or the facilities and infrastructure of third-party service providers on which the Evergy Companies rely; Impact of the Russian, Ukrainian conflict on the global energy market; ability to carry out marketing and sales plans; cost, availability, quality and timely provision of equipment, supplies, labor and fuel; ability to achieve generation goals and the occurrence and duration of planned and unplanned generation outages; delays and cost increases of generation, transmission, distribution or other projects; the Evergy Companies’ ability to manage their transmission and distribution development plans and transmission joint ventures; the inherent risks associated with the ownership and operation of a nuclear facility, including environmental, health, safety, regulatory and financial risks; workforce risks, including those related to the Evergy Companies’ ability to attract and retain qualified personnel, maintain satisfactory relationships with their labor unions and manage costs of, or changes in, wages, retirement, health care and other benefits; disruption, costs and uncertainties caused by or related to the actions of individuals or entities, such as activist shareholders or special interest groups, that seek to influence Evergy’s strategic plan, financial results or operations; the possibility that strategic initiatives, including mergers, acquisitions and divestitures, and long-term financial plans, may not create the value that they are expected to achieve in a timely manner or at all; difficulties in maintaining relationships with customers, employees, regulators or suppliers; and other risks and uncertainties.

This list of factors is not all-inclusive because it is not possible to predict all factors. You should also carefully consider the information contained in our other filings with the Securities and Exchange Commission (SEC). Additional risks and uncertainties are discussed in the Annual Report on Form 10-K for the year ended December 31, 2021, filed by the Evergy Companies with the SEC, and from time to time in current reports on Form 8-K and quarterly reports on Form 10-Q filed by the Evergy Companies with the SEC. Each forward-looking statement speaks only as of the date of the particular statement. The Evergy Companies undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

Investor Contact:
Pete Flynn
Director, Investor Relations
Phone: 816-652-1060
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Contact:
Gina Penzig
Manager, External Communications
Phone: 785-508-2410
This email address is being protected from spambots. You need JavaScript enabled to view it.
Media line: 888-613-0003

IRVING, Texas--(BUSINESS WIRE)--ExxonMobil said today that Jim Chapman has been appointed vice president, Tax and Treasurer, effective November 28, 2022. Chapman replaces Jaime Spellings, who has elected to retire after 31 years of service with the company.

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

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

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

About ExxonMobil

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

Follow us on Twitter and LinkedIn.

Media Relations
972-940-6007

WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) (“Global” or the “Partnership”) today reported financial results for the third quarter ended September 30, 2022.

“We delivered strong third-quarter results, driven by growth across all three segments of our business,” said Eric Slifka, the Partnership’s President and Chief Executive Officer. “Our Gasoline Distribution and Station Operations (GDSO) segment continued to perform well in the third quarter, reflecting increased activity at our convenience stores as a result of our recent acquisitions and higher retail fuel margins year-over-year. In our Wholesale segment, we continued to effectively manage our fuel inventory amid sustained backwardation in the gasoline and distillates markets. Our Commercial segment saw a year-over-year increase in bunkering activity.

“During the third quarter we expanded our GDSO footprint in the mid-Atlantic with the acquisition of Tidewater Convenience, a transaction that included 15 retail fuel and convenience store locations in Virginia,” Slifka continued. “At the end of the quarter, our GDSO portfolio totaled 1,684 sites, including 356 company-operated locations. Our portfolio of company-operated locations has grown more than 20 percent year over year. The M&A pipeline remains very active across all areas of our business, and we continue to evaluate potential opportunities that align with our strategic growth objectives.”

Financial Highlights

Net income was $111.4 million, or $3.12 per diluted common limited partner unit, for the third quarter of 2022 compared with net income of $33.6 million, or $0.86 per diluted common limited partner unit, in the same period of 2021.

Earnings before interest, taxes, depreciation and amortization (EBITDA) was $168.2 million in the third quarter of 2022 compared with $79.4 million in the same period of 2021.

Adjusted EBITDA was $168.5 million in the third quarter of 2022 versus $79.2 million in the same period of 2021.

Distributable cash flow (DCF) was $128.0 million in the third quarter of 2022 compared with $49.7 million in the same period of 2021.

Gross profit in the third quarter of 2022 was $328.4 million compared with $203.1 million in the same period of 2021, driven primarily by the GDSO and Wholesale segments.

Combined product margin, which is gross profit adjusted for depreciation allocated to cost of sales, was $351.3 million in the third quarter of 2022 compared with $223.9 million in the same period of 2021.

Combined product margin, EBITDA, Adjusted EBITDA, and DCF are non-GAAP (Generally Accepted Accounting Principles) financial measures, which are explained in greater detail below under “Use of Non-GAAP Financial Measures.” Please refer to Financial Reconciliations included in this news release for reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures for the three and nine months ended September 30, 2022 and 2021.

GDSO segment product margin was $261.6 million in the third quarter of 2022 compared with $177.7 million in the same period of 2021. Product margin from gasoline distribution increased to $188.0 million from $112.4 million in the year earlier period, primarily due to higher fuel margins (cents per gallon) and an increase in volume sold due to recent acquisitions. Product margin from station operations increased to $73.6 million from $65.3 million in the third quarter of 2021, primarily due to recent acquisitions.

Wholesale segment product margin was $79.3 million in the third quarter of 2022 compared with $42.3 million in the same period of 2021. The increase was primarily driven by more favorable market conditions, largely in gasoline and distillates.

Commercial segment product margin was $10.4 million in the third quarter of 2022 compared with $3.9 million in the same period of 2021, reflecting an increase in bunkering activity.

Sales were $4.6 billion in the third quarter of 2022 compared with $3.3 billion in the same period of 2021. Wholesale segment sales were $2.5 billion in the third quarter of 2022 compared with $1.8 billion in the third quarter of 2021. GDSO segment sales were $1.8 billion in the third quarter of 2022 versus $1.3 billion in the same period of 2021. Commercial segment sales were $326.2 million in the third quarter of 2022 compared with $202.5 million in the same period of 2021.

Volume was 1.3 billion gallons in each of the third quarters of 2022 and 2021. Wholesale segment volume was 779.2 million gallons in the third quarter of 2022 compared with 813.4 million gallons in the same period of 2021. GDSO volume was 430.0 million gallons in the third quarter of 2022 compared with 416.8 million gallons in the same period of 2021. Commercial segment volume was 102.1 million gallons in the third quarter of 2022 compared with 101.2 million gallons in the same period of 2021.

Recent Developments

• Global expanded its footprint in the mid-Atlantic region with the acquisition of Tidewater Convenience, Inc. The purchase included 15 gas stations and convenience store locations in Southeast Virginia.
• Global announced a quarterly cash distribution of $0.6250 per unit, or $2.50 per unit on an annualized basis, on all of its outstanding common units for the period from July 1, 2022 to September 30, 2022. The distribution will be paid November 14, 2022 to unitholders of record as of the close of business on November 8, 2022.

Business Outlook

“We have executed well through the first nine months of the year and begin the final quarter of 2022 with strong operational and financial momentum,” Slifka said. “While economic uncertainty associated with the inflationary environment merits a level of caution, we remain focused on leveraging our supply, marketing and terminalling assets to drive profitable growth across our businesses.”

Financial Results Conference Call

Management will review the Partnership’s third-quarter 2022 financial results in a teleconference call for analysts and investors today.

Please plan to dial in to the call at least 10 minutes prior to the start time. The call also will be webcast live and archived on Global Partners’ website, https://ir.globalp.com.

Use of Non-GAAP Financial Measures

Product Margin

Global Partners views product margin as an important performance measure of the core profitability of its operations. The Partnership reviews product margin monthly for consistency and trend analysis. Global Partners defines product margin as product sales minus product costs. Product sales primarily include sales of unbranded and branded gasoline, distillates, residual oil, renewable fuels and crude oil, as well as convenience store and prepared food sales, gasoline station rental income and revenue generated from logistics activities when the Partnership engages in the storage, transloading and shipment of products owned by others. Product costs include the cost of acquiring products and all associated costs including shipping and handling costs to bring such products to the point of sale as well as product costs related to convenience store items and costs associated with logistics activities. The Partnership also looks at product margin on a per unit basis (product margin divided by volume). Product margin is a non-GAAP financial measure used by management and external users of the Partnership’s consolidated financial statements to assess its business. Product margin should not be considered an alternative to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, product margin may not be comparable to product margin or a similarly titled measure of other companies.

EBITDA and Adjusted EBITDA

EBITDA and Adjusted EBITDA are non-GAAP financial measures used as supplemental financial measures by management and may be used by external users of Global Partners’ consolidated financial statements, such as investors, commercial banks and research analysts, to assess the Partnership’s:

• compliance with certain financial covenants included in its debt agreements;
• financial performance without regard to financing methods, capital structure, income taxes or historical cost basis;
• ability to generate cash sufficient to pay interest on its indebtedness and to make distributions to its partners;
• operating performance and return on invested capital as compared to those of other companies in the wholesale, marketing, storing and distribution of refined petroleum products, gasoline blendstocks, renewable fuels, crude oil and propane, and in the gasoline stations and convenience stores business, without regard to financing methods and capital structure; and
• viability of acquisitions and capital expenditure projects and the overall rates of return of alternative investment opportunities.

Adjusted EBITDA is EBITDA further adjusted for gains or losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges. EBITDA and Adjusted EBITDA should not be considered as alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA and Adjusted EBITDA exclude some, but not all, items that affect net income, and these measures may vary among other companies. Therefore, EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies.

Distributable Cash Flow

Distributable cash flow is an important non-GAAP financial measure for the Partnership’s limited partners since it serves as an indicator of success in providing a cash return on their investment. Distributable cash flow as defined by the Partnership’s partnership agreement is net income plus depreciation and amortization minus maintenance capital expenditures, as well as adjustments to eliminate items approved by the audit committee of the board of directors of the Partnership’s general partner that are extraordinary or non-recurring in nature and that would otherwise increase distributable cash flow.

Distributable cash flow as used in our partnership agreement also determines our ability to make cash distributions on our incentive distribution rights. The investment community also uses a distributable cash flow metric similar to the metric used in our partnership agreement with respect to publicly traded partnerships to indicate whether or not such partnerships have generated sufficient earnings on a current or historic level that can sustain distributions on preferred or common units or support an increase in quarterly cash distributions on common units. Our partnership agreement does not permit adjustments for certain non-cash items, such as net losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges.

Distributable cash flow should not be considered as an alternative to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, distributable cash flow may not be comparable to distributable cash flow or similarly titled measures of other companies.

About Global Partners LP

With approximately 1,700 locations primarily in the Northeast, Global Partners is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.

Forward-looking Statements

Certain statements and information in this press release may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Global’s current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) including, without limitation, the impact and duration of the COVID-19 pandemic and its impact on our counterparties, our customers and our operations and other assumptions that could cause actual results to differ materially from the Partnership's historical experience and present expectations or projections. We believe these assumptions are reasonable given currently available information. Our assumptions and future performance are subject to a wide range of business risks, uncertainties and factors, which are described in our filings with the Securities and Exchange Commission (SEC).

For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global’s filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Global undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

Gregory B. Hanson
Chief Financial Officer
Global Partners LP
(781) 894-8800

Sean T. Geary
Chief Legal Officer and Secretary
Global Partners LP
(781) 894-8800

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

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

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

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

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

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

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

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

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

The ‘Health’ category finalists are

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

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

The ‘Food’ finalists are:

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

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

The ‘Energy’ category finalists are:

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

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

The ‘Water’ category finalists are:

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

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

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

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

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

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

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

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

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

About the Zayed Sustainability Prize

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

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

*Source: AETOSWire

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

WIXOM, Mich.--(BUSINESS WIRE)--XL Fleet Corp. (NYSE: XL) (“XL Fleet” or the “Company”), a provider of subscription-based services that make it easy for homeowners and small businesses to own and maintain rooftop solar and battery storage, today 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.

“We are excited to execute on the next stage of our new corporate strategy with the official change of our company name,” said Eric Tech, current Chief Executive Officer of XL Fleet. “Renaming our company to Spruce Power reflects our new focus on the residential solar and energy services market. Most importantly, it positions us to build upon the strong brand recognition that Spruce has earned in the residential solar market since 2018.”

“Transitioning the Spruce Power name to our new public platform is an exciting achievement for our company,” added Christian Fong, President of Spruce Power. “Our new platform affords us the resources needed to elevate our company’s mission to a next level, and this change is only the beginning.” It is expected that Mr. Fong will be named CEO of the combined companies in the first quarter of 2023.

The Company’s common stock will continue to be listed on the NYSE. There is no action required by the Company’s current shareholders with respect to the company name or ticker symbol change. The Company’s CUSIP will change in connection with the name change.

About Spruce Power (formerly known as XL Fleet)

XL Fleet, who today announced the name change to Spruce Power, provides subscription-based services that make it easy for homeowners and small businesses to own and maintain rooftop solar and battery storage. Our as-a-service model allows consumers to access new technology without making a significant upfront investment or incurring maintenance costs. Our company has more than 52,000 subscribers across the United States. 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.

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

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

OAKLAND, Calif.--(BUSINESS WIRE)--A series of November weather systems is bringing welcome rain and snow to much of Northern California and serves as a reminder of the importance of winter storm safety.

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

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

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

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

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

Safety Tips:

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

Other tips can be found at pge.com/beprepared

About PG&E

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

MEDIA RELATIONS:
415-973-5930

WILLISTON, Vt.--(BUSINESS WIRE)--iSun, Inc. (NASDAQ: ISUN) (the “Company”, or “iSun”), a leading solar energy and clean mobility infrastructure company with 50 years of experience accelerating the adoption of innovative electrical technologies, today announced that it will issue third quarter 2022 results before the market opens on Tuesday, November 15, 2022.

A conference call to discuss the results will take place at 8:30 AM ET. To participate in the call, please dial 1-888-506-0062 (domestic) or 1-973-528-0011 (international), using conference ID 141389.

The live webcast can be accessed through the Company’s Investor Relations website at investors.isunenergy.com.

A webcast replay of the call will be available at the same location beginning approximately one hour after the call’s completion. A telephonic replay will be available through November 29, 2022, and can be accessed by dialing 1-877-481-4010 (domestic) or 1-919-882-2331 (international), using conference code 47018.

About iSun Inc.

Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted electrical contractor to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 400 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit http://www.isunenergy.com for additional information.

For more information:
Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.

Project will enhance energy performance of more than 4,900 military family homes through HVAC replacements, water retrofits and LED lighting technology

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

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

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

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

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

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

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

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

HOUSTON--(BUSINESS WIRE)--Magnolia Oil & Gas Corporation (NYSE: MGY) (“Magnolia” or the “Company”), today announced the pricing of the previously announced underwritten block trade of 7,500,000 shares of the Company’s Class A common stock (the “Class A Common Stock”) by certain affiliates of EnerVest, Ltd. (the “Selling Stockholders”) resulting in total gross proceeds of $183 million (the “Offering”). The Offering is expected to close on or about November 8, 2022, subject to customary closing conditions. The Company will not sell any shares of its Class A Common Stock in the Offering or receive any proceeds from the Offering.

In connection with the Offering, the Company has agreed to purchase from the Selling Stockholders 2,000,000 shares of the Company’s Class B common stock at a price per share equal to the price per share at which the underwriter purchases shares of the Company’s Class A Common Stock in the Offering (the “Class B Common Stock Purchase”). The Offering is not conditioned upon the completion of the Class B Common Stock Purchase, but the Class B Common Stock Purchase is conditioned upon the completion of the Offering.

Following the closing of the Offering and Class B Common Stock Purchase, the Selling Stockholders will own 8,296,077 Class A and 21,826,805 Class B shares of the Company, or approximately 14% of the total outstanding shares of the Company.

J.P. Morgan is acting as the sole book-running manager for the Offering. The Offering is being made pursuant to an effective shelf registration statement, which has been filed with the Securities and Exchange Commission (the “SEC”) and became effective August 30, 2018. The Offering will be made only by means of a preliminary prospectus supplement and the accompanying base prospectus, copies of which may be obtained on the SEC’s website at www.sec.gov. Alternatively, J.P. Morgan will arrange to send you the preliminary prospectus supplement and related base prospectus if you request them by contacting: J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 1-866-803-9204, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..

This press release is neither an offer to sell nor a solicitation of an offer to buy any securities, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Magnolia Oil & Gas Corporation

Magnolia (MGY) is a publicly traded oil and gas exploration and production company with operations primarily in South Texas in the core of the Eagle Ford Shale and Austin Chalk formations. Magnolia focuses on generating value for shareholders through steady production growth, strong pre-tax margins, and free cash flow. For more information, visit www.magnoliaoilgas.com.

Forward-Looking Statements

The information in this press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact included in this press release, including, without limitation, statements regarding the Offering and the Class B Common Stock Purchase, Magnolia’s future financial position, business strategy, budgets, projected revenues, projected costs and plans and objectives of management for future operations are forward-looking statements. When used in this press release, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Magnolia disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Magnolia cautions you that these forward-looking statements are subject to all of the risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Magnolia, incident to the development, production, gathering and sale of oil, natural gas and natural gas liquids (“NGLs”). In addition, Magnolia cautions you that the forward-looking statements contained in this press release are subject to the following factors: (i) the economic effects of the COVID-19 pandemic and actions taken by federal, state and local governments and other third parties in response to the pandemic; (ii) legislative, regulatory or policy changes, including those following the change in presidential administrations; (iii) the market prices of oil, natural gas and NGLs, and other products or services; (iv) the supply and demand for oil, natural gas, NGLs and other products or services, including impacts of actions taken by the Organization of the Petroleum Exporting Countries and other state-controlled oil companies; (v) production and reserve levels; (vi) geopolitical and business conditions in key regions of the world; (vii) drilling risks; (viii) economic and competitive conditions; (ix) the availability of capital resources; (x) capital expenditures and other contractual obligations; (xi) weather conditions; (xii) inflation rates; (xiii) the availability of goods and services; (xiv) cyber attacks; (xv) occurrence of property acquisitions or divestitures; (xvi) the integration of acquisitions; (xvii) general market, political and economic conditions, including as a result of COVID-19 and the political environment of oil-producing regions, including uncertainty or instability resulting from civil disorder, an outbreak or escalation of armed hostilities or acts of war or terrorism; and (xviii) the securities or capital markets and related risks such as general credit, liquidity, market and interest-rate risks. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in Magnolia’s filings with the SEC, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Magnolia’s SEC filings are available publicly on the SEC’s website at www.sec.gov.

Investors
Brian Corales
(713) 842-9036
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media
Art Pike
(713) 842-9057
This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--DXP Enterprises, Inc. (NASDAQ:DXPE), a leading products and service distributor that adds value and total cost savings solutions to MRO and OEM customers in virtually every industry, plans to issue a press release announcing its financial results for the third quarter ended September 30, 2022, on Wednesday, November 9^th. The earnings announcement will be released before the market opens. DXP will host a conference call, to be web cast live, on the Company’s website (www.dxpe.com) at 10:30 A.M. Central Time on that same day.

The call and an accompanying slide presentation will be on the "Investor Relations" section of DXP's website at www.dxpe.com. A replay of the webcast will be available shortly after the conclusion of the presentation.

DXP's earnings press release, the slides and other related presentation materials will be posted to the "Investor Relations" section of DXP's website under the subheading "Financial Information" after the market closes on the date of the earnings call and will remain available following the call.

Web participants are encouraged to go to the Company’s website (www.dxpe.com) at least 15 minutes prior to the start of the call to register, download and install any necessary audio software.

The Private Securities Litigation Reform Act of 1995 provides a “safe-harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made by or to be made by the Company) contains statements that are forward-looking. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the Company. These risks and uncertainties include, but are not limited to; ability to obtain needed capital, dependence on existing management, leverage and debt service, domestic or global economic conditions, and changes in customer preferences and attitudes. For more information, review the Company's filings with the Securities and Exchange Commission.

DXP Enterprises, Inc.
Kent Yee, 713-996-4700
Senior Vice President, CFO
www.dxpe.com

Bright eliminates barriers to rooftop solar adoption by removing cost and friction via a modern fintech platform

MEXICO CITY--(BUSINESS WIRE)--#LeoDiCaprio--Bright, the leading residential solar developer and financier in Mexico, announced today its entry into the commercial and industrial sector as it scales its offer to target a market representing >70% of the country's electric consumption. The company has executed its first portfolio of industrial projects with clients such as Grupo ABX, Muebles Jorman, Ladesa and Mariscal Moda Hombre, and is targeting an additional 50 MW of industrial deployments in the coming years. To capitalize the opportunity, Bright has also closed a round of growth equity from its long-time partner MGM Innova, with participation from actor and environmentalist Leonardo DiCaprio, bringing the total capital raised to >$50mm USD.

After clarity on the support by the federal government for distributed (rooftop) solar, hundreds of businesses have turned to the renewable alternative to alleviate or eliminate their rising commodity and electricity prices. “As a result, we’ve partnered with leading industrial solar installers to develop the most competitive and reliable solar financing product for the industry,” said Jonah Greenberger, CEO and co-founder at Bright. “Through creative financial structures, Bright now allows commercial and industrial clients to switch to solar at no upfront cost and a fixed price while generating immediate fiscal and operational savings of up to 30%.”

Bright tackles this challenge by partnering with local installers and providing the workflow automation and financing layer to enable scale and exponentially more customers.

“I’m proud to be an early investor in Bright, a company that was a pioneer in the early days of residential solar in Latin America and today is the largest distributed solar generation company in Mexico,” said Leonardo DiCaprio.

Through this platform, Bright is also able to provide access to low cost development bank funding via its partnership with the Interamerican Development Bank, which was put in place as a first of a kind deal in Mexico in 2015. As a result of this collaboration, IDB expects to deploy millions in solar across LatAm in the coming years. According to the International Energy Agency, energy demand in the region is expected to increase by 50 percent by 2030 because of increased private transport and land use changes, requiring estimated global investments of up to $1.5 trillion. Bright is here to accelerate this.

About Bright

Bright is Mexico’s #1 distributed generation solar provider (think Sunrun for the developing world, starting in Mexico). Bright provides a distributed solar operating system that enables thousands to offer cheaper electricity to homes at no upfront cost, working with an expansive network of project financiers, local installers, and local distributors to satisfy the resulting demand. Bright’s first market is Mexico, which has more sun, higher electricity rates, and lower labor costs than the US. Bright's investors include First Round Capital, Y Combinator, Leonardo DiCaprio, Daniel Servitje, the founders of Sunrun and Tesla, and other top Silicon Valley firms.

For more information or to see if you qualify for solar visit thinkbright.mx.

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

Krug’s diverse experience includes multiple executive leadership roles with prominent global supply chain players

ITASCA, Ill.--(BUSINESS WIRE)--#boardofdirectors--Global supply chain solutions leader AIT Worldwide Logistics is proud to welcome Transflo Chief Executive Officer, Renee Krug, as the newest industry executive to accept a seat on the company’s board of directors.

Krug has amassed more than 25 years of executive experience across the supply chain, including executive roles with high-volume shipper Honeywell, truckload carrier Knight-Swift, and 3PL GlobalTranz. She also sits on the board for trucking data and solutions provider SMC³ and served as a senior advisor for AIT’s financial partner, The Jordan Company.

AIT’s Executive Chairman and CEO, Vaughn Moore, noted that Krug’s vast knowledge and strong network connections provides AIT’s board with a unique viewpoint. As the CEO of an innovative, data-driven freight software company, she also offers valuable supply chain solutions insight with respect to transformative technology.

“I have great admiration for Renee’s accomplishments as an executive and her unrivaled understanding of the logistics industry,” he said. “I relied on her as a trusted confidant when AIT was evaluating new financial partners in 2020, so I’m very pleased to welcome her to the company’s board of directors where she’ll have an immediate positive impact.”

“AIT has been remarkably impressive,” Krug said. “I have tremendous respect for the speed and tenacity Vaughn Moore and his team have demonstrated to grow the business exponentially over the past several years. I look forward to leveraging my 360-degree perspective of the industry as an active board member and working closely with the management team to help shape AIT’s strategy.”

Krug received her bachelor’s degree from Indiana University and earned her MBA from Arizona State University. She lives in the Phoenix area, and her appointment to AIT’s board of directors is effective as of October 24, 2022, when she attended AIT’s fourth quarter board meeting.

To download high resolution images associated with this announcement, please visit AIT’s Media Center: https://www.aitworldwide.com/corporate-imagery.

About AIT Worldwide Logistics

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

Our Mission

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

Matt Sanders
Public Relations Manager
+1 (630) 766-8300
This email address is being protected from spambots. You need JavaScript enabled to view it.

AIT Worldwide Logistics, Inc.
800-669-4AIT (4248)
www.aitworldwide.com

Safe and sustainable energy storage solution is first utility-scale deployment for BWP

WILSONVILLE, Ore.--(BUSINESS WIRE)--ESS Inc. (“ESS”) (NYSE: GWH), a leading manufacturer of long-duration iron flow batteries for commercial and utility-scale energy storage applications, and Burbank Water and Power (BWP) in California have entered into an agreement for ESS to deliver BWP’s first utility-scale battery storage project. Under the agreement, a 75 kW / 500kWh ESS Energy Warehouse™ will be installed and connected to a 265 kW solar array on the BWP EcoCampus.

The iron flow battery will support the increased use of renewable power and allow excess renewable energy to be stored and used as baseload energy for Burbank, improving the resilience and reliability of the grid. ESS iron flow battery technology is safe and non-toxic, offers a 25-year lifespan without capacity degradation, and is manufactured in the United States using domestically sourced, earth-abundant materials.

“ESS is pleased to partner with Burbank Water and Power to deploy the first long-duration energy storage project in the city,” said Hugh McDermott, ESS SVP of Business Development and Sales. “BWP is demonstrating the central role that energy storage will play in a decarbonized grid – supporting increasing amounts of renewable energy and enhancing operational resilience. We look forward to working with them to achieve their ambitious climate goals.”

“BWP is already using small-scale battery technology at our substations, but we see the value in adding considerably more storage to the network. This initiative will be the largest battery installed in Burbank, providing enough renewable power for 300 homes annually,” says Mandip Samra, Assistant General Manager for Power Supply at BWP. “The project is a big step forward to help meet our goal of having a greenhouse gas-free power supply by 2040 and providing energy storage for Burbank now and for decades to come.”

Long-duration energy storage will play a critical role in achieving California’s ambitious decarbonization goal: 100% zero-emission electricity by 2045. The California Energy Storage Alliance (CESA) estimates that the state will need nearly one gigawatt-hour (1000 MWh) of long-duration storage by 2030 to integrate intermittent renewable energy and optimize assets for a cleaner, more affordable and reliable grid.

The ESS Energy Warehouse™ is expected to be installed in Burbank by December 2023.

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

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

About BWP
BWP is a community-owned utility that provides reliable, affordable, and sustainable water and electric services to more than 55,000 residential and business customers in the City of Burbank, California. BWP has been operating for over 100 years, including nine years as an APPA RP3 Diamond level provider.

Forward-Looking Statements
This communication contains certain forward-looking statements regarding ESS and its management team’s expectations, hopes, beliefs, or intentions regarding the future. The words “estimate,” “expect,” “will” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Examples of forward-looking statements include, among others, statements regarding the Company’s ability to execute on orders and the Company’s relationships with third parties. These forward-looking statements are based on ESS' current expectations and beliefs concerning future developments. Many factors could cause actual future events to differ materially. Except as required by law, ESS is not undertaking any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

ESS Contacts
Investors:
Erik Bylin
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media:
Morgan Pitts
503.568.0755
This email address is being protected from spambots. You need JavaScript enabled to view it.

BWP Media Contact
Jeannine Edwards
Assistant General Manager
Sustainability, Marketing and Strategy
818.238.3856
This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--#LeaderofthePacking--Utex Industries, Inc. announces the acquisition of Sheraton Services Ltd., located in Ashington, United Kingdom. Sheraton Services will become Utex Europe and will continue to support the company’s global expansion of engineered sealing solutions in the Europe, Middle East, and Africa (EMEA) market. Utex Europe will also provide additional manufacturing resources elsewhere within Utex Industries.

“The acquisition of Sheraton Services Ltd. to enhance our global expansion and support customers worldwide is a positive move for the company,” said Piotr Galitzine, President & CEO of Utex Industries, Inc.

In January 2021, Sheraton became the official distributor for Utex products in the EMEA market. Its employees’ combined 120 years’ experience in the design and manufacturing of seals will now further strengthen Utex in the region.

For more information about Utex Industries, Inc., visit www.utexind.com

About Utex

Utex is a market-leading manufacturing business headquartered in Houston, Texas. Utex operates multiple manufacturing, distribution, and technical sales facilities in the United States and abroad with approximately 650 employees. Utex’s innovative, custom-engineered products support a diverse customer base including oil and gas, industrial, mining, and water end markets.

Jennifer Lyons
This email address is being protected from spambots. You need JavaScript enabled to view it.
281.615.2223

NEW YORK--(BUSINESS WIRE)--Volta Inc. ("Volta" or "the Company") (NYSE: VLTA) today announced that the Company will host its third quarter 2022 earnings conference call on Monday, November 14, 2022, at 5:00 p.m. (Eastern Time).

Interested investors and other parties can listen to the live conference call webcast by logging onto the Investor Relations section of the Company's website at https://investors.voltacharging.com.

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

About Volta Inc.

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

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of federal securities laws. These forward-looking statements generally are identified by words such as “anticipate,” “believe,” “estimate,” “expect,” “future,” “intend,” “may,” “opportunity,” “plan,” “potential,” “project,” “should,” “strategy,” “will,” “would,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to the factors, risks and uncertainties included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2021 and our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2022 and June 30, 2022, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at www.voltacharging.com. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, we assume no obligation and do not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

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

EWING, N.J.--(BUSINESS WIRE)--$OLED #OLED--Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED^® technology and materials, today announced that its Board of Directors approved a fourth quarter cash dividend of $0.30 per share on the Company's common stock. The dividend is payable on December 30, 2022, to shareholders of record on December 16, 2022. The dividend reflects our expected continued cash flow generation, and commitment to return capital to our shareholders. Future dividends will be subject to Board approval.

About Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 5,500 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.

Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other company, brand or product names may be trademarks or registered trademarks.

All statements in this document that are not historical, such as those relating to the projected adoption, development and advancement of the Company’s technologies, and the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2021. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

Follow Universal Display Corporation

Twitter
Facebook
YouTube

(OLED-C)

Universal Display:
Darice Liu
This email address is being protected from spambots. You need JavaScript enabled to view it.
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 609-964-5123

DUBLIN--(BUSINESS WIRE)--The "Diesel Engine Lubricants Market - Global Outlook & Forecast 2022-2027" report has been added to ResearchAndMarkets.com's offering.

Diesel engine lubricants are used in heavy machines, construction equipment, commercial vehicles, agricultural machines & equipment, and others. The continued requirement of lubricants in these end-use applications for effective and efficient performance drives the demand for diesel engine lubricants.

Increasing demand for heavy vehicles and construction equipment will drive the growth of diesel engine lubricants globally. The demand for commercial vehicles in India, China, Brazil, South Korea, Argentina, Mexico, and South Africa is growing because of rapid development in the automotive and infrastructure industry. This has created a healthy environment for the diesel engine lubricants market growth.

MARKET TRENDS

a) Infrastructure development in emerging economies due to subsidies offered by local governments for industrial development and FDIs. This increases the demand for heavy equipment, ultimately increasing lubricants' demand.

b) Diesel engines are used in heavy and light commercial vehicles, passenger cars, heavy construction equipment, warehousing machines & equipment, railway and marine transportation, and others. However, the use of diesel engines is decreasing in passenger cars due to environmental regulations and emission control rules. However, commercial and heavy equipment still require diesel engines to operate efficiently.

c) Diesel engines offer higher fuel efficiency and torque compared to petrol engines. The various characteristics of diesel engines help them deliver higher performance and fuel efficiency. Diesel engines have more torque than petrol engines due to the higher compression ratio in diesel engines; combustion speed is high, length of stroke is more, use of turbocharger and calorific value of diesel is more.

d) The US, China, India, South Korea, Brazil, the UK, Germany, Canada, and Saudi Arabia developed rapidly regarding infrastructure. These projects increased the demand for construction equipment, such as loaders, excavators, and dumpers. There is infrastructure development in emerging economies due to subsidies offered by local governments for industrial development and FDIs. This increases the demand for heavy equipment, ultimately increasing lubricants demand.

Market Dynamics

Market Opportunities & Trends

• Higher Efficiency and Increased Power Output Than Petrol Engines
• Rapid Infrastructure Development
• Increasing Demand for Commercial Vehicles in Emerging Economies

Market Growth Enablers

• Increasing Demand for Bio-Diesel as Fuel
• Significant Growth in Power Generation Sector

Market Restraints

• Pollution Aspects of Diesel Engine
• Increased Adoption of Electric and Hybrid Vehicles

Trade Scenario in Overall Lubricants Market

The global diesel engine lubricants market is highly influenced by the supply and demand scenario of the overall lubricants. Lubricants garner a significant demand share of around 20% to 25% in the general industry. Factors such as increased commercial vehicle requirements, considerable demand for lower viscosity oils, and growth in construction activities are projected to drive the diesel engine lubricants market during the forecast period.

MARKET SEGMENTS

Segmentation by Oil Type

• Mineral Oil
• Synthetic Oil

Segmentation by End Use

• Automotive & Transportation
• Heavy Industrial
• Power Generation
• Others

Segmentation by Geography

• APAC
• China
• India
• Japan
• Indonesia
• South Korea
• North America
• US
• Canada
• Europe
• Germany
• Russia
• Italy
• Spain
• France
• Latin America
• Mexico
• Brazil
• Argentina
• Middle East & Africa
• Iran
• UAE
• Saudi Arabia
• South Africa

Key Vendors

• Castrol Limited
• Chevron Corporation
• ExxonMobil Corporation
• Shell PLC
• TotalEnergies

Other Prominent Vendors

• Bharat Petroleum Corporation Limited (BPCL)
• BP PLC
• FUCHS
• Gazpromneft - Lubricants Ltd
• GS Caltex Corporation
• Gulf Oil International limited
• Hindustan Petroleum Corporation Limited (HPCL)
• Idemitsu Kosan Co., Ltd.
• Indian Oil Corporation Limited (IOCL)
• Kuwait Dana Lubes Company
• Liqui Moly
• Motul
• Pennzoil
• Petro Canada Lubricants
• Petroliam Nasional Berhad (PETRONAS)
• Philips 66
• Ravensberger Schmierstoffvertrieb GmbH (Ravenol)
• Repsol
• Sinopec
• Valvoline Inc.

KEY QUESTIONS ANSWERED:

1. How big is the global diesel engine lubricants market in revenue?

2. What is the growth rate of the diesel engine lubricants market?

3. What are the key driving factors for the growth of the diesel engine lubricants market?

4. Who are the major vendors in the global diesel engine lubricants market?

5. Which region accounted for the largest diesel engine lubricants market share?

Key Topics Covered:

1 Research Methodology

2 Research Objectives

3 Research Process

4 Scope & Coverage

5 Report Assumptions & Caveats

6 Market at a Glance

7 Premium Insights

8 Introduction

9 Market Opportunities & Trends

10 Market Growth Enablers

11 Market Restraints

12 Market Landscape

13 End-User

14 Oil Type

15 Geography

16 APAC

17 North America

18 Europe

19 Latin America

20 Middle East & Africa

21 Competitive Landscape

22 Key Company Profiles

23 Other Prominent Vendors

24 Report Summary

25 Quantitative Summary

26 Geography

27 Appendix

Companies Mentioned

For more information about this report visit https://www.researchandmarkets.com/r/z1alkv

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

Record quarterly revenue of $100 million, above high end of guidance

Reaffirm FY 2022 financial and operating guidance

Athena^® ranked #1 for innovation in optimization and trading platforms by Frost & Sullivan

Third Quarter 2022 Financial and Operating Highlights

Financial Highlights

• Record Revenue of $100 million, up from $40 million (+150%) in Q3 2021 and sequentially up 49% from Q2 of $67 million
• GAAP Gross Margin of 9%, up from 8% in Q3 2021
• Non-GAAP Gross Margin of 13%, in-line with 13% in Q3 2021
• Net Loss of $34 million versus Net Income of $116 million in Q3 2021
• Adjusted EBITDA of $(13) million versus $(7) million in Q3 2021
• Ended Q3 2022 with $294 million in cash, cash equivalents, and short-term investments

Operating Highlights

• 12-month Pipeline of $7.2 billion at end of Q3 2022, up from $5.6 billion (+29%) at end of Q2 2022
• Bookings of $223 million, up from $104 million (+115%) in Q3 2021
• Record contracted backlog of $817 million at end of Q3 2022, up from $312 million (+162%) at end of Q3 2021
• Record contracted storage assets under management (AUM) of 2.4 gigawatt hours (GWh) at end of Q3 2022, up from 2.1 GWh (+14%) at end of Q2 2022
• Solar monitoring AUM of 25 gigawatts (GW), down 7 GW sequentially primarily due to a one-time reduction of unprofitable platforms and customers
• Contracted Annual Recurring Revenue (CARR) of $61 million, up from $58 million (+5%) at end of Q2 2022

SAN FRANCISCO--(BUSINESS WIRE)--Stem, Inc. (“Stem” or the “Company”) (NYSE: STEM), a global leader in artificial intelligence (AI)-driven energy solutions and services, announced today its financial results for the three months ended September 30, 2022. Reported results in this press release reflect AlsoEnergy’s operations from February 1, 2022 through September 30, 2022.

John Carrington, Chief Executive Officer of Stem, commented, “We continued to execute well in the third quarter, with record performance across multiple metrics, including revenue, storage AUM, pipeline, and contracted backlog. Revenue was above the top end of our guidance range for the third straight quarter, and margins were in-line with our expectations.

Our contracted backlog more than doubled as compared to the same quarter last year, driven by $223 million in bookings, which also more than doubled versus the third quarter of 2021. CARR grew 5% sequentially, to $61 million, reflecting our focus on growing our long-term, high-margin software, and services revenue. We are proud that Stem has been ranked #1 for innovation by Frost & Sullivan in its Optimization and Trading report, another independent testimony to our technology leadership.

We applaud the passage of the Inflation Reduction Act of 2022 in August. We expect that the climate provisions in the Act will drive continued investment in America’s aging power grid, support further customer adoption of renewable energy, create additional clean energy jobs, and improve energy security by incentivizing the ongoing development of our domestic supply chain. We have started to see an increase in demand from our customers following the passage of the Act, as evidenced by the 29% sequential increase in our 12-month pipeline. In particular, many of our Behind-the-Meter (BTM) customers are increasing their investments in renewables as a result of the Act.

We are reaffirming our full-year 2022 guidance across all of our key metrics, and raising the bottom end of our guidance for bookings. We currently expect our Non-GAAP Gross Margin to trend towards the lower end of our guidance range due to continued supply chain constraints, primarily impacting AlsoEnergy due to delays in solar equipment deliveries. However, we continue to actively manage costs, and therefore expect adjusted EBITDA to trend towards the midpoint of our guidance. As previously discussed, we are actively driving towards achieving positive adjusted EBITDA, which we expect to occur in the second half of 2023, and increasing our profitability in the years to come.”

Third Quarter 2022 Financial and Operating Results

Financial Results

Third quarter 2022 revenue increased 150% to $100 million, versus $40 million in the third quarter of 2021. Higher hardware revenue from Front-of-the-Meter (FTM) and BTM partnership agreements drove a majority of the year-over-year increase, in addition to $17 million of revenue contribution from AlsoEnergy.

Third quarter 2022 GAAP Gross Margin was $9 million, or 9%, versus $3 million, or 8%, in the third quarter of 2021. The year-over-year increase in GAAP Gross Margin resulted primarily from higher hardware sales and additional higher-margin software and services revenues, including from AlsoEnergy.

Third quarter 2022 Non-GAAP Gross Margin was $12 million, or 13%, versus $5 million, or 13%, in the third quarter of 2021. The year-over-year increase in Non-GAAP Gross Profit resulted from higher volumes. In percentage terms, Non-GAAP Gross Margin was flat, with additional software and services, inclusive of AlsoEnergy, offset by lower margins associated with the sale of FTM hardware.

Third quarter 2022 Net Loss attributable to Stem was $34 million versus third quarter 2021 Net Income of $116 million. The year-over-year decrease was primarily driven by non-cash revaluation of warrants tied to changes in the value of the underlying common stock reported in the third quarter of 2021. In June and September 2021, Stem redeemed all outstanding private and public warrants, respectively, which generally has resulted in a more streamlined capital structure and less quarter-to-quarter variability in the Company’s Net Income (Loss).

Third quarter 2022 Adjusted EBITDA was $(13) million compared to $(7) million in the third quarter of 2021. Lower Adjusted EBITDA was primarily driven by higher operating expenses resulting from increased personnel costs and continued investment in our growth initiatives.

The Company ended the third quarter of 2022 with $294 million in cash, cash equivalents, and short-term investments, consisting of $100 million in cash and cash equivalents and $194 million in short-term investments, as compared to $335 million in cash, cash equivalents, and short-term investments at the end of the second quarter 2022. The primary uses of cash relate to purchases of hardware for customer projects that are expected to convert to revenue in coming quarters.

Operating Results

The Company’s 12-month Pipeline was $7.2 billion at the end of the third quarter of 2022, compared to $5.6 billion at the end of the second quarter of 2022, representing 29% sequential growth. The increase in the 12-month pipeline was driven by increased FTM and BTM project opportunities, including significant expansions into new markets and continued growth in Stem’s partner channels.

Contracted Backlog was $817 million at the end of the third quarter of 2022, compared to $727 million as of the end of the second quarter of 2022, representing a 12% sequential increase. The increase in Contracted Backlog in the third quarter of 2022 resulted from quarterly bookings of $223 million, partially offset by revenue recognition, contract cancellations, and amendments. Bookings of $223 million in the third quarter of 2022 increased by 115% year-over-year versus $104 million in third quarter 2021.

Third quarter 2022 contracted storage AUM increased 71% year-over-year and 14% sequentially to 2.4 GWh, driven by new contracts.

Third quarter 2022 solar monitoring AUM was 25 GW, down 7 GW sequentially. This decline was the result of actions commencing in the third quarter, as AlsoEnergy began to migrate or terminate a legacy-acquired software application, primarily used in Europe, that was unprofitable. These terminations are not expected to have a material impact on our recurring revenue, will have limited impact on our storage retrofit opportunity, and are expected to be accretive to our Non-GAAP Gross Margin in coming quarters.

Third quarter 2022 CARR increased to $61 million, up from $58 million as of the end of the second quarter of 2022, an 5% sequential increase. The Company believes that CARR is an important operating metric because it provides visibility into the long-term growth in the Company’s high-margin software revenue.

The following table provides a summary of backlog at the end of the third quarter of 2022, compared to backlog at the end of the second quarter of 2022 ($ millions):

The Company continues to diversify its supply chain, adopt alternative technologies, and deploy its balance sheet to position the Company to meet the expected significant growth in customer demand. COVID-19 and its recent subvariants, potential import tariffs, and general economic, geopolitical, and business conditions, including the ongoing conflict between Russia and Ukraine, continue to affect and cause uncertainty in the supply chain and project timelines, and the Company has been affected by volatility in the costs of equipment and labor and rising interest rates. The Company is actively working to mitigate these effects on its financial and operational results, although there is no guarantee of the extent to which the Company will be successful in these efforts.

Recent Business Highlights

On November 3, 2022, the Company announced that it has been ranked #1 for innovation by Frost & Sullivan in its Frost Radar™: Digital Platforms for Renewable Energy and Battery Storage Optimization and Trading report. The report highlighted Stem’s cloud-native SaaS platform, which leverages AI and continuous machine learning that fully automates model selection to constantly improve the results of optimization and forecasting.

In October 2022, the Company began producing control and monitoring hardware for its energy storage customers at its Longmont, Colorado facility. The Company had historically produced control and monitoring hardware for its AlsoEnergy solar customers in Longmont, but relied on multiple contract manufacturers to build similar hardware for its energy storage customers. The integration of this production is expected to lower costs by more than 30% and result in a power controller that supports the full suite of Athena applications, including PowerTrack.

On September 21, 2022, the Company announced the appointment of Michael Carlson as its Chief Operating Officer. Carlson brings 30 years of experience in technology, operations management, and finance across multiple industries, and 20 years of energy expertise at Koch Industries, General Electric, Siemens, and ABB. Carlson is responsible for the Company’s day-to-day operations, program execution, deployment, and manufacturing.

On September 20, 2022, the Company announced a partnership with InCharge Energy, a fleet electrification services leader, to equip businesses with a complete electric vehicle (EV) fleet infrastructure solution to maximize the value of their charging assets. When integrated with InCharge’s platform, Athena will provide EV fleet customers with interoperable clean energy systems, protection from outages, accurate project economic forecasts, reduced utility bills, vehicle-to-grid enablement, and greenhouse gas emissions tagging.

On September 9, 2022, the Company announced that its California virtual power plant dispatched approximately 86 megawatts (MW) and 268 megawatt-hours (MWh) over the five-hour “Flex Alert” period on September 6, 2022, equivalent to over 100,000 homes. California utilities instituted Flex Alerts over multiple days in August and September 2022 in response to an extreme statewide heat wave and electric grid emergency. In total, the Company dispatched 1,760 MWh during seven Flex Alert days in August and September 2022.

Outlook

Except as set forth below, the Company is reaffirming its full-year 2022 guidance ranges as follows ($ millions, unless otherwise noted):

*See the section below titled “Reconciliations of Non-GAAP Financial Measures” for information regarding why we are unable to reconcile Non-GAAP Gross Margin and Adjusted EBITDA to their most comparable financial measures calculated in accordance with GAAP.

The Company reaffirms full-year 2022 Revenue and Bookings projected quarterly performance as follows:

Conference Call Information

Stem will hold a conference call to discuss this earnings press release and business outlook on Thursday, November 3, 2022 beginning at 5:00 p.m. Eastern Time. The conference call and accompanying slides may be accessed via a live webcast on a listen-only basis on the Events & Presentations page of the Investor Relations section of the Company’s website at https://investors.stem.com/events-and-presentations. The call can also be accessed live over the telephone by dialing (888) 999-6281, or for international callers, (848) 280-6550 and referencing Stem. A replay will be available shortly after the call and can be accessed by dialing (844) 512-2921 or for international callers by dialing +44 412 317-6671. The passcode for the replay is 152363. An archive of the webcast will be available on the Company’s website at https://investors.stem.com/overview for 12 months after the call.

Use of Non-GAAP Financial Measures

In addition to financial results determined in accordance with U.S. generally accepted accounting principles (“GAAP”), this earnings press release contains the following non-GAAP financial measures: Adjusted EBITDA and Non-GAAP gross margin. These non-GAAP financial measures should be considered in addition to, not as a substitute for, or superior to, other measures of financial performance prepared in accordance with GAAP. For reconciliation of Adjusted EBITDA and Non-GAAP gross margin to their most comparable GAAP measures, see the section below entitled “Reconciliations of Non-GAAP Financial Measures.”

We use these non-GAAP financial measures for financial and operational decision-making and to evaluate our operating performance and prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. Our management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and liquidity by excluding certain expenses and expenditures that may not be indicative of our operating performance, such as stock-based compensation and other non-cash charges, as well as discrete cash charges that are infrequent in nature. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting, and analyzing future periods. These non-GAAP financial measures also facilitate management’s internal comparisons to our historical performance and liquidity as well as comparisons to our competitors’ operating results, to the extent that competitors define these metrics in the same manner that we do. We believe these non-GAAP financial measures are useful to investors both because they (1) allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) are used by investors and analysts to help them analyze the health of our business.

Definitions of Non-GAAP Financial Measures

We define Adjusted EBITDA as net loss before depreciation and amortization, including amortization of internally developed software, net interest expense, further adjusted to exclude stock-based compensation and other income and expense items, including transaction and acquisition-related charges, the change in fair value of warrants and embedded derivatives, vesting of warrants, loss on extinguishment of debt, litigation settlement, and income tax provision or benefit. The expenses and other items that we exclude in our calculation of Adjusted EBITDA may differ from the expenses and other items, if any, that other companies may exclude when calculating Adjusted EBITDA.

We define non-GAAP gross margin as gross margin excluding amortization of capitalized software and impairments related to decommissioning of end-of-life systems.

See the section below entitled “Reconciliations of Non-GAAP Financial Measures.”

About Stem

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

Forward-Looking Statements

This earnings press release, as well as other statements we make, contains “forward-looking statements” within the meaning of the federal securities laws, which include any statements that are not historical facts. Such statements often contain words such as “expect,” “may,” “can,” “believe,” “predict,” “plan,” “potential,” “projected,” “projections,” “forecast,” “estimate,” “intend,” “anticipate,” “ambition,” “goal,” “target,” “think,” “should,” “could,” “would,” “will,” “hope,” “see,” “likely,” and other similar words. Forward-looking statements address matters that are, to varying degrees, uncertain, such as statements about our financial and performance targets and other forecasts or expectations regarding, or dependent on, our business outlook; the expected synergies of the combined Stem/AlsoEnergy company; our ability to continue to successfully integrate the combined companies; our ability to secure sufficient inventory from suppliers to meet customer demand; our ability to manage supply chain issues and manufacturing or delivery delays; our joint ventures, partnerships and other alliances; reduction of greenhouse gas (“GHG”) emissions; the integration and optimization of energy resources; our business strategies and those of our customers; the global commitment to decarbonization; our ability to retain or upgrade current customers, further penetrate existing markets or expand into new markets; our ability to manage our supply chains and distribution channels and the effects of natural disasters and other events beyond our control, such as the COVID-19 pandemic and variants thereof, and government and business responses thereto; the impact of the ongoing conflict in Ukraine; our ability to meet contracted customer demand; the expected impact of the Inflation Reduction Act on our business; and future results of operations, including revenue and Adjusted EBITDA. Such forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including but not limited to our inability to secure sufficient inventory from our suppliers to meet customer demand, and provide us with contracted quantities of equipment; supply chain interruptions and manufacturing or delivery delays; disruptions in sales, production, service or other business activities; general economic, geopolitical and business conditions in key regions of the world, including inflationary pressures, general economic slowdown or a recession, increasing interest rates, and changes in monetary policy; the ongoing effects of the COVID-19 pandemic on our workforce, operations, financial results and cash flows; the effects of the ongoing conflict in Ukraine; the results of operations and financial condition of our customers and suppliers; pricing pressure; inflation; weather and seasonal factors; challenges, disruptions and costs of integrating AlsoEnergy and achieving anticipated synergies, or such synergies taking longer to realize than expected; risks that the integration disrupts current plans and operations that may harm our business; uncertainty as to the effects of the transaction on the long-term value of our common stock; our ability to continue to grow and manage our growth effectively; our ability to attract and retain qualified employees and key personnel; our ability to comply with, and the effect on their businesses of, evolving legal standards and regulations, particularly concerning data protection and consumer privacy and evolving labor standards; risks relating to the development and performance of our energy storage systems and software-enabled services; our inability to retain or upgrade current customers, further penetrate existing markets or expand into new markets; the risk that our business, financial condition and results of operations may be adversely affected by other political, economic, business and competitive factors; and other risks and uncertainties discussed in this release and in our most recent Forms 10-K, 10-Q and 8-K filed with or furnished to the SEC. If one or more of these or other risks or uncertainties materialize (or the consequences of any such development changes), or should our underlying assumptions prove incorrect, actual outcomes may vary materially from those reflected in our forward-looking statements.

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

Stem Media Contacts
Suraya Akbarzad, Stem
This email address is being protected from spambots. You need JavaScript enabled to view it.

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

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

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

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

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

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

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

Markets Covered:

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

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

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

Key Topics Covered:

1. Executive Summary

2. Maritime Safety System Market Characteristics

3. Maritime Safety System Market Trends And Strategies

4. Impact Of COVID-19 On Maritime Safety System

5. Maritime Safety System Market Size And Growth

6. Maritime Safety System Market Segmentation

7. Maritime Safety System Market Regional And Country Analysis

8. Asia-Pacific Maritime Safety System Market

9. China Maritime Safety System Market

10. India Maritime Safety System Market

11. Japan Maritime Safety System Market

12. Australia Maritime Safety System Market

13. Indonesia Maritime Safety System Market

14. South Korea Maritime Safety System Market

15. Western Europe Maritime Safety System Market

16. UK Maritime Safety System Market

17. Germany Maritime Safety System Market

18. France Maritime Safety System Market

19. Eastern Europe Maritime Safety System Market

20. Russia Maritime Safety System Market

21. North America Maritime Safety System Market

22. USA Maritime Safety System Market

23. South America Maritime Safety System Market

24. Brazil Maritime Safety System Market

25. Middle East Maritime Safety System Market

26. Africa Maritime Safety System Market

27. Maritime Safety System Market Competitive Landscape And Company Profiles

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

29. Maritime Safety System Market Future Outlook and Potential Analysis

30. Appendix

Companies Mentioned

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

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

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

Appoints Anthony Rabb as CFO

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

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

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

Appointment of Anthony Rabb as Chief Financial Officer

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

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

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

Recent Business Highlights

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

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

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

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

Conference Call Details

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

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

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

About ESS, Inc.

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

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

Use of Non-GAAP Financial Measures

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

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

Forward-Looking Statements

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

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

Media:
Morgan Pitts
+1 (503) 568-0755
This email address is being protected from spambots. You need JavaScript enabled to view it.