DUBLIN--(BUSINESS WIRE)--The "Solar Electricity Global Market Opportunities And Strategies To 2031" report has been added to ResearchAndMarkets.com's offering.

The global solar electricity market reached a value of nearly $57,253.3 million in 2021, having grown at a compound annual growth rate (CAGR) of 11.1% since 2016, and is expected to grow at a CAGR of 21.8% to nearly $125,572.3 million by 2026. Also, the market is expected to grow to $ 357,159.4 million in 2031 at a CAGR of 23.3%.

Growth in the historic period resulted from strong economic growth in emerging markets, high cost of diesel power, initiatives by companies to promote solar electricity, and a rise in research and development (R&D) investments. Factors that negatively affected growth in the historic period were slow adoption rate, lack of clarity in rooftop solar policies, cost of power, and lack of implementation of incentives and net metering subsidy implementation.

Going forward, an urge to go green and corporate CSR, rising urbanization and technological advancements are expected to drive the market. Factors that could hinder the growth of the solar electricity market in the future include impact of COVID-19 and delaying projects under construction.

Asia Pacific was the largest region in the solar electricity market, accounting for 47.0% of the global market in 2021. It was followed by Western Europe, North America, and the other regions. Going forward, the fastest growing regions in the solar electricity market will be South America, and Middle East, where growth will be at CAGRs of 27.3% and 26.6% respectively from 2021-2026.

Market Trends

• Increasing Usage Of Digitization And Artificial Intelligence
• Adoption Of Blockchain Technology
• Supportive Government Initiatives
• Improvement In Solar Storage Solutions
• Rise Of Floating Solar Photovoltaics

Scope:

Markets Covered:

1. 1) By Technology: Photovoltaic Systems; Concentrated Solar Power Systems
2. 2) By Solar Module: Monocrystalline; Polycrystalline; Cadmium Telluride; Amorphous Silicon Cells; Others
3. 3) By End User: Residential; Commercial

Scope:

Markets Covered:

1. 1) By Technology: Photovoltaic Systems; Concentrated Solar Power Systems
2. 2) By Solar Module: Monocrystalline; Polycrystalline; Cadmium Telluride; Amorphous Silicon Cells; Others
3. 3) By End User: Residential; Commercial

Key Topics Covered:

1. Solar Electricity Market Executive Summary

2. Table of Contents

3. List of Figures

4. List of Tables

5. Report Structure

6. Introduction

7. Solar Electricity Market Characteristics

8. Solar Electricity Market Trends and Strategies

9. Impact Of COVID-19 On Solar Electricity Market

10. Global Solar Electricity Market Size And Growth

11. Global Solar Electricity Market Segmentation

12. Solar Electricity Market, Regional And Country Analysis

13. Asia-Pacific Solar Electricity Market

14. Western Europe Solar Electricity Market

15. Eastern Europe Solar Electricity Market

16. North America Solar Electricity Market

17. South America Solar Electricity Market

18. Middle East Solar Electricity Market

19. Africa Solar Electricity Market

20. Solar Electricity Global Market Competitive Landscape

21. Key Mergers And Acquisitions In The Solar Electricity Global Market

22. Solar Electricity Market Opportunities And Strategies

23. Solar Electricity Market Conclusions And Recommendations

24. Appendix

Companies Mentioned

• SPIC Solar
• Enel SpA
• Canadian Solar Inc.
• Engie
• Adani Green Energy Limited

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

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

DUBLIN--(BUSINESS WIRE)--The "Portugal Construction Equipment Market - Strategic Assessment and Forecast 2022-2028" report has been added to ResearchAndMarkets.com's offering.

Government investment in infrastructure, real estate & transport industries under National Development Plan 2030 drives the demand for construction equipment in Portugal.

The Earthmoving segment has the largest share of Portugal's Construction equipment. The excavators held the largest share in the earthmoving segment in 2021. The growth in infrastructure investment under the national development plan 2030. The surge in civil engineering & housing projects in 2021 is expected to support the demand for excavators.

In 2021, Portugal's government increased the public & transport infrastructure investment. The government has also shifted its focus on renewable energy resources and planned to invest $26.2 billion to upgrade the renewable energy industry in the next 10 years.

The rise in Government investment in warehouse & logistics infrastructure supports the country's logistics & E-commerce industry growth in 2021. The surge in construction, renewable energy projects & growth in the E-commerce industry positively impact the demand for construction equipment in Portugal.

In 2021, Portugal's recycling and waste management activities increased by 6.4%. The recycling activities is expected to grow in 2022 as the government aims to recycle 65% of waste by 2035, so demand for medium-size excavator having light weight & high swing speed are growing in recent times in the market, which is most suitable for recycling activities.

Growth in Construction, Renewable & Logistics Industries Drives the Economic Recovery

In 2020, Portugal's economy contracted by 7.6% due to a severe decline in tourism & exports caused by the government's lockdown measures. Construction & Manufacturing industry declined by 3.9% & 10.9% respectively.

The country's economy slightly grew by 4% in 2021 due to increased government infrastructure investment and resilient construction industry performance. The real estate & housing industry witnessed growth in 2021, and the country's export increased by 8.1% due to a surge in foreign demand. According to European Commission, Portugal's economy is expected to grow by 5.8% in 2022. European Union granted $14.8 billion under Portugal's Recovery & Resilience Plan. The government also announced an investment of $43.5 billion for infrastructure development across the country in 2021.

Expected Growth in FDI Inflow in Renewable Energy Sectors of Northern & Alentejo Region

Foreign direct investment in 2021 was increased by 38%. The manufacturing & service industries attracted maximum FDI inflow in 2021. The Northern & Lisbon Region of the country attracted more than 80% of FDI inflow. European countries like France, Germany & UK were some investors in Portugal's economy in 2021. High growth in renewable energy sectors is expected in 2022 due to various ongoing solar projects in Porto & Mertola City of the northern & Alentejo region, respectively.

Investment In Public Infrastructure & Logistic Industry

Portugal's government announced in 2021 to invest $45.1 billion in public infrastructure, including a high-speed railways link between Lisbon & Porto cities. This project is estimated to cost $ 4.7 billion and is expected to be completed by 2030. The government investments focused on the country's transport & energy sectors. $22.7 billion was allocated for transport projects, and $13.7 billion was directed toward clean energy projects.

In 2022, public infrastructure projects are in progress, funded by the national budget, European Union funds, & private investment. European Union granted $14.5 billion under PRR (Portugal Recovery Resilience) plan in the second half of 2021. The construction of residential buildings is expected to grow by 5.5%, maintaining a competitive position in the real estate market. Civil engineering, which is expected to be the most dynamic segment in 2022, is expected to grow by 7.5%.

The surge in government investment in developing logistics infrastructure, the growing E-commerce sector, and rising exports positively impact Portugal's logistics & warehousing market. The government is investing in upgrading transport infrastructure and expanding major ports such as Leixos & Sines in 2022. Portugal's exports are expected to grow by 22% in 2022.

Shifting of Focus Towards Renewable Energy Resources

Portugal aimed to increase its renewable energy production from 20% in 2021 to 80% by 2026. In 2021, Portugal's government planned to shift away from fossil fuel to renewable energy sources such as wind, solar & hydro. The government planned to invest $26.2 billion to upgrade the renewable energy industry in the next 10 years. The country has committed to becoming carbon natural by 2050 and producing electricity using renewable energy resources. Recently in 2022, Portugal closed its two-coal fire plant and replaced it with 7.3 GW of hydroelectric & 5.6 GW of the onshore wind park, which fulfilled ~83% of the total capacity of coal fire plants in the region.

According to Portugal's government, Photovoltaic solar energy had tremendous potential as it grew by more than 20% in 2021. The installed capacity of photovoltaic solar was 7,359 MW in 2021 and is expected to grow sharply in 2022 due to increasing government focus and investment.

Anti-Mining Protest Against Lithium Extraction & Rising Building Material & Labour Costs Are Major Challenges

Many environmentalists are against it as it can increase soil pollution and deforestation and can hamper the ecosystem. Anti-mining protests are observed in, especially in Northern & southern parts of the country where the Lithium mines are majorly present. The country's environmental association wants the government should make environmental assessments & study the impact of lithium exploration on the environment. Three major Lithium extraction projects in 2022 are hampered due to local protests of villagers & environmentalists in Minas do Barroso (Boticas), Angela (Covilha & Fundao) & Romano (Montalegre) regions.

Instituto Nacional de Estatistica (INE) states that new housing construction costs will increase by 7% in 2021. The increase in the price of materials and cost of labor triggered the overall increase in the price of new houses in the Portugal market. In 2021, the price of building materials and labor rose by 8% & 5.1%, respectively.

In 2022, the building material & commodities prices increased by 18% due to a mismatch of demand and supply. Steel concrete rods increased by 54%, aluminum (61%) & Copper (47%) which is expected to have an adverse impact on the demand for new housing in the country.

Electric Equipment & Medium Size Excavators Are Gaining

Environmentalists are suggesting the government study the environmental impact of Lithium extraction. Therefore, Portugal Government introduced green mining technology. Green mining focuses on reducing carbon emissions during extraction, resulting in low environmental impact. Green mining can trigger the demand for electric construction equipment in Portugal.

Portugal's government focused on recycling and waste management processes in 2021. The recycling of packaging increased by 6.4% in 2021 compared to 2020. Portugal government aims to increase recycle target by 55% in 2025,60% by 2030 & 65% by 2035. Government has recycling plants in the Lisbon & Porto region of the country. With the rise of recycling & waste management activities across the region, the demand for medium-sized excavators increased in 2021. Hitachi Construction Machinery (HCE) introduced the ZX300LCN-6 excavator in the Portugal market for recycling work.

VENDOR LANDSCAPE

• Hitachi Construction Machinery, Caterpillar, Komatsu, & Liebherr are the market leaders, accounting for 23.1% of the market share in 2021.
• Prominent vendors are Hitachi Construction Machinery, Caterpillar, Komatsu, Kobelco, Hyundai Construction Equipment, JCB, Liebherr & Volvo Construction Equipment.
• Other prominent vendors are Liu Gong, Yanmar, Case Construction Equipment & Terex Corporation.

Key Vendors

• Hitachi Construction Machinery
• Liebherr
• Caterpillar
• Komatsu
• Hyundai Construction Equipment
• VOLVO
• JCB
• Kobelco

Other Prominent Vendors

• Terex Corporation
• Tadano
• Liu Gong
• CASE Construction Equipment

Distributors Profiles

• Auto Mecanica Alvorgenese
• Ascendum Maquninas
• Almovi
• Pousamil
• Sociedade Tecnica de Equipamentos e Tractores SA

For more information about this report visit https://www.researchandmarkets.com/r/h05fna

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

Staycations, Instant and Multi-day Bookings are more popular on the platform than ever

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--#boaters--Consumers are increasingly opting for staycations and on-demand experiences on the water, according to new data from Boatsetter, the leading marketplace for on-water experiences and boat rentals in the United States. Boatsetter, which offers over 50,000 boat listings in 700 locations globally, saw a 200 percent increase in bookings year over year, with staycations, instant booking, and multi-day bookings as key factors in this growth spike.

Amidst high travel costs and growing inflation, consumers are looking for affordable local options to try something new this summer. Since May, over 50 percent of the consumers booking on-the-water experiences and boats via Boatsetter have been in-market residents.

“Now more than ever, people are craving authentic experiences with family and friends. At Boatsetter, we know there is nothing more thrilling than spending time on the water and we are committed to making that opportunity accessible for all,” said Jaclyn Baumgarten, CEO of Boatsetter. “Ninety-five percent of Americans live within one hour of navigable waters, but only a very small fraction have ever really had access to it before. We’re working hard to change that, and it’s wonderful to see so many locals getting to enjoy the boating lifestyle and all the experiences and activities that come along with it.”

Instant and Multi-Day bookings have also contributed to Boatsetter’s exponential growth by reducing lead times to book a boat or experience at the last minute, or for several consecutive days. Boatsetter is the only platform within the boat sharing space to effectively launch and offer these kinds of enhanced booking features. Year over year, Boatsetter saw a 140 percent increase in Instant Book requests, as well as a 20 percent increase in Multi-Day bookings.

The multi-day booking feature—allowing renters to extend their rental duration to secure a boat for multiple days in a row—is especially notable for renters looking for convenience and flexibility. For renters who have no place to dock or store a boat overnight, local boat owners drop off the boat in the morning and then pick it up in the evening, before repeating a similar process the following day(s) for the duration of the booking. Renters with access to dock space or marina slips can also work with the boat owner to arrange a multi-day booking where they keep the boat overnight over the course of multiple days.

"I first used Boatsetter to plan a pontoon boat trip for my bachelorette party in Miami, but since then I've also booked multiple rentals here in Virginia Beach," said Abby Dunlap, a Virginia Beach, VA local and repeat renter on Boatsetter. "Every experience I've booked with Boatsetter has been unique in its own way; whether it was the activity we had planned, where we took the boat, or what type of boat we rented. I think that's one of my favorite parts about renting on Boatsetter, that it is so customizable."

About Boatsetter: With more than 50,000 boat listings available in over 700 locations worldwide, Boatsetter is the leading marketplace for on-the-water experiences and boat rentals. Boatsetter makes it easy to discover and enjoy a wide array of on-water experiences by connecting qualified renters directly to boat owners and licensed captains. Featuring the largest database of USCG-certified captains, Boatsetter makes it possible for even those with no prior boating experience to tap into an incredible array of water activities. Credited with pioneering the first ever peer-to-peer boat rental insurance policy, Boatsetter has empowered boat owners with the tools and support to become entrepreneurs on the water. Launched commercially in 2014, over one million boaters and boat owners alike have turned to Boatsetter to discover the endless possibilities the water provides.

Mollie Leal
This email address is being protected from spambots. You need JavaScript enabled to view it.
916-612-7462

DUBLIN--(BUSINESS WIRE)--The "United Kingdom Electric Delivery Vans Market, By Vehicle Type (Light Duty, Medium Duty, Heavy Duty), By GVWR (Less than 5 ton, 5-8 ton, Above 8 ton), By Propulsion (BEV, HEV, PHEV), By Range, By Battery Capacity, By Region, Competition Forecast & Opportunities, 2017-2027" report has been added to ResearchAndMarkets.com's offering.

United Kingdom electric delivery vans market is projected to grow at a formidable rate during the forecast period, 2023-2027. The market growth can be attributed to the rising demand for fuel-efficient vehicles owing to enhanced environmental awareness. The rapid development of charging infrastructure for electric vehicles and the rising number of government subsidies and incentives are propelling the growth of the United Kingdom electric delivery vans market.

Growing preference for electric vans and rapid commercialization of zero-emission vehicles are propelling the growth of electric delivery vans in the United Kingdom. Moreover, the UK government is promoting the adoption of electric vehicles by enacting various policies and regulations on carbon emissions. Long-term cost-effectiveness, eco-friendliness, and long-running distance capability of the electric delivery vans are some factors driving the United Kingdom's electric delivery vans market.

Additionally, increasing research and development activities coupled with a rising inclination towards electric energy are further anticipated to support the growth of the United Kingdom electric delivery vans market in the coming years. Expanding food & beverage industry, the emergence of cloud kitchens, multiple food delivery restaurants, and the rising e-commerce sector are expanding the demand for online delivery services and further contributing to the United Kingdom electric delivery vans market during the forecast period.

Objective of the Study:

• To analyze the historical growth in the market size of the United Kingdom electric delivery vans market from 2017 to 2021.
• To estimate and forecast the market size of United Kingdom electric delivery vans market from 2022 to 2027 and growth rate until 2027.
• To classify and forecast the United Kingdom electric delivery vans market based on vehicle type, GVWR, propulsion, range, battery capacity, region, and company.
• To identify the dominant region or segment in the United Kingdom electric delivery vans market.
• To identify drivers and challenges for the United Kingdom electric delivery vans market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the United Kingdom electric delivery vans market.
• To identify and analyze the profiles of leading players operating in the United Kingdom electric delivery vans market.
• To identify key sustainable strategies adopted by market players in United Kingdom electric delivery vans market.

Report Scope:

In this report, United Kingdom electric delivery vans market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

United Kingdom Electric Delivery Vans Market, By Vehicle Type:

• Light Duty
• Medium Duty
• Heavy Duty

United Kingdom Electric Delivery Vans Market, By GVWR:

• Less than 5 ton
• 5-8 ton
• Above 8 ton

United Kingdom Electric Delivery Vans Market, By Propulsion:

• BEV
• HEV
• PHEV

United Kingdom Electric Delivery Vans Market, By Range:

• Less than 100 miles
• 100-150 miles
• Above 150 miles

United Kingdom Electric Delivery Vans Market, By Battery Capacity:

• Less than 50 kWh
• 50-100 kWh
• Above 100 kWh

United Kingdom Electric Delivery Vans Market, By Region:

• London
• East Anglia
• Southwest
• Southeast
• Scotland
• East Midlands
• Yorkshire & Humberside

Key Topics Covered:

1. Product Overview

2. Research Methodology

3. Executive Summary

4. Impact of COVID-19 on United Kingdom Electric Delivery Vans Market

5. Voice of Customer

6. United Kingdom Electric Delivery Vans Market Outlook

7. United Kingdom Battery Electric Van Market Outlook

8. United Kingdom Hybrid Electric Van Market Outlook

9. United Kingdom Plug-In Hybrid Electric Van Market Outlook

10. Market Dynamics

11. Market Trends and Developments

12. Policy and Regulatory Landscape

13. United Kingdom Economic Profile

14. Competitive Landscape

15. Strategic Recommendations

Companies Mentioned

• Ford Motor Company
• BYD Auto Co., Ltd.
• Mercedes-Benz AG
• Rivian Automotive, Inc.
• Workhorse Group Incorporated
• Arrival Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/8kfyv2.

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

TULSA, Okla.--(BUSINESS WIRE)--Williams (NYSE: WMB) announced today the release of its 2021 Sustainability Report, showing specific steps the company has taken toward meeting its 2030 climate commitment. In addition to providing a comprehensive review of environmental performance metrics, the latest sustainability report details the company’s focus on social and governance issues as it serves growing demand for clean, affordable and reliable energy while protecting the environment and building strong communities. An electronic version of the report is available at www.williams.com/sustainability.

“As one of the nation’s leading energy infrastructure providers, we are committed to leveraging our large-scale natural gas infrastructure for the benefit of tomorrow and generations to come,” said Williams President and CEO Alan Armstrong. “We have prioritized our natural gas-focused strategy because we see firsthand the critical role it plays in providing affordable and dependable low-carbon energy while supporting the growth of renewables. At the same time, we recognize that more needs to be done to mitigate the risks of climate change and stimulate technology growth needed to build a viable clean energy economy.”

Highlights of Williams’ 2021 Sustainability Report include the following:

• No. 1 in peer group in Dow Jones Sustainability Index for 2021; only U.S. energy company to rank in DJSI world index
• Top 5: Brendon Wood International Shareholder Confidence Index for U.S. Power and Utility Companies
• Reduced company-wide Scope 1 & 2 absolute greenhouse gas emissions by 47% since 2005 in line with 2030 climate commitment to reduce emissions by 56% from 2005 levels, putting Williams on a path to net zero carbon emissions by 2050
• Reduced pipeline blowdown GHG emissions by average of 84% when using recompression technology
• Avoided 5.68 million tons of CO₂ equivalent between 1993 and 2021 by partnering with the Natural Gas STAR program
• Committed more than $40 million via Corporate Venture Capital program for innovative climate change technologies including hydrogen production and transport, carbon capture applications and state-of-the-art emissions quantification, monitoring, reporting and verification platforms.
• Advanced 10 solar projects to permitting state
• Reinvigorated employee resource groups (ERGs) to drive inclusion across the enterprise
• Pledged support for the CEO Action for Diversity and Inclusion Coalition
• Filled 39% of open positions from within
• 30% of early career hires over the past five years from underrepresented race and ethnicity groups
• Held more than 185 stakeholder engagement events with local communities
• Contributed more than $12 million to more than 2,100 organizations across 48 states
• Volunteered more than 23,000 hours with charitable organizations.

Williams’ 2021 Sustainability Report was prepared in accordance with the Global Reporting Initiative (GRI) Standards and references the Sustainability Accounting Standards Board (SASB) Oil & Gas – Midstream Standard and Task Force on Climate-related Financial Disclosures (TCFD) and the United Nations Sustainable Development Goals (SDGs). In addition, Williams’ 2021 Sustainability Report received independent assurance from ERM Certification and Verification Services (ERM CVS) for select greenhouse gas emissions, safety, pipeline integrity and diversity & inclusion data.

About Williams
As the world demands reliable, low-cost, low-carbon energy, Williams (NYSE: WMB) will be there with the best transport, storage and delivery solutions to reliably fuel the clean energy economy. Headquartered in Tulsa, Oklahoma, Williams is an industry-leading, investment grade C-Corp with operations across the natural gas value chain including gathering, processing, interstate transportation, storage, wholesale marketing and trading of natural gas and natural gas liquids. With major positions in top U.S. supply basins, Williams connects the best supplies with the growing demand for clean energy. Williams owns and operates more than 30,000 miles of pipelines system wide – including Transco, the nation’s largest volume and fastest growing pipeline – and handles approximately 30 percent of the natural gas in the United States that is used every day for clean-power generation, heating and industrial use. Learn how the company is leveraging its nationwide footprint to incorporate clean hydrogen, next generation gas and other innovations at www.williams.com.

Portions of this document may constitute “forward-looking statements” as defined by federal law. Although the company believes any such statements are based on reasonable assumptions, there is no assurance that actual outcomes will not be materially different. Any such statements are made in reliance on the “safe harbor” protections provided under the Private Securities Reform Act of 1995. Additional information about issues that could lead to material changes in performance is contained in the company’s annual and quarterly reports filed with the Securities and Exchange Commission.

MEDIA:
This email address is being protected from spambots. You need JavaScript enabled to view it.
800-945-8723

INVESTOR CONTACT:
Danilo Juvane
918-573-5075

Grace Scott
918-573-1092

Purchases One of the Largest Battery Projects in Texas from Con Edison Development

Marks Newly Launched, Next-Generation Renewable Energy Company’s Debut Transaction

During Time of Peak Demand for Flexible Generation Assets in ERCOT

MIAMI--(BUSINESS WIRE)--Spearmint Energy (“Spearmint” or the “Company”), a next-generation renewable energy company enabling the clean energy revolution through battery energy storage, today announced that it has acquired a 150 MW battery energy storage project (the “Project” or “Revolution”) from Con Edison Development, a wholly-owned subsidiary of Con Edison Clean Energy Businesses.

Located adjacent to the King Mountain Wind Farm in the Lower Colorado River Authority Territory, Revolution will provide much-needed battery energy storage assets to West Texas’ ERCOT market, which has recently experienced a sea change due to increases in natural gas prices and load growth from technology, weaker outlook for solar buildout, and higher industry-wide demand for renewable power. Revolution is the first project in Spearmint’s portfolio since the Company was launched in early 2022 and will efficiently provide clean, reliable energy to the grid upon development completion.

Andrew Waranch, Founder, President, and Chief Executive Officer of Spearmint, said, “We are pleased to call a project of this caliber – located not only next to one of the largest wind turbine developments in the U.S., but also a massive solar field – our first, as it demonstrates Spearmint’s commitment to helping solve the climate crisis by developing best-in-class solutions that store and release renewable energy to power the grid. It is clear to us that the rapidly growing demand for flexible generation assets in ERCOT is just getting started, and as such, we hope that by continuing to acquire projects like this one, we will help solve congestion issues across the state while empowering others to assist in our country’s clean energy buildout.”

Richard Cardone, Chief Operating Officer of Spearmint, added, “We named this Project “Revolution,” because that’s exactly what battery energy storage represents – the start of a new future in renewable energy. Battery energy storage is a modern approach to solving the climate crisis that can increase grid resiliency and help to allow cleaner, lower cost renewable energy connect to the grid. We are thrilled to be a part of this positive change.”

Revolution, which is one of the largest batteries in the state of Texas, is anticipated to reach notice to begin operation in the second quarter of 2023.

About Spearmint Energy
Founded by energy industry veteran Andrew Waranch in partnership with Kevin Kelley, CEO of Roscommon Analytics LLC, Spearmint is a next generation renewable energy company enabling the clean energy revolution through battery energy storage. The Spearmint platform is comprised of three distinct strategies, including battery and solar project development, energy storage offtake, and renewables power trading. For more information, please visit: https://www.spearmintenergy.com/

Media:
Amanda Shpiner/Sara Widmann
Gasthalter & Co.
(212) 257-4170
This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON--(BUSINESS WIRE)--In headline and first paragraph, number should read $160 million (instead of $161 million). Also, company name in last paragraph should read Paul Hastings LLP (instead of Paul Hasting LLP).

The updated release reads:

BROAD REACH POWER CLOSES $160 MILLION PROJECT FINANCING ON 18 BATTERY ENERGY STORAGE PROJECTS

Broad Reach Power (“Broad Reach”), the leading utility-scale battery storage platform, which owns a 21 gigawatt (GW) portfolio of utility-scale battery storage and renewable power projects across the U.S., today announced it successfully closed a $160 million project financing for 17 operating battery energy storage systems in Texas and one in California.

Totaling 390 MWh, the projects being financed are front-of-the-meter, utility-scale assets using lithium-ion technology from a diverse pool of manufacturers.

Broad Reach develops and operates its battery storage projects to perform under an optimized revenue stack, which includes a combination of contracts, financial hedges and merchant capacity selling energy and ancillary services in the market.

Deutsche Bank AG, New York Branch and MUFG Bank Ltd. acted as Coordinating Lead Arrangers and Joint Bookrunners for the financing. MUFG acted as Administrative Agent and Deutsche Bank Trust Company Americas acted as Depositary Bank and Collateral Agent.

“Deutsche Bank and MUFG have both been great partners in leading this financing and we appreciate their support of Broad Reach’s efforts to lead the U.S.’s energy transition in battery storage development,” said Nitin Gupta, Senior Vice President, Finance and M&A at Broad Reach Power. “This is a marquee debt financing transaction in the battery storage sector, and we at Broad Reach look forward to advancing innovative ways to finance our large pipeline of projects.”

“Battery storage projects are an important pillar in ensuring a reliable and clean electric grid,” said Jeremy Eisman, head of Infrastructure & Energy Financing and Structuring at Deutsche Bank. “We are happy to have collaborated with Broad Reach on this landmark battery storage financing and look forward to supporting their continued growth.”

"Broad Reach has an outstanding platform for the development and ownership of BESS and renewable projects," said Alex Wernberg, Managing Director and head of MUFG's US Power project finance team. "For ERCOT, this portfolio provides significant stability to the grid and balances the intermittent generation of renewables. Broad Reach’s trajectory is exciting, and we’re pleased to be party to this financing.”

Milbank LLP represented Broad Reach Power on this financing transaction and Paul Hastings LLP represented the lenders.

About Broad Reach Power

Broad Reach Power is the leading utility-scale battery storage platform in the United States. Based in Houston, Texas, Broad Reach is backed by leading energy transition investors, EnCap Investments L.P., Apollo Global Management, Yorktown Partners and Mercuria Energy. The Company owns a 21 GW portfolio of utility-scale battery storage and renewable power projects across the U.S., giving utilities, generators and customers access to technological insight and tools for managing merchant power risk so they can better match supply and demand. For more information about the company, visit www.broadreachpower.com.

For Broad Reach Power:
Morgan Moritz
Pierpont Communications
This email address is being protected from spambots. You need JavaScript enabled to view it.
512-448-4950 (O)
512-745-2575 (M)

DUBLIN--(BUSINESS WIRE)--The "Drilling Fluids Market - A Global and Regional Analysis: Focus on Application, Type, and Region - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.

The global drilling fluids market was estimated to be at $6,100.0 million in 2021, which is expected to grow with a CAGR of 7.8% and reach $12,927.6 million by 2031.

The growth in the global drilling fluids market is expected to be driven by increasing onshore and offshore drilling activities due to the rise in energy demand.

Market Lifecycle Stage

Drilling fluids are a large and growing industry. Increased research and development activities are underway to develop more efficient drilling fluid while reducing the cost. Additionally, a large number of wells are projected to be drilled in the next few years.

Impact

Increased demand for energy and an increase in drilling processes for oil exploration and production are some of the key driving factors for the drilling fluids market. The shift toward the usage of water-based drilling fluids is more prominent in the oil and gas industry owing to its environment friendly and cost-effective nature. The U.S. has the largest industry for drilling fluids as the oil and gas companies are using these fluids for smooth and efficient well drilling.

Impact of COVID-19

COVID-19 has had a significant global impact on the supply chain of the drilling fluids market. Moreover, the oil and gas industry witnessed a substantial decline in demand due to the several lockdowns and restrictions, which caused in decreased demand for drilling fluids.

Market Segmentation

The global drilling fluids market in the application segment is expected to be dominated by onshore applications. This is due to increased oil and gas exploration activities at onshore oil fields and the advantage of the availability of customized drilling fluids according to the formation location.

The global drilling fluids market is dominated by water-based drilling fluids. This is due to its cost-effectiveness and lower environmental impact. Moreover, growing concern about the toxicity of other drilling fluids is expected to create demand for water-based drilling fluids.

North America is expected to be the largest market for drilling fluids. This is mainly because growing oil and gas production with substantial oil field development, particularly in the U.S., is projected to trigger the demand in the region.

How Can This Report Add Value to an Organization?

Product/Innovation Strategy: The product segment helps the reader understand the different types of drilling fluids available for drilling wells and their potential globally. Moreover, the study provides the reader with a detailed understanding of the different drilling fluids applications offshore and onshore.

Growth/Marketing Strategy: The global different drilling fluids market has seen major development by key players operating in the market, such as business expansion, partnership, collaboration, and joint venture.

For instance, in May 2021, Baker Hughes Company and Akastor ASA announced an agreement to create a joint venture company to bring together Baker 'Hughes' Subsea Drilling Systems (SDS) business with Akastor's wholly owned subsidiary MHWirth AS. The company will deliver a full-service of offshore drilling equipment that will provide consumers with a broad portfolio of products and services.

Competitive Strategy: Key players in the drilling fluids market analyzed and profiled in the study involve drilling fluids manufacturers. Moreover, a detailed competitive benchmarking of the players operating in the global drilling fluids market has been done to help the reader understand how players stack against each other, presenting a clear market landscape.

Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.

Key Market Players and Competition Synopsis

The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.

Some of the prominent names established in this market are:

• Baker Hughes Company
• Halliburton
• Schlumberger Limited
• Newpark Resources Inc.
• Weatherford
• AES Drilling Fluids
• DIAMOCO Group
• NOV Inc.
• Conquest Drilling
• Stellar Drilling Fluids. LLC
• QMax
• Secure Energy
• ChemFor
• TotalEnergies
• Dynamic Drilling Fluids
• Valence Drilling Fluids, LLC

Key Topics Covered:

1 Markets

1.1 Industry Outlook

1.1.1 Trends: Current and Future

1.1.1.1 Shale Gas

1.1.1.2 Nanoparticles

1.1.2 Supply Chain Network

1.1.3 Ecosystem/Ongoing Programs

1.1.3.1 Regulatory Bodies

1.1.4 Impact of COVID-19 on Drilling Fluids Market

1.2 Business Dynamics

1.2.1 Business Drivers

1.2.1.1 Increasing Onshore and Offshore Drilling Activities

1.2.1.2 Government Initiatives

1.2.1.3 Increasing Focus on Shale Gas

1.2.2 Business Challenges

1.2.2.1 Volatility in Prices of Crude Oil to Impact the Drilling Fluids Consumption

1.2.2.2 Rise in Cost of Deepwater and Ultra-Deepwater Drilling

1.2.2.3 Impact of Drilling Fluids on the Environment

1.2.3 Business Strategies

1.2.3.1 Product Developments

1.2.3.2 Market Developments

1.2.4 Business Opportunities

1.2.4.1 Increased Demand for Oil in Asia-Pacific Region

1.2.4.2 Prioritized Deepwater and Ultra-Deepwater Drilling Activities

1.3 Start-Up Landscape

1.3.1 Key Start-Ups in the Ecosystem

2 Application

2.1 Drilling Fluids Market - Applications and Specifications

2.1.1 Offshore

2.1.2 Onshore

2.2 Drilling Fluids Market - Demand Analysis (by End-Use Applications)

2.2.1 Demand Analysis (by End-Use Applications), Value and Volume Data

3 Products

3.1 Drilling Fluids Market - Type and Specifications

3.1.1 Water-Based Drilling Fluids

3.1.2 Oil-Based Drilling Fluids

3.1.3 Synthetic-Based Drilling Fluids

3.1.4 Others

3.2 Drilling Fluids Market - Demand Analysis (by Product Type)

3.2.1 Demand Analysis (by Product Type), Value and Volume Data

3.3 Product Benchmarking: Growth Rate - Market Share Matrix, 2021

3.4 Patent Analysis

3.4.1 Patent Analysis (by Region)

3.4.2 Top Assignees of Drilling Fluids Patents

3.5 Global Pricing Analysis

4 Region

5 Markets - Competitive Benchmarking & Company Profiles

5.1 Competitive Benchmarking

5.1.1 Competitive Position Matrix

5.1.2 Product Matrix for Key Companies

5.1.3 Market Share Analysis

5.2 Company Profile

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

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

DUBLIN--(BUSINESS WIRE)--The "Autonomous Marine Vehicles Global Market Report 2022" report has been added to ResearchAndMarkets.com's offering.

The global autonomous marine vehicles market is expected to grow from $1,994.26 million in 2021 to $2,298.08 million in 2022 at a compound annual growth rate (CAGR) of 15.2%. The market is expected to grow to $4,147.97 million in 2026 at a compound annual growth rate (CAGR) of 15.9%.

North America was the largest region in the autonomous marine vehicles market in 2021. Middle East was the second largest region in the autonomous marine vehicles market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

The autonomous marine vehicles market is being driven by a rise in hydrographic, oceanographic, and environmental surveys conducted globally. A hydrographic survey measure describes and maps features that can be found underwater. The main purpose of conducting these surveys is to produce navigational charts essential for the safe transit of vessels. An oceanographic survey helps in the accurate understanding of marine and freshwater environments, for port and harbor development, wastewater and industrial outfalls, power plant intakes/outfalls, and offshore disposals.

An autonomous surface vehicle (ASV) provides an efficient method of undertaking a hydrographic survey, as it saves both cost and time. It is also flexible and convenient which allows for faster deployment for several survey requirements, from event surveys to large coastal surveys.

The vulnerability of ships to cyber threats due to automation is a major restraint for the autonomous marine vehicles market. This is mainly because cyberspace and its associated infrastructure are vulnerable to a versatile range of risks coming from cyber threats and attacks. The use of automation which negates the need for human intervention on ships and in ports increases the chances of security breaches.

A cyber-attack can misguide an autonomous ship to move in a different direction or move to a separate port, which can lead to misplacement and delay of goods and services. For example, container ship and supply vessel operator A.P. Moller-Maersk became a victim of a cyber-attack that resulted in a loss of around $250-300 million for the company. According to a survey by law firm Clyde & Co and the Institute of Marine Engineering, Science & Technology (IMarEST), over two-thirds of marine industry executives surveyed from across the world fear that unmanned/autonomous ships present a greater cyber-security risk than traditional ships.

Maritime drone swarming for better surveillance and investigation capabilities is an emerging trend in the autonomous marine vehicles market. Maritime drone swarms are a large group of underwater vehicles moving together for a particular purpose. The drone swarm has a wide range of capabilities in defense applications since it is capable of performing surveillance and investigation tasks followed by defensive or offensive countermeasures.

As the swarm works collectively to navigate through the underwater environment, it senses a wider area in a quick time by making use of several sensing techniques to build a comprehensive map of the environment.

Markets Covered

1) By Type: Surface Vehicle; Underwater Vehicle

2) By Application: Military & Defense; Archeological; Exploration; Oil & Gas; Environmental Protection And Monitoring; Search And Salvage Operations; Oceanography

3) By Technology: Imaging; Navigation; Communication; Collision avoidance; Propulsion

Key Topics Covered:

1. Executive Summary

2. Autonomous Marine Vehicles Market Characteristics

3. Autonomous Marine Vehicles Market Trends And Strategies

4. Impact Of COVID-19 On Autonomous Marine Vehicles

5. Autonomous Marine Vehicles Market Size And Growth

6. Autonomous Marine Vehicles Market Segmentation

7. Autonomous Marine Vehicles Market Regional And Country Analysis

8. Asia-Pacific Autonomous Marine Vehicles Market

9. China Autonomous Marine Vehicles Market

10. India Autonomous Marine Vehicles Market

11. Japan Autonomous Marine Vehicles Market

12. Australia Autonomous Marine Vehicles Market

13. Indonesia Autonomous Marine Vehicles Market

14. South Korea Autonomous Marine Vehicles Market

15. Western Europe Autonomous Marine Vehicles Market

16. UK Autonomous Marine Vehicles Market

17. Germany Autonomous Marine Vehicles Market

18. France Autonomous Marine Vehicles Market

19. Eastern Europe Autonomous Marine Vehicles Market

20. Russia Autonomous Marine Vehicles Market

21. North America Autonomous Marine Vehicles Market

22. USA Autonomous Marine Vehicles Market

23. South America Autonomous Marine Vehicles Market

24. Brazil Autonomous Marine Vehicles Market

25. Middle East Autonomous Marine Vehicles Market

26. Africa Autonomous Marine Vehicles Market

27. Autonomous Marine Vehicles Market Competitive Landscape And Company Profiles

28. Key Mergers And Acquisitions In The Autonomous Marine Vehicles Market

29. Autonomous Marine Vehicles Market Future Outlook and Potential Analysis

30. Appendix

Companies Mentioned

• ASV Unmanned Marine Systems
• Atlas Elektronik
• Teledyne Technologies
• ECA Group
• Sea Robotics Inc.
• Liquid Robotics
• Rafael Advanced Defense Systems
• BAE systems
• Ocean Aero Inc./Ocean Server Technology Inc.
• Kongsberg Gruppen/Kongsberg Maritime
• Textron Inc.
• Saab Ab/SAAB Seaeye
• Subsea7
• BAE systems
• 5G International
• Boeing
• Deep Ocean Engineering
• BaltRobotics
• EvoLogics GmbH
• Bluefin Robotics
• Lockheed Martin Corporation
• Fugro
• Maritime Tactical Systems (Martac)
• Teledyne Technologies
• MAP Marine Technologies
• Elbit Systems
• Pelorus Naval Systems
• Boston Engineering Corporation
• Rolls-Royce

For more information about this report visit https://www.researchandmarkets.com/r/467gii

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

HOUSTON--(BUSINESS WIRE)--Oceaneering International, Inc. ("Oceaneering") (NYSE:OII) today reported net income of $3.7 million, or $0.04 per share, on revenue of $524 million for the three months ended June 30, 2022. Adjusted net income was $7.4 million, or $0.07 per share, reflecting the impact of $0.9 million of pre-tax adjustments associated with foreign exchange gains recognized during the quarter and $4.5 million of discrete tax adjustments, primarily due to changes in valuation allowances.

During the prior quarter ended March 31, 2022, Oceaneering reported net loss of $19.2 million, or $(0.19) per share, on revenue of $446 million. Adjusted net loss was $6.4 million, or $(0.06) per share, reflecting the impact of $0.4 million of pre-tax adjustments associated with foreign exchange gains recognized during the quarter and $13.1 million of discrete tax adjustments, primarily due to changes in valuation allowances.

Adjusted operating income (loss), operating margins, net income (loss) and earnings (loss) per share, EBITDA and adjusted EBITDA (as well as EBITDA and adjusted EBITDA margins), and free cash flow are non-GAAP measures that exclude the impacts of certain identified items. Reconciliations to the corresponding GAAP measures are shown in the tables Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share (EPS), EBITDA and Adjusted EBITDA and Margins, Free Cash Flow, 2022 Adjusted EBITDA and Free Cash Flow Estimates, Adjusted Operating Income (Loss) and Margins by Segment, and EBITDA and Adjusted EBITDA and Margins by Segment. These tables are included below under the caption Reconciliations of Non-GAAP to GAAP Financial Information.

For the second quarter of 2022:

• Offshore activity is recovering with our Subsea Robotics and Offshore Projects Group operating segments recording their highest levels of operating income since the beginning of 2018 (the earliest period restated to reflect our 2020 segment realignment);

• Consolidated Adjusted EBITDA was $53.5 million;

• Consolidated Operating Income was $22.9 million; and

• Cash position decreased by $69.6 million, from $438 million to $368 million.

As of June 30, 2022:

• Remotely Operated Vehicles (ROV) fleet count was 250, Q2 utilization was 64%, and Q2 average revenue per day on hire was $8,278; and

• Manufactured Products backlog was $335 million.

Revised guidance for 2022:

• Consolidated Adjusted EBITDA is forecast in the range of $210 million to $240 million; and

• Free cash flow generation is forecast in the range of $25 million to $75 million.

Roderick A. Larson, President and Chief Executive Officer of Oceaneering, stated, "I am pleased to confirm that the resurgence of offshore activity we anticipated to start in the second quarter of 2022 is materializing and beginning to be reflected in our results. Specifically, our Subsea Robotics (SSR) and Offshore Project Group (OPG) segments generated some of the highest levels of revenue and the highest operating incomes seen since the beginning of 2018, the earliest period restated to reflect our 2020 segment realignment. Our first half 2022 financial performance unfolded slightly below our expectations due to challenges in hiring offshore personnel, primarily in the Gulf of Mexico (GoM), resulting in some delayed projects and missed opportunities. In addition, the Continuing Resolution earlier in the year continues to negatively impact revenue mix and timing in our Aerospace and Defense Technologies (ADTech) segment. We see strong market dynamics supporting robust activity in our offshore markets during the second half of 2022 to be partially muted by timing uncertainties within our ADTech segment. Given our first half results and latest expectations for the second half of 2022, we are updating our adjusted EBITDA guidance range to $210 million to $240 million for the full year.

“Our second quarter 2022 results increased significantly compared to the first quarter of 2022, as we produced adjusted EBITDA of $53.5 million, which was within the guidance range provided at the beginning of the quarter. The resurgence in seasonal offshore demand led to significantly increased results from our SSR and OPG segments, which was only partially offset by the lower results from our Manufactured Products and ADTech segments. During the quarter, our cash balance declined by $69.6 million, largely due to an increase in receivables. We are concerned to see our customers extending payment terms and are actively working with them to improve this situation. We continue to expect positive free cash flow generation for 2022 but are revising our guidance range to $25 million to $75 million for the full year.

Segment Results

“Sequentially, SSR revenue and operating income both increased significantly as expected, with healthy levels of seasonal activity for ROV, survey, and tooling services. SSR EBITDA margin of 28% improved as compared to the first quarter of 2022, with the increased activity aligning with the additional costs incurred during the first quarter. We also started to realize recent pricing improvements.

"Second quarter 2022 ROV days on hire were sequentially higher for both drill support and vessel-based services. Fleet utilization rose significantly, averaging 64% for the quarter as compared to 53% during the first quarter. Our fleet use was 57% for the quarter in drill support and 43% in vessel-based activity as compared to 63% and 37%, respectively, during the first quarter. Average ROV revenue per day on hire of $8,278 for the quarter was 1% higher than the first quarter of 2022.

"Manufactured Products had a second quarter 2022 operating loss of $1.4 million on higher revenue compared to the first quarter of 2022. Revenue increased primarily due to the receipt of certain umbilical materials that did not contribute to current quarter manufacturing activity. Operating results sequentially declined due primarily to less profitable work being executed in our mobility solutions businesses. Our Manufactured Products backlog on June 30, 2022 remained flat at $335 million, compared to our March 31, 2022 backlog of $334 million. Our book-to-bill ratio was 1.1 for the six months ended June 30, 2022 and 1.25 for the trailing 12 months.

"Second quarter 2022 OPG revenue and operating income increased significantly compared to the first quarter of 2022, primarily as a result of increased inspection, maintenance and repair (IMR) and installation work in the GoM. The sequential operating income margin increase, from 1% in the first quarter of 2022 to 15% in the second quarter of 2022, reflected increased demand and significantly improved pricing for vessel-based services in the GoM.

"Integrity Management and Digital Solutions (IMDS) sequential operating income was essentially flat on a 5% increase in revenue. Higher seasonal activity contributed to the revenue increase. Operating income margin of 6% was the same as recorded for the first quarter of 2022.

"ADTech second quarter 2022 operating income declined from the first quarter of 2022 on a 5% increase in revenue. Operating income margin of 10% declined more than expected from the 15% margin achieved in the first quarter of 2022, due to changes in revenue mix and delays in certain projects where we incurred pre-contract costs. At the corporate level for the second quarter of 2022, Unallocated Expenses of $31.7 million were relatively flat as compared to the first quarter of 2022.

Third Quarter Outlook

"For the third quarter, compared to the second quarter, we anticipate increased revenue and operating results in our SSR and OPG segments on continuing high levels of offshore activity. Operating income margin for Manufactured Products is projected to recover to the low-single digit range on a modest decrease in revenue. IMDS revenue is forecast to increase modestly with a slight improvement in operating income margin. We expect relatively flat operating income for ADTech on a slight improvement in revenue. Unallocated Expenses are forecast to be in the low- to mid- $30 million range. On a consolidated basis, we expect a sequential increase in third quarter 2022 results, with Adjusted EBITDA in the range of $60 million to $70 million on increased revenue.

Full Year 2022 Guidance

"For the full year of 2022, at the segment level compared to 2021, we forecast SSR operating results to improve on higher revenue, and EBITDA margin to average in the high 20% range. ROV fleet utilization is expected to be in the mid-60% range for the year. For Manufactured Products, we forecast higher operating results on a significant increase in revenue compared to 2021, with backlog additions from 2021 resulting in significantly higher revenue in the second half of this year. We expect operating margin to be in the low- to mid-single-digit range and our book-to-bill ratio to be in the range of 1.0 to 1.2 for the full year. Quotation activity is robust within our energy businesses and interest is increasing in our mobility solutions businesses. For OPG, we expect higher activity to continue for the remainder of the year, especially for installation and IMR activity in the GoM. We expect continued higher vessel utilization and pricing to sustain operating margins in the mid-teens range for the remainder of the year. For IMDS, we forecast lower operating results on higher revenue, with operating margin to decline slightly as compared to 2021. And for ADTech, we expect lower operating results on relatively flat revenue, with operating income margin improving in the fourth quarter of 2022. Unallocated Expenses are expected to average in the low- to mid-$30 million range per quarter for the remainder of 2022.

Cash and Liquidity

"As previously announced, we entered into a new revolving credit facility in April 2022, which provides access to substantial liquidity through April of 2026. This new facility, when combined with our cash balance, gives us good flexibility both to grow our businesses and to address the maturity of our 2024 notes. We expect a meaningful reversal from cash consumption during the first half of 2022 to significant cash generation during the second half of the year and now expect to generate between $25 million and $75 million of free cash flow for the full year."

This release contains "forward-looking statements," as defined in the Private Securities Litigation Reform Act of 1995, including, without limitation, statements as to the expectations, beliefs, future expected business and financial performance and prospects of Oceaneering. More specifically, the forward-looking statements in this press release include the statements concerning Oceaneering’s: full year 2022 guidance ranges for consolidated EBITDA and expected positive free cash flow generation; characterization of market dynamics and their impact and timing on the activity in our offshore markets during the second half of 2022; backlog, to the extent backlog may be an indicator of future revenue or profitability; characterization of third quarter activity levels and operating profitability for all segments; forecasted third quarter Unallocated Expenses; expected third quarter 2022 consolidated results and EBITDA range; expectations regarding full year 2022 segment results, including anticipated ROV fleet utilization, Manufactured Products book-to-bill range, OPG IMR activity, pricing, and vessel utilization, expected segment activity and timing and its basis, forecasted segment revenue, operating income, and EBITDA and operating income margins, and the associated comparisons and explanations; expected average range of Unallocated Expenses for the remainder of 2022; expectation of a meaningful reversal from cash consumption during the first half of 2022 to significant cash generation during the second half of the year; and characterization of demand, activity levels, market fundamentals, outlook, and financials as seasonal, strong, supportive, robust, significant, substantial, or flexible.

The forward-looking statements included in this release are based on our current expectations and are subject to certain risks, assumptions, trends, and uncertainties that could cause actual results to differ materially from those indicated by the forward-looking statements. Among the factors that could cause actual results to differ materially include: factors affecting the level of activity in the oil and gas industry, including worldwide demand for and prices of oil and natural gas, oil and natural gas production growth and the supply and demand of offshore drilling rigs; actions by members of OPEC and other oil exporting countries; decisions about offshore developments to be made by oil and gas exploration, development and production companies; the use of subsea completions and our ability to capture associated market share; general economic and business conditions and industry trends; the strength of the industry segments in which we are involved; the continuing effects of the COVID-19 pandemic and the governmental, customer, supplier, and other responses thereto; cancellations of contracts, change orders and other contractual modifications, force majeure declarations and the exercise of contractual suspension rights and the resulting adjustments to our backlog; collections from our customers; our future financial performance, including as a result of the availability, terms and deployment of capital; the consequences of significant changes in currency exchange rates; the volatility and uncertainties of credit markets; changes in tax laws, regulations and interpretation by taxing authorities; changes in, or our ability to comply with, other laws and governmental regulations, including those relating to the environment; the continued availability of qualified personnel; our ability to obtain raw materials and parts on a timely basis and, in some cases, from limited sources; operating risks normally incident to offshore exploration, development and production operations; hurricanes and other adverse weather and sea conditions; cost and time associated with drydocking of our vessels; the highly competitive nature of our businesses; adverse outcomes from legal or regulatory proceedings; the risks associated with integrating businesses we acquire; rapid technological changes; and social, political, military and economic situations in foreign countries where we do business and the possibilities of civil disturbances, war, other armed conflicts or terrorist attacks. For a more complete discussion of these and other risk factors, please see Oceaneering’s latest annual report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission. You should not place undue reliance on forward-looking statements. Except to the extent required by applicable law, Oceaneering undertakes no obligation to update or revise any forward-looking statement.

Oceaneering is a global technology company delivering engineered services and products and robotic solutions to the offshore energy, defense, aerospace, manufacturing, and entertainment industries.

For more information on Oceaneering, please visit www.oceaneering.com.

- Tables follow on next page -

RECONCILIATIONS OF NON-GAAP TO GAAP FINANCIAL INFORMATION

In addition to financial results determined in accordance with U.S. generally accepted accounting principles ("GAAP"), this Press Release also includes non-GAAP financial measures (as defined under SEC Regulation G). We have included Adjusted Net Income (Loss) and Diluted Earnings (Loss) per Share, each of which excludes the effects of certain specified items, as set forth in the tables that follow. As a result, these amounts are non-GAAP financial measures. We believe these are useful measures for investors to review because they provide consistent measures of the underlying results of our ongoing business. Furthermore, our management uses these measures as measures of the performance of our operations. We have also included disclosures of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA), EBITDA Margins, 2022 Adjusted EBITDA Estimates, and Free Cash Flow, as well as the following by segment: Adjusted Operating Income and Margins, EBITDA, EBITDA Margins, Adjusted EBITDA and Adjusted EBITDA Margins. We define EBITDA Margin as EBITDA divided by revenue. Adjusted EBITDA and Adjusted EBITDA Margins as well as Adjusted Operating Income and Margin and related information by segment exclude the effects of certain specified items, as set forth in the tables that follow. EBITDA and EBITDA Margins, Adjusted EBITDA and Adjusted EBITDA Margins, and Adjusted Operating Income and Margin and related information by segment are each non-GAAP financial measures. We define Free Cash Flow as cash flow provided by operating activities less organic capital expenditures (i.e., purchases of property and equipment other than those in business acquisitions). We have included these disclosures in this press release because EBITDA, EBITDA Margins and Free Cash Flow are widely used by investors for valuation and comparing our financial performance with the performance of other companies in our industry, and the adjusted amounts thereof (as well as Adjusted Operating Income and Margin by Segment) provide more consistent measures than the unadjusted amounts.

Mark Peterson
Vice President, Corporate Development and Investor Relations
Oceaneering International, Inc.
713-329-4507
This email address is being protected from spambots. You need JavaScript enabled to view it.

ITASCA, Ill.--(BUSINESS WIRE)--SEKO Logistics has been voted a ‘2022 Top 10 3PL’ in a survey of thousands of buyers of logistics services in North America, capping a year of record growth, which included their biggest-ever global acquisition and the launch of a new ecommerce business unit.

SEKO was ranked 4^th overall in Inbound Logistics’ annual ‘Top 10 3PL Excellence Awards’, based on more than 12,500 votes cast by leading shippers on their experiences of using the transportation, logistics, fulfilment, and supply chain services of hundreds of 3PL providers in the U.S. market.

“The outcome of Inbound Logistics’ Top 3PL survey is extremely important to SEKO Logistics because it reflects what experienced and influential buyers of logistics services are seeing right across the market. Very few companies work with a single 3PL, so, for us, this assessment is a fantastic endorsement of the exceptional talent we have within our organization and how this is applied to inspire and deliver the best logistics outcomes for our very diverse client base,” said James Gagne, SEKO’s President & CEO.

SEKO is in a period of sustained growth, more than doubling in size since 2020 with record year-on-year expansion of their value-added freight forwarding, ecommerce logistics and white glove specialty delivery services. SEKO is continuing to accelerate growth investments, which, in the past 12 months, included their largest acquisition to date of Paris-based Bansard International, a leading global transportation and logistics group present in 17 countries, serving clients in the retail/fashion, electronics, industrial, aerospace, and pharmaceutical industries. Also, the opening of new and bigger logistics and fulfillment centers over this period has seen SEKO’s expansion in Baltimore, Charlotte, Chicago, Dublin, a new LAX Campus in Los Angeles, the opening of an omni-channel cross-border fulfillment hub in Japan, and new operations in Vietnam.

In January 2022, SEKO announced their intention to leverage the advantages of their early entry into the global ecommerce market with the launch of a new SEKO Ecommerce business unit with the ambition to grow the company’s international cross-border shipping, global fulfilment, heavyweight last mile, returns and recommerce solutions into a multi-billion-dollar business by 2025. SEKO also became the launch partner of recommerce specialist RMX Recommerce to provide retail brands with new in-country resale channels to reduce their carbon footprints and bring down the estimated $100 billion annual cost of cross-border returns. Last month, MyFBAPrep became SEKO’s preferred Amazon FBA partner, a deal which gives MyFBAPrep’s client roster of Amazon Aggregators access to SEKO’s global fulfillment warehouses and an additional four million square feet of new warehouse space globally, as well as connections to SEKO’s growing network into Europe, Canada and the Asia Pacific regions.

SEKO’s commitment to tech-driven shipping solutions has also seen the introduction of SEKO Live, a secure, easy-to-use mobile app which enables central resources to resolve last-mile issues – and save the sale on a global scale.

“The most successful companies are those which uphold the quality and integrity of their products and services during strong periods of growth as well as in times of intense market disruption,” commented Felecia Stratton, Editor of Inbound Logistics. “SEKO Logistics is a good example of this and the trust they are building with their clients is clearly reflected in their highest-ever ranking in our annual Top 3PL Excellence Award ranking.”

About SEKO Logistics

Built on nearly 50 years of logistics expertise, SEKO Logistics is the no-nonsense global end-to-end logistics partner – from shipper to consumer. SEKO delivers client-first service, expert reliability and tech-driven shipping solutions that turn customers’ supply chains into a competitive advantage. With over 150 offices in more than 40 countries, SEKO helps you move at the speed of commerce. Learn more at www.sekologistics.com.

Frances Fyten
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 651-274-5708

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

TORONTO--(BUSINESS WIRE)--Sherritt International Corporation (“Sherritt”, the “Corporation”, the “Company”) (TSX: S), a world leader in the mining and hydrometallurgical refining of nickel and cobalt from lateritic ores, today reported its financial results for the three and six months ended June 30, 2022. All amounts are in Canadian currency unless otherwise noted.

“Strong long-term fundamentals for our nickel, cobalt and fertilizer products gave us the confidence to use some of our available cash to deleverage our balance sheet by repurchasing almost $60 million principal amount of our outstanding notes,” said Leon Binedell, President and CEO of Sherritt International Corporation. “On the strength of commodity prices in the quarter, our Adjusted EBITDA increased by more than 460% compared to the same quarter last year and almost doubled our first quarter of the year. Our NDCC at the Moa JV of US$2.19/lb was the lowest since Q3 2018, notably due to higher fertilizer by-product credits, and we received $19 million in distributions from the Moa JV during the quarter.”

Mr. Binedell added, “Despite some steady headwinds moving into Q3 as nickel and cobalt prices come off recent highs, we continue to be encouraged by long-term market fundamentals and will continue to make progress towards our expansion targets and further strengthening our balance sheet through increased distributions from our Moa JV during the balance of the year.”

SELECTED Q2 2022 DEVELOPMENTS

• As part of its priority of strengthening its balance sheet, Sherritt successfully purchased an aggregate of $59.2 million of Sherritt’s 8.5% second lien secured notes and 10.75% unsecured PIK option notes at a total 24% discount which will result in a reduction in annualized interest expense of approximately $5.5 million.
• Net earnings from continuing operations were $81.5 million, or $0.21 per share, compared to a net loss from continuing operations of $10.4 million, or $0.03 per share, in Q2 2021.
• Adjusted EBITDA⁽¹⁾ was $102.0 million compared to $18.0 million in Q2 2021. The improved Adjusted EBITDA was driven by higher nickel, cobalt, and fertilizer realized prices which offset lower sales volumes and higher input commodity prices. This quarter’s results also include a share-based compensation recovery of $17.2 million due to the impact of a reduction in Sherritt’s share price during the quarter. This compares to a $9.4 million share-based compensation expense in Q2 2021. Excluding the impact of share-based compensation in administrative expense, Q2 2022 administrative expenses were 27% lower than Q2 2021.
• Sherritt’s share of finished nickel and cobalt production at the Moa Joint Venture (Moa JV) were 3,704 tonnes and 396 tonnes, respectively. Finished production was lower in the current year period primarily due to timing of the planned annual maintenance shutdown. Last year, the plant maintenance shutdown occurred in Q3.
• Finished nickel and cobalt sales volumes for the three months ended June 30, 2022 were lower than production primarily due to logistics-related challenges in transporting finished product to customers and the deferral of orders by certain customers that were impacted by the slowdown of economic activity in China as a result of the country’s zero-COVID policies and recent global economic headwinds. The affected sales orders were partially offset by higher netback sales to other markets and sales to new customers, with a portion of the new customer contracts finalizing after quarter end. Subsequent to period end, additional sales of nickel and cobalt continue to reduce inventory towards more typical levels.
• Net direct cash cost (NDCC)⁽¹⁾ at the Moa JV was US$2.19/lb, the lowest since Q3 2018. During the current quarter, significantly increased cobalt and fertilizer by-product credits more than offset higher input and maintenance costs. Input commodity costs reflect a 178% increase in global sulphur prices, 102% increase in natural gas prices and 75% increase in fuel oil prices. Sherritt’s Q2 2022 NDCC continued to rank in the lowest cost quartile of all nickel producers according to annualized information tracked by Wood Mackenzie.
• Received $19.2 million (US$15 million) as its share of Moa JV distributions in Q2 to bring total distributions received in the year to $43.4 million (US$34 million) which exceeds the total amount of distributions received in all of 2021. Given prevailing nickel and cobalt prices, planned spending on capital, including growth capital, working capital needs, and other expected liquidity requirements, Sherritt continues to anticipate higher distributions in the second half of 2022 compared to the first half of the year.
• The Moa JV advanced its expansion strategy aimed at growing annual nickel and cobalt production by 15 to 20% from the combined 34,710 tonnes produced in FY2021 once all projects are completed, and extending the life of mine at Moa beyond 2040. The first phase of this expansion, the slurry preparation plant at Moa, continues under construction and remains on budget and on schedule for completion in early 2024. Sherritt continues to evaluate its growth capital spend estimates in light of supply chain challenges and inflationary price pressures on construction materials, equipment, and labour costs. Additional engineering and design work continues and will facilitate more accurate cost estimates. The most recent assessment of expansion capital costs continues to indicate that costs are expected to be approximately US$25,000 per tonne of new nickel capacity consistent with previous disclosure. Progress in Q2 2022 included:
  • ongoing construction of the slurry preparation plant with 50% of civil construction complete, 85% of the contracts for supply of materials and services awarded, and completed slurry pipeline design and ordered all materials;
  • completed a feasibility study for the leach plant sixth train at Moa and confirmed previously installed equipment is in an acceptable condition for use;
  • continued with basic engineering on the acid plants at Moa to meet the acid requirements from the expansion projects; and
  • continued with basic engineering on de-bottlenecking projects at the refinery.

Sherritt expects to provide an update on the rollout and spending on capital related to the expansion strategy with each of its quarterly results with full project approval expected in the second half of 2022.

• Completed the first of the London Metal Exchange’s (LME) Responsible Sourcing requirements for LME-Listed Brands. The Corporation completed a LME-conformant Red Flag Assessment of its mineral supply chain and did not identify any red flags such as human rights violations, association with conflict, financial crimes or corruption. Independent LME-approved auditors validated this assessment and recommended that the LME confirm Sherritt’s conformance with its responsible sourcing requirements.

Q2 2022 FINANCIAL HIGHLIGHTS

Cash and cash equivalents at June 30, 2022 were $124.6 million, down from $145.5 million at March 31, 2022. The reduction in cash was primarily due to the $44.8 million used to repurchase notes, $15.2 million in interest payments on the 8.50% second lien secured notes and $3.3 million of capital expenditures, partially offset by $19.2 million of distributions received from the Moa JV and strong fertilizer receipts.

Total distributions from the Moa JV to the end of the second quarter 2022 totaled $43.4 million (US$34 million) which exceeds the total amount of distributions received in all of 2021. Distributions from the Moa JV are determined based on available cash in excess of liquidity requirements, including anticipated nickel and cobalt prices, planned capital spend, working capital needs, and other expected liquidity requirements. Sherritt continues to expect distributions to be higher in the second half of the year than the first.

Sherritt also received US$12.2 million ($15.6 million) from Energas in Q2 which was used to facilitate foreign currency payments for the Energas operations. Total overdue receivables at June 30, 2022 were unchanged during the quarter at US$153.1 million. Collections on overdue amounts from Sherritt’s Cuban energy partners continue to be adversely impacted by Cuba’s reduced access to foreign currency as a result of ongoing U.S. sanctions and the global pandemic’s impact on tourism. Sherritt continues to work with its Cuban partners to accelerate receipt of payments on overdue amounts.

Of the $124.6 million of cash and cash equivalents, $28.6 million was held in Canada, down from $50.4 million as at March 31, 2022, and $91.8 million was held at Energas, up from $81 million as at March 31, 2022. The remaining amounts were held in Cuba and other countries.

Mandatory redemptions of the Corporation’s 8.5% second lien secured notes, as at the interest payment date in April 2022, was not required for the two-quarter period ended December 31, 2021 as the conditions pursuant to the redemption provisions of the indenture agreement were not met. For the two-quarter period ended June 30, 2022, excess cash flow, as defined in the indenture agreement, was $11.0 million. Subject to the minimum liquidity condition as defined in the indenture agreement, at the interest payment date in October 2022 the Corporation will be required to redeem, at par, total second lien secured notes equal to 50% of excess cash flow, or $5.5 million. In determining the minimum liquidity amounts in October 2022, the $44.8 million of cash used to repurchase second lien secured notes and unsecured PIK option notes during the three months ended June 30, 2022 will be added back in the calculation of minimum liquidity before and after any such redemption.

Adjusted net earnings (loss) from continuing operations⁽¹⁾

METALS MARKET

Nickel

Following extreme volatility and multi-year highs experienced in the first quarter of 2022, the second quarter nickel prices experienced a period of reasonably stable prices before they declined towards the end of the quarter, with prices ending Q2 at US$10.48/lb, down from US$15.15/lb at the end of Q1. The nickel price averaged US$13.13/lb for Q2 2022, compared to US$11.97/lb for Q1 2022, a 10% increase. Reduced volatility on the London Metal Exchange (LME), continuing COVID-19 restrictions in China, inflationary pressures, and global economic recession concerns have all played a role in tempering the nickel price. Since the beginning of Q3, prices have continued to decline to US$9.66/lb at July 27.

Inventory levels on the LME and Shanghai Futures Exchange (SHFE) continued to decrease in Q2 with the LME inventory falling from 72,570 tonnes to 66,780 tonnes and the SHFE from 6,097 tonnes to 958 tonnes.

Near-term visibility of market fundamentals, including inventory levels, beyond 2022 is limited given the uncertainty caused by a number of recent geopolitical and macroeconomic developments relating to Russia’s invasion of Ukraine, slower than expected resumption of demand from China, the ongoing impacts caused by COVID-19, continued global logistics issues, inflationary pressures and global economic recession concerns.

The long-term outlook for nickel remains positive on account of the strong demand expected from the stainless steel sector, the largest market for nickel, and the rapidly growing electric vehicle (EV) battery market. Some market observers, such as Wood Mackenzie, have forecast a prolonged nickel supply deficit beginning in 2026 due to strong demand from the electric vehicle market and insufficient nickel production coming on stream in the near term.

According to Wood Mackenzie in June 2022, they estimated nickel demand to increase by 41% between 2021 and 2026 and increase to 2040 at a compound annual growth rate (CAGR) of 4%, with EV battery and storage accounting for 38% of nickel demand in 2040 a CAGR of 10.5%.

As a result of its unique properties, high-nickel cathode formulations remain the dominant choice for long-range and high performance electric vehicles manufactured by automakers. Sherritt is particularly well positioned to meet Class 1 demand given its production capabilities and the fact that Cuba possesses the world’s fourth largest nickel reserves. The adoption of lithium iron phosphate (LFP) cathode battery chemistry, which is less expensive than nickel-manganese-cobalt (NMC) cathode chemistry but with lower energy density and less vehicle range, may soften nickel demand from this segment of the market.

Cobalt

Cobalt prices experienced a steady decline during the quarter due to concerns relating to the slow rate of full reopening of the Chinese economy, global inflation and economic recession concerns.

While the average price for Standard Grade cobalt in Q2 2022 of US$38.19/lb was 6.3% higher than Q1 2022’s average of US$35.90/lb, according to data collected by Fastmarkets MB, cobalt prices steadily declined from US$39.35/lb at the end of Q1 to close at US$32.25/lb, down 18%. Since the beginning of Q3, prices continued to fall to US$25.70/lb at July 27.

Near term visibility on cobalt prices are limited for much of the same reasons as nickel and the ongoing logistics issues relating the transportation of cobalt hydroxide from the Democratic Republic of Congo (DRC), the world’s largest supply market.

Longer-term, the demand for cobalt is forecast to be positive as cobalt is a significant component in electric vehicle battery chemistries. Given the expected increase in EV adoption in the coming years, cobalt demand is expected to increase despite the EV industry’s efforts to minimize cobalt content to reduce battery cost. According to CRU in June 2022, they estimated that cobalt demand is expected to increase at a CAGR of 13% over the next five years (from 173 thousand tonnes in 2021 to 320 thousand tonnes in 2026), with EV battery driving much of this increase with a forecast CAGR of 23%.

REVIEW OF OPERATIONS

Moa Joint Venture (50% interest) and Fort Site (100%)

Revenue in Q2 2022 increased by 45% to $205.7 million from $142.2 million last year. The revenue increase was largely attributable to higher average-realized prices⁽¹⁾ for nickel, cobalt, and fertilizer which were up 80%, 94%, and 167%, respectively, which more than offset lower sales volumes compared to Q2 2021.

Mixed sulphides production at the Moa JV in Q2 2022 was 3,906 tonnes, down 3% from the 4,020 tonnes produced in Q2 2021. The variance was primarily due to limited access to planned mining faces and reduced Leach Plant capacity due to unplanned maintenance.

Sherritt’s share of finished nickel production in Q2 2022 totaled 3,704 tonnes, down 12% from the 4,230 tonnes produced in Q2 2021 while finished cobalt production for Q2 2022 was 396 tonnes, down 17% from the 476 tonnes produced in the same period last year. Lower finished metals production in Q2 2022 was primarily a result of timing of the annual maintenance shutdown. All work has been completed and full production has resumed. In 2021, the annual shutdown was moved to Q3 due to the impact of COVID-19 and contractor availability. Guidance for nickel and cobalt production remains unchanged; however, based on the expected nickel to cobalt ratio in the ore, finished cobalt production is estimated to be at the lower end of the 3,400 – 3,700 tonne range.

Finished nickel and cobalt sales volumes for the three months ended June 30, 2022 were lower than production primarily due to logistics-related challenges in transporting finished product to customers and the deferral of orders by certain customers that were impacted by the slowdown of economic activity in China as a result of the country’s zero-COVID policies and recent global economic headwinds. The affected sales orders were partially offset by higher netback sales to other markets and sales to new customers, with a portion of the new customer contracts finalizing after quarter end. Subsequent to period end, additional sales of nickel and cobalt continue to reduce inventory towards more typical levels.

Fertilizers production for the three months ended June 30, 2022 was lower compared to the same period in the prior year in line with lower metals production. Fertilizer sales volume was lower as a result of lower production and reduced demand caused by wet weather conditions in western Canada including flooding in Manitoba.

Mining, processing and refining (MPR) costs per pound of nickel sold in Q2 2022 were up 29% from Q2 2021.

For further investor information contact:
Mark Preston, Investor Relations
Telephone: (416) 935-2406
Toll-free: 1 (800) 704-6698
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Sherritt International Corporation
Bay Adelaide Centre, East Tower
22 Adelaide St. West, Suite 4220
Toronto, ON M5H 4E3
www.sherritt.com

80 percent believe sustainability is extremely important to their company; 70 percent say reducing energy consumption can make the biggest impact on the environment

AUSTIN, Texas--(BUSINESS WIRE)--Infinitum Electric, creator of the sustainable, breakthrough air-core motor, today announced findings of a sustainability poll conducted at SEMICON West 2022, North America’s largest exhibition and conference for the microelectronics supply chain.

Infinitum Electric’s survey, whose respondents included business, facility operations and technology leaders from across the microelectronics supply chain, found that:

• 80 percent believe sustainability is “extremely important” to their company
• 70 percent believe that “reducing energy consumption” to make semiconductor products can make the biggest impact for the environment
• 80 percent also believe that “reducing energy consumption” in semiconductor manufacturing is a sustainability initiative that can be achieved the fastest

The semiconductor manufacturing industry has traditionally been highly energy-intensive. According to McKinsey, large semiconductor fabs can use as much as 100 MWh of power each hour, which is more than many automotive plants or oil refineries do. Electricity can account for up to 30 percent of fab operating costs, so there is significant opportunity in rethinking power usage and management. Higher-efficiency motors with integrated variable speed drives used in vacuum and pumping applications, heating processes, fabrication lines and clean rooms are one way semiconductor manufacturers can significantly reduce energy usage.

Conventional electric motors consume more than 50 percent of the world’s electricity. If an estimated 50 percent of semiconductor fab energy is dedicated to electric motors, then 50 MWh are consumed by motors each hour. By replacing existing motors in a fab with motors that are 10 percent more efficient, each fab could save 5 MWh each hour, which is the equivalent of the electricity used by 1,650 homes. For all fabs producing 300 mm wafers, that equates to enough energy to power about 200,000 homes per year.

“As the industry works to reduce energy consumption to support sustainability goals and ESG initiatives, semiconductor manufacturers are finding that advanced, air-core motors can cut operating costs, while reducing carbon emissions,” said Bhavnesh Patel, vice president of business development, Infinitum Electric. “Smaller, lighter, quieter, highly-efficient motors that leverage variable speed drives, can reduce energy usage in manufacturing and contribute to more efficient operations, while featuring lower cost and simpler set-up and maintenance.”

During the SEMICON West 2022 conference, Infinitum Electric joined a dozen other innovators helping the semiconductor industry reduce its carbon footprint at the Startups for Sustainability Pavilion. Infinitum Electric presented on how its next-generation motors are helping the semiconductor manufacturing industry make semiconductors more sustainably. Other innovative startups that presented at the Startups for Sustainability Pavilion included NuMat Technologies, Aqua Membranes, Atonarp, FTD Solutions, Infinite Cooling, Membrion, Purity Resource and Tignis.

Infinitum Electric’s presentation and others are available for free on demand until Aug. 13th through the virtual platform by registering at https://www.semiconwest.org/.

About Infinitum Electric

Infinitum Electric has raised the bar for a new generation of motor that is better for the planet and people. The company’s patented air-core motors offer superior performance in half the weight and size, at a fraction of the carbon footprint of traditional motors, making them pound for pound the most efficient in the world. Infinitum Electric motors open up sustainable design possibilities for the machines we rely on to be smaller, lighter and quieter, improving our quality of life while also saving energy. Based in Austin, Texas, Infinitum Electric is led by a team of industry experts and pioneers. To learn more, visit www.infinitumelectric.com.

Erin Gilmore
Activate PR on behalf of Infinitum Electric
This email address is being protected from spambots. You need JavaScript enabled to view it.
512-466-4559

NEW YORK--(BUSINESS WIRE)--International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”) announced today that it plans to release second quarter 2022 results before market open on Tuesday, August 9, 2022. The Company will host a conference call for investors at 9:00 a.m. Eastern Time (“ET”) on the same day.

Conference Call Details:

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

An audio replay of the conference call will be available starting at 12:00 p.m. ET on Tuesday, August 9, 2022 through 11:59 p.m. ET on Tuesday, August 16, 2022 by dialing +1 (866) 813-9403 for domestic callers and +44 204 525 0658 for international callers, and entering Access Code 031625.

About International Seaways, Inc.
International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 78 vessels, including 13 VLCCs (including three newbuildings), 13 Suezmaxes, five Aframaxes/LR2s, eight LR1s and 39 MR tankers. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at https://www.intlseas.com.

Forward-Looking Statements
This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the U.S. Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the consequences of the Company’s merger with Diamond S and plans to issue dividends, its prospects, including statements regarding vessel acquisitions, expected synergies, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2021 for the Company, the Quarterly Report on Form 10-Q for the quarter ended June 30, 2022, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.

Investor Relations & Media:
Tom Trovato, International Seaways, Inc.
(212) 578-1602
This email address is being protected from spambots. You need JavaScript enabled to view it.

• Octopus Energy Group’s existing investors continue to back the global energy tech pioneer
• US$325m invested to support Octopus’ U.K. tech and global businesses
• Additional US$225m commitment from CPP Investments, as part of a strategic partnership to enhance the integration of renewables into the power system

LONDON--(BUSINESS WIRE)--Octopus Energy Group closed its recent funding round, securing US$325m from its existing shareholders on terms agreed during the fundraising round in December 2021.

Octopus Energy Group’s investors have further backed the company’s global expansion and renewables strategy, with all of them meeting or exceeding commitments made last year.

The company plans to use the money to further improve its energy technology platform, Kraken, and invest in products and solutions that can help solve the energy crisis and drive renewables at scale.

Octopus is a global clean energy tech pioneer and one of the largest renewables investors in Europe, managing 3GW of energy projects. Its technology platform, Kraken, supports its own retail, generation and flexibility businesses and is licensed to other major energy players, including E.ON and EDF in the U.K. Collectively Kraken is licensed to support 25 million accounts globally.

Furthering the strategic partnership between both businesses, and in addition to supporting Octopus’ U.K. tech and global businesses, Canada Pension Plan Investment Board (CPP Investments) has committed an additional US$225m to Octopus’ efforts to accelerate and enhance the integration of renewables in the power system including through leveraging Octopus’ leading KrakenFlex platform.

Greg Jackson, CEO and founder of Octopus Energy Group, said:

“Octopus will continue to do all we can to help customers through the energy crisis, whilst investing in better solutions to make sure it never happens again. We are in grasping distance of a clean, cheap, secure energy system – but it needs continued boldness from innovators like Octopus, and the backing of visionary investors like CPP Investments, Generation, Origin and Tokyo Gas.”

Bruce Hogg, Managing Director and Head of Sustainable Energies at CPP Investments, said:

“Furthering our partnership with Octopus is an important milestone as we continue to support the long-term transition to lower-carbon energy solutions. Octopus is a significant innovator in the energy sector, and within the U.K. market it is continuing to provide renewable and clean energy to a growing customer base. As global investors, we seek to work with leading tech-enabled energy companies and in the evolution to a low carbon world. Investing in the energy transition is important to access untapped potential, and provide opportunities for delivering attractive long-term, risk-adjusted returns and to CPP contributors and beneficiaries.”

About Octopus Energy Group
Octopus Energy Group is a global energy tech pioneer, launched in 2016 to use technology to unlock a customer focused and affordable green energy revolution. It is part of Octopus Group, which is a certified BCorp. With operations in 14 countries, Octopus Energy Group's mission is going global.

Octopus’s domestic energy arm already serves 3.4 million customers with cheaper greener power, through Octopus Energy, M&S Energy, Affect Energy, Ebico, London Power and Co-op Energy. Octopus Electric Vehicles is helping make clean transport cheaper and easier, and Octopus Energy Services is bringing smart products to thousands of homes. Octopus Energy Generation is one of Europe’s largest investors in renewable energy, managing a £3.4 billion portfolio of renewable energy assets throughout the continent.

All of these are made possible by Octopus’s tech arm, Kraken Technologies, which offers a proprietary, in-house platform based on advanced data and machine learning capabilities, Kraken automates much of the energy supply chain to allow outstanding service and efficiency as the world transitions to a decentralised, decarbonised energy system. This technology has been licensed to support over 20 million customer accounts worldwide, through deals with EDF Energy, Good Energy, E.ON energy and Origin Energy.

In December 2021, Octopus Energy Group was valued at approximately $5 billion following a $600 million investment from Generation Investment Management and a $300 million investment from Canada Pensions Plan Investments Board. Both investors back businesses that drive sustainability, promote green energy and tackle climate change. It was the company’s third major investment round since launching to the market.

For more information, check out our website.

About Canada Pension Plan Investment Board
Canada Pension Plan Investment Board (CPP Investments) is a professional investment management organization that manages the fund in the best interest of the more than 20 million contributors and beneficiaries of the Canada Pension Plan. In order to build diversified portfolios of assets, investments are made around the world in public equities, private equities, real estate, infrastructure and fixed income. Headquartered in Toronto, with offices in Hong Kong, London, Luxembourg, Mumbai, New York City, San Francisco, São Paulo and Sydney, CPP Investments is governed and managed independently of the Canada Pension Plan and at arm’s length from governments. At March 31 2022, the Fund totalled C$539 billion. For more information, please visit www.cppinvestments.com or follow us on LinkedIn, Facebook or Twitter.

Octopus Energy
Pakelody Cheam
E: This email address is being protected from spambots. You need JavaScript enabled to view it.

CPP Investments
Asher Levine
Managing Director, Corporate Communications
T: +1 (646) 564-4912
E: This email address is being protected from spambots. You need JavaScript enabled to view it.

SACRAMENTO, Calif.--(BUSINESS WIRE)--With Governor Newsom unwilling to listen to Californians about the increased costs and burdens created by his energy bans and mandates, the 150,000 women and men of California’s oil and gas industry are sending a warning sign to other states. Through advertisements mirroring the markets Newsom placed his own campaign ads in, industry workers want to caution others about the impacts his policies have had on California communities and their careers.

“Usually dictated by affluent communities in the state, Governor Newsom’s climate policies have become more aggressive and economically threatening to the regions struggling the most in the third most expensive state to live,” said Catherine Reheis-Boyd, President and CEO, Western States Petroleum Association.

The print and TV ads that began running today focused on the directives Newsom has given to the California Air Resources Board to ban gas-powered cars and trucks, shutdown oil and gas production and limit how Californians travel. These regulations have the potential to increase cost of living – including food, utilities, and housing costs – and drive more businesses out of the state.

Newsom will start banning gasoline, diesel and even hybrid cars and trucks in 2026, well before California has an electrical grid that can handle the increased energy demand while keeping our lights on, or before there are more affordable electric vehicle options for families.

He has implemented a de-facto oil production ban in the state by holding back permits and he is set to phase out all production in the state over the next few years, making our state and nation more dependent on foreign oil.

“His policies have contributed to the higher costs consumers pay for fuel and energy. In fact, the first $1.30 Californians pay at the pump already goes to taxes and regulatory fees, and the programs he is mandating on our residents will only drive those costs higher,” Reheis-Boyd said.

What Newsom is doing in California may also be imposed on about 40% of the drivers in the nation. Fourteen states have adopted policies on fuels and vehicles to match California’s regulations without relying on the public to vote. Newsom’s bans, executive orders and mandates will impact drivers and families throughout the nation and they will have no say or chance to vote on these policies.

“Climate solutions should work for all Californians, not just those that can afford electric vehicles, new appliances and rooftop solar power,” Reheis-Boyd said. “There is a better way to address the impacts of climate change than the path we are on. To lessen the impacts on those that can least afford it, climate policies must be cost-effective, technology-neutral and protect the state’s skilled and trained workforce.”

Western States Petroleum Association (WSPA) is a non-profit trade association representing the companies that safely and reliably explore for, produce, refine, transport and market the petroleum and energy products that fuel the five western states of Arizona, California, Nevada, Oregon, and Washington. We represent 150,000 women and men who have proudly been powering the western states since 1907.

wspa.org | twitter: @officialwspa

Kara Greene
This email address is being protected from spambots. You need JavaScript enabled to view it. 916.524.3120

Calling all pro-solar landowners, residential and commercial customers and communities

DENVER--(BUSINESS WIRE)--TurningPoint Energy, a renewable energy company focused on community solar development announced today it has expanded its community solar efforts to include the state of Illinois. The company’s Midwest team is engaging with landowners interested in leasing or selling their property for solar development, residential and commercial customers interested in participating in solar projects and pro-solar communities seeking to bring clean energy to its residents.

TurningPoint Energy plans to develop more than 40 projects in Illinois over the coming years with an aggregate value of more than half a billion dollars providing bill credits that support more than an estimated 45,000 homes each year. As a community solar development company, that means the creation of meaningful construction and ongoing operational jobs along with collaboration and investment into local Illinois businesses on legal, permitting, engineering, construction and related activities to support these developments.

Additionally, for every community the company develops projects in, TurningPoint Energy makes a charitable community investment commitment that is actualized as community solar projects start and complete construction. In Illinois, the aggregate charitable investment is targeted to exceed half of a million dollars spread out amongst the communities it develops and therefore invests in as well.

In September 2021, Illinois substantially expanded its community solar program when Governor JB Pritzker signed into law S.B. 2408, “The Climate and Equitable Jobs Act.” The comprehensive renewable bill created a pathway to 100% clean energy in the State by 2050, including expanding community solar for the benefit of local homeowners, businesses, municipalities, and other organizations.

“Our entrance and commitment to the Illinois community solar market is in direct response of the clear market signal provided by the State of Illinois’s political leadership that it is committed to climate and equitable jobs for its energy industry forward,” said Jared Schoch, President of TurningPoint Energy. “Our team has been delivering community solar to communities throughout the country, and we’re excited to expand our services to communities in Illinois. These projects not only help bring clean, renewable energy to people who do not have access to solar power, such as those who may not have a suitable roof for panels, renters, or low-to-moderate income earners, but also help bring jobs, tax revenue and economic growth to the state.”

What is Community Solar?

Community solar is unique because it offers a hassle-free way for residential and business customers to adopt solar energy with zero upfront cost and without needing to install a system on their own property. For instance, renters or businesses that can’t or don’t want to install solar at their property can still reap the benefits of solar energy when they subscribe to a community solar project and reduce their monthly utility bill.

Who Benefits from Community Solar

According to a survey completed by the national Solar Energy Industry Association the passage of , the Climate and Equitable Jobs Act has spurred the development of over 8,400 rooftop and community solar projects and businesses expect to grow the solar workforce by 47% all by the end of this year. Other benefits include:

• Residents and Local Businesses: Community solar subscribers can immediately save on their electricity costs with no money down while also limiting their exposure to fluctuations in high energy costs.
• Landowners: Individual landowners who open their land up for community solar projects will benefit from thousands of dollars in annual lease payments. If you are a landowner in Illinois and would like to discuss selling or leasing your property for a community solar project, you are encouraged to contact TurningPoint Energy. (How sites are selected.)
• Local Communities: Towns that are home to a community solar project benefit from local tax revenues. Additionally, TurningPoint Energy strives to invest in each community we work in. The company actively supports public schools, community initiatives, and non-profit organizations.
• The Environment[i]: Community solar projects benefit the environment by reducing pollutants into the local atmosphere. The total capacity offsets the equivalent of the following pollutants for each year of operation:
• The equivalent of over 587,953,800 pounds of carbon dioxide emissions.
• The equivalent of over 32,441,000,000 smart phones charged.
• The equivalent of over 57,000 gasoline powered cars driven for one year.

About TurningPoint Energy

TurningPoint Energy is a clean energy development, advisory and investment company with solar development projects underway throughout the United States. Its principals have experience developing solar projects for utility and community solar clients totaling more than $3 billion in value over 2 GW of operating solar power plants throughout the United States within the last decade. TurningPoint Energy is a lean, privately held firm that adapts to its clients’ needs and finds ways to invest in its clients and their communities…at every turning point. For more information, please visit www.turningpoint-energy.com.

[i] Carbon equivalencies provided by the EPA Greenhouse Gas Equivalencies Calculator.

Media Inquiries:
Elaine Schoch, Vice President Marketing Communication, TurningPoint Energy
This email address is being protected from spambots. You need JavaScript enabled to view it..

Oregon-based utility poised to test cutting-edge energy technology at its Central Portland facility.

PORTLAND, Ore.--(BUSINESS WIRE)--NW Natural, a 163-year-old gas utility based in Portland, announced today a partnership with Washington-based Modern Electron to create clean hydrogen directly from natural gas and blend it into its existing natural gas distribution network.

The innovative technology process known as concurrent combustion methane pyrolysis is designed to produce clean hydrogen and solid carbon using only natural gas and air as inputs – and does not require any electricity, water, or consumable catalyst. “This technology could provide an incredibly elegant and flexible way of producing clean hydrogen – and potentially at a very low cost whenever and wherever we need it on our system to help decarbonize,” said Kim Heiting, Sr. Vice President of Operations for NW Natural. The technology, which is planned for pilot at NW Natural’s Central Portland facility, is one of many solutions the utility is pursuing in its efforts to achieve carbon neutrality for the energy it delivers to customers, as detailed in its Destination Zero report.

Hydrogen created by this clean pyrolysis process has the potential to be used for heating in industrial, commercial, and residential applications. Solid carbon resulting from the process could be turned into products such as asphalt, construction materials, automobile tires and soil amendments.

This project will be the first in a line of scheduled gas utility installations from Modern Electron, the suburban Seattle-based sustainable heat and power technology company. “The fastest and most economical way to reduce CO₂ emissions at a national scale is to effectively leverage existing infrastructure. By decarbonizing natural gas at the point of use, our Modern Hydrogen products help businesses reduce their carbon footprints without the cost and complexity of changing their processes. We are all about decarbonization. And we are excited about our partnership with NW Natural,” said Mothusi Pahl, Vice President of Business Development and Government Affairs.

The pilot is expected to go live in early 2023.

About Modern Electron

Modern Electron is a sustainable heat & hydrogen company. Modern Electron’s gas decarbonization products are designed to generate cost-effective hydrogen from natural gas at the point of use without CO2 emissions. This “Modern Hydrogen” approach eliminates the logistics, costs, and emissions associated with traditional hydrogen generation, transportation, and storage. Built for continuous hydrogen supply in process heat, power generation, and environmental/space/water heating, Modern Electron's proprietary Concurrent Combustion and Pyrolysis technology has the ability to accelerate decarbonization. North American gas utilities trust Modern Electron for cost-effective clean hydrogen in industrial, commercial, residential, and transit sectors. Learn more at www.ModernHydrogen.com.

About NW Natural

NW Natural is a local distribution company that currently provides natural gas service to approximately 2.5 million people in more than 140 communities through more than 780,000 meters in Oregon and Southwest Washington with one of the most modern pipeline systems in the nation. NW Natural consistently leads the industry with high J.D. Power & Associates customer satisfaction scores. NW Natural, a part of Northwest Natural Holding Company, (NYSE: NWN) (NW Natural Holdings), is headquartered in Portland, Oregon, and has been doing business for more than 160 years. NW Holdings owns NW Natural, NW Natural Renewables Holdings (NW Natural Renewables), NW Natural Water Company (NW Natural Water), and other business interests. We have a longstanding commitment to safety, environmental stewardship, and taking care of our employees and communities. Learn more in our latest ESG Report.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding planned projects and the likelihood, timing, outcome, costs and use of any products associated therewith or related thereto, technology and process innovations, strategic goals and visions, environmental initiatives, decarbonization and the role of natural gas and the gas delivery system and infrastructure, including decarbonization goals, solutions and timelines, clean hydrogen partnerships, projects, investments and other renewable initiatives, procurement of renewable energy for customers, environmental stewardship, energy transition, and other statements that are other than statements of historical facts. Forward-looking statements are based on current beliefs and expectations and are subject to inherent risks and uncertainties, including those discussed in NW Natural’s most recent Annual Report on Form 10-K and in NW Natural’s Quarterly Reports on Form 10-Q filed thereafter. The forward-looking statements speak only as of the date of this release, and NW Natural is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise, except as may otherwise be required by law.

Stefanie Week | This email address is being protected from spambots. You need JavaScript enabled to view it. | 503.739.9902

Collaboration launches first multi-band gateways using LoRa® for optimal maritime logistics and condition monitoring

CAMARILLO, Calif.--(BUSINESS WIRE)--#InternetofThings--Semtech Corporation (Nasdaq: SMTC), a leading global supplier of high performance analog and mixed-signal semiconductors and advanced algorithms, announced its collaboration with SkyLab, an independent supplier of wireless sensors, GPS tracking and monitoring systems, and HeNet B.V., developers of the LongAP, to provide a dual-band network using Semtech’s LoRa® devices in the LongAP Pro gateway for Stena Line’s RoRo/Passenger vessel MV Stena Hollandica.

Leveraging Semtech’s LoRa 2.4GHz gateway reference design, the innovative, dual-band gateway complements sub-GHz LoRaWAN® standard coverage with the support of the 2.4GHz global industrial, scientific and medical (ISM) band, to optimally address global maritime logistics and sea condition monitoring use cases.

“Asset tracking and condition monitoring at sea is now easier than ever through our work with Semtech and its LoRa 2.4GHz technology alongside HeNet B.V.’s LongAP Pro gateway,” said Remy de Jong Sr, technical director, SkyLab B.V. “As a result of the joint collaboration, we’re offering a unique dual-band network that is perfect for maritime companies, such as Stena Line, to assist with the approximately 28,000 departures yearly while ensuring client/customer satisfaction and safe tracking/monitoring of the millions of tons of cargo on the vessel.”

When there is a need to continually track and trace across vessels and land carriers in different regions of the world, a gateway offering ubiquitous coverage utilizing the 2.4GHz and the sub-GHz bands can simplify the roaming of trackers and sensors.

“In a current time where global supply chains are under pressure to increase visibility and predictability, Semtech is continuing to solve these challenges with the expansion of our LoRa portfolio with multi-band capabilities,” said Marc Pégulu, vice president of IoT product marketing and strategy for Semtech’s Wireless and Sensing Products Group. “Simplified and cost efficient multi-band support is unlocking potential new uses in worldwide asset tracking such as maritime logistics, through the all-in-one capabilities of LoRa.”

To learn more about custom solutions from SkyLab, please visit here.

More information on the LoRa 2.4GHz gateway reference design and LoRa Edge™ platform can be found here.

About Semtech’s LoRa® Platform

Semtech’s LoRa chip-to-Cloud platform is a globally adopted long range, low power solution for IoT applications, enabling the rapid development and deployment of ultra-low power, cost efficient and long range IoT networks, gateways, sensors, module products, and IoT services worldwide. Semtech’s LoRa technology provides the communication layer for the LoRaWAN® standard, which is maintained by the LoRa Alliance®, an open IoT alliance for Low Power Wide Area Network (LPWAN) applications that has been used to deploy IoT networks in over 170 countries. With the proliferation of LoRa devices and the LoRaWAN standard, the LoRa Developer Portal is a place to learn, connect, collaborate, and find resources to help accelerate your LoRa development process. Semtech is a founding member of the LoRa Alliance. To learn more about how LoRa enables IoT, visit Semtech’s LoRa site.

About SkyLab B.V.

SkyLab is a brand-independent ICT IoT supplier of measurement & sensor solutions and (indoor) tracking and retrieval systems. The company has more than 30 years of experience in IT, transportation security, law enforcement tracking and retrieval systems, asset tracking for Fortune 500 companies and solutions supplier for the insurance industry. SkyLab's solutions are used to observe and track products, objects, means of transport, work equipment, packages and people. With these solutions, the company mainly focuses on smart cities, tracking and tracing systems, gateways, sensors and other applications on the market. Visit www.skylab.nl for more information.

About Semtech

Semtech Corporation is a leading global supplier of high performance analog and mixed-signal semiconductors and advanced algorithms for infrastructure, high-end consumer and industrial equipment. Products are designed to benefit the engineering community as well as the global community. The Company is dedicated to reducing the impact it, and its products, have on the environment. Internal green programs seek to reduce waste through material and manufacturing control, use of green technology and designing for resource reduction. Publicly traded since 1967, Semtech is listed on the NASDAQ Global Select Market under the symbol SMTC. For more information, visit www.semtech.com.

Forward-Looking and Cautionary Statements

All statements contained herein that are not statements of historical fact, including statements that use the words “designed to” or other similar words or expressions, that describe Semtech Corporation’s or its management’s future plans, objectives or goals are “forward-looking statements” and are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of Semtech Corporation to be materially different from the historical results and/or from any future results or outcomes expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the uncertainty surrounding the impact and duration of supply chain constraints and any associated disruptions; the uncertainty surrounding the impact and duration of the COVID-19 pandemic; export restrictions and laws affecting Semtech Corporation’s trade and investments including with respect to Huawei and certain of its affiliates and other entities identified by the U.S. government, and tariffs or the occurrence of trade wars; worldwide economic and political disruptions as a result of the current conflict between Russia and Ukraine; competitive changes in the marketplace including, but not limited to, the pace of growth or adoption rates of applicable products or technologies; downturns in the business cycle; and the additional risk factors set forth in Semtech Corporation’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (www.sec.gov) on March 16, 2022 as such risk factors may be updated, amended or superseded from time to time by subsequent reports that Semtech Corporation files with the Securities and Exchange Commission. Semtech Corporation assumes no obligation to update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release, except as required by law.

Semtech, the Semtech logo and LoRa are registered trademarks or service marks, and LoRa Edge is a trademark or service marks, of Semtech Corporation or its affiliates.

SMTC-P

Ronda Grech
Semtech Corporation
(805) 250-1263
This email address is being protected from spambots. You need JavaScript enabled to view it.

Second Quarter 2022 Highlights:

• Completed a previously announced repurchase of an aggregate 13,559,322 Class B units of Hess Midstream Operations LP from Hess Corporation and Global Infrastructure Partners for $400.0 million.
• Net income was $151.8 million. Net cash provided by operating activities was $213.2 million.
• Net income attributable to Hess Midstream LP was $22.0 million, or $0.51 basic earnings per Class A share, after deduction for noncontrolling interests.
• Adjusted EBITDA¹ was $242.6 million, Distributable Cash Flow¹ was $206.2 million and Adjusted Free Cash Flow¹ was $135.7 million.

Guidance:

• Hess Midstream LP is reiterating its full year 2022 financial guidance, which includes approximately 95% minimum volume commitment revenue.
• Hess Midstream LP is reiterating its annual distribution per share growth target of 5% through at least 2024 with expected annual distribution coverage greater than 1.4x, including distribution coverage greater than 1.5x in 2022.
• Hess Midstream LP is reaffirming its previously announced expectation of continued growth in Adjusted EBITDA through 2024 and continued Adjusted Free Cash Flow generation sufficient to fully fund growing distributions and provide capital allocation flexibility.

HOUSTON--(BUSINESS WIRE)--$HESM--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”) today reported second quarter 2022 net income of $151.8 million compared with net income of $162.0 million for the second quarter of 2021. After deduction for noncontrolling interests, net income attributable to Hess Midstream was $22.0 million, or $0.51 basic earnings per Class A share compared with $0.44 basic earnings per Class A share in the year-ago quarter. Hess Midstream generated Adjusted EBITDA of $242.6 million. Distributable Cash Flow (“DCF”) for the second quarter of 2022 was $206.2 million and Adjusted Free Cash Flow was $135.7 million.

“In the second quarter, we continued to deliver on our operational and development priorities while keeping costs low through our lean-focused philosophy,” said John Gatling, President and Chief Operating Officer of Hess Midstream. “As Hess’ planned production ramps with the start-up of its fourth operated drilling rig in July, we expect increasing volumes through our infrastructure, enabling us to deliver continued growth in adjusted free cash flow and distributions, and allowing for future return of capital to our shareholders.”

Hess Midstream’s results contained in this release are consolidated to include the noncontrolling interests in Hess Midstream Operations LP owned by affiliates of Hess Corporation (“Hess”) and Global Infrastructure Partners (“GIP” and together with Hess, the “Sponsors”). We refer to certain results as “attributable to Hess Midstream LP,” which exclude the noncontrolling interests in Hess Midstream Operations LP owned by the Sponsors.

⁽¹⁾ Adjusted EBITDA, Distributable Cash Flow and Adjusted Free Cash Flow are non‑GAAP measures. Definitions and reconciliations of these non‑GAAP measures to GAAP reporting measures appear in the following pages of this release.

Financial Results

Revenues and other income in the second quarter of 2022 were $313.4 million compared with $294.8 million in the prior-year quarter. Second quarter 2022 revenues included $19.9 million of pass-through electricity, produced water trucking and disposal costs, rail transportation and certain other fees and $57.7 million of shortfall fee payments related to minimum volume commitments (“MVC”) compared with $18.6 million and $18.7 million, respectively, in the prior-year quarter. Higher shortfall fee payments in the second quarter of 2022 were primarily the result of reduced throughput volumes due to severe weather in the Bakken. Second quarter 2022 revenues and other income were up $18.6 million compared to the prior-year quarter primarily due to higher MVC levels and slightly higher tariff rates. Total costs and expenses in the second quarter of 2022 were $118.1 million, up from $109.2 million in the prior-year quarter. The increase was primarily attributable to higher depreciation expense for additional assets placed in service, higher operating expenses on our expanding gathering infrastructure, and higher pass-through expenses, as described above. Interest expense in the second quarter of 2022 was $37.4 million, up from $22.9 million in the prior-year quarter primarily attributable to the $750.0 million 4.25% fixed-rate senior notes issued in August 2021 and $400.0 million 5.50% fixed-rate senior notes issued in April 2022.

Net income for the second quarter of 2022 was $151.8 million, or $0.51 basic earnings per Class A share, after deduction for noncontrolling interests, compared with $0.44 basic earnings per Class A share in the year-ago quarter reflecting reduced noncontrolling interests after the unit repurchase transactions completed over the period. Substantially all of income tax expense was attributed to earnings of Class A shares reflective of our organizational structure. Net cash provided by operating activities for the second quarter of 2022 was $213.2 million.

Adjusted EBITDA for the second quarter of 2022 was $242.6 million. Relative to distributions, DCF for the second quarter of 2022 of $206.2 million resulted in an approximately 1.5x distribution coverage ratio. Adjusted Free Cash Flow for the second quarter of 2022 was $135.7 million.

In July 2022, Hess Midstream Operations LP extended the maturity of its $1.4 billion credit facilities, consisting of a $1.0 billion revolving credit facility and a fully drawn $400.0 million term loan, through July 2027. Borrowings under the amended revolving credit facilities, including the fully drawn five-year term loan, will bear interest based on the Secured Overnight Financing Rate plus an applicable margin.

Operational Highlights

Throughput volumes decreased 21% for crude oil gathering, 20% for terminaling, 12% for water gathering, 5% for gas gathering and 4% for gas processing in the second quarter of 2022 compared with the second quarter of 2021 due to unplanned production shut-ins during April and May as a result of power outages caused by severe weather in the Bakken. The impact of the reduction in physical volumes in the second quarter of 2022 compared to the second quarter of 2021 was partially offset by MVC shortfall fee payments and higher tariff rates.

Maintenance activities in the second quarter of 2022 were also impacted by severe weather in the Bakken, resulting in lower than expected maintenance costs and deferral of activities to the third quarter of 2022.

Capital Expenditures

Capital expenditures for the second quarter of 2022 totaled $71.7 million, including $70.5 million of expansion capital expenditures and $1.2 million of maintenance capital expenditures, and were primarily attributable to continued expansion of our gas compression capacity. Capital expenditures in the prior-year quarter were $46.4 million, including $44.9 million of expansion capital expenditures and $1.5 million of maintenance capital expenditures, and were also primarily attributable to expansion of our compression capacity.

Quarterly Cash Distributions

On July 25, 2022, our general partner’s board of directors declared a quarterly cash distribution of $0.5559 per Class A share for the second quarter of 2022, an approximate increase of 1.2% over the distribution for the prior quarter consistent with Hess Midstream's targeted 5% growth in annual distributions per Class A share. The distribution is expected to be paid on August 12, 2022 to shareholders of record as of the close of business on August 4, 2022.

Guidance

Hess Midstream continues to target 5% annual distribution growth per Class A share through at least 2024 with expected annual distribution coverage greater than 1.4x, including distribution coverage greater than 1.5x in 2022. In 2022, Hess Midstream expects revenues that are 95% protected by MVCs, as Hess Midstream’s physical volumes are generally expected to be at or below MVC levels. For 2023 and 2024, Hess Midstream continues to expect organic growth in physical volumes above MVC levels.

Hess Midstream is reaffirming its previously announced full year 2022 financial guidance and updating full year throughput guidance following severe weather conditions in the second quarter of 2022, as follows:

Investor Webcast

Hess Midstream will review second quarter financial and operating results and other matters on a webcast today at 12:00 p.m. Eastern Time. For details about the event, refer to the Investor Relations sections of our website at www.hessmidstream.com.

About Hess Midstream

Hess Midstream LP is a fee‑based, growth-oriented midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Hess and third‑party customers. Hess Midstream owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. More information is available at www.hessmidstream.com.

Reconciliation of U.S. GAAP to Non‑GAAP Measures

In addition to our financial information presented in accordance with U.S. generally accepted accounting principles (“GAAP”), management utilizes certain additional non‑GAAP measures to facilitate comparisons of past performance and future periods. “Adjusted EBITDA” presented in this release is defined as reported net income (loss) before net interest expense, income tax expense, depreciation and amortization and our proportional share of depreciation of our equity affiliates, as further adjusted to eliminate the impact of certain items that we do not consider indicative of our ongoing operating performance, such as transaction costs, other income and other non‑cash, non‑recurring items, if applicable. “Distributable Cash Flow” or “DCF” is defined as Adjusted EBITDA less net interest, excluding amortization of deferred financing costs, cash paid for federal and state income taxes and maintenance capital expenditures. DCF does not reflect changes in working capital balances. We define “Adjusted Free Cash Flow” as DCF less expansion capital expenditures and ongoing contributions to equity investments. We believe that investors’ understanding of our performance is enhanced by disclosing these measures as they may assist in assessing our operating performance as compared to other publicly traded companies in the midstream energy industry, without regard to historical cost basis or, in the case of Adjusted EBITDA, financing methods, and assessing the ability of our assets to generate sufficient cash flow to make distributions to our shareholders. These measures are not, and should not be viewed as, a substitute for GAAP net income or cash flow from operating activities and should not be considered in isolation. Reconciliations of Adjusted EBITDA, DCF and Adjusted Free Cash Flow to reported net income (GAAP) and net cash provided by operating activities (GAAP), are provided below. Hess Midstream is unable to project net cash provided by operating activities with a reasonable degree of accuracy because this metric includes the impact of changes in operating assets and liabilities related to the timing of cash receipts and disbursements that may not relate to the period in which the operating activities occur. Therefore, Hess Midstream is unable to provide projected net cash provided by operating activities, or the related reconciliation of projected Adjusted Free Cash Flow to projected net cash provided by operating activities without unreasonable effort.