BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent“ or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology sectors, is pleased to announce the signing of a Memorandum of Understanding (“MoU”) with DD Dannar, LLC. ("DANNAR"), an industry leader in battery and renewable energy production, storage, and software systems.

Utilizing Advent’s existing and next-generation fuel cell technology, Advent and DANNAR will collaborate to develop a fuel cell range extension for DANNAR’s mobile electric equipment and create a large-scale mobile charging station. The goal of the project is to enable DANNAR to transform its customers’ fleet stock by replacing many single-use work vehicles with a multi-functional, zero-emission electric, configurable platform. This single platform could serve a host of daily maintenance, seasonal, and emergency response needs. The companies also intend to explore potential commercialization opportunities with third parties.

Advent’s next-generation fuel cell technology addresses the global need for a dynamic, fuel-flexible power cell resilient enough to replace the diesel generator and the internal combustion engine. Based on Advent’s next-generation MEA – currently being developed within the framework of L’Innovator, the Company’s joint development program with the U.S. Department of Energy’s Los Alamos National Laboratory, Brookhaven National Laboratory, and National Renewable Energy Laboratory – and with a unique engineering architecture, Advent’s next-generation fuel cell technology is positioned to provide the clean energy solution for the mobility and power generation markets.

Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive Officer, noted: “We are excited to collaborate with DANNAR, to help them maximize the integration of intelligent technology to transform mobile and resilient power systems. DANNAR is building and supporting the intersection where clean, zero-emission energy and high-performance off-road machinery meet. We strongly believe that our existing and next-generation fuel cell technology can play a pivotal role in helping DANNAR significantly extend the operational range of their solutions and build the clean-power heavy-duty equipment of the future. We look forward to a long and prosperous partnership.”

Mr. Gary Dannar, Founder and Chief Executive Officer of DANNAR, added: “Building stronger, cleaner, safer, and more resilient first responder teams are at the core of DANNAR’s strategy. Mobile Power Stations® provide off-grid export power along with power for heavy-duty equipment responding to planned operational and unexpected emergencies. In partnering with Advent, one of the leading and most innovative companies in the fuel cell and hydrogen technology markets, a vast range of industry electric fleet managers will have greater flexibility for their respective responses. Power and charging needs are growing at an unprecedented rate, and we are confident that this collaboration will contribute greatly to our goal of significantly reducing emissions by bringing efficient and highly differentiated clean energy options for mobility.”

About Advent Technologies Holdings, Inc.

Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems as well as supplying customers with critical components for fuel cells in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in California, Greece, Denmark, Germany, and the Philippines. With more than 150 patents issued, pending, and licensed for fuel cell technology, Advent holds the IP for next-generation HT-PEM that enables various fuels to function at high temperatures and under extreme conditions – offering a flexible fuel option for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.

About DANNAR

Headquartered in Muncie, Indiana, DD DANNAR, LLC (DANNAR) is on a mission to help municipalities and the armed forces perform both daily operations and emergency response with the cleanest, most versatile, and powerful equipment on the market. DANNAR manufactures the all-electric Mobile Power Station (MPS), the first zero-emission modular platform that functions as both a multi-purpose on- and off-road work vehicle as well as a grid-scale auxiliary power supply. More information on the MPS and DANNAR is available at https://www.dannar.us.com.

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to maintain the listing of the Company’s common stock on Nasdaq; future financial performance; public securities’ potential liquidity and trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and effect on gross margins; attraction and retention of qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance Advent’s corporate reputation and brand; expectations concerning its relationships and actions with technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; ability to locate and acquire complementary technologies or services and integrate those into the Company’s business; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide in the industries in which the Company will operate; and the risks identified under the heading “Risk Factors” in Advent’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 31, 2022, as well as the other information filed with the SEC. Investors are cautioned not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read Advent’s filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. Advent’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

Advent Technologies Holdings, Inc.
Elisabeth Maragoula / Michael Trontzos
This email address is being protected from spambots. You need JavaScript enabled to view it.

Midwest fleet that delivers and collects cooking oil now plans to operate using refined oil as biofuel

MINNEAPOLIS & AMES, Iowa--(BUSINESS WIRE)--#CircularEconomy--Restaurant Technologies is taking a step forward in its sustainability journey by utilizing biofuels from Chevron Renewable Energy Group, a subsidiary of Chevron Corporation (NYSE: CVX), in its commercial vehicle fleet. The step is unique because the biofuels come from Restaurant Technologies’ own total oil management business – one which manages millions of gallons of fresh and used cooking oil for major restaurant chains across the U.S. each year.

Click here to watch the video

For more than 10 years, Restaurant Technologies has provided Chevron Renewable Energy Group with used cooking oil, collected from its 34,000+ customers including quick-service and full-service restaurant chains, independent restaurants, grocers, hotels, casinos, universities and hospitals. The used oil is utilized as a feedstock to produce biodiesel and renewable diesel. With Restaurant Technologies now utilizing these lower carbon fuels in its own fleet, the two organizations are creating a working circular economy.

“At Restaurant Technologies, our goal has always been to reduce the impact on humans and the environment by better managing cooking oil,” said Jeff Kiesel, president and CEO of Restaurant Technologies. “And as a company focused on sustainability, we are really excited to be able to 'walk the walk' by fueling our own commercial fleet with biofuel created from the used cooking oil we collect.”

“Chevron believes the future of energy is lower carbon. And bio-based diesel is a lower carbon solution for the transportation sector,” said Kevin Lucke, president of Chevron Renewable Energy Group. “Our collaboration with Restaurant Technologies to secure renewable feedstocks has been critical to our work for years. Now it’s our turn to help them achieve their sustainability goals through the use of biofuels, with the adoption of our EnDura Fuels™.”

Biodiesel and renewable diesel are lower carbon alternatives to traditional petroleum diesel that may help fleet operators reduce the lifecycle carbon intensity of their operations. The fuels are traditionally utilized as a blend, either being blended with one another to produce a 100% renewable fuel or blended with petroleum diesel. Restaurant Technologies will initially utilize a B30-B50 blend, 30-50% InfiniD™ (biodiesel), with the remainder petroleum diesel.

“Restaurant Technologies runs the most effective proprietary closed loop oil management system through its extensive network of depots across the United States,” said Tyler Reeder, managing partner, ECP and board member at Restaurant Technologies. “By adopting a process where the company can use biofuel created through its own business model, Restaurant Technologies is setting an example for those who prioritize sustainability as a business practice.”

Chevron Renewable Energy Group is already delivering biofuels to power Restaurant Technologies’ fleet located at the Des Moines, Iowa depot, with plans to expand to more depot locations across the nation.

Media Contacts
Amy Fisher
Padilla for Restaurant Technologies
This email address is being protected from spambots. You need JavaScript enabled to view it.
(612) 805-5707

Grace Larkey
Chevron Renewable Energy Group
This email address is being protected from spambots. You need JavaScript enabled to view it.
(515) 766-8524

DUBLIN--(BUSINESS WIRE)--The "Marine Refrigeration Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.

Refrigeration units designed specifically for use in sea transport are put to use for the purpose of ensuring that perishable cargo is kept at the correct temperature throughout travel. These are referred to as reefer units in the industry. Refrigeration systems designed for use in marine transport are utilised for transfer over greater distances and of greater quantities.

Companies Mentioned

• Daikin
• Mitsubishi Heavy Industries
• Klinge Corporation
• SEA Mark Reefer Solutions
• Guchen Thermo
• United Technologies Corporation (Carrier Transicold)
• Webasto

Higher Economic Growth

The market for marine transport refrigeration units is indirectly benefiting from higher economic growth, as well as the changing lifestyles of the population in developing economies. The increase in urbanisation, along with the expansion of the middle class, as well as shifts in dietary practises, have all contributed to the rise in popularity of food that does not need to be prepared before consumption.

The increasing demand for ready-to-eat food will result in an increase in the shipping of frozen foods, which is pushing the market for maritime transport refrigeration units in turn. The expansion phase of global seaborne trade is currently taking place as a direct result of the expansion of the global economy.

Environment Friendly Solutions

Building on environmentally friendly products and solutions is the need of the hour, given stringent regulation across the globe to protect the environment. The Sinokor Merchant Marine Company Ltd. of South Korea for instance made an order for 1,700 brand new Carrier Transicold PrimeLINE-cooled containers in the month of January 2021.

Carrier Global Corporation is a global producer of ecologically friendly construction solutions and cold chain products, and Carrier Transicold is a subsidiary of Carrier Global Corporation. An additional 700 20-foot boxes and 1,000 40-foot high-cube containers will be added to Sinokor's inventory of refrigerated containers. These containers will be used to serve routes in the Asia-Pacific region, including those that travel through China, Vietnam, Thailand, and Korea.

Custom Designed Units to Suit Varied Needs

Companies are introducing new products to suit varied requirements of the customers. For instance Thermo King came to an agreement in October 2020 to provide 5,000 Magnum Plus refrigeration units to CMA CGM. CMA CGM is a global leader in the shipping and logistics industries, and it operates more than 500 boats that visit more than 420 ports across five continents.

The temperature control on this maritime refrigeration equipment is the most precise available on the market, it has a consistent floor spread, and it has a fixed point of -40 degrees Celsius. The adaptability of these units makes them useful to shippers of varying sizes and types of goods.

Asia to Dominate the Market

As more people in North America are buying packaged food, there has been a significant uptick in the need for maritime transport refrigeration units. As a result of an increase in maritime trade in European countries, there has been a significant surge in the demand for refrigeration units that are designed specifically for use in maritime transit.

The demand for maritime transport refrigeration units is anticipated to exhibit a level of growth that is satisfactory in the regions of the Middle East and Africa. This demand has been growing at a robust pace.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of marine refrigeration market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2030.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the marine refrigeration market?
• Which is the largest regional market for marine refrigeration market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving marine refrigeration market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the marine refrigeration market worldwide?

Key Topics Covered:

1. Preface

2. Executive Summary

3. Marine Refrigeration Market: Business Outlook & Market Dynamics

3.1. Introduction

3.2. Global Marine Refrigeration Market Value, 2020 - 2030, (US$ Million)

3.3. Key Trends Analysis

3.4. Market Dynamics

3.4.1. Market Drivers

3.4.2. Market Restraints

3.4.3. Key Challenges

3.4.4. Key Opportunities

3.5. Impact Analysis of Drivers and Restraints

3.6. See-Saw Analysis

3.7. Attractive Investment Proposition

3.8. Porter's Five Force Model

3.9. PESTEL Analysis

3.10. Competitive Landscape

4. Marine Refrigeration Market: By Refrigeration Unit Type, 2020-2030, USD (Million)

5. Marine Refrigeration Market: By Vessel Type, 2020-2030, USD (Million)

6. Marine Refrigeration Market: By End Use, 2020-2030, USD (Million)

7. North America Marine Refrigeration Market, 2020-2030, USD (Million)

8. UK and European Union Marine Refrigeration Market, 2020-2030, USD (Million)

9. Asia Marine Refrigeration Market, 2020-2030, USD (Million)

10. Latin America Marine Refrigeration Market, 2020-2030, USD (Million)

11. Middle East and Africa Marine Refrigeration Market, 2020-2030, USD (Million)

12. Company Profiles

For more information about this report visit https://www.researchandmarkets.com/r/yqnd0f

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

LONG BEACH, Calif.--(BUSINESS WIRE)--California Resources Corporation (NYSE: CRC) today announced the publication of its 2021 Sustainability Report. The report provides an overview of CRC’s continuous progress on its sustainability efforts in environmental, social and governance (ESG) performance as the company advances its commitment to the energy transition and decarbonization of local economies.

“Today, we are proud to share with you CRC’s progress and continued leadership in ESG performance,” said Mac McFarland, CRC President and Chief Executive Officer. “Since our inception in 2014, CRC has consistently set a high standard for environmental stewardship, safe, responsible operations, and community empowerment. In 2021, CRC continued our path to provide a cleaner and more sustainable energy mix by reducing our total Scope 1, 2, and 3 emissions by 1 million metric tons in the first year of our 2045 Full-Scope Net Zero Goal. Establishing and executing on this goal places CRC among a select few industry peers.”

Mr. McFarland continued, “Additionally, we updated and expanded our ESG goals on methane emissions, freshwater usage, community giving, diversity in leadership, and linked ESG performance to executive pay. This report illustrates the long-standing commitment and dedication of our workforce to apply ingenuity and technology to provide low carbon intensity energy for our state, implement our ESG Goals that advance the state’s ambitious climate goals, and strengthen the communities where we live and work.”

Building off its 2020 Sustainability Update and 2021 Leadership Level Ranking of A- by CDP, CRC's 2021 Sustainability Report references Sustainability Accounting Standards Board (SASB), Global Reporting Initiative (GRI) and International Petroleum Industry Environmental Conservation Association (IPIECA) standards. Highlights and achievements from CRC’s 2021 Sustainability Report include:

• Announced 2045 Full-Scope Net Zero Goal and updated and expanded ESG goals on methane emissions, freshwater usage, community giving, diversity in leadership and linked ESG performance to executive pay
• Hired first Chief Sustainability Officer
• Established Project Management Office of Asset Retirement Obligations (ARO)
• Advanced our Carbon Management Business including our Carbon TerraVault carbon capture and storage (CCS) projects, and CalCapture CCS+ project
• Continued to be a net supplier of both fresh water and electricity
• Continued to rank among the safest companies in the United States; workforce achieved a better safety performance rating than many non-industrial sectors in 2021
• Earned 26 National Safety Achievement Awards in each of our operating areas and companywide in 2021 for our performance

For more information about CRC’s sustainability efforts and to download the full length and summary versions of the 2021 Sustainability Report, please visit crc.com/esg.

About California Resources Corporation (CRC)

California Resources Corporation (CRC) is an independent oil and natural gas company committed to energy transition in the sector. CRC has some of the lowest carbon intensity production in the US and we are focused on maximizing the value of our land, mineral and technical resources for decarbonization by developing carbon capture and storage (CCS) and other emissions reducing projects.

Richard Venn (Media)
818-661-6014
This email address is being protected from spambots. You need JavaScript enabled to view it.

Joanna Park (Investor Relations)
818-661-3731
This email address is being protected from spambots. You need JavaScript enabled to view it.

INDIANAPOLIS--(BUSINESS WIRE)--USIC, LLC (“USIC” or “the Company”), North America’s leading provider of underground utility locating services, announced today an expansion of its shareholder base. Partners Group, a leading global private markets firm, which owns USIC on behalf of its clients, has sold a 50% stake in the Company to Kohlberg & Company (“Kohlberg”). Partners Group will retain a 50% co-lead interest in USIC. Kohlberg was joined in this investment by a group of new partners which includes funds managed by Neuberger Berman.

Since Partners Group’s acquisition in 2017, USIC, founded in 2008, has achieved a 77% increase in EBITDA, driven by the execution of business initiatives focused on value creation, including:

• Significant investment in training and compensation for the Company’s more than 11,000 locate technicians and in new, state-of-the-art technologies and equipment to improve operational performance and productivity
• Development of commercial services and customer partnerships, resulting in the establishment of market-based pricing and contract terms which stabilizes the field workforce and drives superior value creation for customers
• Establishment of a zero-tolerance safety program, which has driven dramatic improvements in safety performance
• Advancement of the Company as a leader in responsible environmental stewardship
• A commitment to achieving a diverse workforce and providing all employees the opportunity to build a long-term career while maintaining a healthy work/life balance

Under Partners Group and Kohlberg, USIC will continue to expand these strategic initiatives and provide its customers with ever increasing value, unmatched within the utility locating industry. The Company is uniquely positioned to meet the forecasted increase in demand for utility locating services resulting from the passage of the $1.2 trillion infrastructure bill, new 5G densification initiatives, and the shift by utilities to outsourcing locating services.

Mike Ryan, Chief Executive Officer of USIC, commented, "Our focus on creating a positive work environment and supporting our employees enables us to deliver the highest level of value for our customers, which they expect from the leader in damage prevention. The quality and reliability of the services provided by our technicians allow our customers to effectively manage their operations, serve their customers, and meet their critical work schedules. USIC’s high-quality and on-time performance will continue to meet the growing and evolving needs of the marketplace. Our differentiated approach, which took root under Partners Group’s ownership, will continue to advance as we reach for and achieve even higher goals in value creation and customer satisfaction under the leadership of Partners Group and Kohlberg.”

About USIC

USIC is North America’s largest provider of utility damage prevention services with operations in 48 states and Canada and corporate headquarters located in Indianapolis, IN. The Company, which currently serves over 1,300 customers across the cable, telecommunications, electric, gas, water, and sewer utility markets, performs over 80 million locates each year. Additionally, the Company provides a range of advanced utility solutions and services offered by its affiliates, Blood Hound, LLC; Reconn Utility Services; and On Target Utility Services.

About Partners Group

Partners Group is a leading global private markets firm. Since 1996, the firm has invested USD 185 billion in private equity, private real estate, private debt, and private infrastructure on behalf of its clients globally. Partners Group seeks to generate strong returns through capitalizing on thematic growth trends and transforming attractive businesses and assets into market leaders. The firm is a committed, responsible investor and aims to create sustainable returns with lasting, positive impact for all its stakeholders. With USD 131 billion in assets under management as of 30 June 2022, Partners Group provides an innovative range of bespoke client solutions to institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,600 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN). For more information, please visit www.partnersgroup.com or follow us on LinkedIn or Twitter.

About Kohlberg & Company

Kohlberg is a leading private equity firm based in Mount Kisco, New York. Since its inception in 1987, the company has organized nine private equity funds, through which it has raised $12 billion of committed equity capital. Over its 35-year history, Kohlberg has completed 91 platform investments and nearly 250 add-on acquisitions, with an aggregate transaction value of approximately $40 billion. For more information, please visit www.kohlberg.com.

David Parker, USIC Vice President Corporate Communication and Governmental Affairs
This email address is being protected from spambots. You need JavaScript enabled to view it.
502.541.0686

BOGOTA, Colombia--(BUSINESS WIRE)--GeoPark Limited (“GeoPark” or the “Company”) (NYSE: GPRK), a leading independent Latin American oil and gas explorer, operator and consolidator, announces that its Board of Directors has declared a quarterly cash dividend of $0.127 per share ($7.5 million in the aggregate) payable on September 8, 2022, to the shareholders of record at the close of business on August 25, 2022.

GeoPark is increasing its quarterly dividend for the third time in one year from $0.082 per share ($5.0 million in the aggregate) to $0.127 per share ($7.5 million in the aggregate). This represents an increase of approximately 50% over the dividend paid on June 10, 2022. The Company remains committed to returning value to its shareholders while executing self-funded and flexible work programs and paying down debt.

NOTICE

Additional information about GeoPark can be found in the “Investor Support” section on the website at www.geo-park.com.

Certain amounts and percentages included in this press release have been rounded for ease of presentation.

CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION

This press release contains statements that constitute forward-looking statements. Many of the forward- looking statements contained in this press release can be identified by the use of forward-looking words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘could,’’ ‘‘expect,’’ ‘‘should,’’ ‘‘plan,’’ ‘‘intend,’’ ‘‘will,’’ ‘‘estimate’’ and ‘‘potential,’’ among others.

Forward-looking statements that appear in a number of places in this press release include, but are not limited to, statements regarding the intent, belief or current expectations, regarding various matters, including the expected dividend payment. Forward-looking statements are based on management’s beliefs and assumptions, and on information currently available to the management. Such statements are subject to risks and uncertainties, and actual results may differ materially from those expressed or implied in the forward-looking statements due to various factors.

Forward-looking statements speak only as of the date they are made, and the Company does not undertake any obligation to update them in light of new information or future developments or to release publicly any revisions to these statements in order to reflect later events or circumstances, or to reflect the occurrence of unanticipated events. For a discussion of the risks facing the Company which could affect whether these forward-looking statements are realized, see filings with the U.S. Securities and Exchange Commission (SEC).

For further information, please contact:

INVESTORS:
Stacy Steimel
Shareholder Value Director
T: +562 2242 9600
This email address is being protected from spambots. You need JavaScript enabled to view it.

Miguel Bello
Market Access Director
T: +562 2242 9600
This email address is being protected from spambots. You need JavaScript enabled to view it.

Diego Gully
Investor Relations Director
T: +5411 4312 9400
This email address is being protected from spambots. You need JavaScript enabled to view it.

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

DUBLIN--(BUSINESS WIRE)--The "United Kingdom Commercial Boiler Market, By Fuel Type (Natural Gas, Oil, Coal, and Others), By Technology (Condensing and Non-Condensing), By Capacity (Less than 10 MMBtu/hr, 10-50 MMBtu/hr, and Others), By End User, By Region, Competition Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.

The United Kingdom commercial boiler market is projected to grow at a formidable CAGR through 2027

The market growth can be attributed to the high demand for commercial boilers from various commercial buildings such as offices, healthcare institutions, retail, lodgings, and educational institutions.

Besides, the growing adoption of clean heating solutions and high investments in developing green buildings are expected to fuel the United Kingdom commercial boilers market. Natural gas used in commercial boilers leads to lower greenhouse gas emissions.

Thus, supportive government policies to promote the development of the gas network in the country and implementation of strict emission regulation standards are expected to bolster the demand for clean and energy-efficient heating solutions, which in turn, would contribute to the market growth.

Moreover, the increasing need to replace existing systems with an advanced version of commercial systems to comply with strict emission norms is expected to fuel the growth of the United Kingdom commercial boilers market. Generally, natural gas is used in commercial boilers, producing lower greenhouse emissions, thereby improving the system's overall efficiency.

The need to replace the existing systems with advanced versions of the commercial systems in buildings is expected to proliferate the demand for the United Kingdom commercial boiler market in the next five years.

Rising demand for commercial boilers in the healthcare sector for modernization of the existing infrastructure is estimated to boost the market growth. Furthermore, the introduction of connected commercial boilers that provide enhanced control to the consumer and free repair & maintenance services provided by companies to stay ahead in the market is expected to aid the market growth.

The natural gas segment is expected to dominate the United Kingdom commercial boilers market as the gas is easy to handle and the total cost of ownership is low than other alternate fuels.

Objective of the Study:

• To analyze the historical growth in the market size of the United Kingdom commercial boiler market from 2017 to 2021.
• To estimate and forecast the market size of United Kingdom commercial boiler market from 2022E to 2027F and growth rate until 2027F.
• To classify and forecast the United Kingdom commercial boiler market based on fuel type, technology, capacity, end user, region, and company.
• To identify the dominant region or segment in the United Kingdom commercial boiler market.
• To identify drivers and challenges for the United Kingdom commercial boiler market.
• To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the United Kingdom commercial boiler market.
• To identify and analyze the profiles of leading players operating in the United Kingdom commercial boiler market.
• To identify key sustainable strategies adopted by market players in United Kingdom commercial boiler market.

Competitive Landscape

• A.O. Smith Corporation
• Bosch Thermotechnology
• Cochran Limited
• Cleaver-Brooks
• Fulton Boiler Company
• Parker Boiler
• Slant/Fin Corporation
• Superior Boiler Works, Inc.
• Vaillant Group
• Weil-McLain Solvay S.A.

Report Scope:

Years considered for this report:

• Historical Years: 2017-2020
• Base Year: 2021
• Estimated Year: 2022E
• Forecast Period: 2023F-2027F

United Kingdom Commercial Boiler Market, By Fuel Type:

• Natural Gas
• Oil
• Coal
• Others

United Kingdom Commercial Boiler Market, By Technology:

• Condensing
• Non-Condensing

United Kingdom Commercial Boiler Market, By Capacity:

• Less than 10 MMBtu/hr
• 10-50 MMBtu/hr
• Others

United Kingdom Commercial Boiler Market, By End User:

• Offices
• Hospitals
• Educational Institutions
• Lodging
• Others

United Kingdom Commercial Boiler Market, By Region:

• London
• Southeast
• East Anglia
• Scotland
• Southwest
• East Midlands
• Yorkshire & Humberside
• Rest of United Kingdom

For more information about this report visit https://www.researchandmarkets.com/r/m335u3

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

DALLAS--(BUSINESS WIRE)--New Concept Energy, Inc. (NYSE American: GBR), (the “Company” or “NCE”) a Dallas-based company, today reported Results of Operations for the second quarter ended June 30, 2022.

During the three months ended June 30, 2022, the Company reported net income of $137,000 compared to net income of $49,000 for the three months ended June 30, 2021.

For the three months ended June 30, 2022 the Company had revenue of $47,000 including $26,000 for rental income and $21,000 for management fees as compared to rental income of $26,000 for the comparable period in 2021.

For the three months ended June 30, 2022, corporate general & administrative expenses were $80,000 as compared to $111,000 for the comparable periods in 2021. The decrease was due to an overall reduction of administrative expenses.

Included in other income for the three months ended June 30, 2022 is $62,000 which represents the collection of an investment that had previously been fully reserved. In addition during the three months ended June 30, 2022 the company sold equipment and recorded a gain of $68,000.

New Concept Energy, Inc. is a Dallas-based company which owns real estate in West Virginia and provides management services for a third party oil and gas company. For more information, visit the Company’s website at www.newconceptenergy.com.

New Concept Energy, Inc.
Gene Bertcher, (800) 400-6407
This email address is being protected from spambots. You need JavaScript enabled to view it.

• US$3 million Prize attracts 4,538 submissions from 152 countries
• High number of entries in Food and Health categories reflect need for more resilient food and health systems in response to rising impacts of global climate change

ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--Following a successful 4-month submissions phase, the Zayed Sustainability Prize, the UAE's pioneering global award for recognising excellence in sustainability, has officially closed entries for its 2023 awards cycle. Over 4,500 applications were received across the five Prize categories of Health, Food, Energy, Water and Global High Schools, from a record 152 countries, demonstrating the Prize’s growing global reach and impact.

The Zayed Sustainability Prize winners will be announced at the 2023 Zayed Sustainability Prize Awards Ceremony that will be held on January 16, 2023 as part of Abu Dhabi Sustainability Week.

The Prize witnessed a 13% increase in submissions compared to last year from small and medium-sized enterprises (SMEs), nonprofit organisations and high schools. Total submissions from SMEs increased across all categories, underscoring a rising trend that SMEs are putting sustainability at the top of their agenda.

H.E. Dr. Sultan Ahmed Al Jaber, UAE Minister of Industry and Advanced Technology and Director General of the Prize, said: “For the last 14 years the Zayed Sustainability Prize has incentivised practical solutions to global challenges that deliver tangible impact at a community level around the world. Inspired by the commitment to sustainable development and humanitarian legacy of Sheikh Zayed bin Sultan Al Nahyan, the Prize has improved the lives of 370 million people in 151 countries to date. This year, we have seen applications from a record number of countries across every category from health, food, energy, water and global high schools. I'm excited to see what creative solutions this year’s applicants will bring to the table, particularly as the UAE prepares to host COP 28 next year.”

“Given that we want to leverage COP 28 as a platform for inclusivity and practical outcomes, I am confident that the Prize can help to deliver social and economic progress from across the private sector, small business community and an increasingly active and engaged younger generation,” he added.

This year’s submissions were more diverse than ever before, revealing climate change’s impact on every country across every continent, and reflecting a growing awareness that urgent climate action is critical to meet global net zero carbon goals by mid-century.

More submissions received this year came from developing nations in Sub-Saharan Africa, South Asia, East Asia, Latin America, the Middle East, and North Africa, which is an important indication of the growing participation of developing countries in the fight against climate change.

The top submitting countries included Kenya, India, China, Egypt, Brazil and the United States. By receiving submissions from a wide range of geographies, the Prize is better equipped to deliver on its mission of driving impactful, innovative, and inspiring sustainable and humanitarian development around the world.

The Food (1,426) and Health (946) categories attracted the greatest number of submissions, followed by Energy (736) and Water (601), while the Global High Schools category received 829 submissions.

In the Food category, which received nearly 20% increase in submissions compared to last year, many entries presented solutions aimed at achieving sustainable food production to address rising food insecurity and malnutrition in a world threatened by climate change.

In the Health category, several entries address the weaknesses of the healthcare systems exposed by the Covid-19 pandemic, and offer solutions that provide more resilient, inclusive, accessible, and sustainable healthcare services to people most in need.

In the Energy category, the Prize received numerous entries focused on improving sustainable energy access in vulnerable communities, supporting United Nations Sustainable Development Goal 7, affordable and clean energy for all, and driving the low-carbon energy transition.

Finally, in the Water category, a number of entries offered solutions aimed at addressing the clean water production, climate change, and water resource management challenges faced around the world, and particularly in developing nations.

The number of submissions received from high schools grew by 55% compared to last year, which is especially encouraging and a testament to young people’s growing awareness of the challenges and risks presented by the climate crisis and of the opportunity to lead on sustainable development. Entries in the Global High Schools category proposed waste management solutions, clean energy systems, and food systems like hydroponics and aquaponics, reflecting the students’ innovative thinking and careful consideration of projects most suited for their local communities.

Following the close of submissions, the Prize now enters the evaluation stage. All entries will now be shortlisted by an independent research and analysis consultancy. A Selection Committee comprised of globally renowned industry experts will then assess the qualified entries and shortlist the candidates. The third and final tier of the evaluation process is the Jury, which will convene in October, to unanimously elect the winners in each category.

Since its launch in 2008, the US$3 million Prize has, directly and indirectly, transformed the lives of over 370 million people around the world. Its global impact continues to grow, as it further catalyses humanitarian outreach and sustainable development. Each winner in the Health, Food, Energy, and Water categories receive US$600,000 to expand the scope and scale of their sustainability solution(s), while the Global High Schools category has six winners, representing six world regions, with each winner receiving up to US$100,000.

*Source: AETOSWire

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

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

Reaffirms 2022 Guidance

PASADENA, Calif.--(BUSINESS WIRE)--$HLGN #ArtificialIntelligence--Heliogen, Inc. (“Heliogen”) (NYSE: HLGN), a leading provider of AI-enabled concentrated solar energy technology, today provided its second quarter 2022 financial and operational results and reaffirmed its previously announced guidance for 2022.

Second Quarter 2022 Highlights

• Finalized and executed a lease for Brenda Solar Energy Zone with U.S. Bureau of Land Management
• Announced partnership with Hanwha Power Systems for the production of a 5 megawatt electric (MWe) next-generation supercritical CO₂ power block integrated with high-temperature solid media thermal energy storage designed by Heliogen and to be deployed with the Woodside project

Recent Highlights

• Entered into a letter of intent with Dimensional Energy for the production of sustainable aviation fuel
• Completed installation of fourth generation heliostats at Heliogen’s Lancaster demonstration facility
• Manufactured, deployed and began testing of the first commercial configuration of Heliogen’s autonomous cleaning vehicle at the Lancaster demonstration facility

Executive Commentary

“During the second quarter, Heliogen continued its steady progress toward achieving our vision of producing clean solar thermal energy for heavy industry through use of our groundbreaking, AI-enabled concentrated solar thermal energy technology,” said Bill Gross, Founder and Chief Executive Officer of Heliogen. “By signing additional customer agreements, expanding relationships with supply chain partners, and ramping up our manufacturing facilities, Heliogen is positioning itself to power the transition of global heavy industry to clean, renewable sources of heat, power and green hydrogen. We remain on track to meet our guidance for 2022.

“In addition to the exciting announcements we have made over the last several months, Heliogen recently completed the installation of our fourth generation heliostats at our Lancaster, California demonstration facility. These new heliostats are designed to be manufactured, installed and maintained more efficiently, without sacrificing performance or reliability. This is one example of our ability to iterate and innovate rapidly to reduce our cost structure and improve our margins. I am also pleased with the progress we have made at our Long Beach manufacturing facility, where we are getting ready to begin high-volume automated heliostat manufacturing during the early part of the fourth quarter of 2022.”

“In sum, Heliogen is progressing on all fronts toward the goals we set for 2022, and I am incredibly proud of the entire team for their efforts which have put us in this position.”

Letter of Intent with Dimensional Energy

Heliogen and Dimensional Energy, a sustainable fuels company, recently entered into a non-binding letter of intent (“LOI”) to jointly produce sustainable aviation fuel (“SAF”) at Heliogen’s concentrated solar thermal demonstration facility in Lancaster, California. This first-of-its-kind collaboration aims to create a reserve of jet fuel created from sunlight and air to enable the rapid decarbonization of the aviation industry. The LOI is subject to negotiation and execution of a definitive agreement.

The companies will work to deploy Heliogen’s proprietary, artificial intelligence (AI)-powered HelioHeat™ technology to convert sunlight directly into thermal energy in the form of high temperature steam and air that will be used to produce green hydrogen for Dimensional Energy’s Reactor platform. The hydrogen will be produced leveraging the previously announced successful demonstration of Heliogen’s concentrated solar technology. As part of the collaboration between Heliogen and Dimensional Energy, the LOI includes a goal of building a fully integrated ~1 barrel per day drop-in ready SAF demonstration. The parties expect a demonstration project to be a first step to develop a pipeline for approximately 3 million barrels of fuel over the next ten years.

2022 Guidance Reaffirmed

Heliogen today also reaffirmed its previously announced 2022 guidance of two to three modules contracted and $20 - $25 million of revenue. Heliogen believes the number of modules contracted is the most useful indicator of demand for its products and technology at this stage in its lifecycle. Over time, Heliogen expects these contracts to be converted to revenue as the projects are installed, although there is no assurance as to the time period for such conversion.

Second Quarter 2022 Financial Results

For the second quarter 2022, Heliogen reported total revenue of $2.4 million, total operating expenses of $28.7 million and net loss of $20.2 million. Heliogen’s net loss was driven primarily by the growth of Heliogen’s commercial operations which includes increased headcount, non-cash stock-based compensation expense of $11.5 million, and other costs related to being a public company. Heliogen’s Adjusted EBITDA, which excludes the non-cash stock-based compensation expense and other impacts, was negative $19.8 million for the second quarter 2022.

Conference Call Information

The Heliogen management team will host a conference call to discuss its second quarter 2022 financial results on Thursday, August 11, 2022, at 10:00 a.m. EDT. The call can be accessed via a live webcast accessible on the Events & Presentations page in the Investor Relations section of Heliogen’s website at www.heliogen.com. The call can also be accessed live via telephone by dialing 1-877-407-0789 (1-201-689-8562 for international callers) and referencing Heliogen.

An archive of the webcast will also be available shortly after the call on the Investor Relations section of Heliogen’s website.

About Heliogen

Heliogen is a renewable energy technology company focused on eliminating the need for fossil fuels in heavy industry and powering a sustainable future. Heliogen’s AI-enabled, modular concentrated solar technology aims to cost-effectively deliver near 24/7 carbon-free energy in the form of heat, power, or green hydrogen fuel at scale – for the first time in history. Heliogen was created at Idealab, the leading technology incubator founded by Bill Gross in 1996. For more information about Heliogen, please visit Heliogen.com.

Use of Non-GAAP Financial Information

Management uses certain financial measures, including EBITDA and Adjusted EBITDA, to evaluate our financial and operating performance that are calculated and presented on the basis of methodologies other than in accordance with GAAP. We believe these non-GAAP financial measures are useful to investors and analysts to assess our ongoing financial performance because they provide improved comparability between periods through the exclusion of certain items that we believe are not indicative of our core operating performance, enhance the overall understanding of our past financial performance and future prospects, and remove items that may obscure our underlying business results and trends. These measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP, and our calculations thereof may not be comparable to similarly titled measures reported by other companies. Please see the accompanying tables for reconciliations of the following non-GAAP financial measures for Heliogen’s current and historical results: EBITDA and Adjusted EBITDA.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Statements that are not historical in nature, including the words “anticipate,” “expect,” “suggests,” “plan,” “believe,” “intend,” “estimates,” “targets,” “projects,” “should,” “could,” “would,” “may,” “will,” “forecast” and other similar expressions are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements regarding our guidance for full-year 2022, the development of our manufacturing and production facilities, maintaining our trajectory in 2022, achieving our financial and operational goals, progress with potential customers and future growth opportunities. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) our financial and business performance, including risk of uncertainty in our financial projections and business metrics and any underlying assumptions thereunder; (ii) our ability to execute our business model, including market acceptance of our planned products and services and achieving sufficient production volumes at acceptable quality levels and prices; (iii) our ability to access sources of capital to finance operations, growth and future capital requirements; (iv) our ability to maintain and enhance our products and brand, and to attract and retain customers; (v) our ability to scale in a cost effective manner; (vi) changes in applicable laws or regulations; (vii) the ongoing impacts of the COVID-19 pandemic and the potential impacts of Russia’s invasion of Ukraine on our business; (viii) developments and projections relating to our competitors and industry; (ix) our ability to access sources of capital to finance operations, growth and future capital requirements; and (x) our ability to protect our intellectual property. You should carefully consider the foregoing factors and the other risks and uncertainties disclosed in the “Risk Factors” section in Part I, Item 1A in our Annual Report on Form 10-K/A for the annual period ended December 31, 2021 and other documents filed by Heliogen from time to time with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Heliogen assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Non-GAAP Financial Measures

EBITDA represents condensed consolidated net loss before (i) interest (income) expense, net, (ii) income tax expense (benefit) and (iii) depreciation and amortization expense.

Adjusted EBITDA represents EBITDA adjusted for certain significant non-cash items and items that management believes are not attributable to or indicative of our on-going operations or that may obscure our underlying results and trends.

The following reconciles net loss to EBITDA and Adjusted EBITDA for the periods as shown:

__________________

Heliogen Investor Contact
Louis Baltimore
Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.

Heliogen Media Contact:
Cory Ziskind
ICR, Inc.
This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Hydrogen Generation Market Size, Share & Trends Analysis Report By Systems (Merchant, Captive), By Technology (Steam Methane Reforming, Coal Gasification), By Application, By Source, By Region, And Segment Forecasts, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.

Hydrogen Generation Market Growth & Trends

The global hydrogen generation market size is expected to reach USD 225.55 billion by 2030, registering a CAGR of 6.4% during the forecast period, according to a new report. The global hydrogen generation market is likely to be driven by the growing demand for cleaner fuel, coupled with increasing governmental regulations for the desulphurization of petroleum products.

Hydrogen is an effective energy carrier, and this quality is expected to contribute, significantly, to its further penetration into newer markets. The global electricity demand is anticipated to witness an increase by nearly two-thirds of the current demand in the forecast period. Focus on the projects, related to distributed power & utility, expected to bolster the demand for hydrogen generation market growth during the forecast period.

The Methane Reforming segment led the market in 2021. This was the dominant segment in 2021 and is expected to keep its position during the forecast period. Steam Methane reforming is a method for producing hydrogen, along with other gases including carbon monoxide and carbon dioxide. The steam methane reforming process is a mature and advanced technology in hydrogen generation. The growing demand for hydrogen generation across the globe is a crucial driving factor for steam methane reformers technology, as steam methane reforming is the most economical method for hydrogen generation.

In Application, the ammonia production segment led the market in 2021. The ammonia segment will keep its lead during the forecast period. The future growth of the hydrogen generation market is expected to have steady growth in all the segments as application cases for hydrogen increase.

In source, the natural gas segment led the market in 2021. Hydrogen is created from natural gas reforming which produces hydrogen, carbon monoxide, and carbon dioxide. Hydrogen production from natural gas is the cheapest method of producing hydrogen. Hydrogen production from natural gas is expected to keep its lead during the forecast period.

Based on systems, the merchant generation segment led the market in 2021. Merchant generation of hydrogen means hydrogen is produced at a central production facility. It is transported and sold to the consumer by bulk tank, pipeline, or cylinder truck. In many countries such as the U.S., Canada, and Russia there is an extensive existing natural gas pipeline network that could be used to transport and distribute hydrogen. The merchant generation segment is expected to keep its lead during the forecast period.

Growing investments in smart "energy-saving" residential and commercial buildings are expected to provide an impetus toward the adoption of hydrogen for energy generation. Hydrogen is a financially viable option to investors as they also comply with federal and environmental regulations, catering to the ever-increasing demand for energy. Factors including shifting trend toward cleaner energy and favorable government regulations are contributing to the development of the hydrogen generation market.

Key Topics Covered:

Chapter 1 Methodology and Scope

Chapter 2 Executive Summary

Chapter 3 Market Variables, Trends & Scope

Chapter 4 Hydrogen Generation Market: Technology Estimates & Trend Analysis

Chapter 5 Hydrogen Generation Market: Application Estimates & Trend Analysis

Chapter 6 Hydrogen Generation Market: System Estimates & Trend Analysis

Chapter 7 Global Hydrogen Generation Market: Regional Estimates & Trend Analysis

Chapter 8 Competitive Landscape

Chapter 9 Company Profiles

Companies Mentioned

• Linde plc
• Messer
• Air Products and Chemicals, Inc.
• Air Liquide International S.A.
• INOX Air Products Ltd.
• Matheson Tri-Gas, Inc.
• SOL Group
• Iwatani Corporation
• Hydrogenics Corporation
• Tokyo Gas Chemicals Co., Ltd.
• Taiyo Nippon Sanso Corporation
• Teledyne Technologies Incorporated
• Hygear
• Claind
• Advanced Specialty Gases Inc.

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

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

THE WOODLANDS, Texas--(BUSINESS WIRE)--Excelerate Energy, Inc. (NYSE: EE) (the “Company” or “Excelerate”) today reported its financial results for the second quarter ended June 30, 2022.

RECENT HIGHLIGHTS

• Reported Net Loss of $4.0 million, reflecting an expected $21.8 million one-time charge for IPO-related FSRU acquisition
• Adjusted Net Income, excluding the expected one-time charge and IPO-related restructuring expenses, was $20.4 million for the second quarter⁽¹⁾
• Reported Adjusted EBITDAR of $75.2 million for the second quarter⁽¹⁾
• Commenced seasonal regasification services at Bahia Blanca GasPort in May
• Expanded downstream reach of planned Vlora Terminal project through gas sales MOU with Bulgaria’s Overgas
• Progressed Finland regasification project, remains on schedule to commence service in Q4 2022
• Advanced negotiations for MLNG Expansion and Payra LNG projects in Bangladesh
• The Excelerate Board declared the Company’s inaugural quarterly dividend of $0.025 per share

CEO COMMENT

“Our second quarter financial results demonstrate the continued strong momentum of our integrated business model,” said President and Chief Executive Officer Steven Kobos. “We are executing our strategy to deploy our flexible LNG infrastructure and pursue downstream opportunities to expand our reach in both new and existing markets. Importantly, the strategic expansion downstream of our floating terminals is accelerating the growth of our gas sales business and positioning Excelerate for increased profitability.”

“This past year has highlighted the important role flexible access to LNG plays in providing energy security and supporting the decarbonization efforts of countries around the world,” continued Kobos. “Excelerate is committed to delivering stable, reliable energy, so countries and industries can keep the lights on and homes can stay warm in the winter. We look forward to continuing to develop our geostrategic asset base to meet the energy needs of customers in the future, while delivering meaningful value creation for our stakeholders.”

SECOND QUARTER 2022 FINANCIAL RESULTS

(1) See the reconciliation of non-GAAP financial measures to the most comparable GAAP financial measure in the section titled "Non-GAAP Reconciliation" below.

The net loss reported for the quarter included a one-time charge of $21.8 million related to the early extinguishment of the Excellence lease as part of the IPO-related FSRU acquisition that was closed concurrently with the Company’s initial public offering in April 2022. The charge represents the difference between the amount paid for the Excellence compared to the lease liability at the time of the acquisition. Excluding the $21.8 million one-time charge and IPO-related restructuring expenses, Excelerate’s adjusted net income was $20.4 million.

Adjusted EBITDA and Adjusted EBITDAR for the second quarter of 2022 increased over the prior year period primarily due to incremental gas sales margins at the Bahia Terminal in Brazil which commenced in December of 2021. The sequential increase was driven by the commencement of regasification services at Bahia Blanca in Argentina in May, the Express resuming operations under its long-term regasification charter in early April, and higher gas sales volumes at the Bahia terminal in Brazil, all of which were partially offset by higher vessel operating costs.

KEY PROJECT UPDATES

Bahia Blanca

Excelerate continued to execute on its regasification business through a seasonal charter for the FSRU Exemplar at the Bahia Blanca GasPort regasification terminal in Argentina. The FSRU Exemplar arrived at Bahia Blanca in May 2022 and will provide regasification services through August 31, 2022. The FSRU Exemplar will be deployed to Finland in the fourth quarter of 2022.

Vlora LNG Terminal

In July 2022, Excelerate signed a Memorandum of Understanding with Bulgaria’s Overgas relating to the sale of regasified LNG downstream of the Company’s planned Vlora LNG terminal in Albania. Under the agreement, the two Parties will enter into a negotiation for Overgas to purchase up to 1.0 bcm of regasified LNG annually for ten years from Excelerate via the Vlora Terminal and the proposed Vlora-Fier Pipeline which is expected to interconnect with an existing natural gas pipeline in Europe’s southern gas corridor. The MOU expands the scope of Excelerate’s planned Vlora Terminal project by offering broader access to southern Europe’s natural gas market and has the potential to bring much needed supply diversification not only to Bulgaria, but also to neighboring countries in the region.

Finland LNG Terminal

Excelerate and Gasgrid Finland previously announced an executed 10-year, time charter party agreement for Excelerate to provide LNG regasification services, which is expected to commence in the fourth quarter of 2022. Gasgrid Finland has initiated the development of a new jetty in Southern Finland, near the Balticconnector pipeline, for the FSRU Exemplar to moor.

MLNG Expansion

Excelerate continues to advance commercial negotiations with the government of Bangladesh for the expansion of the Moheshkhali LNG (“MLNG”) terminal, the extension of its existing regasification agreement by five years to 2038, and a multi-year LNG supply agreement. As previously announced, the expansion project was approved in principle by the government of Bangladesh last quarter. MLNG is one of Excelerate’s three E-FIT integrated terminals.

Payra LNG

Excelerate is advancing commercial negotiations with the government of Bangladesh for the Payra LNG project. The proposed scope of the Payra LNG project, which is located in the southwestern part of the country, involves the development of an offshore FSRU import terminal and an onshore pipeline to the city of Khulna. As part of the project, Excelerate is also negotiating a long-term LNG supply agreement with the country. In August, Excelerate formally engaged HSBC as its financial advisor to support various financial aspects of the Payra project.

LIQUIDITY AND CAPITAL RESOURCES

As of June 30, 2022, Excelerate had $386 million in cash and cash equivalents. On April 18, 2022, the Company entered into a $350 million senior secured revolving credit facility. As of June 30, 2022, the Company had letters of credit issued of $40 million and no outstanding borrowings under its senior secured revolving credit facility.

On August 5, 2022, Excelerate’s Board of Directors (the “Board”) approved an inaugural quarterly dividend equal to $0.025 per share of Class A common stock, which will be paid on September 7, 2022 to shareholders of record at the close of business on August 19, 2022.

2022 FINANCIAL OUTLOOK

The Company is reaffirming its prior guidance and expects Adjusted EBITDA to range between $249 million and $269 million for the full year 2022. In addition, the Company expects Adjusted EBITDAR to range between $285 million and $305 million.

Actual results may differ materially from the Company’s outlook as a result of, among other things, the factors described under “Forward-Looking Statements” below.

INVESTOR CONFERENCE CALL AND WEBCAST

The Excelerate management team will host a conference call for investors and analysts at 8:30 am Eastern Time (7:30 a.m. Central Time) on Thursday, August 11, 2022. Investors are invited to access a live webcast of the conference call via the Investor Relations page on the Company’s website at www.excelerateenergy.com. An archived replay of the call and a copy of the presentation will be on the website following the call.

ABOUT EXCELERATE ENERGY:

Excelerate Energy, Inc. is a U.S.-based LNG company located in The Woodlands, Texas. Founded in 2003 by George B. Kaiser, Excelerate is changing the way the world accesses cleaner forms of energy by providing integrated services along the LNG value chain with an objective of delivering rapid-to-market and reliable LNG solutions to customers. Excelerate offers a full range of flexible regasification services from FSRU to infrastructure development to LNG supply. Excelerate has offices in Abu Dhabi, Antwerp, Boston, Buenos Aires, Chattogram, Dhaka, Doha, Dubai, Ho Chi Minh City, Manila, Rio de Janeiro, Singapore, and Washington, DC. For more information, please visit www.excelerateenergy.com.

USE OF NON-GAAP FINANCIAL MEASURES

The Company reports financial results in accordance with accounting principles generally accepted in the United States (“GAAP”). Included in this press release are certain financial measures that are not calculated in accordance with GAAP. They are designed to supplement, and not substitute, Excelerate’s financial information presented in accordance with U.S. GAAP. The non-GAAP measures as defined by Excelerate may not be comparable to similar non-GAAP measures presented by other companies. The presentation of such measures, which may include adjustments to exclude non-recurring items, should not be construed as an inference that Excelerate’s future results, cash flows or leverage will be unaffected by other nonrecurring items. Management believes that the following non-GAAP financial measures provide investors with additional useful information in evaluating the Company's performance and valuation. See the reconciliation of non-GAAP financial measures to the most comparable GAAP financial measure, including those measures presented as part of the Company’s 2022 Financial Outlook, in the section titled “Non-GAAP Reconciliation” below.

Adjusted Gross Margin

The Company uses Adjusted Gross Margin, a non-GAAP financial measure, which it defines as revenues less direct cost of sales and operating expenses, excluding depreciation and amortization, to measure its operational financial performance. Management believes Adjusted Gross Margin is useful because it provides insight on profitability and true operating performance excluding the implications of the historical cost basis of its assets. The Company's computation of Adjusted Gross Margin may not be comparable to other similarly titled measures of other companies, and you are cautioned not to place undue reliance on this information.

Adjusted EBITDA and Adjusted EBITDAR

Adjusted EBITDA is a non-GAAP financial measure included as a supplemental disclosure because the Company believes it is a useful indicator of its operating performance. The Company defines Adjusted EBITDA, a non-GAAP measure, as net income before interest, income taxes, depreciation and amortization, long-term incentive compensation expense and items such as charges and non-recurring expenses that management does not consider as part of assessing ongoing operating performance. In this quarter, the Company revised the definition of Adjusted EBITDA to adjust for the impact of long-term incentive compensation expense, which the Company did not have prior to becoming a public company, and the early extinguishment of lease liability related to the acquisition of the Excellence vessel, as management believes such items do not directly reflect the Company’s ongoing operating performance.

Adjusted EBITDAR is a non-GAAP financial measure included as a supplemental disclosure because the Company believes it is a valuation measure commonly used by financial statement users to more effectively compare the results of its operations from period to period and against other companies without regard to its financing methods or capital structure. The Company defines Adjusted EBITDAR, a non-GAAP measure, as Adjusted EBITDA adjusted to eliminate the effects of rental expenses for vessels and other infrastructure, which are normal, recurring cash operating expenses necessary to operate its business.

Adjusted Net Income

The Company uses Adjusted Net Income, a non-GAAP financial measure, which it defines as net income (loss) plus the early extinguishment of lease liability related to the acquisition of the Excellence vessel and restructuring, transition and transaction expenses. Management believes Adjusted Net Income is useful because it provides insight on profitability excluding the impact of non-recurring charges related to our IPO. The Company's computation of Adjusted Net Income may not be comparable to other similarly titled measures of other companies, and you are cautioned not to place undue reliance on this information.

The Company adjusts net income for the items listed above to arrive at Adjusted EBITDA, Adjusted EBITDAR, and Adjusted Net Income because these amounts can vary substantially from company to company within its industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA, Adjusted EBITDAR, and Adjusted Net Income should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP or as an indicator of the Company's operating performance or liquidity. These measures have limitations as certain excluded items are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA and Adjusted EBITDAR. Adjusted EBITDAR should not be viewed as a measure of overall performance or considered in isolation or as an alternative to net income because it excludes rental expenses for vessels and other infrastructure, which is a normal, recurring cash operating expense that is necessary to operate the Company's business. The Company's presentation of Adjusted EBITDA, Adjusted EBITDAR, and Adjusted Net Income should not be construed as an inference that its results will be unaffected by unusual or non-recurring items. The Company's computations of Adjusted EBITDA, Adjusted EBITDAR, and Adjusted Net Income may not be comparable to other similarly titled measures of other companies. For the foregoing reasons, each of Adjusted EBITDA, Adjusted EBITDAR, and Adjusted Net Income has significant limitations which affect its use as an indicator of its profitability and valuation, and you are cautioned not to place undue reliance on this information.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements about Excelerate and its industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding Excelerate’s future results of operations or financial condition, business strategy and plans, expansion plans and strategy, economic conditions, both generally and in particular in the regions in which Excelerate operates, and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “believe,” “consider,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “may,” “intend,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” “shall,” “should,” “anticipate,” “opportunity” or the negative thereof or other variations thereon or comparable terminology. These statements appear throughout this press release and include, but are not limited to, statements regarding Excelerate’s plans, objectives, expectations and intentions.

You should not rely on forward-looking statements as predictions of future events. Excelerate has based the forward-looking statements contained in this press release primarily on its current expectations and projections about future events and trends that it believes may affect its business, financial condition and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors. All forward-looking statements are based on assumptions or judgments about future events that may or may not be correct or necessarily take place and that are by their nature subject to significant uncertainties and contingencies, many of which are outside the control of Excelerate. The occurrence of any such factors, events or circumstances would significantly alter the results set forth in these statements.

Moreover, Excelerate operates in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, for example the invasion of Ukraine by Russia, and it is not possible for Excelerate to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this press release. The unprecedented nature of the Covid-19 pandemic may give rise to risks that are currently unknown or amplify the risks associated with many of the foregoing events or factors. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements.

In addition, statements that “Excelerate believes” and similar statements reflect Excelerate’s beliefs and opinions on the relevant subject. These statements are based on information available to Excelerate as of the date of this press release. And while Excelerate believes that information provides a reasonable basis for these statements, that information may be limited or incomplete. Excelerate’s statements should not be read to indicate that it has conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements.

The forward-looking statements made in this press release relate only to events as of the date on which the statements are made. Excelerate undertakes no obligation to update any forward-looking statements made in this press release to reflect events or circumstances after the date of this press release or to reflect new information or the occurrence of unanticipated events, except as required by law. Excelerate may not actually achieve the plans, intentions or expectations disclosed in its forward-looking statements, and you should not place undue reliance on its forward-looking statements. Excelerate’s forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments.

Investors
Craig Hicks
Excelerate Energy
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media
Stephen Pettibone / Frances Jeter
Sard Verbinnen & Co
This email address is being protected from spambots. You need JavaScript enabled to view it.
or
This email address is being protected from spambots. You need JavaScript enabled to view it.

180 Megawatt-hour Microgrid Storage Will Provide Emergency Backup and Increase Capacity

LAKE MARY, Fla.--(BUSINESS WIRE)--#BESS--San Diego Gas & Electric Company (SDG&E), a regulated investor-owned utility providing energy service to 3.7 million people, ordered Mitsubishi Power’s Emerald storage solutions for four utility-scale battery energy storage system (BESS) projects totaling 39 megawatts (MW) / 180 megawatt hours (MWh). The Elliot, Clairemont, Paradise, and Boulevard microgrid BESS projects will connect to existing infrastructure in the San Diego region to provide reliable capacity and strengthen grid resiliency amid high energy demands on hot summer days and peak evening hours.

The Emerald storage solutions include the Emerald Integrated Plant Controller, which is an Energy Management System (EMS) and Supervisory Control and Data Acquisition (SCADA) system with real-time BESS operation and a monitoring/supervisory control platform. These control features will help ensure that critical public service facilities including fire, medical, emergency management, and police are powered during peak demand and unexpected outages.

“We live in a time when growing threats from climate change and extreme heat waves can increasingly impact grid reliability,” said SDG&E Director of Advanced Clean Technology Fernando Valero. “By expanding our energy storage portfolio, we are helping our region and critical community facilities become more resilient."

The microgrid BESS projects, approved by the California Public Utilities Commission on June 23, are slated to be online in mid-2023.

Tom Cornell, Senior Vice President, Energy Storage Solutions, Mitsubishi Power Americas, said, “SDG&E was an early adopter of battery energy storage in the western United States, and it continues to be a leader in deploying energy storage to serve its customers. We’re excited to make an impact with SDG&E on these four microgrid projects in addition to the Pala-Gomez Creek energy storage project announced earlier this year.”

In May 2022, Mitsubishi Power was awarded cybersecurity certification IEC 62443 ML2 for the Security Development Lifecycle Process (SDL), which validates that all products developed for its Emerald storage solutions, including hardware control technology, follow rigorous policy and processes aligned to industry best practices.

Mitsubishi Power will support its Emerald storage solutions for SDG&E with a 10-year Long-Term Service Agreement.

Read more about some of Mitsubishi Power’s BESS projects:

• ION Renewables Signs Exclusivity Agreement to Bring Mitsubishi Power’s Emerald Storage Solutions to Ireland
• Innergex Orders Mitsubishi Power Emerald Storage Solution to Bring 425 Megawatt-hours of Battery Storage to Chile
• San Diego Gas & Electric Orders Mitsubishi Power Emerald Storage Solution to Add Capacity for High Energy Demand
• Mitsubishi Power and Powin Partner to Enhance California’s Grid Reliability with Two Battery Energy Storage Projects

About Mitsubishi Power Americas, Inc.

Mitsubishi Power Americas, Inc. (Mitsubishi Power) headquartered in Lake Mary, Florida, employs more than 2,300 power generation, energy storage, and digital solutions experts and professionals. Our employees are focused on empowering customers to affordably and reliably combat climate change while also advancing human prosperity throughout North, Central, and South America. Mitsubishi Power’s power generation solutions include gas, steam, and aero-derivative turbines; power trains and power islands; geothermal systems; PV solar project development; environmental controls; and services. Energy storage solutions include green hydrogen, battery energy storage systems, and services. Mitsubishi Power also offers intelligent solutions that use artificial intelligence to enable autonomous operation of power plants. Mitsubishi Power is a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI). Headquartered in Tokyo, Japan, MHI is one of the world’s leading heavy machinery manufacturers with engineering and manufacturing businesses spanning energy, infrastructure, transport, aerospace, and defense. For more information, visit the Mitsubishi Power Americas website and follow us on LinkedIn.

Communications Contact
Christa Reichhardt
+1 407-484-5599
This email address is being protected from spambots. You need JavaScript enabled to view it.

All dollar amounts expressed are in thousands of U.S. dollars unless otherwise indicated.

Q2 2022 Highlights

• Revenues of $84.8 million, a 56% increase over Q2 2021; Revenues per pound sold¹ of $11.69, a 44% increase over Q2 2021 mainly due to stronger vanadium prices

• Net income of $18.0 million, a 113% increase over Q2 2021; Basic earnings per share of $0.28 in Q2 2022

• Cash provided before non-cash working capital items of $25.4 million, a 57% increase over Q2 2021; Cash provided by operating activities of $2.9 million vs. $19.1 million in Q2 2021

• Cash and restricted cash balance of $52.9 million and $23.4 million, respectively, exiting Q2 2022; Net working capital² surplus of $129.0 million following an increase in vanadium inventory and amounts receivable balances

• Total V₂O₅ equivalent sales of 3,291 tonnes, a 9% increase over Q2 2021

• V₂O₅ production 3,084 tonnes (6.8 million lbs³) vs. 3,070 tonnes in Q2 2021

• Operating costs of $50.7 million vs. $35.0 million in Q2 2021 and cash operating costs excluding royalties per pound¹ of V₂O₅ equivalent sold of $4.23 vs. $3.39 in Q2 2021

• 2022 Production, Cost and Capital Expenditures Guidance Update: The Company has revised its V₂O₅ equivalent production guidance to 11,000 – 12,000 tonnes from 11,600 – 12,400 tonnes; Cash operating cost excluding royalties¹ guidance increased to $4.10 – 4.50 per lb sold from $3.90 – 4.30; Ilmenite concentration plant capital expenditure guidance lowered to $19.0 – 21.0 million from $29.0 – 30.0 million; Titanium dioxide (“TiO₂”) processing plant capital expenditures guidance lower to $2.0 – 3.0 million from $9.0 – 10.0 million

• On May 30, 2022, the Company announced that the TSX had accepted its notice of intention to make a normal course issuer bid (“NCIB”) to purchase for cancellation its common shares (“Common Shares”); On July 14, 2022, the Company announced it had implemented an automatic securities purchase plan under its previously announced NCIB

• Published 2021 Sustainability Report entitled: “Continuous improvement for a greener future” detailing the Company's approach and progress towards integrating sustainability into all aspects of its business

• On August 3, 2022, Largo Clean Energy (“LCE”) signed a non-binding memorandum of understanding (“MOU”) with Ansaldo Green Tech to negotiate the formation of a joint venture for the manufacturing and commercial deployment of vanadium redox flow batteries (“VRFB”) in the European, African, and Middle East power generation markets (see press release dated August 4, 2022)

• Q2 2022 results conference call: Thursday, August 11th at 1:00 p.m. ET

Vanadium Market Update⁴

• Demand in all of the Company’s key markets continued to remain strong in Q2 2022, which was reflected in a robust vanadium price during the period

• The average benchmark price per lb of V₂O in Europe was $11.08 in Q2 2022, an increase of 3% from the average of $10.72 seen in Q1 2022 and an increase of 35% from the average of $8.19 seen in Q2 2021; The average benchmark price per kg of ferrovanadium in Europe was $44.22, a decrease of 4% from the average of $46.17 seen in Q1 2022 and an increase of 24% from the average of $35.79 seen in Q2 2021

• Vanadium prices have decreased since then and the average benchmark price per pound of V₂O₅ in Europe was $8.00 as of August 5, 2022

TORONTO--(BUSINESS WIRE)--$LGO #cleanenergy--Largo Inc. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) today released financial and operating results for the three and six months ended June 30, 2022. The Company reported revenues of $84.8 million from vanadium pentoxide (“V₂O₅”) equivalent sales of 3,291 tonnes.

Paulo Misk, President and CEO of Largo, stated: “In the second quarter, Largo delivered strong revenue and net income growth following a favourable period of increased vanadium prices amid continued challenges in the macro environment. Due to operational impacts experienced to-date and expected continuing effects of global inflationary pressures, the Company has revised its production and cash cost guidance for 2022. We continue to actively address these challenges through additional operational improvements at our facility with an increased focus on cost management.” He continued: “The Company also remains focused on continuing the advancement of its ilmenite concentrate plant project, with construction expected to be completed in Q2 2023. While we have seen a recent correction in vanadium prices, in addition to persistent global logistical issues, we remain actively engaged with our customers to meet demand and deliver premium vanadium products.” He continued: “We are also pleased to have announced the recent signing of the non-binding MOU with Ansaldo Green Tech to negotiate the establishment of a joint venture for the purpose of the commercial deployment of Largo’s VCHARGE VRFB in the European, African, and Middle East power generation markets.”

Financial Results

Maracás Menchen Mine Operational and Sales Results

Q2 2022 Financial Highlights

• The Company recognized revenues of $84.8 million from sales of 3,291 tonnes of V₂O₅ equivalent (Q2 2021 – 3,027 tonnes). This represents a 56% increase in revenues over Q2 2021 ($54.3 million) mainly due to higher vanadium prices realized during Q2 2022 over Q2 2021. Reconciliation of the Company’s revenues per pound sold¹ and total quantities sold of each product are provided in the “Non-GAAP⁷ Measures” section of this press release.
• Operating costs of $50.7 million in Q2 2022 (Q2 2021 – $35.0 million) include direct mine and production costs of $23.9 million (Q2 2021 – $19.6 million), conversion costs of $2.3 million (Q2 2021 – $2.4 million), product acquisition costs of $9.6 million (Q2 2021 – $3.7 million), royalties of $3.7 million (Q2 2021 – $2.4 million), distribution costs of $2.9 million (Q2 2021 – $1.3 million), inventory write-down of $2.6 million (Q2 2021 – $nil), depreciation and amortization of $5.5 million (Q2 2021 – $5.6 million) and iron ore costs of $0.2 million (Q2 2021 – net margin of $0.08 million). The increase in direct mine and production costs is primarily attributable to cost increases in critical consumables, including heavy fuel oil (“HFO”) and diesel, as well as production impacts from the de-ammoniator and kiln availability during the period.
• Cash operating costs excluding royalties¹ per pound were $4.23 per lb in Q2 2022, compared with $3.39 for Q2 2021. The increase seen in Q2 2022 compared with Q2 2021 is largely due to the reasons noted above for operating costs, including the impact of cost increases for critical consumables, including HFO and diesel. The residual impact of the abnormally elevated levels of rainfall experienced in Q4 2021 and the plant shutdowns for repairs and maintenance negatively impacted the operational performance and contributed to increased costs.
• Professional, consulting and management fees were $6.4 million in Q2 2022, compared with $4.4 million in Q2 2021. The increase is primarily attributable to costs incurred in Q2 2022 in connection with LCE, which was not fully operational in Q2 2021 and costs related to Largo Physical Vanadium Corp. which was incorporated in 2022. In addition, the Company incurred increased compensation costs in Q2 2022 as a result of management turnover.
• Other general and administrative expenses were $5.1 million in Q2 2022. This represents an increase of 122% from Q2 2021, which is primarily attributable to an increase in legal provisions of $2.8 million.

Additional Corporate Updates

• Production: V₂O₅ production in April 2022 was 958 tonnes, with 1,168 tonnes produced in May and 958 tonnes produced in June, for a total of 3,084 tonnes of V₂O₅ produced in Q2 2022. The improvement in production levels in Q2 2022 was due to improved operational stability as well as the re-establishment of intermediate inventories after the abnormally elevated levels of rainfall experienced in Q4 2021. The global recovery⁶ achieved in Q2 2022 was 81.8%, an increase of 2.4% from the 79.9% achieved in Q2 2021 and 5.5% higher than the 77.5% achieved in Q1 2022. The global recovery⁶ in April 2022 was 78.5%, with 83.2% achieved in May and 83.2% achieved in June. In Q2 2022, 378,273 tonnes of ore were mined with an effective grade⁵ of 1.18% of V2O5. The ore mined in Q2 2022 was 11% higher than in Q2 2021. The Company produced 124,317 tonnes of concentrate with an effective grade⁵ of 3.28%. Subsequent to Q2 2022, production in July 2022 was 811 tonnes of V₂O₅, following a shutdown for the annual refractory refurbishment in the kiln and cooler.
• Sales: In Q2 2022, the Company sold 3,291 tonnes of V₂O₅ equivalent (Q2 2021 – 3,027 tonnes), including 508 tonnes of purchased products (Q2 2021 – 208 tonnes). Produced V₂O₅ equivalent sold decreased, with 6.1 million lbs sold in Q2 2022, as compared with 6.2 million lbs sold in Q2 2021. The Company continued to experience logistical challenges and elevated transport costs but delivered on all its commercial commitments due to careful planning. As a result, the Company does not expect the logistics situation to improve until the end of 2022, at the earliest, at which point it anticipates reducing its inventory in transit through increased sales. Subsequent to Q2 2022, sales in July 2022 were 946 tonnes of V₂O₅ equivalent, including 159 tonnes of purchased products.
• Largo Clean Energy: In early July 2022, LCE completed its previously announced strategic review of costing and pricing practices related to its VCHARGE product offering. The Company is satisfied with its review process and LCE continues to see an increase in prospective customer interest in its VCHARGE battery technology.
  • In Q2 2022, LCE achieved ISO 9001 certification of its Quality Management System ("QMS") and continues to pursue CE certification of its VCHARGE VRFB system.
  • In July 2022, LCE was awarded $4.2 million in future funding from the Department of Energy's (“DOE”) Advanced Manufacturing Office ("AMO") to develop and demonstrate efficient manufacturing processes that are capable of being readily scaled up to the high production volumes required to meet projected demands for grid-scale redox-flow batteries. LCE's total DOE budget is $6.0 million, for which the DOE will provide funding of $4.2 million. LCE expects to complete the DOE project in three years.
  • The Company’s Enel Green Power España (“EGPE”) contract remains a priority focus with notable progress being made in the face of continued supply chain obstacles, which has had a significant impact on the project delivery timelines. LCE currently projects the VCHARGE battery being commissioned for EGPE in mid-February 2023.
  • The Company also announces the resignation of Stephen Prince as President of LCE. Mr. Prince has decided to pursue other opportunities and the Company’s Board of Directors and management wish him well with his future endeavours.
• Ilmenite Project: Construction of the Company’s ilmenite concentration plant commenced in April as part of its previously announced TiO₂ pigment project. TiO₂ content is expected to be sourced from vanadium ore produced from the Company’s existing operations, which is expected to contribute to the Company's “two-pillar” business strategy – one consists of being a tier one vanadium supplier strengthened by the expected production of ilmenite concentrate as a by-product and two as an emerging clean energy business advancing the deployment of VRFBs. The Company expects to begin the commissioning of its ilmenite concentration plant in Q2 2023.
• Exploration: During Q2 2022, the Company continued working towards obtaining the necessary authorizations and environmental permits to conduct diamond drilling at a number of target areas, primarily in the South Block of the Maracás land package. Work also continues on geological modelling at the Novo Amparo Norte ("NAN") and São José deposits located north of the Campbell Pit. Completed models are expected in Q3 and Q4 2022. The Campbell Pit geological model was reviewed during Q2 2022 from which a short-term model was developed and completed by the end of July 2022. This model will be updated quarterly going forward. The Company is planning for approximately 2,000 metres of infill drilling in 2022 in the Campbell Pit, which is expected to be completed in Q3 2022. The goal of this drilling is to provide more detail to the operational planning in order to improve the mineralization contact.

2022 Guidance Update

The Company has revised its production, cash operating cost excluding royalties¹ and a portion of its capital expenditures guidance for 2022. Due to operational impacts experienced to-date, the Company has adjusted its production guidance from 11,600 – 12,400 tonnes to 11,000 – 12,000 tonnes of V₂O₅ equivalent. As a result of anticipated global inflationary impacts on critical consumable costs, the Company has also increased its cash operating cost excluding royalties¹ guidance from $3.90 – 4.30 per lb V₂O₅ sold to $4.10 – 4.50 per lb sold. Additionally, the Company has amended its ilmenite concentration plant capital expenditures guidance to reflect a revision in expected payment timing. The Company has also postponed its TiO₂ processing plant capital expenditures guidance to account for delays associated with the project’s land acquisition, which has led to a delay in license permitting. The Company does not expect a delay in the commissioning of its ilmenite concentration plant but now expects the commissioning of its TiO₂ plant to be delayed until the first half of 2025.

Q2 2022 Webcast and Conference Call Information

The Company will host a webcast and conference call on Thursday, August 11th at 1:00 p.m. ET, to discuss its second quarter 2022 results and progress.

Webcast and Conference Call Details:

Details of the webcast and conference call are listed below:

A playback recording will be available on the Company's website for a period of 60-days following the conference call.

The information provided within this release should be read in conjunction with Largo's unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2022 and 2021, and its management's discussion and analysis for the three and six months ended June 30, 2022, which are available on our website at www.largoinc.com or on the Company’s respective profiles at www.sedar.com and www.sec.gov.

About Largo

Largo has a long and successful history as one of the world’s preferred vanadium companies through the supply of its VPURE™ and VPURE+™ products, which are sourced from one of the world's highest-grade vanadium deposits at the Company's Maracás Menchen Mine in Brazil. Aiming to enhance value creation at Largo, the Company is in the process of implementing a titanium dioxide pigment plant using feedstock sourced from its existing operations in addition to advancing its U.S.-based clean energy division with its VCHARGE vanadium batteries. Largo’s VCHARGE vanadium batteries contain a variety of innovations, enabling an efficient, safe and ESG-aligned long duration solution that is fully recyclable at the end of its 25+ year lifespan. Producing some of the world’s highest quality vanadium, Largo’s strategic business plan is based on two pillars: 1.) vanadium production from its operations in Brazil and 2.) energy storage business in the U.S. to support a low carbon future through its clean energy division.

Largo’s common shares trade on the Nasdaq Stock Market and on the Toronto Stock Exchange under the symbol "LGO". For more information, please visit www.largoinc.com.

Cautionary Note on Forward-looking Information:

This press release contains “forward-looking information” and “forward-looking statements” within the meaning of applicable under applicable Canadian and United States securities legislation. Forward-looking statements can be identified by the use of forward-looking terminology such as "plans," "expects" or "does not expect," "is expected," "budget," "scheduled," "estimates," "forecasts," "intends," "anticipates" or "does not anticipate," or "believes," or variations of such words and phrases or statements that certain actions, events or results "may," "could," "would," "might" or "will be taken," "occur" or "be achieved." All information contained in this news release, other than statements of current and historical fact, is forward looking information. Forward‐looking information contained in this press release includes, but is not limited to, statements with respect to the timing and amount of estimated future production and sales; costs of future activities and operations, including, without limitation, the effect of inflation and exchange rates; production and sale of titanium dioxide pigment, expansion of vanadium production, and related impacts on cash flow; the successful vertical integration of the Company; timing and cost related to the build-out of the ilmenite plant and titanium dioxide pigment processing plant; the extent of capital and operating expenditures; the impact of global delays and related price increases on the Company’s global supply chain and future V₂O₅ equivalent sales; the completion by Largo Physical Vanadium Corp. of a qualifying transaction with Column Capital Corp. and listing of the resulting issuer on the TSX Venture Exchange; in respect of the MOU with Ansaldo Green Tech, the likelihood and ability of the parties to negotiate and enter into a definitive agreement or other relationship on terms acceptable to both parties and the potential market and other opportunities presented by a JV between the parties.

The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price of V₂O₅, other vanadium commodities, iron ore, ilmenite and titanium dioxide pigment; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute, failure of plant or equipment or other material disruption, including, without limitation, the failure of key contractors to perform in the Company’s operations at the Maracás Menchen Mine or relating to Largo Clean Energy; the availability of financing for operations and development; the Company’s ability to procure equipment and operating supplies in sufficient quantities, at a reasonable price and on a timely basis; that the estimates of the resources and reserves at the Maracás Menchen Mine and the geological, operational and price assumptions on which these are based are within reasonable bounds of accuracy (including with respect to size, grade and recovery); the Company’s ability to attract and retain skilled personnel and directors; the ability of management to execute strategic goals; that we will be able to build, finance and operate our vanadium redox flow (“VRFB”) business; that we will be able to protect and develop our technology and maintain our intellectual property; that we will be able to market, sell and deliver our VCHARGE batteries on specification and at a competitive price; that the Company’s current plans for ilmenite, titanium dioxide pigment and VRFBs can be achieved; that we will be able to secure the required production resources to build our VCHARGE batteries; that VRFB technology will generally be adopted in the market; and in relation to the MOU with Ansaldo Green Tech, the ability of the parties to negotiate acceptable terms for any definitive agreement or relationship between the parties, market conditions generally and in the industries in which the parties operate or seek to operate.

Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the annual information form and Form 40-F annual report of Largo and in its public documents filed on www.sedar.com and www.sec.gov from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Although management of Largo has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Largo does not undertake to update any forward-looking statements, except in accordance with applicable securities laws.

Investor Relations
Alex Guthrie
Senior Manager, External Relations
+1.416.861.9778
This email address is being protected from spambots. You need JavaScript enabled to view it.

NEW YORK--(BUSINESS WIRE)--Cleanwatts, the leading climate tech company committed to simplifying, amplifying, and accelerating the energy transition for communities around the world, presents Tommy Freeman as Director of Business Development and Analyst for the US market.

Tommy Freeman comes to Cleanwatts from Alturus with nearly a decade of experience in the Clean Energy space. His expertise includes residential and commercial solar, energy-efficiency, project finance, micro-grids, and developing community-wide electrification and efficiency programs. In Cleanwatts he will be responsible for the development of Renewable Energy Communities within Local Energy Markets around the US.

"I couldn't be more excited to join the team at Cleanwatts. The mission to help communities build clean, resilient, energy systems that serve their citizens at a local level is inspiring. As we move forward in the energy transition, we must take special care in building new infrastructure the right way...and the Cleanwatts Renewable Energy Community model is a prime example of what needs to be built in every community in America." – Tommy Freeman.

This is another important decision taken by Cleanwatts to reinforce its international growth path, focused on strengthening its presence in the US market, in order to provide the best digital energy management solutions to companies and communities where it matters most: locally.

“Cleanwatts recognizes that people are the most important asset for our business, and we are delighted Tommy Freeman has joined our team leading energy communities on the journey to a more sustainable energy future with electrification which is decarbonized, digitalized and democratized.
Tommy brings over a decade of energy efficiency industry experience related to energy infrastructure of both hardware and software assets critical for community energy project development and infrastructure funding. We encourage you to contact Tommy directly for more information.” - Michael Mahan, President of Cleanwatts Americas.

Ends

About Cleanwatts

We are a climate tech company committed to simplifying, amplifying, and accelerating the energy transition for communities around the world. We achieve this by optimizing the consumption, generation, storage, trading, and balancing of clean energy, where it matters most: locally.

We deliver value by creating and managing Renewable Energy Communities, deploying our domain expertise, proprietary technology, financial capital, and management capabilities for the benefit of our clients.

At the heart of our offering stands Cleanwatts™ OS, our Operating System specifically designed to manage energy communities. Cleanwatts™ OS is a modular, interoperable, and localizable cloud-based platform that seamlessly connects the dots between behind-the-meter optimization for community members, front-of-the-meter grid resiliency, and transaction management for local energy markets.

We are now actively managing a growing list of over 100 energy communities built by our very own REC Factory: a highly skilled cross-functional team, committed to working closely with anchor clients, town halls, and other community members to develop the best solution for each local community that we serve. Building on the success of our first REC Factory in Portugal, we’re now replicating this level of engagement in other geographies around the world.

We are building a world in which clean energy is decentralized, digitalized, and democratized.

Contact Persons:
Giovanni Rossi, Marketing Director – This email address is being protected from spambots. You need JavaScript enabled to view it.
Tommy Freeman, Director Business Development - This email address is being protected from spambots. You need JavaScript enabled to view it.

ST. LOUIS--(BUSINESS WIRE)--Western Metals Corporation (OTC: WTLC) (the “Company”), announced today that it has extended the expiration of its previously announced tender offer for all of the issued and outstanding shares of common stock without par value of the Company (“Shares”), other than the Shares owned by LOTO Energy II, LLC at a price of $0.44 per Share in cash. The tender offer is now scheduled to expire at 5:00 p.m., New York City time, on August 24, 2022, unless it is further extended.

The tender offer is being extended in order to allow additional time for shareholders to tender their Shares. All terms and conditions of the tender offer remain unchanged during the extension period. Shareholders who have already tendered their shares do not have to re-tender their shares or take any other action as a result of the extension. Complete terms and conditions of the tender offer are set forth in the Offer to Purchase, Letter of Transmittal and other related materials, which have been sent to the shareholders.

The transfer agent and the depositary for the Offer is Computershare Trust Company, N.A. The information agent for the tender offer is Georgeson LLC. Shareholders that have questions or need additional copies of the Offer to Purchase and the Letter of Transmittal should contact the information agent at its address and telephone number set forth below.

Georgeson

1290 Avenue of the Americas, 9^th Floor
New York, NY 10104

Shareholders, Banks and Brokers
Call Toll Free:
866-695-6078

Notice to Shareholders

This announcement is for informational purposes only and does not constitute an offer to buy or the solicitation of an offer to sell Shares. The Offer is being made solely pursuant to the Offer to Purchase and the related Letter of Transmittal. Shareholders are urged to read the Offer to Purchase and the related Letter of Transmittal in their entirety, as they contain various terms of, and conditions to, the Offer.

About Western Metals Corporation

Western Metals Corporation is a California corporation that owns and operates two natural gas wells located in Solano County, California.

Forward-Looking Statements

Disclosures in this press release contain certain forward-looking statements within the meaning of the federal securities laws. Statements that do not relate strictly to historical or current facts are forward-looking. These statements contain words such as “possible,” “if,” “will” and “expect” and involve risks and uncertainties including, among others that our business plans may change as circumstances warrant. Accordingly, investors should not place undue reliance on forward-looking statements as a prediction of actual results. The Company does not undertake any obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or which the Company becomes aware, after the date hereof.

Georgeson LLC, Information Agent
Phone: (866) 695-6078
www.westernmetalscorp.com

DUBLIN--(BUSINESS WIRE)--The "United Kingdom AI in Transportation Market, By Machine Learning Technology (Computer Vision, Context Awareness, Deep Learning, Natural Language Processing), By Process, By Application, By Offering, By Region, Competition Forecast & Opportunities, 2027" report has been added to ResearchAndMarkets.com's offering.

United Kingdom AI in transportation market is forecast to grow at brisk rate through 2027 on account of increasing road accidents and increasing awareness pertaining to safe driving.

Adoption of technology to enhance performances of vehicle and traffic management systems gives better scope for the solution to the problem. Artificial intelligence is used in the form of innovative technology, services, software and hardware, that supports the growth of the United Kingdom AI in transportation market in the next five years.

Although operating cost of the artificial intelligence and integrated technology is high and may present as a challenge for the growing market, higher facilitation from the government and growing investments would help overcoming the restraints and add to the future growth of the United Kingdom AI in transportation market in the future five years.

Additionally, factors like increasing vehicle sales and thus data management, government announced safety norms are some of the major factors supporting the growth of the United Kingdom AI in transportation market in the forecast years.

The United Kingdom AI in transportation market is segmented by machine learning technology, process, application, offering, competitional landscape, and regional distribution. Based on machine learning technology, the market is further segmented into computer vision, context awareness, deep learning, and natural language processing.

Deep learning technology may hold the largest revenue shares of the market and dominate the market segment in the upcoming five years on grounds of its expanded applications in development of autonomous vehicles. Growing investments in the development of self-driving vehicles, also enhances the demand for deep learning technology thereby adding to the segmental growth.

Daimler AG, Robert Bosch GmbH, Intel Corporation, Continental AG, The Volvo Group, ZF Friedrichshafen AG, Magna International Inc., Valeo, Nvidia Corporation, Scania AB, among others is a partial list of major market players responsible for the growth of United Kingdom AI in transportation market.

Objective of the Study:

• To analyze the historical growth in the market size of the United Kingdom AI in transportation market from 2017 to 2021.
• To estimate and forecast the market size of United Kingdom AI in transportation market from 2022E to 2027F and growth rate until 2027F.
• To classify and forecast the United Kingdom AI in transportation market based on machine learning technology, process, application, offering, region, and company.
• To identify the dominant region or segment in the United Kingdom AI in transportation market.
• To identify drivers and challenges for the United Kingdom AI in transportation market.
• To examine competitive developments such as expansions, new services, mergers & acquisitions, etc., in the United Kingdom AI in transportation market.
• To identify and analyze the profiles of leading players operating in the United Kingdom AI in transportation market.
• To identify key sustainable strategies adopted by market players in United Kingdom AI in transportation market.

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in United Kingdom AI in transportation market.

• Daimler AG
• Robert Bosch GmbH
• Intel Corporation
• Continental AG
• The Volvo Group
• ZF Friedrichshafen AG
• Magna International Inc.
• Valeo
• Nvidia Corporation
• Scania AB

Report Scope:

Years considered for this report:

• Historical Years: 2017-2020
• Base Year: 2021
• Estimated Year: 2022E
• Forecast Period: 2023F-2027F

United Kingdom AI in Transportation Market, By Machine Learning Technology:

• Computer Vision
• Context Awareness
• Deep Learning
• Natural Language Processing

United Kingdom AI in Transportation Market, By Process:

• Data Mining
• Image Recognition
• Signal Recognition

United Kingdom AI in Transportation Market, By Application:

• Autonomous Trucks
• HMI in Trucks
• Semi-Autonomous Trucks

United Kingdom AI in Transportation Market, By Offering:

• Hardware
• Software

United Kingdom AI in Transportation Market, By Region:

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

For more information about this report visit https://www.researchandmarkets.com/r/ytu8zn

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

OKLAHOMA CITY--(BUSINESS WIRE)--LSB Industries, Inc. (NYSE:LXU) (“LSB” or the “Company”) today announced the pricing of the previously announced underwritten public offering (the “Offering”) by affiliates of Eldridge Industries LLC (the “Selling Stockholders”) of an aggregate of 13,500,000 shares of the Company’s common stock at a price to the public of $13.00 per share, pursuant to the Company’s automatic shelf registration statement filed with the Securities and Exchange Commission (the “SEC”). The Offering is expected to close on August 15, 2022, subject to customary closing conditions. The Selling Stockholders have granted the underwriters a 30-day option to purchase up to an aggregate of 1,200,000 additional shares of the Company’s common stock at the public offering price less underwriting discounts and commissions.

The Selling Stockholders will receive all of the net proceeds from this offering. No shares are being sold by the Company.

Subject to the completion of the Offering, the Company intends to repurchase from the underwriters 5,500,000 shares of the common stock being sold in the Offering (the “Share Repurchase”) at a price per share equal to the price per share paid by the underwriters to the Selling Stockholders in the Offering. The Company intends to fund the Share Repurchase with cash on hand. The closing of the Share Repurchase is conditioned on, and expected to occur simultaneously with, the closing of the Offering.

Goldman Sachs & Co. LLC and UBS Investment Bank are serving as joint lead book-running managers for the Offering. Deutsche Bank Securities, Jefferies, Piper Sandler, RBC Capital Markets, BNP PARIBAS and Stifel are also serving as book-running managers for the Offering.

The Company has filed an automatic shelf registration statement (including a prospectus) relating to the Offering with the SEC on March 28, 2022 which became effective upon filing. Before you invest, you should read the prospectus in that registration statement, the accompanying prospectus supplement and other documents the Company has filed with the SEC for more complete information about the Company and the Offering. You may obtain these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Copies of the prospectus supplement and accompanying prospectus related to the Offering may also be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316 or email: This email address is being protected from spambots. You need JavaScript enabled to view it.; UBS Securities LLC, Attn: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, telephone: (888) 827-7275 or email: This email address is being protected from spambots. You need JavaScript enabled to view it..

The Offering is being made only by means of a prospectus supplement and the accompanying prospectus. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction. Any offer to buy the securities may be withdrawn or revoked, without obligation or commitment of any kind, at any time prior to notice of its acceptance given after the effective date.

About LSB Industries, Inc.

LSB Industries, Inc., headquartered in Oklahoma City, Oklahoma, manufactures and sells chemical products for the agricultural, mining, and industrial markets. The Company owns and operates facilities in Cherokee, Alabama, El Dorado, Arkansas and Pryor, Oklahoma, and operates a facility for a global chemical company in Baytown, Texas. LSB’s products are sold through distributors and directly to end customers primarily throughout the United States. Committed to improving the world by setting goals that will reduce our environmental impact on the planet and improve the quality of life for all of its people, the Company is well positioned to play a key role in the reduction of global carbon emissions through its planned carbon capture and sequestration, and zero carbon ammonia strategies.

About Eldridge Industries LLC

Eldridge invests in businesses across the Insurance, Asset Management, Technology, Mobility, Sports & Gaming, Media, Real Estate, and Consumer landscapes. The firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise. Eldridge is headquartered in Greenwich, Connecticut, with additional offices in Beverly Hills, New York, and London.

Forward-Looking Statements

This press release contains forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, including statements about the completion and timing of the Offering. Each forward-looking statement is subject to the inherent uncertainties in predicting future results and conditions and no assurance can be given that the Offering and Share Repurchase discussed above will be completed on the terms described or at all. Completion of the Offering and Share Repurchase and the terms thereof are subject to numerous factors, many of which are beyond the control of LSB, including, without limitation, failure of customary closing conditions and the risk factors and other matters set forth in the prospectus included in the registration statement, in the form last filed with the SEC. These forward-looking statements speak only as of the date of this press release and LSB undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Contacts:
Cheryl Maguire, Executive Vice President & CFO
(405) 510-3524

Fred Buonocore, CFA, Vice President of Investor Relations
(405) 510-3550
This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Fuel Cell Generator Market by Type (PEMFC, SOFC, AFC), End User (Marine, Aquaculture, Construction, Agriculture, Data Center, Emergency Response Generator), Region (North America, Europe, Asia Pacific, Rest of the World) - Global Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The global fuel cell generator market size is estimated to be USD 0.3 billion in 2022 and is projected to reach USD 1.4 billion by 2030, at a CAGR of 19.9%.

The market has a promising growth potential due to several factors, including the stringent norms on GHG emissions across the globe, increasing R&D grants, and the increasing need of energy-efficient power generation.

Data center: The largest segment of the fuel cell generator market, by end user.

This segment includes backup power solutions installed in data centers. Growing requirement for backup power during outages is expected to fuel the growth of the data centers segment. The need to process massive amounts of data will only become more critical as technology continues to touch our daily lives in our increasingly digitized environment.

The Internet of Things (IoT) will continue to develop, allowing us to improve almost every aspect of our lives. The technology can be utilized to improve manufacturing operations and equipment monitoring.

North America: The largest region in the fuel cell generator market.

North America is one of the leading markets which is continuously shifting its focus toward green and renewable technologies to meet the targets set by the governments for reducing GHG emissions.

Furthermore, countries such as US and Canada are increasing their investments to adopt fuel cell technology.

Market Dynamics

Drivers

• Rising Pressure on Maritime Industry to Reduce Co2 Emissions
• Increasing Awareness About Benefits of Fuel Cell Generators
• Supportive Government Policies and Provision of Incentives and Rebates on Fuel Cell Generator Installation
• Growing Preference for Clean Energy Sources due to Stringent Emission Norms

Restraints

• High Cost of Catalysts Used in Fuel Cell Generators
• High Capital Expenditure Associated with Hydrogen Energy Storage

Opportunities

• Increasing Adoption of Fuel Cell Generators for Backup Power in Data Centers
• Rising Installation of Fuel Cell Generators in Construction Sites to Achieve Decarbonization
• Growing Number of Government Initiatives to Support Development of Hydrogen Economy

Challenges

• Water Management in Proton-Exchange Membrane Fuel Cells
• High Start-Up Time of Solid Oxide Fuel Cells

Companies Mentioned

• ABB
• AFC Energy plc
• Altergy
• Ballard Power Systems
• Bloom Energy
• BOC Limited
• Cummins Inc.
• Doosan Fuel Cell Co., Ltd.
• Eodev
• Freudenberg Sealing Technologies GmbH & Co. Kg
• Gaussin
• H2Sys
• Loop Energy Inc.
• Nedstack Fuel Cell Technology Bv
• Panasonic Corporation
• Powercell Sweden Ab
• Powerup Energy Technologies
• Proton Motor Power Systems plc
• Siemens Energy
• Teco 2030
• Toshiba Energy Systems & Solutions Corporation
• Yanmar Holdings Co., Ltd

For more information about this report visit https://www.researchandmarkets.com/r/xvv6d5

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

Leading smart contract network provider expands the reinvention of the finance ecosystem through IIoT data and state-of-the-art digital ledger technology

HOUSTON--(BUSINESS WIRE)--#IIoT--Data Gumbo, the leading smart contract solution provider, announced today the closing of $4M in Series C equity funding co-led by Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco, and Equinor Technology Ventures, the venture subsidiary of Equinor, Norway’s leading energy operator.

This funding round follows a year of impressive growth for Data Gumbo, which has introduced the first ever Smart Contract Marketplace housing over forty smart contract templates ready to be deployed for immediate reduction in transactional friction and grown to over 180 enterprises participating in Data Gumbo’s smart contract network.

“We have continued to lead the way in the adoption of smart contracts for industrial use,” said William Fox, Chief Executive Officer of Data Gumbo. “The partnership with Equinor and Saudi Aramco, and their associated supply chains and partnerships, will continue the momentum for the Data Gumbo’s smart contract network.”

By tapping into existing IIoT data sources to trigger confirmation and payment automation of contractual commercial terms, organizations are able to eliminate the time-consuming process of validating invoices and transactions and fully automating the procure-to-pay and order-to-cash processes.

IIoT data is used in more industries than energy and with the additional funding, Data Gumbo plans to expand its reach, helping any organization who captures field data today to streamline their back office processes and realize time and cost savings.

“While we started in energy, we already have value for bulk commodity haulage, trucking and shipping, with plans to parlay our momentum into other global industries,” comments Andrew Bruce, Founder of Data Gumbo. “Wherever two or more organizations share a contractual relationship that can be verified with a digital source of data, opportunities abound to realize efficiencies and cost savings utilizing our blockchain network.”

Investor Quotes:

“Distributed ledger technologies bring win-win efficiencies between industrial companies and their suppliers, and Data Gumbo is at the forefront of introducing this innovation,” said Frank Andrasco, Senior Investment Director, SAEV. “While they have started in the energy sector, Data Gumbo’s platform has broad industrial applicability.”

“Over the past two years, through our internal and external efforts, we have learned a great deal about how distributed ledger technology enables efficiencies and cost savings in our operations. We believe now is the time to put that knowledge to work by continuing to support the market leader in this space and to realize value by implementing their technology,” said Gareth Burns, VP Equinor Ventures.

About Saudi Aramco Energy Ventures

Saudi Aramco Energy Ventures LLC (SAEV) is the corporate venturing subsidiary of Saudi Aramco, the world’s leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran with offices in North America, Europe and Asia, SAEV’s mission is to invest globally in start-up and high growth companies with technologies of strategic importance to its parent. For more information, visit www.saev.com.

About Equinor Ventures

Equinor Ventures (EV) supports small and medium enterprises (SMEs) with exciting new technologies in oil and energy—and in turn, helping Equinor be the world’s most carbon-efficient oil and gas producer with a developing renewable business. For more information, visit www.equinor.com.

About Data Gumbo

Data Gumbo empowers enterprises and their business networks to transact securely, increasing operational efficiencies, accountability, transparency, and cash flow certainty. With a state-of-the-art distributed ledger technology, Data Gumbo’s smart contract platform utilizes real-time IoT sensor data, reducing friction to deliver streamlined operations and transactional certainty while maintaining security controls to protect our customers and their network. Learn more at www.datagumbo.com.

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

Heather O’Connor
Saudi Aramco Energy Ventures
This email address is being protected from spambots. You need JavaScript enabled to view it.
713-432-4184

Hasting Stewart
Equinor
This email address is being protected from spambots. You need JavaScript enabled to view it.
713-485-2743