AIMCo, GIC, Manulife and Ontario Teachers’ Providing Funding for a Green Hydrogen Project to Help the Western U.S. Utilities Meet Their Sustainable Energy Goals

HOUSTON--(BUSINESS WIRE)--Haddington Ventures, LLC has formed Haddington ESP I, LP to provide construction equity for projects developed by the Advanced Clean Energy Storage Joint Venture (ACES Delta, LLC), which will be the largest green hydrogen platform in the world upon completion. With this equity funding, construction can begin in June 2022, and hydrogen hub operations are scheduled to commence in 2025.

The investors in Haddington ESP are Alberta Investment Management Corporation (AIMCo), GIC, Manulife Financial Corporation (Manulife) and Ontario Teachers’ Pension Plan Board (Ontario Teachers’). In addition to the investors’ initial $650 million equity commitment, they have additional rights to increase their collective investment to $1.5 billion.

“This is a pivotal investment for western states seeking to meet their aggressive decarbonization goals,” said John Strom, Managing Director of Haddington Ventures. “The ACES Delta hub will be larger than any existing green-hydrogen production and storage site by a factor of 10, which is the scale needed for electric utilities. The project uniquely leverages readily scalable electrolyzer technologies with multiple large salt dome storage caverns to make a meaningful environmental contribution.”

ACES Delta is developing the green hydrogen storage hub near Delta, Utah with electrolyzer capacity to produce up to 100 metric tonnes per day of green hydrogen under a long-term contract with the Intermountain Power Agency (IPA). IPA is comprised of 23 Utah municipalities and owns the Intermountain Power Project (IPP). IPP supplies power to the IPA members, six rural electric cooperatives, and municipal utilities in Southern California, including Los Angeles, Burbank and Glendale.

The initial funding from Haddington ESP will finance a project to use renewable energy resources to power 220 megawatts of electrolyzers that will split water into hydrogen and oxygen. The resulting zero-carbon green hydrogen will be stored in salt-dome storage caverns and made available on demand to IPA, which intends to utilize the hydrogen in its combined-cycle natural gas plant to generate electricity for its project participants.

Construction of the initial phase of the hub, which is now underway, will help create up to 400 local construction jobs throughout the 3-year construction cycle, and is expected to contribute significant property tax revenue to the local county services such as law enforcement, infrastructure, and others.

ACES Delta is a joint venture between Mitsubishi Power Americas and Magnum Development, a managed portfolio company of Haddington Ventures. The Haddington/Magnum team brings experience in underground salt storage development, construction, and operation while Mitsubishi Power Americas brings experience and technological support for the electrolyzers and other power related elements. For additional information, please visit aces-delta.com.

“AIMCo is excited to be participating in the ACES Delta Platform alongside strategic partners, which are aligned in supporting the Delta site becoming a key hydrogen production & storage hub for the Western US. Hydrogen is expected to play a vital role in meeting many industries and stakeholders' current and future decarbonization goals. We see the long-term contracted nature of the initial Project fitting well within the strategic objectives of our client’s portfolios and the potential for future investment in this growing sector."

Ben Hawkins, Head, Infrastructure, Renewables & Sustainable Investing AIMCo

“We firmly believe that green hydrogen will play a key role in decarbonization in the US, where long-duration storage will be essential for the higher penetration of renewable power, and to meet fluctuating inter-season power demand. As a long-term investor, we are pleased to partner with this strong group of likeminded developers and equity partners to position ourselves well for the growing hydrogen economy.”

Ang Eng Seng, Chief Investment Officer of Infrastructure for GIC

“Manulife is thrilled to expand its longstanding investment relationship with Haddington Ventures and partner alongside these strategic investors in projects developed by ACES Delta. We believe ACES Delta is uniquely positioned to build a large-scale green hydrogen production and storage platform to serve growing customer demand. This investment supports our objectives to help facilitate the decarbonization of energy sources and grow our $42 billion portfolio of green investments.”

Adam Wise, Head of Natural Resources and Sustainable Solutions, Manulife

“We’re proud to be investing in one of the largest and most advanced green hydrogen projects in the U.S.. Ontario Teachers’ is committed to decarbonization and the energy transition and we believe green hydrogen production and storage will play an essential role in this transition. We see the ACES Delta platform as the beginning of a long-term partnership with a top-quality developer.”

Chris Ireland, Managing Director, Greenfield and Renewables at Ontario Teachers’.

Legal representation to Haddington ESP investors was provided by Sidley Austin LLP, while Haddington Ventures was represented by Willkie Farr & Gallagher LLP

About Alberta Investment Management Corporation

Alberta Investment Management Corporation, AIMCo, is one of Canada's largest and most diversified institutional investment managers with more than CAD $168 billion of assets under management, as at December 31, 2021. AIMCo invests globally on behalf of 32 pension, endowment and government funds in the Province of Alberta.

The AIMCo Infrastructure group manages a portfolio of over CAD $10.5 billion in investments, comprised primarily of long-term equity positions in OECD-based infrastructure assets. These assets typically provide essential services to the public and are either regulated or have highly contracted revenues with the potential for long-term capital appreciation. AIMCo infrastructure investments are intended to match long duration real return asset characteristics with inflation-indexed pension liabilities.

About GIC

GIC is a leading global investment firm established in 1981 to secure Singapore’s financial future. As the manager of Singapore’s foreign reserves, GIC takes a long-term, disciplined approach to investing and is uniquely positioned across a wide range of asset classes and active strategies globally. These include equities, fixed income, real estate, private equity, venture capital and infrastructure. Its long-term approach, multi-asset capabilities and global connectivity enable it to be an investor of choice. GIC seeks to add meaningful value to its investments. Headquartered in Singapore, GIC has a global talent force of over 1,800 people in 10 key financial cities and has investments in over 40 countries.

About Manulife

Manulife Financial Corporation is a leading international financial services provider that helps people make their decisions easier and lives better. With our global headquarters in Toronto, Canada, we provide financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Through Manulife Investment Management, the global brand for our global wealth and asset management segment, we serve individuals, institutions, and retirement plan members worldwide. At the end of 2021, we had more than 38,000 employees, over 119,000 agents, and thousands of distribution partners, serving over 33 million customers. Our principal operations are in Asia and Canada, and the United States, where we have served customers for more than 160 years. We trade as 'MFC' on the Toronto, New York, and the Philippine stock exchanges and under '945' in Hong Kong. In the previous 12 months we made CAD$32.7 billion in payments to our customers.

Not all offerings are available in all jurisdictions. For additional information, please visit manulife.com.

About Ontario Teachers’

Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of C$241.6 billion as at December 31, 2021. We invest in more than 50 countries in everything from equities to real estate to infrastructure and venture growth, to deliver retirement income for 333,000 current and retired teachers in Ontario.

With offices in Hong Kong, London, San Francisco, Singapore and Toronto, our more than 350 investment professionals bring deep expertise in industries ranging from agriculture to artificial intelligence. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.7% since the plan’s founding in 1990. At Ontario Teachers’, we don’t just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit otpp.com and follow us on Twitter @OtppInfo.

About Haddington Ventures

Founded in 1998, Haddington Ventures, LLC oversees a growing portfolio of successful conventional and renewable energy businesses that are bringing innovative new infrastructure to the U.S. energy sector. Haddington’s unique combination of industry knowledge, investment experience and operational expertise provides an important advantage in identifying and creating value in its investment opportunities. Generally, Haddington invests in companies whose businesses support the vast operating and infrastructure requirements driven by the growing demand for energy.

Haddington Ventures
Sam Pyne
+1 713-532-7992
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AIMCO
Denes Nemeth
+1 780-392-3600
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GIC
Katy Conrad
+1 212-856-2407
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Manulife
Brittany Straughn
+1 416-926-3000
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Ontario Teachers’ Pension Plan
Hugh Christopher
+1 416-730-6451
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DUBLIN--(BUSINESS WIRE)--The "Carbon Footprint Management Market Research Report by Component (Services and Solution), Services, Deployment Mode, Vertical, Region (Americas, Asia-Pacific, and Europe, Middle East & Africa) - Global Forecast to 2027 - Cumulative Impact of COVID-19" report has been added to ResearchAndMarkets.com's offering.

The Global Carbon Footprint Management Market size was estimated at USD 5,291.22 million in 2021 and expected to reach USD 6,299.73 million in 2022. The market is projected to grow at a CAGR 19.31% to reach USD 15,266.03 million by 2027.

In this report, the years 2019 and 2020 are considered historical years, 2021 as the base year, 2022 as the estimated year, and years from 2023 to 2027 are considered the forecast period.

Cumulative Impact of COVID-19:

The report delivers insights on COVID-19 considering the changes in consumer behavior and demand, purchasing patterns, re-routing of the supply chain, dynamics of current market forces, and the significant interventions of governments. The updated study provides insights, analysis, estimations, and forecasts, considering the COVID-19 impact on the market.

Cumulative Impact of 2022 Russia Ukraine Conflict:

The publisher continuously monitors and update reports on political and economic uncertainty due to the Russian invasion of Ukraine. Negative impacts are significantly foreseen globally, especially across Eastern Europe, European Union, Eastern & Central Asia, and the United States.

This contention has severely affected lives and livelihoods and represents far-reaching disruptions in trade dynamics. The potential effects of ongoing war and uncertainty in Eastern Europe are expected to have an adverse impact on the world economy, with especially long-term harsh effects on Russia.

This report uncovers the impact of demand & supply, pricing variants, strategic uptake of vendors, and recommendations for Carbon Footprint Management market considering the current update on the conflict and its global response.

Competitive Strategic Window:

The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects. It describes the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period.

FPNV Positioning Matrix:

The FPNV Positioning Matrix evaluates and categorizes the vendors in the Carbon Footprint Management Market based on Business Strategy (Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.

Market Share Analysis:

The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space. It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others.

Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.

Company Usability Profiles:

• Accuvio
• Carbon Footprint Ltd.
• CarbonEES
• Cority
• Dakota Software Corporation
• EcoTrack Fleet Management
• EnergyCAP
• Engie SA
• Envirosoft Corporation
• IBM Corporation
• Intelex Technologies Inc.
• IsoMetrix
• Locus Technologies
• Native Energy
• ProcessMAP Corporation
• Salesforce, Inc.
• SAP SE
• Schneider Electric SE
• Trinity Consultants, Inc.
• Wolters Kluwer N.V.

Key Topics Covered:

1. Preface

2. Research Methodology

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics

5.1.1. Drivers

5.1.1.1. Stringent emission regulations laid down by the government agencies

5.1.1.2. Sustainable targets set by companies and organizations as a part of sustainable development

5.1.1.3. Increasing awareness regarding the importance of carbon footprint reduction

5.1.2. Restraints

5.1.2.1. High cost of implementation of carbon footprint management systems

5.1.3. Opportunities

5.1.3.1. Increasing government incentives and schemes provided to organizations that have low carbon footprint

5.1.3.2. Development and integration of advanced technologies to enhance the carbon reporting capabilities of the system

5.1.3.3. Proliferating growth opportunities in emerging markets due to increasing urbanization

5.1.4. Challenges

5.1.4.1. Threat to companies data and security in cloud-based carbon footprint management system

5.2. Cumulative Impact of COVID-19

6. Carbon Footprint Management Market, by Component

6.1. Introduction

6.2. Services

6.3. Solution

7. Carbon Footprint Management Market, by Services

7.1. Introduction

7.2. Consulting

7.3. Integration and Deployment

7.4. Support and Maintenance

8. Carbon Footprint Management Market, by Deployment Mode

8.1. Introduction

8.2. Cloud

8.3. On-premises

9. Carbon Footprint Management Market, by Vertical

9.1. Introduction

9.2. Energy & Utilities

9.3. IT & Telecom

9.4. Manufacturing

9.5. Residential & Commercial Buildings

9.6. Transportation & Logistics

10. Americas Carbon Footprint Management Market

10.1. Introduction

10.2. Argentina

10.3. Brazil

10.4. Canada

10.5. Mexico

10.6. United States

11. Asia-Pacific Carbon Footprint Management Market

11.1. Introduction

11.2. Australia

11.3. China

11.4. India

11.5. Indonesia

11.6. Japan

11.7. Malaysia

11.8. Philippines

11.9. Singapore

11.10. South Korea

11.11. Taiwan

11.12. Thailand

12. Europe, Middle East & Africa Carbon Footprint Management Market

12.1. Introduction

12.2. France

12.3. Germany

12.4. Italy

12.5. Netherlands

12.6. Qatar

12.7. Russia

12.8. Saudi Arabia

12.9. South Africa

12.10. Spain

12.11. United Arab Emirates

12.12. United Kingdom

13. Competitive Landscape

13.1. FPNV Positioning Matrix

13.1.1. Quadrants

13.1.2. Business Strategy

13.1.3. Product Satisfaction

13.2. Market Ranking Analysis

13.3. Market Share Analysis, By Key Player

13.4. Competitive Scenario

13.4.1. Merger & Acquisition

13.4.2. Agreement, Collaboration, & Partnership

13.4.3. New Product Launch & Enhancement

13.4.4. Investment & Funding

13.4.5. Award, Recognition, & Expansion

14. Company Usability Profiles

For more information about this report visit https://www.researchandmarkets.com/r/9kiakx

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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WASHINGTON--(BUSINESS WIRE)--Earlier today, Governor Glenn Youngkin announced that Nodal Exchange, a Fairfax County-based derivatives exchange providing price, credit, and liquidity risk management solutions to participants in the North American commodities markets, will increase capacity at its headquarters located at 1921 Gallows Road in Tysons. The expansion will create 37 new jobs.

“Nodal Exchange was founded in Fairfax County, which we believe is an ideal location for attracting and retaining an outstanding professional team necessary for operating a derivatives exchange and clearing house, and we are thrilled to be able to continue to grow and further expand here. It is a wonderful location with a highly educated and diverse workforce,” said Paul Cusenza, Chairman and CEO of Nodal Exchange and Nodal Clear. “It is also centrally located for our trading and clearing community and in close proximity to our regulators in Washington, D.C.”

Founded in 2007, Nodal Exchange is a derivatives exchange and a leader in innovation, having introduced the world’s largest set of electric power locational (nodal) futures contracts and the world’s largest set of environmental contracts. As part of EEX Group, a group of companies serving international commodity markets, Nodal Exchange currently offers over 1,000 power contracts on hundreds of unique locations, providing the most effective basis risk management available to market participants. The majority of U.S. power futures open interest is on Nodal Exchange with 1.210 billion MWh representing $180 Billion of notional value based on both sides as of the end of May 2022. In addition, Nodal Exchange offers natural gas and environmental contracts. All Nodal Exchange contracts are cleared by Nodal Clear, which is a CFTC (Commodity Futures Trading Commission) registered derivatives clearing organization and a wholly owned subsidiary of Nodal Exchange. Nodal Clear is also the clearing house for Coinbase Derivatives. Nodal Exchange is a designated contract market regulated by the CFTC.

“In Fairfax County, we are forward-thinking and constantly working towards next-generation advancements. Nodal Exchange is a great example of that, using their platform to create an efficient market for energy trading, especially clean energy,” said Jeffrey C. McKay, Chairman of the Fairfax County Board of Supervisors. “We are excited about Nodal Exchange’s growth and expansion in Tysons, further demonstrating that Fairfax County continues its national leadership as an innovation hub.”

“We are honored to have Nodal Exchange continue to call Fairfax County home,” said Victor Hoskins, President and CEO of Fairfax County Economic Development Authority (FCEDA). “Companies like Nodal Exchange expanding their operations here not only speak to our strong innovation ecosystem but also the unparalleled access to top talent we provide.”

FCEDA worked with the Virginia Economic Development Partnership (VEDP) to secure the project for Virginia. VEDP will support Nodal Exchange’s job creation through the Virginia Jobs Investment Program (VJIP), which provides consultative services and funding to companies creating new jobs in order to support employee recruitment and training activities. As a business incentive supporting economic development, VJIP reduces the human resource costs of new and expanding companies. VJIP is state-funded, demonstrating Virginia’s commitment to enhancing job opportunities for citizens.

“Nodal Exchange offers the largest suite of power and environmental contracts in the world and we are proud that this Virginia-grown business manages risk in such a critical market, resulting in impressive growth at its headquarters in Fairfax County,” said Governor Youngkin. “Northern Virginia boasts a deep bench of talent to support a range of industries, and we are pleased to see another corporate partner expand and create 37 high-quality jobs.”

ABOUT NODAL

Nodal Exchange is a derivatives exchange providing price, credit and liquidity risk management solutions to participants in the North American commodities markets. Nodal Exchange is a leader in innovation, having introduced the world’s largest set of electric power locational (nodal) futures contracts and the world’s largest set of environmental contracts. As part of EEX Group, a group of companies serving international commodity markets, Nodal Exchange currently offers over 1,000 contracts on hundreds of unique locations, providing the most effective basis risk management available to market participants. In addition, Nodal Exchange offers natural gas and environmental contracts. All Nodal Exchange contracts are cleared by Nodal Clear which is a CFTC registered derivatives clearing organization. Nodal Exchange is a designated contract market regulated by the CFTC.

PRESS CONTACTS:

Nodal
Nicole Ricard
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Fairfax County Economic Development Authority
Anna Nissinen
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Agreement, which also includes purchase rights for 25 additional aircraft conversions, places Connect Airlines on trajectory to be the world’s first zero-emission passenger airline

BENTONVILLE, Ark.--(BUSINESS WIRE)--“We are building Connect Airlines from the ground up as a smarter, more sustainable travel option for North American travelers,” said John Thomas, CEO, Connect Airlines. “We have committed to being the world’s first true zero-emission airline and the only way to accomplish this in the near term is with hydrogen.” Today at the UP.Summit, an annual gathering of leaders in air transport innovation hosted by venture capital firm UP.Partners, Universal Hydrogen Co. and Connect Airlines, a division of Waltzing Matilda Aviation, announced that the airline has placed a firm order to convert 75 ATR 72-600 regional airplanes to hydrogen powertrains, with purchase rights for an additional 25 conversions. Deliveries will start in 2025. The agreement follows an initial letter of intent (LOI) between the companies announced in 2021.

“This order places Connect firmly in the vanguard of the march to get aviation on a path to meeting Paris Agreement emissions targets,” said Paul Eremenko, co-founder and CEO of Universal Hydrogen. “This march will very soon need to turn into a sprint if the industry has any hope of decarbonizing in time without having to curtail the growth in passenger volumes. We will need to convert most of the regional fleet in the 2020s and ensure that the new narrowbody aircraft built in the 2030s are hydrogen-powered—there is no other way to get there.”

In addition to a hydrogen conversion kit for the ATR 72-600, the most popular in-production regional turboprop on the market, Universal Hydrogen offers hydrogen fuel services to airports using a modular capsule technology that enables the transport and handling of hydrogen using the existing intermodal freight network and cargo handling equipment. This eliminates the need for costly and lengthy airport infrastructure upgrades and makes nearly every airport in the world hydrogen-ready. As part of today’s agreement, Universal Hydrogen will provide fuel services to the Connect fleet enabling operating unit economics that are equivalent or better than those of hydrocarbon-powered ATR 72s from the very first delivery in 2025.

“We see the partnership with Universal Hydrogen as the fastest path to zero-emission operation because they offer both an affordable retrofit solution for the existing airplane fleet, as well as a pragmatic approach to delivering hydrogen to any airport in our route network,” said Thomas. “With this technology and its economics, we easily anticipate our appetite growing to over 800 airplanes in this class to support the growth of our route network across North America.”

About Universal Hydrogen
Universal Hydrogen is making hydrogen-powered commercial flight a near-term reality. The company takes a flexible, scalable, and capital-light approach to hydrogen logistics by transporting it in modular capsules over the existing freight network from green production sites directly to the airplane anywhere in the world. The company is targeting regional and narrowbody/single aisle airplanes as the near-term and most impactful decarbonization opportunities. Universal Hydrogen is also working to certify a powertrain conversion kit to retrofit existing regional aircraft to fly on hydrogen.

About Waltzing Matilda Aviation / Connect Airlines
WMA is a Boston based FAA Part 135 jet charter operator (Certificate number 6WZA614N) in the certification process to add FAA Part 121 scheduled and non-scheduled services to its Air Operators Certificate under the Connect Airlines brand. WMA identified the need for a “smarter airline” and brought together aviation leaders and enthusiasts with over 150 years’ experience who share a common passion – to work and fly smarter. With the planes we fly, the technology we use, and the operations we run, Connect Airlines will deliver a quieter, cleaner, and healthier travel experience. Connect Airlines, the future of smarter, greener travel.

About UP.Summit
Hosted by mobility investment firm UP.Partners, the UP.Summit has become known as the “Davos of Mobility”. UP.Summit is an invitation-only gathering of the world’s most innovative minds working together to Transform the Moving World. Leaders of the most impactful companies moving people and goods gather each year with the goal of accelerating progress toward cleaner, faster, safer, and lower cost mobility solutions on the ground, in the air, over the oceans, and in space. The UP.Summit was founded in 2017 and is jointly organized by UP.Partners, Tom and Steuart Walton, and Ross Perot Jr, rotating between Bentonville, AR and Dallas/Ft. Worth, TX each year.

About UP.Partners
Transportation is the underlying fabric of society. With a mission of Transforming the Moving World, UP.Partners invests in the pioneering entrepreneurs who are creating technologies that help move people and goods cleaner, faster, safer, and lower cost - on the ground, in the air, over the oceans, and in space. UP.Partners joins some of the world's most innovative investors and companies including Alaska Airlines, ARK Invest, and Woven Capital, the investment arm of Toyota subsidiary Woven Planet Group. UP.Summit convenes the mobility community's brightest minds each year to help humanity go UP. Together, the UP community is transforming the moving world. For more information, visit UP.Partners or follow on Twitter @UpPartnersVC or LinkedIn.

Universal Hydrogen
Kate Gundry
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Connect Airlines
Scott Brownrigg
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• Eight regional winners chosen from thousands of submissions
• Overall competition winner to be announced in end June

MISSISSAUGA, Ontario--(BUSINESS WIRE)--Schneider Electric, the leader in the digital transformation of energy management and automation, today announced the finalists for Schneider Go Green, an annual competition that invites university students from around the globe to share their ideas for innovations that can help make the world cleaner, more inclusive, and more sustainable.

First launched in 2011 by Schneider Electric, and now run for the second year in partnership with the industrial software company AVEVA, the competition has grown rapidly over the past 12 years. In 2022 alone, more than 22,200 students from 200 countries registered for the event, and more than 3,700 submitted innovative ideas that fitted into the competition’s five categories: Access to Energy, Homes of the Future, Global Supply Chain of the Future, Grids of the Future, Decoding the Future.

Eight finalists – each representing one region of the world, and each composed of up to four team members – were selected. They are:

• Pacific region: Team The Green Ambassadors, Australia. Students: Catherine Chan and Sin Hang Yung
• East Asia: Team SmartFCOS, Indonesia. Students: Yusiran Herviyandi Herizal and Sagaria Haq
• North America: Team Sea-Rate, United States. Students: Ana Claus, Alexandra Berkova and Amanda Perez
• South America: Green Thunder, Peru. Students: Angie Porras and Andres Diaz Zamora
• China: Team WBGYYDS, China. Students: YiLong Yao, QianJiao Ge, YiFang Zhang and HaoXi Zhang
• Europe: AIdroponic, Italy. Students: Carlo Cortellini, Chiara Canciani and Francesco Peracchia
• India: Eco-Brains, India. Students: Bhuvanjeet Singh Gandhi and Ishika Ahuja
• Middle East and Africa: GreenOverMorrow, Morocco. Students: Abir Werzgan, Hajar Werzgan and Omrane Derhy

The teams are being mentored by Schneider Electric and AVEVA executives and will present their ideas to a panel of judges, composed of senior Schneider and AVEVA executives, on June 21st. The overall winner will be announced on June 23rd.

The winning team will receive a cash prize of 10,000 euros, and all finalists will be invited to a job interview that may lead to a position at Schneider Electric or AVEVA.

“Innovative ideas can do so much to make the world a cleaner, fairer place. Schneider Go Green is all about helping passionate young people turn their own, often bold, ideas into practical and feasible projects,” said Charise Le, Schneider Electric’s Chief Human Resources Officer. “Congratulations to all the finalists, and a big thank you to everyone who has participated over the years: we hope your enthusiasm will inspire many more to join in the years ahead.”

For more details about the competition, including how to pre-register for the 2023 event, go to gogreen.se.com. For a flavor of the competition from the perspective of last year’s winners, Team Light Pills from Spain, click here. Schneider Electric’s sustainability commitments, including those connected with fostering the next generation, can be found here, and more about sustainability at AVEVA can be found here.

About Schneider Electric

Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.

Our mission is to be your digital partner for Sustainability and Efficiency.

We drive digital transformation by integrating world-leading process and energy technologies, endpoint to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.

We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.

https://www.se.com/ca/en/

Discover Life Is On
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Discover the newest perspectives shaping sustainability, electricity 4.0, and next generation automation on Schneider Electric Insights.

Media Relations - Edelman on behalf of Schneider Electric
Juan Pablo Guerrero
+1 416 875 7173
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Floating offshore wind platform developer bolsters industry expertise to guide next phases of development and commercialisation

DUBLIN, Ireland--(BUSINESS WIRE)--#cleanengineering--Gazelle Wind Power (Gazelle), the developer of a breakthrough floating offshore wind platform, has added four members to its board of directors, expanding its roster of elite energy, entrepreneurial, and legal industry leadership. The new board members include Wartsila’s Mayen Ekong, WAM Investment’s Adelino Costa Matos, Genel Energy Plc’s Esa Ikaheimonen, and E2IN2’s Valentin de Torres-Solanot del Pino.

Mayen Ekong, non-executive director of Gazelle Wind Power, is an international business lawyer and leads the legal team in Wartsila Corporation’s Middle East and Asia Energy business. With significant experience in the energy and maritime sectors, Mayen is an expert in legal, risk, and compliance coverage for business operations. She previously worked for Malaysian energy provider PETRONAS Group subsidiary AET in London and Singapore and for international maritime group BW, where she advised on energy infrastructure projects.

Adelino Costa Matos, non-executive director of Gazelle Wind Power, is an industrialist and pioneer in the wind industry in Portugal. Matos founded WAM Investments in 2013 and previously served as CEO of offshore wind developer ASM Industries from 2007 to 2022. He also served as a board member for a global floating offshore wind technology provider, Principle Power, from 2008 to 2020. Matos has overseen the development of several offshore wind projects, most notably, the WindFloat project—Portugal’s first such project—in 2012 during his time with ASM and Principle Power. Matos is passionate about growing entrepreneurship in Portugal, serving as director and president of the National Association of Young Entrepreneurs (ANJE).

Esa Ikaheimonen, non-executive director of Gazelle Wind Power, has served in multiple relevant senior leadership positions, including two of the world’s largest offshore drilling contractors, Transocean and Seadrill. Ikaheimonen currently serves as Chief Financial Officer and Chief Strategy Officer with ADNOC Drilling. He also brings a 20-year executive history with Shell. Esa has an exceptional track record of transformation and value creation and a unique capital markets experience as an executive and non-executive. He also serves as Chairman of the Audit & Finance Committee for the multinational waste management company, Averda International, and London-listed North Sea natural gas developer and producer, IOG plc.

Valentin de Torres-Solanot del Pino, non-executive director of Gazelle Wind Power, is a founding partner of the Spanish entrepreneurial and investment firm E2IN2. E2IN2 became involved with Gazelle in 2021 when he recognized the potential of Gazelle’s technology to be at the forefront of the future energy landscape. Torres-Solanot del Pino is the owner and Managing Director of Copredije S.A., which provides coordination engineering services. His professional career started more than 30 years ago in various entrepreneurial projects, most of which he spearheaded, in various sectors. In all ventures, he has been committed to sharing and transferring know-how, consistently demonstrating his concern for the environment, equal opportunities, and the removal of barriers of all types.

“By enabling lower-cost production of clean energy in deep-water offshore wind using environmentally sound processes, Gazelle will significantly impact an industry that is on the cusp of unlocking a path toward net-zero,” said Gazelle Chairman Javier Cavada. “Working with this elite group of policymakers, industry veterans, and energy experts on the board of directors, this organization is poised to contribute significantly to the clean energy transition.”

The board’s new members join CEO Jon Salazar, Chairman Dr. Javier Cavada, Non-executive Director Connie Hedegaard, and Non-executive Director David Mesonero.

About Gazelle Wind Power

Gazelle Wind Power Limited is unlocking the massive deep-water offshore wind market to achieve global decarbonisation. The company’s durable, disruptive hybrid floating platform with a high stability attenuated pitch surmounts the current barriers of buoyancy and geographic limitations while reducing costs and preserving fragile marine environments. The company is based in Dublin and has a presence in Dubai, London, Madrid, Paris, and Texas. For more information, visit www.gazellewindpower.com.

For Gazelle Wind Power:
Wendy Prabhu | Mercom Communications
T: +1 512 215 4452
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DUBLIN--(BUSINESS WIRE)--The "Global Commercial Unmanned Maritime Systems Growth Opportunities" report has been added to ResearchAndMarkets.com's offering

The current market size for commercial UMS is roughly $698.9 million, with a yearly growth rate of 5.3% and is expected to be worth more than $906.0 million by 2026. The vast majority of this demand comes from the oil and gas industry.

The purpose of this study is to highlight the most important applications in the unmanned maritime systems (UMS) market on a global scale and discuss how international developments are shaping it.

This analysis draws from internal databases, industry papers, academic articles, trade magazines, and news sites specialized in unmanned systems and technology. The analyst also conducted interviews with industry participants to gather deeper insights from users and manufacturers about the UMS landscape.

For practical purposes, UMS is divided into 2 segments: unmanned surface vehicles (USVs) and underwater unmanned vehicles (UUVs). Due to their history of proven commercial success in the oil and gas industry, UUVs hold the majority of the market share.

Geopolitical tensions in Eastern Europe are causing significant alterations in the global oil and gas industry: petrol prices are rising rapidly and several countries are looking for new sources to reduce dependence on Russian oil. As a result, oil production is bound to increase around the world in the next 3 years, and many UMS (particularly underwater systems) will play a key role in this development, allowing oil production to scale in regions where oil extraction is performed off-shore.

Furthermore, demand for this type of unmanned system will increase as oil and gas companies try to lower costs to keep petrol prices competitive. However, the biggest factors driving market growth are the environmental benefits of using these systems. UMS, especially those that rely on alternative energy sources for propulsion, have a much lower carbon footprint than manned vessels, helping companies cut down their carbon emissions significantly.

While UMS can be used simultaneously with other unmanned platforms, particularly aerial, there are few partnerships in place that enable unmanned-unmanned teaming applications. Furthermore, while several governments have increased spending on UMS technology to improve their military capabilities, commercial end users may not benefit from doing so because the improvements prioritized by the military do not always align with what businesses need for their applications.

Another restraint to growth comes from the price points of maritime systems, which are the highest among all types of unmanned vehicles.

In conclusion, this study details the most important growth opportunities for both manufacturers and businesses looking to implement unmanned solutions. Overall, the oil and gas industry represents the most significant opportunity for UMS market growth.

Key Topics Covered:

1. Strategic Imperatives

• Why is it Increasingly Difficult to Grow?
• The Strategic Imperative
• The Impact of the Top Three Strategic Imperatives on Commercial Unmanned Maritime Systems (UMS)
• Growth Opportunities Fuel the Growth Pipeline Engine

2. Growth Opportunity Analysis

• Purpose/Overview/Trends/Challenges: Commercial UMS
• United Nations SDGs and the Global Commercial UMS Market
• Commercial UMS Platform Segmentation
• Key Application Areas for Commercial USV
• Key Application Areas for Commercial UUV
• Representative Industry Participants
• Commercial UMS in 2021 & 2022
• Commercial UMS OEMs: Companies to Watch
• Growth Drivers
• Growth Restraints

3. Growth Opportunity Universe

• Growth Opportunity 1: Teaming of Maritime-Aerial Unmanned Systems for Commercial Applications
• Growth Opportunity 2: AUVs for Oil & Gas Applications
• Growth Opportunity 3: USVs for Autonomous Shipping

For more information about this report visit https://www.researchandmarkets.com/r/o9dbjk

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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FRAMINGHAM, Mass.--(BUSINESS WIRE)--#boardofdirectors--Ameresco, Inc., (NYSE: AMRC), a leading cleantech integrator specializing in energy efficiency and renewable energy, today announced the resignation of Thomas Murley from its Board of Directors, effective June 30, 2022. Mr. Murley, a principal at Two Lights Consulting, has served as a member of Ameresco’s Board of Directors since October 2016.

“It has been a pleasure and an honor to serve on the Ameresco Board of Directors for the last five years,” said Tom Murley. “George Sakellaris and his talented senior management team have built a strong, diversified business addressing transition to low carbon energy. I am proud to have been a small part of it and I am confident that Ameresco will continue to go from strength to strength.”

"On behalf of the entire Board and executive management team, I want to thank Tom for his dedication and valuable contributions to Ameresco throughout his term as a member of our Board of Directors," said George Sakellaris, Ameresco CEO and President. "We wish him continued good fortune in the years to come with both his personal and professional interests.”

With the resignation of Mr. Murley, Ameresco’s Board of Directors will comprise eight directors. To learn more about Ameresco’s current board members, please visit: https://ir.ameresco.com/corporate-governance/board-of-directors.

About Ameresco, Inc.

Founded in 2000, Ameresco, Inc. (NYSE:AMRC) is a leading cleantech integrator and renewable energy asset developer, owner and operator. Our comprehensive portfolio includes energy efficiency, infrastructure upgrades, asset sustainability and renewable energy solutions delivered to clients throughout North America and Europe. Ameresco’s sustainability services in support of clients’ pursuit of Net Zero include upgrades to a facility’s energy infrastructure and the development, construction, and operation of distributed energy resources. Ameresco has successfully completed energy saving, environmentally responsible projects with Federal, state and local governments, healthcare and educational institutions, housing authorities, and commercial and industrial customers. With its corporate headquarters in Framingham, MA, Ameresco has more than 1,000 employees providing local expertise in the United States, Canada, and Europe. For more information, visit www.ameresco.com.

Media:
Ameresco: Leila Dillon, 508-661-2264, This email address is being protected from spambots. You need JavaScript enabled to view it.

DUBLIN--(BUSINESS WIRE)--The "Autonomous Ships - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Autonomous Ships Market to Reach US$10.1 Billion by the Year 2026

The global market for Autonomous Ships, estimated at US$7 Billion in the year 2022, is projected to reach a revised size of US$10.1 Billion by 2026, growing at a CAGR of 8.9% over the analysis period.

Growth of the autonomous ships market is expected to be driven by the surge in sea-based trade globally due to its cost effectiveness in comparison to other transport modes, in addition to the shortage of trained and experienced sailors. Globally, cargo to the tune of nearly 1.7 billion tons per annum gets transported in about 180 million containers.

Also, the growing number of marine accidents due to human mistakes, which lead to considerable financial losses and damage to the environment, are fostering interest in autonomous ships. The growth in marine tourism and increasing interest in smart connected ships and vessels with situational awareness are also auguring well for the market.

Also, growing research initiatives and collaborations among companies belonging to various industries in many countries for making the naval structure autonomous are expected to aid market growth. The rising use of connected smart ships, given their various advantages such as fleet health monitoring data and vessel traffic management data are also benefitting the market.

Furthermore, the rising investments being made for the R&D and construction of autonomous ships are also fueling market growth. The use of IoT and other such latest technologies in these ships is also being considered to lower the environmental impact of maritime traffic and make autonomous marine projects more efficient.

Commercial, one of the segments analyzed in the report, is projected to grow at a 9.4% CAGR to reach US$7.1 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Defense segment is readjusted to a revised 7.9% CAGR for the next 7-year period. This segment currently accounts for a 37.5% share of the global Autonomous Ships market.

The U.S. Market is Estimated at $1.4 Billion in 2022, While China is Forecast to Reach $1.6 Billion by 2026

The Autonomous Ships market in the U.S. is estimated at US$1.4 Billion in the year 2022. The country currently accounts for a 20.09% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$1.6 Billion in the year 2026 trailing a CAGR of 10.3% through the analysis period.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.8% and 8.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 9.4% CAGR while Rest of European market (as defined in the study) will reach US$842.2 Million by the end of the analysis period. Europe is a key market for autonomous ships, given its considerable investments in the development of these ships and the huge fleet size.

The growing interest in cruiser power boats and yachts in the region is auguring well for the autonomous ships demand. Further, the growing governmental and organizational investments and efforts in developing these ships are boosting market growth. Also, enterprises are rendering support to government initiatives to make naval vessels autonomous in nature.

North America (including USA and Canada) is another important autonomous ships market, given the significant fleet size and the growing seaborne trade. The market in the region is also benefitting from the increasing recreational activities and tourism. Asia-Pacific autonomous ships market is anticipated to witness healthy growth, supported by growing maritime trade and rising focus on developing sea tourism in the region.

What's New for 2022?

• Global competitiveness and key competitor percentage market shares
• Market presence across multiple geographies - Strong/Active/Niche/Trivial
• Online interactive peer-to-peer collaborative bespoke updates
• Access to the publisher's digital archives and Research Platform
• Complimentary updates for one year

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• Global Autonomous Ships Market under the COVID-19 Lens
• Competitive Scenario
• Competitive Market Presence - Strong/Active/Niche/Trivial for 44 Players Worldwide in 2022 (E)
• Increasing Sea-Based Trade and Tourism Drives Growth of the Global Autonomous Ships Market: Global Market Prospects & Outlook
• Analysis by Autonomy
• Analysis by End-Use
• Regional Analysis
• China Aims at Being Leading Autonomous Shipping Country
• An Insight into Autonomous Ships
• Autonomous Vessels: A Brief Note
• Regulating Autonomous Vessels
• Recent Market Activity

2. FOCUS ON SELECT PLAYERS (Total 44 Featured)

• ABB
• General Electric (Ge)
• Honeywell International
• Hyundai Heavy Industries (Hhi)
• Kongsberg Gruppen
• Marine Technologies LLC
• Marlink
• Praxis Automation & Technology B.V.
• RH Marine
• Rolls-Royce

3. MARKET TRENDS & DRIVERS

• Sailing Towards Autonomous Shipping Technology
• Requirements for Sustainable Autonomous Technology Implementation
• Norway Research Institutes Pioneering Fully Automated Vessels
• Autonomous Vessels and the Maritime Industry
• Innovators in the Autonomous Vessels Industry
• Future of Artificial Intelligence (AI) at Sea
• Autonomous Docking Presenting Solutions to Complex Problems
• Severe Impact of Pandemic on Supply Chain Networks Derails Market Momentum
• Growing Integration of Technology in Dock Management Systems
• Big Data & Cloud Technology Seek to Expand Role in Dock Management
• Autonomous Vessels Helping Coast Guards in Safeguarding the Waters
• Steady Growth in Seaborne Trade Volumes Drives Demand for Autonomous Ships
• Rise in Number of Container Ships and Gas Carrier Marine Freight Worldwide: An Opportunity for the Market
• Shipbuilding Activity Trends Influence Dynamics of Autonomous Ships Market
• Rising Commercial Maritime Activity: Opportunity Indicator for Autonomous Ships
• Naval Autonomous Ships: Geopolitical Conflicts & Quest for Military Supremacy Widen the Business Case
• Healthy Defense Spending to Amplify the Need for Autonomous Naval Ships
• Pandemic Affects the Military & Defense Sector
• How Tourism & Leisure Industry Is Impacted by the Pandemic & What's the New Normal?
• Leisure Marine Industry amid COVID-19 Pandemic
• Challenges Associated with Autonomous Shipping
• Autonomous Ships Pose Survival Challenge to the Shipping Sector
• Impact of Autonomous Vessels on Employment
• Flags of Convenience

4. GLOBAL MARKET PERSPECTIVE

III. REGIONAL MARKET ANALYSIS

IV. COMPETITION

For more information about this report visit https://www.researchandmarkets.com/r/1hkdpl

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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ROCKVILLE, Md.--(BUSINESS WIRE)--Argan, Inc. (NYSE: AGX) (“Argan” or the “Company”) today announces financial results for its first quarter ended April 30, 2022. For additional information, please read the Company’s Quarterly Report on Form 10-Q, which the Company intends to file today with the U.S. Securities and Exchange Commission (the “SEC”). The Quarterly Report can be retrieved from the SEC’s website at www.sec.gov or from the Company’s website at www.arganinc.com.

Summary Information (dollars in thousands, except per share data)

“We continue to be pleased with the current execution on all of our major projects despite the well-publicized global supply chain disruptions, current inflationary challenges and continued COVID-19 pandemic impacts. These successes for all of our stakeholders reflect the talent and adaptability of our employees,” Rainer Bosselmann, Chairman and Chief Executive Officer of Argan, said. “Earlier today, our international efforts continued to expand, as we announced entering into three new engineering and construction contracts for 195 MW power projects in Ireland. Our sales efforts continue to be a major priority, and we believe there are a number of meaningful projects that will start this year for each of our subsidiaries. Our earnings per share of $0.50 for the first quarter is a reasonable start to the year and we look forward to building on it throughout Fiscal 2023.”

Consolidated revenues for the quarter ended April 30, 2022 were $100.3 million. The primary revenue drivers were the post peak construction activities associated with the Guernsey Power Station project in Ohio, early construction activities on the Kilroot power project in Northern Ireland and an overall sustained level of activity at each business segment. Additionally, during the quarter, the Maple Hill solar energy project revenues were adversely affected by the market disruption in the supply of photovoltaic panels. Consolidated revenues for the quarter ended April 30, 2021 reflected primarily the peak construction activities associated with the Guernsey Power Station project.

For the three-month period ended April 30, 2022, we reported a consolidated gross profit of approximately $19.7 million which represented a gross profit percentage of approximately 19.7% of corresponding consolidated revenues. The gross profit percentages of corresponding revenues for the power industry services, industrial services and the telecommunications infrastructure segments were 20.2%, 17.0% and 26.2%, respectively, for the quarter ended April 30, 2022.

Selling, general and administrative expenses for the three months ended April 30, 2022 and 2021, were $10.6 million and $9.9 million, respectively. For three months ended April 30, 2022, net income attributable to our stockholders was $7.5 million, or $0.50 per diluted share. For the three months ended April 30, 2021, we reported net income attributable to our stockholders in the amount of $10.8 million, or $0.67 per diluted share.

As of April 30, 2022, cash, cash equivalents and short-term investments totaled $367 million and net liquidity was $261 million; furthermore, the Company had no debt. The $73 million reduction in cash, cash equivalents and short-term investments from January 31, 2022 reflected the expected cash flow cycle of two significant projects, the payment of dividends and the repurchase of shares. During the three months ended April 30, 2022, the Company repurchased 710,879 shares of common stock at a cost of $27 million. To date, the Company has repurchased 1,621,808 shares of common stock, or approximately 10% of its outstanding shares, at a cost of approximately $61.7 million under the $75 million share repurchase program authorization. The Company’s consolidated amount of RUPO was approximately $339 million as of April 30, 2022.

About Argan

Argan’s primary business is providing a full range of services to the power industry, including the renewable energy sector. Argan’s service offerings focus on the engineering, procurement and construction of natural gas-fired power plants and renewable energy facilities, along with related commissioning, operations management, maintenance, project development and consulting services, through its Gemma Power Systems and Atlantic Projects Company operations. Argan also owns The Roberts Company, which is a fully integrated fabrication, construction and industrial plant services company, and SMC Infrastructure Solutions, which provides telecommunications infrastructure services.

Certain matters discussed in this press release may constitute forward-looking statements within the meaning of the federal securities laws. Reference is hereby made to the cautionary statements made by the Company with respect to risk factors set forth in its most recent reports on Form 10-K, Forms 10-Q and other SEC filings. The Company’s future financial performance is subject to risks and uncertainties including, but not limited to, the successful addition of new contracts to project backlog, the receipt of corresponding notices to proceed with contract activities, the Company’s ability to successfully complete the projects that it obtains and the resurgence of the COVID-19 pandemic due to the spread of various variants. The Company has several signed EPC contracts that have not started and may not start as forecasted due to market and other circumstances beyond its control. Actual results and the timing of certain events could differ materially from those projected in or contemplated by the forward-looking statements due to the risk factors highlighted above and described regularly in the Company’s SEC filings.

Company Contact:
Rainer Bosselmann
301.315.0027

Investor Relations Contact:
David Watson
301.315.0027

Compatible with more than 750 inverters through an established global network of partners, Tigo enhances safety in solar arrays worldwide

CAMPBELL, Calif.--(BUSINESS WIRE)--Tigo Energy, Inc., the solar industry’s leading Flex MLPE (Module Level Power Electronics) supplier, today announced its milestone achievement of one gigawatt of dedicated rapid shutdown MLPE devices deployed across solar arrays worldwide. The option to choose from dedicated rapid shutdown MLPE devices, module-level monitoring, advanced power optimization, or a combination thereof gives Tigo customers the freedom to design just-right solar systems for their customers. The gigawatt threshold was reached on an array at the Portland International Airport (PDX), which Oregon-based solar design and installation firm Elemental Energy installed.

In support of the PDX airport’s sustainability goals and LEED certification, Elemental Energy used Tigo TS4-A-F rapid shutdown devices to complete a custom, six-hundred-foot long solar array on a new parking garage at the airport. The 75kWp solar system, designed and installed by Elemental Energy, leverages the Tigo TS4-A-F devices to enable rapid shutdown for fire safety. The PDX awning system also includes 400W solar modules from Trina Solar and the Sunny Tripower CORE1 inverter from SMA.

“Our customer needed a reliable solution that mirrored their installed base of SMA products and met all current codes related to Rapid Shutdown, and Tigo had the solution to do both,'' said Katie Martin, construction manager at Elemental Energy. “Tigo fulfilled all of the project’s goals with its inverter compatibility and rapid shutdown requirements. The modules installed beautifully under the custom awning structure and the Tigo TS4s worked like a charm with the SMA inverter.”

The Tigo TS4-A-F enables cost-effective rapid shutdown, is built on the foundation of multiple generations of dedicated rapid shutdown devices, and interfaces with an industry-leading list of third-party solar inverters.

“With more than two and a half million dedicated rapid shutdown devices globally, our products deliver safe and reliable solar energy around the globe, and we are grateful to our inverter partners, module manufacturers, installers, distributors, and customers for helping us reach this milestone,” said Zvi Alon, chairman and CEO at Tigo Energy. “We look forward to continuing our work alongside partners like Elemental Energy as we help generate sustainable energy and deliver industry-leading compatibility and scale for solar installers everywhere.”

For more information about rapid shutdown and solar fire safety products from Tigo Energy, please visit https://www.tigoenergy.com/ts4.

About Tigo Energy

Tigo Energy, the worldwide leader in Flex MLPE (Module Level Power Electronics), designs innovative solar power conversion and storage products that provide customers more choice and flexibility. The Tigo TS4 platform increases solar production, decreases operating costs, and enhances safety. When combined with the Tigo Energy Intelligence (EI) platform, it delivers module, system, and fleet-level insights to maximize solar performance and minimize operating costs. The Tigo EI Residential Solar Solution, a flexible solar-plus-storage solution for home installations, rounds out the Company’s portfolio of solar energy technology. Tigo was founded in Silicon Valley in 2007 to accelerate the adoption of solar energy, and its global team supports customers whose systems reliably produce gigawatt hours of safe solar energy on seven continents. Find us online at www.tigoenergy.com.

Technica Communications
Caitlan Caviness
408-806-9626 Ext. 9949
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International District Energy Association recognizes Vicinity’s growth in servicing buildings in Boston, Cambridge, and Baltimore

TORONTO--(BUSINESS WIRE)--#BOSpoli--Vicinity Energy has been recognized by the International District Energy Association (IDEA) for the growth of its services in Baltimore, Boston, and Cambridge.

The annual award highlights industry growth, recognizing the district energy systems with the largest total number of buildings and building area in square feet committed or recommitted to district energy service by IDEA member systems. In the “Number of Buildings Committed” category, Vicinity’s Boston-Cambridge system received the Gold award, and its Baltimore system received the Bronze award. The company was also recognized for “Total Building Area Committed,” with its Boston and Cambridge system and Baltimore system winning the Silver and Bronze awards, respectively.

With a commitment to achieve net zero carbon emissions by 2050, Vicinity is actively working towards electrifying its district energy systems in Boston and Cambridge, with its other districts to follow.

The company’s multi-pronged decarbonization and electrification plan includes the installation of innovative technologies such as electric boilers, industrial-scale heat pumps, and thermal batteries. As a key part of this strategy, Vicinity Energy announced the launch of eSteam™, the first-ever carbon-free energy product powered by renewable energy.

“We are honored to be recognized by the IDEA community and value the trust that our long-term and new customers have in our teams. We are excited about the opportunity to continue district energy’s long history of innovation to propel our cities towards a clean energy future,” said Brian Mueller, chief development officer for Vicinity Energy. “We are especially thrilled that the decarbonization efforts we are making at our central facility in Cambridge, Mass. will immediately affect all the buildings we serve in lowering carbon emissions in our neighborhoods and cities.”

To read more about Vicinity’s district energy systems and its commitment to innovation and the environment, click here.

About Vicinity Energy

Vicinity Energy is a clean energy company that owns and operates the nation’s most extensive portfolio of district energy systems. Vicinity produces and distributes reliable, clean steam, hot water, and chilled water to over 230 million square feet of building space nationwide. Vicinity is committed to achieving net zero carbon across its portfolio by 2050. Vicinity continuously invests in its infrastructure and the latest technologies to accelerate the transition and rapidly decarbonize commercial and institutional buildings in city centers. For more information about Vicinity’s Clean Energy Future commitment, visit www.vicinityenergy.us.

Media
Sara DeMille
Senior Director of Marketing and Communications
857 557 7838
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Solar-Plus-Storage System Provides Energy Resilience for Humboldt County, Serves As Blueprint for Advancing Deployment of Clean, Multi-Customer Microgrids

OAKLAND, Calif.--(BUSINESS WIRE)--California’s first 100% renewable energy, front-of-the-meter, multi-customer microgrid is now fully operational, providing enhanced energy resilience for the California Redwood Coast-Humboldt County Airport and US Coast Guard Air Station.

The new microgrid was developed through a first-of-its-kind partnership between the County of Humboldt, Pacific Gas and Electric Company (PG&E), the Schatz Energy Research Center at Cal Poly Humboldt, Schweitzer Engineering Labs, the Redwood Coast Energy Authority, Tesla, Inc., The Energy Authority, and TRC.

The Redwood Coast Airport Microgrid (RCAM) features a 2.2-megawatt (MW) solar photovoltaic array that is DC-coupled to a 2-MW (9 megawatt-hour) battery energy storage system, comprised of three Tesla Megapacks. It also includes a microgrid control system, with protection and isolation devices that interfaces directly with PG&E’s distribution control center.

A model for resilient, clean energy

The microgrid serves multiple functions and is managed in collaboration between project partners. The Schatz Energy Research Center is the prime contractor and technology integrator, leading the design, testing and deployment of the clean energy microgrid.

“The Redwood Coast Airport Microgrid has ushered in a new and exciting era for the electric grid in California. With its successful deployment and the development of new microgrid agreements and tariffs, RCAM has become a role model and beacon to communities across the state who are striving to green their energy supply and bolster their resilience in the face of climate change,” said Peter Lehman, Founding Director of the Schatz Center and project lead.

Redwood Coast Energy Authority (RCEA), the Community Choice Aggregator for the Humboldt Bay area, owns the two solar arrays and the battery energy storage system.

During standard blue-sky operations, RCAM generates clean energy for the North Coast and participates in the California Independent System Operator (CAISO) wholesale energy markets, including the day-ahead, real-time, and ancillary services markets.

By storing solar energy during the day and releasing it onto the grid as needed in the evening and during peak demand, RCAM enables greater utilization of solar, supports grid reliability, and creates an economic model for future microgrids.

“RCEA’s goal is to provide our customers with 100% carbon-free electricity by 2025, and 100% local carbon-free electricity by 2030. This project is a major milestone for our clean energy and resilience efforts,” says Matthew Marshall, Executive Director of RCEA. RCEA works closely with schools, fire departments, tribes, and other local agencies to support community resilience across the North Coast.

PG&E owns, operates, and maintains the microgrid circuit and controls the microgrid during “islanded” operation. In the event of a broader grid outage, the clean-energy microgrid provides indefinite power for the 19 connected customers by disconnecting or “islanding” from the broader grid when needed and becoming an independent, PG&E-operated grid segment. This ensures that airport flight service and rescue operations continue without interruption.

“The Redwood Coast Airport Microgrid represents the culmination of many years of research, innovation, and collaboration by the world’s leading microgrid experts. Thanks to this team’s smart work, microgrids now play a key role in PG&E’s ongoing efforts to harden our electrical system and enhance local grid resilience throughout Northern and Central California. We know how much our customers and communities need reliable energy, and this system not only increases local reliability, it also serves as the foundation for a replicable and scalable model for widely deploying multi-customer microgrids across PG&E’s service area. This gives communities a new tool in securing their resilience and clean energy goals,” said Jason Glickman, PG&E’s Executive Vice President, Engineering, Planning and Strategy.

Meeting critical resilience goals

The regional California Redwood Coast-Humboldt County Airport (ACV) is in McKinleyville, California, and serves the greater North Coast community with over 50,000 flights per year, including commercial airline, private, and emergency medical flights. Adjacent to the airport, the US Coast Guard Air Station Humboldt Bay provides search and rescue for 250 miles of rural coastline, from the Mendocino-Sonoma county line to the California-Oregon border.

Roads into Humboldt County are frequently closed by fires and mudslides, making air services a critical factor in regional emergency response.

“The California Redwood Coast-Humboldt County Airport (ACV) is a lifeline to our community every day by keeping Humboldt County connected to the world alongside our partners at United Airlines, Avelo Airlines, American Airlines, REACH/Cal-Ore Life Flights, US Coast Guard-Sector Humboldt Bay, and many others. RCAM ensures that we can continue to keep that lifeline open through energy resilience, no matter what happens to the power grid,” said Cody Roggatz, Humboldt County’s Director of Aviation.

Research and development for the microgrid was supported through California’s Electric Program Investment Charge (EPIC)—a statewide, customer-funded program that enables PG&E, other California investor-owned utilities and the California Energy Commission to execute emerging technology demonstration and deployment projects that address important grid needs. EPIC plays a vital role in helping drive the innovation needed to meet California’s policy and clean energy goals while also ensuring the safe, reliable, and affordable operation of the grid.

Part of a growing trend

The unique collaboration between RCAM project partners has informed meaningful technical and policy innovations including the development of the Community Microgrid Enablement Tariff and PG&E’s Community Microgrid Enablement Program (CMEP).

To date, PG&E has engaged with more than three dozen communities and customers to explore potential financial and infrastructure support options for developing microgrids and resilience solutions through the CMEP.

Additionally, PG&E along with Southern California Edison and San Diego Gas and Electric, are developing the Microgrid Incentive Program (MIP), leveraging a $200 million statewide fund dedicated to the development of clean energy microgrids supporting the critical needs of vulnerable populations and disadvantaged communities. The companies anticipate launching this program in late 2022.

Together, the MIP and PG&E’s CMEP provide comprehensive financial support for both the distributed energy resources and other costs necessary to develop and energize a microgrid, as well as the distribution upgrades necessary to enable the safe islanding of the microgrid.

The Schatz Center is partnering with several tribes in Northern California to support their clean energy, resilience, and climate response efforts. Cal Poly Humboldt also recently began design of a renewable energy microgrid to support campus resilience through clean generation. This microgrid will be part of the university’s sustainability framework, and will enable students in engineering, environmental sciences, and other programs to gain hands-on experience with innovative climate-friendly technologies.

More information

For more information about CMEP or to get started in exploring a community-developed microgrid visit PG&E’s Community Resilience Guide.

Learn more about RCAM and other microgrids being developed by the Schatz Center: http://schatzcenter.org/microgrids.

Explore RCEA’s programs and request an RCAM site tour: https://redwoodenergy.org/rcam/.

About PG&E

PG&E, a subsidiary of PG&E Corporation (NYSE:PCG), is a combined natural gas and electric utility serving more than 16 million people across 70,000 square miles in Northern and Central California. For more information, visit pge.com and pge.com/news.

About the Schatz Center

Since 1989, the Schatz Center has produced groundbreaking, renewable energy solutions that reduce climate change and pollution while increasing energy access and resilience. Located on the campus of Cal Poly Humboldt, the Schatz Center’s research efforts include microgrids, offshore wind, off-grid energy access, carbon life cycles, clean transportation, and more. The Center works closely with state agencies, local government, and Tribal nations in California, as well as with the World Bank Group, CLASP, IKEA Foundation, and others to support international energy access and resilience. Learn more at http://schatzcenter.org.

About RCEA

Established in 2003, the Redwood Coast Energy Authority is a local government joint powers agency whose members include the County of Humboldt, the seven cities within the county, and the Humboldt Bay Municipal Water District. The Energy Authority's purpose is to develop and implement sustainable energy initiatives that reduce energy demand, increase energy efficiency, and advance the use of clean, efficient, and renewable resources available in the region. For more info, visit https://redwoodenergy.org.

Marketing & Communications | 415.973.5930 | www.pge.com

HOUSTON--(BUSINESS WIRE)--NextDecade Corporation (“NextDecade”) (NASDAQ: NEXT) announced today that its Chief Operating Officer, Ivan Van der Walt, will leave the company to pursue other opportunities, effective June 10, 2022. His legacy is the strong engineering, construction, and regulatory leadership team he assembled that is responsible for helping deliver the Rio Grande LNG export project and the development of NEXT Carbon Solutions proprietary processes.

“Ivan has helped grow NextDecade and his leadership has helped ensure we have the right team and processes in place to begin the construction of Rio Grande LNG in the second half of this year,” said Matt Schatzman, NextDecade’s Chairman and Chief Executive Officer. “I wish him all the best in his future endeavors.”

Assuming the achievement of further LNG contracting and financing, NextDecade anticipates making a positive final investment decision (“FID”) on a minimum of two trains of the Rio Grande LNG export project in the second half of 2022, with FIDs of its remaining three trains to follow thereafter.

About NextDecade Corporation

NextDecade Corporation is an energy company accelerating the path to a net-zero future. Leading innovation in more sustainable LNG and carbon capture solutions, NextDecade is committed to providing the world access to cleaner energy. Through our wholly owned subsidiaries Rio Grande LNG and NEXT Carbon Solutions, we are developing a 27 MTPA LNG export facility in South Texas along with one of the largest carbon capture and storage projects in North America. We are also working with third-party customers around the world to deploy our proprietary processes to lower the cost of carbon capture and storage and reduce CO₂ emissions at their industrial-scale facilities. NextDecade’s common stock is listed on the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is headquartered in Houston, Texas. For more information, please visit www.next-decade.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of U.S. federal securities laws. The words “anticipate,” “contemplate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “might,” “will,” “would,” “could,” “should,” “can have,” “likely,” “continue,” “design,” “assume,” “budget,” “guidance,” and “forecast” and other words and terms of similar expressions are intended to identify forward-looking statements, and these statements may relate to the business of NextDecade and its subsidiaries. These statements have been based on assumptions and analysis made by NextDecade in light of current expectations, perceptions of historical trends, current conditions and projections about future events and trends and involve a number of known and unknown risks, which may cause actual results to differ materially from expectations expressed or implied in the forward-looking statements. These risks include NextDecade’s progress in the development of its LNG liquefaction and export projects and the timing of that progress; the timing of achieving a final investment decision on the Rio Grande LNG terminal (the “Terminal”); reliance on third-party contractors to successfully complete the Terminal and the pipeline to supply gas to the Terminal; ability to secure additional debt and equity financing in the future to complete the Terminal on commercially acceptable terms; accuracy of estimated costs for the Terminal; ability to achieve operational characteristics of the Terminal, when completed, including liquefaction capacities, and any differences in such operational characteristics from expectations; development risks, operational hazards and regulatory approvals applicable to NextDecade's development, construction and operation activities and those of its third-party contractors and counterparties; technological innovation which may lessen NextDecade's anticipated competitive advantage or demand for its offerings; global demand for and price of LNG; availability of LNG vessels worldwide; changes in legislation and regulations relating to the LNG industries, including environmental laws and regulations that impose significant compliance costs and liabilities; global pandemics, including the 2019 novel coronavirus pandemic, the Russia-Ukraine conflict, other sources of volatility in the energy markets and their impact on NextDecade's business and operating results, including any disruptions in its operations or development of the Terminal and the health and safety of its employees, and on its customers, the global economy and the demand for LNG; risks related to doing business in and having counterparties in foreign countries; NextDecade's ability to maintain the listing of our securities on the Nasdaq Capital Market or another securities exchange or quotation medium; changes adversely affecting the businesses in which NextDecade is engaged; management of growth; general economic conditions; ability to generate cash; and the result of future financing efforts and applications for customary tax incentives; and other matters discussed in the “Risk Factors” section of NextDecade’s most recent Annual Report on Form 10-K and subsequent reports filed with the Securities and Exchange Commission. Additionally, any development of the Terminal remains contingent upon completing required commercial agreements, securing all financing commitments and potential tax incentives, achieving other customary conditions and making a final investment decision to proceed. The forward-looking statements in this press release speak as of the date of this release. Although NextDecade believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that the expectations will prove to be correct. NextDecade may from time to time voluntarily update its prior forward-looking statements, however, it disclaims any commitment to do so except as required by securities laws.

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DUBLIN--(BUSINESS WIRE)--The "Unmanned Marine Vehicle Market Research Report by Type (Unmanned Surface Vehicle and Unmanned Underwater Vehicle), Application, Region (Americas, Asia-Pacific, and Europe, Middle East & Africa) - Global Forecast to 2027 - Cumulative Impact of COVID-19" report has been added to ResearchAndMarkets.com's offering.

The Global Unmanned Marine Vehicle Market size was estimated at USD 851.36 million in 2021, USD 995.32 million in 2022, and is projected to grow at a Compound Annual Growth Rate (CAGR) of 17.08% to reach USD 2,193.64 million by 2027.

In this report, the years 2019 and 2020 are considered historical years, 2021 as the base year, 2022 as the estimated year, and years from 2023 to 2027 are considered the forecast period.

Cumulative Impact of 2022 Russia Ukraine Conflict:

We continuously monitor and update reports on political and economic uncertainty due to the Russian invasion of Ukraine. Negative impacts are significantly foreseen globally, especially across Eastern Europe, European Union, Eastern & Central Asia, and the United States.

This contention has severely affected lives and livelihoods and represents far-reaching disruptions in trade dynamics. The potential effects of ongoing war and uncertainty in Eastern Europe are expected to have an adverse impact on the world economy, with especially long-term harsh effects on Russia.

This report uncovers the impact of demand & supply, pricing variants, strategic uptake of vendors, and recommendations for Unmanned Marine Vehicle market considering the current update on the conflict and its global response.

Competitive Strategic Window:

The Competitive Strategic Window analyses the competitive landscape in terms of markets, applications, and geographies to help the vendor define an alignment or fit between their capabilities and opportunities for future growth prospects.

It describes the optimal or favorable fit for the vendors to adopt successive merger and acquisition strategies, geography expansion, research & development, and new product introduction strategies to execute further business expansion and growth during a forecast period.

FPNV Positioning Matrix:

The FPNV Positioning Matrix evaluates and categorizes the vendors in the Unmanned Marine Vehicle Market based on Business Strategy (Business Growth, Industry Coverage, Financial Viability, and Channel Support) and Product Satisfaction (Value for Money, Ease of Use, Product Features, and Customer Support) that aids businesses in better decision making and understanding the competitive landscape.

Market Share Analysis:

The Market Share Analysis offers the analysis of vendors considering their contribution to the overall market. It provides the idea of its revenue generation into the overall market compared to other vendors in the space.

It provides insights into how vendors are performing in terms of revenue generation and customer base compared to others. Knowing market share offers an idea of the size and competitiveness of the vendors for the base year. It reveals the market characteristics in terms of accumulation, fragmentation, dominance, and amalgamation traits.

Competitive Scenario:

The Competitive Scenario provides an outlook analysis of the various business growth strategies adopted by the vendors. The news covered in this section deliver valuable thoughts at the different stage while keeping up-to-date with the business and engage stakeholders in the economic debate.

Company Usability Profiles:

• BAE Systems plc
• Boston Engineering Corporation
• ECA Group
• Elbit Systems Ltd.
• EvoLogics GmbH
• General Dynamics Corporation
• INTERNATIONAL SUBMARINE ENGINEERING LTD
• Kongsberg Gruppen ASA
• L3Harris Technologies, Inc.
• Liquid Robotic
• Lockheed Martin Corporation
• Northrop Grumman Systems Corporation
• Ocean Aero Inc.
• Rafael Advanced Defense Systems Ltd
• SeaRobotics Corporation
• SimpleUnmanned, LLC
• SMD Group
• Teledyne Technologies Incorporated
• Textron Inc
• Thyssenkrupp AG

Key Topics Covered:

1. Preface

2. Research Methodology

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics

5.1.1. Drivers

5.1.1.1. Growing demand for underwater mapping, mainly for marine geoscience studies

5.1.1.2. Increasing need for surveillance instruments and equipment for defense applications

5.1.1.3. Emerging capabilities for scientific research and border surveillance

5.1.2. Restraints

5.1.2.1. Relatively high cost of equipment

5.1.3. Opportunities

5.1.3.1. Robust technological developments and demand for autonomous vehicles

5.1.3.2. Ongoing application in mine counter measures (MCM), surveillance, and intelligence in oil and gas exploration

5.1.4. Challenges

5.1.4.1. Capital intensive initial investment and dearth of proper maintenance

5.2. Cumulative Impact of COVID-19

5.3. Cumulative Impact of 2022 Russia Ukraine Conflict

6. Unmanned Marine Vehicle Market, by Type

6.1. Introduction

6.2. Unmanned Surface Vehicle

6.3. Unmanned Underwater Vehicle

7. Unmanned Marine Vehicle Market, by Application

7.1. Introduction

7.2. Environmental Monitoring

7.3. Hydrographic Survey

7.4. Oceanographic Survey

8. Americas Unmanned Marine Vehicle Market

8.1. Introduction

8.2. Argentina

8.3. Brazil

8.4. Canada

8.5. Mexico

8.6. United States

9. Asia-Pacific Unmanned Marine Vehicle Market

10. Europe, Middle East & Africa Unmanned Marine Vehicle Market

11. Competitive Landscape

11.1. FPNV Positioning Matrix

11.1.1. Quadrants

11.1.2. Business Strategy

11.1.3. Product Satisfaction

11.2. Market Ranking Analysis

11.3. Market Share Analysis, By Key Player

11.4. Competitive Scenario

11.4.1. Merger & Acquisition

11.4.2. Agreement, Collaboration, & Partnership

11.4.3. New Product Launch & Enhancement

11.4.4. Investment & Funding

11.4.5. Award, Recognition, & Expansion

12. Company Usability Profiles

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

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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• Five-year strategy advances plans to gain traction in new markets, increase penetration in existing markets and mature to full life cycle product business
• Two-prong approach strengthens and redirects legacy heat transfer and vacuum technology operations and invests in advancement of new fluid and power technologies business

BATAVIA, N.Y.--(BUSINESS WIRE)--Graham Corporation (NYSE: GHM), a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy and process industries, announced today its five-year strategic plan that is expected to drive high single digit revenue growth and low double digit to mid-teens adjusted EBITDA margins¹.

Daniel J. Thoren, President and CEO, commented, “These are exciting times for Graham as we leverage our business acumen and operational strengths to build a scalable enterprise with stronger earnings potential. Our engineering expertise in complex fluid, power, heat transfer and vacuum systems technologies provides opportunities to expand our business and reach new customers. We have successfully transitioned into a diversified business with a solid defense industry base complemented by our well established refining and petrochemical industry presence. Importantly, we are gaining traction in the advanced energy, specifically hydrogen, and space markets as well.”

Grahams’ strategy takes a two-pronged approach to address the current status of its two operations, which are at different business cycle stages. The Batavia operation is focused on implementing improved processes, enhancing its team with new talent and increasing engagement to drive productivity, profitability and growth. To drive improvement, the Company is establishing a new business system centered on integration, accountability and transparency.

Mr. Thoren added, “Advancing this strategy for our heat transfer and vacuum technology business creates many opportunities for building a stable defense business providing critical equipment to the U.S. Navy while also rethinking how and where we go to market with our commercial products for our refining and petrochemical customers.

“The addition of Barber-Nichols (“BN”) last year was a step change for Graham, enabling a second prong to our strategy to enhance that business’s potential to gain greater market share, expand its product portfolio and address key markets with strong tailwinds.”

BN had evolved over the last ten years from a custom engineered, prototype manufacturer to a key provider of highly engineered solutions of critical equipment for higher volume applications. The Company believes this has created scalability, greatly improves margins and enables full product lifecycle support – from original design and development through aftermarket refurbishment and repair.

Mr. Thoren concluded, “We see similar potential in our legacy business to advance to a full product lifecycle model. Combined, we believe we have the potential to measurably grow over the next five years and deliver earnings at an even higher rate of growth. We believe this also establishes our platform and approach for further acquisitions and expansion in the future.”

Corporate Strategy and Financial Results Webinar

The Company will host a webinar to discuss its corporate strategy and fourth quarter and fiscal year 2022 financial results tomorrow, June 9, at 11:00 a.m. Eastern Time. Internet webcast link and accompanying slide presentations will be available here: https://ir.grahamcorp.com/.

A question-and-answer session will follow the presentations. Questions may be submitted through the webinar portal or, alternatively, a teleconference number will be provided to ask any questions live at the event.

A webcast replay will be available on the Company’s investor relations website, where a transcript will also be posted once available.

Safe Harbor Regarding Forward Looking Statements

This news release contains 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.

Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “estimates,” “anticipates,” “believes,” “could,” “opportunities,” “potential,” “plan(s),” ”may,” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, its ability and the timing needed to address challenges in its business, including at the Batavia, NY operations, profitability of future projects, the development and impact of improved processes, the evolution to a full life cycle product business, expected expansion and growth opportunities within its existing and new markets, anticipated revenue, earnings growth and the rate of such growth, adjusted EBITDA margins, profit margins, its ability to improve cost competitiveness and productivity, customer preferences, changes in market conditions in the industries in which it operates, its acquisition and growth strategy, are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation’s most recent Annual Report filed with the Securities and Exchange Commission, included under the heading entitled “Risk Factors.”

Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.

Forward-Looking Non-GAAP Measures

Forward looking adjusted EBITDA margin is a non-GAAP measures. The Company is unable to present a quantitative reconciliation of this forward-looking non-GAAP financial measure to its most directly comparable forward-looking GAAP financial measure because such information is not available, and management cannot reliably predict the necessary components of such GAAP measure without unreasonable effort largely because forecasting or predicting our future operating results is subject to many factors out of our control or not readily predictable. In addition, the Company believes that such reconciliation would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company’s fiscal 2023 financial results. This non-GAAP financial measure is a preliminary estimate and is subject to risks and uncertainties, including, among others, changes in connection with purchase accounting, quarter-end and year-end adjustments. Any variation between the Company’s actual results and preliminary financial estimates set forth above may be material.

ABOUT GRAHAM CORPORATION

Graham is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy and process industries. The Graham Manufacturing and Barber-Nichols’ global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems.

Graham routinely posts news and other important information on its website, www.grahamcorp.com, where additional information on Graham Corporation and its businesses can be found.

¹ Forward looking adjusted EBITDA margin is a non-GAAP measure. See the note regarding forward looking non-GAAP measures at the end of this release.

Christopher J. Thome
Vice President - Finance and CFO
Phone: (585) 343-2216

Deborah K. Pawlowski
Kei Advisors LLC
Phone: (716) 843-3908
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Agreement initiates collaboration for pilot installations of PI Energy’s pioneering solar photovoltaic technology on electric vehicles

SAN DIEGO--(BUSINESS WIRE)--As the demand for urban last-mile delivery is expected to grow exponentially around the globe by 2030, industry leaders are seeking more sustainable solutions to offset growing carbon emissions.

Leading the charge is GoFor Industries, Inc., (gofor), a North American leading sustainable delivery company committed to carbon-neutral last-mile services. In an effort to further enhance its electric delivery vehicles and services, gofor has entered into an agreement with PI Energy, which has developed a novel and proprietary technology that makes it possible to install solar on almost any surface. As part of the partnership, gofor will join PI Energy’s Pilot Deployment Program.

PI Energy’s Pilot Deployment Program is the first phase of the company’s commercialization of its next-generation photovoltaic (PV) cell technology. The proprietary technology, based on nanofilm solar cell innovation, using ultrathin silicon, enables practical and low-cost installation of solar modules that are designed to be lightweight, flexible, nontoxic, and easy to install on most surfaces. PI Energy's Pilot Deployment Program will be the first globally scalable PV deployment.

Gofor’s participation in PI Energy’s Pilot Deployment Program will provide the renewable delivery™ company with access to PI Energy’s revolutionary module technology, which is designed to be wrapped on to electric vehicles so that EVs can be charged from sunlight. Some of the benefits of directly solar charging an EV include range-extension, decreased battery wear, and lower charging and operating costs.

“We are thrilled to partner with gofor, which is leading a better and cleaner way of providing sustainable delivery services,” said Phil Layton, CEO of PI Energy. “The company’s participation in PI Energy’s Pilot Deployment Program will advance our collective goals for improving the performance and energy efficiency of EVs by providing on-board power generation that is lightweight, nontoxic, flexible, and easy to wrap on most vehicles.”

Gofor, which serves over 120 metropolitan areas in the US and Canada, is a market leader in sustainable logistics, combining customer-focused delivery services and electric vehicle fleets. The company’s collaboration with PI Energy includes installation and performance evaluation, power generation and optimization, and pilot demonstration of PI Energy’s disruptive solar photovoltaic technology.

“We believe PI Energy’s technology can provide new ways of improving our delivery performance for our customers, which makes our business even more sustainable and efficient, while also lowering the total cost of ownership for EVs,” said Ian Gardner, CEO of gofor. “Charging electric vehicles with surface integrated solar PV allows us to drive further and cleaner while reducing the necessity and frequency of having to recharge the EV while it's on route doing a delivery.”

David Andresen, PI Energy
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• Revenue of $39.7 million in the quarter, up 55% over prior-year period; fiscal 2022 revenue increased 26% to $122.8 million
• Defense industry revenue in quarter of $18.7 million was 47% of total and was $62.2 million, or 51% of total, for the fiscal year demonstrating shift in business mix
• Yearend backlog was $256.5 million including $195 million, or 76%, related to the defense industry
• Barber-Nichols acquisition contributed 62% of orders in quarter, or $14.6 million of $23.7 million total and continued to outperform expectations
• Recorded fourth quarter net loss of $1.4 million and $0.4 million in adjusted EBITDA*; fiscal 2022 net loss of $8.8 million
• Recently shipped on schedule first article U.S. Navy project; delivery advanced efforts to reduce cost overruns
• Expect fiscal 2023 revenue to grow to $135 million to $150 million, up 16% at mid-point over fiscal 2022; expect adjusted EBITDA* to increase to $6.5 million to $9.5 million

BATAVIA, N.Y.--(BUSINESS WIRE)--Graham Corporation (NYSE: GHM), a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy and process industries, today reported financial results for its fourth quarter and full fiscal year ended March 31, 2022, (“fiscal 2022”). Financial results include those of Barber-Nichols, LLC (“BN” or “the acquisition”) from the date it was acquired on June 1, 2021.

Daniel J. Thoren, President and CEO, commented, “Fiscal 2022 was a challenging year, but we made good progress in the quarter and are validating our strategy to increase margins overall and in markets with strong growth drivers such as defense and space. Importantly, we are improving processes and have added talent to mitigate the challenges in our Batavia, NY defense operations. In addition, our fluid and power business is winning new contracts that provide opportunity for more growth and long-term production, and our aftermarket sales continue to be strong, which is a leading indicator for future capital investment by our customers.

"Notably, we recently shipped a first article condenser for a critical navy submarine application and are on schedule to ship additional critical U.S. Navy projects throughout fiscal 2023. As we make further progress on our production schedule and grow our welding staff, we will be able to reduce our reliance on contract welders. This is expected to help with margin improvement over the coming quarters.”

Fiscal 2023 Outlook

Mr. Thoren concluded, “The future of Graham is very positive. At the heart of the Company, we are engineering experts in complex fluid, power, heat transfer and vacuum systems. Expanding our focus to more growth-oriented markets of defense, space and alternative energy, augments our legacy energy and process businesses where we have a large global installed base. As we look out over the next five years, a new, reenergized Graham has the platform to grow in fluid and power technologies and plans to build a better heat transfer and vacuum technologies business. We believe that over time this strategy will create a stronger enterprise with materially expanded adjusted EBITDA margins in the low to mid-teens with high single-digit top-line growth as we continually improve.”

Revenue in fiscal 2023 is expected to be $135 million to $150 million with gross margins of approximately 16% to 17% and selling, general and administrative (“SG&A”) expenses to be approximately 15% to 16% of sales. The expected effective tax rate for fiscal 2023 is approximately 21% to 22%. Adjusted EBITDA for fiscal 2023 is expected to be approximately $6.5 million to $9.5 million, yielding an adjusted EBITDA margin^* of approximately 5% to 6% compared with a $5.0 million loss in fiscal 2022. The Company expects the first quarter of fiscal 2023 to remain challenging and for results to improve as the year progresses.

Capital expenditures for fiscal 2023 are expected to be $4.5 million to $5.5 million.

Separately today, the Company announced its new strategic plan outlining its operating and financial goals.

Fourth Quarter Fiscal 2022 Sales Summary (All comparisons are with the same prior-year period unless noted otherwise.)

Net sales of $39.7 million increased 55%, or $14.0 million, as acquired revenue of $15.9 million and strong aftermarket sales were partially offset by declines in the organic businesses. By industry, improvements in the defense and space industry, which is new to the Company with the acquisition of BN, offset weakness in refining and chemical/petrochemical sales. See the accompanying financial tables for a further breakdown of sales by industry and region.

*Graham believes that adjusted EBITDA (defined as consolidated net (loss) income before net interest expense, income taxes, depreciation, amortization, other acquisition related expenses (income), and other unusual/nonrecurring expenses), and adjusted EBITDA margin (adjusted EBITDA as a percentage of sales), which are non-GAAP measures, help in the understanding of its operating performance. Moreover, Graham’s credit facility also contains ratios based on adjusted EBITDA as defined in the lending agreement. Graham also believes that adjusted diluted (loss) earnings per share, which excludes intangible amortization, other costs related to the acquisition, and other unusual/nonrecurring (income) expenses, provides a better representation of the cash earnings of the Company. See the attached tables and other information on pages 11 and 12 for important disclosures regarding Graham’s use of adjusted EBITDA, adjusted EBITDA margin and adjusted diluted (loss) earnings per share, as well as the reconciliation of net (loss) income to adjusted EBITDA and diluted (loss) earnings per share.

Compared with the prior year period, the decline in gross profit and contraction of gross margin reflected challenges with the defense business at Graham’s Batavia operations which had lower sales and higher costs relating to material and labor over runs for first article projects. Sequentially, gross margin improved 8.7 percentage points as the Company advanced these projects, improved processes, and reduced related costs.

SG&A expenses in the fourth quarter of fiscal 2022 were $6.1 million, up $1.7 million over the prior-year period including $0.3 million of intangible amortization. The acquisition added $1.7 million in incremental SG&A expenses in the quarter and there was an additional $0.2 million related to CFO transition costs and $0.3 million of costs in connection with a credit agreement amendment and waiver.

Net loss and loss per diluted share were $1.4 million and $0.13, respectively. On a non-GAAP basis, which excludes intangible amortization, other costs related to the acquisition, and other unusual/nonrecurring (income) expenses, adjusted diluted loss per share^* was $0.02.

Net sales for the full fiscal year of 2022 were $122.8 million, up $25.3 million, or 26%, driven by sales of $47.9 million from the BN acquisition and higher aftermarket sales. Sales to the defense industry increased 160%, or $38.2 million, to $62.2 million, representing 51% of total revenue. The expansion in defense was partially offset by declines in the commercial refining and chemical markets, primarily in Asia.

Sales in the U.S. increased $44.9 million, or 85%, to $97.6 million and was 80% of total sales in the full year of fiscal 2022, as revenue from the acquisition is primarily in the U.S. International sales, which accounted for 20% of total sales, decreased by $19.6 million, or 44%, to $25.2 million.

Gross profit and margin were down compared with the prior-year period due to the same factors which impacted the quarter. The Company elected to over-resource certain critical defense orders in its Batavia operation, which included increasing the use of contract welders to meet delivery schedules and redirecting resources away from commercial business. Combined with cost overruns, Graham estimates that these factors were an impact of over $10 million to gross profit in fiscal 2022. The BN acquisition and strong aftermarket sales helped to offset those losses. The impact of the low margin defense projects and related cost overruns in the Batavia operations are expected to lessen over the coming quarters and are expected to be completed before the end of fiscal 2023.

SG&A expenses in the full year of fiscal 2022 were $21.3 million, including intangible amortization of $0.9 million, an increase of $3.8 million, compared with SG&A expenses of $17.5 million in the full year of fiscal 2021. The increase was primarily due to the addition of the BN business which added $4.8 million in incremental expenses as well as costs associated with the acquisition, executive management transition and financing. Offsetting these increases was reduced incentive compensation.

Net loss and loss per diluted share were $8.8 million and $0.83, respectively. On a non-GAAP basis, which excludes intangible amortization, other costs related to the acquisition, and other unusual/nonrecurring (income) expenses, adjusted diluted loss per share* was $0.62.

Cash Management and Balance Sheet

Cash generated from operations in the quarter was $12.3 million. Cash, cash equivalents and investments at March 31, 2022, were $14.7 million compared with $14.0 million at December 31, 2021, and $65.0 million at the end of fiscal 2021, which was prior to the BN acquisition. Capital expenditures in the quarter were $0.4 million and for fiscal 2022 were $2.3 million.

Debt at the end of the fourth quarter was reduced by $10.4 million to $18.4 million compared with the end of the fiscal 2022 third quarter. Graham executed a waiver and amendments to its credit agreement, which expanded availability for letters of credit and changed the minimum EBITDA requirements. The Company is in compliance with all financial covenants of that agreement.

Orders for the three-month period ended March 31, 2022, were up $10.3 million, or 77%, to $23.7 million compared with $13.4 million for the same period of fiscal 2021. Orders related to the acquisition were $14.6 million for the fiscal 2022 fourth quarter.

Coming off strong orders in the third quarter of fiscal 2022, defense industry orders in the fourth quarter were $2.8 million, reflecting the timing of project releases. Space orders had a solid sequential increase of 86% to $5.4 million. In the energy business, refining was down 57% sequentially from the third quarter, but was up 50% compared with the prior-year period. Orders from the chemical and petrochemical market stabilized with a comparable level of orders over the past three fiscal quarters.

Aftermarket and small parts orders for the refining and chemical/petrochemical markets improved in the fourth quarter. This business tends to be a leading indicator of future capital investments by customers in this market.

Backlog at March 31, 2022, was $256.5 million, compared with $272.6 million at December 31, 2021, and $137.6 million at March 31, 2021. The 6% sequential decrease primarily reflects backlog being released for delivery. The acquisition added $117.8 million to fiscal 2022 yearend backlog. Approximately 40% to 50% of orders currently in our backlog are expected to be converted to sales within one year. Most of the orders that are expected to convert beyond twelve months are for the defense industry, specifically the U.S. Navy.

Backlog by industry at March 31, 2022, was approximately:

• 76% for defense projects
• 10% for refinery projects
• 5% for chemical/petrochemical projects
• 4% for space projects
• 5% for other industrial applications

Corporate Strategy and Financial Results Webinar

The Company will host a webinar to discuss its corporate strategy and fourth quarter and fiscal year 2022 financial results tomorrow, June 9, 2022 at 11:00 a.m. Eastern Time. Internet webcast link and accompanying slide presentations will be available here: https://ir.grahamcorp.com/.

A question-and-answer session will follow the presentations. Questions may be submitted through the webinar portal or, alternatively, a teleconference number will be provided to ask any questions live at the event.

A webcast replay will be available on the Company’s investor relations website, where a transcript will also be posted once available.

ABOUT GRAHAM CORPORATION

Graham is a global leader in the design and manufacture of mission critical fluid, power, heat transfer and vacuum technologies for the defense, space, energy and process industries. The Graham Manufacturing and Barber-Nichols’ global brands are built upon world-renowned engineering expertise in vacuum and heat transfer, cryogenic pumps and turbomachinery technologies, as well as its responsive and flexible service and the unsurpassed quality customers have come to expect from the Company’s products and systems.

Graham routinely posts news and other important information on its website, www.grahamcorp.com, where additional information on Graham Corporation and its businesses can be found.

Safe Harbor Regarding Forward Looking Statements

This news release contains 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.

Forward-looking statements are subject to risks, uncertainties and assumptions and are identified by words such as “expects,” “estimates,” “outlook,” “anticipates,” “believes,” “could,” “tends,” “opportunity,” “plans,” ”may,” “will,” and other similar words. All statements addressing operating performance, events, or developments that Graham Corporation expects or anticipates will occur in the future, including but not limited to, its ability and the timing needed to address challenges in its defense business, including at the Batavia, NY operations, profitability of future projects, the development and impact of improved processes, its ability to meet customers’ delivery expectations, the future impact of low margin defense projects and related cost overruns, expected expansion and growth opportunities within its domestic and international markets, anticipated revenue, adjusted EBITDA, adjusted EBITDA margins, and SG&A expenses, the timing of conversion of backlog to sales, market presence, profit margins, tax rates, foreign sales operations, its ability to improve cost competitiveness and productivity, customer preferences, changes in market conditions in the industries in which it operates, labor constraints, the effect on its business of volatility in commodities prices, including, but not limited to, changes in general economic conditions and customer behavior, forecasts regarding the timing and scope of the economic recovery in its markets, its acquisition and growth strategy and its operations in China, India and other international locations, are forward-looking statements. Because they are forward-looking, they should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Graham Corporation’s most recent Annual Report filed with the Securities and Exchange Commission, included under the heading entitled “Risk Factors.”

Should one or more of these risks or uncertainties materialize or should any of Graham Corporation’s underlying assumptions prove incorrect, actual results may vary materially from those currently anticipated. In addition, undue reliance should not be placed on Graham Corporation’s forward-looking statements. Except as required by law, Graham Corporation disclaims any obligation to update or publicly announce any revisions to any of the forward-looking statements contained in this news release.

Forward-Looking Non-GAAP Measures

Forward looking adjusted EBITDA and adjusted EBITDA margin are non-GAAP measures. The Company is unable to present a quantitative reconciliation of these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures because such information is not available, and management cannot reliably predict the necessary components of such GAAP measures without unreasonable effort largely because forecasting or predicting our future operating results is subject to many factors out of our control or not readily predictable. In addition, the Company believes that such reconciliations would imply a degree of precision that would be confusing or misleading to investors. The unavailable information could have a significant impact on the Company’s fiscal 2023 financial results. These non-GAAP financial measures are preliminary estimates and are subject to risks and uncertainties, including, among others, changes in connection with purchase accounting, quarter-end and year-end adjustments. Any variation between the Company’s actual results and preliminary financial estimates set forth above may be material.

FINANCIAL TABLES FOLLOW.

Christopher J. Thome
Vice President - Finance and CFO
Phone: (585) 343-2216

Deborah K. Pawlowski
Kei Advisors LLC
Phone: (716) 843-3908
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TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB):

June 2022 Cash Dividend - $0.06 per share

Superior Plus Corp. (“Superior”) today announced its cash dividend for the month of June 2022 of $0.06 per share payable on July 15, 2022. The record date is June 30, 2022, and the ex-dividend date will be June 29, 2022. Superior’s annualized cash dividend rate is currently $0.72 per share. This dividend is an eligible dividend for Canadian income tax purposes.

About the Corporation

Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing approximately 890,000 customer locations in the U.S. and Canada.

For further information about Superior, please visit Superior’s website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Capital Markets, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll-Free: 1-866-490-PLUS (7587).

Forward Looking Information

This news release contains certain forward-looking information and statements based on Superior’s current expectations, estimates, projections and assumptions in light of its experience and perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as “will”, "expects", "annualized", and similar expressions.

In particular, this news release contains forward-looking statements and information relating to future dividends, which may be declared on Superior’s common shares, the dividend payment, the tax treatment thereof, and the receipt of cash dividends. These forward-looking statements are being made by Superior based on certain assumptions that Superior has made in respect thereof as at the date of this news release regarding, among other things: the success of Superior’s operations; prevailing commodity prices, margins, volumes and exchange rates; that Superior’s future results of operations will be consistent with past performance and management expectations in relation thereto; the continued availability of capital at attractive prices to fund future capital requirements; future operating costs; that any required commercial agreements can be reached; that all required regulatory and environmental approvals can be obtained on the necessary terms promptly. These forward-looking statements are not guarantees of future performance and are subject to several known and unknown risks and uncertainties, including, but not limited to: the regulatory environment and decisions; non-performance of agreements in accordance with their terms; the impact of competitive entities and pricing; reliance on key industry partners and agreements; actions by governmental or regulatory authorities including changes in tax laws and treatment, or increased environmental regulation; adverse general economic and market conditions in Canada, North America and elsewhere; fluctuations in operating results; labour and material shortages; and certain other risks detailed from time to time in Superior’s public disclosure documents including, among other things, those detailed under the heading "Risk Factors" in Superior’s management's discussion and analysis and annual information form for the year ended December 31, 2021, which can be found at www.sedar.com.

Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. Superior does not undertake any obligation to publicly update or revise any forward looking statements or information contained herein, except as required by applicable laws.

Beth Summers
Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015

Rob Dorran
Vice President, Capital Markets
Tel: (416) 340-6003
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Toll-Free: 1-866-490-PLUS (7587).

TORONTO--(BUSINESS WIRE)--Greenland Resources Inc. (NEO:MOLY, FSE:M0LY) (“Greenland Resources” or the “Company”) is pleased to announce that Hon. Brian Tobin has joined our Advisory Board with the objective of providing strategic guidance in the development of our Malmbjerg molybdenum deposit in east Greenland as well as strengthening our relations with the relevant financial stakeholders.

Brian served as the Federal Minister of Industry from October 2000-January 2002, prior to which he served as the Premier of Newfoundland and Labrador from 1996-2000. He served as a Member of Parliament from 1980-1996, and as Minister of Fisheries and Oceans in the federal cabinet from 1993-1996. Mr. Tobin was named as an Officer of the Order of Canada in 2013 for his contribution to Canadian public policy as a federal and provincial politician, and for supporting economic development in Newfoundland and Labrador. Brian is currently Vice Chair, Bank of Montreal Financial Group. Among others, he previously served as Executive Chairman, President & CEO of Consolidated Thompson Iron Mines Ltd. (CLM), an iron ore mining project located in the province of Labrador that went from greenfield exploration to production and was sold to Cliffs Natural Resources for $4.9 billion (C$17.25 per share). CLM was one of the biggest global mining deals in 2011. Brian is a member of the Institute of Corporate Directors and a graduate of the Directors Education Program. He has been awarded honorary degrees by both St. Francis Xavier University and Brock University.

Dr. Ruben Shiffman, Chairman, commented: “We all know Brian as a very successful politician, mining executive and banker, what not many people know is that while on my board of our previous successful TSX listed mining company, Brian was not only instrumental in raising money but was also my strongest supporter in creating a unique Corporate Social Responsibility structure where we incorporated a poor community of artisanal miners into our mining project with actions that went way beyond legal obligations, contracts, and license agreements. Some of the empirical results were that people in the community increased their wealth significantly thus improving the quality of life of their future generations; infrastructure like roads, the school and church improved; the community was a significant shareholder and represented most of the work force in the Company and kids learned English as a second language.”

Hon. Brian Tobin commented: “I have enjoyed a strong working relationship with Ruben in the past. He is hard working, has integrity in all his relationships and understands that this project needs not only capital and talent but a close working relationship and the endorsement of the people and government of Greenland. I believe Ruben has assembled a world class team to deliver this project and I look forward to working with him to bring economic opportunity to Greenland society and critical mineral security to Europe.”

Qualified Person Statement

The news release has been reviewed and approved by Mr. Jim Steel, P.Geo., M.B.A. a Qualified Person as defined by Canadian Securities Administrators National Instrument 43-101 “Standards of Disclosure for Mineral Projects”.

About Greenland Resources Inc.

Greenland Resources is a Canadian public company with the Ontario Securities Commission as its principal regulator and is focused on the development of its 100% owned world-class Climax type pure molybdenum deposit located in central east Greenland. The Malmbjerg molybdenum project is an open pit operation with an environmentally friendly mine design focused on reduced CO₂ emissions and water usage, low aquatic disturbance and low footprint due to modularized infrastructure with Proven and Probable Reserves of 245 million tonnes at 0.176% MoS₂, for 571 million pounds of contained molybdenum metal. The Malmbjerg project benefits from a NI 43-101 Definitive Feasibility Study completed by Tetra Tech in 2022, which concluded an expected Base case after-tax IRR of 22.4%, NPV6% of US$1.17 billion (€1.02 billion) and a Levered pre-tax IRR of 40.4%, after tax IRR of 33.8% and payback of 2.4 years.

The project had a previous exploitation license granted in 2009. With offices in Toronto, the Company is led by a management team with an extensive track record in the mining industry and capital markets. For further details, please refer to our web site (www.greenlandresources.ca) and our Canadian regulatory filings on Greenland Resources’ profile at www.sedar.com

About Molybdenum and the European Union

Molybdenum is a critical metal used mainly in steel and chemicals that is needed in all technologies in the upcoming green energy transition (World Bank, 2020; IEA, 2021). When added to steel and cast iron, it enhances strength, hardenability, weldability, toughness, temperature strength, and corrosion resistance. Based on data from the International Molybdenum Association and the European Commission Steel Report, the world produced around 576 million pounds of molybdenum in 2021 where the European Union (“EU”) as the second largest steel producer in the world used approximately 25% of global molybdenum supply and has no domestic molybdenum production. To a greater degree, the EU steel dependent industries like the automotive, construction, and engineering, represent around 18% of the EU’s ≈ US$16 trillion GDP. Greenland Resources strategically located Malmbjerg molybdenum project has the potential to supply in and for the EU approximately 25 million pounds per year, of environmentally friendly molybdenum from a responsible EU Associate member country, for decades to come. The high quality of the Malmbjerg ore, having low impurity content, makes it an ideal source of molybdenum for the world leading high performance steel industry in Europe.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS

This news release contains "forward-looking information" (also referred to as "forward looking statements"), which relate to future events or future performance and reflect management’s current expectations and assumptions. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "hopes", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. All statements, other than statements of historical fact, are forward-looking statements or information. Forward-looking statements or information in this news release relate to, among other things: the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources and reserves, and their valuation, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions.

These forward-looking statements and information reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies. These assumptions include: our mineral reserve estimates and the assumptions upon which they are based, including geotechnical and metallurgical characteristics of rock confirming to sampled results and metallurgical performance; tonnage of ore to be mined and processed; ore grades and recoveries; assumptions and discount rates being appropriately applied to the technical studies; estimated valuation and probability of success of the Company’s projects, including the Malmbjerg molybdenum project; prices for molybdenum remaining as estimated; currency exchange rates remaining as estimated; availability of funds for the Company’s projects; capital decommissioning and reclamation estimates; mineral reserve and resource estimates and the assumptions upon which they are based; prices for energy inputs, labour, materials, supplies and services (including transportation); no labour-related disruptions; no unplanned delays or interruptions in scheduled construction and production; all necessary permits, licenses and regulatory approvals are received in a timely manner; and the ability to comply with environmental, health and safety laws. The foregoing list of assumptions is not exhaustive.

The Company cautions the reader that forward-looking statements and information include known and unknown risks, uncertainties and other factors that may cause actual results and developments to differ materially from those expressed or implied by such forward-looking statements or information contained in this news release and the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation: the projected and actual effects of the COVID-19 coronavirus on the factors relevant to the business of the Corporation, including the effect on supply chains, labour market, currency and commodity prices and global and Canadian capital markets, fluctuations in molybdenum and commodity prices; fluctuations in prices for energy inputs, labour, materials, supplies and services (including transportation); fluctuations in currency markets (such as the Canadian dollar versus the U.S. dollar versus the Euro); operational risks and hazards inherent with the business of mining (including environmental accidents and hazards, industrial accidents, equipment breakdown, unusual or unexpected geological or structure formations, cave-ins, flooding and severe weather); inadequate insurance, or the inability to obtain insurance, to cover these risks and hazards; our ability to obtain all necessary permits, licenses and regulatory approvals in a timely manner; changes in laws, regulations and government practices in Greenland, including environmental, export and import laws and regulations; legal restrictions relating to mining; risks relating to expropriation; increased competition in the mining industry for equipment and qualified personnel; the availability of additional capital; title matters and the additional risks identified in our filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated, described or intended. Investors are cautioned against undue reliance on forward-looking statements or information.

These forward-looking statements are made as of the date hereof and, except as required by applicable securities regulations, the Company does not intend, and does not assume any obligation, to update the forward-looking information.

Neither the NEO Exchange Inc. nor its regulation services provider accepts responsibility for the adequacy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Ruben Shiffman, PhD Chairman, President
Keith Minty, P.Eng, MBA Engineering and Project Management
Jim Steel, P.Geo, MBA Exploration and Mining Geology
Nauja Bianco, M.Pol.Sci. Public and Community Relations
Gary Anstey Investor Relations
Eric Grossman, CPA, CGA Chief Financial Officer

Corporate office 25 York Street, Unit 1810 Toronto, ON M5J 2V5, Canada
Telephone +1 647 273 9913
Email This email address is being protected from spambots. You need JavaScript enabled to view it.
Web www.greenlandresources.ca