Company Enters Commercial Vehicle Market with Flexible Class 5-6 EV Chassis

MACON, Ga.--(BUSINESS WIRE)--Blue Bird Corporation (Nasdaq: BLBD), the leader in electric and low-emission school buses, today unveiled a unique Class 5-6 electric vehicle platform at the 2022 Advanced Clean Transportation (ACT) Expo, North America’s largest advanced transportation technology and clean fleet event. The company builds on its nearly century-long expertise of school bus manufacturing to expand its zero-emission transportation solutions to the commercial vehicle market. Blue Bird's flexible Class 5-6 chassis will enable a broad range of fully-electric vehicles, including last-mile delivery step vans, motorhomes, and other specialty vehicles.

Due to its modular design, the Blue Bird electric vehicle (EV) chassis allows for several battery configurations from 70kWh to 225kWh supporting a vehicle range of up to 175 miles on a single charge. The battery packs take between one and twelve hours to fully recharge depending on the charging infrastructure.

In addition, Blue Bird offers its Class 5-6 chassis with three wheelbase options of 178”, 190”, and 208” for vehicles with a gross vehicle weight rating (GVWR) of up to 26,000 pounds. The company utilizes lightweight materials and components for its innovative vehicle platform, thereby, maximizing vehicle payload without compromising on vehicle safety.

Blue Bird offers several safety features on its EV chassis not standard on comparable electric vehicles to enhance driver protection and familiarity. This includes “hill hold,” which prevents the vehicle from rolling backward when sitting stationary on a hill, and “electric creep,” which allows the vehicle to slowly start moving from a stop when the driver's foot is removed from the brake pedal to simulate a gasoline engine in gear. In addition, the Blue Bird custom chassis provides the best turn radius to-date maximizing vehicle maneuverability in tight urban settings.

“For nearly a century, Blue Bird has perfected its core capabilities of designing, engineering and manufacturing school buses from the ground up,” said Matthew Stevenson, president and CEO of Blue Bird Corporation. “Now we will apply our world-class chassis-building expertise to expand our electric-powered product range to the commercial vehicle space, thereby, nearly doubling our total addressable market. Blue Bird's unique and modular vehicle platform is an industry gamechanger for zero-emission mobility.”

Blue Bird teamed up with Lightning eMotors, a Colorado-based manufacturer of electric powertrains and complete zero-emission vehicle solutions, to build the prototype of the Class 5-6 custom chassis. Lightning eMotors drew from its broad EV experience based on nearly 250 zero-emission electric commercial vehicles in operation and over 1.5 million miles driven to-date.

"We are ecstatic that Blue Bird chose us to be their powertrain partner for their debut into the commercial chassis market,” said Tim Reeser, CEO of Lightning eMotors. “Blue Bird's reputation for quality and safety is well deserved, and we believe they will disrupt the market. We are also excited about the innovation they are bringing to the school bus market and look forward to deepening our partnership going forward."

Blue Bird is the only U.S.-owned and operated school bus manufacturer in the United States. The company plans to launch production of its Class 5-6 EV chassis in late 2023 at its manufacturing facility in Fort Valley, Ga.

Blue Bird will feature its latest low- and zero-emission vehicle technologies at ACT Expo. The company remains the proven clean transportation leader with more than 20,000 propane, natural gas, and electric-powered buses in operation today. ACT Expo takes place from May 9-12, 2022, at the Long Beach Convention Center in Southern California.

About Blue Bird Corporation

Blue Bird (NASDAQ: BLBD) is recognized as a technology leader and innovator of school buses since its founding in 1927. Our dedicated team members design, engineer and manufacture school buses with a singular focus on safety, reliability, and durability. Blue Bird buses carry the most precious cargo in the world – the majority of 25 million children twice a day – making us the most trusted brand in the industry. The company is the proven leader in low- and zero-emission school buses with more than 20,000 propane, natural gas, and electric powered buses in operation today. Blue Bird is transforming the student transportation industry through cleaner energy solutions. For more information on Blue Bird's complete product and service portfolio, visit www.blue-bird.com. For Blue Bird's line of emission-free electric buses, visit www.bluebirdelectricbus.com.

Julianne Barclay
TSN Communications
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Company leadership to join Avangrid, New Hampshire Electric Cooperative and Portland General Electric in a series of live sessions

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Bidgely will join fellow energy industry thought leaders on stage at the upcoming annual DistribuTECH International conference in Dallas, Texas, held this May 23-25. Bidgely CEO Abhay Gupta will discuss the cost-effective, scalable and intuitive ways utilities can leverage Advanced Metering Infrastructure (AMI) data to inform new business decisions, reduce cost-to-serve and create stronger customer experiences. Bidgely’s head of innovation, Maria Kretzing, will explore how utilities can design intelligent, analytics-driven strategies for addressing today’s most pressing priorities, including electric vehicle (EV) adoption, demand-side management and customer engagement.

“Growing ubiquity of smart meters has unlocked a powerful ability to access previously unavailable insights, equipping utilities to make smarter business decisions, improve grid management and better serve customers,” said Abhay Gupta, CEO of Bidgely. “DistribuTECH 2022 promises to be an inspiring exploration of how AI and data-driven analytics are not only propelling utilities toward new levels of sophistication, but also driving meaningful change in energy consumption nationwide.”

Attendees at the event can hear from Bidgely and fellow industry leaders during the following sessions:

AI-Powered Customer Segmentation: Leveraging Data in Every Customer Interaction
Monday, May 23, 1:00-1:30pm CT

Bidgely’s Maria Kretzing and New Hampshire Electric Cooperative’s director of access and distributed resources, Dave Erickson, will explain the role of AI in creating sophisticated, customer-centric solutions that accommodate today’s demand for personalized consumer services. The session will also cover how data-driven business models can address customer segmentation and demand-side management challenges prevalent in the energy sector.

The Untapped Multi-Million Dollar Value of AMI Analytics: Why AI Matters Up, Down and Across the Utility
Tuesday, May 24, 10:00-10:30am CT

Bidgely CEO Abhay Gupta and Portland General Electric’s senior vice president of advanced energy delivery, Larry Bekkedahl, will discuss the trends, best practices and proof points that illustrate the value of deriving appliance-specific insights from smart meter data. The session will also explore the compounding benefits of these AMI insights across multiple utility verticals, including marketing, customer service, grid management, distributed energy resources and more.

What to Expect When Expecting EVs: Designing an Intelligent, Analytics-Driven Strategy to Achieve Long Term Success
Tuesday, May 24, 2:30-3:00pm CT

Kretzing will re-take the stage, this time with Avangrid’s customer programs & products manager, Charles Spence, to address how utilities can best scale programs and services to align with the accelerated adoption of EVs in ways that maximize grid benefits, customer satisfaction and revenue. They will also discuss how utilities planning EV programs, infrastructure investments and customer offerings like rates and rebates can apply behind-the-meter intelligence to design a cost effective, flexible and scalable EV strategy.

To schedule a meeting with Bidgely at DistribuTECH 2022, visit bidgely.com/events/dtech. To explore more thought leadership content powered by Bidgely, visit bidgely.com/engage.

About Bidgely

Bidgely is an AI-powered SaaS Company accelerating a clean energy future by enabling energy companies and consumers to make data-driven energy-related decisions. Powered by our unique patented technology, Bidgely's UtilityAI™ Platform transforms multiple dimensions of customer data - such as energy consumption, demographic, and interactions - into deeply accurate and actionable consumer energy insights. We leverage these insights to empower each customer with personalized recommendations, tailored to their individual personality and lifestyle, usage attributes, behavioral patterns, purchase propensity, and beyond. From a Distributed Energy Resources (DER) and Grid Edge perspective, whether it is smart thermostats to EV chargers, solar PVs to TOU rate designs and tariffs; UtilityAI™ energy analytics provides deep visibility into generation, consumption for better peak load shaping and grid planning, and delivers targeted recommendations for new value-added products and services. With roots in Silicon Valley, Bidgely has over 17 energy patents, $75M+ in funding, retains 30+ data scientists, and brings a passion for AI to utilities serving residential and commercial customers around the world. For more information, please visit www.bidgely.com or the Bidgely blog at bidgely.com/blog.

Christine Bennett
Bidgely
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Increased 2022 Outlook Based on Updated Commodity Prices

Declared Cash Dividend of $0.17 per Share, a 40% Increase Quarter over Quarter

HOUSTON--(BUSINESS WIRE)--$CRGY--Crescent Energy Company (NYSE: CRGY) today announced financial and operating results for the first quarter of 2022 and increased its quarterly cash dividend by 40% to $0.17 per share. The Company plans to host a conference call and webcast to discuss the results at 10 a.m. CT, Wednesday, May 11, 2022. Details can be found in this release.

Recent Highlights

• Produced 120 MBoe/d (54% liquids) and incurred $85 million of capital
• Generated $406 million net loss (including $498 million of unrealized derivative losses)
• Reported $195 million of Adjusted EBITDAX⁽¹⁾, $371 million of Unhedged Adjusted EBITDAX⁽¹⁾ and $90 million of Levered Free Cash Flow⁽¹⁾
• Closed accretive acquisition of Uinta Basin assets (the "Uinta Acquisition") on March 30, 2022 for total cash consideration of approximately $690 million⁽²⁾
• Exited the quarter at 1.3x Net LTM Leverage⁽¹⁾
• Continued to advance ESG initiatives - joined the Oil & Gas Methane Partnership 2.0 initiative and plan to publish second ESG report this summer with ESG targets focused on EHS and emissions
• Raised the mid-point of 2022 Adjusted EBITDAX⁽¹⁾ and Levered Free Cash Flow⁽¹⁾ guidance to $1.35 billion and $575 million, respectively, to reflect current commodity prices
  • $650 million capital program focused on high-return multi-year inventory in Eagle Ford and Uinta

Crescent CEO David Rockecharlie said, “We delivered strong operating results in the first quarter, generated significant free cash flow and solid investment returns and increased our quarterly dividend to $0.17 per share. At the end of March, we closed the accretive acquisition of Uinta Basin assets, which significantly increased our scale and added high margin oil production at a very attractive price. Today, Crescent remains well positioned with scale in high-return basins, a clear framework to return cash to shareholders, a strong balance sheet and a track record of making accretive acquisitions.”

First Quarter 2022 Results
Crescent produced 120 net MBoe/d in the first quarter 2022, in line with previous guidance (excluding Uinta Acquisition). Average realized price for the first quarter 2022, excluding the effect of commodity derivatives, was $54.28 per barrel of oil equivalent, compared to $48.87 for the fourth quarter 2021, an 11% increase. Excluding the effect of commodity derivatives, averaged realized price by commodity in the first quarter was $93.47 per barrel of oil, $4.77 per Mcf of gas and $38.97 per barrel of NGL.

Operating expense, excluding production and other taxes, of $15.97 per Boe, was in line with previous guidance (excluding Uinta Acquisition) when adjusting for certain contractual commodity-linked costs (~$0.25-$0.50 per Boe)⁽³⁾, which increased in the higher commodity price environment relative to guidance issued at $75 / Bbl WTI. These higher contractual commodity-linked costs were more than offset by higher realized prices and improved margins. General and administrative expense totaled $2.08 per Boe, including non-cash equity compensation and certain non-recurring transaction related costs. Adjusted Recurring Cash G&A⁽¹⁾ totaled $1.69 per Boe, which was in line with previous guidance (excluding Uinta Acquisition).

During the quarter, Crescent incurred approximately $85 million in capital expenditures, excluding acquisitions. The Company operated one rig in the Eagle Ford during the quarter and brought online 9 gross (9 net) operated wells. In addition, Crescent participated in 7 gross (1 net) non-operated wells in the Eagle Ford. Upon closing the Uinta Acquisition, Crescent took over operations from the previous operator and has maintained their two rig development program.

Crescent generated $406 million net loss (including $498 million of unrealized derivative losses), $195 million of Adjusted EBITDAX⁽¹⁾, $371 million of Unhedged Adjusted EBITDAX⁽¹⁾ and $90 million of Levered Free Cash Flow⁽¹⁾ for the period.

Financial Position
As of March 31, 2022, the Company had principal amount of indebtedness of $1.6 billion and net debt of approximately $1.5 billion, consisting of $700 million of senior unsecured notes and $941 million of outstanding borrowings on its revolving credit facility (the "Credit Facility"). In connection with the closing of the Uinta Acquisition in March, the Company’s borrowing base was increased to $1.8 billion with an elected commitment of $1.3 billion. In February 2022, Crescent issued $200 million in aggregate principal amount of 7.250% senior notes due 2026 at 101% of par and used the proceeds to repay amounts outstanding on the Credit Facility. Total liquidity as of March 31, 2022 was $451 million, including outstanding letters of credit of $21 million and cash and cash equivalents of $113 million. Crescent exited the quarter with a Net LTM Leverage⁽¹⁾ ratio of 1.3x. The Company expects to generate significant free cash flow for the remainder of 2022, which is expected to be used to fund dividends and further strengthen the balance sheet.

Dividend
Consistent with the Company’s framework to return cash to shareholders, the Board of Directors approved a quarterly cash dividend of $0.17 per share, a 40% increase relative to the prior quarter, or $0.68 per share on an annualized basis. The quarterly dividend is payable on June 7, 2022 to shareholders of record as of the close of business on May 24, 2022. Subject to board approval and applicable law, Crescent intends to pay a $0.17 per share quarterly dividend for the remainder of 2022.

2022 Guidance (Including Uinta Acquisition)
Crescent increased the midpoint of its 2022 outlook for Adjusted EBITDAX⁽¹⁾ and Levered Free Cash Flow⁽¹⁾ (including Uinta Acquisition) by 17% and 35%, respectively, based on the strength of commodity prices. Full-year production and capital guidance was reiterated and remains unchanged. Operating expense, excluding production taxes, also remained unchanged with the exception of an increase to reflect a portion of costs that are contractually indexed to commodity prices. Today, Crescent continues to operate one rig in the Eagle Ford and two rigs in the Uinta Basin.

Commodity Hedging
Crescent is approximately 60% hedged for the remainder of 2022 at the midpoint of its production guidance range. The following table details the Company’s open commodity derivative contracts related to swaps and collars as of April 29, 2022. The Company's full hedge book, including basis and calendar month average roll hedges is available in its presentation on the Company's website.

First Quarter 2022 Conference Call Information
Crescent plans to host a conference call to discuss its first quarter 2022 financial and operating results. Details are below. A webcast replay will be available on the website following the call. In connection with the call, Crescent has provided information in an earnings presentation on its website, www.crescentenergyco.com, regarding its first quarter 2022 financial and operating results.

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

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

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

Financial Presentation
On December 7, 2021, Crescent was formed through the merger of Independence Energy ("Independence"), and Contango Oil and Gas ("Contango"). Referenced results for the three months ended March 31, 2022 reflect the combined Company. Referenced results for the three months ended December 31, 2021 reflect legacy results of Independence from October 1 through December 6, 2021 and 25 days of Crescent results beginning December 7, 2021. Referenced results for the three months ended March 31, 2021 reflect only legacy Independence.

Reconciliation of Non-GAAP Measures
This release includes financial measures that have not been calculated in accordance with GAAP. These non-GAAP measures include Adjusted EBITDAX, Levered Free Cash Flow, Unhedged Adjusted EBITDAX, Adjusted Recurring Cash G&A and Net LTM Leverage. These non-GAAP measures should be read in conjunction with the information contained in Crescent’s audited combined and consolidated financial statements prepared in accordance with GAAP.

Due to the forward-looking nature of certain non-GAAP measures presented in this release for the year ending December 31, 2022, including Adjusted EBITDAX, Levered Free Cash Flow, Unhedged Adjusted EBITDAX and Adjusted Recurring Cash G&A and Net LTM Leverage for such period, no reconciliations of the non-GAAP measures to their most directly comparable GAAP measure is available without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amount of various reconciling items that would impact the most directly comparable forward-looking GAAP financial measure, that have not yet occurred, are out of the Company’s control and/or cannot be reasonably predicted. Accordingly, such reconciliations are excluded from this release. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

Emily Newport
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50 high-quality RNG development projects added to backlog through acquisition of INGENCO and formation of joint venture with Republic Services

Increasing estimated long-term annual earnings power by ~50% to ~$600 million

HOUSTON--(BUSINESS WIRE)--Archaea Energy Inc. (“Archaea,” “the Company,” or “we”) (NYSE: LFG), an industry-leading renewable natural gas (“RNG”) company, today announced preliminary¹ financial and operating results for the first quarter 2022.

FINANCIAL HIGHLIGHTS

• Revenue of $56.9 million and net equity investment income of $1.4 million for the three months ended March 31, 2022.
• Net loss² of $33.2 million for the three months ended March 31, 2022.
• Adjusted EBITDA³ of $20.6 million for the three months ended March 31, 2022.
• Produced and sold 1.54 million MMBtu of RNG⁴ and 166 thousand MWh of electricity⁴ for the three months ended March 31, 2022.
• Reaffirmed full year 2022 RNG production sold, electricity production sold, and Adjusted EBITDA⁵ guidance.
• Increased estimated long-term annual earnings power⁶ (defined below) to approximately $600 million, an increase of approximately 50% compared to estimated long-term annual earnings power provided in March 2022, as a result of significant recent additions to the Company’s RNG project development backlog.

RECENT STRATEGIC ACCOMPLISHMENTS

• Added 53 high-quality RNG development projects to the Company’s peer-leading RNG development backlog year to date, which today includes 88 RNG development projects for which gas rights agreements are in place or are expected to be in place after closing the transactions described below, in alignment with the Company’s long-term growth strategy and goal to increase estimated long-term annual earnings power:
  • Greenfield Project Additions – In the first quarter, entered into gas rights agreements to develop RNG facilities at two landfill sites.
  • Single-project Acquisition – In the first quarter, acquired a landfill gas to electric (“LFGTE”) project with RNG development rights.
  • INGENCO Acquisition – In April 2022, announced the signing of a definitive purchase and sale agreement to acquire NextGen Power Holdings LLC (together with its subsidiaries, “INGENCO”) for $215 million in cash. The acquisition includes 14 LFGTE plants and related gas rights at high-quality landfill sites with strong growth potential and permitted waste acceptance for over 40 years on average. The Company expects to build RNG facilities on 11 sites which currently have cumulative gross flows of over 5 million MMBtu per year⁷. The Company expects to close the acquisition of INGENCO on or after July 1, 2022.
  • Lightning Renewables Joint Venture with Republic – In May 2022, announced the formation of a landmark joint venture (“JV”), Lightning Renewables, LLC (“Lightning Renewables”), with Republic Services, Inc. (“Republic”) (NYSE: RSG), one of the largest providers of environmental services in the United States, to jointly invest approximately $1.1 billion to develop 39 RNG facilities at landfill locations owned or operated by Republic across the United States, including approximately $780 million to be invested by Archaea. Lightning Renewables has signed a long-term master gas sale and development agreement with Republic to develop the RNG facilities and is the largest landfill gas to RNG development venture to date. Archaea will hold a 60% ownership interest in Lightning Renewables and expects to receive distributions made with respect to its ownership interest in Lightning Renewables. Archaea will develop, engineer, construct, and operate the RNG facilities within the JV. Archaea will receive fees for engineering, procurement, and construction management during development and construction and fees for operation and maintenance services after completion. Development and construction of certain projects within Lightning Renewables are expected to begin in 2022, with completion and commissioning of the projects planned through 2027. The development projects within Lightning Renewables are located at high-quality landfill sites with strong growth potential and current cumulative gross flows of approximately 13 million MMBtu per year⁷.
  • The RNG development projects associated with the INGENCO acquisition and Lightning Renewables are expected to add a total of approximately $200 million to the Company’s estimated long-term annual earnings power, assuming $1.50 per gallon D3 RIN pricing on uncontracted volumes, among other assumptions detailed below⁶.
  • Archaea expects to fund the INGENCO acquisition and certain near-term development capital for Archaea’s portion of investments into Lightning Renewables and RNG development projects associated with INGENCO with existing cash on hand, borrowing capacity, and one or more capital markets transactions or private financing transactions.
• Achieved development and operational milestones at key RNG facilities, in alignment with the Company’s 2022 guidance and development plan:
  • Produced first pipeline-quality RNG and achieved commercial operations at the Soares dairy digester facility in January 2022, successfully completing the first of four dairy projects within its 50%-owned Mavrix, LLC joint venture with BP Products North America Inc. and demonstrating that the Company’s capabilities extend to anaerobic digestion projects.
  • Completed maintenance activities including an electrical overhaul and plant redundancy updates at the Assai RNG facility in February, which has achieved over 99% uptime and over 95% methane recovery since early March 2022. Assai also received approval to utilize gas flows from the Alliance landfill in early May 2022.
  • Completed a successful initial optimization at the Seneca RNG facility, resulting in an approximate 10% increase in methane recovery. CO ₂ separation systems and NRU upgrades are key components of the Archaea V1 plant design.
• Continued commercial success in obtaining long-term RNG sales agreements with creditworthy partners, in alignment with the Company’s goal of securing 70% of expected RNG production sold under long-term fixed-price contracts:
  • In January 2022, entered into a 20-year, fixed-price RNG purchase and sale agreement with FortisBC Energy Inc., a subsidiary of Fortis Inc. (NYSE: FTS), for the sale of up to approximately 7.6 million MMBtu of RNG annually, with sales expected to begin in 2022 and ramping up to the full annual quantity in 2025.

CEO COMMENTARY

“The financial and operating results we released today, coupled with the recent announcements of our new joint venture with Republic and acquisition of INGENCO, represent an important inflection point for Archaea,” said Nick Stork, Archaea’s Co-Founder and Chief Executive Officer. “We have now cemented our runway to dramatically increase our estimated long-term annual RNG production sold and earnings power. As we have said from the beginning, we are committed to building a company that can generate meaningful, predictable, and sustainable cash flows. We are proud to be afforded the opportunity to do so while also providing critical decarbonization solutions and driving positive environmental change.”

“We are focused on executing on all prongs of our growth strategy: optimizing the performance of our current operating facilities, successfully and safely constructing facilities in our current backlog, and expanding our backlog of high-quality development projects. First, we are focused on ensuring our current facilities perform to their maximum potential. We recently achieved a significant increase in methane recovery at our Seneca RNG facility after a membrane upgrade and NRU tuning. We are excited for the second phase of optimization at Seneca later this year. Additionally, we performed an electric overhaul and various facility optimizations at our Assai RNG facility during the first quarter. Although we experienced a brief outage while completing our work, which impacted total RNG production sold for the quarter, we believe this downtime has already proven worthwhile and will continue to do so, as Assai has subsequently been operating at over 99% uptime and above target methane recovery levels. Our optimization projects highlight our ability to enhance project returns organically through durable engineering advances that help not just Archaea, but our landfill partners as well.”

“We are continuing to build our backlog of high-quality development projects to help meet the growing demand for RNG from customers with decarbonization targets in a market that remains incredibly supply-constrained. We have more than doubled the number of projects in our backlog to 88 projects with the additions of the Lightning Renewables JV with Republic and the pending acquisition of INGENCO. These recent transactions underscore our commitment to accomplishing our growth goals while upholding our commitment to investing in projects that can generate strong cash-on-cash returns even in a downside case. The INGENCO acquisition highlights our ability to acquire existing electricity generation assets, along with long-term gas rights, at scale and at attractive multiples, while giving ourselves potential operating efficiencies and economic upside from generating our own power on these sites after RNG facilities are constructed. Meanwhile, Lightning Renewables provides us an unprecedented opportunity to meaningfully extend our greenfield RNG development runway, with the addition of 39 projects to our backlog. Together, the incremental projects from these two transactions materially increase our estimated long-term annual earnings power.”

“I am excited about the future of Archaea given our exceptional landfill and commercial partnerships, unparalleled gas processing and operational expertise, standardized approach to project development, and stability of cash flows. I am confident that we have superior competitive advantages to successfully execute on our development plans and further establish ourselves as an industry-leading RNG producer. We have no intention of stopping here, as we will continue to evaluate additional acquisition opportunities while matching portfolio additions with long-term, fixed-price contracts at favorable prices. Ultimately, we are committed to positioning Archaea as a profitable, multi-decade provider of decarbonization solutions that delivers value to our shareholders, partners, and communities.”

FORMATION OF LIGHTNING RENEWABLES JOINT VENTURE WITH REPUBLIC

In May 2022, the Company formed Lightning Renewables with Republic, one of the largest providers of environmental services in the United States, to jointly invest approximately $1.1 billion to develop 39 RNG facilities at landfill locations owned or operated by Republic across the United States, including approximately $780 million to be invested by Archaea. Lightning Renewables has signed a long-term master gas sale and development agreement with Republic to develop the RNG facilities and is the largest landfill gas to RNG development venture to date. Archaea will hold a 60% ownership interest in Lightning Renewables and expects to receive distributions made with respect to its ownership interest in Lightning Renewables.

Archaea will develop, engineer, construct, and operate the RNG facilities within the JV. Archaea will receive fees for engineering, procurement, and construction management services during development and construction and fees for operation and maintenance services after completion. Development and construction of certain projects within Lightning Renewables are expected to begin in 2022, with completion and commissioning of the projects planned through 2027. The development projects within Lightning Renewables are located at high-quality landfill sites with strong growth potential and current cumulative gross flows of approximately 13 million MMBtu per year⁷.

Archaea expects potential for the addition of incremental projects into Lightning Renewables over time, as well as additional potential upside through initiatives including wellfield optimization, carbon intensity reduction initiatives, and low-carbon hydrogen projects.

ACQUISITION OF INGENCO

In April 2022, Archaea announced that it entered into a definitive purchase and sale agreement with Riverview Investment Holdings LLC, an affiliate of Castleton Commodities International LLC, to purchase INGENCO for $215 million in cash, subject to customary adjustments at closing. The acquisition will add 14 LFGTE plants to the Company’s asset platform and approximately 70 employees who will add valuable expertise to the Company’s highly skilled and experienced team. The acquisition also includes gas rights for the LFGTE sites, which have a number of long-term agreements in place. The asset base is located on landfills with strong growth potential and permitted waste acceptance for over 40 years on average across sites.

Archaea expects to build RNG facilities on 11 sites which currently have gross cumulative flows of over 5 million MMBtu per year⁷. The acquisition has an estimated multiple of approximately 6X total capital expenditures, including acquisition and RNG development costs, to the estimated long-term annual earnings power associated with the INGENCO assets. The acquisition of INGENCO is expected to close on or after July 1, 2022.

SUMMARY AND REVIEW OF FINANCIAL RESULTS

The following results for the three months ended March 31, 2022 are presented on a consolidated basis.

RNG production sold for the three months ended March 31, 2022 was positively impacted by incremental production from the Assai and Soares RNG facilities which were completed in December 2021 and January 2022, respectively, and negatively impacted by downtime at certain facilities related to winter weather during the first quarter and downtime at the Assai facility related to maintenance activities. Electricity production sold for the three months ended March 31, 2022 was positively impacted by efficiency improvements across the asset portfolio and incremental production from our PEI power facility and negatively impacted by winter seasonality.

Revenues for the three months ended March 31, 2022 were positively impacted by strong market pricing of Environmental Attributes⁸, natural gas, and electricity and negatively impacted by the timing of monetization of Environmental Attributes, which are typically sold and recognized in income in months subsequent to the months in which RNG production occurs, related to production from the Assai RNG facility. Net equity investment income for the three months ended March 31, 2022 was negatively impacted by income tax payments and by the timing of certain Low Carbon Fuel Standard (“LCFS”) elections, partially offset by lower expenses.

Net loss for the three months ended March 31, 2022 was primarily driven by losses from changes in fair value of warrant derivatives as well as increased general and administrative expenses primarily related to increased headcount and other growth-oriented overhead, together with acquisition and other transaction costs and severance costs, partially offset by strong market pricing of Environmental Attributes, natural gas, and electricity. Items included in general and administrative expenses for the three months ended March 31, 2022 which impact financial comparability included acquisition and other transaction costs and severance costs, which totaled approximately $8.3 million.

Adjusted EBITDA for the three months ended March 31, 2022 was positively impacted by strong market pricing of Environmental Attributes, natural gas, and electricity and, to a lesser extent, negatively impacted by increased general and administrative expenses as described above.

CAPITAL STRUCTURE AND LIQUIDITY

As of March 31, 2022, Archaea’s liquidity position was $269.8 million, consisting of cash and cash equivalents of $30.8 million, restricted cash of $8.9 million, and $230.1 million of available borrowing capacity under the revolving credit facility after taking into consideration outstanding letters of credit.

As a result of significantly expanding and accelerating the pace of developing its project backlog, Archaea expects to enter into one or more capital markets or private financing transactions to fund the acquisition of INGENCO, certain additional capital expenditures related to incremental RNG development projects, and potentially to fund a portion of its base development plan, to provide additional capital for acquisitions or incremental development projects, or for general corporate purposes.

Capital Investments

Total cash used in investing activities was $66.5 million for the three months ended March 31, 2022. Archaea spent $61.4 million on development activities and $7.0 million, net of cash acquired, primarily related to the acquisition of landfill gas right assets. Development activities in the three months ended March 31, 2022 related to construction and optimization across the Company’s various plants and projects in development. The Company also made contributions to equity method investments totaling $4.0 million and received return of investment in equity method investments of $4.1 million.

Secondary Offering of Class A Common Stock

In March 2022, the Company supported an underwritten public offering in which Aria Renewable Energy Systems LLC sold approximately 14.9 million shares of the Company’s Class A common stock at a price to the public of $17.75 per share (the “Ares secondary offering”). The transaction resulted in no proceeds to the Company and a decrease of 14.9 million shares of the Company’s Class B common stock and a corresponding increase of 14.9 million shares of the Company’s Class A common stock.

2022 FULL YEAR GUIDANCE

Archaea is reaffirming RNG and electricity production sold and Adjusted EBITDA guidance for full year 2022. All guidance is current as of the published date and is subject to change.

Within the 2022 Adjusted EBITDA guidance range, the Company continues to expect to sell approximately 5.5 million MMBtu, or approximately 50% of expected 2022 RNG production sold, under its existing long-term, fixed-price contracts. Taking into account volumes expected to be sold under its existing long-term, fixed-price contracts and fixed-price agreements to sell RINs expected to be generated and monetized in 2022, the Company continues to estimate that approximately 5 million MMBtu of its expected 2022 RNG production sold will be subject to market pricing. The Company continues to assume D3 RIN prices of $2.00 to $2.50 per gallon ($23.45 to $29.32 per MMBtu) for volumes expected to be subject to market pricing. The Company has increased expected general and administrative expenses to approximately $55 million as a result of further scaling for growth, as well as expected headcount additions related to the acquisition of INGENCO.

Archaea continues to plan to complete 20 projects in 2022, including 10 optimizations of existing RNG facilities and 10 new build projects expected to be placed into service. The Company expects capital investments of approximately $130 million during 2022 for projects expected to be placed into service in 2022. Once all projects in its 2022 development plan are completed and ramped to full flows, the Company expects its operating assets to have estimated long-term annual earnings power of approximately $200 million, which does not include any estimated impact from projects in its development backlog which are expected to be completed in subsequent years.

The Company is in the process of optimizing the pace and timing of its long-term project development backlog as a result of recent additions to its backlog related to Lightning Renewables and the acquisition of INGENCO. The Company also expects incremental near-term capital expenditures as a result of these transactions, including both acquisition and development capital and as a result, prior guidance provided regarding 2022 capital expenditures should no longer be relied upon. The Company expects to provide guidance for expected capital expenditures at a later date.

INCREASED ESTIMATED LONG-TERM ANNUAL EARNINGS POWER

“Estimated long-term annual earnings power” refers to estimated long-term annual Adjusted EBITDA after specified projects within the Company’s RNG development backlog, for which gas rights agreements are currently in place or are expected to be in place after closing pending transactions, are completed and ramped up to full flows. Associated metrics, including estimated long-term annual RNG production sold and estimated build multiples, also reflect estimates after completion and ramp-up of specified projects in the Company’s backlog.

Archaea is increasing estimated long-term annual earnings power and related metrics to reflect the impact of additions to the Company’s development backlog. The following corporate-level information reflects estimated long-term annual earnings power and related metrics after all 88 projects in the Company’s RNG development backlog, for which gas rights agreements are currently in place or are expected to be in place after closing the INGENCO acquisition, are completed and ramped up to full flows. All guidance is current as of the published date and is subject to change.

The Company expects to scale its project design, development, and construction capabilities such that it can complete all projects in its current backlog in approximately 6 to 8 years. Timing will be subject to change depending upon the pace of scaling the Company’s project development capabilities.

Within the estimated long-term annual earnings power and related metrics included in this release, Archaea assumes fixed-price volumes are sold only under its existing long-term contracts and assumes $1.50 per gallon D3 RINs, $140 per metric ton LCFS credits, and $3.00 per MMBtu brown gas pricing for volumes subject to market pricing. In addition, operating costs reflect management’s expectations based on experience operating existing assets and with adjustments for plant size, location, and royalty provisions under gas rights agreements. Estimated long-term annual earnings power does not include any impact from carbon capture and sequestration or carbon intensity reduction initiatives. Additionally, electricity production facilities are assumed to remain in operation following construction of RNG plants on LFG to electricity sites, with a natural gas fuel cost of $3.00 per MMBtu.

FIRST QUARTER 2022 CONFERENCE CALL AND WEBCAST

Archaea will host a conference call to discuss financial and operating results for first quarter 2022 and to provide an update on strategic priorities and estimated long-term annual earnings power on Tuesday, May 10, 2022 at 11 a.

ARCHAEA
Megan Light
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346-439-7589

Blake Schreiber
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346-440-1627

ST. JOHN’S, Newfoundland and Labrador--(BUSINESS WIRE)--$ALS.TO #recordquarter--Altius Minerals Corporation (TSX: ALS; OTCQX: ATUSF) (“Altius” or the “Corporation”) reports first quarter revenue of $27.1 million compared to $17.5 million for the same period in 2021. Q1 2022 attributable royalty revenue^(1,2) of $25.5 million ($0.62 per share^(1,2)) was 44% higher than the $17.8 million ($0.43 per share) reported for the comparable quarter in 2021. These figures represent quarterly revenue records for the Corporation, mainly based upon higher realized commodity prices.

Adjusted EBITDA^(1,2) of $23.6 million or $0.57 per share^(1,2) during Q1 2022 increased by 62% compared to $14.6 million or $0.35 per share during the prior year quarter. The adjusted EBITDA margin in the first quarter was 83% versus 80% in last year’s comparable quarter. The increase in adjusted EBITDA follows the increase in attributable revenue but was partially offset by an increase in public company related expenses within the Renewable Royalties segment, in which Altius Renewable Royalties Inc. completed its initial public offering in March 2021. The Mineral Royalties segment had an EBITDA margin of 86% for the current and prior year quarters.

Q1 2022 adjusted operating cash flow^(1,2) of $14.2 million or $0.35 per share^(1,2) compares to $8.8 million or $0.21 per share in last year’s comparable quarter. Adjusted operating cash flow benefitted from increased revenues offset by timing of cash income taxes paid.

Adjusted operating cash flow does not include net cash proceeds or acquisition costs (sales minus new investments) related to the Corporation’s Project Generation junior mining equities portfolio. During the quarter new Project Generation investments exceeded equity sales for a net cost of $1.4 million. In the same period in 2021, equity sales exceeded investments by $2.5 million. The Project Generation business also recognized investment and other revenue of $3.0 million during the current quarter compared to $0.4 million for the same period last year, and recognized gains on disposal of mineral properties of $1.0 million from the sale of four mineral properties (2021 - $nil).

Net earnings of $12.5 million or $0.29 per share for Q1 2022 compares to net earnings of $11.8 million or $0.28 per share in Q1 2021. Adjusted net earnings per share^(1,2) of $0.21 in the current quarter compares to adjusted net earnings per share of $0.15 per share in Q1 2021. The main adjusting items in the first quarter of this year are $2.9 million in non-recurring other income from its investment in Chile ($0.07 per share), gains on disposal of mineral properties of $1.0 million ($0.02 per share) as well as other adjusting items for unrealized losses on derivatives related to the revaluation of share purchase warrants on junior mining equities compared to unrealized gains in the prior year’s quarter. Q1 2021 also included adjustments for certain gains on equity investments and joint ventures.

Portfolio Performance

The following table summarizes the attributable royalty revenue:

Base and battery metals was the largest contributor to Q1 2022 revenue, providing $10.0 million compared to $7.6 million in Q1 2021. Copper stream deliveries from Chapada benefitted from higher production and sales levels in the current quarter versus the year ago period, as well as the timing of sales that included amounts received in the current quarter relating to prior quarter production.

Lundin Mining, the mine operator, continues to evaluate an expansion at Chapada with study results expected later this year. Lundin Mining also continues to report drill results that indicate continuing increases to the mineralized footprint at the new Saúva discovery.

Royalty revenue from the Voisey’s Bay nickel-copper-cobalt mine was similar to that of the first quarter of 2021 as lower production volumes were offset by higher realized prices. Production volumes were lower in the current quarter due to the planned transition from the open pit Ovoid mine to new underground operations at Reid Brook and Eastern Deeps. Initial production has commenced from Reid Brook, while production from the Eastern Deeps deposit is targeted to commence in the second half of 2022.

Sales volumes at 777 were negatively impacted by labour and weather related rail availabilities during the quarter, which the mine operator expects to normalize in Q2 2022. The mine is scheduled to close later this year.

A nominal payment from Gunnison was recorded in the quarter, while the operator continues to re-engineer wellfield ramp-up towards a goal of achieving Phase 1 commercial production of 25 million pounds of copper cathode per year.

Milestones announced during the quarter relating to pre-production stage base and battery metal royalty interests held by the Corporation included the completion of a comprehensive project financing package for the Curipamba polymetallic project by Adventus Mining, updated positive feasibility study results for the construction stage Grota do Cirilo lithium project by Sigma Lithium and the commencement of construction of the Tres Quebradas lithium project by Zijin Mining.

Potash royalty revenue of $9.9 million in Q1 2022 is up 143% from the comparable quarter last year when revenue of $4.1 million was reported. Realized potash prices of C$925/tonne were up 157% over realized prices of C$360/tonne last year. The stronger prices were offset by slightly lower royalty volumes than in the comparable quarter of last year. Potash market price increases have continued throughout the first quarter with these expected to be reflected in realized prices during coming quarters due to normal lag impacts. A portion of total global potash demand in 2022 is now widely expected to be unmet due to geopolitical related supply constraints.

The Mosaic Company has announced that the full ramp up of the K3 mining area of the Esterhazy Mine to an annual run rate of 5.5 million tonnes was completed by the end of the quarter, following the transition from the K1 and K2 areas mid last year. It has also noted that it is planning near-term debottlenecking investments to further increase production at Esterhazy.

Nutrien has reported that it expects to increase potash sales volume during 2022 to a range of 14.5 to 15.1 million tonnes (2021: 13.6 million tonnes) across its portfolio of mines. Nutrien has not specified its planned production increases on a per mine basis to date; however, most of Nutrien’s mines are subject to the Corporation’s royalties.

Iron ore royalty revenue of $1.4 million was received in Q1 2022 compared to $2.9 million in the first quarter of 2021. The decrease related to a lower equity dividend paid by Iron Ore Company of Canada (“IOC”) as it guided towards an increased annual sustaining and growth capital budget for the current year, as well as on lower quarterly sales volumes relative to production. In April, Rio Tinto announced that in the first quarter of 2022 IOC had total saleable iron ore production of 4.1 million tonnes, comprised of 2.5 million tonnes of pellets and 1.6 million tonnes of concentrate for sale but completed a lower volume of sales during the quarter of 3.4 million tonnes total, comprised of 1.0 million tonnes concentrate and 2.4 million tonnes pellets.

Champion Iron also continued to progress its updated feasibility and rescoping studies related to the Kami Project, which is located nearby to its Bloom Lake Mine and is subject to a 3% GSR royalty in favor of Altius. It expects to provide updated study results during the second half of the year.

Thermal coal royalty revenue of $3.1 million was received in Q1 2022 compared to $2.9 million during the first quarter of last year reflecting higher production levels at a slightly higher inflation adjusted royalty rate. The Genesee power plant operated at near full capacity during the quarter following the completion of repairs to one of the 3 generating units in December of 2021. Operator Capital Power is continuing investments to repower its Genesee plant to natural gas fired units and is targeting this process to be completed by 2024, at which point the Corporation’s royalty revenue related to thermal coal production is expected to end.

Altius Renewable Royalties Inc. (“ARR”) (ARR: TSX) released its Q1 2022 results on May 4, 2022 ARR Q2 2022 Results. The Corporation holds 59% of the common shares of ARR. ARR reported Q1 2022 attributable royalty revenue of US$0.6 million, which represents its 50% joint venture interest in Great Bay Renewables. The royalty revenue was generated mainly by Northleaf’s Cotton Plains and Old Settler wind projects and Longroad Energy’s Prospero 2 solar project, which are described in greater detail in the ARR MD&A and financial statements. A noteworthy milestone of first positive cash flow was achieved by the GBR joint venture during the quarter with a steady ramp up of revenues and cash flows expected over the next several years related to existing investments. ARR also announced a new developer based investment subsequent to quarter end while noting that its opportunity set for further new investments in both development and advanced stage projects continues to be strong.

Gold

During the quarter Anglogold Ashanti announced a maiden inferred resource of 3.37 million ounces of gold for the Central-Silicon gold deposit discovery within the Silicon Project located near Beatty, Nevada. It has also announced that it has begun a pre-feasibility study for this deposit and a concept study for the nearby Merlin discovery while continuing to advance additional discoveries including at the Maverick target. Altius holds a 1.5-per cent NSR royalty covering the Silicon Project.

Additional information on the Corporation’s results of operations and developments in its Project Generation division are included in the Corporation’s MD&A and Financial Statements which were filed on SEDAR today and are also available on the Corporation’s website at www.altiusminerals.com.

Capital Allocation Summary

The Corporation’s capital allocation priorities are linked to its strategy of creating per share value growth through a portfolio of assets that relate to long life, high margin operations while providing growing shareholder capital returns.

During the quarter, the Corporation made scheduled debt repayments of $2.0 million, preferred security distributions of $1.3 million and paid cash dividends of $2.7 million. The Corporation also expended $165,000 in the repurchase and cancellation of 10,000 shares under its Normal Course Issuer Bid during the period.

On March 9, 2022 the Corporation funded a US$5.0 million (CAD$6.4 million) investment in the form of a secured convertible note to Invert Inc., a private company making investments into carbon credit projects and building a platform to place the credits to corporate and individual participants wishing to reach their decarbonization objectives. The note bears interest at a 7% annual interest rate, has a term of one year and is convertible to equity at an agreed discount upon a go-public event. This investment follows an original US$0.5 million equity investment made by Altius in December 2021.

Subsequent to the quarter end, on April 14, 2022 the Corporation announced that Fairfax Financial Holdings Limited, through certain of its affiliates (collectively, “Fairfax”) exercised 6,670,000 common share purchase warrants (the “Warrants”) at an exercise price of $15 per common share in the capital of Altius (each, a “Common Share”) for gross proceeds of $100 million. Fairfax elected to pay the exercise price of the Warrants by surrendering its $100 million Preferred Securities to Altius for cancellation, in full satisfaction of such exercise price. Altius now has no outstanding Warrants, Preferred Securities or resulting distribution obligations after this transaction, and Fairfax has become the holder of approximately 13.9% of Altius issued and outstanding common shares.

Liquidity

Cash and cash equivalents at March 31, 2022 were $121.3 million, compared to $100 million at the end of 2021. Cash, excluding $87.3 million held by ARR, was $34 million. The value of publicly traded Project Generation business equity holdings was $67.3 million at March 31, 2022. The market value of LIORC shares was $120.7 million and the market value of ARR shares including the in the money value of share purchase warrants was $160 million.

Dividend Declaration

The Corporation’s board of directors has declared a quarterly dividend of $0.07 per share. The current quarterly dividend is payable to all shareholders of record at the close of business on June 15, 2022. The dividend is expected to be paid on or about June 30, 2022.

This dividend is eligible for payment in common shares under the Dividend Reinvestment Plan (DRIP) announced by press release May 20, 2020, and available to shareholders who are Canadian residents or residents of countries outside the United States.

In order to be eligible to participate in respect of the June 30, 2022 dividend, non-registered shareholders must provide instruction to their brokerage and registered shareholders must provide completed enrollment forms to the transfer agent by June 8, 2022, five business days prior to record date. Stock market purchases made under the DRIP for the June 30, 2022 payment will be satisfied by issuance from treasury at the 5 day volume weighted average price ending at the close of trading the day before payment date. Shareholders who have already provided instruction to be enrolled earlier this year will continue to be enrolled unless they direct otherwise. For more information, please see http://www.altiusminerals.com/dividend-reinvestment-plan. Participation in the DRIP is optional and will not impact any cash dividends payable to shareholders who do not elect to participate in the DRIP. The declaration, timing and payment of future dividends will largely depend on the Corporation’s financial results as well as other factors. Dividends paid by Altius on its common shares are eligible dividends for Canadian income tax purposes unless otherwise stated.

Non GAAP Financial Measures

1. Management uses the following non-GAAP financial measures: attributable revenue, attributable royalty revenue, adjusted earnings before interest, taxes, depreciation and amortization (adjusted EBITDA), adjusted operating cash flow and adjusted net earnings (loss).
   
2. Management uses these measures to monitor the financial performance of the Corporation and its operating segments and believes these measures enable investors and analysts to compare the Corporation’s financial performance with its competitors and/or evaluate the results of its underlying business. These measures are intended to provide additional information, not to replace International Financial Reporting Standards (IFRS) measures, and do not have a standard definition under IFRS and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. As these measures do not have a standardized meaning, they may not be comparable to similar measures provided by other companies. Further information on the composition and usefulness of each non-GAAP financial measure, including reconciliation to their most directly comparable IFRS measures, is included in the non-GAAP financial measures section of our MD&A.

First Quarter 2022 Financial Results Conference Call and Webcast Details

Date: May 11, 2022
Time: 9:00 AM ET
Toll Free Dial-In Number: +1(866) 476-4353
International Dial-In Number: +1(647) 427-2311
Conference Call Title and ID: Altius Q1 2022 Results, ID 9473914
Webcast Link: Q1 2022 Results

About Altius

Altius’s strategy is to create per share growth through a diversified portfolio of royalty assets that relate to long life, high margin operations. This strategy further provides shareholders with exposures that are well aligned with sustainability-related global growth trends including the electricity generation transition from fossil fuel to renewables, transportation electrification, reduced emissions from steelmaking and increasing agricultural yield requirements. These macro-trends each hold the potential to cause increased demand for many of Altius’s commodity exposures including copper, renewable based electricity, several key battery metals (lithium, nickel and cobalt), clean iron ore, and potash. In addition, Altius runs a successful Project Generation business that originates mineral projects for sale to developers in exchange for equity positions and royalties. Altius has 47,855,837 common shares issued and outstanding that are listed on Canada’s Toronto Stock Exchange. It is included in each of the S&P/TSX Small Cap, the S&P/TSX Global Mining, and the S&P/TSX Canadian Dividend Aristocrats indices.

Forward-looking information

This news release contains forward‐looking information. The statements are based on reasonable assumptions and expectations of management and Altius provides no assurance that actual events will meet management's expectations. In certain cases, forward‐looking information may be identified by such terms as "anticipates", "believes", "could", "estimates", "expects", "may", "shall", "will", or "would". Although Altius believes the expectations expressed in such forward‐looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those projected. Readers should not place undue reliance on forward-looking information. Altius does not undertake to update any forward-looking information contained herein except in accordance with securities regulation.

Flora Wood
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Tel: 1.877.576.2209
Direct: +1(416)346.9020

Ben Lewis
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Tel: 1.877.576.2209

New Allianz report cites Ukraine war, large vessels, shipping boom and sustainability as growing challenges

• Safety & Shipping Review 2022: 54 large ships lost worldwide last year. Total losses down 57% over past decade. South China, Indochina, Indonesia, and the Philippines top loss location. British Isles see most shipping incidents.

• Ukraine invasion has multiple impacts: loss of life/vessels, exacerbation of crew crisis, trade disruption, sanctions burden, cost and availability of bunker fuel.

• Fires, container ship and car carrier incidents leading to oversized losses and ‘general average’ process becoming more frequent. Sustainability concerns driving up costs of salvage and wreck removal. Decarbonization of shipping industry creating new risks.

• Shipping boom safety impact: growing use of non-container vessels to carry containers, working life of vessels being extended, port congestion putting crews and facilities under pressure.

NEW YORK--(BUSINESS WIRE)--#allianz--The international shipping industry is responsible for the carriage of about 90% of world trade, so vessel safety is critical. The sector continued its long-term positive safety trend over the past year, but Russia’s invasion of Ukraine, the growing number of costly issues involving larger vessels, crew and port congestion challenges resulting from the shipping boom, as well as managing challenging decarbonization targets, means there is no room for complacency, according to marine insurer Allianz Global Corporate & Specialty SE’s (AGCS) Safety & Shipping Review 2022.

“The shipping sector has demonstrated tremendous resilience through stormy seas in recent years, as evidenced by the boom we see in several parts of the industry today,” says Captain Rahul Khanna, Global Head of Marine Risk Consulting at AGCS. “Total losses are at record lows – around 50 to 75 a year over the last four years compared with 200+ annually in the 1990s. However, the tragic situation in Ukraine has caused widespread disruption in the Black Sea and elsewhere, exacerbating ongoing supply chain, port congestion, and crew crisis issues caused by the Covid-19 pandemic. At the same time, some of the industry’s responses to the shipping boom, such as changing the use of, or extending the working life of, vessels also raise warning flags. Meanwhile, the increasing number of problems posed by large vessels, such as fires, groundings and complex salvage operations, continue to challenge ship owners and their crews.”

The annual AGCS study analyzes reported shipping losses and casualties (incidents) over 100 gross tons. During 2021, 54 total losses of vessels were reported globally, compared with 65 a year earlier. This represents a 57% decline over 10 years (127 in 2012), while during the early 1990s the global fleet was losing 200+ vessels a year. The 2021 loss total is made more impressive by the fact that there are an estimated 130,000 ships in the global fleet today, compared with some 80,000 30 years ago. Such progress reflects the increased focus on safety measures over time through training and safety programs, improved ship design, technology and regulation.

According to the report, there have been almost 900 total losses over the past decade (892). The South China, Indochina, Indonesia, and the Philippines maritime region is the main global loss hotspot, accounting for one-in-five losses in 2021 (12) and one-in-four-losses over the past decade (225), driven by factors, including high levels of trade, congested ports, older fleets, and extreme weather. Globally, cargo ships (27) account for half of vessels lost in the past year and 40% over the past decade. Foundered (sunk/submerged) was the main cause of total losses over the past year, accounting for 60% (32).

While total losses declined over the past year, the number of reported shipping casualties or incidents rose. The British Isles saw the highest number (668 out of 3,000). Machinery damage accounted for over one-in-three incidents globally (1,311), followed by collision (222) and fires (178), with the number of fires increasing by almost 10%.

Ukraine impact: safety and insurance
The shipping industry has been affected on multiple fronts by Russia’s invasion of Ukraine, with the loss of life and vessels in the Black Sea, disruption to trade, and the growing burden of sanctions. It also faces challenges to day-to-day operations, with knock-on effects for crew, the cost and availability of bunker fuel, and the potential for growing cyber risk.

The invasion has further ramifications for a global maritime industry already facing shortages. Russian seafarers account for just over 10% of the world’s 1.89 million workforce, while around 4% come from Ukraine. These seafarers may struggle to return home or rejoin ships at the end of contracts. Meanwhile, a prolonged conflict is likely to have deeper consequences, potentially reshaping global trade in energy and other commodities. An expanded ban on Russian oil could contribute to pushing up the cost of bunker fuel and impacting availability, potentially pushing ship owners to use alternative fuels. If such fuels are of substandard quality, this may result in machinery breakdown claims in future. At the same time, security agencies continue to warn of a heightened prospect of cyber risks for the shipping sector such as GPS jamming, Automatic Identification System (AIS) spoofing and electronic interference.

The evolving range of sanctions against Russian interests presents a sizeable challenge. Violating sanctions can result in severe enforcement action, yet compliance can be a considerable burden. It can be difficult to establish the ultimate owner of a vessel, cargo or counterparty. Sanctions also apply to various parts of the transport supply chain, including banking and insurance, as well as maritime support services, which makes compliance even more complex.

A burning issue: fires on board
During the past year, fires on board the roll-on roll-off (ro-ro) car carrier Felicity Ace and the container ship X-Press Pearl both resulted in total losses. Cargo fires are indeed a priority concern. There have been over 70 reported fires on container ships alone in the past five years, the report notes. Fires often start in containers, which can be the result of non-/mis-declaration of hazardous cargo, such as chemicals and batteries – around 5% of containers shipped may consist of undeclared dangerous goods. Fires on large vessels can spread quickly and be difficult to control, often resulting in the crew abandoning ship, which can significantly increase the final cost of an incident.

Fires have also become a major loss driver for car carriers. Among other causes, they can start in cargo holds, caused by malfunctions or electrical short circuits in vehicles, while the open decks can allow them to spread quickly. The growing numbers of electric vehicles (EVs) transported by sea brings further challenges, given existing counter-measure systems may not respond effectively in the event of an EV blaze. Losses can be expensive, given the value of the car cargo and the cost of wreck removal and pollution mitigation.

When large vessels get into trouble, emergency response and finding a port of refuge can be challenging as well. Specialist salvage equipment, tugs, cranes, barges and port infrastructure are required, which add time and cost to a response. The X-Press Pearl, which sank after it was refused refuge by two ports following a fire, is one of several incidents where container ships have had difficulty finding a safe haven. Meanwhile, the salvage operation for the car carrier Golden Ray, which capsized in the US in 2019, took almost two years and cost in excess of $800mn.

“Too often, what should be a manageable incident on a large vessel can end in a total loss. Salvage is a growing concern. Environmental concerns are contributing to rising salvage and wreck removal costs as ship owners and insurers are expected to go the extra mile to protect the environment and local economies,” says Khanna. “Previously, a wreck might have been left in-situ if it posed no danger to navigation. Now, authorities want wrecks removed and the marine environment restored, irrespective of cost.”

Post-pandemic world brings new risk challenges
While the Covid-19 pandemic resulted in few direct claims for the marine insurance sector, the subsequent impact on crew welfare and the boom in shipping and port congestion raise potential safety concerns. Demand for crew is high, yet many skilled and experienced seafarers are leaving the industry. A serious shortfall of officers is predicted within five years. For those who remain, morale is low as commercial pressures, compliance duties and workloads are running high. Such a work situation is prone to mistakes – 75% of shipping incidents involve human error, AGCS analysis shows.

The economic rebound from Covid-19 lockdowns has created a boom time for shipping, with record increases in charter and freight rates. While this is a positive for shipping companies, higher freight rates and a shortage of container ship capacity are tempting some operators to use bulk carriers, or consider converting tankers, to transport containers. The use of non-container vessels to carry containers raises questions around stability, firefighting capabilities, and securing cargo. Bulk carriers are not designed to carry containers, which could impact their maneuvering characteristics in bad weather, and crew may not be able to respond appropriately in an incident.

Shipping bottlenecks and port congestion
Covid-19 measures in China, a surge in consumer demand, and the Ukraine invasion have all been factors in ongoing unprecedented port congestion, which puts crews, port handlers and facilities under additional pressure. “Loading and unloading vessels is a particularly risky operation, where small mistakes can have big consequences. Busy container ports have little space, while the experienced labor required to handle the containers properly is in short supply. Add in fast turnaround times and this may result in a heightened risk environment,” explains Khanna.

Climate change: transition problems
With momentum gathering behind international efforts to tackle climate change, the shipping industry is coming under increasing pressure to accelerate its sustainability efforts, the report notes, given its greenhouse gas emissions grew by around 10% between 2012 and 2018.

Decarbonization will require big investments in green technology and alternative fuels. A growing number of vessels are already switching to liquefied natural gas (LNG), while other alternative fuels are under development, including ammonia, hydrogen and methanol, as well as electric-powered ships. The transition to alternative fuels will likely bring heightened risk of machinery breakdown claims, among other risks, as new technology beds down and as crews adapt to new procedures.

About Allianz Global Corporate & Specialty
Allianz Global Corporate & Specialty (AGCS) is a leading global corporate insurance carrier and a key business unit of Allianz Group. We provide risk consultancy, Property-Casualty insurance solutions and alternative risk transfer for a wide spectrum of commercial, corporate and specialty risks across nine dedicated lines of business and six regional hubs.

Our customers are as diverse as business can be, ranging from Fortune Global 500 companies to small businesses. Among them are not only the world’s largest consumer brands, tech companies and the global aviation and shipping industry, but also satellite operators or Hollywood film productions. They all look to AGCS for smart solutions and global programs to their largest and most complex risks in a dynamic, multinational business environment and trust us to deliver an outstanding claims experience.

Worldwide, AGCS operates with its own teams in more than 30 countries and through the Allianz Group network and partners in over 200 countries and territories, employing around 4,250 people. As one of the largest Property-Casualty units of Allianz Group, we are backed by strong and stable financial ratings. In 2021, AGCS generated a total of €9.5 billion gross premium globally.

For more information please visit http://www.agcs.allianz.com/ or follow us on Twitter @AGCS_Insurance and LinkedIn.

Cautionary Note Regarding Forward-Looking Statements

Press

Sabrina Glavan
Allianz Global Corporate & Specialty
973-876-3902
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Erin Burke
Stanton
631-681-8770
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LOS ANGELES--(BUSINESS WIRE)--As part of a broad push toward greater environmental sustainability, Metropolitan Water District’s Board of Directors today voted to approve a set of strategies to cut its greenhouse gas emissions and achieve carbon neutrality by 2045.

The Climate Action Plan identifies actions to reduce Metropolitan’s carbon footprint in the face of climate change, increasing the district’s climate resiliency and energy independence while supporting California’s GHG reduction goals.

“Climate change is not just about the environment, it is about protecting the future for our communities,” board Chairwoman Gloria D. Gray said. “It is our responsibility to address the urgent threats we face due to climate change so that Southern Californians will continue to have clean, reliable drinking water and a good quality of life.”

The CAP helps Metropolitan reach California’s aggressive goals to cut GHG emissions by 40 percent from 1990 levels by 2030 and achieve complete carbon neutrality by 2045. The plan sets targets and strategies for reducing GHG emissions from Metropolitan’s operations, including its conveyance, storage, treatment and delivery of water throughout its 5,200 square-mile Southern California service area.

Strategies include phasing out natural gas combustion at district facilities, transitioning to a zero-emissions vehicle fleet, utilizing carbon-free electricity, improving energy efficiency, increasing waste diversion to achieve zero waste, increasing water conservation and local supplies, and evaluating carbon capture and sequestration opportunities.

“It is clear that our climate is already rapidly changing. We’re seeing it right before our eyes with the extraordinary drought we are facing today,” said Metropolitan General Manager Adel Hagekhalil. “The impacts on our water supplies will change the way we provide our services and operate our water system. The CAP will ensure we are part of the solution to prevent further stresses to our climate.”

The comprehensive plan, led by Metropolitan’s new Sustainability, Resiliency and Innovation Office, will guide policy and planning decisions on operations, water resources, capital investments, and conservation and resource programs, while mitigating the GHG impacts from Metropolitan’s operations and future capital projects under the California Environmental Quality Act.

“These strategies will help improve our infrastructure reliability, give us greater energy resiliency and provide cost-effective solutions for energy purchases and maintenance,” Chairwoman Gray said.

Metropolitan has already been making progress on its commitment to greater sustainability and resiliency. Through a partnership with the Clean Power Alliance, the agency recently switched to 100 percent green power at several of its smaller meters and operational sites, reducing its GHG emissions by about 100 tons annually, equivalent to the amount of carbon absorbed by 118 acres of forest in one year. Metropolitan has also switched over 300 of its Southern California Edison accounts to 100 percent Green Power Rates to purchase renewable energy. This amounts to over 11,900,000 kWh of annual use which represents the annual electricity consumption of 1,400 average households.

Metropolitan has also approved more than $840 million in conservation and local resource programs, funded over $350 million in turf-removal program rebates, installed solar facilities at its Joseph Jensen, Robert A. Skinner and Frank E. Weymouth water treatment plants, and approved battery energy storage systems at the Jensen and Skinner plants.

The Metropolitan Water District of Southern California is a state-established cooperative that, along with its 26 cities and retail suppliers, provides water for 19 million people in six counties. The district imports water from the Colorado River and Northern California to supplement local supplies, and helps its members to develop increased water conservation, recycling, storage and other resource-management programs.

Maritza Fairfield, (213) 217-6853; (909) 816-7722, mobile
Rebecca Kimitch, (213) 217-6450; (202) 821-5253, mobile

SEATTLE--(BUSINESS WIRE)--Ultra Safe Nuclear Corporation bolsters its executive ranks with the addition of Dan Stout as Chief Nuclear Officer. In this role, Dan will oversee and support all nuclear operations at Ultra Safe Nuclear, including licensing and regulatory compliance efforts, reactor and powerplant manufacturing planning, and management of client support operations and fleet services.

With more than three decades of experience in the nuclear energy sector, Dan is uniquely qualified to manage critical programs and projects at Ultra Safe Nuclear. His unparalleled experience in planning, budgeting, navigating licensing processes, and developing nuclear reactors and associated infrastructure will be invaluable to the company.

“Recruiting Dan to Ultra Safe Nuclear has been a priority of mine for some time,” said Francesco Venneri, CEO of Ultra Safe Nuclear. “Over the past 30-plus years, Dan has seen and been involved with many of the nuclear industry’s major milestones, giving him unique insight into the strategies Ultra Safe Nuclear needs to employ to realize its full potential.”

His rich experience includes serving as Director of Nuclear Technology and Innovation at the Tennessee Valley Authority (TVA), managing the organization’s Small Modular Reactor project. Dan was also employed at the U.S. Department of Energy (DOE) as Director of Nuclear Fuel Recycling, overseeing planning and policy development. At the DOE, he also interfaced with industry leaders in support of the Global Nuclear Energy Partnership, and was the primary liaison with the U.S. Nuclear Regulatory Commission.

“I’ve watched the evolution of Ultra Safe Nuclear for many years and look forward to contributing to the company’s success,” said Stout. “Ultra Safe Nuclear’s innovative technologies and strategic approach to the business are exactly what is needed at this moment as entities around the globe search for fiscally viable, zero-carbon energy solutions.”

Dan served in the U.S. Navy as a nuclear submarine officer, as well as in the Naval Reserves in the Naval Special Warfare community, retiring as a Commander. He graduated from the U.S. Naval Academy and received his Masters Degree in Engineering Management from the National Technological University. He was recently elected to the Board of the American Nuclear Society and will represent Ultra Safe Nuclear with various industry organizations.

About Ultra Safe Nuclear

Ultra Safe Nuclear is the Seattle-based global leader in the deployment of micro reactors, and a strong vertical integrator of nuclear power technologies, entirely committed to bringing safe, commercially competitive, clean and reliable nuclear energy to markets throughout the world. The company adheres to strict inherent and intrinsic safety principles through technological innovation in fuels, materials and design: Ultra Safe Nuclear is reliable Zero-Carbon Energy. Anywhere.

Ultra Safe Nuclear
Ray Vincenzo
1-206-290-4431
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https://usnc.com/

SAN ANTONIO--(BUSINESS WIRE)--NuStar Energy L.P. (NYSE: NS) announced today that members of management will participate in meetings with members of the investment community at the 2022 Energy Infrastructure Council Investor Conference on Monday, May 16, 2022 and Tuesday, May 17, 2022. The materials to be discussed in the meetings will be available on the partnership’s website at 9:30 a.m. Eastern Time, Monday, May 16, 2022.

NuStar Energy L.P., a publicly traded master limited partnership based in San Antonio, Texas, is one of the largest independent liquids terminal and pipeline operators in the nation. NuStar currently has approximately 10,000 miles of pipeline and 63 terminal and storage facilities that store and distribute crude oil, refined products, renewable fuels, ammonia and specialty liquids. The partnership’s combined system has approximately 49 million barrels of storage capacity, and NuStar has operations in the United States and Mexico. For more information, visit NuStar Energy L.P.’s website at www.nustarenergy.com and its Sustainability page at https://sustainability.nustarenergy.com/.

Investors, Pam Schmidt, Vice President, Investor Relations
Investor Relations: 210-918-INVR (4687)
or
Media, Mary Rose Brown, Executive Vice President and Chief Administrative Officer,
Corporate Communications: 210-918-2314 / 210-410-8926

Funding will support Common Energy’s rapid growth, enabling the business to bring local, clean energy to more consumers and support more distributed energy projects across the country

NEW YORK--(BUSINESS WIRE)--Common Energy, one of the country’s leading community solar providers, today announced a $16.5 million investment by S2G Ventures, the direct investment team of Builders Vision, an impact platform dedicated to building a humane and healthy planet.

The new round of capital will be used to expand consumer access to local, community solar projects across the country, scale Common Energy’s industry-leading energy management platform, and grow the company’s management and operating teams.

“Renewable energy is the foundation for solving global climate change because abundant clean electricity enables all other decarbonization solutions,” said Richard Keiser, CEO and Founder of Common Energy. “This investment will enable Common Energy to accelerate our efforts to bring clean energy to more households and communities across the country, and to further reduce greenhouse gas emissions.”

Community solar projects are local clean energy projects that connect to the electrical grid. Clean electricity from the projects replaces energy from fossil fuels, lowering carbon emissions and pollution for the entire community. Households and businesses in the area can sign up to support a project for free with their existing utility account and receive energy credits that lower their bill each month. Because there is no on-site installation, community solar expands renewable energy access to all strata of society, including renters and lower income families.

For project owners, Common Energy’s platform is a sophisticated, cloud-based SAAS that enables them to manage and monetize complex, multi-tenant distributed generation projects. Common Energy’s software platform provides industry-leading financial and collections visibility, resulting in higher project ROI for its clients, and can be customized to facilitate reporting and accounting.

“Community solar is an important option for broadening access to clean and cost-effective renewable energy across the US, and we are excited to be supporting the Common Energy team as they deploy their sophisticated platform to accelerate adoption of this resource,” said Dr. Francis O’Sullivan, Managing Director, S2G Ventures.

“Community solar plays a valuable part in the United States' national energy strategy because it advances clean energy deployment in a way that allows many households to promote solar energy while reducing energy costs,” said Dr. Ernest Moniz, U.S. Secretary of Energy under President Obama and Common Energy advisor.

The U.S. community solar market is expected to continue to grow rapidly. In 2021, U.S. Energy Secretary Granholm announced a national goal of installing enough community solar capacity to power 5 million American homes by 2025, implying over 600% market growth.

To learn more about Common Energy’s goals and vision, see Richard’s blog post here.

To join Common Energy’s mission, see our careers page here.

About Common Energy

Common Energy is a leading community solar provider that services distributed energy projects across the country. Common Energy’s programs enable homeowners, renters, and businesses to support clean energy, lower emissions in their communities and save money on their electricity for free, with their existing utility account. To join a community solar project, enroll at www.commonenergy.us. Developers with community solar portfolios please email This email address is being protected from spambots. You need JavaScript enabled to view it..

About S2G Ventures

S2G Ventures, the direct investment team of Builders Vision, partners with entrepreneurs who are working on solutions to some of the world’s greatest challenges across the food, agriculture, oceans, and clean energy markets. We provide capital, mentorship, and value-added resources to companies pursuing innovative market-based solutions that generate positive social, environmental, and financial returns. We provide our partners with flexible capital solutions that can range from seed and venture funding through growth equity to debt and infrastructure financing. For more information about S2G, visit s2gventures.com, tune-in to our podcast, or connect with us on LinkedIn.

Josh Garrett, Redwood Climate Communications for Common Energy
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THE WOODLANDS, Texas--(BUSINESS WIRE)--Excelerate Energy, Inc. (NYSE: EE) (the "Company") will release its first quarter 2022 results on Tuesday, May 24, 2022, following the close of U.S. financial markets. The earnings release and presentation for the first quarter 2022 results will be available on the investor page of the Company’s website at www.excelerateenergy.com.

On Wednesday, May 25, 2022, the Company’s management team will host a conference call for analysts and investors at 10:00 a.m. Eastern Time (9:00 a.m. Central Time). The call will also be webcast live at www.excelerateenergy.com. A replay of the webcast will be available on the investor page of the Company’s website for 30 days following the event.

About Excelerate Energy:

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

Investors
Craig Hicks
Excelerate Energy
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Media
Stephen Pettibone / Frances Jeter
Sard Verbinnen & Co
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KEARNY, N.J.--(BUSINESS WIRE)--EV Edison Inc., the premier developer and provider of high-power Electric Vehicle (EV) solutions, announced today that David M. Daly has been named president, effective April 25th. Daly most recently served as president and chief operating officer of Public Service Electric and Gas Company (PSE&G), New Jersey’s oldest and largest regulated gas and electric utility, overseeing the company’s electric, gas, renewables and energy solutions businesses. He also served as president and COO of PSEG Utilities and Clean Energy Ventures, and Chairman of the Board, President and COO of PSEG Long Island.

“We are excited to have Dave join us as he brings over 38 years of experience and leadership in the energy sector,” said Dr. Shihab Kuran, Executive Chairman of EV Edison. “Within the energy transition space, he has a successful track record of developing and executing a wide range of innovative clean and renewable energy programs. With our development of large-scale high-power EV charging technologies and hubs, Dave’s executive experience managing complex, multi-stakeholder power projects is key for the continued growth of our business,” explained Dr. Kuran.

Among his many accomplishments, Daly led the development, regulatory approval and launch of PSE&G’s landmark Clean Energy Future program. This program focused on energy efficiency, electric vehicles, grid-connected and distributed solar, energy storage, advanced grid technologies, infrastructure resiliency, and other clean energy Investments.

Daly is strongly committed to equity and inclusion in cleantech workforce development and was appointed by New Jersey Governor Phil Murphy to the New Jersey Council on the Green Economy to advance economic growth, jobs diversity and environmental justice. He is former Chairman of the Board of the New Jersey Utilities Association, Co-Chair of the Sustainability Council of the New Jersey Audubon Society, and member of the Board of Directors of the American Gas Association.

“I am honored to join EV Edison’s talented and dedicated team,” said Daly. “The company is poised for tremendous growth, and I look forward to leading the team as we expand and scale our projects, capital, technologies, and people. EV Edison’s innovative solutions are advancing the electrification of the transportation sector and the clean energy revolution, with a strong focus on workforce development and environmental justice. I am thrilled to be part of this exciting journey.”

EV Edison Inc. was recently spun out of Power Edison to focus on providing and developing EV charging solutions. EV Edison’s flagship project is a 200MW super charging hub in Kearny, NJ. The project is the nation’s largest, situated on a 130-acre site strategically located in close proximity to Interstate 95, Port Newark (largest port on the East Coast), Newark Airport, and New York City. The company is leveraging its innovative mobile and stationary technologies in the rapid development of its growing pipeline of national EV charging hubs.

About EV Edison

EV Edison is a New Jersey based developer and a provider of large scale high-power EV charging solutions. The company provides a range of mobile EV charging and power solutions for quick, modular on-demand EV charging at any location. All company products and services are powered by proprietary cloud-based, utility-grade software. EV Edison’s sister company Power Edison was contracted in 2021 to supply the world’s largest mobile battery solution to a utility in the Midwest.

EV Edison
(Kevin Drolet)
(619-710-9269)
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TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior” or the “Corporation”) (TSX:SPB) held its annual general meeting of shareholders on May 10, 2022 virtually (the “Meeting”). Pursuant to the requirements of the Toronto Stock Exchange, Superior is issuing this news release to summarize the voting results in respect of the Meeting.

A total of 102,670,859 Common Shares of the Corporation and 30,002,837 Series 1 Special Voting Preferred Shares representing approximately 64.39% of the votes attached to all outstanding shares, were represented in person or by proxy at the Meeting.

The nine director nominees proposed by management were elected by ballot at the Meeting. Proxies and in person votes were received from holders of Common Shares and Series 1 Special Voting Preferred Shares (collectively, “Securityholders”) as follows:

Securityholders approved resolutions appointing Ernst & Young LLP as the Corporation's auditors and approved a non-binding advisory vote regarding the Corporation's approach to executive compensation with approximately 99.82% and 98.31% approval of the votes attached to all outstanding shares represented in person or by proxy at the Meeting, respectively.

About the Corporation

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

For further information about Superior, please visit our 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).

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

Rob Dorran
Vice President, Capital Markets
Phone: (416) 340-6003
Toll Free: 1-866-490-PLUS (7587)

- Ventium Wind Pitch SRM, powered by Enedym, will be integrated, marketed, and sold by Smartricity within their broad network of renewable energy partners

- Collaboration will address a major weakness in wind turbines: Low Availability and Capacity Factor due to unreliable and outdated wind pitch drive systems

- Ventium increases the reliability and efficiency of wind turbines, which leads to an increase in energy production

- The Global Wind Energy Market is projected to reach $127.2 billion by 2027

HAMILTON, Ontario--(BUSINESS WIRE)--Enedym Inc. (“Enedym”), a technology company that develops next generation switched reluctance motors (SRMs), electric propulsion, and electrified powertrains, today announced a strategic partnership with Smartricity Inc. (“Smartricity”), a smart industrial electric motor and software company. The partnership will help deliver next generation wind pitch motors and related technology to materially increase efficiency, performance, and cost-effectiveness.

Utilizing Enedym’s unique SRM technology, Ventium – whose name is a combination of the Latin words for wind (Ventus) and power (Imperium) – increases the reliability and efficiency of wind turbines, which leads to an increase in energy production. Over time, increased wind energy production will displace fossil fuel electricity generation, resulting in significant reductions in greenhouse gas emissions. In addition, increased efficiency of wind turbines reduces the cost of wind energy, making investments in clean wind energy more attractive. Enedym and consortium partner Smartricity, were recently awarded $2.4 million by Sustainable Development Technology Canada (SDTC) to commercialize and advance the Ventium wind pitch motor technology.

As part of the collaboration, Enedym and Smartricity will work to maximize the contribution that wind energy can make by addressing a major weakness in turbines: low availability and capacity factor due to unreliable and outdated wind pitch drive systems in 1.X-2.X MW models. The pitch systems in the 1.X-2.X are one of the largest contributors to turbine downtime, with studies showing over 30% of failures directly related to these systems.

Dr. Ali Emadi, Founder, President, and CEO of Enedym said, “We are pleased to announce this agreement with Smartricity and jointly reach our goal to ensure wind power infrastructure can run more efficiently, reliably, and economically. Global appetite for clean energy is projected to accelerate dramatically, both to reduce reliance on foreign fossil fuel-based power generation and to ensure geo-political risks are reduced. We are eager to partner and work with Smartricity, industry leaders, and renewable energy companies to drive the innovation that will move us towards a greener and more secure future.”

Michael Sonsogno, Co-Founder and CEO of Smartricity, said, “Smartricity has built an arsenal of revolutionary motor technologies from around the world and paired it with our team’s expert application knowledge to address major weaknesses in the Renewables, HVAC, Mining, Oil and Gas, and Industrial Manufacturing industries. In the Wind Pitch application, SRM was the clear winner when combined with our real-world field insights to produce the Ventium Wind Pitch SRM.”

About Enedym Inc.

Enedym is a technology start-up company from McMaster University. The company is headquartered at the McMaster Innovation Park in Hamilton, Ontario, Canada. Enedym has ownership of over 60 patents and pending patent applications and related inventions developed by the Canada Excellence Research Chair in Hybrid Powertrain Dr. Ali Emadi and his research group at the McMaster Automotive Resource Centre (MARC), McMaster University. Enedym’s vision is to significantly reduce the cost of electric motors and electrified powertrains, and power a new paradigm in electrification through novel electric motor drive technologies, controls, and digitization techniques. Enedym aspires to help save the planet, one electric motor market at a time. To learn more about Enedym, please visit www.enedym.com and our YouTube channel at Enedym YouTube.

About Smartricity Inc.

Smartricity is a smart industrial electric motor and software company. Smartricity’s motors are created using disruptive electric motor technologies, software, and data analytics; Smartricity’s highly efficient, ultra-reliable, and sustainable motors will drastically increase critical asset uptime while greatly reducing emissions, waste, and massive industrial carbon footprint. To learn more about Smartricity and the Ventium Wind Pitch SRM please visit www.Smartricity.ca.

Kent Place Communications
Melissa Sheer
917-690-2199
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NEW YORK & OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)--FREYR Battery (NYSE: FREY) (“FREYR”), a developer of clean, next-generation battery cell production capacity, and Powin LLC (“Powin”), a global leader in the design, manufacturing, and integration of safe and scalable battery energy storage solutions, have signed a conditional agreement for Powin to offtake battery cells produced by FREYR for energy storage system applications, subject to the terms and conditions of the agreement.

Highlights

• FREYR to deliver 28.5 GWh of battery cells to Powin from 2024 through 2030. The cells will originally be supplied from FREYR’s combined Gigafactory 1 & 2 in Mo i Rana, Norway, and will subsequently be produced at FREYR’s planned future U.S. Gigafactory.
• FREYR to manufacture and deliver market leading cost-competitive made-in-USA lithium-ion battery cells with a low CO2 footprint, to be integrated by Powin into battery energy storage solutions for the North American market and beyond.
• Today’s agreement is another important commercial milestone for FREYR on the path to establishing giga-scale manufacturing capacity in Norway, the US and Finland backed by conditional customer offtake agreements. The conditional offtake agreement with Powin brings FREYR’s cumulative offtake volumes to 78.8 GWh, representing more than 67% of the projected nameplate capacity of FREYR’s planned combined Gigafactory 1 & 2 at Mo i Rana and more than 90% of targeted production under current ramp-up and operational efficiency assumptions.

“We are delighted to announce today’s agreement and our new commercial relationship with Powin,” said Tom Jensen, FREYR’s Chief Executive Officer. “FREYR aspires to partner with industry innovators such as Powin to accelerate the transition to clean, reliable energy solutions. Our team is looking forward to deep collaboration with the talented people at Powin to deliver decarbonized, next-generation battery storage products that will ultimately be made in the US.”

Geoff Brown, CEO of Powin, said, “Our ability to manage every step of our supply chain from battery sourcing to the onsite installation, means we can backstop our commitments to customers. Our landmark agreement with FREYR to source 28.5 GWh of battery energy storage cells underscores our commitment to diversify and secure our supply chain for our customers. We are particularly excited to support FREYR’s plans to open a Gigafactory in the US and their efforts to source raw materials locally to their facilities to ensure the lowest possible carbon footprint.”

About FREYR Battery

FREYR Battery aims to provide industrial scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR’s mission is to produce green battery cells to accelerate the decarbonization of energy and transportation systems globally. FREYR has commenced building the first of its planned factories in Mo i Rana, Norway and announced potential development of industrial scale battery cell production in Vaasa, Finland, and the United States. FREYR intends to deliver up to 43 GWh of battery cell capacity by 2025 and up to 83 GWh annual capacity by 2028. To learn more about FREYR, please visit www.freyrbattery.com

Cautionary Statement Concerning Forward-Looking Statements

All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding (i) FREYR’s ability to deliver 28.5 GWh of battery cells to Powin from 2024 through 2030 and the supply of such cells from FREYR’s combined Gigafactory 1 & 2 in Mo i Rana and any subsequent productions at FREYR’s future U.S. Gigafactory, (ii) FREYR’s ability to manufacture and deliver market leading cost-competitive made-in-U.S.A. lithium-on battery cells with a low CO2 footprint, to be integrated by Powin into battery energy storage solutions for the North American market and beyond, (iii) FREYR’s path to establishing giga-scale manufacturing capacity in Norway, the U.S. and Finland, (iv) FREYR’s aspirations to partner with industry innovators to accelerate the transition to clean, reliable energy solutions, (v) the ability of FREYR and Powin to deliver decarbonized, next-generation battery storage products made in the U.S., (vi) FREYR’s efforts to source raw materials locally to its facilities to ensure the lowest possible carbon footprint, (vii) Powin’s ability to manage every step of its supply chain from battery sourcing to onsite installation, (viii) Powin’s commitment to diversify and secure its supply chain for its customers and (ix) the development, timeline, capacity and other usefulness of FREYR’s planned Gigafactories are forward-looking and involve significant risks and uncertainties that could cause the actual results to differ materially from the expected results.

Most of these factors are outside FREYR’s control and difficult to predict. Information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in FREYR’s Registration Statement on Form S-1 filed with the Securities and Exchange Commission (the "SEC") on August 9, 2021, as amended, and in other SEC filings available on the SEC’s website at www.sec.gov.

Except as otherwise required by applicable law, FREYR disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Should underlying assumptions prove incorrect, actual results and projections could different materially from those expressed in any forward-looking statements.

Investor contact:
Jeffrey Spittel
Vice President, Investor Relations
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Tel: (+1) 281-222-0161

Media contact:
Katrin Berntsen
Vice President, Communication and Public Affairs
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Tel: (+47) 9920 54 570

NEW YORK & BOCA RATON, Fla.--(BUSINESS WIRE)--Blackstone (NYSE: BX) announced today that Blackstone Energy Partners (“Blackstone”) has agreed to make a majority investment in Geosyntec Consultants, Inc. (“Geosyntec”). Geosyntec is a leading environmental engineering and design consulting firm, focused on delivering technical solutions to a wide range of clients to address their environmental restoration, geotechnical, coastal, water quality and supply, infrastructure, and energy transition needs. With a team of more than 1,700 engineers, scientists, and other key employees, Geosyntec operates from more than 90 offices in the United States, Canada, Europe, Australia, and the Middle East.

Darius Sepassi, a Managing Director at Blackstone, said: “As demand for environmental engineering and consulting services continues to rise, we believe Geosyntec’s trusted reputation for quality and technical expertise makes the company exceptionally well positioned to further scale to meet this growing opportunity. We are excited to work with their experienced management team and highly accomplished engineers and scientists in the years ahead to help power their continued expansion.”

According to David Foley, Global Head of Blackstone Energy Partners: “The transition to a more environmentally sustainable future is a core investment theme for Blackstone and since 2019, the firm has committed approximately $16 billion in projects and companies that we believe are consistent with the broader energy transition. Today’s announcement builds on recent investments including Aypa, Array, Therma, Sabre and TDI.”

Peter Zeeb, President & CEO of Geosyntec commented: “Our partnership with Blackstone Energy Partners will fuel continued leadership in our core markets while accelerating our growth and success in new and emerging markets and geographies. It will also strengthen our ability to grow through strategic acquisitions and recruiting of top talent while enhancing our position as a preferred employer for innovative engineers and scientists. We foresee substantial benefits to our employees and clients as we expand our capabilities and service offerings, and as we support our clients in larger and more complex projects.”

Rudolph Bonaparte, Chairman of the Board of Geosyntec, commented: “Countries around the world face enormous technical challenges in the energy transition, infrastructure renewal and development, climate change mitigation and adaptation, disaster response, and water supply. The scale and complexity of these challenges require transformational change, technical innovation, and creative partnerships. With Blackstone Energy Partners, we are ideally positioned to help our clients respond to these urgent and complex challenges while continuing our tradition of providing vibrant and rewarding career and ownership opportunities to our employees.”

Terms of the transaction were not disclosed. Geosyntec was advised by AEC Advisors and Keating Muething & Klekamp PLL. Blackstone was represented by Perella Weinberg Partners and Vinson & Elkins LLP.

About Geosyntec Consultants

Geosyntec is a leading consulting and engineering firm that works with private and public sector clients to address new ventures and complex problems involving our environment, natural resources, and civil infrastructure. We are internationally known for our technical leadership, exceptional client service, and ability to deliver best-value solutions for our clients. We are a vibrant, practice-centered business with a strong desire for continuous self-improvement and ongoing reinvention to meet the evolving needs of our current clients, and to productively engage with new ones. As a practitioner-led firm, we create exceptional career opportunities for our employees through involvement in challenging projects, effective mentoring, valuable professional development and training opportunities, and broad engagement with clients.

About Blackstone Energy Partners

Blackstone Energy Partners, Blackstone’s energy-focused private equity business, is a leading energy investor with a successful long-term record, having invested over $20 billion of equity globally across a broad range of sectors within the energy industry. Our investment philosophy is based on backing exceptional management teams with flexible capital to provide solutions that help energy companies grow and improve performance, thereby delivering reliable and affordable energy to meet the needs of the global community. In the process, we build stronger, larger scale enterprises, create jobs, and generate lasting value for our investors, employees, and all stakeholders.

Kate Holderness
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646-482-8774

Public-Private Partnership to Bring EVgo’s Reliable and Convenient Charging Infrastructure to Maine's Largest City

LOS ANGELES--(BUSINESS WIRE)--EVgo Inc. (NASDAQ: EVGO), the nation’s largest public fast charging network for electric vehicles (EVs) and first powered by 100% renewable electricity, today announced that it was selected as the City of Portland’s partner to deploy electric vehicle charging infrastructure on city-owned property. Through the partnership, EVgo will install eight direct current fast chargers (DCFC) and up to 44 Level 2 chargers across Portland, Maine.

EVgo is the first North American EV charging network powered by 100% renewable electricity, aligning with Portland’s commitment to deliver more options for the city fleet and residents to reduce their carbon emissions. The City of Portland has committed to reducing emissions 80% by 2050 and shifting to 100% clean energy for the municipality’s needs by 2040. With roughly 30% of the carbon emissions in the City of Portland each year coming from the transportation sector, this partnership to deploy a combination of fast charging and level 2 charging around the city will be critical to enabling drivers to go electric and be able to charge their vehicles around town.

“EVgo is thrilled to be working with the City of Portland, Maine to bring EV charging solutions to City sites to help locals, visitors, and the municipal fleet all make the switch to driving electric," said Colin Murchie, Senior Director of Business Development at EVgo. “Portland has always been a place that recognizes the different ways to sail a ship, and a combination of fast charging and level 2 charging are exactly what’s needed for Portland’s teachers, city employees, residents and visitors to meet their needs as they shift to EVs.”

“Portland residents need to feel confident about charging before they buy an electric vehicle,” said City Sustainability Director Troy Moon. “That’s why we’re working with EVgo to create charging hubs in neighborhoods with large numbers of multi-family buildings. Residents who don’t have access to home charging will be able to plug in their vehicle close to home and then go about their business while it charges.”

Once installed, EVgo’s DC fast chargers will offer Portland drivers access to 100+ kW chargers, capable of charging as much as 80% in 15-45 minutes. * The Level 2 chargers will provide teachers and city employees with access to workplace charging during school hours. The chargers in the school parking lots will also be available for public use during hours that school is not in session. In addition, Portland drivers will gain all the benefits of EVgo’s broader industry-leading network across more than 30 states, with its proven reliability, broad geographic reach and 24/7 customer support.

For more information around the locations of fast chargers within EVgo’s charging network, visit www.evgo.com.

*Actual charging speed depends on vehicle’s charging capability.

About EVgo

EVgo (Nasdaq: EVGO) is the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. With more than 850 charging locations, EVgo’s owned and operated charging network serves over 60 metropolitan areas across more than 30 states and approximately 340,000 customer accounts. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.

For Investors:
Ted Brooks, VP of Investor Relations
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310-954-2943

For Media:
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INDIANAPOLIS--(BUSINESS WIRE)--Yamaha’s U.S. Marine Business Unit announced today Yamaha Marine Precision Propellers (YPPI) of Indianapolis is a certified participant in the Indiana Safety and Health Achievement Recognition Program (INSHARP).

YPPI is now part of a select group of employers that received INSHARP Certification by exceeding occupational safety and health expectations and demonstrating a commitment to the well-being of workers in the Hoosier state.

“Ensuring the safety of our employees is of the utmost importance and a responsibility we take very seriously,” said Bill Boehman, Vice President, Yamaha U.S. Marine Business Unit. “This special certification underscores our unwavering commitment to providing a safe work environment.”

Administered by the Indiana Department of Labor’s INSafe division, the INSHARP program is part of the federal Safety and Health Achievement Recognition Program. It serves to give recognition and support to Hoosier^® businesses with exemplary safety and health programs. Currently, there are 50 INSHARP sites statewide.

“It’s great to welcome YPPI into the INSHARP family,” said Joe Hoage, commissioner of the Indiana Department of Labor. “By taking the lead with safety, it shows the company is committed to not only making quality products but providing a safe work environment for its Hoosier^® employees.”

YPPI designs and builds stainless steel propellers for distribution around the globe for Yamaha Outboards. YPPI and Yamaha partner together to design propellers to fit the thousands of different boat applications in the market. In total, YPPI manufacturers over 300 different propellers.

Yamaha’s U.S. Marine Business Unit, based in Kennesaw, Ga., is responsible for the sales, marketing, and distribution of Yamaha Marine products in the U.S. including Yamaha Outboards, Yamaha WaveRunners^®, Yamaha Boats, G3 Boats and Skeeter Boats. Supporting 2,400 dealers and boat builders nationwide, Yamaha is the industry leader in reliability, performance, technology and customer service.

REMEMBER to always observe all applicable boating laws. Never drink and drive. Dress properly with a USCG-approved personal floatation device and protective gear.

© 2022 Yamaha Motor Corporation, U.S.A. All rights reserved.

This document contains many of Yamaha's valuable trademarks. It may also contain trademarks belonging to other companies. Any references to other companies or their products are for identification purposes only and are not intended to be an endorsement.

Nicholas Genesi
Public Relations Manager
Yamaha U.S. Marine Business Unit
Mobile: (470) 898-7278
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Neal Wheaton
Wilder+Wheaton for
Yamaha U.S. Marine Business Unit
Mobile: (404) 317-0698
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A key announcement out of this week's Advanced Clean Transportation Expo in Long Beach, the Boost Charger 200 touts a high powered, flexible charging solution with impressive fleet implications

LONG BEACH, Calif.--(BUSINESS WIRE)--Today, FreeWire Technologies Inc. launched its newest ultrafast and flexible DC fast charging offering, the Boost Charger™ 200. The announcement occurred alongside industry leaders in clean tech transportation at this week’s Advanced Clean Transportation (ACT) Expo in Long Beach, CA — North America’s Largest Advanced Transportation Technology & Clean Fleet Event.

The Boost Charger 200 offers impressive performance and a battery-integrated design that allows seamless connection to existing infrastructure without burdensome construction costs and permitting restraints. FreeWire's next-generation charger features the highest output power in a battery integrated charging station providing 200 miles of range in 15 minutes and reaching peak power levels of 200kW. In addition, the Boost Charger 200 has a 160 kWh battery capacity and only needs one-eighth of the input power required of conventional charging equipment, and can charge all electric vehicle (EV) models by providing up to 950-volt power. As a result, the Boost Charger is ideal for commercial, retail, utility, and fleets of all vehicle classes — light, medium, and heavy-duty — to deploy ultrafast EV charging at a lower cost and with lesser grid impact.

“The global movement towards electrified transportation is accelerating. We must continue to make EV charging faster, more convenient, and more affordable than ever without sacrificing performance,” said FreeWire CEO and Founder Arcady Sosinov. “The Boost Charger 200 is our most powerful and flexible charging solution yet, and we are particularly excited about its use case for cost-effective fleet electrification.”

As charging demand rapidly increases, upgrading the electrical grid and individual site power infrastructure remains costly and time-intensive. Each installation often requires several months for completion, slowing efforts to advance urgent infrastructure and environmental goals. As a result, America’s aging, disaster-prone electric grids will come under increased strain, potentially threatening to short-circuit our country’s progress toward decarbonization. To offset the challenges brought on by increased demand, FreeWire’s Boost Charger 200 touts a compelling list of benefits in comparison to current legacy charging options:

• Over $30,000 on average savings compared to conventional charging equipment
• 6x faster deployment time
• 5x smaller footprint (incorporating associated electrical equipment with legacy chargers)
• 70% lower operating costs (lower demand charges)
• Reduced permitting

FreeWire continues to disrupt the EV charging market with its Boost Charger, recently showcased as a finalist in Fast Company’s 2022 World Changing Ideas Awards’ Transportation Category.

“The world is watching, and as governments continue to set ambitious and necessary electrification goals, FreeWire and our technology stand ready to meet this moment with the urgency and innovation it demands,” continued Sosinov.

As FreeWire leads the way in battery-integrated EV charging, investors have taken note. Last month, FreeWire raised an additional $125 million in new capital from investors, including asset manager BlackRock Inc.

See more detail on the Boost Charger 200 here.

About FreeWire Technologies

Founded in 2014, FreeWire Technologies is the leading manufacturer of battery-integrated EV charging stations and power solutions in the U.S. The Company’s fully-integrated Boost Charger™ plugs into existing and ubiquitous low-voltage utility service and delivers high-power charging in areas that typically require extensive grid upgrades. The Boost Charger’s combination of proprietary battery and power conversion technology enables ultrafast EV charging at all locations, freeing customers from the costs of providing fast charging using power directly from the electric grid. FreeWire has deployed battery-integrated chargers with Fortune 100 companies, commercial customers, fleets, retail locations, and gas stations across the U.S. and has partnered with bp pulse to deploy Boost Charger in its operations across the UK.

For additional information, please visit: https://freewiretech.com/

Daniel Zotos
Director of Communications
(617) 448-7497
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SANTA CLARA, Calif.--(BUSINESS WIRE)--#climateresilience--Advancing climate resilience solutions through social entrepreneurship is the primary goal of a three-year initiative announced today by Miller Center for Social Entrepreneurship and Chevron. The project aims to further climate-smart agriculture, safe water, and reliable low-carbon energy to vulnerable communities in Asia Pacific through customized support to high potential social enterprises.

Chevron is supporting the initiative through a $900,000 gift, which will also enable research and the creation of training methods for overcoming biases that women and minorities face in raising capital.

“As a company of problem solvers, Chevron looks to the future of energy with optimism,” said Kurt Glaubitz, General Manager Corporate Affairs, Chevron Asia Pacific. “The Miller Center – Chevron climate resilience initiative strives to help reduce poverty, drive economic and social opportunity, and develop the entrepreneurial ecosystem in the Asia Pacific region.”

Global climate resilience a main focus for both organizations

The 2021 and 2022 reports from the United Nations Intergovernmental Panel on Climate Change underscore the urgent need to address the detrimental effects of climate disruption, especially on the world’s underserved population.

“Social entrepreneurs are gamechangers when it comes to climate resilience and the impacts of climate poverty,” said Brigit Helms executive director, Miller Center for Social Entrepreneurship. “Miller Center has accelerated more than 1,300 social enterprises globally and we know firsthand that providing social entrepreneurs the tools and support they need to scale have a direct correlation to lifting people out of poverty.”

As part of the Chevron-funded project, Miller Center will build a portfolio of 30-45 social enterprises selected for their potential to grow and scale their social and economic impact. The initiative will provide a suite of customized services ranging from capacity and leadership development to mentoring and investment readiness and facilitation. This focused support will help position social enterprises to break through the obstacles to scale, improve financial sustainability, and secure the capital necessary to grow their impact.

The project is launched in conjunction with the release of a Miller Center paper entitled, “Amplifying Impact: How Accelerating Social Entrepreneurship Boosts Climate Resilience.” The paper makes the case that social entrepreneurship can help prevent more people being pushed into poverty by climate-fueled events such as droughts, floods, and increasingly frequent and strong storms.

Overcoming entrenched biases in the startup ecosystem

Promoting diversity and inclusion is a key priority for Chevron both internally across its own global operations, and externally as well. Some of the Chevron funding will be devoted to “Breaking the Bias” research and training methodologies aimed at helping support women and people of color in overcoming entrenched biases in the startup ecosystem.

According to Maya Ackerman, assistant professor at Santa Clara University and the researcher heading the “Breaking the Bias” work, "Gender diversity contributes to an organization’s success, with mixed-gender teams raising more capital on average per team, than all other founding team gender compositions. However, this only holds for startups led by male CEOs. Female CEOs continue to be systemically underfunded, for both all-female and mixed-gender teams."

Miller Center and Chevron began their relationship in 2019, when they launched the Mini-Grid Accelerator Program in Myanmar, providing business and investment readiness training to energy service companies in rural areas. In 2021, the Asia Pacific Climate Resilience Accelerator supported entrepreneurs across six target countries with a focus on scaling innovation solutions in energy, water, and climate-smart agriculture.

About Miller Center for Social Entrepreneurship

Miller Center for Social Entrepreneurship is the foremost university-based social enterprise accelerator in the world. With an emphasis on climate resilience and women’s economic empowerment, Miller Center accelerates social entrepreneurship to eliminate global poverty. Located at Santa Clara University (SCU), Miller Center has served more than 1,300 social entrepreneurs, engaged 162 SCU students in field research, and currently work with more than 300 business leaders from around the world who participate as mentors in the center’s programs.

About Chevron

Chevron is one of the world’s leading integrated energy companies. As a company of problem solvers, we look to the future of energy with optimism. We provide affordable, reliable, and ever-cleaner energy to people in the Asia-Pacific region that is essential to achieving a more prosperous and sustainable world. We invest in community programs that help advance the UN’s sustainable development goals and strive to empower people to meet their full potential.

Rhonda Brauer for Miller Center, This email address is being protected from spambots. You need JavaScript enabled to view it. (310) 508-0426
Cam Van Ast, Chevron, This email address is being protected from spambots. You need JavaScript enabled to view it. +61 9216 4462