Three Pilot Programs Will Shape How Electric Vehicles Can Help Power the Grid and Benefit Customers

OAKLAND, Calif.--(BUSINESS WIRE)--Today, Pacific Gas and Electric Company (PG&E) announced it will develop three new pilot programs to test how bidirectional electric vehicles (EVs) and chargers can provide power to the electric grid and other benefits to customers.

PG&E will test bidirectional charging technology in a variety of settings, including in homes, businesses and with local microgrids in select high fire-threat districts (HFTDs). The pilots will test the ability for the EV to send power back to the grid and provide power to customers during an outage. PG&E expects its findings will help determine how to maximize the cost-effectiveness of bidirectional charging technology in providing a variety of customer and grid services.

The new pilots are separate and in addition to the collaborations announced in March with both General Motors and Ford Motor Company, and will help to inform the Department of Energy Memorandum of Understanding that PG&E and a collaboration of industry, government and labor leaders signed in April focused on accelerating “vehicle-to-everything” technologies.

Each of the new pilot programs offers a financial incentive for participating customers and additional benefits for those in disadvantaged communities. All three are expected to be available to customers in 2022 and 2023 and continue until incentives run out. PG&E expects customers will be able to enroll in the home and business pilots in late summer 2022. More information will be available on pge.com at a later date.

“As electric vehicle adoption continues to grow, bidirectional charging technology has huge potential for supporting our customers and the electric grid broadly. We’re excited to launch these new pilots, which will add to our existing work testing and demonstrating the possibility of this technology,” said Jason Glickman, PG&E’s Executive Vice President, Engineering, Planning & Strategy.

PG&E’s Bidirectional Charging Pilot Programs

Bidirectional charging technology allows EVs to both take power from the grid, or from a customer’s solar system, and send it back to the grid. It’s one example of Vehicle-Grid Integration (VGI), an umbrella term for the optimized interaction of EVs with the electric grid by adjusting the time, power level or location of the EVs' charging or discharging.

While EVs already provide customers with cleaner air and reduced maintenance costs, among other benefits, testing emerging technologies to optimize EV integration with the electric grid could provide further value to all PG&E customers.

The 400,000 EVs registered in PG&E’s service area along with the quickly growing number of EVs across California represent a flexible grid resource, which could offer cost savings associated with operating and maintaining the grid as well as for customers who own an EV or are a part of a bidirectional EV-enabled community microgrid. Additionally, using EV batteries for power could reduce the need to build new standalone energy storage systems.

More about the approved pilot programs:

• Through the pilot with residential customers, PG&E will work with automakers and EV charging suppliers to explore how light-duty, passenger EVs at single-family homes can help customers and the electric grid in various ways. These include providing backup power to the home if the power is out, optimizing EV charging and discharging to help the grid integrate more renewable resources, and aligning EV charging and discharging with the real-time cost of energy procurement. This pilot will be open to up to 1,000 residential customers who will receive at least $2,500 for enrolling, and up to an additional $2,175 depending on their participation.

• The pilot with business customers will explore how medium- and heavy-duty and possibly light-duty EVs at commercial facilities could help customers and the electric grid in various ways. These include providing backup power to the building if the power is out, optimizing EV charging and discharging to support the deferral of distribution grid upgrades, and aligning EV charging and discharging with the real-time cost of energy procurement. This pilot will be open to approximately 200 business customers who will receive at least $2,500 for enrolling, and up to an additional $3,625 depending on their participation.

• The microgrid pilot will explore how EVs—both light-duty and medium- to heavy-duty—plugged into community microgrids can support community resiliency during Public Safety Power Shutoff events. Customers will be able to discharge their EVs to the community microgrid to support temporary power or charge from the microgrid if there is excess power. Following initial lab testing, this pilot will be open to up to 200 customers with EVs who are located in HFTD locations that contain compatible microgrids used during Public Safety Power Shutoff events. Customers will receive at least $2,500 for enrolling, and up to an additional $3,750 depending on their participation.

Further information can be found within today’s California Public Utilities Commission (CPUC) resolution approving the three pilots.

About PG&E

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

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Citrix survey reveals majority of employees will continue to work from home until skyrocketing gas prices return to Earth

FORT LAUDERDALE, Fla.--(BUSINESS WIRE)--They’ve been given the green light to head back to the office, but employees aren’t in a rush to do so given the rising price of gas. According to the results of a OnePoll survey conducted by Citrix Systems, Inc. (NASDAQ: CTXS), 57 percent of workers across the United States plan to stay parked at home to avoid the high costs of commuting. And close to half of their counterparts around the world say they will do the same.

“It’s a classic cost-benefit analysis,” said Traci Palmer, Vice President of People and Organization Capability, Citrix. “Employees have learned they can engage and be just as productive working from home, and as gas prices continue to increase, they are questioning whether the benefits of being in the office outweigh the time and money associated with commuting.”

Of 5,000 employees polled in eight countries, the majority in most markets indicated they will work from home more often to reduce the costs of commuting:

• United States – 57 percent
• Australia – 54 percent
• Brazil – 54 percent
• Mexico – 50 percent
• Colombia – 49 percent
• United Kingdom – 45 percent
• France – 44 percent
• Japan – 16 percent

And a significant number believe their employers should help them offset the costs of traveling to the office when they choose to by either increasing their salaries or providing a fuel allowance:

• Mexico – 87 percent
• Brazil – 87 percent
• France – 84 percent
• Colombia – 84 percent
• Japan – 81 percent
• United States – 74 percent
• Australia – 68 percent
• United Kingdom – 65 percent

All of this may change, however, as many of those polled indicated they would work in the office more often during winter months to reduce the costs of heating their homes if prices stay inflated:

• France – 43 percent
• Brazil – 31 percent
• Mexico – 26 percent
• United Kingdom – 26 percent
• Colombia – 25 percent
• United States – 24 percent
• Japan – 19 percent
• Australia – 16 percent

The good news is employers that embrace flexible work models and technology and policies to support them can accommodate these changes and keep their people and businesses performing at their best.

“The key to keeping employees engaged and productive lies in creating work-from-anywhere experiences that are seamless, fuel connection and collaboration, and empower people to do their best work, regardless of their location,” Palmer said.

Citrix provides a complete digital workspace platform from which companies can securely deliver the apps and data people need to be as productive as possible—no matter where they work or which devices they use.

More than 400,000 organizations use Citrix solutions to power a better way to work. Click here to learn more about these solutions and the value they can deliver.

About Citrix

Citrix (NASDAQ: CTXS) builds the secure, unified digital workspace technology that helps organizations unlock human potential and deliver a consistent workspace experience wherever work needs to get done. With Citrix, users get a seamless work experience, and IT has a unified platform to secure, manage, and monitor diverse technologies in complex cloud environments.

For Citrix Investors:

This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with the impact of the global economy and uncertainty in the IT spending environment, revenue growth and recognition of revenue, products and services, their development and distribution, product demand and pipeline, economic and competitive factors, the Company's key strategic relationships, acquisition and related integration risks as well as other risks detailed in the Company's filings with the Securities and Exchange Commission. Citrix assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein. The development, release and timing of any features or functionality described for our products remains at our sole discretion and is subject to change without notice or consultation. The information provided is for informational purposes only and is not a commitment, promise or legal obligation to deliver any material, code or functionality and should not be relied upon in making purchasing decisions or incorporated into any contract.

© 2022 Citrix Systems, Inc. Citrix, the Citrix logo, and other marks appearing herein are the property of Citrix Systems, Inc. and may be registered with the U.S. Patent and Trademark Office and in other countries. All other marks are the property of their respective owners.

Media Contact:
Karen Master
Citrix
+1 216-396-4683
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NEWBURY PARK, Calif.--(BUSINESS WIRE)--All amounts are in U.S. Dollars unless otherwise indicated:

FIRST QUARTER HIGHLIGHTS

• Average production for the first quarter of 2022 was 1,054 BOEPD, an increase of 3% compared to first quarter of 2021 average production of 1,020 BOEPD. The increase was due to the production from the Barnes 7-3H well which started producing in the second half of March partially offset by the natural decline of existing wells. The Barnes 7-3H well had a 30 day initial production rate (“IP rate”) of 940 BOEPD, including 740 barrels of oil.
• Adjusted funds flow⁽¹⁾ was $2.8 million in the first quarter of 2022 compared to $1.5 million in the first quarter of 2021. The increase was mainly due to higher average prices and higher production partially offset by higher realized losses from commodity contracts in 2022.
• Average netback from operations⁽²⁾ for the first quarter of 2022 was $48.91 per BOE, an increase of 73% from the prior year first quarter. Netback including commodity contracts⁽²⁾ for the first quarter of 2022 was $36.88 per BOE which was 49% higher then the prior year first quarter.
• Revenue, net of royalties was $5.5 million in the first quarter of 2022 compared to $3.3 million for the first quarter of 2021, an increase of 70%, as average prices increased 65% and average production increased 3% between the quarters.
• G&A expense decreased by 10% in the first quarter of 2022 compared to the prior year quarter due to management’s continued cost cutting measures.
• Interest expense decreased by 5% in the first quarter of 2022 compared to the prior year quarter due to principal payments on the credit facility in 2021 which reduced the outstanding loan balance.
• Operating expenses for the first quarter of 2022 increased by 35% compared to the prior year first quarter due primarily to higher production taxes. Operating expense per barrel averaged $9.56 per BOE in the first quarter of 2022 compared to $7.30 per BOE in the first quarter of 2021. The increase was due to higher production taxes in the first quarter of 2022 which increased by $1.82 per BOE compared to the prior year first quarter.
• In the first quarter of 2022, the Company incurred a net loss of $2.5 million compared to a net loss of $0.5 million in the first quarter of 2021. Excluding the first quarter of 2022 unrealized loss from commodity contracts of $3.8 million, the Company would have recognized positive net income.
• In November 2021, the Company’s credit facility was amended to reduce the Maximum Leverage Ratio covenant discussed below from 4 to 1 down to 3.5 to 1 beginning in the first quarter of 2022. In addition, BOK Financial agreed to increase the borrowing base by $2.0 million if the gross proceeds from the Company’s rights offering exceeded C$8.5 million and the Company has drilled 2 wells and completed fracture stimulation on one of the wells. The Company has met both requirements and is awaiting the redetermination from the bank.

Kolibri’s President and Chief Executive Officer, Wolf Regener commented:

“We are excited as the early results from the first two wells drilled in 2022 are so good that they are transformative for the Company. The Barnes 7-3H well (98.07% working interest), which started production in the second half of March, had a 30 day initial production rate (“IP rate”) of 940 BOEPD, including 740 barrels of oil, which was the best 30 day IP rate that the Company has achieved. The early results from the Barnes 8-4H well (98.07% working interest), which started production in the second half of April, has, while still flowing up casing, averaged about 580 BOEPD for the last 12 days, including about 500 barrels of oil. We are scheduled to install tubing and increase the capacity of our surface facilities in the coming week. We have been very pleased with the performance of this well and are looking forward to seeing what it will produce once these modifications have been completed.

The new unhedged cash flow will be providing the capital to drill more wells, assuming these wells follow the projected decline curves,. We plan to continue the 2022 drilling program in the third quarter when the drilling rig is expected to be onsite, as we have already signed a drilling rig contract.

In the first quarter of 2022, we generated $2.8 million of adjusted funds flow, compared to $1.5 million in the first quarter of 2021, which was an increase of 87%. The increase was due to higher average prices of 65% and an increase in production of 3%.

Net revenue increased by 70% in the first quarter of 2022 due to higher average prices and production.

Netback from operations increased to $48.91 per BOE in the first quarter of 2022 compared to $28.32 per BOE in the first quarter of 2021, an increase of 73%. Netback including commodity contracts for the first quarter of 2022 was $36.88 per BOE, an increase of 49% from the prior year first quarter. The 2022 increase compared to the same period in the prior year was due to the increase in average prices partially offset by higher production taxes.

The Company’s G&A expenses decreased by 10% in the first quarter of 2022 compared to the first quarter of 2021 due to managements continuing efforts to reduce expenses.

Interest expense decreased by 5% in the first quarter of 2022 compared to the comparable prior year period due to principal payments on the credit facility during 2021 which reduced the outstanding loan balance and lower interest rates.

Operating expenses for the first quarter of 2022 increased by 35% compared to the prior year first quarter due primarily to higher production taxes. Operating expense per barrel averaged $9.56 per BOE in the first quarter of 2022 compared to $7.30 per BOE in the first quarter of 2021. The increase was primarily due to higher production taxes in the first quarter of 2022 which increased by $1.82 per BOE compared to the prior year first quarter.

In the first quarter of 2022, the Company incurred a net loss of $2.5 million compared to a net loss of $0.5 million in the first quarter of 2021. Excluding the first quarter of 2022 unrealized loss from commodity contracts of $3.8 million, the Company would have recognized positive net income.”

First Quarter 2022 versus First Quarter 2021

Oil and gas gross revenues totaled $6,179,000 in the quarter versus $3,510,000 in the first quarter of 2021. Oil revenues increased $2,669,000 or 76% as oil prices increased by $40.25 per barrel or 72% and oil production increased by 2% to 714 bopd. Natural gas revenues increased $100,000, or 34%, to $391,000 as average natural gas prices increased by 31% to $4.71/mcf and natural gas production increased by 3% to 922 mcfpd. Natural gas liquids (NGLs) revenues increased $166,000, or 44%, as NGL prices increased 34% to $32.25 per BOE and production increased by 8% to 186 boepd.

Average production for the first quarter of 2021 was 1,054 BOEPD, an increase of 3% compared to the first quarter of 2021 average production of 1,020 BOEPD. The increase was due to the production from the Barnes 7-3H well which started producing in the second half of March partially offset by the natural decline of existing wells.

Production and operating expenses increased to $907,000 from $670,000 in the prior year first quarter and the per boe production and operating costs were $9.56/boe in the first quarter of 2022 compared to $7.30/boe in the first quarter of 2021.

Depletion and depreciation expense increased $230,000 or 25% due to the 2021 impairment reversal of PP&E and higher production in the first quarter of 2022.

General and administrative expenses decreased $77,000 or 10% due to cost cutting measures by the Company.

Stock based compensation increased to $125,000 in the first quarter of 2022 due to stock option grants in January 2022.

Finance income increased $12,000 in the first quarter of 2022 compared to the prior year quarter due to interest income and a foreign exchange gain in 2022.

Finance expense increased $3,703,000 in the first quarter of 2022 compared to the prior year quarter due to unrealized losses on commodity contracts of $3,786,000 and realized losses of $1,142,000.

The information outlined above is extracted from and should be read in conjunction with the Company's unaudited financial statements for the three months ended March 31, 2022 and the related management's discussion and analysis thereof, copies of which are available under the Company's profile at www.sedar.com.

NON-GAAP MEASURES

Netback from operations, netback including commodity contracts and adjusted funds flow (collectively, the "Company’s Non-GAAP Measures") are not measures or ratios recognized under Canadian generally accepted accounting principles ("GAAP") and do not have any standardized meanings prescribed by IFRS. Management of the Company believes that such measures and ratios are relevant for evaluating returns on each of the Company's projects as well as the performance of the enterprise as a whole. The Company's Non-GAAP Measures may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to similar non-GAAP measures and ratios as reported by such organizations. The Company’s Non-GAAP Measures should not be construed as alternatives to net income, cash flows related to operating activities, working capital or other financial measures and ratios determined in accordance with IFRS, as an indicator of the Company's performance.

An explanation of how the Company’s Non-GAAP Measures provide useful information to an investor and the purposes for which the Company’s management uses the Non-GAAP Measures is set out in the management's discussion and analysis under the heading “Non-GAAP Measures” which is available under the Company's profile at www.sedar.com and is incorporated by reference into this earnings release.

The following is the reconciliation of the non-GAAP ratio netback from operations to net income (loss) from continuing operations, which the Company considers to be the most directly comparable financial measure that is disclosed in the Company’s financial statements:

The following is the reconciliation of the non-GAAP measure adjusted funds flow to the comparable financial measures disclosed in the Company’s financial statements:

CAUTIONARY STATEMENTS

In this news release and the Company’s other public disclosure:

Caution Regarding Forward-Looking Information

This release contains forward-looking information including information regarding the proposed timing and expected results of exploratory and development work including production from the Company's Tishomingo field, Oklahoma acreage, projected adjusted funds flow, the Company’s reserves based loan facility, including scheduled repayments and the expected increase to the Company’s borrowing base of $2.0 million in the second quarter of 2022, expected hedging levels and the Company’s strategy and objectives. The use of any of the words “target”, “plans”, "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements.

Such forward-looking information is based on management’s expectations and assumptions, including that the Company's geologic and reservoir models and analysis will be validated, that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, that previous exploration results are indicative of future results and success, that expected production from future wells can be achieved as modeled, that declines will match the modeling, that future well production rates will be improved over existing wells, that rates of return as modeled can be achieved, that recoveries are consistent with management’s expectations, that additional wells are actually drilled and completed, that design and performance improvements will reduce development time and expense and improve productivity, that discoveries will prove to be economic, that anticipated results and estimated costs will be consistent with management’s expectations, that all required permits and approvals and the necessary labor and equipment will be obtained, provided or available, as applicable, on terms that are acceptable to the Company, when required, that no unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays or labor or contract disputes are encountered, that the development plans of the Company and its co-venturers will not change, that the demand for oil and gas will be sustained or increase, that the Company will continue to be able to access sufficient capital through financings, credit facilities, farm-ins or other participation arrangements to maintain its projects, that the Company will continue in compliance with the covenants under its reserves-based loan facility and that the borrowing base will not be reduced and will be increased in the second quarter of 2022, that funds will be available from the Company’s reserves based loan facility when required to fund planned operations, that the Company will not be adversely affected by changing government policies and regulations, social instability or other political, economic or diplomatic developments in the countries in which it operates and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business and its ability to advance its business strategy.

Forward looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the risk that any of the assumptions on which such forward looking information is based vary or prove to be invalid, including that the Company’s geologic and reservoir models or analysis are not validated, that anticipated results and estimated costs will not be consistent with management’s expectations, the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration and development projects or capital expenditures; the uncertainty of reserve and resource estimates and projections relating to production, costs and expenses, and health, safety and environmental risks including flooding and extended interruptions due to inclement or hazardous weather), the risk of commodity price and foreign exchange rate fluctuations, risks and uncertainties associated with securing the necessary regulatory approvals and financing to proceed with continued development of the Tishomingo Field, the risk that the Company or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that unexpected geological results are encountered, that completion techniques require further optimization, that production rates do not match the Company’s assumptions, that very low or no production rates are achieved, that the Company will cease to be in compliance with the covenants under its reserves-based loan facility and be required to repay outstanding amounts or that the borrowing base will be reduced pursuant to a borrowing base re-determination and the Company will be required to repay the resulting shortfall, that the Company is unable to access required capital, that funding is not available from the Company’s reserves based loan facility at the times or in the amounts required for planned operations, that occurrences such as those that are assumed will not occur, do in fact occur, and those conditions that are assumed will continue or improve, do not continue or improve and the other risks identified in the Company’s most recent Annual Information Form under the “Risk Factors” section, the Company’s most recent management's discussion and analysis and the Company’s other public disclosure, available under the Company’s profile on SEDAR at www.sedar.com.

Although the Company has attempted to take into account important factors that could cause actual costs or results to differ materially, there may be other factors that cause actual results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information included in this release is expressly qualified in its entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

About Kolibri Global Energy Inc.

KEI is an international energy company focused on finding and exploiting energy projects in oil, gas and clean and sustainable energy. Through various subsidiaries, the Company owns and operates energy properties in the United States.

Wolf E. Regener, President and Chief Executive Officer +1 (805) 484-3613
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: www.kolibrienergy.com

Construction underway since March 2022 for the first 100 MWh EVx system to support grid resiliency and delivery of renewable energy to the Chinese national grid

LUGANO, Switzerland & WESTLAKE VILLAGE, Calif. & HOUSTON & BEIJING--(BUSINESS WIRE)--$NRGV--Energy Vault Holdings, Inc. (NYSE: NRGV, NRGV WS) (“Energy Vault), a leader in sustainable, grid-scale energy storage solutions, today announced the groundbreaking for the first EVx™ deployment in China.

The 100 MWh gravity-based EVx system is being built adjacent to a wind farm and national grid site in Rudong, Jiangsu Province located outside of Shanghai to augment and balance China’s national energy grid through the delivery of renewable energy to the State Grid Corporation of China (SGCC). SGCC is the world’s largest utility and provides power to more than 1.1 billion Chinese citizens in 26 provinces, autonomous regions and municipalities, covering 88% of Chinese national territory.

Commencement of EVx construction follows the previously announced License and Royalty agreement for renewable energy storage in partnership with Houston-based Atlas Renewable LLC (“Atlas Renewable”) and its majority investor China Tianying Inc. (CNTY) (CN: 000035), an international environmental management and waste remediation corporation engaged in smart urban environmental services, resource recycling and recovery, and zero-carbon clean energy technologies.

The project is the first utility scale gravity-based storage deployment between a U.S. and Chinese company and was approved by the local city government and provincial government with support from the central government agencies within the People's Republic of China. The EVx deployment was granted unprecedented fast-tracked preliminary approval at a March 12^th conference of cross-governmental agencies, including National Development and Reform Commission, Ministry of Ecology & Environment, Ministry of Industry Information and Technology, National Energy Bureau, Chinese Academy of Sciences, Chinese Academy of Engineering, National Power Grid and National Electric Power Planning Institute, as well as some of China’s leading scientists, academicians, and engineers, to accelerate and advance its State mandated environmental policy commonly referred to as “30-60”. That policy has a stated goal of Carbon Peak in 2030 and Carbon Neutrality in 2060.

On April 26^th, the Energy Investment Professional Committee of the Investment Association of China, Three Gorges Construction Group, China Construction New Energy Shanghai (7^th Unit), China Tianying and Atlas Renewable held an online seminar to discuss the deployment of gravity energy storage technology in China. The parties conducted in-depth exchanges and communication on gravity energy storage technology and the deployment of Energy Vault’s EVx system in Rudong, Jiangsu Province. Representatives of all parties expressed their ardent support for the project and full confidence in the future of gravity energy storage technology in China. Both Three Gorges Construction Engineering Group and China Construction New Energy Shanghai (7^th Unit), two major tier-one global energy and construction companies, vowed to participate in the in-depth cooperation with Atlas Renewable and China Tianying on Energy Vault’s gravity energy storage projects and promote the implementation of the project in China.

Energy Vault and Atlas Renewable signed a $50 million licensing agreement for the use of Energy Vault’s proprietary gravity-based energy storage technology and its technology agnostic energy management and asset optimization software suite in the Chinese power market. The agreement also includes terms governing volume-based deployment royalties and covers maintenance, monitoring and the beneficial re-use of waste materials within Energy Vault’s composite blocks. The payment of the $50 million licensing fee is scheduled to be completed in 2022.

Energy Vault’s partnership with Atlas Renewable and China Tianying, and the deployment of EVx, are directly aligned with the U.S.-China Joint Glasgow Declaration on Enhancing Climate Action in the 2020s, published at COP26 in November 2021. The Declaration states that the U.S. and China intend to expand their combined efforts to accelerate the transition to a global net zero economy through cooperation on policies to encourage decarbonization and electrification of end-use sectors; key areas related to the circular economy, such as green design and renewable resource utilization; transmission policies that encourage efficient balancing of electricity supply and demand across broad geographies; and distributed generation policies that encourage integration of solar, storage, and other clean power solutions closer to electricity users; among other initiatives.

“Our first commercial EVx™ deployment in China is a significant milestone for Energy Vault and for the People’s Republic of China as it pursues its decarbonization goals,” said Robert Piconi, Chairman, Co-Founder and CEO, Energy Vault. “China is rapidly expanding its use of renewable energy coupled with annual energy storage mandates in order to meet its decarbonization goals. We are very pleased that EVx and our Energy Management Software Platform have already received local regulatory endorsement and is being deployed now as a critical enabling technology to support China’s energy transition and carbon neutrality goals. In 2021, China produced more metric tons of greenhouse gasses than the next four largest countries combined, and as currently planned, will continue to increase emissions until 2030. We must move swiftly to reverse this trend, and together with local partners China Tianying and Atlas Renewable, we will do just that.”

Eric Fang, Chief Executive Officer, Atlas Renewable, stated: “The world’s first deployment of Energy Vault’s transformative EVx™ technology is taking place in China and it represents U.S. and Chinese collaboration in its best form. The world’s two largest economies have joined forces to meaningfully address climate change with breakthrough, innovative technology that will play a critical role in enabling China’s clean energy transition and 30-60 policy. This project clearly demonstrates the seriousness with which China takes its COP26 commitments and will serve as a model for global decarbonization.”

CNTY Chairman Yan further stated: “The achievement of the Rudong project, will be historically noteworthy, as a path forward, enabled by both Chinese and American private business working together cooperatively and effectively, for a common climate goal: non carbon based energy storage that fully completes the energy production and use cycle of renewable electric power generated from non-carbon sources.”

Energy Vault’s gravity-based solutions are based on the well-understood physics and mechanical engineering fundamentals of pumped hydroelectric energy storage, but replace water with custom-made composite blocks that can be made from low-cost and locally sourced materials, including local soil, mine tailings, coal combustion residuals (coal ash), and end-of-life decommissioned wind turbine blades.

Energy Vault’s EVx systems are designed to help utilities, independent power producers and large industrial energy users significantly reduce their levelized cost of energy while maintaining power reliability. The circular economic design of EVx minimizes environmental and supply chain risks while increasing local jobs in the communities in which the systems are built, providing according to our current expectations from 50% to 75% of the storage investment back to local economies in the form of construction contracts to build the EVx structures and to fabricate the composite bricks locally on site, as well as ongoing maintenance contracts during operation of the systems over time. The systems are automated leveraging Energy Vault’s proprietary advanced computer control and machine vision software that orchestrate the charging and discharging cycles while meeting a broad set of storage durations starting from 2 hours and continuing to 12 hours, or more.

About Energy Vault

Energy Vault develops and deploys turnkey sustainable energy storage solutions designed to transform the world’s approach to utility-scale energy storage in realizing decarbonization while maintaining grid resiliency. The company’s proprietary energy management system and optimization software suite is technology agnostic in its ability to orchestrate various generation and energy storage resources to help utilities, independent power producers and large industrial energy users to significantly reduce their levelized cost of energy while maintaining power quality and grid reliability. Energy Vault’s EVx™ gravity energy storage system utilizes eco-friendly materials with the ability to integrate waste materials for beneficial re-use. Energy Vault is facilitating the shift to a circular economy while accelerating the clean energy transition for its customers. For additional information, please visit: www.energyvault.com

About China (CNTY) Tianying Inc., Nantong City, Jiangsu Province

China Tianying Inc. (CNTY) is the largest environmental services firm in China. A listed international company, CNTY is engaged in smart urban environmental services, resource recycling and recovery, and zero-carbon clean energy technologies (stock code: 000035). The company’s business expands from smart urban environmental services, waste-to-energy (WtE) power generation, renewable energy power generation, regional energy centers, hydrogen energy centers, and investment, construction, and operation of circular economy industrial parks, to reduction, recycling, and harmless treatment of catering waste, hazardous waste, construction and demolition waste. CNTY also researches, develops, and manufactures environmental protection equipment and energy storage systems. CNTY has established a whole-industry-chain business coverage from cleaning services, to waste collection, transfer, and end treatment.

Driven by innovation and backed by top-notch equipment manufacturing and R&D capabilities, CNTY strives to lead renewable energy upgrades and business model transformation through informatization, automatization, and industrialization solutions. These solutions include plasma technology, automated sorting systems, intelligent integrated urban service cloud platforms, zero-carbon energy network centers, and smart IoT centers, contributing to the realization of China’s carbon peak and neutrality goals.

About Atlas Renewable LLC, Houston, Texas

Atlas Renewable LLC is structured as an integral part of the project development and execution process led by CNTY in China. Atlas Renewable LLC serves as an American facilitation bridge between Chinese institutions, investors and regulatory entities and Energy Vault to identify projects, help pre-qualify and oversee financing efforts through the available mechanisms supported by Chinese Local, Provincial and National policies. Atlas Renewable LLC can evaluate situations quickly for Energy Vault, help to solve problems and give context to the new world of getting things done in China efficiently and effectively. Atlas Renewable LLC principals each have decades of experience and relationships in China with people at all levels.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks, uncertainties, and assumptions including statements regarding our future expansion, deployments and capabilities. There are a significant number of factors that could cause actual results to differ materially from the statements made in this press release, including: expectations and timing related to the deployment of the EVx system announced in this press release, the availability of low-cost and locally sourced materials to produce “mobile masses,” developments and changes in the general market, the continuing impact of COVID-19, political, economic, and business conditions; our limited operating history as a public company; and our ability to retain qualified personnel. Additional risks and uncertainties that could affect our financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Form 8-K filed with the Securities and Exchange Commission (the “SEC”) on February 14, 2022, as amended on March 31, 2022, which is available on our website at investors.energyvault.com and on the SEC's website at www.sec.gov. Additional information will also be set forth in other filings that we make with the SEC from time to time. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made, except as required by applicable law.

Investors
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Delivered solid performance in the first quarter as scale, broad portfolio, global operating footprint, through-cycle capabilities and strong financial profile enabled year-over-year growth

Offshore Technology Conference (OTC) Spotlight on New Technology® Award

HOUSTON--(BUSINESS WIRE)--$XPRO #XPRO--HOUSTON - May 5, 2022 - Expro Group Holdings N.V. (NYSE: XPRO) (the “Company” or “Expro”) today reported financial and operational results for the three months, ended March 31, 2022.

First Quarter 2022 Highlights

• Revenue was $280 million compared to revenue of $296 million in the fourth quarter of 2021, a decrease of $16 million, or 5% driven by lower activity across the Europe and Sub Sahara Africa (ESSA) and Asia Pacific (APAC) segments, partially offset by higher activities in the North and Latin America (NLA) and Middle East and North Africa (MENA) segments.
• Net loss for the first quarter of 2022 was $11 million, or $0.10 per diluted share, compared to a net loss of $91 million, or $0.84 per diluted share, for the fourth quarter of 2021. Adjusted net income for the first quarter of 2022, excluding certain items, was $1 million, or $0.01 income per diluted share, compared to adjusted net loss for the fourth quarter of 2021 of $4 million, or $0.03 loss per diluted share.
• Adjusted EBITDA (a non-GAAP measure) was $37 million, a sequential decrease of $14 million, or 27%, driven by a combination of seasonally lower activity, mobilization costs incurred, and project start-up delays in regards to, the expansion of our subsea services offering during the current quarter, partially offset by lower corporate costs. Adjusted EBITDA margin for the first quarter of 2022 and fourth quarter of 2021 was 13% and 17%, respectively.
• Net cash used in operating activities for the first quarter of 2022 was $(14) million compared to net cash provided by operating activities of $16 million for the fourth quarter of 2021. Adjusted cash flow from operations (a non-GAAP measure) for the first quarter of 2022 was $(1) million compared to $41 million for the fourth quarter of 2021, primarily reflecting a seasonal decline in operating results and an increase in net working capital.

Michael Jardon, Chief Executive Officer, noted, “Expro delivered solid operational performance and encouraging financial results in the first quarter as we continue to unlock the benefits of the recently completed merger while capitalizing on our increased scale, broad portfolio of services and solutions, global operating footprint, through-cycle capabilities and strong financial profile.

“Despite a dynamic operating environment, Expro executed on a number of corporate priorities during the first few months of 2022. This is testament to our team’s expertise and resilience, combined with our broad portfolio of technology solutions and ability to be flexible in adapting to our customers’ evolving needs.

“We achieved growth across North and Latin America and Middle East and North Africa, with notable growth in our well construction business and equipment sales related to well flow management, respectively. We also continue to realize the benefits of our investments to date to further develop our technology offerings, having recently completed a high temperature production profiling survey using our Distributed Fiber Optic Sensing (“DFOS”) technology following our recent acquisition of SolaSense, which we believe will significantly enhance Expro’s well data acquisition and analysis capabilities.

“Expro continues to support our customers’ energy transition goals through expanding our portfolio of carbon reduction solutions. In particular, we are seeing increasing potential in the geothermal market and have recently been awarded a geothermal well contracts in ESSA and APAC, thereby strengthening our position as an integrated services provider. This is a growing and increasingly important sector and key element of the energy services industry's journey toward a lower carbon future.

“Looking forward, we continue to see strengthening signals of a multi-year recovery as our customers seek to balance their energy security and sustainability priorities, and we expect demand for our services and solutions to increase throughout 2022 and beyond. In particular, operators are increasingly looking at short-cycle projects to boost production from existing assets and longer-cycle, new field development projects in order to increase production capacity and thereby improve the diversity and reliability of energy supply. Expro is uniquely positioned to serve our customers in the current market through our combined technology and know-how while prioritizing safety and service quality, enabling us to deliver maximum value to our customers, shareholders and other stakeholders.”

Notable Awards and Achievements

Expro recently published its inaugural Environmental, Social and Governance (“ESG”) report which provides transparency on the Company's performance and establishes Expro's near- and long-term ESG priorities. The 2021 ESG report outlines our vision for creating a more sustainable future. As a leading well expert and one of the most trusted partners in the energy industry, Expro is playing a key role in supporting a lower carbon world and a brighter future for our customers, employees and communities.

As a demonstration of Expro’s commitment to new technologies, during the first quarter, the company enhanced its well integrity offering with the acquisition of DFOS company SolaSense. Access to representative well data is key for making informed well performance and well integrity decisions. The SolaSense acquisition will allow Expro to build on its existing well intervention and integrity portfolio, leveraging our expertise to extend the lifespan of our customers’ wells while reducing time and costs.

Highlighting how technology is used to deliver efficiency, it was announced in the first quarter that Expro’s Autonomous Well Intervention System, Galea™, will be recognized at the 2022 Offshore Technology Conference (OTC) in Houston with a Spotlight on New Technology® Award. Galea, the world’s first fully autonomous well intervention system, is designed to maximize production while reducing intervention costs, HSE risks and the carbon footprint of operations.

In the first quarter, Expro also conducted a well integrity surveillance program in Norway, using its Octopoda™ system to deploy a unique set of survey technologies, including a powerful suite of annular monitoring services together with a downhole camera. The survey results enabled the customer to define its late-life production strategy. This is a truly unique service offering which for the first time in our industry enables operators to proactively monitor and manage wellbore annular integrity.

In addition, Expro deployed the latest generation CoilHose™ from a light well intervention vessel to provide nitrogen lift services for a customer in Norway. This advanced hose design not only enables open water subsea intervention at higher pressures and greater depths, but also increases the operating envelope for conventional operations, significantly increasing the applicability of this exciting technology.

During the first quarter, the Company also continued to expand its Centri-Fi™ system, implementing its first run with an operator in the Gulf of Mexico. The customer provided positive feedback on the safety and efficiency of the system, while racking back stands of tubulars. Expro’s Centri-Fi system represents another step forward in reducing the risk of injuries on the rig floor while optimizing operations by enabling the remote consolidated control of tubular running equipment.

Finally, Expro delivered downhole fluid capture services for a customer during the first quarter using its recently developed non-reactive sampling system. This unique technology provides an inert environment from sample capture through final analysis, while delivering the most accurate assessment of the hydrocarbons under investigation with no absorption of trace elements. This is critical to ensure the design of production facilities and pipelines are optimized for the produced fluids.

Segment Results

Unless otherwise noted, the following discussion compares the quarterly results for the first quarter of 2022 to the results for the fourth quarter of 2021.

North and Latin America (NLA)

NLA revenue totaled $104 million for the three months ended March 31, 2022, an increase of $4 million, or 3%, compared to $100 million for the three months ended December 31, 2021. The increase was primarily driven by well construction services in the U.S. and Mexico as a result of higher customer activity and equipment sales, partially offset by lower subsea well access and well flow management revenues in the U.S. due to lower activity and subsea equipment sales in the previous quarter that did not recur during the current quarter.

NLA Segment EBITDA was $22 million, or 21% of segment revenue, during the three months ended March 31, 2022, compared to $21 million, or 21% of segment revenue, during the three months ended December 31, 2021. The increase of $1 million was attributable to higher well construction activity.

Europe and Sub Sahara Africa (ESSA)

ESSA revenue totaled $82 million for the three months ended March 31, 2022 compared to $94 million for the prior quarter, a decrease of $12 million. The sequential decrease of 13% was primarily driven by lower well flow management and well construction services revenue in, United Kingdom, Azerbaijan and Angola due to a combination of lower customer activity levels and project delays during the current quarter, as well as non-recurring equipment sales in Norway that occurred in the prior quarter.

ESSA Segment EBITDA during the three months ended March 31, 2022 was $12 million, or 14% of segment revenue, compared to $20 million, or 21% of segment revenue, in the prior quarter. The decrease of $8 million was primarily attributable to lower activity levels and a less favorable activity mix during the current quarter.

Middle East and North Africa (MENA)

MENA revenue totaled $51 million for the three months ended March 31, 2022 compared to $49 million for the three months ended December 31, 2021. The sequential increase in revenue of $2 million, or 3%, was driven by well flow management equipment sales in the United Arab Emirates and Saudi Arabia in the first quarter.

MENA Segment EBITDA for the three months ended March 31, 2022 was $15 million compared to $16 million in the prior quarter. Segment EBITDA margin declined to 30% during the current quarter compared to 33% during the previous quarter, primarily due to lower activity on higher margin contracts and a less favorable activity mix.

Asia Pacific (APAC)

APAC revenue for the three months ended March 31, 2022 totaled $44 million compared to $52 million in the prior quarter, a reduction of $8 million. The 15% decrease in revenue was primarily due to a combination of lower customer activity levels, non-recurring equipment sales and the completion of certain projects during the previous quarter in Brunei, Thailand, Malaysia, India and Indonesia. This decrease was partially offset by higher subsea well access revenues in Australia.

APAC Segment EBITDA for the three months ended March 31, 2022 totaled $5 million, or 12% of segment revenue, compared to $12 million, or 24% of segment revenue, in the prior quarter. The reduction was primarily due to a less favorable activity mix and mobilization costs incurred during the first quarter related to a COVID-19-related and other project start-up delays with a subsea project, as well as lower activity on higher margin contracts.

Other Financial Information

On March 10, 2021, Frank’s International N.V. (“Frank’s”) and New Eagle Holdings Limited, an exempted company limited by shares incorporated under the laws of the Cayman Islands and a direct wholly owned subsidiary of Frank’s (“Merger Sub”), entered into an Agreement and Plan of Merger with Expro Group Holdings International Limited (“Legacy Expro”), an exempted company limited by shares incorporated under the laws of the Cayman Islands, providing for the merger of Legacy Expro with and into Merger Sub in an all-stock transaction, with Merger Sub surviving the merger as a direct, wholly owned subsidiary of Frank’s (the “Merger”). The Merger closed on October 1, 2021, and Frank's was renamed to Expro Group Holdings N.V.

The Company’s capital expenditures totaled $11 million in the first quarter of 2022. Expro plans for capital expenditures in the range of approximately $80 million to $90 million for the remainder of 2022. In addition, during the quarter the Company completed a technology acquisition to bolster its well intervention and integrity product offering for total consideration of approximately $11 million.

As of March 31, 2022, Expro’s consolidated cash and cash equivalents, including restricted cash, totaled $218 million. The Company had no outstanding debt as of March 31, 2022 and has no outstanding debt today. The Company’s total liquidity as of March 31, 2022 was $348 million. Total liquidity includes $130 million available for drawdowns as loans under the Company’s revolving credit facility (the “New facility”) entered into in connection with the Merger.

Expro’s provision for income taxes for the first quarter of 2022 was $5 million compared to $8 million in the prior quarter. The change in income taxes was primarily due to changes in taxable profits in certain jurisdictions.

In the context of recent geopolitical events, we note we have minimal activity in Russia and Ukraine. Such countries accounted for less than 1% of our revenue in 2021.

The financial measures provided that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”) are defined and reconciled to their most directly comparable GAAP measures. Please see “Use of Non-GAAP Financial Measures” and the reconciliations to the nearest comparable GAAP measures.

Additionally, downloadable financials are available on the Investor section of www.expro.com.

Conference Call

The Company will host a conference call to discuss first quarter 2022 results on Thursday, May 5, 2022, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time).

Participants may also join the conference call by dialing:

U.S.: +1 (844) 200-6205
International: +1 (929) 526-1599
Access ID: 482756

To listen via live webcast, please visit the Investor section of www.expro.com.

The first quarter 2022 Investor Presentation is available on the Investor section of www.expro.com.

An audio replay of the webcast will be available on the Investor section of the Company’s website approximately 3 hours after the conclusion of the call and will remain available for a period of approximately 12 months.

To access the audio replay telephonically:

Dial-In: U.S. +1 (929) 458-6194 or +44 (204) 525-0658
Access ID: 324599
Start Date: May 5, 2022, 1:00 p.m. CT
End Date: May 12, 2022, 11:00 p.m. CT

A transcript of the conference call will be posted to the Investor relations section of the Company’s website after the conclusion of the call.

ABOUT EXPRO

Working for clients across the entire well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and what the Company believes to be best-in-class safety and service quality. The Company’s extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well intervention and integrity solutions.

With roots dating to 1938, Expro has more than 7,200 employees and provides services and solutions to leading energy companies in both onshore and offshore environments in approximately 60 countries.

For more information, please visit: www.expro.com and connect with Expro on Twitter @ExproGroup and LinkedIn @Expro.

Forward-Looking Statements

This release 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. All statements, other than statements of historical facts, included in this release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. Without limiting the generality of the foregoing, forward-looking statements contained in this release include statements, estimates and projections regarding the Company’s future business strategy and prospects for growth, cash flows and liquidity, financial strategy, budget, projections and operating results. These statements are based on certain assumptions made by the Company based on management’s experience, expectations and perception of historical trends, current conditions, anticipated future developments and other factors believed to be appropriate. Forward-looking statements are not guarantees of performance. Although the Company believes the expectations reflected in its forward-looking statements are reasonable and are based on reasonable assumptions, no assurance can be given that these assumptions are accurate or that any of these expectations will be achieved (in full or at all) or will prove to have been correct. Moreover, such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Such assumptions, risks and uncertainties include the outcome and results of the integration process associated with the Merger, the amount, nature and timing of capital expenditures, the availability and terms of capital, the level of activity in the oil and gas industry, volatility of oil and gas prices, unique risks associated with offshore operations, political, economic and regulatory uncertainties in international operations, the ability to develop new technologies and products, the ability to protect intellectual property rights, the ability to employ and retain skilled and qualified workers, the level of competition in the Company’s industry, global or national health concerns, including health epidemics, such as COVID-19 and any variants thereof, the possibility of a swift and material decline in global crude oil demand and crude oil prices for an uncertain period of time, future actions of foreign oil producers such as Saudi Arabia and Russia, the timing, pace and extent of an economic recovery in the United States and elsewhere, the impact of current and future laws, rulings, governmental regulations, accounting standards and statements, and related interpretations, and other guidance.

Such assumptions, risks and uncertainties also include the factors discussed or referenced in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission (the “SEC”), as well as other risks and uncertainties set forth from time to time in the reports we file with the SEC. Any forward-looking statement speaks only as of the date on which such statement is made, and the Company undertakes no obligation to correct or update any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law, and we caution you not to rely on them unduly.

Use of Non-GAAP Financial Measures

This press release and the accompanying schedules include the non-GAAP financial measures of Adjusted EBITDA, Adjusted EBITDA margin, contribution, contribution margin, support costs, adjusted cash flow from operations, cash conversion, adjusted net income (loss), and adjusted net income (loss) per diluted share, which may be used periodically by management when discussing financial results with investors and analysts. The accompanying schedules of this press release provide a reconciliation of these non-GAAP financial measures to their most directly comparable financial measure calculated and presented in accordance with GAAP. These non-GAAP financial measures are presented because management believes these metrics provide additional information relative to the performance of the business. These metrics are commonly employed by financial analysts and investors to evaluate the operating and financial performance of Expro from period to period and to compare such performance with the performance of other publicly traded companies within the industry. You should not consider Adjusted EBITDA, Adjusted EBITDA margin, contribution, contribution margin, support costs, adjusted cash flow from operations, cash conversion, adjusted net income (loss), and adjusted net income (loss) per diluted share in isolation or as a substitute for analysis of Expro’s results as reported under GAAP. Because Adjusted EBITDA, Adjusted EBITDA margin, contribution, contribution margin, support costs, adjusted cash flow from operations, cash conversion, adjusted net income (loss), and adjusted net income (loss) per diluted share may be defined differently by other companies in the industry, the presentation of these non-GAAP financial measures may not be comparable to similarly titled measures of other companies, thereby diminishing their utility.

Expro defines Adjusted EBITDA as net loss adjusted for (a) income tax expense, (b) depreciation and amortization expense, (c) severance and other expense, (d) merger and integration expense, (e) gain on disposal of assets, (f) other income, net, (g) stock-based compensation expense, (h) foreign exchange (gains) losses and (i) interest and finance (income) expense, net. Adjusted EBITDA margin reflects Adjusted EBITDA expressed as a percentage of total revenue.

Contribution is defined as total revenue less cost of revenue excluding indirect support costs included in cost of revenue. Contribution margin is defined as contribution divided by total revenue, expressed as a percentage. Support costs is defined as indirect costs attributable to supporting the activities of the operating segments, research and engineering expenses and product line management costs included in cost of revenue, excluding depreciation and amortization expense, and general and administrative expense, excluding depreciation and amortization expense, which represent costs of running the corporate head office and other central functions, including logistics, sales and marketing and health and safety, and does not include foreign exchange gains or losses and other non-routine expenses. Adjusted cash flow from operations is defined as net cash (used in) provided by operating activities adjusted for cash paid during the period for interest, net, severance and other expense and merger and integration expense. Cash conversion is defined as Adjusted cash flow from operations divided by Adjusted EBITDA, expressed as a percentage.

The Company defines adjusted net income (loss) as net loss before merger and integration expense, severance and other expense, New facility expense, stock-based compensation expense, and gain on disposal of assets, adjusted for corresponding tax benefits of these items. The Company defines adjusted net income (loss) per diluted share as net loss per diluted share before merger and integration expense, severance and other expense, New facility expense, stock-based compensation expense, and gain on disposal of assets, adjusted for corresponding tax benefits of these items, divided by diluted weighted average common shares.

Investors contact:
Karen David-Green - Chief Communications, Stakeholder & Sustainability Officer
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+1 281 994 1056

Media contact:
Hannah Rumbles - Global Marketing and Communications Manager
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+44 1224 796729

Company to Report Q1 2022 Results on May 12, 2022

BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent” or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology space, today announced that it will release its financial results for the first quarter ended March 31, 2022 on Thursday, May 12, 2022 and will host a conference call the same day at 9:00 AM ET to discuss its results.

To access the call please dial (888) 660-6182 from the United States, or (929) 203-0891 from outside the U.S. The conference call I.D. number is 3273042. Participants should dial in 5 to 10 minutes before the scheduled time.

A replay of the call can also be accessed via phone through May 26, 2022, by dialing (800) 770-2030 from the U.S., or (647) 362-9199 from outside the U.S. The conference I.D. number is 3273042.

About Advent Technologies Holdings, Inc.

Advent Technologies Holdings, Inc. is a U.S. corporation that develops, manufactures, and assembles complete fuel cell systems, and the critical components for fuel cells in the renewable energy sector. Advent is headquartered in Boston, Massachusetts, with offices in California, Greece, Denmark, Germany, and the Philippines. With more than 100 patents issued for its fuel cell technology, Advent holds the IP for next-generation HT-PEM that enable various fuels to function at high temperatures under extreme conditions – offering a flexible “Any Fuel. Anywhere.” option for the automotive, aviation, defense, oil and gas, marine, and power generation sectors. For more information, visit www.advent.energy.

Cautionary Note Regarding Forward-Looking Statements

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

Advent Technologies Holdings, Inc.

Naiem Hussain
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Chris Kaskavelis
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FRANKFURT, Germany--(BUSINESS WIRE)--#IEEE--The use of robots plays an important role in reaching the sustainable development goals set out by the United Nations (17 SDGs). The International Federation of Robotics identified 13 SDGs, where robots help to create a better planet.

“The use of robots responds to the UN´s call for action,” says Milton Guerry, President of the International Federation of Robotics (IFR). “The IFR supports the United Nations´ sustainable development goals. There are fantastic new ways in which robots save resources and produce green technologies of the future.”

“Intelligent automation helps battery technology achieve a breakthrough in e-mobility,” says Dr Susanne Bieller, General Secretary of the International Federation of Robotics. “At the same time, highly efficient production technology reduces CO₂-emissions.”

Electricity and solar heat – Clean Energy (UN´s SDG 7)

Solar heat and electricity are energies of the future: Keeping pace with a booming customer demand for solar panels and reflectors mean being able to produce units in greater quantities.

Industrial robots are now used as part of an automated factory production line in Sweden: The automation at Absolicon´s factory in Härnösand using two ABB robots has increased production of parabolic reflectors drastically. The newly installed robotic production line now has the capacity to produce a finished collector every six minutes - rather than three solar collectors per day.

Prepare-to-repair - Industrial Innovation (UN´s SDG 9)

Prepare-to-repair is a successful strategy for robot manufacturers and their customers to save costs and resources. In order to keep the large number of spare parts in stock, Japanese robot manufacturer Fanuc e.g. runs a central warehouse for Europe. It is located in Luxembourg and has the size of a football pitch with 600,000 spare parts on stock. Manufacturers like ABB, Fanuc, KUKA or Yaskawa also all run dedicated repair centers where thousands of industrial robots are refurbished and upgraded for a second life.

Robots eliminate chemical agents - Smart Agriculture (UN´s SDG 2)

In agriculture, new field robots eliminate the use of chemical agents. These agricultural robots travel slowly up and down the rows of crops. Equipped with cameras and artificial intelligence software, they are able to locate weeds and burn them selectively with a laser shot.

FULL-TEXT Press Release at: https://ifr.org/ifr-press-releases/news/robots-help-reaching-un-sdgs

About IFR
www.ifr.org

Carsten Heer
phone +49 (0) 40 822 44 284
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Initiative enables enhanced energy data integration and processing for more efficient management of the power grid

CAMBRIDGE, Mass.--(BUSINESS WIRE)--InterSystems, a creative data technology provider dedicated to helping customers solve the most critical scalability, interoperability, and speed problems, today announced its collaboration with the Agile Fractal Grid (AFG) to develop a scalable configuration data management solution that enables the digitization, decentralization, and decarbonization of power systems.

AFG selected InterSystems IRIS Data Platform™, a hybrid cloud data platform, to create a single source of truth for its power grid initiative. InterSystems IRIS provides a robust, scalable data management solution that ingests and analyzes streaming data from thousands of devices requiring milli-second decision and response. This “next generation” of real-time data processing and machine learning will enable AFG’s platform expansion for its Secure Supply Chain, Smart Manufacturing, Smart Grid, and Smart Transportation initiatives, as well as amplifying support for its comprehensive cybersecurity, edge computing, resilient electrical power, Fractal Twins, and energy services.

“The benefits of renewable energy are significant for both end users and the environment,” said John Reynolds, CEO of AFG. “We knew that to make an immediate and significant impact in how energy is delivered, we needed to work with a company that understood the importance of speed and scalability in managing energy data. InterSystems will be integral to our team’s transformation of the renewable energy and data infrastructure landscape, as it is the only partner capable of meeting the data processing and integration requirements for this initiative.”

InterSystems and AFG are addressing the industry's need for truly predictive solutions to enable the essential retooling of the electric grid. By incorporating real-time energy data processing and machine learning, InterSystems and AFG are paving the way for a next-generation data distribution network. Some of the new platform’s features include:

• Data ingestion that provides extreme throughput, performance, and scale
• Data integration that enables data processing in any format, with any protocol, from any source, harmonizing and normalizing disparate data for accurate analytics
• Embedded analytics including artificial intelligence (AI), machine learning (ML) and business intelligence (BI) to provide insights in a tiered approach that emulates nature
• Embedded interoperability that integrates data and business processes between systems to enable optimized and intelligent real-time orchestration

“As many business leaders, facility owners and municipality leaders continue to evaluate their renewable energy goals, the need to efficiently and securely manage energy sources and data will become paramount,” said Scott Gnau, Head of Data Platforms at InterSystems. “InterSystems IRIS plays a critical role in the development of AFG’s full suite of services, enabling energy security through the power of data to help organizations of all sizes and sectors meet their renewable energy goals.”

Founded eight years ago to architect the infrastructure needed to support its renewable energy platform, AFG and its consortium of over thirty organizations within the power, networking technology, and consulting sectors are moving away from centralized control of the power grid to provide a connected digital marketplace for operations, analytics, and financial applications for individual use.

For more information on the InterSystems IRIS data platform, please visit intersystems.com/IRIS.

About InterSystems

Established in 1978, InterSystems provides innovative data solutions for organizations with critical information needs in the healthcare, finance, and logistics sectors and beyond. Our cloud-first data platforms solve interoperability, speed, and scalability problems for organizations around the globe. InterSystems also develops and supports data management in hospitals through the world’s most proven electronic medical record, as well as unified care records for health systems and governments through a powerful suite of healthcare data integration solutions. The company is committed to excellence through its award-winning, 24x7 support for customers and partners in more than 80 countries. Privately held and headquartered in Cambridge, Massachusetts, InterSystems has 25 offices worldwide. For more information, please visit InterSystems.com.

About Agile Fractal Grid

The Agile Fractal Grid, Inc. (AFG) has created a platform to help cities, rural communities, campuses, and military bases achieve energy security and meet renewable energy goals while also providing gigabit broadband access. Together with its accompanying economic development ecosystem, AFG can help deploy clusters of microgrids into a system of systems to behave like a distributed utility, with the ability to participate in grid resiliency services and energy markets at scale.

InterSystems PR Contact:
Jackie D’Andrea
Inkhouse PR
781.820.5476
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Wallbox to reduce its global climate impact and exceed Paris Climate Agreement goals by almost two decades

BARCELONA, Spain--(BUSINESS WIRE)--Wallbox (NYSE:WBX), a leading provider of electric vehicle (EV) charging and energy management solutions worldwide, today announced its goal to achieve Net Zero greenhouse gas (GHG) emissions across its global footprint by 2030. This announcement comes on the heels of the release of the company’s first sustainability report since listing on the New York Stock Exchange.

“Sustainability is a driving force behind everything we do at Wallbox, and climate change is a global issue. As a global company, we feel propelled to lead by example,” said Enric Asunción, CEO and co-founder of Wallbox. “While this is our first official pledge, it is just one example of how sustainability is part of our DNA. Last year alone we reduced the emissions from our HQ by 18%, through the installation of solar panels and the use of our proprietary energy management solution.”

Wallbox’s plan is intended to not only account for all emissions emitted from its buildings and internal operations, but also take into account its footprint throughout the full value chain of its products. To achieve this ambitious target the company has outlined a three-phase plan:

Phase 1

• Impact measurement: Measured GHG emissions from our internal operations in our offices and facilities (scope 1 and 2), which amounted to 110 tons of carbon emissions in 2021.
• Emissions reductions: Begin implementing GHG emissions reduction plan.

Phase 2

• Reduce emissions from our offices and factories to achieve a carbon free internal footprint.
• Continue to assess and reduce upstream and downstream emissions.

Phase 3

• Net Zero: Reduce emissions as much as possible and offset residual emissions to reach Net Zero by 2030.

Asunción continued, “while some carbon offsetting may be necessary, our ESG strategy will be primarily based on reducing greenhouse gas emissions as much as possible, and we plan to offset residual emissions only where we cannot reduce greenhouse gas emissions any further through other means.”

Wallbox expects to sign the Global Compact and plans to undertake the UN’s Sustainable Development Goals. Wallbox is not only aligning to the Paris Agreement but, based on its plans, is on an accelerated track, with an aggressive goal of Net Zero GHG emissions by 2030, 20 years ahead of the Paris Agreement. Using Wallbox’s proprietary energy management system, Sirius, the company has been able to track emissions in real time in its headquarters (HQ) in Barcelona and its two Barcelona manufacturing facilities. In just the past year the company has been able to reduce its HQ emissions by 18%. The data from this software is being used to identify the main greenhouse gas impacts along the value chain to start implementing meaningful measures to reduce emissions. You can learn more about Wallbox’s NetZero journey here.

About Wallbox Chargers
Wallbox is a global company, dedicated to changing the way the world uses energy in the electric vehicle industry. Wallbox creates smart charging systems that combine innovative technology with outstanding design and manage the communication between vehicle, grid, building and charger. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public and public use in more than 98 countries. Founded in 2015, with headquarters in Barcelona, Wallbox’s mission is to facilitate the adoption of electric vehicles today to make more sustainable use of energy tomorrow. The company employs over 900 people in Europe, Asia, and the Americas. For additional information, please visit www.wallbox.com.

Wallbox Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding Wallbox’s goal to achieve Net Zero greenhouse gas emissions by 2030, its three phase plan to achieve that goal, its plan to offset residual emissions only where it cannot reduce greenhouse gas emissions any further through other means and its intentions regarding the Global Compact and US’s Sustainable Development Goals. . In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "may," "can," "should," "could," "might," "plan," “goal,” "possible," "project," "strive," "budget," "forecast," "expect," "intend," "will," "estimate," "predict," "potential," "continue" or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements.

These forward-looking statements are based on management’s current expectations and beliefs. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause Wallbox’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to: Wallbox’s history of operating losses as an early stage company; the adoption and demand for electric vehicles including the success of alternative fuels, changes to rebates, tax credits and the impact of government incentives; Wallbox’s ability to successfully manage its growth; the accuracy of Wallbox’s forecasts and projections including those regarding its market opportunity; competition; energy and fuel prices; technological innovations; legislative and regulatory changes; risks related to health pandemics including those of COVID-19; losses or disruptions in Wallbox’s supply or manufacturing partners; Wallbox’s reliance on the third-parties outside of its control to perform; the compliance of various third parties with Wallbox’s policies and procedures and legal requirements; risks related to Wallbox’s technology, intellectual property and infrastructure; Wallbox’s ability to successfully implement various initiatives throughout our company and full value chain under expected time frames; Wallbox’s ability to gather and verify data regarding environmental impacts and emissions; risks related to the Russia-Ukraine War, and other important factors discussed under the caption "Risk Factors" in Wallbox’s final prospectus on Form 424(b)(3) filed with the SEC on November 12, 2021, as such factors may be updated from time to time in its other filings with the SEC, accessible on the SEC’s website at www.sec.gov and the Investors Relations section of Wallbox’s website at investors.wallbox.com.

These and other important factors could cause actual results to differ materially from those indicated by the forward-looking statements made in this press release. Any forward-looking statement that Wallbox makes in this press release speaks only as of the date of such statement. Except as required by law, Wallbox disclaims any obligation to update or revise, or to publicly announce any update or revision to, any of the forward-looking statements, whether as a result of new information, future events or otherwise.

###

Wallbox Public Relations Contact
Elyce Behrsin
Public Relations
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+34 622 513 358

DUBLIN--(BUSINESS WIRE)--The "Renewable Energy Monitor" newsletter has been added to ResearchAndMarkets.com's offering.

REM covers information across all main renewable energy sources, including onshore and offshore wind, solar, geothermal, biomass, biofuels, hydro, wave, tidal and marine. It also gives insight into new and developing technologies such as algal biofuels and advanced storage, keeping customers abreast of the latest updates and innovations relevant to any of the above sectors.

REM aims to alert readers and investors on the latest large-scale projects and IPOs, giving balanced coverage of potential global opportunities for investors and companies along the renewable energy supply chain.

In the renewables industry, policy can often dictate the fate of successful projects and investment - REM aims to provide detailed commentary and the latest news on regional issues and decision-making, from a supra-national level such as the European Commission, to national guidance such as the US EPA or Japan's METI.

For more information about this newsletter visit https://www.researchandmarkets.com/r/1epd4v

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DUBLIN--(BUSINESS WIRE)--The "Middle East Oil & Gas Monitor" newsletter has been added to ResearchAndMarkets.com's offering.

With around 40% of the world's oil supply coming from the Persian Gulf, in addition to exploration and production (E&P), MEOG's coverage includes policy and transport issues which can cause price spikes in the global hydrocarbon markets.

MEOG offers insight into the latest developments in the oil and gas sectors of Bahrain, Iraq, Iran, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria, Turkey, the UAE and Yemen. While much of the region has been extensively explored, there remain 'frontier' areas of E&P.

Oil shale efforts in Jordan could provide vast resources through the greater cost effectiveness of new technologies. To the north-west, Beirut has grown increasingly impatient to follow the major gas discovery trend in the Eastern Med and Lebanon's first offshore bid round is likely to kick off drilling campaigns in the medium term.

Countries Covered

• Bahrain
• Iraq
• Iran
• Israel
• Jordan
• Kuwait
• Lebanon
• Oman
• Qatar
• Saudi Arabia
• Syria
• Turkey
• UAE
• Yemen

For more information about this newsletter visit https://www.researchandmarkets.com/r/qt0ngr

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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DUBLIN--(BUSINESS WIRE)--The "Oil and Gas Outlook and Forecast Report" has been added to ResearchAndMarkets.com's offering.

This report includes crude oil and natural gas price forecasts and commentary about the market outlook.

This report is written by an independent financial market research firm based in Austin, Texas. The author has been top ranked by Bloomberg News for its forecast accuracy in 36 different categories, including being ranked the #1 forecaster in the world of crude oil prices and natural gas prices.

Key Topics Covered:

1. Overview Page

2. Letter from the President

3. Economic Outlook and Forecasts

4. Energy Outlook and Forecasts

5. Crude Oil Outlook

6. Natural Gas Outlook

For more information about this report visit https://www.researchandmarkets.com/r/w588ft

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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TURIN, Italy--(BUSINESS WIRE)--The third edition of the Investment Challenge – the second challenge on the sustainability theme – created by Banca Generali and Reply in collaboration with MIP Politecnico di Milano, MainStreet Partners and CFA Society Italy, has officially ended.

The online competition saw record numbers, with over 13,750 participants from 95 countries generating a total traded value of over $8.2 billion by trading in companies with the best ESG rating, as the aim was to achieve the best impact for future generations.

From the outset, participants demonstrated an ability to identify and invest in products with a positive ESG rating, in line with the competition's sustainable investing objective. From day one, 67% of the transactions were carried out on instruments with a positive ESG rating, i.e. an ESG rating of 3 or more 3 (on a 1-5 scale). A further evolution in investment strategies was noted during the competition: participants came to identify virtuous stocks more effectively, increasing the percentage of traded products with ESG scores above 3 – a testament to the skill of the participants.

To better prepare for the challenge participants were able to deepen their knowledge of ESG ratings and broaden their general finance and investment skills through exclusive e-learning content specially created by Reply, Banca Generali, MIP Politecnico di Milano and MSP.

On the podium of the 2022 edition of the Reply Sustainable Investment Challenge stood:

Nigel Cledwyn Motinius, 22, a law student at the University of the West of England (Bristol), who took the first place with a ranking value of 98,852.47;

Antonio Villano, 23 years old, an Economics and Finance MA student at the University of Milano-Bicocca, with a ranking value of 75,002.96 achieved by investing exclusively in securities with a positive ESG rating, took the second place;

Giacomo Gazzo, 23, a Management Engineering student at the Politecnico di Milano, who took the third place with a ranking value of 81,507.37.

"The participants’ ability to change their strategy during the course of the competition in order to find more sustainable stocks highlights their level of knowledge and skill,” explained Roberto Tognoni, a Reply Executive Partner. “We are extremely satisfied with the huge success of this new edition of the Reply Investment Challenge and with the Reply Challenges programme in general, which shows how essential is to engage with the new generations of talent through new and innovative training dynamics".

We are happy with the extraordinary success of the Sustainable Investment Challenge 2022. The high level of participation in the event is a sign of strong interest from young people in savings and investments, with a particular focus on sustainable investments. The results achieved and the building of many of the portfolios in the competition are a sign of maturity from younger generations, which opens an interesting opportunity for reflection within our sector," commented Carmelo Reale, General Counsel and Head of Sustainability at Banca Generali.

The Reply Sustainable Investment Challenge is part of the Reply Challenges programme, which, in conjunction with the Reply Code For Kids programme and the Master's Degree course in AI & Cloud offered at the Polytechnic of Turin, is one of the examples of Reply's commitment to the development of innovative training models, capable of engaging new generations. Reply Challenges now have a community of over 140,000 players.

Reply
Reply [MTA, STAR: REY, ISIN: IT0005282865] specialises in the design and implementation of solutions based on new communication channels and digital media. As a network of highly specialised companies, Reply defines and develops business models enabled by the new models of AI, big data, cloud computing, digital media and the internet of things. Reply delivers consulting, system integration and digital services to organisations across the telecom and media; industry and services; banking and insurance; and public sectors. www.reply.com

Banca Generali
Banca Generali is one of Italy's leading private banks in financial planning and customer wealth protection, with a network of private bankers and consultants whose skill and professionalism places them at the top of the industry. The company's strategy is based on four key elements: the qualified advice of professionals specialising in protecting the wealth of families and supporting their future planning; a cutting-edge product portfolio with solutions tailored to personal needs; innovative wealth management services for the care of financial and other assets, and innovative tools that use technology to enhance the relationship of trust between advisors and clients. The bank's mission highlights its role as a group of trusted professionals who are constantly by their clients’ side, helping them build and take care of their life plans. Listed on the Milan Stock Exchange since November 2006, it manages over 85.7 billion euros in assets from Assicurazioni Generali on behalf of its clients (as at 31 December 2021). It has an extensive presence throughout Italy, with 45 bank branches and 137 offices available to over 2150 financial consultants, as well as an advanced digital contact service for its operations. In addition, its a digital banking platform, www.bancageneraliprivate.it, enables clients to access banking services independently.

MainStreet Partners
We are the trusted ESG partner of many investors for one simple reason: we provide a single platform for their portfolio-level sustainability requirements. Our clients include some of the most sophisticated wealth managers, investment banks, insurance companies and institutional investors in the financial sector.

MainStreet Partners is based in London, regulated by the Financial Conduct Authority and consists of two main divisions:

1. ESG Advisory – for over 10 years we have worked alongside our partners to create multi-asset and multi-manager ESG portfolios with mutual funds, stocks and bonds. We develop solutions for thematic products or products aligned with the United Nations Sustainable Development Goals (SDGs);
2. Portfolio Analytics – we offer a holistic approach to ESG data analysis, including: transparent and detailed ESG ratings on a broad universe of funds or the assessment of client portfolios to improve their sustainability profile and align them with green regulations.

Our proprietary models and databases are available on a pragmatic and intuitive ESG platform. Our clients can create sustainable portfolios and/or analyse their portfolios through:

• ESG ratings at issuer level (stocks, credit, government bond, green and social bond);
• ESG ratings for funds with the addition of extra-financial results and SDG alignment;
• Exclusion lists and analysis of activities and behaviours.

MIP Politecnico di Milano Graduate School of Business
MIP is the Graduate School of Business of the Politecnico di Milano. For more than 40 years, it has been offering management training programmes for graduates, professionals, companies and institutions. In 2014, it launched the first Executive MBA in digital learning in Italy. Today, digital training is an integral part of its entire training offering. The School pays particular attention to sustainability issues: it is the only European Business School among the B Corp certified companies, an award given to companies that stand out for their commitment to sustainable development and to building a more inclusive society. MIP constantly works alongside internationally renowned national and international companies, building partnerships that allow it to devise training programmes aimed at providing useful tools to meet the challenges of contemporary markets. Its educational offer consists of more than 40 yearly Master's degree programmes (including MBAs and Executive MBAs), a catalogue of more than 200 Open programmes dedicated to executive profiles, and several training courses tailored to different businesses. www.som.polimi.it/

CFA Society Italy
CFA Society Italy is Italy’s top association for professionals who have obtained the Chartered Financial Analyst® (CFA) qualification, the most important certification in the finance world. Founded in 1999 as an affiliate of CFA Institute, the association is the point of reference for CFA Charterholders in Italy. It promotes professional ethics and the value of the training and certification in our country, providing a range of services for professionals and for those following the demanding exam process. The entire activity of CFA Society Italy, as well as other affiliated associations around the world, is largely based on the voluntary commitment of its members. CFA Society Italy has approximately 600 members.

Press contacts:
Reply
Fabio Zappelli
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Tel. +390117711594

Aaron Miani
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Tel. +442077306000

Banca Generali
Davide Pastore
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Tel. +39 337 1115357

MainStreet Partners
Laura Regi
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Tel. +44 (0)20 3997 4930

MIP Politecnico di Milano Graduate School of Business
Alessandro D'Angelo
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+39 329 41392262

CFA Society Italy
Elena Giffoni
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+39 347 2626681

ecobee once again recognized for its commitment to energy efficient products and solutions

TORONTO--(BUSINESS WIRE)--ecobee is proud to announce that the U.S Environmental Protection Agency has named it an ENERGY STAR Partner of the Year for the second year in a row. This award recognizes ecobee’s demonstrated leadership and commitment to improving energy efficiency through its continued innovations, including its industry-leading ecobee smart thermostats, and intelligent software platform, eco+, designed to improve energy efficiency, benefiting both consumers and the planet.

Since launching the world’s first smart thermostat, ecobee has helped customers across North America save more than 25 TWh of energy, which is the equivalent of taking all the homes in Los Angeles off the grid for a year. Today, ecobee continues to innovate with smart home solutions that solve everyday problems with comfort, security, and conservation in mind.

“Receiving this recognition for the second consecutive year underscores our commitment to developing energy efficient products and solutions and finding innovative ways to reduce carbon emissions, all while helping customers live more comfortably,” said Chris Carradine, EVP of ecobee Energy. “At ecobee, it is our mission to ensure our advanced technologies are designed to not only improve everyday life, but create a more sustainable world.”

ecobee’s ENERGY STAR-certified smart thermostats include eco+, a suite of features that helps customers save even more energy. Community Energy Savings is an opt-in feature within eco+ that works with customers’ utilities to make slight temperature adjustments when community electrical demand peaks, which lessens the overall strain on the power grid and increases the consumption of cleaner energy. The thermostats learn and adapt to the owner’s routine for comfort while at home and reduce energy while away, saving customers up to 26%¹ on annual heating and cooling costs.

ecobee has also improved access to energy efficient products by subsidizing tens of thousands of thermostats through the company’s Income Qualified program and partnering with local housing organizations, cities, and NGOs to donate devices to community housing projects. Dedicated to energy efficiency, the company continues to work to find innovative ways to reduce carbon emissions, design products to stay in homes and out of landfills, and improve access to sustainable products for families across North America.

“We know it’s going to take all of us working together to tackle the climate crisis, and the 2022 ENERGY STAR award-winning partners are demonstrating what it takes to build a more sustainable future,” said EPA Administrator Michael S. Regan. “These companies are showing once again that taking action in support of a clean energy economy can be good not only for the environment, but also for business and customers.”

Each year, EPA’S ENERGY STAR program honors a group of businesses and organizations that have made outstanding contributions to protecting the environment through superior energy achievements. Winners lead their industries in the production and sale of energy efficient products and services, and in the development and adoption of strategies that provide substantial savings in the buildings where we work, and in our homes. For more information about the ENERGY STAR’s awards program, visit www.energystar.gov.

To learn more about ecobee’s suite of industry-leading energy efficient products and solutions, visit ecobee.com.

¹ Compared to a hold of 72°F/22°C.

About ecobee

ecobee Inc. was founded in 2007 with a mission to improve everyday life while creating a more sustainable world. Since launching the world’s first smart thermostat, ecobee has helped customers across North America save more than 25 TWh of energy, which is the equivalent of taking all the homes in Los Angeles off the grid for a year. Today, ecobee continues to innovate with smart home solutions that solve everyday problems with comfort, security, and conservation in mind. With ecobee’s products, including the SmartThermostat with voice control and SmartCamera with voice control, and its Smart Security home monitoring system, ecobee continues to encourage SmartOwners to imagine what home could be. In 2021, ecobee joined Generac Holdings Inc. (NYSE: GNRC), a leading global designer and manufacturer of energy technology solutions, and other power products. Generac and ecobee share a vision to deliver a cleaner and more sustainable energy future for customers and communities. The Generac and ecobee home of the future will be more comfortable, resilient, and efficient. For more information, visit ecobee.com.

Press:
Fatima Reyes, Senior Communications Manager, ecobee
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Franchised Travel Center Adds 103 Truck Parking Spaces and Over 70 Jobs

WESTLAKE, Ohio--(BUSINESS WIRE)--TravelCenters of America Inc. (Nasdaq: TA), nationwide operator of the TA, Petro Stopping Centers and TA Express travel center network, today announced the opening of a new TA Express travel center in Fairfield, Texas, located off Interstate 45, exit 198. The newly constructed TA Express is a franchised location and expands TA’s total nationwide network of travel centers to 276 sites, including 45 franchised sites.

TA Express Fairfield offers fueling, convenience items, dining options and other services for professional drivers and motorists. The new 17,000 square foot facility sits on a 19-acre property and offers a convenient stop for those traveling between Dallas and Houston. Amenities include:

• Quick-service restaurants including Whataburger, Original Fried Pie Shop and The Deli, with hot and cold food options available
• Store with coffee, beverages, snacks and merchandise
• 103 truck parking spaces
• 74 car parking spaces
• Eight diesel fueling positions with Diesel Exhaust Fluid (DEF) on all lanes
• 20 gasoline fueling positions
• Nine showers
• Driver lounge
• Laundry facilities

“As we continue expanding our footprint across the country, we are strategically opening travel centers in locations where our services are needed by both professional drivers and motorists,” said Jon Pertchik, Chief Executive Officer of TravelCenters of America. “In partnership with our franchisee, we are proud to join the Fairfield community and look forward serving both travelers and residents along Interstate 45.”

Network growth and enhancing the guest experience are key components of TA’s Transformation. TA will continue to focus on franchising to expand its footprint and will continue offering guests welcoming and pleasant atmospheres like the newly built TA Express Fairfield, and through its continued nationwide site refresh program, which includes the upgrade of over 100 sites by the end of 2022.

About TravelCenters of America
TravelCenters of America Inc. (Nasdaq: TA) is the nation's largest publicly traded full-service travel center network. Founded in 1972 and headquartered in Westlake, Ohio, its more than 18,000 team members serve guests in 276 locations in 44 states, principally under the TA®, Petro Stopping Centers® and TA Express® brands. Offerings include diesel and gasoline fuel, truck maintenance and repair, full-service and quick-service restaurants, travel stores, car and truck parking and other services dedicated to providing great experiences for its guests. TA is committed to sustainability, with its specialized business unit, eTA, focused on sustainable energy options for professional drivers and motorists, and leverages alternative energy to support its own operations. TA operates over 600 full-service and quick-service restaurants and nine proprietary brands, including Iron Skillet® and Country Pride®. For more information, visit www.ta-petro.com.

Tina Arundel
TravelCenters of America
440-250-4758
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WASHINGTON--(BUSINESS WIRE)--The Theodore Roosevelt Conservation Partnership^® (TRCP^®) honored Yamaha U.S. Marine Business Unit President Ben Speciale with the 2022 Conservation Achievement Award during the 14^th Annual Capital Conservation Awards dinner on May 4, 2022. Recognized alongside Senator Steve Daines (R-MT) and Congresswoman Betty McCollum (D-MN), 2022 recipients of the James D. Range Conservation Award, Speciale received his award for his leadership in conservation and environmental stewardship.

“We all have access to the natural treasures of this country through our public lands and waterways, and I’m grateful to work for a company that makes products that foster a love for the outdoors. When we can find a common ground in our desire to conserve resources and work together through bi-partisan efforts, we can ensure those resources are here for future generations to enjoy,” said Speciale. “Conservation and sustainability are at the center of the Yamaha Marine organization. I’m humbled and share this honor with my co-workers and mentor, Yamaha Marine Past President Phil Dyskow.”

Involved since childhood in his family’s marina and marine dealership, Speciale grew up with a passion for boating and fishing as well as a respect for the resources that provide those opportunities. During the last five years, he encouraged the establishment and growth of Yamaha Rightwaters™, a national sustainability program that encompasses all of Yamaha Marine’s conservation and water quality efforts. Yamaha Rightwaters reinforces Yamaha’s long-standing history of natural resource conservation and support of sustainable recreational fishing and water resources.

“Each year, the TRCP^® proudly honors individuals whose commitment to conservation has had real and lasting on-the-ground results for hunters, anglers, and all Americans,” said Whit Fosburgh, TRCP^® President and CEO. “Ben Speciale has been a leader in the fights to improve management of recreational angling in saltwater, conserve the ocean’s forage base, and tackle the threats posed to our fisheries by aquatic invasive species.”

As President of the Yamaha U.S. Marine Business Unit, Speciale directs all U.S.-based Yamaha marine activities and subsidiaries including Skeeter^® bass boats, G3^® aluminum fishing boats, Precision Propeller Industries, Bennett Marine, Siren Marine and Kracor. He also acts as Chief Sales and Marketing Officer of Marine Engines and Boat Power Systems (BPS). In addition, Speciale serves on the board of the National Marine Manufacturers Association^® and is past chairman.

Founded in 2002, the TRCP^® is the largest coalition of conservation organizations in the country, uniting and amplifying the voices of sportsmen and women by convening hunting and fishing groups, conservation organizations, and outdoor businesses to a common purpose.

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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The acquisition strengthens Validere’s ESG offerings, allowing customers to turn compliance into capital

HOUSTON & CALGARY, Alberta--(BUSINESS WIRE)--#ESG--Validere, a leading all-in-one commodity management platform for the energy industry, today announced the company has completed its acquisition of Clairifi Inc. (“Clairifi”). Clairifi offers end-to-end reporting capabilities on environmental and regulatory requirements, minimizing the burden around emissions management while maximizing tax savings and improving operational efficiency.

Companies across the energy supply chain are often burdened by the arduous task of compliance reporting, a time-intensive process that is usually performed manually in Excel spreadsheets by costly environmental consultants. These issues are coupled with constantly changing environmental, social and governance (ESG) policies, as well as disorganized data, which can cause confusion over meeting reporting requirements.

The acquisition of Clairifi strengthens Validere’s ESG offerings to now include regulatory reporting capabilities, in addition to enhancing our status as the only data platform for assessing and managing certification processes. Partnering with Validere also provides energy companies with access to expert ESG advisors, who can help businesses assess their ESG strategies and make the right decisions for driving efficiency and sustainability with speed and ease.

“Joining forces with Validere puts both companies in a better position to offer an effective and efficient path to compliance, utilizing a holistic approach that is guided by data-driven decisions,” says Clairifi Co-Founder and CEO Corey Wood, MSc. “Together, we’re ready to disrupt ineffective and outdated compliance approaches while enabling our clients to differentiate themselves as ESG-conscious energy producers.”

“Existing Validere customers can now take advantage of Clairifi’s proven technology to simplify regulatory compliance and fully leverage environmental commodities, utilizing comprehensive data sets to satisfy multiple regulatory requirements,” says Nouman Ahmad, Co-Founder and CEO of Validere. “This acquisition also enhances Validere’s predictive capabilities, allowing for precise forecasting based on granular inputs to create models with pinpoint accuracy.”

Thanks to the integration of Clairifi, businesses can now easily comply with current and future SEC regulations, as well as access a centralized platform to accurately measure, manage and predict their evolving emissions strategies.

"The implementation of costs on carbon and emission reduction requirements introduce new immediate and long-term consequences that cascade from the field to head office,” says Wood. “While regulatory compliance is often considered a burden on industry, requiring resources and continuous innovation, if we are well-prepared, these challenges may be used as catalysts to revive, refresh and improve.”

About Validere

Validere is the leading all-in-one commodity management platform for the energy industry. We help energy providers gain visibility, action their findings and predict future scenarios for their physical and environmental commodities. We are the only platform that integrates data and insights on ESG markets with traditional commodity markets, giving clients a holistic picture for their core business decisions. We believe the future of energy requires a modernized supply chain, so we’re reducing the barriers to actionable insights to make the energy landscape better for everyone. Through people and technology, we bring clarity to commercial and operational challenges, provide ways to act on the learnings and facilitate predictions for the future state.

About Clairifi

The Clairifi platform makes it easy to understand how regulatory requirements apply to your organization, while minimizing the burden of quantification, analysis, forecasting and reporting. By empowering our users with emerging regulatory technology, we are helping oil and gas companies shift their focus from the previous year's emissions to maximizing savings, increasing operational efficiency and identifying opportunities to capitalize on carbon offset credit projects.

Media Contacts:
Nicole Yager
Validere
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Matthew Juul
Validere
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DUBLIN--(BUSINESS WIRE)--The "Downstream ME & Africa Monitor" newsletter has been added to ResearchAndMarkets.com's offering.

In a region which has shown both extensive investment and increased instability over the past few years, MEA merits a significant degree of technically minded and industry-focused coverage.

While DMEA details mid- and downstream company activity throughout the Middle East and Africa, it also contains information of tender announcements and awards, allowing customers to be kept aware of what their competitors are up to as well as informing them of new opportunities.

Sample Table of Contents

• Commentary
• Iran Re-Routes Oman Gas Pipeline to Avoid Us Intervention
• UAE in Downstream Flux
• QP Plots Global Expansion
• Mozambique on Hold
• Refining
• Samir Bidding Opens, 20 Offers Received
• Nigeria Moderates Tone on Illegal Refiners
• Pipelines
• Al-Zour Pipeline Job Suffers Further Delay
• Terminals & Shipping Puma Starts Up Storage and Fuel Supply Hub
• Vopak to Increase SA Oil Storage Capacity
• Tenders
• Posco in Front for Sohar Polyester Contract
• News in Brief

Countries Covered

• Nigeria
• Ethiopia
• Democratic Republic of the Congo
• Egypt
• South Africa
• Tanzania
• Kenya
• Uganda
• Algeria
• Sudan
• Morocco
• Mozambique
• Ghana
• Angola
• Somalia
• Ivory Coast
• Madagascar
• Cameroon
• Burkina Faso
• Niger
• Malawi
• Zambia
• Mali
• Senegal
• Zimbabwe
• Chad
• Tunisia
• Guinea
• Rwanda
• Benin
• Burundi
• South Sudan
• Eritrea
• Sierra Leone
• Togo
• Libya
• Central African Republic
• Mauritania
• Republic of the Congo
• Liberia
• Namibia
• Botswana
• Lesotho
• Gambia
• Gabon
• Guinea-Bissau
• Mauritius
• Equatorial Guinea
• Eswatini
• Djibouti
• Reunion (France)
• Comoros
• Western Sahara
• Cape Verde
• Mayotte (France)
• Sao Tome and Principe
• Seychelles
• Saint Helena
• Ascension and Tristan da Cunha (UK)
• Egypt
• Turkey
• Iran
• Iraq
• Saudi Arabia
• Yemen
• Syria
• Jordan
• United Arab Emirates
• Israel
• Libya
• Lebanon
• Palestine (West Bank and Gaza Strip)
• Oman
• Kuwait
• Qatar
• Bahrain

For more information about this newsletter visit https://www.researchandmarkets.com/r/66qitg

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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AUSTIN, Texas--(BUSINESS WIRE)--SeekOps Inc., global leader in providing best-in-class sensors and actionable analytics to support both traditional and renewable energy sectors in their decarbonization efforts, today announced the addition of Jennifer Stewart, J.D., to their advisory board.

“It is my pleasure to welcome Jennifer to our advisory board,” said Iain Cooper, President and CEO of SeekOps. “Her extensive background around environmental legislative and regulatory affairs across local, state and federal levels, her current focus on sustainability, in addition to her previous strategic roles in unmanned aerial systems, will greatly aid SeekOps’ long-term growth more broadly into oil and gas, renewable natural gas and landfill operations as we scale our operations globally. Her strong focus on safety, compliance and ethics will reinforce the culture that we have already established here at SeekOps and will ensure a consistency of service offering that is essential for reliable and accurate emissions monitoring reporting on a global stage.”

Jennifer Stewart is currently the Chief Sustainability Officer for Penn America Energy (PAE), a project to develop an LNG export terminal delivering clean Marcellus natural gas to global markets, and Principal Advisor to Equitable Origin, an independent organization that partners with business, communities, and government to support transparent, equitable, and sustainable development of energy and natural resources. She serves as an independent board member of the environmental services company Paragon Integrated Services where she chairs the Sustainability committee and is an advisory board member for Publicis Sapient’s Energy and Commodities Practice. She has also twice been awarded by the Texas Diversity Council the title of “The Most Powerful Woman in Oil and Gas.”

“I am honored and excited to join the team as an advisory board member,” said Jennifer Stewart. “I look forward to working with SeekOps’ leadership as we play an increasingly key role in accelerating the global energy transition with best in class automated, field-proven solutions for solving both sustainability and industrial decarbonization challenges.”

Jennifer joins Harmen Dekker, Director of the European Biogas Association, who joined the SeekOps Advisory board in 2021.

About SeekOps

SeekOps Inc. deploys its industry-leading SeekIR^® sensors with enterprise-grade drones to provide field-proven measurement systems for methane Leak Detection and Quantification (LDAQ^TM), through repeatable, consistent, and cost-effective automated workflows. For more information, please visit www.seekops.com.

Paul Khuri
VP - Business Development
713 962 6146
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DUBLIN--(BUSINESS WIRE)--The "Indonesia Diesel Genset Market Report: By Power Rating, Application - Latest Trends, Competition Analysis and Demand Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.

The estimated Indonesian diesel genset market 2021 value was $339.9 million, and it will reach $504.5 million by 2030, at a 4.5% CAGR between 2021 and 2030.

The key reason behind it would be the high frequency of power outages in the country owing to its poor grid infrastructure and high incidence of natural calamities, such as earthquakes, incessant rain and flood, and volcanic eruptions.

For instance, during February-April 2021, certain parts of Indonesia were ravaged by floods and rain, which led to a massive power outage. Moreover, the country faces a critical shortage of coal, with mining firms deliberately not meeting their targets to supply 25% of the output to domestic power plants. Further, the government estimated in May 2021 that across the country, 500,000 households were still without a grid connection.

During the COVID-19 pandemic, diesel genset sales dropped massively in the country because of the closure of major industrial and commercial spaces and challenges in the import of these systems and their components. However, as the lockdowns have now been lifted, economic activity is resurging. Moreover, on January 12, 2022, the country lifted the ban on the arrival of people from overseas, which is a positive sign for its tourism sector.

Key Findings of Indonesia Diesel Genset Market Report

• Till now, gensets with a power rating of 5 to 75 kVA have witnessed the highest sales (in terms of volume) due to their lower prices and popularity in small industries, residential facilities, telecom towers, commercial complexes, restaurants, and hotels.
• However, high-power variants are now beginning to trend in the Indonesian diesel genset market because the government is strongly focusing on the development of industrial and social infrastructure.
• For instance, the National Medium-Term Development Plan (2020-2024) entails a spending of $412 billion for the construction of highways, buildings, roads, ports, and refineries, thereby driving the demand for gensets for powering construction equipment.
• Among the residential, industrial, and commercial sectors, the industrial sector will most rapidly increase the procurement of such power production systems in the country in the coming years.
• In this regard, the Making Indonesia 4.0 initiative, which aims to make the country a global manufacturing hub, will be a key Indonesian diesel genset market growth driver.
• In the same way, the high population of the country has made the residential sector the greatest user of gensets. This is also attributed to the large number of people who don't have grid connections, thus depend on gensets.

Major Players

• Cummins Inc.
• Caterpillar Inc.
• Deutz AG
• Doosan Heavy Industries & Construction Co. Ltd.
• Kohler Co.
• Mitsubishi Heavy Industries Ltd.
• Rolls-Royce plc
• Yanmar Holdings Co. Ltd.
• Aksa Power Generation

Key Topics Covered:

Chapter 1. Research Background

1.1 Research Objectives

1.2 Market Definition

1.3 Analysis Period

1.4 Market Data Reporting Unit

1.5 Market Size Breakdown by Segment

1.6 Key Stakeholders

Chapter 2. Research Methodology

2.1 Secondary Research

2.2 Primary Research

2.3 Market Size Estimation

2.4 Data Triangulation

2.5 Notes and Caveats

Chapter 3. Executive Summary

Chapter 4. Introduction

4.1 Definition of Market Segments

4.1.1 by Power Rating

4.1.1.1 5 Kva-75 Kva

4.1.1.2 76 Kva-375 Kva

4.1.1.3 376 Kva-750 Kva

4.1.1.4 Above 750 Kva

4.1.2 by Application

4.1.2.1 Commercial

4.1.2.1.1 Retail Establishments

4.1.2.1.2 Offices

4.1.2.1.3 Telecom Towers

4.1.2.1.4 Hospitals

4.1.2.1.5 Hotels

4.1.2.1.6 Others

4.1.2.2 Industrial

4.1.2.2.1 Manufacturing

4.1.2.2.2 Energy & Power

4.1.2.2.3 Others

4.1.2.3 Residential

Chapter 5. Industry Outlook

5.1 Market Dynamics

5.1.1 Trends

5.1.1.1 Rise in Demand for High-Power-Rating Diesel Gensets

5.1.2 Drivers

5.1.2.1 Growth in Industrial and Construction Sectors

5.1.2.2 Power Outages

5.1.2.3 Growth in Telecom Sector

5.1.2.4 Impact Analysis of Drivers on Market Forecast

5.1.3 Restraints

5.1.3.1 Harmful Effects of Diesel Gensets

5.1.3.2 Growing Demand for Generators Based on Alternative Fuels

5.1.3.3 Impact Analysis of Restraints on Market Forecast

5.2 Impact of Covid-19

Chapter 6. Indonesia Market Size and Forecast

6.1 Overview

6.2 Market Volume, by Power Rating

6.3 Market Revenue, by Power Rating

6.4 Market Volume, by Application

6.4.1 Commercial Market Volume, by User

6.4.2 Commercial Market Volume, by Power Rating

6.4.3 Industrial Market Volume, by User

6.4.4 Industrial Market Volume, by Power Rating

6.5 Market Revenue, by Application

6.5.1 Commercial Market Revenue, by User

6.5.2 Commercial Market Revenue, by Power Rating

6.5.3 Industrial Market Revenue, by User

6.5.4 Industrial Market Revenue, by Power Rating

Chapter 7. Competitive Landscape

7.1 Market Share Analysis of Key Players

7.2 Diesel Genset Offerings of Key Players

7.3 Competitive Benchmarking of Key Players

7.4 Recent Strategic Developments of Key Players

7.4.1 Product Launches

7.4.2 Other Developments

Chapter 8. Company Profiles

8.1 Business Overview

8.2 Product and Service Offerings

8.3 Key Financial Summary

For more information about this report visit https://www.researchandmarkets.com/r/shjxc6

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