Breezeline environmental targets are designed to reduce the company’s carbon footprint to protect the environment

QUINCY, Mass.--(BUSINESS WIRE)--Breezeline, formerly Atlantic Broadband, the nation’s eighth-largest cable operator, today announced that the company has begun to deploy electric vehicles (EVs), a key step in its commitment to reduce its operational emissions by 65% by 2030 and achieve net zero emissions by 2050.

The company has deployed the first electric vehicle into what will be a fleet of electric vehicles used by Breezeline sales teams starting this year in New Hampshire and West Virginia, with plans in the coming years to also transition technician vans and trucks to electric. The rear of the vehicles displays the company’s stated commitment of being “On the road to zero emissions.”

According to the Environmental Protection Agency, transportation accounts for the largest portion (27%) of total U.S. greenhouse gas emissions (based on 2020 data). Greenhouse gas emissions, in turn, are a factor in global warming and other negative environmental impacts.

Other Breezeline initiatives designed to reduce the company’s environmental impacts include:

• Breezeline will use Power Purchase Agreements to generate renewable energy and reduce electricity emissions. The company intends to obtain 100% of its energy consumption from renewable sources by 2030, with an approved science-based emissions reduction target.
• Breezeline will also reduce its non-operational emissions by 30%. This includes reducing the environmental impact of equipment used in customer homes. New product innovations like IPTV, which Breezeline has recently introduced, relies on equipment that uses a fraction of the energy of traditional set top boxes.
• Breezeline is also reducing employee commuting hours through the introduction of a FlexWork policy, which became effective this year.

“The greening of our fleet is a key initiative in our long term plan to reduce emissions and to protect the environment,” said Frank van der Post, President of Breezeline. “Our parent company, Cogeco, has led the way through its ongoing commitment to sustainable operations. We are committed to doing the same in our U.S. operations by adopting these emissions reduction targets and seeking improvements that will lead to a sustainable future.”

Cogeco, Breezeline’s parent company, has made care for the environment a key area of focus. The company has been recognized as a leader in sustainability practices and is ranked in the Corporate Knights Global 100 Most Sustainable Companies. The company achieved an “A” score for its 2021 CDP Climate Change response, the only North American telecommunications company on the list (the CDP is a non-profit that runs the global disclosure system for investors, companies, cities, states and regions to manage their environmental impacts). Cogeco, a signatory to the United Nations Global Compact, also was one of only 45 companies globally to receive the inaugural HRH Prince of Wales Terra Carta Seal last year, which recognizes companies committed to the creation of genuinely sustainable markets.

ABOUT BREEZELINE^TM

Cogeco US, operating as Breezeline, a subsidiary of Cogeco Communications Inc. (TSX: CCA), is the eighth-largest cable operator in the United States. The company provides its residential and business customers with Internet, TV and Voice services in 12 states: Connecticut, Delaware, Florida, Maine, Maryland, New Hampshire, New York, Ohio, Pennsylvania, South Carolina, Virginia and West Virginia. Cogeco Communications Inc. also operates in Québec and Ontario, in Canada, under the Cogeco Connexion name. Cogeco Inc.’s subsidiary, Cogeco Media, owns and operates 23 radio stations serving audiences across the province of Québec, as well as a news agency.

Andrew Walton
Breezeline
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HOUSTON--(BUSINESS WIRE)--VOC Energy Trust (NYSE: VOC) announced the Trust distribution of net profits for the first quarterly payment period ended March 31, 2022.

Unitholders of record on May 2, 2022 will receive a distribution amounting to $4,760,000 or $0.28 per unit, payable May 13, 2022.

Volumes, average sales prices and net profits for the payment period were:

As previously disclosed, in November 2021, the Trustee notified VOC Brazos Energy Partners, L.P. (“VOC Brazos”) that the Trustee intends to build a reserve for the payment of future known, anticipated or contingent expenses or liabilities, commencing with the distribution payable in the first quarter of 2022. The Trustee intends to withhold a portion of the proceeds otherwise available for distribution each quarter to gradually build a cash reserve to approximately $1.175 million. This amount is in addition to the letter of credit in the amount of $1.7 million provided to the Trustee by VOC Partners to protect the Trust against the risk that it does not have sufficient cash to pay future expenses. The Trustee may increase or decrease the targeted amount at any time and may increase or decrease the rate at which it is withholding funds to build the cash reserve at any time, without advance notice to the unitholders. Cash held in reserve will be invested as required by the Trust Agreement. Any cash reserved in excess of the amount necessary to pay or provide for the payment of future known, anticipated or contingent expenses or liabilities eventually will be distributed to unitholders, together with interest earned on the funds. The Trustee has elected to withhold $182,917 from the proceeds otherwise available for distribution this quarter, for a total amount of $365,834 withheld to date.

This press release contains forward-looking statements. Although VOC Brazos has advised the Trust that VOC Brazos believes that the expectations contained in this press release are reasonable, no assurances can be given that such expectations will prove to be correct. The announced distributable amount is based on the amount of cash received or expected to be received by the Trustee from the underlying properties on or prior to the record date with respect to the quarter ended March 31, 2022. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause these statements to differ materially include the actual results of drilling operations, risks inherent in drilling and production of oil and gas properties, the ability of commodity purchasers to make payment, the effect, impact, potential duration or other implications of the COVID-19 pandemic, actions by the members of the Organization of Petroleum Exporting Countries, and other risk factors described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission. Statements made in this press release are qualified by the cautionary statements made in these risk factors. The Trust does not intend, and assumes no obligations, to update any of the statements included in this press release.

VOC Energy Trust
The Bank of New York Mellon Trust Company, N.A., as Trustee
Elaina Rodgers
(713) 483-6020

79 per cent of Canadian homeowners say they are familiar with smart home technology and 4 in 5 (78 per cent) believe smart home technology can reduce their bills by using less electricity according to a new survey by Schneider Electric Canada

MISSISSAUGA, Ontario--(BUSINESS WIRE)--As the cost of living continues to rise, Canadian homeowners are increasingly seeking solutions that help them save on energy, as well as reduce their carbon footprint. New data from a recent study conducted by Schneider Electric, the leader in the digital transformation of energy management and automation, reveals 73 per cent of Canadian homeowners have seen an increase in their electrical bills in the past year, and most are interested in further integrating energy monitoring systems (71 per cent) and smart switches (63 per cent) into their homes to help combat that rise.

Homes and buildings continue to be a significant source of greenhouse gas emissions. After accounting for the electricity used for heating, cooling, lighting, and appliances, they total 18 per cent of national greenhouse gas (GHG) emissions. For Canada to achieve its goal of net-zero emissions, while also encouraging construction of new homes in response the ongoing housing affordability crisis, it is imperative energy solution providers do their part to help homeowners understand and embrace technology aiding us in the fight against climate change.

Encouragingly, the study found Canadian homeowners share this sentiment, with 82 per cent stating they are concerned about how climate change may affect future generations and 3 in 4 (76 per cent) agreeing smart home technology would make it easy to manage energy efficiency. However, while 79 per cent of homeowners are familiar with smart home solutions, less than 1 in 5 (17 per cent) households have currently adopted and integrated the technology.

“Our study found 9 in 10 (89 per cent) Canadian homeowners say it’s important to have energy efficient appliances or devices when buying, building, or renovating a home," said David O'Reilly, Vice President of Home and Distribution at Schneider Electric Canada. “Beyond cost savings, smart home technology, like Square D and Wiser Energy solutions gives Canadian homeowners incredible visibility into their energy usage which in turn gives them increased control over their energy consumption, while offering an effortless way to reduce their personal carbon footprint.”

To help more homeowners take advantage of this emerging technology, Schneider Electric launched a suite of connected living products aimed at addressing the most common demands of Canadian homeowners when shopping for smart home technology including ease of installation and use, long-term durability and sustainability.

Designed to make life easier with the end-user in mind, products such as Schneider Electric’s Square D Wiring Devices appeal to homeowners by saving them energy, while also offering them unprecedented control of their home from an easy-to-use smart phone application. Additionally, these devices incorporate unique and thoughtful design, built to complement any taste or style.

“Encouraging further adoption of smart home technology will not only help households reduce their individual carbon emissions, but also encourage them to reimagine what it means to live sustainably,” said O’Reilly. “With 3 in 5 homeowners agreeing that adopting smart home technology is “the right thing to do” for the environment, Canadians continue to recognize the importance of reducing energy consumption and lessening their environmental impact wherever possible.”

Learn more about Schneider Electric and our smart home solutions here.

About Schneider Electric

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

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

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

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

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

Discover Life Is On Follow us on: Twitter Facebook LinkedIn YouTube Instagram Blog

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

Hashtags: #LifeIsOn #Sustainability #ESG #OurImpact

Survey Methodology

An online quantitative survey was conducted between Nov 30, 2021 and Dec 6, 2021 through the Angus Reid online panel amongst a sample of 1,523 nationally representative Canadian homeowners over the age of 18, offered in both French and English.

Media Relations - Edelman on behalf of Schneider Electric, Juan Pablo Guerrero, Phone: +1 416 875 7173, Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

MALPITAS, Calif. & HERZLIYA, Israel--(BUSINESS WIRE)--SolarEdge Technologies, Inc. (“SolarEdge”) (NASDAQ: SEDG), a global leader in smart energy, announced today the appointment of Mr. Dirk Carsten Hoke as a member of the board of directors. The appointment was approved unanimously by the board of directors.

Mr. Hoke’s career spans more than 25 years and five continents in various industries. Most recently Mr. Hoke served from 2016 until 2021 as the Chief Executive Officer of Airbus Defence and Space and was also a member of Airbus’ Global Executive Committee. Prior to that, he held various executive positions at Siemens, including General Manager for the Transrapid Propulsion and Power Supply Subdivision, President of Siemens Transportation Systems China, Chief Executive Officer of Siemens Africa, Chief Executive Officer Industrial Solutions, Chief Executive Officer Customer Services and Chief Executive Officer Large Drives.

Mr. Hoke resides in Germany and serves on the Board of Advisors of Voyager Space and on the Board of Directors of Spire Global. He is the designated CEO of Volocopter.

He holds a degree in Mechanical Engineering from the Technical University of Brunswick, Germany and is an Alumni of the Young Global Leader Program of the World Economic Forum.

“We are very pleased to welcome Mr. Dirk Hoke to our board. His operational and leadership experience in multiple industries and in particular, the fields of electronics and transportation, are a very good fit for SolarEdge. We are confident that his insights and contributions will be meaningful for our board discussion,” stated Mr. Nadav Zafrir, Chairman of the Board.

Ms. Betsy Atkins, Chair of the Nominating and Corporate Governance Committee said, “Mr. Hoke’s appointment is the result of the Company’s commitment to continuously examine the composition of its Board and actively seek board members with innovative and diverse perspectives, skills and experience that can contribute to our Board in a meaningful way”.

About SolarEdge

SolarEdge is a global leader in smart energy. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, UPS, electric vehicle powertrains, and grid services solutions. SolarEdge is online at solaredge.com

SolarEdge Technologies, Inc.
Ronen Faier, Chief Financial Officer
+1 510-498-3263
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Sapphire Investor Relations, LLC
Erica Mannion or Michael Funari
+1 617-542-6180
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RICHMOND, Va.--(BUSINESS WIRE)--Afton Chemical is pleased to announce its latest development in diesel fuel detergent technology, Greenclean™ 3, now available in North America. This powerful, innovative technology builds on the successful and recognized first-generation Greenclean™ platform. With its more robust detergent system, Greenclean™ 3 will continue to enhance the operation of heavy-duty fleets and off-road equipment that contain the latest engine technology and emission control devices.

Greenclean™ 3 Detergent Technology benefits include protection from both traditional deposits and internal injector deposits, enhanced filterability, improved stability, reduction in emissions, and improved fuel economy. This new platform also incorporates other additive combinations to address performance needs such as lubricity, cetane, and cold flow improvers to minimize the complexity of handling multiple additives.

Roman Olini, Americas Commercial Vehicle Marketing Manager, credited Afton’s extensive industry experience in developing this latest generation of Greenclean™ Detergent Technology. “We developed this platform building on Afton's long legacy of technical expertise and real-world experience in the diesel fuel segment. We are proud to launch an efficient new product line that maintains the strengths of our current technology while continuing to deliver optimal performance in all segments of the commercial vehicle space,” he said.

Tim Brennan, Fuels Technical Services Manager, said, “This new detergent system has been proven in the United States, under real-world conditions validating very robust fuel economy benefits.”

About Afton Chemical Corporation:

Afton Chemical Corporation is part of the NewMarket Corporation (NYSE: NEU) family of companies. Afton Chemical Corporation uses its formulation, engineering and marketing expertise to help their customers develop and market fuels and lubricants that reduce emissions, improve fuel economy, extend equipment life, improve operator satisfaction and lower the total cost of vehicle and equipment operation. Afton Chemical Corporation develops and sells an extensive line of unique additives for gasoline and distillate fuels, driveline fluids, engine oils and industrial lubricants. Afton Chemical Corporation supports global operations through regional headquarters located in Asia Pacific, EMEAI, Latin America and North America. Afton Chemical Corporation is headquartered in Richmond, Virginia. For more information, visit www.aftonchemical.com.

Greenclean™ and Greenclean™ 3 are trademarks owned by Afton Chemical Corporation.

Cautionary Note Regarding Forward-Looking Statements:

Some of the information contained in this press release constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements regarding the benefits of the company’s manufacturing expansion and statements about the company’s long-term global growth plans. Although NewMarket’s management believes its expectations are based on reasonable assumptions within the bounds of its knowledge of its business and operations, there can be no assurance that actual results will not differ materially from expectations.

Factors that could cause actual results to differ materially from expectations include, but are not limited to, the availability of raw materials and distribution systems; disruptions at production facilities, including single-sourced facilities; hazards common to chemical businesses; the ability to respond effectively to technological changes in our industry; failure to protect our intellectual property rights; sudden or sharp raw material price increases; competition from other manufacturers; current and future governmental regulations; the gain or loss of significant customers; failure to attract and retain a highly-qualified workforce; an information technology system failure or security breach; the occurrence or threat of extraordinary events, including natural disasters; terrorist attacks and health-related epidemics such as the COVID-19 pandemic; risks related to operating outside of the United States; political, economic, and regulatory factors concerning our products; our inability to realize expected benefits from investment in our infrastructure or from recent or future acquisitions, or our inability to successfully integrate recent or future acquisitions into our business; and other factors detailed from time to time in the reports that NewMarket files with the Securities and Exchange Commission, including the risk factors in Item 1A. “Risk Factors” of our 2021 Annual Report on Form 10-K, which is available to shareholders upon request.

You should keep in mind that any forward-looking statement made by NewMarket in the foregoing discussion speaks only as of the date on which such forward-looking statement is made. New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect the company. We have no duty to, and do not intend to, update or revise the forward-looking statements in this discussion after the date hereof, except as may be required by law. In light of these risks and uncertainties, you should keep in mind that the events described in any forward-looking statement made in this discussion, or elsewhere, might not occur.

Americas: Lauren Packard on +1 804 788 6081 or This email address is being protected from spambots. You need JavaScript enabled to view it.

MINNEAPOLIS--(BUSINESS WIRE)--Northern States Power Company, a Minnesota corporation, announced today that it has submitted a redemption notice to The Depository Trust Company, as registered holder, to redeem all of its outstanding 2.15% First Mortgage Bonds, Series due August 15, 2022 (the “Bonds”) on May 20, 2022 (the “Redemption Date”). The redemption price for the Bonds will be equal to 100% of the principal amount being redeemed plus accrued and unpaid interest thereon to but excluding the Redemption Date. The aggregate principal amount of Bonds currently outstanding is $300,000,000.

This press release does not constitute a notice of redemption of the Bonds. Holders of the Bonds should refer to the notice of redemption to be delivered through The Depository Trust Company.

This press release is not an offer to sell or a solicitation of an offer to buy any securities.

Xcel Energy
Financial analysts:
Paul Johnson, 612-215-4535
Vice President, Treasurer & Investor Relations
or
News media inquiries:
Xcel Energy Media Relations, 612-215-5300

Agreement will result in a lump sum turnkey contract with liquidated damages, signaling confidence in commercial feasibility for the world’s most deeply negative carbon footprint liquid fuels plant.

COLUMBIA, La.--(BUSINESS WIRE)--Strategic Biofuels, the leader in developing deeply negative carbon footprint renewable fuels plants, announced today that it has finalized its partnership with leading engineering, procurement and construction (EPC) firm, Koch Project Solutions (KPS) a subsidiary of Koch Engineered Solutions, for their Louisiana Green Fuels (LGF) Project in Caldwell Parish, Louisiana. The companies have agreed that KPS will construct the renewable fuels plant on a lump sum turnkey basis with parent company backed guarantees with liquidated damages for performance and schedule delays. KPS will be responsible for constructing, commissioning, and startup of this facility which will produce the world’s lowest carbon footprint liquid fuel.

“Koch Project Solutions is excited to continue our work with Strategic Biofuels,” said Antoine Schellinger, senior vice president of corporate development for Koch Project Solutions. “We are confident in Strategic Biofuels’ ability to bring innovative solutions to market. We look forward to helping move the Louisiana Green Fuels project forward.”

With this agreement, Strategic Biofuels further solidifies a strong team of industry leaders. KPS has served in a Project Management role for the LGF Project since its inception in late 2020 and has substantially contributed to the Project’s rapid achievement of major project milestones. Last month, Strategic Biofuels announced that LGF had moved into the Front End Engineering Design (FEED) or FEL-3 phase of engineering. Upon completion of FEED, expected in the first quarter of 2023, KPS will provide Strategic Biofuels with a Lump Sum Turnkey price for the plant which will allow Strategic Biofuels to secure project financing and begin construction.

Once in operation the project will convert forestry waste feedstock into cleaner-burning renewable diesel producing approximately 34 million gallons of renewable fuel per year. The project achieves its negative carbon footprint through carbon capture and sequestration (CCS), renewable power, and forestry waste feedstocks. The LGF plant’s emission for production of its renewable diesel represents a reduction in greenhouse gas emissions of approximately 400% relative fossil diesel fuel and is the equivalent of removing about a quarter of a million cars from the road.

“Achieving this agreement with Koch further demonstrates our shared goal and commitment to ushering in a new wave of commercial carbon capture projects, changing the industry by offering cleaner solutions, and ultimately pushing the boundaries of what is commercially scalable,” said Dr. Paul Schubert, chief executive officer of Strategic Biofuels. “We are tremendously proud of what has been accomplished to-date and know that the invaluable experience and innovative solutions the Koch team brings to the table will have a lasting impact as we move forward together to bringing our revolutionary plant online.”

For more information about Strategic Biofuels or the Louisiana Green Fuels project, visit: www.strategicbiofuels.com.

About Strategic Biofuels

Strategic Biofuels LLC is a team of energy, petrochemical and renewable technology experts focused on developing a series of deeply negative carbon footprint plants in northern Louisiana that convert waste materials from managed forests into renewable diesel fuel and renewable naphtha. The fuel qualifies for substantial Carbon Credits under the Federal Renewable Fuel Standard Program and under the California Low Carbon Fuels Standard.

About Louisiana Green Fuels

Louisiana Green Fuels is the first project by Strategic Biofuels LLC in Northern Louisiana at the Port of Columbia in Caldwell Parish. The plant and its accompanying Class VI Carbon Capture and Sequestration (CCS) Well will be the first renewable diesel project in North America to achieve deeply “negative” carbon emissions. The feedstock for the plant is forestry waste from managed and sustainable forests.

About Koch Project Solutions

Koch Project Solutions strives to be the preferred partner for capital project execution. Built on a foundation of safety, Koch Project Solutions partners with project owners to develop customized execution and contracting strategies designed to maximize the return on investment. Koch Project Solutions is a part of Koch Engineered Solutions providing world-class services and technologies broadly across industrial sectors. Superior Outcomes. Consistently Delivered. Learn more at our website: www.kochprojectsolutions.com.

Hunter Dodson
713-627-2223
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• Shareholder webcast and conference call with Paulo Misk, President and CEO, Ernest Cleave, CFO, Paul Vollant, VP of Commercial and Stephen Prince, President of Largo Clean Energy will be conducted at 10:00 a.m. ET on Thursday, May 12, 2022

TORONTO--(BUSINESS WIRE)--$LGO #cleanenergy--Largo Inc. ("Largo" or the "Company") (TSX: LGO) (NASDAQ: LGO) will release its first quarter 2022 financial results on Wednesday, May 11 after the close of market trading. Additionally, the Company will host a webcast and conference call to discuss its first quarter 2022 operating and financial results on Thursday, May 12 at 10:00 a.m. ET.

Details of the webcast and conference call are listed below:

About Largo

Largo has a long and successful history as one of the world’s preferred vanadium companies through the supply of its VPURE^TM and VPURE+^TM products, which are sourced from one of the world's highest-grade vanadium deposits at the Company's Maracás Menchen Mine in Brazil. Following the acquisition of vanadium redox flow battery technology in 2020, Largo is working to integrate its world-class vanadium products with its VCHARGE vanadium battery technology to support the planet's on-going transition to renewable energy and a low carbon future. Largo’s VCHARGE batteries are uniquely capable of supporting reliability and grid stability as electricity systems move away from fossil-fuel generation. VCHARGE batteries are cost effective due to a variety of innovations, enabling an efficient, safe and ESG-aligned long duration solution that is fully recyclable at the end of its 25+ year lifespan.

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

For further information, please contact:

Investor Relations
Alex Guthrie
Senior Manager, External Relations
+1.416.861.9778
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Drew Stehling to Serve as VP of Facilities

HOUSTON--(BUSINESS WIRE)--CAM Integrated Solutions, LLC (CAM), a provider of EPCM services to the energy industry, announced today the promotion of Drew Stehling, P.E. to Vice President of Facilities.

Stehling’s career spans over 17 years as a process engineer within the upstream, midstream, downstream, and chemical industries. With a Bachelor of Science in Chemical Engineering from Texas A&M University, Drew specializes in compression stations, offshore topsides, natural gas treating plants, fractionator facilities, gas storage and loading, refineries, and batch chemical plants.

In addition to being a Process Engineer, his skills include the development and management of project teams, execution strategy, as well as project staffing and forecasting.

Drew joined CAM in 2017 and has served as Senior Process Engineer, Project Manager, Senior Project Engineer, and Process Engineering Manager during different stints in his tenure. Throughout the years, he has demonstrated strong leadership skills and has played a key role within the CAM team.

Jason Newton, COO, states, “Through his proven leadership and results-driven work ethic, Drew has been instrumental in implementing CAM’s execution strategy. There is no doubt that he will be successful in this new role on the leadership team.”

About CAM Integrated Solutions, LLC (CAM)

CAM Integrated Solutions, founded in 2015, provides integrated EPCM solutions for the energy market. CAM provides clients with a wide range of services, from concept to in-service, including engineering and design, procurement, fabrication, construction management, survey, right-of-way, and automation and controls. CAM’s multi-talented, operator-experienced team delivers consistent results for simple or complex projects. For more information, visit www.camintegrated.com.

Kelli Hardin
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832-533-8202
camintegrated.com

DENVER--(BUSINESS WIRE)--Liberty Oilfield Services Inc. (NYSE: LBRT; “Liberty” or the “Company”) announced today first quarter 2022 financial and operational results.

Summary Results and Highlights

• Revenue of $793 million increased 16% sequentially
• Net loss¹ was $5 million, or $0.03 fully diluted loss per share
• Adjusted EBITDA² of $92 million
• Integration of PropX logistics and software solutions improved frac operations in the first quarter
• Liberty wireline completed the longest-ever lateral length and deepest measured depth well onshore in North America
• Multiple operational pumping records, including 75 hours of continuous plug and perf pump time

“We entered 2022 with the right people, asset base and strategy to execute in a tightening frac market, and we are pleased to deliver strong first quarter results. This quarter demonstrated the benefits of our vertical integration strategy as we successfully navigated an operationally challenging environment,” commented Chris Wright, Chief Executive Officer. “Last year we expanded our services to include wireline and became a major sand producer, obtaining two large mines in the Permian Basin. We enhanced our technological advantages through the acquisition of PropX with wet sand handling and industry-leading last-mile proppant delivery solutions. Together with our ongoing development of digiFrac electric fleets, these advancements provide customers with differential frac services. The integration of our acquisitions in 2021 came at a short-term financial cost, but these actions are already paying significant dividends in 2022.

“Liberty revenue increased 16% sequentially as we leveraged our vertically integrated portfolio to better mitigate the early quarter impacts of sand and logistics challenges, notably in the Permian basin. We are encouraged by the progress we’ve made in the first quarter. Looking ahead, our collaborative approach with our customers and continued investment in innovation positions us well for the future,” continued Mr. Wright.

Outlook

Restrained global investment since the last oil and gas downturn has led to supply challenges at a time where worldwide demand for energy is growing and expected to surpass pre-pandemic levels in 2022. Relatively low and declining oil and gas inventories have led to persistent upward pressure on commodity prices, even prior to the Russian invasion of Ukraine. Although Russian export volumes of oil and gas have been only modestly impacted so far, uncertainty regarding potential future impacts of sanctions and buyer aversion to Russian hydrocarbons presents significant risk to future supply and demand balances. The modest, below stated plan, increases in OPEC supply and release of global emergency oil reserves are simply not enough to supply a rebounding world economy. North American oil and gas are critical in the coming years.

Tight oil and natural gas markets, coupled with geopolitical tensions in many key oil and gas producing regions, have all eyes on North American supply. The North American economy is proving more resilient to today’s global challenges in significant part due to a secure supply of natural gas. North America is well positioned to be the largest provider of additional oil and gas supply that powers the global economy and enables the modern world.

The frac services market is seeing robust activity improvement and a tightening of the supply-demand balance. Drilled but uncompleted well inventory has stabilized after a steep, continuous decline from pandemic-elevated levels. Available frac capacity is nearing full utilization as demand has increased and supply is limited due to continued equipment attrition, labor shortages, supply chain constraints and very low investment in recent years.

As the market tightened last fall, our customers recognized that the unfolding recovery would increase the importance of having the highest quality partners able to navigate turbulent times and deliver operational excellence. Today’s operational challenges include labor shortages, sand supply tightness and logistics bottlenecks. Liberty customers are seeing differential execution in this difficult environment, in part due to vertical integration from our OneStim and PropX acquisitions.

“In the second quarter, we expect approximately 10% sequential revenue growth, driven by increased activity and continued incremental improvement in net service price. These factors are expected to drive higher margins in the second quarter, partly offset by ongoing inflationary pressures,” commented Mr. Wright.

“In keeping with our company’s expanded scope, we are updating our name to Liberty Energy. Energy enables everything we do, and our passion is to energize the world. Our many technical innovations and investment in vertical integration sets us up nicely to continue creating additional value for our customers and Liberty. We continue to invest in the early part of this cycle, to grow our competitive advantage and capitalize on strategic opportunities to benefit our shareholders over the long term,” continued Mr. Wright.

First Quarter Results

For the first quarter of 2022, revenue increased 16% to $793 million from $684 million in the fourth quarter of 2021.

Net loss¹ (after taxes) totaled $5 million for the first quarter of 2022 compared to net loss¹ (after taxes) of $57 million in the fourth quarter of 2021. The net loss for the quarter was negatively impacted by $9 million related to loss on disposal of assets and remeasurement of liability under tax receivable agreements (TRA).

Adjusted EBITDA² increased 345% to $92 million from $21 million in the fourth quarter. Please refer to the reconciliation of Adjusted EBITDA (a non-GAAP measure) to net income (a GAAP measure) in this earnings release.

Fully diluted loss per share was $0.03 for the first quarter of 2022 compared to a loss of $0.31 for the fourth quarter of 2021.

Balance Sheet and Liquidity

As of March 31, 2022, Liberty had cash on hand of $33 million, and total debt of $212 million including $108 million drawn on the ABL credit facility, net of deferred financing costs and original issue discount. The term loan requires only a 1% annual amortization of principal, paid quarterly. Total liquidity, including availability under the credit facility, was $222 million as of March 31, 2022.

Conference Call

Liberty will host a conference call to discuss the results at 7:00 a.m. Mountain Time (9:00 a.m. Eastern Time) on Thursday, April 21, 2022. Presenting Liberty’s results will be Chris Wright, Chief Executive Officer, Ron Gusek, President, and Michael Stock, Chief Financial Officer.

Individuals wishing to participate in the conference call should dial (833) 255-2827, or for international callers (412) 902-6704. Participants should ask to join Liberty’s call. A live webcast will be available at http://investors.libertyfrac.com. The webcast can be accessed for 90 days following the call. A telephone replay will be available shortly after the call and can be accessed by dialing (877) 344-7529, or for international callers (412) 317-0088. The passcode for the replay is 1068517. The replay will be available until May 4, 2022.

About Liberty

Liberty is a leading North American oilfield services firm that offers one of the most innovative suites of completion services and technologies to onshore oil and natural gas exploration and production companies. Liberty was founded in 2011 with a relentless focus on developing and delivering next generation technology for the sustainable development of unconventional energy resources in partnership with our customers. Liberty is headquartered in Denver, Colorado. For more information about Liberty, please contact Investor Relations at This email address is being protected from spambots. You need JavaScript enabled to view it..

Non-GAAP Financial Measures

This earnings release includes unaudited non-GAAP financial and operational measures, including EBITDA, Adjusted EBITDA and Pre-Tax Return on Capital Employed. We believe that the presentation of these non-GAAP financial and operational measures provides useful information about our financial performance and results of operations. We define Adjusted EBITDA as EBITDA adjusted to eliminate the effects of items such as non-cash stock based compensation, new fleet or new basin start-up costs, fleet lay-down costs, costs of asset acquisitions, gain or loss on the disposal of assets, bad debt reserves, transaction, severance, and other costs, the loss or gain on remeasurement of liability under our tax receivable agreements and other non-recurring expenses that management does not consider in assessing ongoing performance.

Our board of directors, management, investors, and lenders use EBITDA and Adjusted EBITDA to assess our financial performance because it allows them to compare our operating performance on a consistent basis across periods by removing the effects of our capital structure (such as varying levels of interest expense), asset base (such as depreciation, depletion and amortization) and other items that impact the comparability of financial results from period to period. We present EBITDA and Adjusted EBITDA because we believe they provide useful information regarding the factors and trends affecting our business in addition to measures calculated under GAAP. Non-GAAP financial and operational measures do not have any standardized meaning and are therefore unlikely to be comparable to similar measures presented by other companies. The presentation of non-GAAP financial and operational measures is not intended to be a substitute for, and should not be considered in isolation from, the financial measures reported in accordance with U.S. GAAP. See the tables entitled Reconciliation and Calculation of Non-GAAP Financial and Operational Measures for a reconciliation or calculation of the non-GAAP financial or operational measures to the most directly comparable GAAP measure.

Forward-Looking and Cautionary Statements

The information above includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included herein concerning, among other things, the deployment of fleets in the future, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, return of capital to stockholders, business strategy and objectives for future operations, are forward-looking statements. These forward-looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,” “outlook,” “project,” “plan,” “position,” “believe,” “intend,” “achievable,” “anticipate,” “will,” “continue,” “potential,” “likely,” “should,” “could,” and similar terms and phrases. However, the absence of these words does not mean that the statements are not forward-looking. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties. The outlook presented herein is subject to change by Liberty without notice and Liberty has no obligation to affirm or update such information, except as required by law. These forward-looking statements represent our expectations or beliefs concerning future events, and it is possible that the results described in this earnings release will not be achieved. These forward-looking statements are subject to certain risks, uncertainties and assumptions identified above or as disclosed from time to time in Liberty's filings with the Securities and Exchange Commission. As a result of these factors, actual results may differ materially from those indicated or implied by such forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, we do not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for us to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in “Item 1A. Risk Factors” included in our Annual Report on Form 10-K for the year ended December 31, 2021 as filed with the SEC on February 22, 2022 and in our other public filings with the SEC. These and other factors could cause our actual results to differ materially from those contained in any forward-looking statements.

Michael Stock
Chief Financial Officer
303-515-2851
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The company and its four purpose-led lifestyle brands are delivering on commitments impacting positive change.

SAN FRANCISCO--(BUSINESS WIRE)--In recognition of Earth Day, we are announcing the release of Gap Inc.’s 2021 Environmental, Social and Governance (ESG) Report. This report reflects the progress that the company and its brands, Old Navy, Gap, Banana Republic and Athleta, made in 2021 toward building a more sustainable and inclusive business. Gap Inc. has aligned its ESG strategy to the pillars of Empowering Women and Human Rights, Enabling Opportunity, and Enriching Communities.

“At Gap Inc., our ESG vision is to be a driving force in the industry, collectively building a more sustainable future for our business, our communities, and the planet,” said Judy Adler, Vice President of ESG at Gap Inc. “We have made meaningful progress toward our sustainability commitments, including achieving our goal to provide training and support to more than 1 million women and girls since 2007 through our innovative Personal Advancement & Career Enhancement (P.A.C.E.) Program. We will continue to adapt and innovate to improve sustainability for our business and our industry in the years ahead.”

Highlights from the Gap Inc. 2021 ESG Report include:

• The USAID Gap Inc. Women + Water Alliance has empowered 1.5 million people with access to improved drinking water and sanitation since 2017, on its way to reaching 2 million people by 2023.
• Old Navy’s This Way ONward program, which fuels the next generation of leaders with the skills and confidence they need to succeed in the workplace, is more than halfway to its 2025 goal of providing 20,000 job opportunities by hiring over 10,600 underserved youth since 2007.
• Gap achieved its 2021 goal of using 100% more sustainable cotton in its products, and is committed to providing 100% regenerative, organic, in conversion to organic, or recycled cotton by 2030. Learn more about the brand’s raw materials here.
• Banana Republic is committed to continuing to use the Global Responsible Wool Standard, Leather Working Group and Good Cashmere Standard for their fibers sourcing, to maintain biodiversity, improve animal welfare and agricultural practices, and support more responsible production.
• As of 2021, 100 percent of Athleta’s company-operated stores in North America are offset by renewable electricity from Fern Solar, a 7.5-megawatt offsite solar project in North Carolina. Learn more about the brand’s climate initiatives here.
• Gap Inc.’s Global Sourcing team has partnered with The Hong Kong Research Institute of Textiles and Apparel on trialing hydroponic farming conditions for growing cotton in an urban environment. This 2021 project won the Silver Award at the 2022 International Exhibition of Inventions Geneva which recognizes inventions and research around the world under patronage of the World Intellectual Property Organization (WIPO), the Swiss Government and the City of Geneva. To learn more about this project, click here.

This report covers Gap Inc.’s global operations for fiscal 2021, which ended on January 29, 2022, unless otherwise noted. To view the full ESG Report and in-depth information about the company’s efforts to be a force for good, for people and the planet, please visit our redesigned ESG website, gapinc.com/sustainability.

About Gap Inc.

Gap Inc., a collection of purpose-led lifestyle brands, is the largest American specialty apparel company offering clothing, accessories, and personal care products for men, women, and children under the Old Navy, Gap, Banana Republic, and Athleta brands. The company uses omni-channel capabilities to bridge the digital world and physical stores to further enhance its shopping experience. Gap Inc. is guided by its purpose, Inclusive, by Design, and takes pride in creating products and experiences its customers love while doing right by its employees, communities, and planet. Gap Inc. products are available for purchase worldwide through company-operated stores, franchise stores, and e-commerce sites. Fiscal year 2021 net sales were $16.7 billion. For more information, please visit www.gapinc.com.

Kalia Beard
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OSLO, Norway--(BUSINESS WIRE)--#Alkaline--With the official launch of the world’s first fully automated electrolyser production facility, Nel is near to making green hydrogen a true winner.

Green renewable hydrogen currently makes up just one percent of the world’s total industrial and mobility hydrogen consumption. But Nel’s pioneering new plant at Herøya, which is officially opened today, is at the forefront of the race to turn one into one hundred. In addition, falling cost of green hydrogen will unlock new application areas where green hydrogen is the best or only option for decarbonizing.

The secret is scale-up and automation, which is lowering the unit cost of electrode production like never before. Nel is on track to make green renewable hydrogen as cheap, or cheaper, to produce than natural-gas-based hydrogen by 2025.

Nel is reiterating its goal of delivering green hydrogen at $1.5/kg, and to achieve this capex must be reduced to a quarter of today’s level.

“Half of the savings we need to make will come from scale-up and increased efficiency in production. The rest will come from the economy of scale, and from effective industrial partnerships,” says Jon André Løkke, Nel’s CEO.

“At Herøya we are producing the best alkaline electrolysers in the world. The next step would be to industrialize our PEM technology in the US in a similar way,” says Løkke, adding that Nel is also investing a lot of capital in the development of concepts as large as 800 MW and beyond based on 20, 100, 200 MW building blocks.

“Our large-scale concepts allow us to optimize the overall capex and realize synergies to reduce cost,” says Løkke.

Nel has invited customers and partners for the grand opening of the new factory, and the Norwegian Minister of Energy and Petroleum will give the official opening speech.

“Nel’s new factory at Herøya is a step in the right direction towards a future without emissions. In a growing hydrogen market, even more electrolysers are needed, and it will be a sign of quality that the electrolysers are marked «Made in Norway»,” says Terje Lien Aasland, Minister of Energy and Petroleum. “Norway has competitive and competent industrial environments that can contribute to hydrogen development. Not least at Herøya.”

Nel is the leading electrolyser company in the world with a track record of large-scale projects, making solutions that are bankable with proven performance guarantees. In fact, the two largest electrolyser plants in Europe are currently being finalized with Nel’s technology.

This pioneering new plant at Herøya currently has 500 MW of production capacity. With further investment, this figure can rise to 2 GW, a sizeable portion of the 10 GW of capacity Nel is targeting to reach within 2025, if required by the market.

About Nel ASA | www.nelhydrogen.com

Nel is a global, dedicated hydrogen company, delivering optimal solutions to produce, store, and distribute hydrogen from renewable energy. We serve industries, energy, and gas companies with leading hydrogen technology. Our roots date back to 1927, and since then, we have had a proud history of development and continuous improvement of hydrogen technologies. Today, our solutions cover the entire value chain: from hydrogen production technologies to hydrogen fueling stations, enabling industries to transition to green hydrogen, and providing fuel cell electric vehicles with the same fast fueling and long range as fossil-fueled vehicles – without the emissions.

Jon André Løkke, CEO, +47 907 44 949
Kjell Christian Bjørnsen, CFO, +47 917 02 097
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HOUSTON--(BUSINESS WIRE)--Kinder Morgan, Inc.’s (NYSE: KMI) board of directors today approved a cash dividend of $0.2775 per share for the first quarter ($1.11 annualized), payable on May 16, 2022, to stockholders of record as of the close of business on May 2, 2022. This dividend is a 3% increase over the first quarter of 2021 and marks the fifth consecutive annual increase.

KMI is reporting first quarter net income attributable to KMI of $667 million, compared to $1,409 million in the first quarter of 2021; and distributable cash flow (DCF) of $1,455 million, compared to $2,329 million in the first quarter of 2021. Adjusted Earnings were $732 million for the quarter, versus $1,374 million in the first quarter of 2021. First quarter 2021 results were favorably impacted by earnings during the February 2021 Winter Storm Uri. Excluding those nonrecurring earnings, our current quarter earnings would be above the prior-year period.

“The company is off to a great start this year and once again generated robust earnings and strong coverage of this quarter’s dividend. We continue to live within our cash flow, have reduced our debt by more than $11 billion since 2015, and plan for this year to be the fifth consecutive year of increased dividends. During 2022 we expect to once again fund our expansion capital opportunities internally, meet or exceed our debt metric goal, and return excess cash to our shareholders through a dividend increase and opportunistic share repurchases,” said KMI Executive Chairman Richard D. Kinder.

“We are seeing great opportunities, both in our traditional segments and in our growing participation in the low-carbon energy evolution,” said KMI Chief Executive Officer Steve Kean. “While we are benefiting from commodity price tailwinds, we are also performing better than budget in a number of areas, which is more than offsetting some higher cost headwinds. Even excluding the commodity price tailwinds, we are above DCF plan for the quarter.”

Kean continued, “We are seeing growth in our base natural gas business as more customers seek to take advantage of the extensive firm transport and storage services we offer. That growth is coming from favorable renewals, especially on our flexible storage services, and from incremental growth opportunities. Our Stagecoach acquisition is fully integrated with our commercial and physical operations, producing the commercial opportunities we expected, and exceeding the acquisition model.

“Our Products business segment strongly outperformed the first quarter of 2021 and our Terminals segment also closed the quarter up relative to the prior year period. Our CO₂ business is benefiting from higher crude prices and is also exceeding its oil production and CO₂ volume targets,” Kean said.

“Our assets will be needed for a long time to come, providing the same services they do today. We have also positioned ourselves for the ongoing energy evolution. We are investing in our pipelines and terminals in support of renewable diesel and the associated feedstocks. We continue to leverage our status as a low methane emission intensity leader within our sector as interest in responsibly sourced natural gas grows within our customer base. And our investment in renewable natural gas is presenting good additional growth opportunities,” Kean concluded.

“KMI’s financial performance during the quarter was strong, as we generated earnings per share of $0.29 and DCF per share of $0.64. While these both represent a decrease from the first quarter of 2021, those 2021 results were positively impacted by the nonrecurring earnings achieved during Winter Storm Uri,” said KMI President Kim Dang. “Excluding Uri-related earnings from our 2021 results, earnings per share for the quarter were up 17% and DCF per share was up 16% as compared to the first quarter of 2021. Compared to our budget, net income attributable to KMI during the quarter was down $28 million, largely due to unsettled commodity hedges, which we treat as certain items. Adjusted Earnings, which exclude certain items, exceeded our budget for the quarter by $40 million, and DCF exceeded our budget by $62 million, or 4%. Also during the quarter, we generated $822 million of excess DCF above our declared dividend.”

2022 Outlook

For 2022, KMI budgeted to generate net income attributable to KMI of $2.5 billion and declare dividends of $1.11 per share, a 3% increase from the 2021 declared dividends. KMI also budgeted to generate 2022 DCF of $4.7 billion and Adjusted EBITDA of $7.2 billion and to end 2022 with a Net Debt-to-Adjusted EBITDA ratio of 4.3 times. KMI now expects net income, EBITDA and DCF to be favorable to budget due to stronger than expected commodity prices and favorable operating results from our Natural Gas and CO₂ business segments, partially offset by higher costs.

Overview of Business Segments

“The Natural Gas Pipelines segment’s financial performance was down in the first quarter of 2022 relative to the first quarter of 2021, again due to the nonrecurring earnings during the February 2021 storm” said Dang. “Excluding the 2021 winter storm earnings, financial performance was up on higher contributions from the Texas Intrastate system, from Tennessee Gas Pipeline (TGP), from our new Stagecoach assets and from favorable pricing on the Altamont and Copano South Texas gathering systems as well as increased volumes on our KinderHawk gathering system. These were partially offset by lower contributions from El Paso Natural Gas (EPNG) and Colorado Interstate Pipeline (CIG).”

Natural gas transport volumes were up 2% compared to the first quarter of 2021, with increases on Kinder Morgan Louisiana Pipeline (KMLP), Natural Gas Pipeline of America (NGPL) and TGP due to increased deliveries to LNG customers; and from our new Stagecoach assets. These increases were partially offset by declines on EPNG due to pipeline outages; and on Wyoming Interstate Company and Cheyenne Plains Gas Pipeline due to continued declining production in the Rockies basins. Natural gas gathering volumes were up 12% from the first quarter of 2021 with higher volumes primarily on KinderHawk.

“Contributions from the Products Pipelines segment were up compared to the first quarter of 2021 as demand recovery continued,” Dang said. “Total refined products volumes were up 7%, while crude and condensate pipeline volumes were down 4% compared to the first quarter of 2021. Gasoline volumes were above the comparable period last year by 5% and diesel volumes were down 3%. Jet fuel volumes continue their strong rebound, up 38% versus the first quarter of 2021.

“Terminals segment earnings were up compared to the first quarter of 2021. In our liquids business, we saw strong gains in volumes across both our truck rack terminals and refined product hub facilities, which benefited from higher refinery utilization rates and continued demand recovery compared to the prior year period. Notwithstanding the foregoing, steep backwardation in refined product futures price curves has presented a headwind for product storage and blending economics, contributing to lower utilization rates and modest rate pressure, principally in our New York Harbor hub. In our Jones Act tanker business, where fundamentals continue to improve, the benefit from higher fleet utilization was more than off-set by lower average charter rates compared to the first quarter of 2021 as vessels were recontracted into a lower, albeit improving, rate environment,” said Dang. “Earnings in our bulk business were higher compared to the first quarter of 2021 owing to gains in both handling rates and volumes for export coal and petroleum coke.

“CO₂ segment earnings were down compared to the first quarter of 2021 due to the fact that in the first quarter of 2021, the segment returned power to the grid by curtailing oil production during Winter Storm Uri under an existing contract with its power provider. Excluding the storm benefit in 2021, Q1 2022 segment financial performance was higher, primarily due to higher realized crude, NGL, and CO₂ prices. Our realized weighted average crude oil price for the quarter was up 31% at $66.90 per barrel compared to $51.05 per barrel for the first quarter of 2021, while our weighted average NGL price for the quarter was up 117% from the first quarter of 2021 at $43.68 per barrel, and CO₂ prices were up $0.47 or 45%,” said Dang. “First quarter 2022 combined oil production across all of our fields was flat compared to the same period in 2021 on a net to KMI basis. NGL volumes net to KMI were up 7% versus the first quarter of 2021, while CO₂ sales volumes were down 10% on a net to KMI basis compared to the first quarter of 2021, due to the expiration of a carried interest following payout on a project in 2021. CO₂ sales volumes were up 8% excluding that adjustment.”

Other News

Corporate

• In February 2022, EPNG issued $300 million of 3.50% senior notes due February 2032 in order to repay maturing debt and for general corporate purposes.

Natural Gas Pipelines

• Due to the increasing need for additional gas takeaway from the Permian basin, we are in discussions regarding primarily compression expansion opportunities that could come on beginning as early as the fourth quarter 2023 on both the Permian Highway Pipeline and Gulf Coast Express Pipeline. Combined, these projects would add more than 1 billion cubic feet per day (Bcf/d) of additional takeaway capacity to the U.S. Gulf Coast.

• On April 19, KMI announced its participation in a project led by Cheniere Energy, Inc., to improve the overall understanding of greenhouse gas (GHG) emissions and further the deployment of advanced monitoring technologies and protocols. The project includes several other midstream operators and leading academic institutions, and is focused on quantifying, monitoring, reporting and verifying (QMRV) GHG emissions associated with the midstream sector. KMI assets involved in this project include select pipeline segments and compressor stations on the TGP, KMLP and NGPL systems. Ground-based, aerial, and measurement technologies will be used to establish baseline emissions levels, monitor sites for methane emissions and verify emissions performance.

• On March 31, 2022, TGP filed with the Federal Energy Regulatory Commission (FERC) changes to its proposal to implement a responsibly sourced natural gas (RSG) supply aggregation pooling service at several locations across the TGP system. These changes address concerns posed by certain shippers and resulted in the withdrawal of their protests. The proposed service is designed to enable suppliers and customers on TGP to purchase and sell RSG supply at non-physical trading locations, ultimately serving utilities, power plants and LNG facilities connected to the TGP system. Producers who have already obtained RSG certifications from qualified third-party organizations are anticipated to supply the RSG for the proposed pooling service, and the supply is expected to grow as RSG becomes the fuel of choice among customers. Pending regulatory approval from the FERC, this service is expected to be available May 1, 2022.

• On March 31, 2022, Ruby Pipeline, L.L.C., a joint venture between KMI and Pembina Pipeline Corporation that owns a natural gas pipeline extending from Wyoming to Oregon, filed to reorganize under Chapter 11 of the Bankruptcy Code in response to a debt repayment obligation. KMI continues to operate the pipeline. The timing and outcome of the reorganization are uncertain at this time. KMI previously wrote off its investment in Ruby, and our financial outlook does not assume any capital contribution to or equity earnings contribution from the asset.

Products Pipelines

• KMI continues to make progress on its previously announced renewable diesel hub at our Bradshaw Terminal in Northern California, with permitting and engineering design underway. We are constructing a $36 million renewable diesel rail hub to accommodate up to 15,000 barrels per day of blended diesel throughput at the truck rack. This project is supported by customer commitments and is expected to be placed in service in the first quarter of 2023.

• KMI continues to make progress on its previously announced Southern California renewable diesel hub, with permitting and engineering design underway. The Southern California hub will connect marine and other delivered renewable diesel supplies in the Los Angeles harbor area to the Colton (Inland Empire) and Mission Valley (San Diego) areas via KMI’s SFPP pipeline. With an anticipated in-service date in the first quarter of 2023, this will be the first movement of pure renewable diesel by pipeline in the country. At Colton, the project will allow customers to deliver renewable diesel for blending with regular diesel and biodiesel for multiple concentrations of renewable fuel at our truck racks. The Southern California renewable diesel hub will accommodate, in aggregate, up to 20,000 barrels per day of blended diesel throughput across the two inland destination truck racks. The project is anchored by customer commitments.

• KMI continues construction work at its Carson Terminal to connect marine supplies of renewable diesel coming into its Los Angeles harbor hub to its truck rack for delivery of unblended renewable diesel to the local markets. This project is currently expected to be in service in December 2022.

Terminals

• Tank conversion work continues on the initial phase of the renewable feedstock storage and logistics hub under development at KMI’s Harvey, Louisiana facility. Upon completion of the project, the facility will serve as the primary hub where Neste, a leading provider of renewable and circular solutions, will store a variety of feedstocks such as used cooking oil. The approximately $65 million project, which is supported by a long-term commercial commitment from Neste, is expected to commence operations in the first quarter of 2023.

• Long-lead equipment has been ordered for a previously-announced project that will significantly reduce the emissions profile of KMI’s refined products terminal hub along the Houston Ship Channel. The approximately $64 million investment will address emissions related to product handling activities at KMI’s Galena Park and Pasadena terminals. The expected Scope 1 & 2 CO₂ equivalent emissions reduction across the combined facilities has been updated to reflect final operating parameter assumptions, as well as waste gas combustion reductions, and now stands at approximately 34,000 metric tons per year or a 38% reduction in total facility GHG emissions versus 2019 (pre-pandemic). The project is expected to be in service by the third quarter of 2023.

Energy Transition Ventures

• Construction is ongoing at the Twin Bridges Landfill, the first of three sites involved in Kinetrex Energy’s approximately $146 million landfill-based renewable natural gas (RNG) projects in Indiana. Construction on the remaining two sites, located at the Liberty and Prairie View Landfills, is expected to begin later this year. The sites are on time and on budget with the facilities expected to be in service by September 2022, November 2022 and January 2023, respectively. KMI will begin monetizing renewable identification numbers (RINs) from the new plants in the first quarter of 2023. Upon completion of the projects, total annual RNG production from our RNG portfolio is estimated to be more than 4 billion cubic feet.

Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient and environmentally responsible manner for the benefit of the people, communities and businesses we serve. We own an interest in or operate approximately 83,000 miles of pipelines, 141 terminals, and 700 billion cubic feet of working natural gas storage capacity. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO₂ and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, chemicals, ethanol, metals and petroleum coke. For more information, please visit www.kindermorgan.com.

Please join Kinder Morgan, Inc. at 4:30 p.m. Eastern Time on Wednesday, April 20, at www.kindermorgan.com for a LIVE webcast conference call on the company’s first quarter earnings.

Non-GAAP Financial Measures

The non-generally accepted accounting principles (non-GAAP) financial measures of Adjusted Earnings and distributable cash flow (DCF), both in the aggregate and per share for each; segment earnings before depreciation, depletion, amortization (DD&A), amortization of excess cost of equity investments and Certain Items (Adjusted Segment EBDA); net income before interest expense, income taxes, DD&A, amortization of excess cost of equity investments and Certain Items (Adjusted EBITDA); Net Debt; Net Debt-to-Adjusted EBITDA; and Free Cash Flow (FCF).

Our non-GAAP financial measures described below should not be considered alternatives to GAAP net income attributable to Kinder Morgan, Inc. or other GAAP measures and have important limitations as analytical tools. Our computations of these non-GAAP financial measures may differ from similarly titled measures used by others. You should not consider these non-GAAP financial measures in isolation or as substitutes for an analysis of our results as reported under GAAP. Management compensates for the limitations of these non-GAAP financial measures by reviewing our comparable GAAP measures, understanding the differences between the measures and taking this information into account in its analysis and its decision-making processes.

Certain Items, as adjustments used to calculate our non-GAAP financial measures, are items that are required by GAAP to be reflected in net income attributable to Kinder Morgan, Inc., but typically either (1) do not have a cash impact (for example, unsettled commodity hedges and asset impairments), or (2) by their nature are separately identifiable from our normal business operations and in our view are likely to occur only sporadically (for example, certain legal settlements, enactment of new tax legislation and casualty losses). We also include adjustments related to joint ventures (see “Amounts from Joint Ventures” below and the accompanying Tables 4 and 7).

Adjusted Earnings is calculated by adjusting net income attributable to Kinder Morgan, Inc. for Certain Items. Adjusted Earnings is used by us and certain external users of our financial statements to assess the earnings of our business excluding Certain Items as another reflection of our ability to generate earnings. We believe the GAAP measure most directly comparable to Adjusted Earnings is net income attributable to Kinder Morgan, Inc. Adjusted Earnings per share uses Adjusted Earnings and applies the same two-class method used in arriving at basic earnings per share. (See the accompanying Tables 1 and 2.)

DCF is calculated by adjusting net income attributable to Kinder Morgan, Inc. for Certain Items (Adjusted Earnings), and further by DD&A and amortization of excess cost of equity investments, income tax expense, cash taxes, sustaining capital expenditures and other items. We also include amounts from joint ventures for income taxes, DD&A and sustaining capital expenditures (see “Amounts from Joint Ventures” below). DCF is a significant performance measure useful to management and external users of our financial statements in evaluating our performance and in measuring and estimating the ability of our assets to generate cash earnings after servicing our debt, paying cash taxes and expending sustaining capital, that could be used for discretionary purposes such as dividends, stock repurchases, retirement of debt, or expansion capital expenditures. DCF should not be used as an alternative to net cash provided by operating activities computed under GAAP. We believe the GAAP measure most directly comparable to DCF is net income attributable to Kinder Morgan, Inc. DCF per share is DCF divided by average outstanding shares, including restricted stock awards that participate in dividends. (See the accompanying Tables 2 and 3.)

Adjusted Segment EBDA is calculated by adjusting segment earnings before DD&A and amortization of excess cost of equity investments (Segment EBDA) for Certain Items attributable to the segment. Adjusted Segment EBDA is used by management in its analysis of segment performance and management of our business. General and administrative expenses and certain corporate charges are generally not under the control of our segment operating managers, and therefore, are not included when we measure business segment operating performance. We believe Adjusted Segment EBDA is a useful performance metric because it provides management and external users of our financial statements additional insight into the ability of our segments to generate cash earnings on an ongoing basis. We believe it is useful to investors because it is a measure that management uses to allocate resources to our segments and assess each segment’s performance. We believe the GAAP measure most directly comparable to Adjusted Segment EBDA is Segment EBDA. (See the accompanying Tables 3 and 7.)

Adjusted EBITDA is calculated by adjusting net income attributable to Kinder Morgan, Inc. before interest expense, income taxes, DD&A, and amortization of excess cost of equity investments (EBITDA) for Certain Items. We also include amounts from joint ventures for income taxes and DD&A (see “Amounts from Joint Ventures” below). Adjusted EBITDA is used by management and external users, in conjunction with our Net Debt (as described further below), to evaluate certain leverage metrics. Therefore, we believe Adjusted EBITDA is useful to investors. We believe the GAAP measure most directly comparable to Adjusted EBITDA is net income attributable to Kinder Morgan, Inc. (See the accompanying Tables 3 and 4.)

Amounts from Joint Ventures - Certain Items, DCF and Adjusted EBITDA reflect amounts from unconsolidated joint ventures (JVs) and consolidated JVs utilizing the same recognition and measurement methods used to record “Earnings from equity investments” and “Noncontrolling interests (NCI),” respectively. The calculations of DCF and Adjusted EBITDA related to our unconsolidated and consolidated JVs include the same items (DD&A and income tax expense, and for DCF only, also cash taxes and sustaining capital expenditures) with respect to the JVs as those included in the calculations of DCF and Adjusted EBITDA for our wholly-owned consolidated subsidiaries. (See Table 7, Additional JV Information.) Although these amounts related to our unconsolidated JVs are included in the calculations of DCF and Adjusted EBITDA, such inclusion should not be understood to imply that we have control over the operations and resulting revenues, expenses or cash flows of such unconsolidated JVs.

Net Debt is calculated by subtracting from debt (1) cash and cash equivalents, (2) debt fair value adjustments, and (3) the foreign exchange impact on Euro-denominated bonds for which we have entered into currency swaps. Net Debt is a non-GAAP financial measure that management believes is useful to investors and other users of our financial information in evaluating our leverage. We believe the most comparable measure to Net Debt is debt net of cash and cash equivalents as reconciled in the notes to the accompanying Preliminary Consolidated Balance Sheets in Table 6.

Dave Conover
Media Relations
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Investor Relations
(800) 348-7320
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VANCOUVER, British Columbia--(BUSINESS WIRE)--EverGen Infrastructure Corp. (“EverGen'' or the “Company”) (TSXV: EVGN) (OTCQB: EVGIF), today announced plans to release its 2021 fourth quarter and year end financial results on Thursday, April 21, 2022, after market close. EverGen will hold a results and corporate update conference call at 10:00 a.m. eastern time on Friday, April 22, 2022, hosted by Chief Executive Officer, Chase Edgelow.

Conference call details are as follows:

About EverGen Infrastructure Corp.

EverGen, Canada’s Renewable Natural Gas Infrastructure Platform, is combating climate change and helping communities contribute to a sustainable future, starting on the West Coast. EverGen is an established independent renewable energy producer which acquires, develops, builds, owns and operates a portfolio of Renewable Natural Gas, waste to energy, and related infrastructure projects. EverGen is focused on British Columbia, with continued growth expected across other regions in North America.

For more information about EverGen Infrastructure Corp. and our projects, please visit www.evergeninfra.com.

EverGen Investor Contact
Kelly Castledine
416-576-8158
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EverGen Media Contact
Katie Reiach
604.614.5283
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DEERFIELD, Ill--(BUSINESS WIRE)--CF Industries Holdings, Inc. (NYSE: CF) today confirmed that it will report its first quarter 2022 results after the market close on Wednesday, May 4, 2022. The company plans to host a conference call to discuss these results at 10:00 a.m. ET on Thursday, May 5, 2022.

Investors can access the call by dialing 866-374-5140 or 404-400-0571. The passcode is 75104576. The conference call also will be available live on the company’s website at www.cfindustries.com. Participants also may pre-register for the webcast on the company’s website. Please log-in or dial-in at least 10 minutes prior to the start time to ensure a connection. A replay of the webcast will be available through the company’s website at www.cfindustries.com.

About CF Industries Holdings, Inc.

At CF Industries, our mission is to provide clean energy to feed and fuel the world sustainably. With our employees focused on safe and reliable operations, environmental stewardship, and disciplined capital and corporate management, we are on a path to decarbonize our ammonia production network – the world’s largest – to enable green and blue hydrogen and nitrogen products for energy, fertilizer, emissions abatement and other industrial activities. Our nine manufacturing complexes in the United States, Canada, and the United Kingdom, an unparalleled storage, transportation and distribution network in North America, and logistics capabilities enabling a global reach underpin our strategy to leverage our unique capabilities to accelerate the world’s transition to clean energy. CF Industries routinely posts investor announcements and additional information on the Company’s website at www.cfindustries.com and encourages those interested in the Company to check there frequently.

Media
Chris Close
Director, Corporate Communications
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Investors
Martin Jarosick
Vice President, Treasury and Investor Relations
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HOUSTON--(BUSINESS WIRE)--Aris Water Solutions, Inc. (NYSE: ARIS) (“Aris”, “Aris Water” or the “Company”) announced today that it will host a conference call to discuss its first quarter 2022 results on Tuesday, May 10, 2022 at 8:00 a.m. Central Time (9:00 a.m. Eastern Time). Aris will issue its first quarter 2022 earnings release after market close on May 9, 2022.

Participants should call (877) 407-5792 and refer to Aris Water Solutions, Inc. when dialing in. Participants are encouraged to log in to the webcast or dial in to the conference call approximately ten minutes prior to the start time. To listen via live webcast, please visit the Investor Relations section of the Company’s website, www.ariswater.com.

An audio replay of the conference call will be available shortly after the conclusion of the call and will remain available for approximately fourteen days. It can be accessed by dialing (877) 660-6853 within the United States or (201) 612-7415 outside of the United States. The conference call replay access code is 13727969.

About Aris Water Solutions, Inc.

Aris Water Solutions, Inc. (NYSE: ARIS) is a leading, growth-oriented environmental infrastructure and solutions company that directly helps its customers reduce their water and carbon footprints. Aris Water delivers full-cycle water handling and recycling solutions that increase the sustainability of energy company operations. Its integrated pipelines and related infrastructure create long-term value by delivering high-capacity, comprehensive produced water management, recycling and supply solutions to operators in the core areas of the Permian Basin. Additional information is available on our website, www.ariswater.com.

David Tuerff
Senior Vice President, Finance and Investor Relations
(281) 501-3070
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New executives strengthen the internal infrastructure build-out, enable operational excellence, and support execution of Energy Vault’s global growth strategy

LUGANO, Switzerland & WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Energy Vault Holdings, Inc. (NYSE: NRGV, NRGV WS) (“Energy Vault), a leader in sustainable, grid-scale energy storage solutions, today announced the appointment of David Hitchcock, interim Chief Financial Officer, and Kevin Keough, Senior Vice President of Corporate Development.

"I am pleased to welcome both David and Kevin to the Energy Vault team. David brings deep public company CFO, transactional and operational finance experience as we build out our global financial support and infrastructure teams across multiple continents. Kevin has an tremendous track record of successful M&A transactions within proven value creation frameworks and post intergration results during his time at Danaher, and will play an important role in Energy Vault’s strategic growth initiatives in a very dynamic market,” said Robert Piconi, Chairman, Co-Founder and CEO of Energy Vault.

David Hitchcock Appointed interim Chief Financial Officer

David Hitchcock has been appointed interim Chief Financial Officer, replacing Andrea Wuttke, who will be leaving the company after a transitional period. Hitchcock brings more than three decades of extensive operational financial leadership experience on a global basis, including significant capital markets and M&A expertise. Hitchcock most recently served as Chief Financial and Administrative Officer of Syniverse Technologies (Syniverse), a leading global services provider to the mobile telecom industry. During Hitchcock’s eight years as CFO at Syniverse, he supported them making the successful transition from a public company (NYSE) to private company through the 2011 sale to The Carlyle Group. Syniverse revenue increased from over $300 million in 2007 to more than $900 million in through a combination of organic and inorganic growth while maintaining strong, consistent margins and significantly expanding its workforce and revenue base outside of North America.

Prior to Syniverse, Hitchcock held senior finance and operational roles at Lucent Technologies, including Corporate Controller and Business Vice President for Lucent Worldwide Services, CFO for the Global Supply Chain Network organization ($6B+ scope in manufacturing and procurement), and CFO of North America for the post-merger combination of Alcatel-Lucent across all business segments.

Hitchcock currently serves as an Industry Advisor to Astra Capital Management and is a Board Member and Chair of the Audit Committee for Communications Technologies Services, LLC, an Astra portfolio company. David earned a BS in Accounting and an MBA from Wake Forest University and is a Certified Public Accountant.

In his new role, Hitchcock will be responsible for all internal and external financial functions, the oversight of Energy Vault’s public company accounting and financial reporting, as well as all capital markets activities.

“I am thrilled to join Energy Vault at such an exciting time in the company’s life cycle and I look forward to building out a robust finance function. I have been consistently impressed with the depth of the management team, the significant technological advances and value proposition Energy Vault has,” said Mr. Hitchcock. “I am energized to begin working with all our key stakeholders, driving the company’s strategic plan forward and enhancing long-term shareholder value.”

Hitchcock replaces Andrea Wuttke, former Chief Financial Officer of Energy Vault.

Kevin Keough Appointed Senior Vice President of Corporate Development

In addition, Energy Vault recently appointed Kevin Keough as Senior Vice President of Corporate Development. Kevin brings more than 30 years of extensive strategic, operational and engineering expertise that includes having led corporate development at Danaher, Tektronix, Netscout, and Inet Technologies across a broad range of high growth market and technology segments. At those companies, he was responsible for their long-range growth strategies and executing accredtive mergers and acquisitions that grew long term shareholder value.

In his new role at Energy Vault, Keough will be responsible for working with Mr. Piconi and the global management team to set the Company’s strategic plan and to drive all of its business development and strategic growth initiatives.

At Danaher, Keough applied his knowledge of the rigorous Danaher Business System, DBS, to successfully deploy more than $5 billion of capital to achieve numerous accretive transactions that expanded addressable market sizes, exploited white space opportunities, consolidated attractive segments, and added key growth technologies and business assets. Kevin holds a Bachelors in Electrical Engineering from the Georgia Institute of Technology in Atlanta, Georgia.

Renewable energy storage is incredibly important to enable the decarbonization of the planet. 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.

Mr. Keough commented, “I am excited with the significant opportunity for growth via execution of the strategic plan coupled with various strategic growth initiatives. Energy Vault has a suite of service offerings from which we can enhance our value proposition to our customers and drive the Company’s mission forward. I look forward to working with Mr. Piconi and the entire Energy Vault team.”

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-based 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

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: risks related to the rollout of Energy Vault’s business and the timing of expected business milestones, 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, our ability to identify and consummate acquisitions as well as factors affecting the success of such acquisitions, 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.

Energy Vault
Investors
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Media
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NÜRTINGEN, Germany--(BUSINESS WIRE)--ADS-TEC Energy (NASDAQ: ADSE), a global leader in battery-buffered, ultra-fast charging technology, will host its inaugural earnings call on Thursday, April 28, at 10 a.m. EST. The agenda will include audited financials for full-year 2021, company progress and projections for 2022, and an update on the business.

To register for the call, please use the following link: https://global.gotowebinar.com/join/8547501562267283723/815395523. Once registered, you will immediately receive your dial-in instructions.

On April 28th, the day of the call, please follow the instructions provided to you upon registration. Please allow 15 minutes before the scheduled start time to connect to the teleconference.

A recording will be archived later on the ADS-TEC Energy website and will be available for replay by phone from Noon EST on April 28, 2022, until Noon EST on May 5, 2022.

About ADS-TEC Energy

ADS-TEC Energy Inc. is a US subsidiary of ADS-TEC Energy GmbH. ADS-TEC Energy GmbH is a subsidiary of ADS-TEC Energy, a publicly listed company in Ireland and on NASDAQ. ADS-TEC Energy is drawing on more than ten years of experience with lithium-ion technologies, storage solutions and fast charging systems, including the corresponding energy management systems. Its battery-based, fast charging technology enables electric vehicles to ultrafast charge even on low powered grids and features a very compact design. The high quality and functionality of the battery systems are due to a particularly high depth of development and in-house production. With its advanced system platforms, ADS-TEC Energy is a valuable partner for automotive, OEMs, utility companies, and charge-operators.

More information on www.adstec-energy.com

ADS-TEC Investor Relations –
Cary Segall
ADS-TEC Energy
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(845) 224-8180

Media – United States:
Scott Gamm
Strategy Voice Associates
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+1 917-626-9515

Media - Europe:
Burkhard Leschke Brand Relations GmbH
Burkhard Leschke
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+49 16093803331

DALLAS--(BUSINESS WIRE)--Flowserve Corporation (NYSE: FLS), a leading provider of flow control products and services for the global infrastructure markets, today announced that it plans to release its results for the first quarter 2022 after the close of the New York Stock Exchange (NYSE) on Monday, May 2.

The following morning, on Tuesday, May 3, the company will hold its conference call with the financial community at 11 a.m. Eastern time. Scott Rowe, president and chief executive officer, and other members of management will present.

The earnings materials and webcast of the conference call can be accessed by shareholders and other interested parties at www.flowserve.com under the "Investor Relations" section.

About Flowserve

Flowserve Corp. is one of the world’s leading providers of fluid motion and control products and services. Operating in more than 50 countries, the company produces engineered and industrial pumps, seals and valves as well as a range of related flow management services. More information about Flowserve can be obtained by visiting the company’s Web site at www.flowserve.com.

Safe Harbor Statement: This news release includes 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, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this news release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the following: the impact of the global outbreak of COVID-19 on our business and operations; a portion of our bookings may not lead to completed sales, and our ability to convert bookings into revenues at acceptable profit margins; changes in global economic conditions and the potential for unexpected cancellations or delays of customer orders in our reported backlog; our dependence on our customers’ ability to make required capital investment and maintenance expenditures; if we are not able to successfully execute and realize the expected financial benefits from our strategic transformation and realignment initiatives, our business could be adversely affected; risks associated with cost overruns on fixed-fee projects and in taking customer orders for large complex custom engineered products; the substantial dependence of our sales on the success of the oil and gas, chemical, power generation and water management industries; the adverse impact of volatile raw materials prices on our products and operating margins; economic, political and other risks associated with our international operations, including military actions, trade embargoes, epidemics or pandemics or changes to tariffs or trade agreements that could affect customer markets, particularly North African, Russian and Middle Eastern markets and global oil and gas producers, and non-compliance with U.S. export/re-export control, foreign corrupt practice laws, economic sanctions and import laws and regulations; increased aging and slower collection of receivables, particularly in Latin America and other emerging markets; our exposure to fluctuations in foreign currency exchange rates, including in hyperinflationary countries such as Venezuela and Argentina; our furnishing of products and services to nuclear power plant facilities and other critical processes; potential adverse consequences resulting from litigation to which we are a party, such as litigation involving asbestos-containing material claims; expectations regarding acquisitions and the integration of acquired businesses; our relative geographical profitability and its impact on our utilization of deferred tax assets, including foreign tax credits; the potential adverse impact of an impairment in the carrying value of goodwill or other intangible assets; our dependence upon second-party suppliers whose failure to perform timely could adversely affect our business operations; the highly competitive nature of the markets in which we operate; environmental compliance costs and liabilities; potential work stoppages and other labor matters; access to public and private sources of debt financing; our inability to protect our intellectual property in the U.S., as well as in foreign countries; obligations under our defined benefit pension plans; our internal control over financial reporting may not prevent or detect misstatements because of its inherent limitations, including the possibility of human error, the circumvention or overriding of controls, or fraud; the recording of increased deferred tax asset valuation allowances in the future or the impact of tax law changes on such deferred tax assets could affect our operating results; our information technology infrastructure could be subject to service interruptions, data corruption, cyber-based attacks or network security breaches, which could disrupt our business operations and result in the loss of critical and confidential information; ineffective internal controls could impact the accuracy and timely reporting of our business and financial results; and other factors described from time to time in our filings with the Securities and Exchange Commission.

All forward-looking statements included in this news release are based on information available to us on the date hereof, and we assume no obligation to update any forward-looking statement.

The Company reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP). However, management believes that non-GAAP financial measures which exclude certain non-recurring items present additional useful comparisons between current results and results in prior operating periods, providing investors with a clearer view of the underlying trends of the business. Management also uses these non-GAAP financial measures in making financial, operating, planning and compensation decisions and in evaluating the Company's performance. Throughout our materials we refer to non-GAAP measures as “Adjusted.” Non-GAAP financial measures, which may be inconsistent with similarly captioned measures presented by other companies, should be viewed in addition to, and not as a substitute for, the Company’s reported results prepared in accordance with GAAP.

Investor Contacts:
Jay Roueche, Vice President, Investor Relations & Treasurer, (972) 443-6560
Mike Mullin, Director, Investor Relations, (972) 443-6636

Media Contact:
Lars Rosene, Vice President, Corporate Communications & Public Affairs, (972) 443-6644

POC will verify in a real time robotics’ application the improved performance of the Grinergy Potēre battery as well as its high power, safety, and dependability in high and low temperatures

SAN JOSE, Calif. & STRATFORD, Conn.--(BUSINESS WIRE)--#batteries--Grinergy, a South Korean headquartered lithium-ion rechargeable battery and battery management systems company today announced that they have signed a Proof of Concept (POC) agreement with Advanced Robot Solutions (ARS). Connecticut-based ARS is a leading provider of customized service robots and A.I. kiosk solutions for trade shows/events, admin buildings, government, courts, airports, and hospitality.

The Grinergy-ARS POC will verify in a real time robotics’ application the improved performance of the Grinergy Potēre battery as well as its high power, safety, and dependability in high and low temperatures. The project will be to convert ARS’ service robot batteries to Grinergy Potēre battery packs. Grinergy’s proprietary technology increases Lithium-ion battery power density when compared to current batteries, with remarkable safety and faster charging capability.

In turn, the POC will support ARS’ need for a highly reliable power supply for their service robots and kiosks as well as fast recharge capability.

Key to the POC will be results such as Functional (it worked, it did not work), Performance, Scalability, and the Quality of the product as well as additional data and insights.

Grinergy’s global mission is to provide “Tomorrow’s energy solutions Today.”

About Grinergy

Grinergy is a lithium-ion battery technology company headquartered in South Korea which offers multiple solutions to revolutionize the shortcomings of the conventional battery industry. Grinergy’s proprietary technology offers remarkable safety with improved charging capability. Grinergy has offices in Seoul; San Jose, CA; and Boston, MA.

About Advanced Robot Solutions

Founded in 2016, Advanced Robot Solutions (ARS) through the use of A.I., smart sensor technology, software, and hardware allow robotics to interact with customers face to face. This includes the next generation of service robots and user-friendly, touchless kiosks that assist customers by providing information and directions as well as collecting customer data. They are based in Stratford, Connecticut.

https://www.getrobotsolutions.com

Don Southerton
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