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Breakthrough Energy Ventures and Lowercarbon Capital co-led Antora’s recent round to zero out emissions in the hardest-to-decarbonize industries on earth


SUNNYVALE, Calif.--(BUSINESS WIRE)--Antora Energy has unlocked a solution to deliver zero-emissions heat and electricity to heavy industry that is more reliable than fossil fuels, and just as cheap, according to Antora Energy CEO Andrew Ponec. “The manufacturing sector—including notoriously hard-to-decarbonize industries like cement, steel, and petrochemicals—accounts for a staggering 30% of global greenhouse gas emissions. Today, there aren’t scalable solutions to clean up the major drivers of these emissions—heat and power from combusting coal and gas,” Ponec says. “Partnering with Breakthrough Energy Ventures, Lowercarbon Capital, and our strong syndicate of other investors brings the resources and know-how to scale up our business and wipe out billions of tons of CO2 emissions per year.”

Additional investors include Shell Ventures, BHP Ventures, Grok Ventures, Trust Ventures, Overture VC, Impact Science Ventures, and existing investor Fifty Years VC.

Antora’s thermal energy storage system soaks up inexpensive renewable electricity and stores it as high-temperature heat. This stored thermal energy can then be used directly to provide process heat up to 1500°C or converted back to electricity. In other words, Antora turns wind and solar into 24/7 power and heat and sets industry on a course to cheap, clean, around-the-clock energy.

Antora Energy has been developing their technology since being founded in 2018 with support from the Department of Energy, the California Energy Commission, the National Science Foundation, the Activate Fellowship, and private investors. With a recent Series A and previous funding under their belts, Antora will build out their first customer-sited projects and speed up hiring. “We are building a diverse team of compassionate people who find joy in their work and are driven to stop climate change,” says Ponec.

“Clean energy storage for industrial heat and power will be a key enabler of tomorrow’s zero carbon world. Antora Energy will have a major impact on lowering carbon emissions stemming from the manufacturing industry. We look forward to our partnership with Antora to help bring their critical new product to market,” said Carmichael Roberts, Breakthrough Energy Ventures.

Chris Sacca, Chairman at Lowercarbon Capital, said, “Antora makes heat and electricity from solar panels cheaper than burning gas. That’s lights out for fossil fuels.”

About Breakthrough Energy Ventures

Backed by many of the world’s top business leaders, Breakthrough Energy Ventures (BEV) invests in cutting-edge companies that will lead the world to net-zero emissions. BEV has more than $2 billion in committed capital to support bold entrepreneurs building companies that can significantly reduce emissions from buildings, agriculture, transportation, electricity, and manufacturing. BEV’s strategy links cutting-edge ideas with patient, risk-tolerant capital to bring transformative clean energy innovations to market as quickly as possible.

The first fund was created in 2016 as part of the Breakthrough Energy network of initiatives and entities, which include investment funds, nonprofit and philanthropic programs, and policy efforts linked by a shared commitment to scale the technologies needed to address climate change and achieve a path to net zero emissions by 2050. Visit www.breakthroughenergy.org to learn more.

About Lowercarbon Capital

Lowercarbon Capital backs kickass companies that make real money slashing CO2 emissions, sucking carbon out of the sky, and buying us time to heal the planet. For more information, visit: https://lowercarboncapital.com/.

About Antora Energy

Antora Energy is electrifying heavy industry with energy storage for clean heat and power. We make it possible and profitable to fully rely on renewable energy for industrial processes. Our technology eliminates the need to burn fossil fuels for heat and power, the biggest source of greenhouse gas emissions. We are growing our company with people who put team & mission first, value connection through laughter & joy, and build with humility & openness. Join our team and do the most fulfilling and impactful work of your life on climate change. Visit www.antoraenergy.com for more information.


Contacts

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MILPITAS, Calif.--(BUSINESS WIRE)--SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the fourth quarter and full year ended December 31, 2021.

Fourth Quarter 2021 Highlights

  • Record revenues of $551.9 million
  • Record revenues from solar segment of $502.7 million
  • GAAP gross margin of 29.1%
  • Non-GAAP gross margin of 30.3%
  • Gross margin from solar segment of 32.8%
  • GAAP net income of $41.0 million
  • Non-GAAP net income of $62.8 million
  • GAAP net diluted earnings per share (“EPS”) of $0.74
  • Non-GAAP net diluted EPS of $1.10
  • 1.92 Gigawatts (AC) of inverters shipped

Full Year 2021 Highlights

  • Record revenues of $1.96 billion, up 34.6% year over year from 2020
  • Record revenues from solar segment of $1.79 billion
  • GAAP gross margin of 32.0%
  • Non-GAAP gross margin of 33.5%
  • Gross margin from solar segment of 36.4%
  • Record GAAP net income of $169.2 million
  • Record Non-GAAP net income of $272.9 million
  • Record GAAP net diluted earnings per share (“EPS”) of $3.06
  • Record Non-GAAP net diluted EPS of $4.81
  • 7.2 Gigawatts (AC) of inverters shipped

“We are ending 2021 with record revenues for the quarter and for the year,” said Zvi Lando, Chief Executive Officer of SolarEdge. “The global demand for solar energy across all segments and geographies is extremely strong and generating unprecedented demand for our products. In particular, we are excited about the strong momentum of the commercial market and the increasing rate of adoption of our innovative technology within this segment. Our focus is to ensure customers have the products they need to execute their projects and we are enabling this by ramping production in multiple sites and navigating supply chain and logistic challenges.”

Fourth Quarter 2021 Summary

The Company reported revenues of $551.9 million, up 5% from $526.4 million in the prior quarter and up 54% from $358.1 million in the same quarter last year.

Revenues from the solar segment were $502.7 million, up 5% from $476.8 million in the prior quarter and up 54% from $327.1 million in the same quarter last year.

GAAP gross margin was 29.1%, down from 32.8% in the prior quarter and down from 30.8% in the same quarter last year.

Non-GAAP gross margin was 30.3%, down from 34.0% in the prior quarter and down from 32.5% in the same quarter last year.

Gross margin from the solar segment was 32.8%, down from 36.6% in the prior quarter and down from 36.2% in the same quarter last year.

GAAP operating expenses were $119.5 million, up 13% from $106.1 million in the prior quarter and up 25% from $95.9 million in the same quarter last year.

Non-GAAP operating expenses were $94.1 million, up 12% from $83.8 million in the prior quarter and up 29% from $72.9 million in the same quarter last year.

GAAP operating income was $41.0 million, down 38% from $66.4 million in the prior quarter and up 184% from $14.4 million in the same quarter last year.

Non-GAAP operating income was $72.9 million, down 23% from $95.2 million in the prior quarter and up 68% from $43.5 million in the same quarter last year.

GAAP net income was $41.0 million, down 23% from $53.0 million in the prior quarter and up 132% from $17.7 million in the same quarter last year.

Non-GAAP net income was $62.8 million, down 24% from $82.1 million in the prior quarter and up 13% from $55.7 million in the same quarter last year.

GAAP net diluted EPS was $0.74, down from $0.96 in the prior quarter and up from $0.33 in the same quarter last year.

Non-GAAP net diluted EPS was $1.10, down from $1.45 in the prior quarter and up from $0.98 in the same quarter last year.

Cash flow from operating activities was $89.6 million, up from $61.8 million in the prior quarter and up from $27.2 million in the same quarter last year.

As of December 31, 2021, cash, cash equivalents, bank deposits, restricted bank deposit and marketable securities totaled $548.0 million, net of debt, compared to $524.1 million on September 30, 2021.

Full Year 2021 Summary

Total revenues of $1.96 billion, up 34.6% from $1.46 billion in the prior year.

GAAP gross margin was 32.0%, up from 31.6% in the prior year.

Non-GAAP gross margin was 33.5%, up from 33.0% in the prior year.

GAAP operating income was $207.1 million, up 45% from $142.6 million in the prior year.

Non-GAAP operating income was $321.4 million, up 47% from $218.8 million in the prior year.

GAAP net income was $169.2 million, up 21% from $140.3 million in the prior year.

Non-GAAP net income was $272.9 million, up 22% from $224.4 million in the prior year.

GAAP net diluted EPS was $3.06, up from $2.66 in the prior year.

Non-GAAP net diluted EPS was $4.81, up from $4.11 in the prior year.

Cash flow from operating activities of $214.1 million, down from $222.7 million in the prior year.

Outlook for the First Quarter 2022

The Company also provides guidance for the first quarter ending March 31, 2022 as follows:

  • Revenues to be within the range of $615 million to $645 million
  • Non-GAAP gross margin expected to be within the range of 28% to 30%
  • Revenues from solar segment to be within the range of $575 million to $595 million
  • Gross margin from solar segment expected to be within the range of 30% to 32%

Conference Call

The Company will host a conference call to discuss these results at 4:30 p.m. ET on Tuesday, February 15, 2022. The call will be available, live, to interested parties by dialing 888-300-0211. For international callers, please dial +1 773-377-9384. The Conference ID number is 5805953. A live webcast will also be available in the Investors Relations section of the Company’s website at: http://investors.solaredge.com.

A replay of the webcast will be available in the Investor Relations section of the Company’s web site approximately two hours after the conclusion of the call and will remain available for approximately 30 calendar days.

About SolarEdge

SolarEdge is a global leader in smart energy technology. 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 www.solaredge.com

Use of Non-GAAP Financial Measures

The Company has presented certain non-GAAP financial measures in this release, such as non-GAAP net income, non-GAAP net diluted EPS, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and non-GAAP gross margin from sale of solar products. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States, or GAAP. Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this release. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. The Company believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This release contains forward looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include information, among other things, concerning: our possible or assumed future results of operations; future demands for solar energy solutions; business strategies; technology developments; financing and investment plans; dividend policy; competitive position; industry and regulatory environment; general economic conditions; potential growth opportunities; and the effects of competition. These forward-looking statements are often characterized by the use of words such as “anticipate,” “believe,” “could,” “seek,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or similar expressions and the negative or plural of those terms and other like terminology.

Forward-looking statements are only predictions based on our current expectations and our projections about future events. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Given these factors, you should not place undue reliance on these forward-looking statements. These factors include, but are not limited to, the matters discussed in the section entitled “Risk Factors” of our Annual Report on Form 10-K/A for the year ended December 31, 2020, filed on February 19, 2021 and our quarterly reports filed on Form 10-Q, Current Reports on Form 8-K and other reports filed with the SEC. All information set forth in this release is as of February 15, 2022. The Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

 

 

 

Three months ended

December 31,

 

Year ended

December 31,

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

Unaudited

 

 

 

 

Revenues

 

$

551,915

 

 

$

358,107

 

 

$

1,963,865

 

 

$

1,459,271

 

Cost of revenues

 

 

391,424

 

 

 

247,782

 

 

 

1,334,547

 

 

 

997,912

 

Gross profit

 

 

160,491

 

 

 

110,325

 

 

 

629,318

 

 

 

461,359

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

64,326

 

 

 

47,513

 

 

 

219,633

 

 

 

163,123

 

Sales and marketing

 

 

33,248

 

 

 

28,872

 

 

 

119,000

 

 

 

95,985

 

General and administrative

 

 

21,879

 

 

 

18,042

 

 

 

82,196

 

 

 

63,119

 

Other operating expense (income), net

 

 

----

 

 

 

1,471

 

 

 

1,350

 

 

 

(3,429

)

Total operating expenses

 

 

119,453

 

 

 

95,898

 

 

 

422,179

 

 

 

318,798

 

Operating income

 

 

41,038

 

 

 

14,427

 

 

 

207,139

 

 

 

142,561

 

Financial income (expense), net

 

 

(6,324

)

 

 

10,380

 

 

 

(19,915

)

 

 

21,105

 

Income before income taxes

 

 

34,714

 

 

 

24,807

 

 

 

187,224

 

 

 

163,666

 

Income tax benefit (expense)

 

 

6,240

 

 

 

(7,152

)

 

 

(18,054

)

 

 

(23,344

)

Net income

 

$

40,954

 

 

$

17,655

 

 

$

169,170

 

 

$

140,322

 

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

 

 

 

December 31,

 

 

2021

 

2020

ASSETS

 

 

 

 

 

 

CURRENT ASSETS:

 

 

 

 

 

 

Cash and cash equivalents

 

$

530,089

 

$

827,146

Marketable securities

 

 

167,728

 

 

143,687

Trade receivables, net of allowances of $2,626 and $2,886, respectively

 

 

456,339

 

 

218,706

Inventories, net

 

 

380,143

 

 

331,696

Prepaid expenses and other current assets

 

 

176,992

 

 

198,106

Total current assets

 

 

1,711,291

 

 

1,719,341

LONG-TERM ASSETS:

 

 

 

 

 

 

Marketable securities

 

 

482,228

 

 

147,434

Deferred tax assets, net

 

 

27,572

 

 

11,676

Property, plant and equipment, net

 

 

410,379

 

 

303,408

Operating lease right-of-use assets, net

 

 

47,137

 

 

41,600

Intangible assets, net

 

 

58,861

 

 

67,818

Goodwill

 

 

129,629

 

 

140,479

Other long-term assets

 

 

24,963

 

 

5,353

Total long-term assets

 

 

1,180,769

 

 

717,768

Total assets

 

$

2,892,060

 

$

2,437,109

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

 

 

 

 

 

Trade payables, net

 

$

252,068

 

$

162,051

Employees and payroll accruals

 

 

74,465

 

 

63,738

Warranty obligations

 

 

71,480

 

 

62,614

Deferred revenues and customers advances

 

 

17,789

 

 

24,648

Accrued expenses and other current liabilities

 

 

109,379

 

 

123,048

Total current liabilities

 

 

525,181

 

 

436,099

LONG-TERM LIABILITIES:

 

 

 

 

 

Convertible senior notes, net

 

 

621,535

 

 

573,350

Warranty obligations

 

 

193,680

 

 

142,380

Deferred revenues

 

 

151,556

 

 

115,372

Finance lease liabilities

 

 

40,508

 

 

26,173

Operating lease liabilities

 

 

38,912

 

 

35,194

Other long-term liabilities

 

 

10,649

 

 

22,784

Total long-term liabilities

 

 

1,056,840

 

 

915,253

COMMITMENTS AND CONTINGENT LIABILITIES

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

Common stock of $0.0001 par value - Authorized: 125,000,000 shares as of December 31, 2021 and December 31, 2020; issued and outstanding: 52,815,395 and 51,560,936 shares as of December 31, 2021 and December 31, 2020, respectively

 

 

5

 

 

5

Additional paid-in capital

 

 

687,295

 

 

603,891

Accumulated other comprehensive income (loss)

 

 

(27,319

)

 

3,857

Retained earnings

 

 

650,058

 

 

478,004

Total stockholders’ equity

 

 

1,310,039

 

 

1,085,757

Total liabilities and stockholders’ equity

 

$

2,892,060

 

$

2,437,109

SOLAREDGE TECHNOLOGIES INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands, except per share data)

Year ended

December 31,

2021

 

 

2020

 

Cash flows provided by operating activities:
Net income $

169,170

 

$

140,322

 

Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation of property, plant and equipment

29,359

 

22,355

 

Amortization of intangible assets

10,176

 

9,479

 

Amortization of debt discount and debt issuance costs

2,903

 

3,185

 

Amortization of premium and accretion of discount on available-for-sale marketable securities, net

9,462

 

1,168

 

Stock-based compensation expenses

102,593

 

67,309

 

Deferred income taxes, net

(12,045

)

(2,738

)

Exchange rate fluctuations and other items, net

20,697

 

3,860

 

Changes in assets and liabilities:
Inventories, net

(43,051

)

(149,661

)

Prepaid expenses and other assets

(39,444

)

(3,276

)

Trade receivables, net

(247,723

)

86,538

 

Trade payables, net

91,709

 

3,333

 

Employees and payroll accruals

26,519

 

18,315

 

Warranty obligations

60,524

 

32,274

 

Deferred revenues and customers advances

29,936

 

(21,438

)

Other liabilities, net

3,344

 

11,630

 

Net cash provided by operating activities

214,129

 

222,655

 

Cash flows from investing activities:
Investment in available-for-sale marketable securities

(579,377

)

(223,705

)

Proceeds from sales and maturities of available-for-sale marketable securities

202,188

 

141,839

 

Investment in privately-held company

(16,643

)

----
Purchase of property, plant and equipment

(149,251

)

(126,790

)

Withdrawal from (investment in) bank deposits, net

60,096

 

(54,752

)

Withdrawal from restricted bank deposits

798

 

25,267

 

Other investing activities

(2,022

)

1,504

 

Net cash used in investing activities $

(484,211

)

$

(236,637

)

Cash flows from financing activities:
Repayment of bank loans $

(16,073

)

$

(15,595

)

Proceeds from exercise of stock-based awards and payment of withholding taxes

2,203

 

21,500

 

Proceeds from issuance of convertible senior notes, net

----

 

617,869

 

Proceeds from bank loans

----

 

16,944

 

Other financing activities

(1,308

)

(234

)

Net cash provided by (used in) financing activities

(15,178

)

640,484

 

Increase (decrease) in cash and cash equivalents

(285,260

)

626,502

 

Cash and cash equivalents at the beginning of the period

827,146

 

223,901

 

Effect of exchange rate differences on cash and cash equivalents

(11,797

)

(23,257

)

Cash and cash equivalents at the end of the period $

530,089

 

$

827,146

 

SOLAREDGE TECHNOLOGIES INC.

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES (Unaudited)

(in thousands, except per share data and percentages)
 
Reconciliation of GAAP to Non-GAAP
Three months ended Year ended
December 31, 2021 September 30, 2021 December 31, 2020 December 31, 2021 December 31, 2020
Gross profit (GAAP)

160,491

 

172,561

 

110,325

 

629,318

 

461,359

 

Revenues from finance component

(122

)

(111

)

----

(418

)

----

Stock-based compensation

4,373

 

4,289

 

3,720

 

18,743

 

11,082

 

Cost of product adjustment

----

----

----

----

313

 

Amortization and depreciation of acquired assets

2,272

 

2,341

 

2,374

 

9,326

 

9,484

 

Gross profit (Non-GAAP)

167,014

 

179,080

 

116,419

 

656,969

 

482,238

 

 
Gross margin (GAAP)

29.1

%

32.8

%

30.8

%

32.0

%

31.6

%

Revenues from finance component

0.0

%

0.0

%

----

0.0

%

----

Stock-based compensation

0.8

%

0.8

%

1.0

%

1.0

%

0.8

%

Cost of product adjustment

----

----

----

----

0.0

%

Amortization and depreciation of acquired assets

0.4

%

0.4

%

0.7

%

0.5

%

0.6

%

Gross margin (Non-GAAP)

30.3

%

34.0

%

32.5

%

33.5

%

33.0

%

 
Operating expenses (GAAP)

119,453

 

106,147

 

95,898

 

422,179

 

318,798

 

Stock-based compensation - R&D

(14,872

)

(11,949

)

(8,919

)

(45,424

)

(27,048

)

Stock-based compensation - S&M

(5,882

)

(5,737

)

(8,710

)

(22,834

)

(19,413

)

Stock-based compensation - G&A

(4,076

)

(4,210

)

(2,967

)

(15,592

)

(9,766

)

Amortization and depreciation of acquired assets - R&D

(302

)

(207

)

(14

)

(530

)

(91

)

Amortization and depreciation of acquired assets - S&M

(225

)

(229

)

(230

)

(927

)

(1,187

)

Amortization and depreciation of acquired assets - G&A

(6

)

(8

)

(8

)

(29

)

(33

)

Assets sale (disposal)

18

 

37

 

(649

)

117

 

(1,207

)

Other operating income (expenses)

----

----

(1,471

)

(1,350

)

3,429

 

Operating expenses (Non-GAAP)

94,108

 

83,844

 

72,930

 

335,610

 

263,482

 

 
Operating income (GAAP)

41,038

 

66,414

 

14,427

 

207,139

 

142,561

 

Revenues from finance component

(122

)

(111

)

----

(418

)

----

Cost of product adjustment

----

----

----

----

313

 

Stock-based compensation

29,203

 

26,185

 

24,316

 

102,593

 

67,309

 

Amortization and depreciation of acquired assets

2,805

 

2,785

 

2,626

 

10,812

 

10,795

 

Assets (sale) disposal

(18

)

(37

)

649

 

(117

)

1,207

 

Other operating (income) expenses

----

----

1,471

 

1,350

 

(3,429

)

Operating income (Non-GAAP)

72,906

 

95,236

 

43,489

 

321,359

 

218,756

 

 
Reconciliation of GAAP to non-GAAP
Three months ended Year ended

December 31, 2021

 

September 30, 2021

 

December 31, 2020

 

December 31, 2021

 

December 31, 2020

Financial income (expense), net (GAAP)

(6,324

)

(5,751

)

10,380

 

(19,915

)

21,105

 

Notes due 2025

727

 

726

 

3,017

 

2,903

 

3,185

 

Non cash interest

1,527

 

1,469

 

1,305

 

5,771

 

4,887

 

Unrealized gains/losses

(541

)

----

----

(541

)

----

Currency fluctuation related to lease standard

2,422

 

574

 

2,172

 

2,007

 

2,274

 

Amortization and depreciation of acquired assets

----

----

----

----

982

 

Financial income (expense), net (non-GAAP)

(2,189

)

(2,982

)

16,874

 

(9,775

)

32,433

 

 
Income tax benefit (expense) (GAAP)

6,240

 

(7,615

)

(7,152

)

(18,054

)

(23,334

)

Uncertain tax positions

(9,007

)

----

----

(9,007

)

----

Deferred taxes

(5,181

)

(2,528

)

2,522

 

(11,639

)

(3,434

)

Income tax benefit (expense) (Non-GAAP)

(7,948

)

(10,143

)

(4,630

)

(38,700

)

(26,768

)

 
Net income (GAAP)

40,954

 

53,048

 

17,655

 

169,170

 

140,322

 

Revenues from finance component

(122

)

(111

)

----

(418

)

----

Cost of product adjustment

----

----

----

----

313

 

Stock-based compensation

29,203

 

26,185

 

24,316

 

102,593

 

67,309

 

Amortization and depreciation of acquired assets

2,805

 

2,785

 

2,626

 

10,812

 

11,777

 

Gain (loss) from assets sales and disposal

(18

)

(37

)

649

 

(117

)

1,207

 

Other operating (income) expenses

----

----

1,471

 

1,350

 

(3,429

)

Notes due 2025

727

 

726

 

3,017

 

2,903

 

3,185

 

Non cash interest

1,527

 

1,469

 

1,305

 

5,771

 

4,887

 

Unrealized gains (losses)

(541

)

----

----

(541

)

----

Currency fluctuation related to lease standard

2,422

 

574

 

2,172

 

2,007

 

2,274

 

Uncertain tax positions

(9,007

)

----

----

(9,007

)

----

Deferred taxes

(5,181

)

(2,528

)

2,522

 

(11,639

)

(3,434

)

Net income (Non-GAAP)

62,769

 

82,111

 

55,733

 

272,884

 

224,411

 

 
Reconciliation of GAAP to non-GAAP
Three months ended Year ended
December 31, 2021 September 30, 2021 December 31, 2020 December 31, 2021 December 31, 2020
Net basic earnings per share (GAAP)

0.78

 

1.01

 

0.34

 

3.24

 

2.79

 

Revenues from finance component

0.00

 

0.00

 

----

(0.01

)

----

Cost of product adjustment

----

----

----

----

0.01

 

Stock-based compensation

0.55

 

0.50

 

0.48

 

1.97

 

1.34

 

Amortization and depreciation of acquired assets

0.05

 

0.05

 

0.05

 

0.21

 

0.24

 

Gain (loss) from assets sales and disposal

0.00

 

0.00

 

0.01

 

(0.01

)

0.02

 

Other operating (income) expenses

----

----

0.03

 

0.03

 

(0.07

)

Notes due 2025

0.02

 

0.02

 

0.06

 

0.05

 

0.06

 

Non cash interest

0.03

 

0.03

 

0.02

 

0.11

 

0.10

 

Unrealized gains (losses)

(0.01

)

----

----

(0.01

)

----

Currency fluctuation related to lease standard

0.04

 

0.01

 

0.05

 

0.04

 

0.05

 

Uncertain tax positions

(0.17

)

----

----

(0.17

)

----

Deferred taxes

(0.10

)

(0.05

)

0.05

 

(0.22

)

(0.07

)

Net basic earnings per share (Non-GAAP)

1.19

 

1.57

 

1.09

 

5.23

 

4.47

 

 
Net diluted earnings per share (GAAP)

0.74

 

0.96

 

0.33

 

3.06

 

2.66

 

Revenues from finance component

0.00

 

0.00

 

----

(0.01

)

----

Cost of product adjustment

----

----

----

----

----

Stock-based compensation

0.50

 

0.45

 

0.44

 

1.77

 

1.20

 

Amortization and depreciation of acquired assets

0.05

 

0.05

 

0.05

 

0.19

 

0.21

 

Gain (loss) from assets sales and disposal

0.00

 

0.00

 

0.01

 

0.00

 

0.03

 

Other operating (income) expenses

----

----

0.03

 

0.02

 

(0.07

)

Notes due 2025

0.00

 

0.00

 

0.02

 

0.02

 

0.02

 

Non cash interest

0.03

 

0.03

 

0.02

 

0.10

 

0.08

 

Unrealized gains (losses)

(0.01

)

----

----

(0.01

)

----

Currency fluctuation related to lease standard

0.04

 

0.01

 

0.04

 

0.03

 

0.05

 

Uncertain tax positions

(0.16

)

----

----

(0.16

)

----

Deferred taxes

(0.09

)

(0.05

)

0.04

 

(0.20

)

(0.07

)

Net diluted earnings per share (Non-GAAP)

1.10

 

1.45

 

0.98

 

4.81

 

4.11

 

 
Number of shares used in computing net diluted earnings per share (GAAP)

56,011,040

 

55,929,000

 

53,496,384

 

55,971,030

 

52,795,475

 

Stock-based compensation

894,079

 

653,967

 

865,179

 

773,636

 

1,138,517

 

Notes due 2025

----

----

2,276,818

 

----

618,701

 

Number of shares used in computing net diluted earnings per share (Non-GAAP)

56,905,119

 

56,582,967

 

56,638,381

 

56,744,666

 

54,552,693

 

 


Contacts

Investor Contacts
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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$250,000 ComEd Future of Energy program seeks to build a diverse, inclusive future energy workforce by increasing the number of women, minorities in STEM fields

CHICAGO--(BUSINESS WIRE)--ComEd today launched its Future of Energy program, which will provide up to $250,000 in scholarships for women and minorities pursuing STEM degrees in college. Today through March 28, 2022, students in Illinois can apply for the scholarship program, which will provide financial assistance awards of up to $10,000 and a chance to intern with ComEd.


A diverse and inclusive workforce is critical to our mission of strengthening the communities we serve, which is why ComEd is making investments today to remove barriers and to build an industry more inclusive with those who have traditionally been left out,” said Diana Sharpe, vice president of large customer operations and interim vice president of economic and workforce development with ComEd. “The ComEd Future of Energy scholarship empowers young leaders and works to see that more people of color and women are prepared to enter careers in the fast-growing energy industry.”

The Future of Energy program will provide students with scholarship awards ranging from $2,500 to $10,000, which may be used to cover college tuition and related expenses, in addition to the chance to pursue a ComEd internship where students gain direct career experience in the energy industry. As part of the launch of this program, ComEd has awarded five students who recently interned with the company scholarships for this spring.

The new Future of Energy Scholars are either currently enrolled in college or are college-bound this fall. This diverse cohort includes:

  • Arianna Burkes, Plainfield East High School grad, Management Information Systems major at Iowa State University of Science and Technology
  • Saul Garcia, De La Salle Institute Class of 2022 and future Civil Engineer major
  • Isabelle Genin, Downers Grove South grad, Business Administration major at Auburn University
  • Ashton Randolph, Hudson Senior High School grad, Electronics & Communications Engineering major at Iowa State University of Science and Technology
  • Nena Said, Amos Alonzo Stagg High School grad, Industrial Engineering major at University of Illinois at Chicago

The Future of Energy Scholarship will help me realize my dream of becoming a civil engineer,” said Saul Garcia, a senior at De La Salle Institute and resident of Chicago South.The firsthand experience I’ve had at ComEd through my internships and after school programs has been just as valuable as the financial assistance the scholarship will provide for college.”

To be eligible for a scholarship, students must be accepted into an eligible four-year college degree program, have a minimum 2.8 GPA, and submit an application. Priority consideration will be given to people of color and women; Illinois residents enrolled in an Illinois university or college or Historically Black Colleges and Universities (HBCUs) across the country; and those demonstrating financial need. ComEd is partnering with the National Energy Education Development (NEED) Project to administer the new scholarship fund.

Our team at The NEED Project is proud to partner with ComEd and Exelon to expand education and workforce development opportunities to help more women and minorities enter into STEM professions,” said Mary Spruill, Executive Director of The NEED Project. The ComEd Future of Energy Scholarship program represents the latest in a series of investments that are being made to increase pathways to jobs of the future – which will in turn strengthen the industry and help ComEd continue to attract high quality talent to power our communities.”

The Future of Energy program builds on ComEd’s continued investments in training and education to develop a diverse, local talent pipeline. In addition to the Future of Energy program, ComEd supports an array of initiatives that inspire students to pursue STEM careers, including the DePaul College Prep Scholars Program, Chicago BUILDS, and more. As a result of these investments, over 1,700 participants were served by ComEd-sponsored workforce and education programs last year alone.

For more information or to apply for the ComEd Future of Energy STEM scholarship, visit: https://need.force.com/ComEd/s/scholarship-information.

For more information on ComEd’s STEM scholarship opportunities, contact This email address is being protected from spambots. You need JavaScript enabled to view it..

ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter, Instagram and YouTube


Contacts

ComEd Media Relations
312-394-3500

AUSTIN, Texas--(BUSINESS WIRE)--USA Compression Partners, LP (NYSE: USAC) (“USA Compression”) today announced that it filed its Annual Report on Form 10-K for the fiscal year ended December 31, 2021 with the U.S. Securities and Exchange Commission (“SEC”). USA Compression’s Annual Report on Form 10-K is available through its website at www.usacompression.com in the Investor Relations section under SEC Filings, as well as on the SEC’s website at sec.gov. Interested investors may obtain a hard copy of the Annual Report on Form 10-K, including USA Compression's financial statements, free of charge by writing Investor Relations, USA Compression Partners, LP, 111 Congress Avenue, Suite 2400, Austin, TX 78701.


About USA Compression Partners, LP

USA Compression Partners, LP is a growth-oriented Delaware limited partnership that is one of the nation’s largest independent providers of natural gas compression services in terms of total compression fleet horsepower. USA Compression partners with a broad customer base composed of producers, processors, gatherers and transporters of natural gas and crude oil. USA Compression focuses on providing natural gas compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities and transportation applications. More information is available at usacompression.com.


Contacts

USA Compression Partners, LP

Matthew Liuzzi, CFO
(512) 369-1624
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SAN ANTONIO--(BUSINESS WIRE)--Valero Energy Corporation (NYSE: VLO, “Valero”) announced today the pricing terms of its previously announced cash tender offers (the “Tender Offers”) to purchase its outstanding 3.650% Senior Notes due 2025 (the “3.650% 2025 Notes”), its outstanding 2.850% Senior Notes due 2025 (the “2.850% 2025 Notes”), the outstanding 4.375% Senior Notes due 2026 issued by Valero Energy Partners LP and guaranteed by Valero (the “4.375% 2026 Notes”), its outstanding 3.400% Senior Notes due 2026 (the “3.400% 2026 Notes”), its outstanding 2.150% Senior Notes due 2027 (the “2027 Notes”), its outstanding 4.350% Senior Notes due 2028 (the “4.350% 2028 Notes”) and the outstanding 4.500% Senior Notes due 2028 issued by Valero Energy Partners LP and guaranteed by Valero (the “4.500% 2028 Notes” and, collectively with the 3.650% 2025 Notes, the 2.850% 2025 Notes, the 4.375% 2026 Notes, the 3.400% 2026 Notes, the 2027 Notes and the 4.350% 2028 Notes, the “Notes”), for up to an increased maximum aggregate purchase price which, after giving effect to the increase of the Series Tender Cap (as defined in the Offer to Purchase dated February 2, 2022 (the “Offer to Purchase”)) for the 3.650% 2025 Notes and 2.850% 2025 Notes to a maximum aggregate principal amount of $579,319,000, is sufficient to purchase all of the 3.400% 2026 Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date (as defined below) (such increased maximum aggregate purchase price, the “Maximum Aggregate Purchase Price”). The terms and conditions of the Tender Offers are described in the Offer to Purchase.


The following table lists the Tender Offers that had been validly tendered and not validly withdrawn at or prior to 5:00 p.m., New York City time, on February 15, 2022 (the “Early Tender Date”), as reported by D.F. King & Co., Inc., the tender and information agent. The applicable Reference Yield, Repurchase Yield, Early Tender Payment and Total Consideration (each as defined more fully in the Offer to Purchase) with respect to the Notes accepted for purchase are detailed in the table below.

Title of
Security

CUSIP / ISIN

Initial
Principal
Amount

Acceptance
Priority Level

U.S. Treasury
Reference
Security

Reference
Yield

Fixed
Spread

Repurchase
Yield

Early Tender Payment (1)(2)

Total

Consideration (1)(2)

3.650% Senior Notes due 2025

91913YAS9 /
US91913YAS90

$324,259,000

1

1.125% UST due
1/15/2025

1.772%

+60 bps

2.372%

$30

$1,037.70

2.850% Senior Notes due 2025

91913YAY6 /
US91913YAY68

$1,050,000,000

2

1.125% UST due
1/15/2025

1.772%

+60 bps

2.372%

$30

$1,014.10

4.375% Senior Notes due 2026(3)

91914JAA0 /
US91914JAA07

$375,764,000

3

1.50% UST due
1/31/2027

1.917%

+65 bps

2.567%

$30

$1,077.62

3.400% Senior Notes due 2026

91913YAU4 /
US91913YAU47

$1,250,000,000

4

1.50% UST due
1/31/2027

1.917%

+55 bps

2.467%

$30

$1,038.09

(1)

Per $1,000 principal amount.

(2)

The Total Consideration for each series of Notes validly tendered prior to or at the Early Tender Date and accepted for purchase is calculated using the applicable fixed spread shown in the table above and is inclusive of the Early Tender Payment for such series of Notes.

(3)

Issued by Valero Energy Partners LP and guaranteed by Valero.

Because the aggregate principal amount of Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date has an aggregate purchase price that exceeds the Maximum Aggregate Purchase Price, Valero does not expect to accept for purchase all Notes that have been validly tendered and not validly withdrawn at or prior to the Early Tender Date. Rather, subject to the Maximum Aggregate Purchase Price, the Series Tender Cap (as defined in the Offer to Purchase) applicable to the 3.650% 2025 Notes and 2.850% 2025 Notes and the acceptance priority levels set forth in the table above, in each case as further described in the Offer to Purchase, Valero will accept for purchase 3.650% 2025 Notes, 2.850% 2025 Notes, 4.375% 2026 Notes and 3.400% 2026 Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date and does not expect to accept for purchase any 2027 Notes, 4.350% 2028 Notes or 4.500% 2028 Notes. Valero expects to accept for purchase 2.85% 2025 Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date on a prorated basis. As a result, a holder who validly tenders and does not validly withdraw Notes pursuant to the Tender Offers may have all or a portion of its Notes returned to it.

On the Early Settlement Date (as defined below), Valero will pay the Total Consideration (as shown in the table above) for each $1,000 principal amount of each of the 3.650% 2025 Notes, 2.850% 2025 Notes, 4.375% 2026 Notes and 3.400% 2026 Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date and accepted for purchase. The Total Consideration was calculated in the manner described in the Offer to Purchase by reference to the applicable fixed spread specified in the table above plus the applicable yield to maturity based on the bid-side price of the applicable U.S. Treasury Reference Security specified in the table above at 10:00 a.m., New York City time, on February 16, 2022. The Total Consideration also includes the Early Tender Payment (as shown in the table above) for each $1,000 principal amount of each of the 3.650% 2025 Notes, 2.850% 2025 Notes, 4.375% 2026 Notes and 3.400% 2026 Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date and accepted for purchase. Payments for the 3.650% 2025 Notes, 2.850% 2025 Notes, 4.375% 2026 Notes and 3.400% 2026 Notes accepted for purchase will include accrued and unpaid interest from the last interest payment date applicable to the relevant series of Notes up to, but excluding, the settlement date for Notes that are validly tendered and not validly withdrawn at or prior to or at the Early Tender Date and accepted for purchase (the “Early Settlement Date”). It is anticipated that the Early Settlement Date will be February 17, 2022, the second business day after the Early Tender Date.

The Tender Offers will expire at midnight, New York City time, at the end of March 2, 2022, unless extended or earlier terminated. Because the Tender Offers have been fully subscribed as of the Early Tender Date, holders who tender Notes after the Early Tender Date will not have any of their Notes accepted for purchase, unless Valero elects to increase or eliminate the Maximum Aggregate Purchase Price. Any Notes tendered after the Early Tender Date, together with any Notes tendered at or prior to the Early Tender Date but not accepted for purchase by Valero, will be returned to the holders thereof as described in the Offer to Purchase, unless Valero elects to increase or eliminate the Maximum Aggregate Purchase Price.

The withdrawal deadline for the Tender Offers was 5:00 p.m., New York City time, on February 15, 2022 and has not been extended. Accordingly, previously tendered Notes and Notes tendered after such withdrawal deadline may not be withdrawn, subject to applicable law.

Valero’s obligation to accept for payment and to pay for the Notes validly tendered and not validly withdrawn in the Tender Offers is subject to the satisfaction or waiver of a number of conditions described in the Offer to Purchase. The Tender Offers may be terminated or withdrawn in whole or terminated or withdrawn with respect to any series of the Notes, subject to applicable law. Valero reserves the right, subject to applicable law, to (1) waive any and all conditions to any of the Tender Offers, (2) extend or terminate any of the Tender Offers, (3) increase, decrease or eliminate the Maximum Aggregate Purchase Price with respect to a particular series and/or the Series Tender Cap or (4) otherwise amend any of the Tender Offers in any respect.

Valero has retained SMBC Nikko Securities America, Inc., J.P. Morgan Securities LLC and Mizuho Securities USA LLC as lead dealer managers, and Citigroup Global Markets Inc. and MUFG Securities Americas Inc. as co-dealer managers (together with the lead dealer managers, the “Dealer Managers”) for the Tender Offers. Valero has retained D.F. King & Co., Inc. as the tender and information agent for the Tender Offers. For additional information regarding the terms of the Tender Offers, please contact: SMBC Nikko Securities America, Inc. at (888) 284-9760 (toll free) or (212) 224-5328 (collect); J.P. Morgan Securities LLC at (866) 834-4666 (toll free) or (212) 834-3424 (collect); or Mizuho Securities USA LLC at (866) 271-7403 (toll free) or (212) 205-7736 (collect). Requests for documents and questions regarding the tendering of securities may be directed to D.F. King & Co., Inc. by telephone at (212) 269-5550 (for banks and brokers only) or (800) 334-0384 (for all others, toll-free), by email at This email address is being protected from spambots. You need JavaScript enabled to view it. or to the Dealer Managers at their respective telephone numbers.

This announcement is for information purposes only and does not constitute an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. The Tender Offers are being made only pursuant to the Offer to Purchase and only in such jurisdictions as is permitted under applicable law. None of Valero, the tender and information agent, the Dealer Managers or the trustee with respect to the Notes, nor any of their affiliates, makes any recommendation as to whether holders should tender or refrain from tendering all or any portion of their Notes in response to the Tender Offers.

Safe-Harbor Statement

Statements contained in this press release that state Valero’s or its management’s expectations or predictions of the future are forward-looking statements intended to be covered by the safe harbor provisions of the Securities Act of 1933 and the Securities Exchange Act of 1934. The words “anticipate,” “believe,” “expect,” “plan,” “intend,” “scheduled,” “estimate,” “project,” “projection,” “predict,” “budget,” “forecast,” “goal,” “guidance,” “target,” “could,” “would,” “should,” “may,” “strive,” “seek,” “potential,” “opportunity,” “aimed,” “considering,” “continue,” and similar expressions identify forward-looking statements. Forward-looking statements in this press release include those relating to the expiration date and the settlement date for the Tender Offers. It is important to note that actual results could differ materially from those projected in such forward-looking statements based on numerous factors, including those outside of Valero’s control, such as legislative or political changes or developments, market dynamics, cyberattacks, weather events, and other matters affecting our operations or the demand for our products. These factors also include, but are not limited to, the uncertainties that remain with respect to the COVID-19 pandemic, variants of the virus, governmental and societal responses thereto, including requirements and mandates with respect to vaccines, vaccine distribution and administration levels, and the adverse effects the foregoing may have on our business or economic conditions generally. For more information concerning these and other factors that could cause actual results to differ from those expressed or forecasted, see Valero’s annual report on Form 10-K, the “Risk Factors” section included in the Offer to Purchase, quarterly reports on Form 10-Q, and other reports filed with the Securities and Exchange Commission.

About Valero

Valero Energy Corporation, through its subsidiaries (collectively, “Valero”), is an international manufacturer and marketer of petroleum-based and low-carbon liquid transportation fuels and petrochemical products, and sells its products primarily in the United States (“U.S.”), Canada, the United Kingdom (“U.K.”), Ireland and Latin America. Valero owns 15 petroleum refineries located in the U.S., Canada and the U.K. with a combined throughput capacity of approximately 3.2 million barrels per day. Valero is a joint venture member in Diamond Green Diesel Holdings LLC, which owns a renewable diesel plant in Norco, Louisiana with a production capacity of 700 million gallons per year, and Valero owns 12 ethanol plants located in the Mid-Continent region of the U.S. with a combined production capacity of approximately 1.6 billion gallons per year. Valero manages its operations through its Refining, Renewable Diesel, and Ethanol segments. Please visit www.investorvalero.com for more information.


Contacts

Investors:

Homer Bhullar, Vice President – Investor Relations and Finance, 210-345-1982
Eric Herbort, Senior Manager – Investor Relations, 210-345-3331
Gautam Srivastava, Senior Manager – Investor Relations, 210-345-3992

Media:

Lillian Riojas, Executive Director – Media Relations and Communications, 210-345-5002

HOUSTON--(BUSINESS WIRE)--Helix Energy Solutions Group, Inc. (NYSE: HLX) announced today that it has been awarded a field decommissioning contract by Trident Energy do Brasil Ltda. (Trident Energy). The project, located offshore Brazil in the Pampo and Enchova Clusters in the Campos Basin, is expected to commence in late 2022 for a firm period of 12 months with multiple customer options to extend.


Helix will provide a riser-based well intervention vessel either the Siem Helix 1 or Siem Helix 2, a 10k Intervention Riser System, project management and engineering services and, in conjunction with Helix’s Subsea Services Alliance partner Schlumberger, fully integrated plug and abandonment well services.

Scotty Sparks, Helix’s Executive Vice President and Chief Operating Officer, stated, “We are pleased that Helix has been awarded this major decommissioning contract. This is another step forward in the execution of our strategic objectives which include diversifying our client base in the region while continuing to provide best-in-class and global leading decommissioning services. We look forward to developing our relationship with Trident Energy.”

“Our rigless well intervention services offer a lower cost and lower greenhouse gas intensive solution for decommissioning offshore wells compared to rig alternatives,” stated Daniel Stuart, Helix do Brasil’s Director of Operations. “We believe that delivering this milestone field decommissioning project will support future growth in the region and lead to additional opportunities.”

Trident Energy owns and operates four platforms in the Campos Basin, and its Brazil operations are part of a global organization backed by Warburg Pincus with a stated focus on operating and redeveloping mid-life oil and gas assets.

About Helix

Helix Energy Solutions Group, Inc., headquartered in Houston, Texas, is an international offshore energy services company that provides specialty services to the offshore energy industry, with a focus on well intervention and robotics operations. For more information about Helix, please visit our website at www.HelixESG.com. For more information about the Subsea Services Alliance, please visit our website at www.subseaservicesalliance.com.

Forward-Looking Statements

This press release contains forward-looking statements that involve risks, uncertainties and assumptions that could cause our results to differ materially from those expressed or implied by such forward-looking statements. All statements, other than statements of historical fact, are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are subject to a number of known and unknown risks, uncertainties and other factors that could cause results to differ materially from those in the forward-looking statements. We assume no obligation and do not intend to update these forward-looking statements, which speak only as of their respective dates, except as required by applicable securities laws.

Social Media

From time to time we provide information about Helix on Twitter (@Helix_ESG), LinkedIn (www.linkedin.com/company/helix-energy-solutions-group), Facebook (www.facebook.com/HelixEnergySolutionsGroup) and Instagram (www.instagram.com/helixenergysolutions).


Contacts

Erik Staffeldt, Executive Vice President and CFO
email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Ph: 281-618-0465

MELBOURNE, Fla.--(BUSINESS WIRE)--L3Harris Technologies (NYSE:LHX) Vice Chair and CEO Chris Kubasik and Senior Vice President and Chief Financial Officer Michelle Turner will present at the Barclays Industrial Select Conference on Wednesday, February 23, 2022.


The live event is scheduled to start at 8:00 a.m. ET and remarks will be streamed (listen-only) at L3Harris.com. A replay will be available through the company’s website for seven days following the event.

About L3Harris Technologies

L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end solutions that meet customers’ mission-critical needs. The company provides advanced defense and commercial technologies across space, air, land, sea and cyber domains. L3Harris has approximately $17 billion in annual revenue and 47,000 employees, with customers in more than 100 countries. L3Harris.com.


Contacts

Rajeev Lalwani
Investor Relations
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321-727-9383

Jim Burke
Media Relations
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321-727-9131

MIAMI--(BUSINESS WIRE)--World Fuel Services Corporation (NYSE:INT) invites you to participate in a conference call with its management team on Thursday, February 24, 2022 at 5:00PM Eastern Time to discuss the Company’s fourth quarter and full year results, as well as certain forward-looking information. The Company plans to release its fourth quarter and full year results after the market closes on the same date.


The live conference call will be accessible by telephone at (888) 771-4371 (within the United States and Canada) or (847) 585-4405 (International). The call ID is 50283056.

The conference call will also be available via live webcast. The live webcast may be accessed by visiting the Company’s website at www.wfscorp.com and clicking on the webcast icon. An archive of the webcast will be available on the Company’s website two hours after the completion of the live call and will remain available until March 10, 2022.

About World Fuel Services Corporation

Headquartered in Miami, Florida, World Fuel Services is a global energy management company involved in providing supply fulfillment, energy procurement advisory services, and transaction and payment management solutions to commercial and industrial customers, principally in the aviation, marine and land transportation industries. World Fuel Services sells fuel and delivers services to its clients at more than 8,000 locations in more than 200 countries and territories worldwide.

For more information, visit www.wfscorp.com.


Contacts

Ira M. Birns
Executive Vice President & Chief Financial Officer
or
Glenn Klevitz, Vice President, Treasurer & Investor Relations
(305) 351-4763
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Amazon tops the list for second straight year; four new companies enter the Top 10

WASHINGTON--(BUSINESS WIRE)--Today, the Clean Energy Buyers Association (CEBA), formerly the Renewable Energy Buyers Alliance (REBA), announced the release of its annual Deal Tracker Top 10 list, showcasing the leading energy customers that procured clean energy in the U.S. in 2021. Amazon leads the list for the second straight year with 2.85 gigawatts (GW) of announced projects. Energy customers continued to demonstrate their critical role in influencing the evolution of the energy market with more than 100 projects announced totaling 11.06 GW of contracted capacity in 2021.


“CEBA recently set an ambitious aspiration to achieve a 90% carbon-free U.S. electricity system by 2030 and a global community of energy customers driving clean energy. Energy customers have demonstrated a dedicated commitment to decarbonization over the last decade,” said CEBA CEO Miranda Ballentine. “The overall impact of companies that make up the 2021 Deal Tracker Top 10 showcases that our vision for customer-driven clean energy for is truly possible, and beyond that, within reach if we continue to advance market and policy solutions together.”

2021 CEBA Deal Tracker Top 10

Ranking

Company Volume (Gigawatts)

1

Amazon

2.85

2

Meta

1.82

3

Verizon

1.02

4

Google

.600

5

Microsoft

.550

6

Plug Power*

.345

7

Pfizer*

.310

8

Target

.292

9

PepsiCo

.257

10

McDonald’s

.230

*company is not a CEBA member

As the strategies used to transact in the energy market have evolved to reflect increasingly ambitious climate action goals, so too has the profile of what was once considered a typical energy customer company. The CEBA Deal Tracker Top 10 showcases that a variety of industries now play a critical role in decarbonization of the energy system and have established increasing bold climate action goals, including telecommunications services, consumer staples, and industrials.

“We’re proud of Amazon’s rapidly growing renewable energy portfolio, which is driven by a sense of urgency to reduce carbon emissions and curb the climate crisis. We believe investing in clean energy is the right thing to do for our business, our customers, and the planet,” said Kara Hurst, Vice President of Worldwide Sustainability at Amazon. “Amazon is on an accelerated path toward powering our operations with 100% renewable energy by 2025, five years ahead of our original 2030 target. We’re grateful for this recognition and welcome CEBA’s continued leadership in cultivating a global community of energy customers dedicated to securing clean energy access for all."

The energy customer mindset regarding the true impact of clean energy has shifted Beyond the Megawatt with a focus on optimizing carbon-reduction emissions, community engagement and environmental impacts. For example, Microsoft’s new vision integrates a commitment to invest clean energy generated revenue toward community impact initiatives. McDonald’s strategy integrates job creation in local communities while harnessing solar and wind energy through virtual power purchase agreements.

“We are proud of our renewable energy partnerships because they represent progress toward McDonald’s net zero climate ambition, while also creating jobs and driving local impact. These investments are another meaningful way McDonald’s is working toward a more sustainable future,” said Jenny McColloch, McDonald’s Chief Sustainability Officer.

In 2021, CEBA introduced a simple, yet powerful vision of customer-driven clean energy for all. The 2021 Deal Tracker Top 10 demonstrates the scale and influence of energy customers that have contracted nearly 47 gigawatts of clean energy – about 20% of all wind and solar capacity in the U.S. – over the last decade. As a business trade association, CEBA will continue to catalyze its community of nearly 300 members thorough foundational education, stakeholder collaboration and acceleration of advanced and innovative market strategies.

The CEBA Deal Tracker is a unique tracking mechanism that focuses on U.S.-based utility-scale corporate procurement. The annual CEBA Deal Tracker Top 10 list features the top companies, or energy customers, leading renewable energy procurement. You can download the full CEBA Deal Tracker here.


Contacts

Marisa Long
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Planned Meetings through April also listed

HOUSTON--(BUSINESS WIRE)--The Port Commission of the Port of Houston Authority will hold its regular monthly meeting on Thursday, February 24, 2022. It will be conducted as a hybrid meeting and will start at 9:15 a.m. The Commissioners, executive leadership, and legal counsel will be present in the boardroom of the Port Authority Executive Office Building, located at 111 East Loop North, Houston, TX 77029.


The meeting is open to the public to attend. However, the meeting can also be accessed virtually via WebEx webinar.

The agenda and the instructions to access Port Houston public meetings are available at https://porthouston.com/leadership/public-meetings/.

Please note the following upcoming planned Port Houston public meetings (subject to change):

Feb 22

8:30 a.m.

Compensation Committee meeting

Feb 24 (Thurs)

9:15 a.m.

Port Commission regular meeting

Mar 21 (Mon)

9:15 a.m.

Port Commission regular meeting

Mar 21

10:00 a.m.

Community Relations Committee

Apr 19

9:00 a.m.

Audit Committee meeting

Apr 19

11:00 a.m.

Business Equity Committee meeting

Apr 26

9:15 a.m.

Port Commission regular meeting

Sign up for public comment is available up to an hour before these meetings by contacting Erik Eriksson at This email address is being protected from spambots. You need JavaScript enabled to view it. or Liana Christian at This email address is being protected from spambots. You need JavaScript enabled to view it..

About Port Houston

For more than 100 years, Port Houston has owned and operated the public wharves and terminals along the Houston Ship Channel – the nation’s largest port for waterborne tonnage and an essential economic engine for the Houston region, the state of Texas, and the U.S. nation. The more than 200 private and eight public terminals along the federal waterway supports the creation of nearly 1.35 million jobs in Texas and 3.2 million jobs nationwide, and economic activity totaling $339 billion in Texas – 20.6% of Texas’ total gross domestic product (GDP) – and a total of $801.9 billion in economic impact across the nation. For more information, visit the website: https://porthouston.com/


Contacts

Lisa Ashley-Daniels, Director, Media Relations, Port Houston
Office: 713-670-2644; Mobile: 832-247-8179; E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

OVO Energy, the U.K.’S 3RD Biggest Energy Supplier, Partners With World-Famous Venue Operated by ASM Global

OVO Energy Also Commits to Support ASM Global on Its Journey to Achieve ‘a Greener Arena’ Certification for OVO Arena Wembley

AEG Global Partnerships, Which Originally Brokered Naming-Rights Deal for the Venue in 2014, Supports OVO Energy With Sustainability-Focused Rebrand

Deal Supports OVO Energy’s Commitments to Become a Net-Zero Business by 2030 and Drive Progress Toward Zero-Carbon Living


LOS ANGELES--(BUSINESS WIRE)--#ASMGlobal--OVO Arena Wembley is the new name for one of the U.K.’s most coveted live entertainment venues, managed by ASM Global, the world’s leading venue management and services company.

Synonymous with some of the world’s biggest artists and shows for over 60 years, the iconic concert and events venue is expected to welcome around 1 million visitors in 2022.

Fans will be treated to an array of talent with international artists such as 50 Cent, Armin Van Buuren and Sigrid joining U.K. stars including KSI, The Cure and Anne-Marie.

The venue will also continue to develop its sustainability credentials as part of a journey to achieve “Greener Arena Certification.” A Greener Festival’s rigorous, independent certification process provides external verification that carbon reduction and transition strategies are at the heart of all venue operations, from catering to materials used and circularity.

With a shared vision for a greener live events industry, OVO will support venue operator ASM Global’s goal to achieve this “Greener Arena Certification,” set to be implemented across all ASM Global venues. Through funding of specific carbon-reduction and environmental initiatives recommended as a result of the annual accreditation process, the certification will allow fans and artists to experience the joy of live entertainment at the iconic London venue, with the feel-good factor of minimizing their impact on the environment.

The development and implementation of these sustainable strategies at the OVO Arena Wembley will be backed and bolstered by social responsibility platform ASM Global Acts, which pledges the venue operator’s commitment to protecting the environment.

OVO’s head of sponsorship and partnerships, Colin Banks, said:

“At OVO we’re committed to establishing purposeful partnerships that reflect our commitment to make zero-carbon living a reality—not just in the home, but in the things we love doing, too, whether that is going to a gig or comedy show.

“That’s why we share in the OVO Arena Wembley’s ambition to help live entertainment in becoming more sustainable. It’ll take time, but together we want to identify meaningful ways through which to make lower-impact live events a headline act in their own right; and working with A Greener Festival represents a very positive step in that journey.

“But we know that’s just the beginning, and we want to continue to support the venue in identifying practical ways in which we can help to further reduce its environmental impact, without detracting from OVO Arena Wembley’s first-class visitor experience. We look forward to releasing more details around some of the initiatives already being considered in the very near future.”

John Drury, vice president and general manager at OVO Arena Wembley, added:

“ASM Global is delighted to support OVO Energy on the renaming of OVO Arena Wembley. The live entertainment industry has endured a challenging couple of years, but ASM Global is now looking forward to a bumper schedule of events across 2022.

“As we look to welcome more fans than ever before, we’re working hard to manage the environmental footprint of our operation—one show at a time. This partnership between OVO Energy and ASM Global means that our brilliant events will be aligned with our shared desire for a carbon-free future.”

Chris Bray, executive vice president Europe, ASM Global, added:

“ASM Global is committed to providing sustainable solutions and initiatives across our portfolio of venues around the world. Our social responsibility platform, ASM Global Acts, pledges our longstanding commitment to protecting the environment as we work toward “Greener Arena Certification” in all ASM Global venues. We are pleased, therefore, to continue our relationship with OVO Energy, a brand which shares our vision for greener strategies in the live events industry.

“Alongside the OVO Energy team at Wembley, we are excited to see how we can continue to work together to develop and collaborate on our ongoing sustainability strategies. Together we aim to continue to ensure this iconic London concert and events venue remains a world-class experience whilst developing it into one of the most sustainable arenas in the world.”

Georgina Iceton, vice president activations at AEG Global Partnerships, added:

“We’re thrilled to support our partner, OVO Energy, on their renaming of such a legendary venue in London. As part of the rebrand, it was important for AEG, ASM Global and OVO that we had a zero-waste-to-landfill policy, so our priority from the offset was to source from new suppliers who would deliver the most sustainable materials in the market.”

“The initiatives, through all aspects of this progressive project, were underpinned by AEG’s drive for meaningful partnerships that support goals of both the venue and partner. Through the work we establish with A Greener Festival, we will be able to implement new solutions for this legendary building, which will see even greater energy efficiencies across the venue.”

OVO Arena Wembley will host its next event when KSI headlines the venue on Friday, Feb. 25, 2022. Tickets are available at ovoarena.co.uk.

Follow OVO Arena Wembley on social media @ovoarena.

About OVO Arena Wembley

OVO Arena Wembley is one of the U.K.’s most legendary concert and events venues. For over 60 years, the 12,500-capacity arena has seen some of the biggest names in music walk through its doors from Queen, The Rolling Stones and The Beatles to David Bowie, Cher, Michael Jackson, Madonna and ABBA.

Hosting over 100 shows a year, the venue welcomes around 1 million fans every year. As well as delivering world-class live entertainment, OVO Arena Wembley is committed to reducing the environmental impact of its operations and events.

Working collaboratively with title partner OVO Energy and other partners, the venue has and will continue to identify opportunities to help make OVO Arena Wembley more sustainable, delivering lower-impact events that are a headline act of their own.

About OVO Energy

OVO Energy was founded in 2009 and redesigned the energy experience to be fair, effortless, green and simple for all customers. The company has spent the last decade investing in the market leading technology, customer service operations and digital products to help members cut their carbon emissions. OVO is on a mission through its sustainability strategy Plan Zero to tackle the most important issue of our time, the climate crisis, by bringing our customers with us on the journey toward zero-carbon living. OVO Energy has committed to being a net-zero-carbon business and achieve bold science-based carbon reduction targets by 2030, while helping members halve their carbon footprint at the same time.

Through its venue partnerships, OVO hopes to inspire people to become part of a movement toward a brighter, lower carbon future—one gig at a time.

About AEG Global Partnerships

AEG Global Partnerships oversees the worldwide sales and servicing of sponsorships for AEG’s entire portfolio of assets. Creating customized and innovative marketing programs for established and emerging brands, it has created some of the most iconic brand partnerships in the entertainment industry, including Crypto.com Arena in L.A., The O2 in London and Coachella Music Festival. Overall, the division manages naming-rights deals, premium seating and other strategic partnerships. Through its worldwide network of venues, portfolio of powerful sports and music brands and its integrated entertainment districts, AEG entertains more than 100 million guests annually. More information about AEG can be found at aegworldwide.com.

About ASM Global

ASM Global is the world’s leading producer of entertainment experiences. It is the global leader in venue and event strategy and management—delivering locally tailored solutions and cutting-edge technologies to achieve maximum results for venue owners. The company’s elite venue network spans five continents, with a portfolio of more than 325 of the world’s most prestigious arenas, stadiums, convention and exhibition centres, and performing arts venues.

Follow us on Facebook, Instagram and Twitter or visit asmglobal.com.

About A Greener Festival

A Greener Festival (AGF) is a not-for-profit organization committed to helping events, festivals and venues around the world to become more sustainable and to reduce environmental impacts.

A Greener Arena (AGA) was launched in 2020 by AGF to help venues to become more sustainable.

Since 2007, the AGF Award Scheme has assessed and certified hundreds of events and festivals worldwide, providing independent audit and external verification. AGF will look at all areas of the business, from power usage, food and beverage, material use and circularity to health and well-being and local community and ecological impacts.

Current clients include AEG Presents, Glastonbury Festival, The Royal Parks and RHS Chelsea Flower Show.


Contacts

For more information on OVO, please contact:
Alasdair Wallace – Material
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ASM Global Press Contact:
Jim Yeager (breakwhitelight for ASM Global)
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1-818-264-6812

EL CENTRO, Calif.--(BUSINESS WIRE)--In recent years, it has been determined that the Imperial County region holds significant lithium and rare mineral resources. It is estimated that Imperial County may hold as much as fifteen (15) million metric tons of these vital resources. The demand for these resources is expected to increase dramatically as the consumer demand for electric powered vehicles and portable electronics expand. In addition, geothermal production may also expand to between 1,500MW and 3,000MW over the next two decades, bringing even further potential for economic investment and community development.


The Imperial County Board of Supervisors will hold a press conference on the Lithium Valley Economic Opportunity Investment Plan (LVIP). This plan provides a detailed framework and specific actions for the County of Imperial to pursue economic investment from the lithium industry in partnership opportunities from the State of California and the United States Federal Government.

This press conference will be conducted in-person and virtually through Zoom. Please RSVP no later than 8:00 AM on Thursday, February 17 to receive instructions on attending in-person and/or the Zoom meeting information. The press conference will also be streamed on the County of Imperial’s Facebook page at https://www.facebook.com/ImperialCntyCA.

EVENT:

Lithium Valley Economic Opportunity Investment Plan Press Conference

 

 

WHO:

Imperial County Board of Supervisors

 

Imperial County Planning & Development Services

 

Imperial County Department of Public Works

 

Imperial County Workforce & Economic Development

 

 

DATE/TIME:

Friday, February 18, 2022

 

10:00 AM (PST)

 

 

LOCATION:

County Administration Center
Board Chambers
940 West Main Street, Suite 211
El Centro, CA. 92243

 


Contacts

Gil Rebollar
(442) 265-1018

Investments have helped prevent more than 17 million customer outages since 2011

CHICAGO--(BUSINESS WIRE)--ComEd in 2021 delivered some of its highest levels of year-over-year reliability as a result of power grid investments such as smart switches that reroute power around potential problem areas, new storm hardening and vegetation management solutions, and cable replacement. Since grid improvements began in 2011, overall reliability has improved 68 percent. ComEd has avoided more than 17 million outages for customers, saving more than $3 billion in outage costs.


Utilities must continue to invest in the power grid to address severe weather and rapid increases in renewable energy and electric vehicles. ComEd has proven itself as a national leader in the use of advanced technologies to benefit its customers and communities and ensure the region remains competitive.

“To meet the needs of our customers, ComEd continues to modernize the grid to deliver the reliable power that our customers and communities need to live, work and succeed in a 21st century economy,” said Terence Donnelly, president and chief operating officer of ComEd. “In the face of increasing and more intense weather events, our investments have enabled ComEd to reach new heights of reliability while laying the foundation for future technologies that expand renewables and support Illinois customers and communities as we transition to a clean energy economy.”

Grid investments have provided customers reliable power but have also paved the way for ComEd customers to realize the full potential of digital grid technology, providing access to more clean energy options like solar, wind and more. At the same time, ComEd’s rates today are among the most competitive in the nation: Average residential rates are 17 percent lower than the 10 top U.S. metro areas, and average commercial rates are 18 percent lower than the top 20 U.S. metro areas. As a percentage of residents’ median income, ComEd’s residential electricity cost is nearly the lowest in the country.

“Investments we’re making in the grid are already helping us reduce the number and duration of customer interruptions,” said Donnelly. “As we invest in technology that brings more renewable energy to the grid, we can both reduce emissions while improving the resiliency of the system.”

In August 2021, the Intergovernmental Panel on Climate Change (IPCC) released a report that outlined the widespread, rapid and intensifying impacts of the climate crisis due to fossil-fuel emissions. The report called out the need for the electric grid to be more resilient because it is often the last line of defense for residents and businesses.

In addition to producing strong power reliability, Illinois’ competitive electricity supply market helped to attract significant business expansion across ComEd’s northern Illinois service territory. In 2021 alone, ComEd’s Economic Development Team helped support the launch of 16 new industrial projects representing 548 MW of new committed capacity-enough to power 155,000 homes. These new projects will collectively support 4,700 new jobs and $3 billion in investment for the region.

“Reliable and clean energy are great assets to Illinois and top priorities for companies making location decisions,” said Intersect Illinois CEO Dan Seals. “ComEd’s investment in infrastructure is key to bringing business to the state.”

ComEd is a unit of Chicago-based Exelon Corporation (NASDAQ: EXC), a Fortune 200 energy company with approximately 10 million electricity and natural gas customers – the largest number of customers in the U.S. ComEd powers the lives of more than 4 million customers across northern Illinois, or 70 percent of the state’s population. For more information visit ComEd.com and connect with the company on Facebook, Twitter, Instagram and YouTube


Contacts

ComEd Media Relations
312-394-3500

  • New brand first step on company's journey towards separate value creation
  • Accelleron conveys ambition “to succeed and move further”

ZURICH--(BUSINESS WIRE)--ABB today announced that its Turbocharging division (PA), a global leader in heavy duty turbocharging for diesel and gas engines, has unveiled its new brand name “Accelleron”, a compound word of: Access – Accelerate – Excel – on and on, with a bold new color of bright purple representing a powerful, inspirational, and noble brand.

The new brand is centered around the company's purpose: Together we inspire, innovate & exceed expectations – setting industry benchmarks for the benefit of all. It also builds on the company’s legacy of over 100 years in turbocharging, embodying the ambition to continue its development as a global market-leader in its sectors, helping the world succeed and move further in a more sustainable way. The first practical application of turbochargers, which were invented by Swiss national Alfred Büchi, was for large marine engines built by Brown Boveri & Co. (now ABB) in 1924.

The new brand is part of ABB’s portfolio management strategy to operationally separate the Turbocharging division before a final decision is made between a sale or a spin-off of the business towards the end of the first quarter. Whichever path is chosen by ABB to separate the business, this process should be completed in the first half of 2022.

Unveiling the Accelleron brand is a seminal moment for our business. We are proud about our heritage but are also excited about our next chapter of growth, providing cutting-edge technology and service solutions for our clients,” said CEO Oliver Riemenschneider, who will be succeeded by Daniel Bischofberger on March 1, 2022, rejoining ABB from Sulzer. In the case of a spin-off, Oliver is expected to become Chairman of Accelleron.

Accelleron is a global leader in turbocharging technologies and optimization solutions for 0.5 to 80+ MW engines, helping to provide sustainable and reliable power to the marine, energy, rail, and off-highway sectors. With an installed base of approximately 180,000 turbochargers and a network of more than 100 service stations worldwide, its innovative technologies and digital solutions give its customers the power to move further.

In 2021, it achieved revenues of approximately $750 million and has over 2,300 employees worldwide, of which roughly 800 are located at its headquarter and global R&D center in Baden, Switzerland. It is a leading company in its industry and preferred partner to an estimated 6,000 customers through its global service network in more than 50 countries.

One key market driver- in Accelleron's industry is the trend towards decarbonization against the background of international and national regulations. For example, the International Maritime Organization’s goal of halving GHG emissions from ships by 2050 is driving demand for efficient and sustainable technologies. Upgrades and new net-zero carbon fuel technologies are expected to support the strategic direction of the business in the next years. Accelleron is leading in technology and commercial prototype projects with alternative fuels such as hydrogen, methanol, and ammonia.

Turbochargers enable significant improvements in efficiency, increasing engine output by up to 300 percent and thereby energy efficiency by up to 10 percent1. Conventional engines would be up to four times their size without a turbocharger2. Under ideal conditions, ABB’s turbochargers offer a further 2 percent improvement compared to the industry benchmark, amounting to $1 million in lifetime savings3 for a large container vessel.

ABB’s turbochargers reduce fuel consumption and hence CO2 emissions by an average of 405,000 tons per annum4 for the shipping industry alone, while also playing a crucial role in balancing power for national grids, power extensions in emerging economies and microgrids as well as back-up power for critical infrastructure, e.g., data centers.

More information about the Accelleron brand can be found on its new website, www.accelleron-industries.com

Important notice about forward-looking information

This press release includes forward-looking information and statements which are based on current expectations, estimates and projections about the factors that may affect our future performance, including the economic conditions of the regions and industries that are major markets for ABB. These expectations, estimates and projections are generally identifiable by statements containing words such as “anticipates”, “expects,” “believes,” “estimates,” “plans”, “targets”, “aims” or similar expressions. However, there are many risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking information and statements made in this press release and which could affect our ability to achieve any or all of our stated targets or anticipated transactions. Some important factors that could cause such differences include, among others, business risks associated with the COVID-19 pandemic, the volatile global economic environment and political conditions, costs associated with compliance activities, market acceptance of new products and services, changes in governmental regulations and currency exchange rates and such other factors as may be discussed from time to time in ABB Ltd’s filings with the U.S. Securities and Exchange Commission, including its Annual Reports on Form 20-F. Although ABB Ltd believes that its expectations reflected in any such forward-looking statement are based upon reasonable assumptions, it can give no assurance that those expectations will be achieved. The foregoing list of factors is not exclusive and undue reliance should not be placed upon any forward-looking statements, including projections, which speak only as of the date made.

ABB (ABBN: SIX Swiss Ex) is a leading global technology company that energizes the transformation of society and industry to achieve a more productive, sustainable future. By connecting software to its electrification, robotics, automation and motion portfolio, ABB pushes the boundaries of technology to drive performance to new levels. With a history of excellence stretching back more than 130 years, ABB’s success is driven by about 105,000 talented employees in over 100 countries. www.abb.com 


1 Engine power is directly proportional to the amount of air that is put in the cylinder. Increasing the air density (turbocharging) increase the power output of the engine. With a pressure ratio of 4, engine output increase by 300%. Mathematical formular: Engine power Output = Revolutions per minute x Displacement X Effective pressure
2 Reference https://www.abb-conversations.com/2013/02/size-matters-sure-but-in-a-turbocharger-power-matters-more/
3 Based on average fuel price of $500 per ton
4 1 vessel with ABB turbochargers save about 562 tons CO2 per year. Total savings: 562 tons CO2 x 720 units amounts to about 404,640 tons CO2 per year


Contacts

For more information please contact:

Media Relations
Phone: +41 43 317 71 11
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations
Phone: +41 43 317 71 11
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

ABB Ltd
Affolternstrasse 44
8050 Zurich
Switzerland

Industry veterans will lead the drilling, completions, facilities, and production for Point Energy as the company focuses on growing and diversifying its operations

FORT WORTH, Texas--(BUSINESS WIRE)--Point Energy Partners (“Point Energy”), a Fort Worth, Texas-based private oil and gas exploration company, today announced the promotion of Jay Brenner to Senior Vice President of Operations. The company also announced the additions of Joel Acosta as Senior Vice President of Operations, and Cameron Boyd as Vice President of Operations.


Founded in 2017 by Bryan Moody, Chief Executive Officer, and John Sabia, Chief Financial Officer, Point Energy is focused in the Delaware Basin with an active drilling program and has assembled more than 15,000 gross operated acres in Loving and Ward counties. The company continues to explore growth opportunities including bolt-on acquisitions surrounding their existing acreage in the core of the Delaware Basin.

“I am delighted to have these three engineering experts with Point Energy and am confident they will help optimize and accelerate the ‘full stack’ development on our core Texas Delaware Basin leases and minerals,” said Point Energy CEO, Bryan Moody. “With Joel Acosta leading our drilling and construction, Jay Brenner leading our completions and production optimization and Cameron Boyd leading our facilities and field operations, there is no other team I would rather have in the Delaware Basin.”

Joel Acosta, Senior Vice President of Operations

Mr. Acosta joins Point Energy with more than 16 years of drilling and operations experience in the Delaware Basin. Most recently, he was Vice President of Operations for Crescent Consulting, where he teamed with other operators to design, drill and operate wells throughout the country with a focus on Texas, Oklahoma, and New Mexico. Prior to Crescent Consulting, Mr. Acosta worked at SandRidge Energy, RKI Exploration & Production and WPX Energy where he managed their respective drilling programs, running as many as 26 rigs and leading teams of engineers and superintendents. Mr. Acosta is particularly adept at managing large capex budgets while striving to control and lower development costs.

Jay Brenner, Senior Vice President of Operation

Mr. Brenner joined Point Energy in 2021 as Vice President of Operations, where he leads the company’s completions, water recycling and production operations efforts. Mr. Brenner’s 10 years of experience has been almost completely focused on the Delaware Basin, where he led the completions teams for RKI Exploration & Production, WPX Energy and Devon Energy. Additionally, he has led field superintendents, water recycling, and reservoir engineering, all of which contribute to the breadth of experiences needed to lead Point Energy as SVP of Operations.

Cameron Boyd, Vice President of Operations

Mr. Boyd joins Point Energy with over 18 years of experience in engineering roles focused on facilities, process engineering, material science and technical safety engineering. Mr. Boyd has more than 10 years of experience with Petrofac Facilities Management where he most recently served as Director of Engineering, focused on designing, building, and managing facilities in the Permian Basin. He brings additional experience leading offshore platform facilities modifications, decommissioning and technical safety programs.

About Point Energy Partners

Point Energy Partners is a private exploration and production company based in Fort Worth and backed by an equity commitment from Vortus Investments. Founded in 2017 by Bryan Moody and John Sabia, Point Energy has focused on building a position in the core of Texas’ Delaware Basin with a strategic business plan to operate a consolidated footprint and develop the prospective stacked pay provided by core Delaware reservoir rock. For more information visit Point Energy Partners Company at pointep.com.

About Vortus Investment Advisors

Vortus Investment Advisors, LLC is a Fort Worth-based private equity firm focused on the lower middle market upstream energy industry in North America. Vortus has an asset-based investment strategy, targeting privately negotiated transactions in the lower to middle market requiring approximately $25 million to $100 million of equity capital in partnership with successful owner/operators. For additional information, please visit vortus.com.


Contacts

Point Energy
John Sabia, Chief Financial Officer
This email address is being protected from spambots. You need JavaScript enabled to view it.

Vortus Investment Advisors
Meggan Morrison
Redbird Communications Group
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Wallbox’s Smart Home EV Chargers Now Available for Purchase at NAPA AUTO PARTS

MOUNTAIN VIEW, Calif. & ATLANTA--(BUSINESS WIRE)--Wallbox (NYSE:WBX), a leading provider of electric vehicle (EV) charging and energy management solutions worldwide, today announced a strategic partnership with NAPA AUTO PARTS, a brand of Genuine Parts Company (NYSE:GPC) and a premier retail auto parts reseller in the U.S. NAPA AUTO PARTS stores will be an authorized dealer of Pulsar Plus, Wallbox’s award-winning smart home EV charger, online and in-store at more than 6,000 locations across the United States and Canada. Pulsar Plus is available for purchase in select retail locations as of mid-February 2022.


“For nearly a century, NAPA AUTO PARTS stores have been a trusted source for automotive parts, accessories and services,” said Susan Starnes, Vice President, Emerging Markets of Genuine Parts Company. “Bringing the Wallbox brand to the NAPA network builds on our EV product selection and is another step forward in our commitment to being first-to-market in providing emerging EV technology to our customers. We’re delighted to carry the Pulsar Plus which is recognized as one of the smartest and easiest ways for consumers to charge an EV at home.”

Pulsar Plus (models 40A and 48A) are Wallbox’s best-selling home charger worldwide and is compatible with all EVs. Features include flexible amperage setting, Bluetooth and Wi-Fi connectivity, charge scheduling, power sharing, the myWallbox app, and voice control via Amazon Alexa and Google Home. Pulsar Plus comes standard with Wallbox’s proprietary energy management solutions, such as Eco-Smart and Power Boost to offer users increased control and flexibility over their charging.

“We are thrilled to join forces with the NAPA AUTO PARTS stores as they continue to build out their comprehensive offering to meet the evolving needs of the EV customer,” said Douglas Alfaro, General Manager of Wallbox North America. “Showcasing Pulsar Plus through an established brand like NAPA AUTO PARTS can help expand the awareness of our products as we continue to take steps aimed to accelerate the adoption of our smart home EV charger across the United States and Canada.”

Pulsar Plus will be available for purchase online at https://www.napaonline.com/ and in-store at more than 6,000 retail locations across the United States and Canada.

About Wallbox Chargers

Wallbox is a global company, dedicated to changing the way the world uses energy in the electric vehicle industry. Wallbox creates smart charging systems that combine innovative technology with outstanding design and manage the communication between vehicle, grid, building and charger. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public and public use in more than 80 countries. Founded in 2015, with headquarters in Barcelona, Wallbox’s mission is to facilitate the adoption of electric vehicles today to make more sustainable use of energy tomorrow. The company employs over 700 people in Europe, Asia, and the Americas.

For additional information, please visit www.wallbox.com.

About NAPA AUTO PARTS

There are nearly 6,000 NAPA AUTO PARTS stores in the U.S. supported by a nationwide network of distribution centers and more than 560,000 available parts, accessories and supplies. The NAPA network extends to more than 17,000 NAPA AutoCare and AutoCare Collision Centers across the U.S. With a reputation for quality parts, rapid availability and knowledgeable people, NAPA AUTO PARTS stores serve automotive service professionals, do-it-yourselfers and everyday drivers with quality parts, accessories and supplies to keep cars, trucks and equipment performing safely and efficiently. For more information, visit www.napaonline.com.

Wallbox Forward Looking Statements

This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding the availability of Wallbox’s products at NAPA AUTO PARTS stores, and expected results of the partnership between Wallbox and NAPA AUTO PARTS. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "may," "can," "should," "could," "might," "plan," "possible," "project," "strive," "budget," "forecast," "expect," "intend," "will," "estimate," "predict," "potential," "continue" or the negatives of these terms or variations of them or similar terminology, but the absence of these words does not mean that statement is not forward-looking. Such forward-looking statements are subject to risks, uncertainties, and other factors which could cause actual results to differ materially from those expressed or implied by such forward looking statements. In addition, any statements or information that refer to expectations, beliefs, plans, projections, objectives, performance or other characterizations of future events or circumstances, including any underlying assumptions, are forward-looking.

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

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

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Contacts

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

Wallbox Investor Contact:
Matt Tractenberg
VP, Investor Relations
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+1 404-574-1504

Cenntro to Showcase its Urban and Freight Delivery Logistar 400

FREEHOLD, N.J.--(BUSINESS WIRE)--Cenntro Electric Group Limited (NASDAQ: CENN) (“Cenntro” or “the Company”), a leading designer and manufacturer of electric light and medium-duty commercial vehicles, today announced that it will participate in the upcoming Work Truck Show to be held March 8-11, 2022 at the Indiana Convention Center in Indianapolis, IN.


Cenntro is also a sponsor of the pre-event Green Truck Summit, an educational series that brings together government, fleets, and innovators to provide insights on the industry’s path to zero emissions at the JW Marriott Indianapolis. Cenntro will host a 20-minute breakout session beginning at 3:00 p.m. EST on Tuesday, March 8, where attendees can hear about Cenntro’s latest green product updates.

Learn more at worktruckweek.com/greentrucksummit.

Attendees can visit Cenntro at Booth 4082 in the Work Truck Show exhibit hall at the Indiana Convention Center where Cenntro will showcase its new EV models including the all-electric Class 4 Logistar 400 (LS 400). The LS 400 is purpose-built for robust duty cycles and can support a wide range of applications including last mile delivery for packages, food, and beverage as well as municipal functions such as waste management. The LS 400 offers a robust payload of 5,600 pounds and a range of up to 124 miles on a single charge.

"The Work Truck Show is the NTEA’s largest and most comprehensive work truck and fleet event, and we look forward to exhibiting our latest products,” stated Peter Wang, Cenntro's Chairman and Chief Executive Officer. “Our mission is to help transform the commercial fleet industry to zero-emissions vehicles and we stand ready to help our customers meet their unique commercial electric vehicle needs."

Members of Cenntro’s executive team will attend Work Truck Week 2022 and fleet manager and industry members can schedule a meeting with Cenntro to learn more about the Company and its products at booth 4802 in the Indianapolis Convention Center from March 8-11, 2022.

Please contact This email address is being protected from spambots. You need JavaScript enabled to view it. to schedule a meeting with Cenntro at the Work Truck Show 2022.

About Cenntro Electric Group

Cenntro Electric Group (or “Cenntro”) (NASDAQ: CENN) is a leading designer and manufacturer of electric light and medium-duty commercial vehicles. Cenntro’s purpose-built ECVs are designed to serve a variety of organizations in support of city services, last-mile delivery and other commercial applications, and plans to lead the transformation in the automotive industry through scalable, decentralized production, and fully digitalized autonomous driving solutions empowered by the Cenntro iChassis. As of November 30, 2021, Cenntro’s first ECV model Metro® has been sold or put into service more than 3,600 units in over 16 countries across North America, Europe and Asia. For more information, please visit Cenntro’s website at www.cenntroauto.com.

Forward-Looking Statements

This communication contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. Such statements may be, but need not be, identified by words such as "may,'' "believe,'' "anticipate,'' "could,'' "should,'' "intend,'' "plan,'' "will,'' "aim(s),'' "can,'' "would,'' "expect(s),'' "estimate(s),'' "project(s),'' "forecast(s)'', "positioned,'' "approximately,'' "potential,'' "goal,'' "strategy,'' "outlook'' and similar expressions. Examples of forward-looking statements include, among other things, statements regarding decentralized production and fully digitalized autonomous driving solutions. All such forward-looking statements are based on management's current beliefs, expectations and assumptions, and are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the results expressed or implied in this communication. For additional risks and uncertainties that could impact Cenntro’s forward-looking statements, please see disclosures contained in Cenntro's public filings with the SEC, including the "Risk Factors" in Cenntro's Report of Foreign Private Issuer on Form 6-K filed with the Securities and Exchange Commission on January 5, 2022 and which may be viewed at www.sec.gov.


Contacts

Investor Relations Contact:
Chris Tyson
MZ North America
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949-491-8235

Company Contact:
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BOCA RATON, Fla.--(BUSINESS WIRE)--Bluegreen Vacations Holding Corporation (NYSE: BVH) (OTCQX: BVHBB) (the “Company" or “BVH”) announced today that its wholly owned subsidiary, Bluegreen Vacations Corporation (“Bluegreen”), has expanded and extended its syndicated credit facility with Fifth Third Bank.


The amended and restated facility provides for total borrowings of up to $300 million, consisting of a term loan of $100 million and a revolving line of $200 million, and matures in February 2027. As of the date of this release, outstanding borrowings under the amended and restated facility totaled $130.0 million, including $100.0 million outstanding under the term loan and $30.0 million of borrowings under the revolving line of credit. Borrowings under the facility, including amounts outstanding prior to the amendment and restatement and future borrowings, bear interest at a rate ranging from Term SOFR+1.75% to SOFR+2.50% with a 0.05% to 0.10% credit spread adjustment for the one-month rate and three-month rate, respectively. Borrowings are collateralized by certain of Bluegreen’s vacation ownership interest inventory, sales center buildings, short term receivables and the cash flows from the residual interests relating to certain term securitizations.

“The expansion and extension of the line of credit with Fifth Third Bank enhances our liquidity and provides us with additional capacity to support post-pandemic initiatives and operations. We believe the expansion of the facility and the improved pricing indicates the market’s positive view of our business model, particularly during what has been a challenging period,” commented Ray Lopez, Chief Financial Officer and Chief Operating Officer of Bluegreen Vacations.

Fifth Third acted as Joint Lead Arranger, Sole Bookrunner, Administration Agent and L/C Issuer for the transaction with certain other bank participants.

About the Company:

Bluegreen Vacations Holding Corporation (NYSE: BVH; OTCQX: BVHBB) is a Florida-based holding company whose operations relate to the operations of its wholly owned subsidiary, Bluegreen Vacations Corporation, a leading vacation ownership company that markets and sells vacation ownership interests and manages resorts in popular leisure and urban destinations. The Bluegreen Vacation Club is a flexible, points-based, deeded vacation ownership plan with 68 Club and Club Associate Resorts and access to nearly 11,300 other hotels and resorts through partnerships and exchange networks. The Company, through Bluegreen Vacations Corporation, also offers a portfolio of comprehensive, fee-based resort management, financial, and sales and marketing services to, or on behalf of, third parties.

For further information, please visit us at:
Bluegreen Vacations Holding Corporation: www.BVHCorp.com

This press release contains forward-looking statements based largely on current expectations of the Company that involve a number of risks and uncertainties. All opinions, forecasts, projections, future plans, or other statements, other than statements of historical fact, are forward-looking statements and can be identified by the use of words or phrases such as “plans,” “believes,” “will,” “expects,” “anticipates,” “intends,” “estimates,” “our view,” “we see,” “would,” and words and phrases of similar import. The forward-looking statements in this press release are also forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and involve substantial risks and uncertainties. We can give no assurance that such expectations will prove to be correct. Actual results, performance, or achievements could differ materially from those contemplated, expressed, or implied by the forward-looking statements contained herein. Forward-looking statements are based largely on our expectations and are subject to a number of risks and uncertainties that are subject to change based on factors which are, in many instances, beyond our control. When considering forward-looking statements, the reader should keep in mind the risks, uncertainties, and other cautionary statements made in this report and in the Company’s other reports filed with the SEC. These risks and uncertainties include, but are not limited to, risks related to Bluegreen Vacations’ operations, results, liquidity, growth initiatives and business model, including the market’s perception thereof and the impact of the expansion and extension of the line of credit described in this press release on Bluegreen Vacations’ operations, liquidity, growth initiatives, results and financial condition, that the future use of proceeds from the expansion and extension of the line of credit may differ from the currently anticipated use, that Bluegreen Vacations’ results or performance will differ from that expected, and that Bluegreen Vacations’ receivable loan portfolio won’t perform as anticipated. For a description of other risks and uncertainties, please see the “Risk Factors” section of Bluegreen Vacations’ Annual Report on Form 10-K for the year ended December 31, 2020 and its Quarterly Report on Form 10-Q for the quarter ended September 30, 2021. The Company cautions that the foregoing factors are not exclusive. You should not place undue reliance on any forward-looking statement, which speaks only as of the date made. The Company does not undertake, and specifically disclaims any obligation, to update or supplement any forward-looking statements.


Contacts

Bluegreen Vacations Holding Corporation Contact Info
Investor Relations: Leo Hinkley, Managing Director, Investor Relations Officer
Telephone: 954-399-7193
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MINNETONKA, Minn.--(BUSINESS WIRE)--Communications Systems, Inc. (Nasdaq: JCS) (“CSI” or the “Company”) today highlighted steps to enhance the composition of its board of directors following the closing of the proposed merger with Pineapple Energy LLC (“Pineapple”). Following the completion of the proposed merger with Pineapple, CSI will be renamed “Pineapple Holdings, Inc.” (“Pineapple Holdings”), will trade under the new Nasdaq ticker symbol “PEGY,” and will be focused on the growing home solar industry, primarily operating through its Hawaii Energy Connection and E-Gear subsidiary businesses.


The CSI post-merger board of directors will be comprised of seven members, four of whom will be independent directors. To enhance the post-merger board, Pineapple and CSI have agreed on the addition of Marilyn Adler and Tom Holland to the board concurrently with the closing of the merger.

Roger Lacey, CSI’s Executive Chair and Interim CEO stated, “Ms. Adler and Mr. Holland bring more than 60 years of combined experience in finance and the residential solar industry. We are excited to be adding their talents to the post-closing board and we look forward to leveraging their deep business, management and industry experience. The identification of Ms. Adler and Mr. Holland for the post-closing board is just one of the steps CSI and Pineapple have taken to position the post-closing company for success. The post-closing board and management team will implement Pineapple’s strategy to capitalize on the growing demand for consumer energy solutions by providing homeowners with an end-to-end portfolio of product offerings spanning energy secure solar, battery storage, electric vehicle connections, and managed grid services via organic growth and strategic acquisitions.”

Kyle Udseth, Co-Founder and CEO of Pineapple noted, “As we prepare to ‘hit the ground running’ after the proposed merger closes, the highly experienced management team and diverse board of directors post-closing will help us pursue our objective of transforming Pineapple Holdings into one of the largest rooftop solar and storage companies in the U.S.”

A special meeting of CSI shareholders has been scheduled for Wednesday, March 16, 2022, at 10:00 a.m. Central Time to vote on the proposed Pineapple merger transaction, among other things. Beginning on February 4, 2022, the notice of the special meeting and a proxy statement/prospectus was sent to CSI shareholders as of the January 27, 2022 record date.

Post-Closing Board of CSI (Pineapple Holdings)

Kyle Udseth, Co-Founder and Chief Executive Officer of Pineapple, who previously served in multiple executive roles at leading national residential solar companies SunRun and Sunnova.

Roger Lacey, Executive Chairman of the CSI board of directors, who also served as CSI’s chief executive officer or acting chief executive officer from February 2015 through November 30, 2020 and from August 2, 2021 until the present. Mr. Lacey has served as a CSI director since 2008. Previously he served in executive positions at 3M Company, a multinational industrial and consumer products company.

Scott Honour, Managing Partner of Northern Pacific Group, a Wayzata, Minnesota based private equity firm, where he has served since 2012. Northern Pacific is a significant investor in Pineapple Energy. Previously, he was a Senior Managing Director of The Gores Group, a Los Angeles based private equity firm, and before that was an investment banker at UBS Warburg and Donaldson, Lufkin & Jenrette.

Marilyn Adler (independent director), founder of Mizzen Capital, a private credit fund, and has been a Managing Partner there since March 2019. Prior to launching Mizzen, Ms. Adler held senior management roles with several Small Business Investment Company funds. Prior to that, she worked in the fixed income group at Teachers Insurance and Annuity Association, a Fortune 100 financial services organization, and before that was an investment banker at Donaldson, Lufkin & Jenrette. Ms. Adler earned an MBA from The Wharton School of the University of Pennsylvania in 1991 and a BS with distinction from Cornell University in 1987.

Tom Holland (independent director), Chief Operating Officer of Homebound Inc., a California-based housing company. Previously, he had two stints as a partner with management consultant Bain & Company, from 2018 to 2021 and 1989 to 2013. Holland also has significant operating experience: he was the CEO of Century Snacks, LLC, a California-based food manufacturing company, and was COO and later President of SunRun Inc., an industry leading provider of residential solar panels and home batteries. Mr. Holland holds a B.S. in Civil Engineering from the University of California, Berkeley and an M.B.A. from the Stanford Graduate School of Business.

Randall Sampson (independent director), CSI director since 1999 and lead independent director since December 2018. Since 1994, Mr. Sampson has been the president, chief executive officer, and a board member of Canterbury Park Holding Corporation (Nasdaq: CPHC), which owns and operates Canterbury Park Racetrack and Card Casino in Shakopee, Minnesota.

Michael Zapata (independent director), director of CSI since June 2020. Mr. Zapata has led Schmitt Industries, Inc. (Nasdaq: SMIT) since December 2018. Mr. Zapata is also the founder and Managing Member of Sententia Capital Management, LLC, an investment management firm. Prior to Sententia, Mr. Zapata served nearly 10 years in the U.S. Navy.

About Communications Systems, Inc.

Communications Systems, Inc. (Nasdaq: JCS), has operated as an IoT intelligent edge products and services company. For more information regarding CSI, please see www.commsystems.com.

No Offer or Solicitation

This press release is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

Additional Information and Where to Find It; Participants in the Solicitation

In connection with the proposed merger transaction with Pineapple, CSI filed a registration statement on Form S-4 (File No. 333-260999) with the Securities and Exchange Commission (SEC) on November 12, 2021 (as amended, the “Registration Statement”). The Registration Statement includes a proxy statement/prospectus, and was declared effective by the SEC on February 3, 2022. Beginning February 4, 2022, a copy of the proxy statement/prospectus dated February 3, 2022 was sent to CSI shareholders as of the close of business on January 27, 2022, the record date established for the special meeting of CSI shareholders.

CSI URGES INVESTORS, SHAREHOLDERS AND OTHER INTERESTED PERSONS TO READ THE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS, AND ANY AMENDMENTS OR SUPPLEMENTS THERETO, AND ANY OTHER DOCUMENTS TO BE FILED WITH THE SEC IN CONNECTION WITH THE MERGER BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION.

The Registration Statement, preliminary and definitive proxy statement/prospectus, any other relevant documents, and all other documents and reports CSI filed with or furnishes to the SEC are (or, when filed, will be) available free of charge under the "Financial Reports" tab of the Investors Relations section of our website at www.commsystems.com or by directing a request to: Communications Systems, Inc., 10900 Red Circle Drive, Minnetonka, MN 55343. The contents of the CSI website is not deemed to be incorporated by reference into this press release, the Registration Statement or the proxy statement/prospectus. The documents reports that CSI files with or furnishes to the SEC are (or, when filed, will be) available free of charge through the website maintained by the SEC at http://www.sec.gov.

CSI and its directors and executive officers may be considered participants in the solicitation of proxies by CSI in connection with approval of the proposed merger and other proposals to be presented at the special meeting. Information regarding the names of these persons and their respective interests in the transaction, by securities holdings or otherwise, are set forth in the proxy statement/prospectus dated February 3, 2022. To the extent the Company's directors and executive officers or their holdings of the Company's securities have changed from the amounts disclosed in such filing, to the Company's knowledge, these changes have been reflected on statements of change in ownership on Form 4 on file with the SEC. You may obtain these documents (when they become available, as applicable) free of charge through the sources indicated above.

Forward Looking Statements

This press release includes certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding future financial performance, future growth and future acquisitions. These statements are based on Communications Systems’ current expectations or beliefs and are subject to uncertainty and changes in circumstances. There can be no guarantee that the proposed transactions described in this document will be completed, or that they will be completed as currently proposed, or at any particular time. Actual results may vary materially from those expressed or implied by the statements here due to changes in economic, business, competitive or regulatory factors, and other risks and uncertainties affecting the operation of Communications Systems’ business. These risks, uncertainties and contingencies are presented in the Company’s Annual Report on Form 10-K and, from time to time, in the Company’s other filings with the Securities and Exchange Commission. The information set forth herein should be read considering such risks. Further, investors should keep in mind that the Company’s financial results in any period may not be indicative of future results. Communications Systems is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether because of new information, future events, changes in assumptions or otherwise. In addition to these factors, there are several additional factors, including:

  • conditions to the closing of CSI-Pineapple merger transaction may not be satisfied;
  • the occurrence of any other risks to consummation of the CSI-Pineapple merger transaction, including the risk that the CSI-Pineapple merger transaction will not be consummated within the expected time period or any event, change or other circumstances that could give rise to the termination of the CSI-Pineapple merger transaction;
  • the CSI-Pineapple merger transaction has involved greater than expected costs and delays and may in the future involve unexpected costs, liabilities or delays;
  • the Company’s ability to successfully sell its other legacy operating business assets and its real estate assets at a value close to their current fair market value and distribute these proceeds to its existing shareholders;
  • up to $7.0 million of the purchase price for the August 2, 2021 sale of CSI’s Electronics & Software Segment was structured in the form of an earnout based on revenues generated by Lantronix in the 360 days following closing, and there is no guaranty that sufficient revenues will be recognized for the earnout to be paid to the Company;
  • the fact that the continuing CSI-Pineapple entity will be entitled to retain ten percent of the net proceeds of CSI legacy assets that are sold pursuant to agreements entered into after the effective date of the CSI-Pineapple merger transaction;
  • risks that the CSI-Pineapple merger transaction will disrupt current CSI plans and operations or that the business or stock price of CSI may suffer as a result of uncertainty surrounding the CSI-Pineapple merger transaction;
  • the outcome of any legal proceedings related to the CSI-Pineapple merger transaction;
  • the fact that CSI cannot yet determine the exact amount and timing of any additional pre-CSI-Pineapple merger cash dividends, if any, or the ultimate value of the Contingent Value Rights that CSI intends to distribute to its shareholders immediately prior to the closing of the CSI-Pineapple merger transaction; and
  • the anticipated benefits of the proposed merger transaction with Pineapple may not be realized in the expected timeframe, or at all.

Contacts

For Communications Systems, Inc.

Roger H. D. Lacey
Executive Chair and Interim Chief Executive Officer
+1 (952) 996-1674

Mark D. Fandrich
Chief Financial Officer
+1 (952) 582-6416
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The Equity Group Inc.
Lena Cati
Senior Vice President
+1 (212) 836-9611
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DALLAS--(BUSINESS WIRE)--AECOM (NYSE: ACM), the world’s trusted infrastructure consulting firm, today announced it has been appointed to Network Rail’s £45-million Commercial Services Framework supporting the North West and Central (NW&C) region of the U.K.’s rail network. The appointment continues AECOM’s long-standing relationship with the region delivering technical, innovative and sustainable solutions to benefit Network Rail and all its passengers.

We are excited to partner with Network Rail to help ensure its infrastructure is reliable, efficient and resilient across the NW&C region, which makes up nearly a quarter of Britain’s rail network and where approximately 1.3 million passengers are served on a typical weekday,” said Jennifer Aument, chief executive of AECOM’s global Transportation business. “Expanding our transportation business in the U.K. is an important strategic priority, and we are pleased to add to our growing framework positions through this appointment. We look forward to bringing AECOM’s extensive knowledge, experience and integrated ESG expertise to deliver value to Network Rail’s assets across all phases of the project lifecycle.”

The NW&C route runs from London Euston and Marylebone in the south through the Chiltern and West Midlands regions, the North West of England and Cumbria before joining with Scotland at Gretna. It includes key lines such as the West Coast Mainline, one of the busiest mixed-use passenger and freight railways in Europe, serving London, Birmingham, Manchester, Liverpool, Edinburgh and Glasgow.

AECOM has been awarded the following lots secured under the framework agreement: Lot 1: Procurement (Pre-Contract Management), Lot 2: Commercial (Post-Contract Management). Lot 3: Cost Audit & Assurance, Lot 4: Claims Management, Lot 5: Cost-Planning / Estimating, and Lot 6: Strategic Partnering. The framework lasts for five years.

The NW&C rail region is the backbone of Britain, serving as the economic spine linking the country’s main cities,” said Colin Wood, AECOM’s regional chief executive for Europe and India. “Through the framework agreement, we will support Network Rail in connecting workers with jobs, people with loved ones and goods to market, adding social value and economic opportunities to communities in the North West and Central regions.”

AECOM’s place on the NW&C Commercial Services Framework adds to its extensive regional footprint across the West Midlands Combined Authority, Transport for Greater Manchester and High Speed 2 Phase 1 and Phase 2B. The appointment enhances AECOM’s rail work in the region, where it is already working on Northern Powerhouse Rail, High Speed 2 and the Transpennine Route Upgrade.

About AECOM

AECOM (NYSE: ACM) is the world’s trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, new energy and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical expertise and innovation, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of $13.3 billion in fiscal year 2021. See how we are delivering sustainable legacies for generations to come at aecom.com and @AECOM.

Forward-Looking Statements

All statements in this communication other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for future operations, profitability, strategic value creation, coronavirus impacts, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected financial and operational results of AECOM. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, but are not limited to, the following: our business is cyclical and vulnerable to economic downturns and client spending reductions; impacts caused by the coronavirus and the related economic instability and market volatility, including the reaction of governments to the coronavirus, including any prolonged period of travel, commercial or other similar restrictions, the delay in commencement, or temporary or permanent halting of construction, infrastructure or other projects, requirements that we remove our employees or personnel from the field for their protection, and delays or reductions in planned initiatives by our governmental or commercial clients or potential clients; losses under fixed-price contracts; limited control over operations run through our joint venture entities; liability for misconduct by our employees or consultants; failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity; high leverage and potential inability to service our debt and guarantees; ability to continue payment of dividends; exposure to Brexit; exposure to political and economic risks in different countries; currency exchange rate fluctuations; retaining and recruiting key technical and management personnel; legal claims; inadequate insurance coverage; environmental law compliance and adequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; AECOM Capital real estate development projects; managing pension cost; cybersecurity issues, IT outages and data privacy; risks associated with the benefits and costs of various dispositions such as the sale of our Management Services, self-perform at-risk civil infrastructure and power construction, and oil & gas maintenance and turnaround businesses, including the risk that purchase price adjustments, if any, from those transactions could be unfavorable and any future proceeds owed to us as part of those transactions could be lower than we expect; as well as other additional risks and factors that could cause actual results to differ materially from our forward-looking statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement.


Contacts

Media Contact:
Brendan Ranson-Walsh
Senior Vice President, Global Communications
1.213.996.2367
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Investor Contact:
Will Gabrielski
Senior Vice President, Finance, Treasurer
1.213.593.8208
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