Business Wire News

Partnership enables customers to securely and privately leverage ocean data for better, faster decisions

WASHINGTON--(BUSINESS WIRE)--#DataInUse--Enveil, the pioneering Privacy Enhancing Technology company protecting Data in Use, and Terradepth, an advanced ocean data-as-a-service company revolutionizing ocean data use, today announced a partnership and product integration to expand secure and private data usage and access at the Edge. This unmatched capability transforms the way ocean data can be leveraged for sensitive business and mission applications including secure maritime domain awareness and mission planning.


Oceanographic data itself is a national and commercial asset and numerous industries, including oil & gas, national security, and telecommunications rely on its content and accuracy. Bringing together Enveil’s ZeroReveal® capabilities and Terradepth’s oceanographic data holdings, the partnership allows organizations to access and utilize previously restricted datasets without revealing their interest or intent.

“Our aim is to positively change the way humans experience the ocean and this partnership accelerates that effort by allowing ocean data to be leveraged in new and innovative ways,” said Joe Wolfel, Co-CEO of Terradepth. “We’re very excited to be working with Enveil to expand secure and private ocean data usage and enable exploration of the maritime environment.”

Terradepth’s cloud-based, market-leading ocean data platform, Absolute Ocean (AO), provides immersive and interactive visualization capabilities of both Terradepth-collected and third-party ocean data. Utilizing the integration with Enveil ZeroReveal®, customers can leverage all these data holdings along with the full functionality of AO without revealing their interest and intent to Terradepth, Enveil, or any other entity.

“By changing the paradigm of how and where organizations can use data, we allow customers to extract value without the need to move or replicate data, accelerating time to value,” said Ellison Anne Williams, Founder and CEO of Enveil. “We’re proud to be working with Terradepth to extend these capabilities to the oceanographic edge to help our customers make better, faster mission-critical decisions.”

Leveraging breakthroughs in Privacy Enhancing Technologies (PETs), Enveil’s capabilities extend the boundary of trusted compute by securely processing data at the point of collection and in third-party data environments. A customer’s sensitive search parameters, such as specific geographic areas of interest, specific objects, and data types, are protected through the encrypted search functionality powered by Enveil ZeroReveal®. Organizations can maintain operational integrity during sensitive business and mission applications by ensuring the content of the search, watchlist, or analytics remain encrypted throughout the processing lifecycle.

To learn more about the expanded value unlocked through the Enveil-Terradepth partnership, please schedule a meeting: www.enveil.com/contact.

About Enveil

Enveil is a pioneering Privacy Enhancing Technology company protecting Data in Use. Enveil’s business-enabling and privacy-preserving capabilities change the paradigm of how and where organizations can leverage data to unlock value. Defining the transformative category of Privacy Enhancing Technologies (PETs), Enveil’s award-winning ZeroReveal® solutions for secure data usage, collaboration, and monetization protect data while it's being used or processed. Customers can extract insights, cross-match, search, and analyze data assets at scale without ever revealing the content of the search itself, compromising the security or ownership of the underlying data, or exposing their interests and intent. A World Economic Forum Technology Pioneer founded by U.S. Intelligence Community alumni, Enveil is deployed and operational today, revolutionizing data usage in the global marketplace. Learn more at www.enveil.com.

About Terradepth

Terradepth is an ocean data-as-a-service company focused on scaling ocean data collection and dissemination, enabling everyone to explore our planet’s underwater environment like never before. This is accomplished via a revolutionary autonomous maritime system that collects ocean data at the edge, combined with an immersive, web browser-based geospatial portal for ocean data management and analysis. These capabilities, uniquely combined, support better informed decision-making about our ocean environment. Learn more at www.terradepth.com.


Contacts

Lisa Bader
Enveil
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Upon closing, Allego’s stock is expected to be listed on NYSE under the new ticker symbol “ALLG”

PARIS & ARNHEM, Netherlands & NEW YORK--(BUSINESS WIRE)--Spartan Acquisition Corp. III (“Spartan”) (NYSE: SPAQ), a publicly traded special purpose acquisition company, and Allego Holding B.V. (“Allego” or “the Company”), a leading pan-European electric vehicle charging network, today announced that on February 10, 2022 the U.S. Securities and Exchange Commission (“SEC”) has declared effective Allego affiliate Athena Pubco B.V.’s (“Athena Pubco”) registration statement on Form F-4 (File No. 333-259916) relating to the previously announced business combination of Spartan and Allego (the “Business Combination”).

Details of the Special Meeting of Stockholders

Spartan will mail the definitive proxy statement/prospectus (the “Proxy Statement”) to stockholders of record as of the close of business on January 18, 2022.

The Special Meeting to approve the pending Business Combination, among other items, is scheduled to be held on March 8, 2022 at 11:00 a.m. Eastern Time (the “Special Meeting”). The Special Meeting will be conducted virtually, and can be accessed via live webcast at https://www.cstproxy.com/spartanspaciii/2022. If the proposals at the Special Meeting are approved, the parties anticipate that the Business Combination will close and trading of the combined entity’s stock and warrants will continue to be listed on the NYSE under the new ticker symbols “ALLG” and “ALLG WS”, respectively, shortly thereafter, subject to the satisfaction or waiver, as applicable, of all other closing conditions.

Every stockholder’s vote is important, regardless of the number of shares held. Accordingly, Spartan requests that each stockholder complete, sign, date and return a proxy card (online or by mail) as soon as possible and by no later than 11:59 p.m. Eastern Time on March 7, 2022, to ensure that the stockholder’s shares will be represented at the Special Meeting. Stockholders which hold shares in “street name” (i.e. those stockholders whose shares are held of record by a broker, bank or other nominee) should contact their broker, bank or nominee to ensure that their shares are voted.

If any individual Spartan stockholder does not receive the Proxy Statement, such stockholder should (i) confirm his or her Proxy Statement’s status with his or her broker or (ii) contact Morrow Sodali LLC, Spartan’s proxy solicitor, for assistance via e-mail at: This email address is being protected from spambots. You need JavaScript enabled to view it. or toll-free call at (800) 662-5200. Banks and brokers can place a collect call to Morrow Sodali at (203) 658-9400.

“We are pleased to have achieved this important milestone and announce a date for the Special Meeting of Spartan stockholders,” said Geoffrey Strong, Chairman and Chief Executive Officer of Spartan and Partner and Co-Head of Infrastructure and Natural Resources at Apollo. “We look forward to continuing to work closely with the Allego team as they execute on their strategy to accelerate their leadership position within the European EV charging market as the company benefits from broad-based demand and significant industry tailwinds.”

About Allego

Allego delivers charging solutions for electric cars, motors, buses and trucks, for consumers, businesses and cities. Allego’s end-to-end charging solutions make it easier for businesses and cities to deliver the infrastructure drivers need, while the scalability of our solutions makes us the partner of the future. Founded in 2013, Allego is a leader in charging solutions, with an international charging network comprised of more than 26,000 charge points operational throughout Europe – and growing rapidly. Our charging solutions are connected to our proprietary platform, EV-Cloud, which gives us and our customers a full portfolio of features and services to meet and exceed market demands. We are committed to providing independent, reliable and safe charging solutions, agnostic of vehicle model or network affiliation. At Allego, we strive every day to make EV charging easier, more convenient and more enjoyable for all.

About Spartan Acquisition Corp. III

Spartan Acquisition Corp. III is a special purpose acquisition entity focused on the energy value-chain and was formed for the purpose of entering into a merger, amalgamation, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Spartan is sponsored by Spartan Acquisition Sponsor III LLC, which is owned by a private investment fund managed by an affiliate of Apollo Global Management, Inc. (NYSE: APO). For more information, please visit www.spartanspaciii.com.

Forward-Looking Statements.

This communication includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Spartan Acquisition Corp. III’s (“Spartan”) and Allego Holding B.V.’s, a Dutch private limited liability company (“Allego”), actual results may differ from their expectations, estimates, and projections and, consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” and similar expressions (or the negative versions of such words or expressions) are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, Spartan’s and Allego’s expectations with respect to future performance and anticipated financial impacts of the proposed business combination, the satisfaction or waiver of the closing conditions to the proposed business combination, and the timing of the completion of the proposed business combination. These forward-looking statements involve significant risks and uncertainties that could cause the actual results to differ materially, and potentially adversely, from those expressed or implied in the forward-looking statements. Most of these factors are outside Spartan’s and Allego’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: (i) the occurrence of any event, change, or other circumstances that could give rise to the termination of the Business Combination Agreement and Plan of Reorganization (the “BCA”); (ii) the outcome of any legal proceedings that may be instituted against Athena Pubco B.V., a Dutch limited liability company (the “Athena Pubco”) and/or Allego following the announcement of the BCA and the transactions contemplated therein; (iii) the inability to complete the proposed business combination, including due to failure to obtain approval of the stockholders of Spartan, certain regulatory approvals, or the satisfaction of other conditions to closing in the BCA; (iv) the occurrence of any event, change, or other circumstance that could give rise to the termination of the BCA or could otherwise cause the transaction to fail to close; (v) the impact of the COVID-19 pandemic on Allego’s business and/or the ability of the parties to complete the proposed business combination; (vi) the inability to obtain or maintain the listing of Athena Pubco’s common shares on the New York Stock Exchange following the proposed business combination; (vii) the risk that the proposed business combination disrupts current plans and operations as a result of the announcement and consummation of the proposed business combination; (viii) the ability to recognize the anticipated benefits of the proposed business combination, which may be affected by, among other things, competition, the ability of Allego to grow and manage growth profitably, and to retain its key employees; (ix) costs related to the proposed business combination; (x) changes in applicable laws or regulations; and (xi) the possibility that Allego, Spartan or Athena Pubco may be adversely affected by other economic, business, and/or competitive factors. The foregoing list of factors is not exclusive. Additional information concerning certain of these and other risk factors is contained in Spartan’s most recent filings with the SEC and in the registration statement on Form F-4 (the “Form F-4”), including the proxy statement/prospectus forming a part thereof filed by Athena Pubco in connection with the proposed business combination on September 30, 2021, as amended on December 14, 2021, January 18, 2022 and February 1, 2022. All subsequent written and oral forward-looking statements concerning Spartan, Allego or Athena Pubco, the transactions described herein or other matters and attributable to Spartan, Allego, Athena Pubco or any person acting on their behalf are expressly qualified in their entirety by the cautionary statements above. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Each of Spartan, Allego and Athena Pubco expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based, except as required by law.

No Offer or Solicitation.

This communication is not a proxy statement or solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination and shall not constitute an offer to sell or a solicitation of an offer to buy the securities of Spartan, Athena Pubco or Allego, nor shall there be any sale of any such securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or exemptions therefrom.

Important Information About the Proposed Business Combination and Where to Find It.

In connection with the proposed business combination, a registration statement on Form F-4 was filed by Athena Pubco with the SEC on September 30, 2021, as amended on December 14, 2021, January 18, 2022 and February 1, 2022, and was declared effective on February 10, 2022. The Form F-4 includes a definitive proxy statement that has been mailed to holders of Spartan’s common stock in connection with Spartan’s solicitation for proxies for the vote by Spartan’s stockholders in connection with the proposed business combination and other matters as described in the Form F-4, as well as a prospectus of Athena Pubco relating to the offer of the securities to be issued in connection with the completion of the business combination. Spartan, Allego and Athena Pubco urge investors, stockholders and other interested persons to read the Form F-4, including the proxy statement/prospectus incorporated by reference therein, as well as other documents filed with the SEC in connection with the proposed business combination, as these materials contain important information about Allego, Spartan, and the proposed business combination. Such persons can also read Spartan’s final prospectus dated February 8, 2021 (SEC File No. 333-252866), for a description of the security holdings of Spartan’s officers and directors and their respective interests as security holders in the consummation of the proposed business combination. The definitive proxy statement/prospectus has been mailed to Spartan’s stockholders as of January 18, 2021. Stockholders will also be able to obtain copies of such documents, without charge, once available, at the SEC’s website at www.sec.gov, or by directing a request to: Spartan Acquisition Corp. III, 9 West 57th Street, 43rd Floor, New York, NY 10019, or (212) 515-3200. These documents, once available, can also be obtained, without charge, at the SEC’s web site (http://www.sec.gov).

INVESTMENT IN ANY SECURITIES DESCRIBED HEREIN HAS NOT BEEN APPROVED OR DISAPPROVED BY THE SEC OR ANY OTHER REGULATORY AUTHORITY NOR HAS ANY AUTHORITY PASSED UPON OR ENDORSED THE MERITS OF THE OFFERING OR THE ACCURACY OR ADEQUACY OF THE INFORMATION CONTAINED HEREIN. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

Participants in the Solicitation.

Spartan, Allego, Athena Pubco and their respective directors, executive officers and other members of their management and employees, under SEC rules, may be deemed to be participants in the solicitation of proxies of Spartan’s stockholders in connection with the proposed business combination. Investors and security holders may obtain more detailed information regarding the names, affiliations and interests of Spartan’s directors and executive officers in Spartan’s final prospectus dated February 8, 2021 (SEC File No. 333-252866), which was filed with the SEC on February 10, 2021. Information regarding the persons who may, under SEC rules, be deemed participants in the solicitation of proxies of Spartan’s stockholders in connection with the proposed business combination is set forth in the proxy statement/prospectus for the proposed business combination. Information concerning the interests of Spartan’s, Athena Pubco’s and Allego’s participants in the solicitation, which may, in some cases, be different than those of Spartan’s, Athena Pubco’s and Allego’s equity holders generally, is set forth in the proxy statement/prospectus relating to the proposed business combination.


Contacts

For Allego
Investors
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Media
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For Meridiam
FTI Consulting
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For Spartan Acquisition Corp. III
Investors
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Media
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REC Supports United Salt’s Commitment to Significantly Reducing CO2 Emissions

ARLINGTON, Texas--(BUSINESS WIRE)--Priority Power Management, LLC (“Priority Power”), an independent energy services provider offering smart energy solutions and streamlined transitions to carbon neutrality, advised and represented United Salt Hockley, LLC (“United Salt”) on a 100 percent renewable energy contract signed with TXU Energy to power its salt mine in Hockley, TX and corporate headquarters in Houston. United Salt is part of a family of companies with a long history of producing high quality salts used in a broad variety of applications. Their products are sold under the United Salt Corporation brands.


United Salt will secure certified renewable Texas wind and solar resources from TXU Energy to cover its energy usage. Over the life of the contract, approximately 25 million kilowatt hours of certified clean renewable energy will be supplied. This is equivalent to the reduction of approximately 10,000 metric tons in CO2 emissions or the annual electricity consumption of 1,900 homes, according to the Environmental Protection Agency (EPA).

Marcie Peters, President of United Salt Corporation said, “At United Salt Corporation, we’re proud to advance the protection of the earth’s natural resources. Sustainable business initiatives, like reducing our carbon footprint, will help us meet the needs of future generations. We’re delighted that products from the Hockley facility will be produced with renewable energy, and we are proud of their commitment to a cleaner environment.”

“When companies the size of United Salt transition to clean energy, it has a huge impact on not just the environment but the confidence the public has in the entire industry,” said John Bick, Chief Commercial Officer of Priority Power. “We are excited to continue to advise on sustainability solutions, because we know the positive ripple effects they have from both the corporate and ESG perspective.”

Gabe Castro, TXU Energy’s Senior Vice President of Business Markets, said, “We applaud United Salt for being trail-blazers in the salt production industry and taking this important step on behalf of the environment and their fellow Texans. We have no doubt this deal will be a building block for continued growth and success in both their sustainability initiatives and their overall business.”

About Priority Power

Priority Power is an independent energy solutions provider focused on energy infrastructure, energy transition program management, market intelligence operations, and energy structuring. Priority Power serves over 6,700 clients, totaling $2.7 billion in energy spend and 94 TWh of electricity managed across 31 states. The Company prioritizes energy efficiency and seeks to leverage its engineering, procurement, construction, and market expertise to aid in decarbonization of the industrial economy. For more information on Priority Power, please visit www.prioritypower.com.

About United Salt Corporation

United Salt Corporation is a privately-owned seller of salt products used in the production of food, chemical processing, oilfield drilling and production fluids, deicing, agricultural feed, and industrial and residential water softening. In business since 1928, the Company is based in Houston, Texas. Its salt products are produced at facilities located in Hockley and Baytown, Texas; Saltville, Virginia; and Carlsbad, New Mexico. For more information, visit www.unitedsalt.com.

About TXU Energy

More Texans trust TXU Energy to power their homes and businesses than any other electricity provider. They’re passionate about creating experiences and solutions tailored to fit the needs of their customers, including electricity plans, online tools to help save, renewable energy options and more. TXU Energy is also committed to cultivating a dynamic and enjoyable workplace where all our people can succeed. Visit www.txu.com for more. TXU Energy is a subsidiary of Vistra (NYSE: VST). REP #10004


Contacts

Priority Power Contact:
Katherine Tappan
Investor Relations
501-951-5282
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United Salt Corporation Contact:
Laure Felix
Corporate Communications
713-828-0008
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TXU Energy Contact:
Jenny Lyon
214-875-8004
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OKLAHOMA CITY--(BUSINESS WIRE)--Gulfport Energy Corporation (NYSE: GPOR) announced today that it will host a teleconference and webcast to discuss its fourth quarter and year end 2021 results beginning at 9:00 a.m. ET (8:00 a.m. CT) on Tuesday, March 1, 2022. Gulfport plans to issue a news release containing its fourth quarter and year end 2021 financial and operational results on Monday, February 28, 2022, after market close.


The conference call can be heard live through a link on the Gulfport website, www.gulfportenergy.com. In addition, you may participate in the conference call by dialing 866-373-3408 domestically or 412-902-1039 internationally. A replay of the conference call will be available on the Gulfport website and a telephone audio replay will be available from March 1, 2022 to March 15, 2022, by calling 877-660-6853 domestically or 201-612-7415 internationally and then entering the replay passcode 13726914.

About Gulfport

Gulfport is an independent natural gas-weighted exploration and production company focused on the exploration, acquisition and production of natural gas, crude oil and NGL in the United States with primary focus in the Appalachia and Anadarko basins. Our principal properties are located in Eastern Ohio targeting the Utica formation and in central Oklahoma targeting the SCOOP Woodford and SCOOP Springer formations.


Contacts

Investor Contact
Jessica Antle – Director, Investor Relations
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405-252-4550

Media Contact
Reevemark
Hugh Burns / Paul Caminiti / Nicholas Leasure
212-433-4600

COLUMBIA, Md.--(BUSINESS WIRE)--Ambu Inc., the world leader in single-use endoscopy, marked the 65th birthday of its iconic invention, the Ambu® BagTM, today by donating 650 of the lifesaving devices to international charity Mercy Ships, which is known around the globe for bringing state-of-the-art healthcare to the developing world on its hospital ships.



The Ambu Bags were presented to Jackie Abbott, Corporate Development Officer of Mercy Ships, in a virtual ceremony that included members of Ambu’s team that operates from its U.S. headquarters in Columbia, Maryland.

“It is our honor to deliver Ambu Bags to Mercy Ships, which has a rich history of transforming the lives of people around the world who do not have access to healthcare,” said Allan Jensen, Vice President of Sales, Anesthesia at Ambu. “Like Mercy Ships the Ambu Bag has been saving lives for decades, often providing critically injured patients a second chance at life.”

The Ambu Bag was invented in Denmark by Dr. Holger Hesse, Ambu’s founder, and anesthesiologist Dr. Henning Ruben. Since its debut in 1956, the Ambu Bag has come to define the self-inflating manual resuscitation instrument that is used around the world by hospitals, ambulatory surgical centers, urgent care centers, and first responders. The iconic device is credited with helping more than 45 million people breathe in the past 10 years alone. In late 2021, Ambu marked the Ambu Bag’s milestone 65th anniversary and will continue the celebration into 2022.

Mercy Ships uses hospital ships to deliver free, world-class healthcare services, capacity building and sustainable development to those without access in the developing world. The Ambu Bags will be delivered to the Africa Mercy® and the newly built Global Mercy®, the world’s largest non-governmental hospital ship.

“We thank Ambu for the generous donation of the Ambu bags. For the past 65 years, Ambu has made a commitment to deliver innovative quality products that have a positive impact on patient care and the work of healthcare professionals. Mercy Ships looks forward to an ongoing relationship with Ambu and using the Ambu bags when our ships are in field service in Africa,” said Christie VanWinkle, Medical Procurement Manager at Mercy Ships.

The Africa Mercy was launched in 2007 and has five operating theatres, recovery, intensive care, and low dependency wards totaling 80 patient beds. The Global Mercy, the world’s largest non-governmental hospital ship, has six operating rooms, 200 beds, and training spaces including a simulation lab which will simulate local conditions and limitations in order to teach best practices in low resource environments.

About Ambu

Ambu has been bringing the solutions of the future to life since 1937. Today, millions of patients and healthcare professionals worldwide depend on the efficiency, safety and performance of our single-use endoscopy, anesthesia, and patient monitoring & diagnostics solutions. The manifestations of our efforts have ranged from early innovations like the Ambu® BagTM resuscitator and the Ambu® BlueSensorTM electrodes to our newest landmark solutions like the Ambu® aScopeTM – the world’s first single-use flexible endoscope. Moreover, we continuously look to the future with a commitment to deliver innovative quality products that have a positive impact on the work of doctors, nurses, and paramedics. Headquartered near Copenhagen in Denmark, Ambu employs approximately 4,500 people in Europe, North America, and the Asia Pacific. For more information, please visit www.ambuusa.com

About Mercy Ships

Mercy Ships uses hospital ships to deliver free, world-class healthcare services, capacity building and sustainable development to those without access in the developing world. Founded in 1978 by Don and Deyon Stephens, Mercy Ships has worked in more than 70 countries providing services valued at more than $1.53 billion, treating more than 2.71 million direct beneficiaries. Each year Mercy Ships has more than 1,600 volunteers from more than 40 nations. Professionals including surgeons, dentists, nurses, healthcare trainers, teachers, cooks, seamen, engineers, and agriculturalists donate their time and skills to the effort. Mercy Ships seeks to transform individuals and serve nations one at a time. Learn more about who we are.


Contacts

Contacts for Ambu:

North America
Klaas-Pieter Jimmink, Director of Marketing Communications, tel. 443-766-1363, email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Ambu Inc., 6230 Old Dobbin Lane, Suite 250, Columbia, Maryland, 21045, United States, www.ambuusa.com

European and APAC media
Mikkel Trier Wagner, Director Corporate Communications, tel. +45 4191 0830, email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Ambu A/S, Baltorpbakken 13, DK-2750 Ballerup, Denmark, tel. +45 7225 2000, CVR no.: 63 64 49 19, www.ambu.com

Contacts for Mercy Ships:

Laura Rebouche
U.S. National Media Relations Director Mercy Ships
Office:+1 903.939.7000
Direct:+1 903.939.7137
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www.mercyships.org/press/

For Int’l: Diane Rickard
International Media Relations Manager Mercy Ships
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www.mercyships.org/press/

OVERLAND PARK, Kan.--(BUSINESS WIRE)--Ecofin Sustainable and Social Impact Term Fund (NYSE: TEAF) provides an update on the fund’s direct investments, portfolio asset allocation, structure types and impact statistics as of January 31, 2022, on the company website here. On a monthly basis, details on each private deal that has taken place over the prior month will be published here. The list includes all deals completed since the fund’s inception through January 31, 2022. Updates will continue to be posted on a monthly basis until the fund reaches its target of 60% direct investments.


Upcoming Webinar

Please see a link to register for an upcoming webinar that will provide an update on the fund as well as an outlook on the sectors and direct investments in the fund.
Wednesday, February 16, 2022, 11:00am ET/10:00am CT
Register here.

For additional information on this fund, please visit cef.ecofininvest.com.

TCA Advisors is the adviser to Ecofin Sustainable and Social Impact Term Fund and Ecofin Advisors Limited is the fund’s sub-adviser.

Safe harbor statement

This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.

Cautionary Statement Regarding Forward-Looking Statements

This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the fund and TCA believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the fund’s reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the fund and TCA do not assume a duty to update this forward-looking statement.


Contacts

Jen Ashlock, (913) 981-1020
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DALLAS--(BUSINESS WIRE)--IOG Resources, LLC (“IOGR”) announces the appointment of James D. Bennett and Barbara M. Baumann to the Board of Directors.


IOGR today announced the naming of James D. Bennett as an independent Chairman of the Board. Mr. Bennett is the former President and CEO of SandRidge Energy, Inc. and previously served in senior roles at GSO Capital Partners and White Deer Energy. He is currently an independent Board member of Tellurian Inc. and Kimray Inc., among others, and recently served as Executive Chairman of Tapstone Energy Inc.

Barbara M. Baumann has also been appointed as an independent Board member. Ms. Baumann is president and owner of Cross Creek Energy Corporation. She is currently on the board of Devon Energy, National Fuel Gas Company, Ascent Resources and Texas American Resources II and is a Senior Advisor for First Reserve, a private equity firm focused on industrial, infrastructure, and energy businesses and IOGR’s financial sponsor. In addition, she is an Independent Trustee of the Putnam Mutual Funds.

James Bennett commented, “Barb and I are excited to be part of an investment platform that has established itself as a premier non-op partner for both public and private operators. Together with the support of First Reserve, we look to continue to grow IOGR’s business by providing the E&P sector a variety of capital solutions at a time when the industry continues to see capital constraints from traditional debt and equity capital markets.”

Mr. Bennett and Ms. Baumann are joining Marc Rowland, founder of IOG Capital (formerly affiliated with IOGR) and former EVP and CFO of Chesapeake, and Steve Mueller, former President, Chairman and CEO of Southwestern Energy and current Senior Advisor to First Reserve, as independent Directors.

About IOG Resources, LLC

IOG Resources, LLC is a Dallas, Texas-based energy investment platform sponsored by First Reserve. The company was established in 2017 and invests in diversified upstream oil and gas assets as a non-operated working interest partner. For more information, please visit www.iogresources.com

About First Reserve

First Reserve is a private equity firm exclusively focused on investing across diversified energy, infrastructure, and general industrial end-markets. Founded in 1983, First Reserve has 39 years of industry insight, and has cultivated a network of global relationships. First Reserve has raised more than $32 billion of aggregate capital since inception. Its investment and operational experience have been built from over 700 transactions, including platform investments and add-on acquisitions, on six continents. The firm’s portfolio companies have operated globally in over 60 countries and span the entire energy and industrial spectrum.


Contacts

IOG Resources, LLC
214-272-2990

George Edwards
Managing Director
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Jay Heath
Managing Director
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Tommy Woolley
Managing Director
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Expanded InnoSwitch3 family slashes component count and boosts efficiency in EV and industrial applications

SAN JOSE, Calif.--(BUSINESS WIRE)--Power Integrations (Nasdaq: POWI), the leader in high-voltage integrated circuits (ICs) for energy-efficient power conversion, today announced the addition of two new AEC-Q100 qualified, 1700-volt rated ICs to its InnoSwitch™3-AQ family. The new devices are the industry’s first automotive-qualified switching power supply ICs to incorporate a silicon carbide (SiC) primary switching MOSFET. Delivering up to 70 watts of output power, the new ICs are targeted for use in 600- and 800-volt battery and fuel-cell electric passenger vehicles, as well as electric buses, trucks and a wide range of industrial power applications.



Highly integrated InnoSwitch ICs reduce the number of components required to implement a power supply by as much as 50 percent, saving significant circuit-board space, enhancing system reliability and mitigating component sourcing challenges. Devices from the award-winning InnoSwitch family are now available with a choice of cost-effective silicon, high-efficiency gallium nitride (GaN) and high-voltage SiC transistors, permitting designers to optimize their power solution across a broad range of consumer, computer, communications, industrial and automotive applications.

Peter Vaughan, director of automotive business development at Power Integrations, said: "800-volt batteries are becoming standard for EVs. Multiple vehicle systems are connected to this powerful electrical source, yet delicate electronic control circuits require just a few volts for operation and communication. InnoSwitch devices allow the electronics to safely sip from the firehose of energy available on the main bus, using minimal board area and without wasting energy. Most exciting is the opportunity to dramatically simplify the emergency power supply for the main traction inverter, which may be called upon at a moment’s notice to operate from any voltage between 30 volts and 1000 volts. Our SiC-based InnoSwitch3-AQ devices handle this vast range with incredible ease.”

Offered in a compact InSOP™-24D package, the new ICs use a FluxLink™ feedback link, providing reinforced isolation up to 5000 VRMS for secondary-side control. FluxLink technology enables direct sensing of the output voltage, providing benefits such as accurate regulation and extremely fast transient response. The circuit will start from 30 volts without external circuitry – critical for functional safety. Additional protection features include input under-voltage, output over-voltage and over-current limiting.

The inclusion of synchronous rectification and a quasi-resonant (QR) / CCM flyback controller achieves greater than 90% efficiency, easily meeting the strictest OEM requirements. These new parts consume less than 15 mW at no-load, which is ideal for reducing self-discharge in battery management systems.

The InnoSwitch3-AQ 1700-volt parts are also suitable for industrial markets, where the integrated solution replaces discrete controller-plus-MOSFET designs, saving space, time and cost while increasing reliability in applications such as renewables, industrial motor drives, battery storage and metering.

Availability & Resources

A reference design, DER-913Q, and hardware kit RDK-919Q, are available for designers wishing to evaluate the InnoSwitch3-AQ 1700-volt IC. Devices are priced at $5.64 for part number INN3947CQ-TL and $9.02 for part number INN3949CQ-TL in 1,000-unit quantities. For further information contact a Power Integrations sales representative or one of the company’s authorized worldwide distributors: Digi-Key, Farnell, Mouser and RS Components, or visit power.com.

About Power Integrations

Power Integrations, Inc. is a leading innovator in semiconductor technologies for high-voltage power conversion. The company’s products are key building blocks in the clean-power ecosystem, enabling the generation of renewable energy as well as the efficient transmission and consumption of power in applications ranging from milliwatts to megawatts. For more information, please visit www.power.com.

Power Integrations, InnoSwitch, FluxLink, InSOP, power.com and the Power Integrations logo are trademarks or registered trademarks of Power Integrations, Inc. All other trademarks are the property of their respective owners.


Contacts

Media Contact
Linda Williams
Power Integrations
(408)-414-9837
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Press Agency Contact
Nick Foot
BWW Communications
+44-1491-636-393
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STAMFORD, Conn.--(BUSINESS WIRE)--Crane Co. (NYSE:CR) will hold its annual investor conference on Wednesday, March 30, 2022, from 8:30 AM to 12:00 PM in New York City. Speakers will include Max H. Mitchell and other key Crane Co. executives. Presentations will be available via live webcast. A web replay will be available on our website shortly after completion of the event.


If you are interested in attending, please RSVP with your name and affiliation to: This email address is being protected from spambots. You need JavaScript enabled to view it.

Crane Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane Co. provides products and solutions to customers in the chemicals, oil & gas, power, automated payment solutions, banknote design and production and aerospace & defense markets, along with a wide range of general industrial and consumer related end markets. The Company has four business segments: Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies and Engineered Materials. On May 24, 2021, Crane announced that it had signed an agreement to divest its Engineered Materials segment; that sale is pending, subject to customary closing conditions and regulatory approval. Crane Co. has approximately 11,000 employees in the Americas, Europe, the Middle East, Asia and Australia. Crane Co. is traded on the New York Stock Exchange (NYSE:CR). For more information, visit www.craneco.com.


Contacts

Jason D. Feldman
Vice President, Investor Relations
203-363-7329
www.craneco.com

55% of EV-owning Households in 2026 Globally Will Charge via a Home Wallbox

BASINGSTOKE, England--(BUSINESS WIRE)--#electriccars--A new Juniper Research study has found that spend on EV charging at home will exceed $16 billion globally in 2026; up from $3.4 billion in 2021. This rapid growth in excess of 390% over the next 5 years is being driven by the lower cost and convenience of home charging for EVs, rather than using costly and frequently inconvenient public charging networks.



Lack of access to home charging for urban residents is a major issue, but given EVs are currently high cost, the likelihood is that users will have access to off-street parking. The research recommended that home charging vendors and automotive manufacturers form partnerships to make home charging central to future EV transitions; given the fragmented availability and high costs of public charging networks.

For more insights, download the free whitepaper: How EV Charging Is Driving Electric Mobility Forward

For more information, visit the free infographic here.

Home Wallboxes Set for Strong Growth

The new research, EV Charging: Key Opportunities, Challenges & Market Forecasts 2021-2026, found that by 2026, over 21 million households globally will charge using a home wallbox, from just 2 million in 2021. This reflects that, while public charging networks are growing rapidly in terms of access, home wallboxes will experience very strong growth over the next 5 years.

Research author Nick Maynard explained: “Home wallboxes are convenient and lower cost than alternatives, with the onus being on both car manufacturers and governments to support home charging roll-outs to secure the future of electric mobility.”

Home Wallbox Hardware to Reach $5.5 Billion in 2026

The research found global hardware revenue from home charging wallboxes will reach $5.5 billion in 2026, from just $1.8 billion in 2021. The bundling of home wallboxes will incentivise users to take up specific charging points at the point of vehicle purchase. The report recommended that EV charger manufacturers focus on partnerships with car manufacturers to accelerate adoption, or they will be overtaken by better-partnered manufacturers.

Download whitepaper: https://www.juniperresearch.com/whitepapers/how-ev-charging-is-driving-electric-mobility

View infographic: https://www.juniperresearch.com/infographics/ev-charging-powering-through-to-2026

EV Charging market research: https://www.juniperresearch.com/researchstore/key-vertical-markets/ev-charging-market-research-report

Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.


Contacts

Sam Smith, Press Relations
T: +44(0)1256 830002
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PHOENIX--(BUSINESS WIRE)--Knight-Swift Transportation Holdings Inc. (NYSE: KNX) announced today that Adam Miller, Chief Financial Officer, and Brad Stewart, Executive Vice President of Finance, are scheduled to participate in the following upcoming transportation conferences:

Citi’s 2022 Global Industrials, Technology, and Mobility Conference - February 23, 2022
Ritz Carlton, Miami, FL

Barclays Industrial Select Conference - February 24, 2022
Loews Miami Beach Hotel, Miami, FL

About Knight-Swift

Knight-Swift Transportation Holdings Inc. is one of North America's largest and most diversified freight transportation companies, providing multiple truckload transportation and logistics services, as well as LTL services. Knight-Swift uses a nationwide network of business units and terminals in the United States and Mexico to serve customers throughout North America. In addition to operating the country's largest tractor fleet, Knight-Swift also contracts with third-party equipment providers to provide a broad range of truckload services to our customers while creating quality driving jobs for our driving associates and successful business opportunities for independent contractors.

Forward-Looking Statements

This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, relating to anticipated benefits of the transaction, and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended. All statements, other than statements of historical or current fact, are statements that could be deemed forward-looking statements. Forward-looking statements are based on currently available operating, financial, and competitive information. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. Readers should review and consider the factors that may affect future results and other disclosures by the Knight, Swift, and Knight-Swift in their press releases, stockholder reports, Annual Report on Form 10-K, and other filings with the Securities and Exchange Commission. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein.


Contacts

David Jackson, President and CEO, or Adam Miller, CFO - 602-606-6349

MD&CEO: Natural gas conversion supports the Dubai Clean Energy Strategy 2050 and the Net Zero Carbon Emissions Strategy 2050 to provide 100% of Dubai’s total power capacity from clean energy sources by 2050



DUBAI, United Arab Emirates--(BUSINESS WIRE)--Dubai Electricity and Water Authority (DEWA) has confirmed that the current production capacity of Hassyan Power Complex reached 1,200 megawatts (MW), using the Independent Power Producer (IPP) model. A further 600 MW will be added in Q4 of 2022 and an additional 600 MW will be added by Q3 of 2023. This will raise capacity of Hassyan Power Complex, which has been converted recently to run only on natural gas instead of clean coal, to 2,400MW.

The Hassyan Power Complex was initially designed and built-for-purpose as a dual-fuel plant with the ability to operate full-time on both natural gas and clean coal. It now relies only on natural gas.

HE Saeed Mohammed Al Tayer, MD & CEO of DEWA, said that the Hassyan Power Complex adds to the Jebel Ali Power Plant and Water Desalination Complex, as one of the key pillars to providing Dubai with electricity and water services according to the highest standards of reliability, efficiency, and quality. Jebel Ali has a total production capacity of 9,547MW of electricity. DEWA’s total production capacity is now 13,417MW. This includes 1,527MW of renewable energy from the Mohammed bin Rashid Al Maktoum Solar Park.

“The Hassyan Power Complex adopts the latest technologies in energy production. The power plant’s turbines were originally designed to operate on dual fuels: gas and clean coal. So, when we decided to convert the complex to run on natural gas, there was no downtime and the conversion process went smoothly. This step supports the vision and directives of the wise leadership to turn Dubai into a carbon-neutral economy. This also supports the Dubai Clean Energy Strategy 2050 and the Net Zero Carbon Emissions Strategy 2050 to provide 100% of Dubai’s total power capacity from clean energy sources by 2050. The move also supports our efforts to diversify energy sources and secure energy supplies to ensure providing electricity services according to the highest standards of reliability, availability and efficiency,” said Al Tayer.

*Source: AETOSWire


Contacts

Dubai Electricity and Water Authority
Shaikha Almheiri, +971552288228
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Long-time Perma-Pipe board member David Barrie - not standing for re-election

SPRING, Texas--(BUSINESS WIRE)--Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH), a global engineered piping services company, today announced changes to its Board of Directors, including the appointment to the Board of Mr. Robert McNally effective February 14, 2022. Robert McNally will replace Perma-Pipe Director, Mr. David Barrie, who has announced he will not stand for re-election to the Perma-Pipe Board during Perma-Pipe’s upcoming June 23, 2022 annual stockholders meeting.


President and CEO, Mr. David Mansfield commented, “Mr. Barrie has been a valued member of our Board since 2012 and as Chairman since 2015, guiding the company through significant strategic transition which has repositioned us as a strong global company today. We thank him for his extensive service and contributions, his unwavering commitment to the company, and his sincere care and attention for our stockholders. I wish him the very best.”

He continued, “We regularly evaluate our Board composition to ensure it includes the appropriate skills, experience and perspectives necessary to drive growth for our stockholders. The addition of Mr. McNally will bring a fresh set of eyes to leverage and accelerate our performance for our stockholders.”

Mr. Barrie will be transitioning the role of Chairman of the Board to Mr. Jerome Walker, currently Compensation Committee Chairman and Board member since 2014. Mr. Walker commented, “Mr. Barrie’s contributions over the years are countless and his tenure on the Board will not be forgotten. On behalf of the Board of Directors, we thank him for his dedication to serving the stockholders and employees.”

Mr. Barrie commented, “My decision to not stand for re-election comes with mixed emotions. I am pleased that over the past 10 years at Perma-Pipe I have met and worked with many people who have made significant contributions in transforming Perma-Pipe into a global industry leader. It has been a privilege and honor to have witnessed the positive changes in the company during this time. I couldn’t be more proud to have been a part of that journey.”

Mr. McNally, age 51, currently is an Independent Director for both Oasis Petroleum, Inc. and Summit Midstream Partners, LP where he serves on the Audit Committees and Compensation Committees. He has served on several public and private boards in a variety of industries since 2006.

With over 28 years of global business experience, Mr. McNally is a seasoned leader. Mr. McNally was previously President, Chief Executive Officer and Board Member for EQT Corporation. EQT Corporation, headquartered in Pittsburgh, Pennsylvania, was the largest gas producer in North America. Prior to joining EQT, Mr. McNally was Executive Vice President and Chief Financial Officer at Precision Drilling Corporation. He has a B.A. in Mathematics from Knox College, a B.S. in Mechanical Engineering from the University of Illinois and an M.B.A. from Tulane University Freeman School of Business, New Orleans.

Mr. Jerome Walker added, “We are extremely pleased to have Robert join our Board and look forward to drawing from his extensive experience and business expertise as we continue to grow and transform Perma-Pipe’s global business.”

Mr. McNally commented, “I am honored to join the Perma-Pipe Board of Directors and am very much looking forward to working with Perma-Pipe’s talented management team and Board to deliver excellent results for all of the company’s stakeholders.”

Perma-Pipe International Holdings, Inc.

Perma-Pipe International Holdings, Inc. (Nasdaq: PPIH) is a global leader in pre-insulated piping and leak detection systems for oil and gas gathering, district heating and cooling, and other applications. It uses its extensive engineering and fabrication expertise to develop piping solutions that solve complex challenges regarding the safe and efficient transportation of many types of liquids. In total, Perma-Pipe has operations at thirteen locations in six countries.


Contacts

David Mansfield, President and CEO
Perma-Pipe Investor Relations
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847.929.1200

HALIFAX, Nova Scotia--(BUSINESS WIRE)--Today Emera (TSX: EMA) reported 2021 fourth quarter and annual financial results.


Highlights

  • Quarterly adjusted EPS1 was $0.64, a decrease of $0.11 from $0.75 in Q4 2020 due to the recognition of a litigation award in Q4 2020. Excluding the impact of the litigation award, adjusted EPS1 increased by $0.04 or 7% driven by increased contributions primarily from our gas utilities and lower corporate costs, partially offset by the impact of less favorable weather in Florida. Quarterly reported EPS increased by $0.15 to $1.24 from $1.09 in Q4 2020 primarily due to mark-to-market (“MTM”) gains.
  • Year-to-date, adjusted EPS1 was $2.81, an increase of $0.13 from $2.68 in 2020. Reported EPS decreased by $1.80 to $1.98 from $3.78 in 2020, primarily due to the gain on sale of Emera Maine recognized in 2020 and MTM losses in 2021.
  • Consistent with our capital plan, $2.4 billion of rate base investments were deployed in 2021 to drive rate base growth and advance Emera’s strategy.

“We are pleased with the performance of our business in 2021, as we delivered solid financial results and achieved important regulatory outcomes, while continuing to deliver the critical energy needs of our customers during the ongoing COVID-19 pandemic,” said Scott Balfour, President and CEO of Emera Inc. “This progress highlights the strength of our business and strategy that continues to drive value and growth through investments in cleaner energy, infrastructure renewal and service reliability, all at a balanced pace to ensure affordability for our customers.”

Q4 2021 Financial Results

Q4 2021 reported net income was $324 million, or $1.24 per common share, compared with net income of $273 million, or $1.09 per common share, in Q4 2020.

Q4 2021 adjusted net income was $168 million, or $0.64 per common share, compared with $188 million, or $0.75 per common share, in Q4 2020.

Decreased quarterly adjusted net income1 was largely due to the TECO Guatemala Holdings (“TGH”) award received in Q4 2020. Excluding the impact of the award, growth in quarterly net income was driven by higher earnings primarily at Peoples Gas System (“PGS”) lower corporate costs, partially offset by lower contributions from Tampa Electric.

Annual 2021 Financial Results

2021 reported net income was $510 million or $1.98 per common share, compared with a net income of $938 million or $3.78 per common share in 2020. 2021 reported net income included a $213 million after-tax MTM loss primarily at Emera Energy.

2021 adjusted net income1 was $723 million or $2.81 per common share, compared with $665 million or $2.68 per common share in 2020.

Growth in annual adjusted net income1 was driven by higher earnings contribution from EES, PGS and Nova Scotia Power (“NSPI”), lower corporate costs, realized gains on foreign exchange hedges and the 2020 revaluation of deferred taxes due to a reduction in the Nova Scotia corporate income tax rate. The increase was partially offset by the impact of a stronger CAD, the TGH award received in Q4 2020, the 2020 recognition of a corporate income tax recovery at Barbados Light and Power Company (“BLPC”), and lower earnings due to the sale of Emera Maine in Q1 2020.

Strengthening of the CAD decreased net income by $10 million ($0.04 per share) and decreased adjusted net income1 by $1 million in Q4 2021 compared to Q4 2020. The strengthening of the CAD decreased net income by $17 million ($0.07 per share) and adjusted net income1 by $28 million ($0.11 per share) for the year ended December 31, 2021, compared to the same period in 2020.

(1) See “Non-GAAP Financial Measures” noted below and “Segment Results and Non-US GAAP Reconciliation” below for reconciliation to nearest USGAAP measure.

Outlook

Emera’s capital investment plan is $8.4 billion over the 2022-to-2024 period (including a $240 million equity investment in the LIL in 2022), with an additional $1 billion of potential capital investments over the same period. This results in a forecasted rate base growth of approximately 7 per cent to 8 per cent through 2024. The capital investment plan continues to include significant investments across the portfolio in renewable and cleaner generation, reliability and integrity investments, infrastructure modernization and customer-focused technologies.

Emera’s capital investment plan is being funded primarily through internally generated cash flows and debt raised at the operating company level. Equity requirements in support of our capital investment plan are expected to be funded through the dividend reinvestment plan, the issuance of preferred equity and the issuance of common equity through our at-the-market program. Maintaining investment-grade credit ratings is a priority of management.

Emera has provided annual dividend growth guidance of four to five per cent through to 2024.

 

Consolidated Financial Review

 

The following table highlights significant changes in adjusted net income attributable to common shareholders from 2020 to 2021.

 

 

 

 

 

For the

Three months ended

Year ended

millions of Canadian dollars

December 31

December 31

Adjusted net income – 20201,2

$

188

 

$

665

 

Operating Unit Performance

 

 

 

 

Increased earnings at EES due to favourable market conditions

 

9

 

 

37

 

Increased earnings at PGS due to higher base revenues as a result of a base rate increase on January 1, 2021 and customer growth

 

10

 

 

36

 

Increased earnings at NSPI due to increased sales volumes quarter-over-quarter. Year-over-year increased due to higher operating revenues, lower interest on the Fuel Adjustment Mechanism ("FAM") regulatory deferral and decreased income tax expense

 

7

 

 

15

 

Decreased earnings at Tampa Electric due to higher depreciation and amortization expense, reflecting increased capital investment and a 2020 regulatory settlement, the impact of a stronger CAD, and lower base revenue due to weather, partially offset by higher allowance for funds used during construction ("AFUDC")

 

(16

)

 

(39

)

Decreased earnings due to the sale of Emera Maine in Q1 2020

 

-

 

 

(6

)

Tax Related

 

 

 

 

Revaluation of Corporate, NSPI and Emera Energy net deferred income tax assets and liabilities in Q1 2020 due to the reduction in the Nova Scotia provincial corporate income tax rate

 

-

 

 

14

 

Recognition of corporate income tax recovery in Q1 2020 previously deferred as a regulatory liability in 2018 at BLPC

 

-

 

 

(10

)

Corporate

 

 

 

 

Decreased interest expense, pre-tax, due to the impact of a stronger CAD and lower interest rates. Year-over-year also due to repayment of corporate debt

 

6

 

 

35

 

Realized gain on hedges entered into to hedge foreign exchange earnings exposure

 

2

 

 

19

 

TGH award, net of tax and legal costs in Q4 2020

 

(36

)

 

(36

)

Other Variances

 

(2

)

 

(7

)

Adjusted net income – 20211,2

$

168

 

$

723

 

 

1 See “Non-GAAP Financial Measures” noted below and “Segment Results and Non-US GAAP Reconciliation" for reconciliation to nearest USGAAP measure.

2 Excludes the effect of MTM adjustments, the 2020 gain on sale of Emera Maine and 2020 impairment charges, net of tax.

     

Segment Results and Non-US GAAP Reconciliation

   
     

For the

 

Three months ended
December 31

 

Year ended
December 31

 

millions of Canadian dollars (except per share amounts)

 

2021

 

 

2020

 

2021

 

2020

 

Adjusted net income 1,2

 

 

 

 

 

 

 

 

Florida Electric Utility

$

85

 

$

101

 

462

 

501

 

Canadian Electric Utilities

 

67

 

 

57

 

241

 

221

 

Other Electric Utilities2

 

5

 

 

8

 

20

 

33

 

Gas Utilities and Infrastructure

 

55

 

 

45

 

198

 

162

 

Other 2

 

(44

)

 

(23

)

(198

)

(252

)

Adjusted net income1,2

$

168

 

$

188

 

723

 

665

 

Gain on sale, net of tax and transaction costs3

 

-

 

 

-

 

-

 

309

 

Impairment charges, net of tax4

 

-

 

 

-

 

-

 

(26

)

After-tax MTM gain (loss)5

 

156

 

 

85

 

(213

)

(10

)

Net income (loss) attributable to common shareholders

$

324

 

$

273

 

510

 

938

 

EPS (basic)

$

1.24

 

$

1.09

 

1.98

 

3.78

 

Adjusted EPS (basic) 1,2

$

0.64

 

$

0.75

 

2.81

 

2.68

 

1 See “Non-GAAP Financial Measures” noted below.

2 Excludes the effect of MTM adjustments, the 2020 gain on sale of Emera Maine and 2020 impairment charges, net of tax.

3 Net of income tax expense of $276 million for the year ended December 31, 2020.

4 Net of income tax expense of $1 million for the year ended December 31, 2020.

5 Net of income tax expense of $63 million for the three months ended December 31, 2021 (2020 – $33 million expense) and $86 million recovery for the year ended December 31, 2021 (2020 – $8 million recovery).

1 Non-GAAP Measures Financial Measures

Emera uses financial measures that do not have standardized meaning under USGAAP and may not be comparable to similar measures presented by other entities. Emera calculates the non-GAAP measures by adjusting certain GAAP measures for specific items the Company believes are significant, but not reflective of underlying operations in the period. For further information on the non-GAAP financial measure, adjusted net income, and the non-GAAP ratio, adjusted earnings per common share – basic, refer to the "Non-GAAP Financial Measures" section of the Company's MD&A which is incorporated herein by reference and can be found on SEDAR at www.sedar.com. Reconciliation to the nearest GAAP measure is included in “Segment Results and Non-GAAP Reconciliation” above.

Forward Looking Information

This news release contains forward-looking information within the meaning of applicable securities laws. By its nature, forward-looking information requires Emera to make assumptions and is subject to inherent risks and uncertainties. These statements reflect Emera management’s current beliefs and are based on information currently available to Emera management. There is a risk that predictions, forecasts, conclusions and projections that constitute forward-looking information will not prove to be accurate, that Emera’s assumptions may not be correct and that actual results may differ materially from such forward-looking information. Additional detailed information about these assumptions, risks and uncertainties is included in Emera’s securities regulatory filings, including under the heading “Business Risks and Risk Management” in Emera’s annual Management’s Discussion and Analysis, and under the heading “Principal Risks and Uncertainties” in the notes to Emera’s annual and interim financial statements, which can be found on SEDAR at www.sedar.com.

Teleconference Call

The company will be hosting a teleconference today, Monday, February 14, at 9:30 a.m. Atlantic (8:30 a.m. Eastern) to discuss the Q4 2021 and annual financial results.

Analysts and other interested parties in North America are invited to participate by dialing 1-866-521-4909. International parties are invited to participate by dialing 1-647-427-2311. Participants should dial in at least 10 minutes prior to the start of the call. No pass code is required.

A live and archived audio webcast of the teleconference will be available on the Company's website, www.emera.com. A replay of the teleconference will be available two hours after the conclusion of the call by dialing 1-800-585-8367 or 1-416-621-4642 and entering pass code 4190629.

About Emera

Emera Inc. is a geographically diverse energy and services company headquartered in Halifax, Nova Scotia, with approximately $34 billion in assets and 2021 revenues of more than $5.7 billion. The company primarily invests in regulated electricity generation and electricity and gas transmission and distribution with a strategic focus on transformation from high carbon to low carbon energy sources. Emera has investments in Canada, the United States and in four Caribbean countries. Emera’s common and preferred shares are listed on the Toronto Stock Exchange and trade respectively under the symbol EMA, EMA.PR.A, EMA.PR.B, EMA.PR.C, EMA.PR.E, EMA.PR.F, EMA.PR.H, EMA.PR.J and EMA.PR.L. Depositary receipts representing common shares of Emera are listed on the Barbados Stock Exchange under the symbol EMABDR and on The Bahamas International Securities Exchange under the symbol EMAB. Additional information can be accessed at www.emera.com or at www.sedar.com.


Contacts

Emera Inc.
Investor Relations
Dave Bezanson VP, Investor Relations & Pensions
902-474-2126
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Arianne Amirkhalkhali, Manager, Investor Relations
902-425-8130
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Media
902-222-2683
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DUBLIN--(BUSINESS WIRE)--The "Power Plant Control System Market by Component, Plant Type, Application, Solution: Global Opportunity Analysis and Industry Forecast 2021-2030" report has been added to ResearchAndMarkets.com's offering.


The global power plant control system market was valued at $7.3 billion in 2020, and is projected to reach $10.4 by 2030, growing at a CAGR of 3.6% from 2020 to 2030.

Power plant control system is an essential component of the hardware, software, and services used to operate, monitor, and provide safety to the plants. Power plants employ controllers to manage and regulate pressure, temperature, flow, level, and vibration. each of which must be monitored and controlled. Furthermore, controllers used in the power plants are also employed in the oil & gas industries and other manufacturing industries. Power plants are highly automated, and numerous software applications such as SCADA, DCS, and others are used in power plants. The systems that can be controlled from the central control room are electrical auxiliaries for unit transformers, grid connection, generator/unit protection, excitation, synchronization, auxiliary transformers, and switchgear. Traditionally, these electrical devices were hardwired to inputs/outputs (I/O) and data-controlled systems (DCS).

The power plant control system market is segmented on the basis of component, plant type, application, solution and region. On the basis of component, the market is categorized into hardware, software and services. On the basis of plant type, it is divided into coal, oil, natural gas, nuclear, hydroelectric, renewables and others. On the basis of application, it is categorized into boiler & auxiliaries' control, generator excitation & electrical control, turbine & auxiliaries control system and others). On the basis of solution, it is categorized into Supervisory Control & Data Acquisition (SCADA), Plant Asset Management (PAM), Distributed Control System (DCS), Programmable Logic Controller (PLC) and Plant Lifecycle Management (PLM)). On the basis of region, it is analysed across North America, Europe, Asia-Pacific, and LAMEA.

The global power plant control system market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include ABB, Emerson, Endress Hauser, General Electric, Hitachi, Mitsubishi Electric, Omron, Rockwell, Schneider Electric, and Siemens.

KEY MARKET SEGMENTS

By Component

  • Hardware
  • Software
  • Services
  • Plant Type
  • Coal
  • Oil
  • Natural Gas
  • Nuclear
  • Hydroelectric
  • Renewables
  • Others

By Application

  • Boiler & Auxiliaries Control
  • Generator Excitation & Electrical Control
  • Turbine & Auxiliaries Control System
  • Others
  • Solution
  • Supervisory Control & Data Acquisition (SCADA)
  • Plant Asset Management (PAM)
  • Distributed Control System (DCS)
  • Programmable Logic Controller (PLC)
  • Plant Lifecycle Management (PLM)

By Region

  • North America
  • U.S.
  • Canada
  • Mexico
  • Europe
  • Germany
  • France
  • Italy
  • Spain
  • UK
  • Rest of Europe
  • Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia-Pacific
  • LAMEA
  • Brazil
  • Saudi Arabia
  • South Africa
  • Rest of LAMEA

KEY PLAYERS in the global power plant control system market are:

1. ABB

2. Emerson

3. Endress+Hauser

4. General Electric

5. Hitachi

6. Mitsubishi Electric

7. Omron

8. Rockwell

9. Schneider Electric

10. Siemens

Key Topics Covered:

CHAPTER 1: INTRODUCTION

1.1. Report description

1.2. Key benefits for stakeholders

1.3. Key market segments

1.4. Research methodology

1.4.1. Primary research

1.4.2. Secondary research

1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. Key findings

2.2. CXO perspective

CHAPTER 3: MARKET OVERVIEW

3.1. Market definition and scope

3.2. Key findings

3.2.1. Top investment pockets

3.3. Key forces shaping the market

3.4. Market dynamics

3.4.1. Drivers

3.4.1.1. Rising urbanization and industrialization

3.4.1.2. Growing use of oil & gas related products

3.4.2. Restraint

3.4.2.1. High cost associated with power plant control software and cyber-attacks & threats

3.4.3. Opportunity

3.4.3.1. Expanding gas infrastructure and utilize of gas

3.5. Value Chain Analysis

3.6. Impact of key regulations on the global power plant control system market

3.7. Impact of (COVID-19) outbreak on the market

CHAPTER 4: POWER PLANT CONTROL SYSTEMS, BY COMPONENT

4.1. Overview

4.2. Hardware

4.3. Software

4.4. Services

CHAPTER 5: POWER PLANT CONTROL SYSTEM, BY SOLUTION

5.1. Overview

5.2. Supervisory Control & Data Acquisition (SCADA)

5.3. Plant Asset Management (PAM)

5.4. Distributed Control System (DCS)

5.5. Programmable Logic Controller (PLC)

5.6. Plant Lifecycle Management (PLM)

CHAPTER 6: POWER PLANT CONTROL SYSTEM, BY APPLICATION

6.1. Overview

6.2. Boiler & Auxiliaries Control

6.3. Generator Excitation & Electrical Control

6.4. Turbine & Auxiliaries Control System

6.5. Others

CHAPTER 7: POWER PLANT CONTROL SYSTEM MARKET, BY PLANT TYPE

7.1. Overview

7.2. Coal

7.3. Oil

7.4. Natural Gas

7.5. Nuclear

7.6. Hydroelectric

7.7. Renewable

7.8. Others

CHAPTER 8: POWER PLANT CONTROL SYSTEM MARKET, BY REGION

8.1. Overview

8.2. North America

8.3. Europe

8.4. Asia-Pacific

8.5. LAMEA

CHAPTER 9: COMPETITIVE LANDSCAPE

9.1. Introduction

9.1.1. Market player positioning, 2020

9.2. Top winning strategies

9.2.1. Top winning strategies, by year

9.2.2. Top winning strategies, by development

9.2.3. Top winning strategies, by company

9.3. Product mapping of top 10 players

9.4. Competitive dashboard

9.5. Competitive heatmap

9.6. Key developments

9.6.1. New product launches

9.6.2. Agreement

9.6.3. Expansions

9.6.4. Acquisition

9.6.5. Partnership

CHAPTER 10: COMPANY PROFILES:

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


Contacts

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Laura Wood, Senior Press Manager
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- Plant will help reduce methane emisssions from landfilled waste

- Growth and expansion of B&W’s Asia-Pacific business continues

AKRON, Ohio--(BUSINESS WIRE)--$BW #landfillmethane--Babcock & Wilcox (B&W) (NYSE: BW) announced today its B&W Renewable business segment has been awarded a contract for approximately $22 million to design and supply advanced waste-to-energy technology to help a power producer in Asia reduce its reliance on coal and decrease the amount of waste sent to landfills.

B&W Renewable will design and supply a 440-ton-per-day waste-to-energy boiler, DynaGrate® combustion grate and other combustion equipment, including burners and sootblowers. The plant will generate cleaner electricity for the community while processing approximately 160,000 tons of industrial waste annually.

“Decarbonization efforts are gaining momentum worldwide, especially in Asia, while the need to responsibly and sustainably manage industrial and municipal waste continues to grow,” said B&W Executive Vice President and Chief Operating Officer Jimmy Morgan. “Waste-to-energy technologies are an ideal solution to produce renewable, baseload power while reducing greenhouse gas emissions and reliance on landfills.”

“Our business in the Asia-Pacific region continues to grow, with significant opportunities for B&W’s renewable, environmental and thermal technologies,” said Nick Carter, Managing Director of B&W’s Asia-Pacific region. “We look forward to continuing to provide solutions to help our customers throughout the region with their clean energy transition.”

B&W has more than 150 years of experience in designing, supplying and servicing some of the world’s cleanest, most efficient energy systems. B&W Renewable’s capabilities, including the state-of-the-art Vølund™ technology, developed and improved over the last 80 years, has been used in more than 500 applications worldwide.

About Babcock & Wilcox

Headquartered in Akron, Ohio, Babcock & Wilcox Enterprises is a leader in energy and environmental products and services for power and industrial markets worldwide. Follow us on LinkedIn and learn more at babcock.com.

About B&W Renewable

Babcock & Wilcox Renewable offers cost-effective technologies for efficient and environmentally sustainable power and heat generation, including waste-to-energy, biomass energy and black liquor systems for the pulp and paper industry. B&W Renewable’s leading technologies support a circular economy, diverting waste from landfills to use for power generation and replacing fossil fuels, while recovering metals and reducing emissions.

Forward-Looking Statements

B&W cautions that this release contains forward-looking statements, including, without limitation, statements relating to the signing of a contract to design and supply waste-to-energy technologies for a plant in Asia, as well as growth opportunities in the region. These forward-looking statements are based on management’s current expectations and involve a number of risks and uncertainties. For a more complete discussion of these risk factors, see our filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K. If one or more of these risks or other risks materialize, actual results may vary materially from those expressed. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and we undertake no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.


Contacts

Investor Contact:
Megan Wilson
Chief Strategy Officer and Sr. Vice President, Corporate Development
Babcock & Wilcox
704.625.4944
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Media Contact:
Ryan Cornell
Public Relations
Babcock & Wilcox
330.860.1345
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DUBLIN--(BUSINESS WIRE)--The "Global Sustainable Aviation Fuel Market by Fuel Type (Biofuel, Hydrogen Fuel, Power to Liquid Fuel, Gas to Liquid), Biofuel Manufacturing Technology (FT-SPK, HEFA-SPK, ATJ-SPK, HFS-SIP, CHJ), Biofuel Blending Capacity, Platform, Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.


The sustainable aviation fuel market is projected to grow from USD 219 million in 2021 to USD 15,716 million by 2030, at a CAGR of 60.8% during the forecast period.

Based on fuel type, the biofuel segment is estimated to lead the sustainable aviation fuel market during the forecast period

Based on fuel type, the biofuel segment of the sustainable aviation fuel market is accounted for the largest share during the forecast period. The greatest potential of biofuel lies in its ability to significantly reduce GHG emissions in the aviation sector and positively impact climate change. The strong and ongoing commitment of the aviation sector and the active involvement of an increasing number of stakeholders such as airlines and many aviation organizations to develop biofuel through voluntary initiatives have been a major driving force behind biofuel development and consumption. The production of biofuel is expected to scale up rapidly in the coming decade due to rapid developments in technological pathways to commercialize the use of alternative jet fuel.

Based on biofuel manufacturing technology, the hydroprocessed fatty acid esters and fatty acids - synthetic paraffinic kerosene (HEFA-SPK) segment is estimated to lead the sustainable aviation fuel market in 2020

Based on biofuel manufacturing technology, the hydroprocessed fatty acid esters and fatty acids - synthetic paraffinic kerosene (HEFA-SPK) segment of the sustainable aviation fuel market is expected to grow at the highest CAGR during the forecast period. The development and deployment of bio-jet fuels, primarily HEFA bio-jet, has progressed from single demonstration flights by airlines or equipment manufacturers to multi-stakeholder supply-chain initiatives including equipment manufacturers, airlines, fuel producers and airports. This growth can be attributed to the technologically being most commercially available for the production of sustainable aviation fuel.

Based on biofuel blending capacity, the 30% to 50% segment is expected to grow at the highest CAGR during the forecast period

Based on biofuel blending capacity, the 30% to 50% segment of the sustainable aviation fuel market is expected to grow at the highest CAGR during the forecast period. The moderate blend capacity, drop-in facility in existing fuel systems, supply logistics infrastructure, and aircraft fleet allows to minimize the overall cost and cater to the volume demands from commercial and military aviation.

Based on platform, the commercial aviation segment is estimated to lead the sustainable aviation fuel market during the forecast period

Based on the platform, the commercial aviation segment of the sustainable aviation fuel market is accounted for the largest share during the forecast period. The growth of this segment can be attributed to the increase in the aircraft fleet of emerging economies in the commercial aviation sectors. The initiatives taken by the various commercial airlines, commercial airports, and aircraft manufacturers across the globe in the adoption of renewable jet fuel is driving the growth of this segment in the sustainable aviation fuel market.

North America is estimated to lead the sustainable aviation fuel market in 2020

The North American market has been studied for the US and Canada. North America is considered to have the largest aircraft fleet with a large number of passengers per year, leading to an increase in aircraft emissions substantially. To cater to the need for reduction in carbon footprints due to increasing air traffic and air passengers, the US and Canada are focused on various initiatives to utilize sustainable aviation fuel. With supportive policies and initiatives to decarbonize aviation emissions, the North American market is deemed to be one of the strong demand centres for sustainable aviation fuel. Switching to more energy-dense biofuel to reach the goal of decarbonizing the aviation sector is expected to play a significant role in reducing GHG concentration across the region.

Market Dynamics

Drivers

  • Increasing Need for Reduction in Ghg Emissions
  • Increasing Air Passenger Traffic
  • High Fuel Efficiency of Saf

Restraints

  • Inadequate Availability of Feedstock and Refineries to Meet Saf Production Demand
  • Price Difference Between Saf and Conventional Jet Fuels

Opportunities

  • Rising Demand for Saf by Airlines Across the Globe
  • Drop-In Capability of Saf Increases Its Demand to Reduce Carbon Footprint
  • Government Initiatives Such as Tax Reduction on Aviation Fuel

Challenges

  • Increased Cost of Saf Increases Operating Cost of Airlines
  • Inconsistency in Techno-Economic Analysis (Tea) and Lifecycle Analysis (Lca)
  • Huge Investments Required in Approval and Certification of Saf
  • Large Quantity of Saf Must be Produced to Increase Fuel Blends

Companies Mentioned

  • Aemetis
  • Alder Fuels
  • Atmosfair
  • Bp
  • Fulcrum Bioenergy
  • Gevo
  • Hypoint Inc.
  • Lanzatech
  • Neste
  • Northwest Advanced Biofuels
  • Omv
  • Phillips 66
  • Preem
  • Prometheus Fuels
  • Red Rock Biofuels
  • Saf+ Consortium
  • Sg Preston
  • Skynrg
  • Sundrop Fuels
  • Totalenergies
  • Velocys
  • Wastefuel
  • World Energy
  • Zeroavia

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


Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

MINNEAPOLIS--(BUSINESS WIRE)--Northern Oil and Gas, Inc. (NYSE American: NOG) (the “Company” or “NOG”) announced today that the New York Stock Exchange (“NYSE”) has approved the transfer of the listing of the Company’s common stock from the NYSE American to the NYSE.


Effective at the opening of trading on February 17, 2022, the common stock of the Company will cease trading on the NYSE American and will commence trading on the NYSE, remaining under the symbol “NOG.”

MANAGEMENT COMMENT

“Uplisting to the NYSE marks a significant milestone in our transformation of the company over the past several years,” said Chad Allen, NOG’s Chief Financial Officer. “The NYSE is a premiere worldwide market, one that provides a broader platform and services for companies that are able to meet their most selective criteria. This new listing matches our ambitions of becoming a diversified, low-leverage, free cash flow and dividend paying entity.”

ABOUT NORTHERN OIL AND GAS

NOG is a company with a primary strategy of investing in non-operated minority working and mineral interests in oil & gas properties, with a core area of focus in the premier basins within the United States. More information about NOG can be found at www.northernoil.com.

SAFE HARBOR

This press release contains forward-looking statements regarding future events and future results that are subject to the safe harbors created under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts included in this press release, are forward-looking statements, including, but not limited to, statements regarding the timing and effectiveness of the uplisting to the NYSE and NOG’s long-term financial and operational outlook. When used in this press release, forward-looking statements are generally accompanied by terms or phrases such as “estimate,” “project,” “predict,” “believe,” “expect,” “continue,” “anticipate,” “target,” “could,” “plan,” “intend,” “seek,” “goal,” “will,” “should,” “may” or other words and similar expressions that convey the uncertainty of future events or outcomes. Items contemplating or making assumptions about actual or potential future sales, market size, collaborations, and trends or operating results also constitute such forward-looking statements.

Forward-looking statements involve inherent risks and uncertainties, and important factors (many of which are beyond NOG’s control) that could cause actual results to differ materially from those set forth in the forward-looking statements, including the following: changes in NOG’s capitalization, changes in crude oil and natural gas prices; the pace of drilling and completions activity on NOG’s properties and properties pending acquisition; the effects of the COVID-19 pandemic and related economic slowdown; NOG’s ability to acquire additional development opportunities; the projected capital efficiency savings and other operating efficiencies and synergies resulting from NOG’s acquisition transactions; integration and benefits of property acquisitions, or the effects of such acquisitions on NOG’s cash position and levels of indebtedness; changes in NOG’s reserves estimates or the value thereof; disruptions to NOG’s business due to acquisitions and other significant transactions; general economic or industry conditions, nationally and/or in the communities in which NOG conducts business; changes in the interest rate environment or market dividend practices, legislation or regulatory requirements; conditions of the securities markets; NOG’s ability to consummate any pending acquisition transactions; other risks and uncertainties related to the closing of pending acquisition transactions; NOG’s ability to raise or access capital; changes in accounting principles, policies or guidelines; and financial or political instability, acts of war or terrorism, and other economic, competitive, governmental, regulatory and technical factors affecting NOG’s operations, products, services and prices. Additional information concerning potential factors that could affect future plans and results is included in the section entitled “Item 1A. Risk Factors” and other sections of NOG’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020 and Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2021, June 30, 2021 and September 30, 2021, as updated from time to time in amendments and subsequent reports filed with the SEC, which describe factors that could cause NOG’s actual results to differ from those set forth in the forward-looking statements.

NOG has based these forward-looking statements on its current expectations and assumptions about future events. While management considers these expectations and assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond NOG’s control. You are urged not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Except as may be required by applicable law or regulation, NOG does not undertake, and specifically disclaims, any obligation to update any forward-looking statements to reflect events or circumstances occurring after the date of such statements.


Contacts

Mike Kelly, CFA
Chief Strategy Officer
952-476-9800
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RED DEER, Alberta--(BUSINESS WIRE)--Azolla Hydrogen has been identified as a high potential, growth-stage start up and has been accepted to the Canadian Technology Accelerator which will represent the Canadian Hydrogen technology sector in Germany.


The government of Germany has ambitious plans to make hydrogen the foundation of a low emission economy. Massive public and private sector investments create significant opportunity for Canadian experts in hydrogen and related Carbon Capture, Usage & Storage (CCUS) technologies. Corporations are expanding their technology scouting efforts and many have deemed hydrogen as the foremost of their priorities. Germany is Europe’s largest economy and the environmental impact of this economic success is being challenged by ambitious plans to drive down emissions from energy consumption and industrial processes. Hydrogen is widely regarded as the cornerstone of the country’s future energy supply moving forward.

The Canadian Technology Accelerator (CTA) program is a six-month program that offers participants customized support including an overview of local industry and culture, marketing campaign support sessions, virtual pitching and B2B matchmaking, and a company booth to showcase the technology at the H2Expo in Hanover, Germany.

“We are honoured to have been selected to represent the future of the Canadian hydrogen technology industry in Germany. We look forward to gaining a deeper understanding of the German markets needs and wants so we can deliver innovative solutions. The opportunity to present our transformative hydrogen production technology in this promising growth market while identifying and informing new customers provides Azolla the opportunity to kickstart our exports to Germany,” states Jared Sayers, Azolla’s President and CEO.

To kick off the program, the CTA will be hosting an online event on February 23, 2022. The event will feature nine Canadian hydrogen start-ups accepted into the program alongside Azolla Hydrogen, with a focus on areas of hydrogen production, infrastructure, and distribution. Three influential speakers will lead the event through discussions on the role that hydrogen will play in the green transformation of Canadian industry, the dynamics of how international start-ups can boost the hydrogen ecosystem and explore the internationalization pressure of the hydrogen economy.

“Azolla Hydrogen is excited to explore the applications these innovative possibilities are bringing to the hydrogen industry, and we welcome you to join this event and see how it can impact your future,” comments Jared Sayers. Following the event, personnel from each company will be available for 1:1 video chats to answer your questions and continue the discussion.

To find out more information and join us for this event on February 23, 2022 from 7:00AM-9:30AM (MST), please sign up using the following link: https://matchmaker.ruhr/events/innovation-bridge-north-america-presents-hydrogen-startups-canada/1RvxgL325Y

About Azolla Hydrogen Ltd.:

Azolla Hydrogen is an Alberta based start-up with a focus on the Alberta, California, and the North American hydrogen economy. We help companies transition from a default reliance on fossil fuels. As we edge toward decarbonizing the energy sector, hydrogen as a transportation fuel is gaining influence. Azolla Hydrogen has identified a pathway to generate low-GHG hydrogen that is scalable and not reliant on the grid as power for electrolysis or fossil fuels for small modular reactors.

For more information about the Canadian Technology Accelerator see: https://www.tradecommissioner.gc.ca/cta-atc/technology-accelerator-germany-allemagne-atc.aspx?lang=eng


Contacts

For more information on Azolla Hydrogen: Jared Sayers This email address is being protected from spambots. You need JavaScript enabled to view it.

  • Transformational combination of two leaders in sustainable water solutions for health, human safety and the environment
  • Significant expansion of size, scale and addressable market
  • Adds leading drinking water business with significant growth and margin potential
  • Advances Environmental, Social and Governance (ESG) and sustainability mission
  • Accelerated growth opportunities by pairing two iconic brands with complementary products leveraging the Zurn Business System
  • Clear path to driving $50 million in run-rate cost synergies
  • Positioned to deliver superior shareholder value coupled with a strong balance sheet - planned increase in Zurn quarterly cash dividend after close of transaction
  • Conference call to discuss transaction today at 7:30 a.m. CT / 8:30 a.m. ET

MILWAUKEE--(BUSINESS WIRE)--Zurn Water Solutions Corporation (NYSE: ZWS), a market leader in smart, sustainable water solutions and products, and Elkay Manufacturing Company, a market leader in the highly attractive and growing commercial drinking water solutions business, announced today they have reached a definitive agreement to combine the businesses in an all-stock transaction. Upon completion of the transaction, Zurn Water Solutions shareholders will own approximately 71% and Elkay shareholders will own approximately 29% of the combined and newly named company – Zurn Elkay Water Solutions Corporation.


“This transaction is a true game-changer as we create an even stronger pure play water company by combining with the iconic brand, Elkay,” said Todd A. Adams, Chairman and CEO of Zurn Water Solutions. “The combination puts us well on our way to doubling the size of the business over the next couple of years while enhancing our competitive advantage within specified water solutions. We also add the high-growth, and increasingly essential, drinking water sector in our portfolio and have a clear path to capitalize on the significant synergies the combination will generate.

“Elkay is viewed as the ‘gold standard’ in providing clean drinking water within institutional and commercial buildings. What makes the combination so compelling is the alignment of our shared values and cultures, commitment to serving our customers and what we can accomplish together by providing an even more comprehensive package of innovative, specified water solutions that provide water safety, water quality and water conservation to critical verticals like education and healthcare.

“I want to thank Ron Katz, Senior Member of the founding family, and Tim Jahnke, Chairman of Elkay, for believing in the power of the combination and the entire Elkay family for their confidence and commitment to work together to create something special. It’s our intent to preserve the strong culture and values at Elkay and we are excited to build upon the incredible legacies of both businesses as we come together to create an even brighter future as Zurn Elkay Water Solutions.”

Elkay has been family-owned since it was founded in 1920 and has been making innovative products and delivering exceptional customer service for over 100 years. Headquartered in Illinois, Elkay has similar midwestern core values as Zurn. While the business started in sinks, their continued innovation and growth has led them to currently being a market leader in drinking water as well as sinks in residential and commercial settings.

“We knew we could increase our long-term competitive position by combining with another complementary brand,” stated Ron Katz, Senior Member of the founding family. “We were pleased to find a well-respected partner in Zurn Water Solutions, with their strong, people-centric midwestern values and deep commitment to quality, ethics, and customer satisfaction that mirrors our own.”

“This combination clearly creates a unique and dynamic set of competitive advantages for our customers to capitalize on the unrivaled product solution breadth and depth we’ll bring to the marketplace,” said Adams. “Together, Zurn and Elkay will also provide our customers the capability to advance their ESG initiatives while reducing their overall initial and operating costs while providing a safe, clean environment for students, patients, patrons, and people within the public and private spaces they operate. Finally, we believe this combination creates an attractive platform to provide superior shareholder value as the combination allows for increased growth, margin expansion, higher free cash flow and improved leverage all while providing ample room for continued investments in growth.”

Key Strategic and Financial Benefits

  • Creates a North American water solutions leader.
  • Brings together two businesses with leading brand recognition and loyal customer relationships.
  • Establishes an immediate leadership position in the rapidly growing and highly attractive commercial drinking water solutions category.
  • We will leverage the Zurn Business System (ZBS) to drive continuous improvement throughout the combined business to drive elite financial performance.
  • Creates opportunity for an estimated $50 million of cost synergies by 2025, with approximately $25 million realized in year one. Expected synergies to be driven by procurement, business efficiencies, cross-marketing and our combined best-in-class rep network.
  • Transaction reduces net debt leverage to ~1.0x by end of 2022 and coupled with a larger balance sheet provides continued growth capital while increasing capital return to shareholders as the Zurn Water Solutions Board of Directors plans to increase the quarterly cash dividend to $0.07 per share after close of the transaction.
  • Unites deeply aligned core values and cultures where people matter most and share a combined 224-year company history.
  • Shared cultures focused on serving customers, Diversity, Equity & Inclusion, commitment to water and environmental stewardship, and commitments to the communities where employees live and work.

Governance and Locations

Upon closing, the combined company will continue to be led by the existing Zurn Water Solutions Board of Directors with the addition of two new directors who currently serve on the Elkay Board of Directors. Todd Adams will remain Chairman and Chief Executive Officer, Craig Wehr will remain President of Zurn Water Solutions, and Ted Hamilton will remain President of Elkay Plumbing.

The combined company will continue to trade under the ticker NYSE: ZWS. It will be headquartered in Milwaukee, Wisconsin and will continue to maintain a presence in the Chicago area where Elkay is headquartered.

Transaction Structure and Closing Conditions

Under the terms of the transaction agreements Elkay shareholders will receive up to 52.5M shares of Zurn Water Solutions, which results in, Elkay shareholders owning approximately 29% in the combined company.

Based on the February 11, 2022 closing price of Zurn’s common stock, the transaction values Elkay at $1.56 billion, representing 14.2x its forecasted 2022 Adjusted EBITDA, or 9.8x after factoring in forecasted run-rate cost synergies. The transaction is subject to regulatory approvals, Zurn Water Solutions and Elkay shareholder approval, and customary closing conditions, and is expected to close in the third quarter of 2022. Elkay shareholders holding approximately 73% of Elkay’s common stock have entered into support agreements committing them to vote all of their respective shares in favor of the transaction, and against any competing acquisition proposal.

Conference Call and Investor Information

Zurn Water Solutions will hold a conference call and webcast presentation on Monday, February 14, 2022 at 7:30 a.m. Central Time to discuss the transaction.

Domestic toll-free #: 888-510-2359
International toll #: 646-960-0215
Access Code: 7660247

A live webcast of the call will also be available on Zurn’s investor relations website. Please go to the website (investors.zurnwatersolutions.com) at least fifteen minutes prior to the start of the call to register, download and install any necessary audio software. If you are unable to participate during the live teleconference, a replay of the conference call will be available from 10:00 a.m. Central Time February 14, 2022 until 10:59 p.m. Central Time, February 21, 2022. To access the replay, please dial 800-770-2030 (domestic) or 647-362-9199 (international). The Conference ID for the replay is: 7660247. The replay will also be available as a webcast on the Company’s investor relations website.

Advisors

Evercore is serving as financial advisor to Zurn Water Solutions, and Morgan, Lewis & Bockius LLP is serving as legal counsel. Citi and J.P. Morgan Securities LLC are serving as financial advisors to Elkay, and Mayer Brown is serving as legal counsel.

About Zurn Water Solutions

Headquartered in Milwaukee, Wisconsin, Zurn Water Solutions is a growth-oriented, pure-play water business that designs, procures, manufactures, and markets what we believe is the broadest sustainable product portfolio of solutions to improve health, human safety, and the environment. The Zurn product portfolio includes professional grade water control and safety, water distribution and drainage, finish plumbing, hygienic, environmental and site works products for public and private spaces. Additional information about the Company can be found at zurnwatersolutions.com.

About Elkay

Family-owned since 1920, Elkay has been making innovative products and delivering exceptional customer care for almost a century. While proud to be America's No. 1 selling kitchen sink company, Elkay expanded its commercial offerings more than four decades ago and today delivers faucets, water coolers, drinking fountains, Smartwell Water Delivery Systems, and the award-winning ezH2O bottle filling stations, in addition to world-class stainless steel and quartz sinks. Like your family, Elkay has values and traditions that endure - like our commitment to sustainability and giving back to our community. Headquartered in the United States in Downers Grove, Illinois, Elkay employs over 1,800 employees worldwide, working from 13 locations across the U.S., China, and Mexico. For more information, visit www.elkay.com.

Forward-Looking Statements

This communication contains certain “forward-looking statements” including statements regarding the anticipated timing and benefits of the combination of Zurn and Elkay (the “Transaction”). These forward-looking statements are based on our current expectations and beliefs, but there can be no assurance that these will be as anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond our control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements. These factors include, among others: the inability to complete the Transaction, including due to the failure to receive required Zurn shareholder approvals or the failure of other closing conditions; the inability to recognize the anticipated benefits of the proposed Transaction, including the forecasted cost synergies; and costs related to the proposed Transaction. Except as required by law, we do not undertake any obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Non-GAAP Financial Measures

In this press release we disclose projected 2022 net debt leverage, pro forma for the Transaction. Net debt leverage is a non-GAAP financial measure, computed as the ratio of total debt less cash to Adjusted EBITDA, used by management and investors as a measure of Zurn’s financial strength and ability to incur incremental indebtedness when making key investment decisions and evaluating us against peers. “Adjusted EBITDA” is the term we use to describe EBITDA as defined and adjusted in Zurn’s credit agreement, and EBITDA represents earnings from continuing operations before interest and other debt related activities, taxes, depreciation and amortization. We believe that these financial measures are appropriate to enhance an overall understanding of Zurn’s underlying operating performance trends compared to historical and prospective periods and Zurn’s peers. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information calculated in accordance with GAAP.

Additional Information

In connection with the Transaction, we intend to file a registration statement on Form S-4 with the Securities and Exchange Commission (“SEC”) that will include a proxy statement/prospectus relating to the Transaction. SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION. A definitive proxy statement will be sent to stockholders of Zurn seeking approval of the Transaction. The documents relating to the Transaction (when they are available) can be obtained free of charge from the SEC’s website at www.sec.gov. These documents (when they are available) can also be obtained free of charge by contacting us at 855-480-5050.

No Offer or Solicitation

This communication does not constitute an offer to sell or the solicitation of an offer to buy 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 offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Participants in the Solicitation

This communication is not a solicitation of a proxy from any security holder. Zurn, Elkay and their respective directors, executive officers, other members of management and employees may be deemed to be participants in the solicitation of proxies from Zurn’s stockholders in connection with the Transaction. Information regarding the names and interests in the proposed transaction of Zurn’s directors and officers is contained Zurn’s filings with the SEC. Additional information regarding the interests of potential participants in the solicitation process will also be included in the proxy statement/prospectus relating to the Transaction and other relevant documents when they are filed with the SEC. These documents can be obtained free of charge from the sources indicated above.


Contacts

Investor Relations:
Dave Pauli, Vice President – Investor Relations
414-223-7770

Media Relations Zurn:
Angela Hersil, Director – Corporate Communications
855-480-5050
414-808-0199
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Relations Elkay:
Linda Carlisle, Corporate Responsibility & Communications
630-572-2330
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