New investment will accelerate development of new battery chemical manufacturing

CLEVELAND--(BUSINESS WIRE)--#batteries--Octet Scientific, Inc., a Cleveland-based developer and future manufacturer of specialty chemicals for sustainable batteries, has received an investment from the Gale Family Office to continue its work formulating safe, sustainable energy and boosting Cleveland’s role in the clean energy future.

Octet is the world’s first developer of specialty chemicals for zinc-based batteries, an inexpensive, nontoxic, and sustainable alternative to lithium-ion and lead-acid. Zinc batteries are emerging in a variety of applications including backup power for data centers and grid storage to support renewable energy, and Octet’s proprietary chemicals will play a critical role in the continuing improvement of these promising young technologies.

While the company was previously awarded nearly $600,000 in state and federal grant funding, the Gale Family is the company’s first private investor.

“Octet is already a leading voice on electrolyte development,” said Brian Gale. “With new funding sources, they will be able to further their work with manufacturers to optimize batteries, increase efficiency, extend operating lifetimes and boost capacity.”

The new funds will support Octet’s scale-up activities through 2022 as it executes roll out of its first product. Currently, Octet’s proprietary chemical products are being tested at battery manufacturers in the US, Canada, Japan, Europe and Australia.

“As the world seeks more efficient and sustainable methods of large-scale energy storage, battery markets are poised to grow by well over 20% annually,” said founder and CEO Onas Bolton. “There is huge potential, and performance, cost, safety, longevity and material availability will be critical differentiators.”

About Octet

Octet Scientific, Inc. is ensuring that tomorrow’s cleanest energy is stored in the world’s cleanest batteries. Our OctoLyte^TM electrolyte chemicals give safe, sustainable zinc-based batteries the high performance they need for devices, backup power, and on the grid. The world’s first company dedicated to optimizing zinc battery chemistry, Octet was founded in 2017 in Cleveland, OH and has won the support of the National Science Foundation and the State of Ohio. For more information visit www.octetsci.com or contact Onas Bolton at This email address is being protected from spambots. You need JavaScript enabled to view it..

#EnergyStorage #Batteries #Sustainability

Onas Bolton
This email address is being protected from spambots. You need JavaScript enabled to view it.

Conference Call to be Held Today at 11 am ET

SOLON, Ohio--(BUSINESS WIRE)--Energy Focus, Inc. (NASDAQ:EFOI), a leader in sustainable, energy-efficient lighting and controls systems and ultraviolet-c light disinfection (“UVCD”) products for the commercial, military maritime and consumer markets, today announced financial results for its fourth quarter and fiscal year ended December 31, 2021.

Full-Year 2021 and Subsequent Business Highlights

• Net sales of $9.9 million, down 41.4% from 2020, reflecting continued fluctuations in timing of military orders and government funding availability, ongoing COVID-19 related business challenges for its customers, and supply chain and logistics delays.
• Gross profit margin of 17.2%, down from 30.8% in 2020, primarily due to lower sales and the overhang of fixed costs against lower sales volume.
• Loss from operations of $8.7 million, compared to a loss from operations in 2020 of $4.1 million.
• Net loss of $7.9 million, or ($1.73) per basic and diluted share of common stock, compared to a net loss of $6.0 million, or ($1.83) per basic and diluted share of common stock, in 2020.
• Cash of $2.7 million as of December 31, 2021, included in total availability (as defined under “Non-GAAP Measures” below) of $4.4 million, as compared to cash of $1.8 million and total availability of $3.5 million as of December 31, 2020.
• Net proceeds of approximately $4.0 million from December 2021 private placement of common stock and warrants to certain institutional investors.
• nUVo™ Traveler production units shipping as of the end of the fourth quarter of 2021; nUVo™ Tower began shipping in January 2022.
• Appointed the Lead Independent Director, an experienced venture capitalist, as Interim CEO while search is underway.
• Added seasoned lighting and consumer product executives to Board of Directors.

“Over the past year, amidst significant upheaval to our primary commercial and military customers and markets and our efforts to bring safely enclosed, high-dose UVCD products to market, we have built an organization ready to execute,” commented Stephen Socolof, Interim CEO and Lead Independent Director. “Our focus for 2022 is on that execution, both in our traditional markets, centered around our innovative and differentiated EnFocus™ powerline and control platform, our Redcap^® emergency battery backup tubular LEDs, our ruggedized LED solutions for military and maritime applications, and our new UVCD solutions designed to destroy over 99.9 percent of various airborne pathogens, including coronavirus, influenza and mold. Importantly, we are increasing our initiatives on our core markets, light commercial and particularly military applications, where Energy Focus has a very recognized brand and built competitive advantages centered around differentiated technology and intellectual property. Our focus is to re-engage these markets to drive improved results, complemented by the contribution from our UVCD products that could broaden our market reach and scalability.”

On January 11, 2022, the Board of Directors of Energy Focus, Inc. (the “Company”) appointed Mr. Socolof, the Company’s Lead Independent Director, to serve as Interim Chief Executive Officer, replacing James Tu, the former Chief Executive Officer. Mr. Socolof has served as a member of the Board of Directors since May 2019, and as the Company’s Lead Independent Director since September 2019. He has been Managing Partner of Tech Council Ventures, an early-stage venture capital firm, since 2018 and remains a Managing Partner of New Venture Partners, a venture capital firm that he co-founded in 2001. On February 11, 2022, the Company entered into a Separation and Release Agreement with Mr. Tu and he resigned from the Board of Directors. The Board of Directors has begun a search for a permanent Chief Executive Officer.

In addition, on February 24, 2022, the Company announced that its Board of Directors had appointed Jeffery R. Parker and Brian J. Lagarto as independent directors of the Company. Mr. Parker, 58, has spent nearly 30 years managing companies in the display, LED, medical and lighting markets. He has a proven track record of driving growth and market leadership in the lighting industry by bringing innovative products to market, and since 2019, has served as the Chief Executive Officer of Luminii, LLC, a manufacturer of architectural LED lighting systems. Mr. Lagarto, 56, retired in 2021 from SharkNinja Operating LLC, a leading global producer of small household appliances under the Shark and Ninja brands. At SharkNinja, Mr. Lagarto served primarily as Executive Vice President, Chief Financial Officer from 2009 to 2017, as well as Chief Operating Officer from 2017 to 2018, with responsibility for global finance and operations. From 2019 until his retirement, he served as Chief People & Strategy Officer, with responsibility for corporate strategy, organizational design, talent and culture.

“As we move forward, we continue to focus on improving our gross and operating margins through innovation, as well as value add and value engineering work at the cost of goods sold level, and management rigor at the sales and operating levels,” continued Mr. Socolof. “Our development work on the initial UVCD solutions is complete, and we have concentrated our near-term focus on applications with immediate potential, and on opportunities of which resources can be quickly adjusted based on market reaction. In addition, we have reorganized our operations to better focus on the two core areas of our business, LED lighting and control solutions and our new UVC disinfection solutions. In 2021, Greg Galluccio joined us as Senior Vice President of Product Management and Engineering. Greg has 35 years of diverse experience in the electrical and lighting industries at much larger organizations, such as Underwriters Laboratories (UL) and Leviton Manufacturing, and he is charged with refreshing and defining our technology roadmap and go-to-market strategy. I am also excited about the recent additions of Jeff Parker and Brian Lagarto to our board of directors. Jeff’s lighting industry expertise, and Brian’s extensive experience scaling up a worldwide consumer products brand, will be valuable resources for Energy Focus.”

Full-Year 2021 Financial Results

Net sales were $9.9 million for 2021, compared with $16.8 million for 2020. Net sales from commercial products were $4.7 million, or 47.5% of total net sales, for 2021, compared with $5.4 million, or 32.1% of total net sales, for 2020. The decrease in net sales of commercial products reflects continuing fluctuations in the timing, pace and size of commercial projects, including impacts of the COVID-19 pandemic. Net sales from military and maritime market (“MMM”) products were $5.2 million, or 52.5% of total net sales, for 2021, compared with $11.4 million, or 67.9% of total net sales, for 2020. The decrease in net MMM product sales in 2021, as compared to 2020 was mainly due to the reduced availability of government funding and the delayed timing of expected orders, as well as higher in-house sales and short-term contracts awarded and performed in 2020.

Gross profit was $1.7 million, or 17.2% of net sales, for 2021, compared with gross profit of $5.2 million, or 30.8% of net sales, for 2020. The year-over-year decrease in gross margin was driven primarily by lower sales, resulting in an overhang in fixed costs against the lower sales volume of $1.0 million, or 10.1% of net sales, and unfavorable inventory and warranty reserve adjustments aggregating $0.3 million, or 2.9% of net sales. Gross margin for 2021 included favorable price and usage variances for material and labor of $0.8 million, or 8.3% of net sales. Adjusted gross margin, as defined under “Non-GAAP Measures” below, was 18.8% for full-year 2021, compared to 27.1% in the prior year, primarily driven by low sales in 2021.

Operating loss was $8.7 million for 2021. This compares with an operating loss of $4.1 million for 2020. Net loss was $7.9 million, or ($1.73) per basic and diluted share of common stock, for 2021, inclusive of a non-cash, pre-tax gain of $0.8 million from the forgiveness of the Company’s Paycheck Protection Program loan, as well as other income recorded relating to the Employee Retention Tax Credit (“ERTC”) of $0.9 million ($431 thousand of which was received during the fourth quarter of 2021, with the remainder expected during 2022). This compares with a net loss of $6.0 million, or ($1.83) per basic and diluted share of common stock, for 2020, which included a non-cash, pre-tax loss of $1.1 million resulting from the revaluation of the warrant liability through December 2020, when the outstanding warrantholders agreed to modifications that qualified the warrants for equity accounting treatment.

Adjusted EBITDA, as defined under “Non-GAAP Measures” below, was a loss of $7.9 million for 2021, compared with a loss of $3.5 million for 2020. The increased Adjusted EBITDA loss in 2021, as compared to 2020, was primarily due to lower sales and the overhang of fixed costs over the lower sales volume.

Cash was $2.7 million as of December 31, 2021 as compared to $1.8 million as of December 31, 2020. As of December 31, 2021, the Company had total availability, as defined under “Non-GAAP Measures” below, of $4.4 million, which consisted of $2.7 million of cash and $1.7 million of additional borrowing availability under its credit facilities. This compares to total availability of $3.5 million as of December 31, 2020.

Fourth Quarter 2021 Financial Results:

Net sales were $2.4 million for the fourth quarter of 2021, down 35.8% compared with $3.7 million in the fourth quarter of 2020. Net sales from commercial products were $1.2 million, or 48.6% of total net sales, for the fourth quarter of 2021, flat as compared to the fourth quarter of 2020, reflecting the continuing impacts on our customers of the COVID-19 pandemic due to fluctuations in the timing, pace, and size of commercial projects. Net sales from MMM products were $1.2 million, or 51.4% of total net sales, for the fourth quarter of 2021, down from $2.6 million, or 69.2% of total net sales, in the fourth quarter of 2020. Sales were higher in the prior period due to a large order from a U.S. shipbuilder in 2020 that drove a significant part of the MMM business. Sequentially, net sales were down slightly as compared to $2.7 million in the third quarter of 2021, mainly due to a 23.2% decrease in commercial product sales from the third quarter of 2021.

Gross profit was $0.2 million, or 7.9% of net sales, for the fourth quarter of 2021, compared with gross profit of $1.4 million, or 38.3% of net sales, in the fourth quarter of 2020. Sequentially, this compares with a gross profit of $0.6 million, or 20.5% of net sales, in the third quarter of 2021. The year-over-year decline in gross margin was primarily driven by lower MMM product sales, an overhang of fixed costs of $0.5 million, or 19.1% of net sales, against the lower sales volume, a negative margin impact from sales product mix of $0.2 million, or 8.7% of net sales, and unfavorable inventory reserve adjustments of $0.2 million, or 9.5% of net sales. These were offset slightly by favorable price and usage variances for material and labor of $0.2 million, or 7.4% of net sales, in the fourth quarter of 2021.

Adjusted gross margin, as defined under “Non-GAAP Measures” below, was 14.7% for the fourth quarter of 2021, compared to 27.7% in the fourth quarter of 2020 and compared sequentially to 17.9% in the third quarter of 2021. The decrease in adjusted gross margin from the fourth quarter of 2020 is mainly due to lower MMM sales and negative margin impacts from increased fixed costs and product mix as discussed above. The decrease in adjusted gross margin from the third quarter of 2021 is primarily attributable to lower commercial product sales and an overhang of fixed costs of $0.2 million, or 9.9% of net sales, against the lower sales volume.

Operating loss was $2.4 million for the fourth quarter of 2021, compared with an operating loss of $0.9 million in the fourth quarter of 2020. Sequentially, this compares to an operating loss of $1.8 million in the third quarter of 2021. The year-over-year increase in the operating loss was primarily attributable to lower net sales, an increase in the SG&A impact of increased headcount and salaries, and increased advertising and promotion costs.

Net loss was $2.6 million in the fourth quarter of 2021, compared with net income of $0.1 million in the fourth quarter of 2020, which was inclusive of a $1.2 million non-cash, pre-tax gain resulting from the final revaluation of the warrant liability during the fourth quarter of 2020. Sequentially, this compares to a net loss of $1.1 million in the third quarter of 2021, which was inclusive of a $0.9 million non-cash, pre-tax gain resulting from other income recorded relating to the ERTC.

Net loss per basic and diluted share of common stock was ($0.50) for the fourth quarter of 2021, compared with net income per basic and diluted share of common stock of $0.01 in the fourth quarter of 2020. Sequentially, this compares to a net loss per basic and diluted share of common stock of ($0.22) in the third quarter of 2021.

Adjusted EBITDA, as defined under “Non-GAAP Measures” below, was a loss of $2.2 million for the fourth quarter of 2021, compared with a loss of $0.8 million in the fourth quarter of 2020 and a loss of $1.7 million in the third quarter of 2021.

Conference Call:

The Company will host a conference call and webcast today, March 17, 2022 at 11 a.m. ET to review the fourth quarter and full-year 2021 results, followed by a Q&A session. To participate in the call, please dial toll-free 1-877-451-6152 or international 1-201-389-0879, and reference conference ID 13726068.

The conference call will be simultaneously webcast. To listen to the webcast, log on to it at: https://viavid.webcasts.com/starthere.jsp?ei=1522523&tp_key=55cae2bf30. The webcast will be available at this link through April 1, 2022. Financial information presented on the call, including the earnings press release, will be available on the investors section of Energy Focus’ website at investors.energyfocus.com.

About Energy Focus

Energy Focus is an industry-leading innovator of sustainable light-emitting diode (“LED”) lighting and lighting control technologies and solutions, as well as UV-C Disinfection technologies and solutions. As the creator of the first flicker-free LED lamps, Energy Focus develops high quality LED lighting products and controls that provide extensive energy and maintenance savings, as well as aesthetics, safety, health and sustainability benefits over conventional lighting. Our EnFocus™ lighting control platform enables existing and new buildings to provide quality, convenient and affordable, dimmable and color-tunable, circadian and human-centric lighting capabilities. In addition, our patent-pending UVCD technologies and products aim to provide effective, reliable and affordable UVCD solutions for buildings, facilities and homes. Energy Focus’ customers include U.S. and U.S. ally navies, U.S. federal, state and local governments, healthcare and educational institutions, as well as Fortune 500 companies. Since 2007, Energy Focus has installed approximately 900,000 lighting products across the U.S. Navy fleet, including tubular LEDs, waterline security lights, explosion-proof globes and berth lights, saving more than five million gallons of fuel and 300,000 man-hours in lighting maintenance annually. Energy Focus is headquartered in Solon, Ohio. For more information, visit our website at www.energyfocus.com.

Forward Looking Statements:

Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “feels,” “seeks,” “forecasts,” “projects,” “intends,” “plans,” “may,” “will,” “should,” “could” or “would” or, in each case, their negative or other variations or comparable terminology. These forward-looking statements include all matters that are not historical facts and include statements regarding our intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies, capital expenditures, and the industry in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Although we base these forward-looking statements on assumptions that we believe are reasonable when made in light of the information currently available to us, we caution you that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity, and industry developments may differ materially from statements made in or suggested by the forward-looking statements contained in this release. We believe that important factors that could cause our actual results to differ materially from forward-looking statements include, but are not limited to: (i) instability in the U.S. and global economies and business interruptions experienced by us, our customers and our suppliers as a result of the COVID-19 pandemic and related impacts on travel, trade and business operations; (ii) the competitiveness and market acceptance of our LED lighting, control and UVCD technologies, services and products; (iii) our ability to compete effectively against companies with lower prices or cost structures, greater resources, or more rapid development capabilities, and new competitors in our target markets; (iv) our ability to extend our product portfolio into consumer products; (v) our ability to realize the expected novelty, disinfection effectiveness, affordability and estimated delivery timing of our UVCD products and their appeal compared to other products; (vi) our ability to increase demand in our targeted markets and to manage sales cycles that are difficult to predict and may span several quarters; (vii) the timing of large customer orders, significant expenses and fluctuations between demand and capacity as we invest in growth opportunities; (viii) our ability to successfully scale our network of sales representatives, agents, distributors and other channel partners to compete with the sales reach of larger, established competitors; (ix) our ability to implement plans to increase sales and control expenses; (x) our reliance on a limited number of customers for a significant portion of our revenue, and our ability to maintain or grow such sales levels; (xi) our ability to add new customers to reduce customer concentration; (xii) our need for additional financing in the near term to continue our operations; (xiii) our ability to refinance or extend maturing debt on acceptable terms or at all; (xiv) our ability to continue as a going concern for a reasonable period of time; (xv) our ability to attract and retain a new chief executive officer (“Chief Executive Officer”); (xvi) our ability to attract, develop and retain qualified personnel, and to do so in a timely manner; (xvii) our reliance on a limited number of third-party suppliers and research and development partners, our ability to manage third-party product development and obtain critical components and finished products from such suppliers on acceptable terms and of acceptable quality despite ongoing global supply chain challenges, and the impact of our fluctuating demand on the stability of such suppliers; (xviii) our ability to timely, efficiently and cost-effectively transport products from our third-party suppliers to our facility by ocean marine and other logistics channels despite global supply chain and logistics disruptions; (xix) the impact of any type of legal inquiry, claim or dispute; (xx) the inflationary or deflationary general economic conditions in the United States and in other markets in which we operate or secure products, which could affect our ability to obtain raw materials, component parts, freight, energy, labor, and sourced finished goods in a timely and cost-effective manner; (xxi) our dependence on military maritime customers and on the levels and timing of government funding available to such customers, as well as the funding resources of our other customers in the public sector and commercial markets; (xxii) business interruptions resulting from geopolitical actions, including war and terrorism, natural disasters, including earthquakes, typhoons, floods and fires, or from health epidemics, or pandemics or other contagious outbreaks; (xxiii) our ability to respond to new lighting and air disinfection technologies and market trends; (xxiv) our ability to fulfill our warranty obligations with safe and reliable products; (xxv) any delays we may encounter in making new products available or fulfilling customer specifications; (xxvi) any flaws or defects in our products or in the manner in which they are used or installed; (xxvii) our ability to protect our intellectual property rights and other confidential information, and manage infringement claims made by others; (xxviii) our compliance with government contracting laws and regulations, through both direct and indirect sale channels, as well as other laws, such as those relating to the environment and health and safety; (xxix) risks inherent in international markets, such as economic and political uncertainty, changing regulatory and tax requirements and currency fluctuations, including tariffs and other potential barriers to international trade; (xxx) our ability to maintain effective internal controls and otherwise comply with our obligations as a public company; and (xxxi) our ability to maintain compliance with the continued listing standards of The Nasdaq Stock Market. For additional factors that could cause our actual results to differ materially from the forward-looking statements, please refer to our most recent annual report on Form 10-K and quarterly reports on Form 10-Q filed with the Securities and Exchange Commission.

Investor Contact:
Brett Maas
(646) 536-7331

Planetary’s proprietary accelerated carbon removal tech stores carbon in oceans, while restoring ocean health and generating green hydrogen

DARTMOUTH, Nova Scotia--(BUSINESS WIRE)--Today Planetary Technologies, the first climate technology company to remove carbon using direct ocean capture while creating renewable fuel and restoring ocean damage from climate change, announced it has raised $7.8 million CAD. Planetary closed pre-seed and seed funding rounds at $4.2 million and received $3.6 million CAD through grant funding. Major investors include Innovacorp and Apollo Projects. Planetary will use the funding to build pilot facilities to deploy its proprietary carbon transition technology, which speeds up the earth’s natural process of removing carbon from the air and safely storing it in the ocean, the largest natural carbon sink on earth’s surface.

Founded in 2019, Planetary – formerly Planetary Hydrogen – is led by an international team of engineers and scientists that has developed a process to safely purify alkaline rocks remaining after mining, then add the alkalinity to the ocean, which rapidly enhances the ocean’s natural ability to draw out and permanently sequester carbon from the atmosphere. The additional alkalinity in oceans locally restores the damage caused by increased acidification due to climate change. The purifying of mining rock also produces clean hydrogen as a by-product, which can be used as a zero-carbon fuel.

“The global community agrees that we need a three-pronged approach to stop the harmful effects of climate change – adapt, reduce emissions and remove carbon – and Planetary’s process does all three, the most critical being our ability to remove carbon dioxide from the air,” said Mike Kelland, Planetary CEO. “Carbon removal will be a trillion-dollar industry by 2050, and Planetary is leading the way by creating a safe, scalable and natural solution to slow climate change and even reverse some of the damage already done.”

Planetary’s approach to ocean carbon dioxide removal is unique in the following ways.

• Carbon dioxide is removed from the atmosphere up to gigaton scale and sequestered for tens of thousands of years.
• By essentially giving the ocean an antacid, the process can help heal local marine ecosystems harmed by climate change, improving natural growth in animals like coral and shellfish, leading to a better functioning food chain and a healthier regional economy.
• Planetary’s process also creates green hydrogen as a by-product, which can be burned without carbon emissions, allowing carbon challenged industries to limit their use of fossil fuel.
• It also extracts metals from mine waste that can be used in batteries, another important tool for a future low-carbon economy.

This funding will support the launch of Planetary’s pilot plants in Quebec and Nova Scotia, which will demonstrate a scaled version of its patented carbon removal process. The pilot plants will come online in phases beginning later this year and will be integrated with a major oceans research project in coordination with local partners to continually monitor the chemical and biological effects, and fine-tune Planetary’s process.

Planetary is currently selling 3,000 carbon credits with retirement dates of 2025-2027. The company has previously pre-sold carbon credits to Shopify, a leading provider of essential internet infrastructure for commerce, based on carbon removal to be generated by Planetary's pilot plant later this year.

"At full-scale, Planetary’s technology will be a game-changer in reversing climate change," said Shopify's Head of Sustainability Stacy Kauk. “We are confident in Planetary’s trajectory and proud to support this entrepreneurial, tech-driven company through our Sustainability Fund, and we hope other companies will join our efforts to help scale carbon removal."

Planetary’s academic research partners include the University of Dalhousie and University of Miami Basico₂ project, an XPRIZE Carbon Removal Student Award Winner. Based on the research of biogeochemist and Planetary Chief Technology Officer Dr. Greg Rau, Planetary’s carbon dioxide removal technology accelerates the earth’s natural carbon cycle, pulling carbon from the air and storing it as a natural component of ocean chemistry for up to 100,000 years.

“Our unique technology has created a way for businesses to genuinely remove carbon from the atmosphere and speed their transition to net-zero,” said Brock Battochio, Planetary co-founder. “By providing the additional benefits of green fuels and restoring ocean health, our technology offers far greater value and impact compared to other approaches.”

Planetary is also testing its carbon transition platform with Brazilian Nickel PLC, a UK-based sustainable nickel and cobalt mining company. Using its technology Planetary is working with Brazilian Nickel to assist Brazilian Nickel on its decarbonization path.

“Everywhere we operate, we’re committed to helping create stronger, more sustainable communities and Planetary is helping us do that,” said Anne Oxley, Technical Director at Brazilian Nickel PLC. “We’re excited to grow this innovative work with them and take meaningful action against climate change.”

Planetary has been recognized for its leadership in climate technology, receiving the OceanShot award from the Ocean Startup Project. The United Nations’ Blue Climate Initiative named Planetary as a semi-finalist for its Ocean Innovation Prize. Foresight Canada calls Planetary one of the most investable cleantech ventures. Planetary Co-Founder Brock Battochio was also named to Forbes’ 2022 30 under 30 Energy List.

About Planetary Technologies

Planetary Technologies, Inc. is a carbon removal leader and innovator headquartered in Nova Scotia, Canada. Planetary’s Accelerated Carbon Transition platform is a patented process that creates effective carbon removal at a gigaton-scale and reduces emissions through a clean alternative to fossil fuels. The company’s platform results in permanently sequestered carbon through Ocean Air Capture, ocean de-acidification and clean hydrogen. Planetary is a graduate of the StartupYard accelerator by Innovacorp, the Cycle Momentum accelerator, and the Canadian Technology Accelerator, was a member for the first Carbon to Value Initiative cohort and is currently enrolled in Creative Destructions Lab’s 2022 Ocean cohort.

Chris Wilson
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317.919.2601

Chemergy, EVA, and Novamera join the industrial scaling program

HOUSTON--(BUSINESS WIRE)--Halliburton Labs today announced its next group of companies selected to participate in its collaborative environment to advance and scale cleaner, affordable energy. Chemergy, EVA, and Novamera will receive access to a broad range of industrial capabilities, technical expertise, and global network connections to scale their respective businesses.

“We are excited to help accelerate three innovative companies that emerged from our recent Finalists Pitch Day,” said Dale Winger, managing director of Halliburton Labs. “We will work closely with these founders and their teams to achieve strategic, operational, and financial milestones with the most efficient use of their time and capital. In less than two years, we’ve established productive new relationships with fifteen companies scaling solutions across a breadth of markets to expand our understanding of new value chains.”

Chemergy builds solutions to solve environmental and energy challenges. Its patented HyBrTec process is designed to convert wet organic and plastic wastes into green hydrogen, thereby eliminating the liability and consequences of the wastes by converting them into fuel. “We see a great opportunity to collaborate with Halliburton Labs’ industrial experience to ensure our systems can be installed and operated safely in communities to solve waste disposal issues, improve resiliency and sustainability, and produce cleaner fuel locally,” said Melahn Parker, president of Chemergy.

EVA is enabling scalability for the drone industry with its ground infrastructure and operating system solutions. With a presence on four continents, EVA’s drone-agnostic stations help customers perform inspections, make deliveries, recharge, and monitor remote operations without local manpower. “The Halliburton Labs ‘scalerator’ model comes at the right time for EVA as we accelerate commercialization. We’re excited about the ways Halliburton’s global market and industrial expertise will accelerate our trajectory,” said Olivier Le Lann, founder and CEO.

Novamera has developed a guidance technology that enables climate smart, surgical mining and unlocks value in certain mineral deposits found worldwide that are otherwise uneconomic due to their small scale and geometry. The company’s proprietary navigation tools and software work in conjunction with conventional large-diameter drilling equipment to extract ore and leave excess waste in the ground. Novamera Co-founder and CEO Dustin Angelo said, “We are pleased to join Halliburton Labs’ accelerator program. Their engineering expertise and business experience will help us accelerate the development of our technology and scale our business to bring a more sustainable method of mining to the world.”

Separately, Halliburton Labs is now accepting applications for its next group of participants. Applications are accessible via the Halliburton Labs website and are due by April 22, 2022, for the May 20 Finalists Pitch Day. Register here to attend the virtual Finalists Pitch Day.

ABOUT HALLIBURTON LABS

Halliburton Labs is a collaborative environment where entrepreneurs, academics, investors, and industrial labs join to advance cleaner, affordable energy. Located at Halliburton Company’s headquarters in Houston, Texas, Halliburton Labs provides access to world-class facilities, operational expertise, practical mentorship, and financing opportunities in a single location to help participants scale their business. Visit the company’s website at www.halliburtonlabs.com. Connect with Halliburton Labs on Twitter, LinkedIn and Instagram. Halliburton Labs is a wholly owned subsidiary of Halliburton Company (NYSE: HAL).

For Investors:
David Coleman
Investor Relations
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281-871-2688

For News Media:
Emily Mir
External Affairs
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281-871-2601

DALLAS--(BUSINESS WIRE)--Pioneer Natural Resources today announced $20 million in humanitarian aid to relief organizations operating in Ukraine and the surrounding region.

Chief Executive Officer, Scott D. Sheffield stated, “The death and destruction along with the displacement of millions of Ukrainians caused by Russia’s unprovoked invasion requires assistance from both governments across the world and the global business community. Pioneer and our employees are proud to support our friends in Ukraine. We sincerely hope to see the conflict end as quickly as possible, and our thoughts are with all those impacted.”

Pioneer is a large independent oil and gas exploration and production company, headquartered in Dallas, Texas, with operations in the United States. For more information, visit Pioneer’s website at www.pxd.com.

Pioneer Natural Resources Company Contacts:

Investors
Neal Shah - 972-969-3900
Tom Fitter - 972-969-1821
Greg Wright - 972-969-1770
Chris Leypoldt - 972-969-5834

Media and Public Affairs
Tadd Owens - 972-969-5760

MELBOURNE, Australia--(BUSINESS WIRE)--With a range of recent wins and upgrades among customers in Finland and Sweden, Hansen Technologies (ASX:HSN) continues to solidify its position as a valued partner for automated energy trading for Nordic energy leaders and the software and solutions provider of choice for the energy and utilities industry around the globe.

In the period spanning October to December 2021, Hansen signed new agreements with Fortum, Power-Deriva, Tampereen Sähkölaitos, Kemijoki Oy, Jämtkraft and Vantaa Energy, leveraging various modules within Hansen Trade. Under the terms of these respective agreements, Hansen Trade will enhance the ability of these companies’ efforts in mFRR, aFRR, day-ahead and intraday trading operations.

These wins build on a wave of agreements that Hansen secured through 2021 for the deployment of several new modules within Hansen Trade, with Gasum, EPV Energia Oy, Malarenergi and Power-Deriva – underscoring the value of the solution in the modern energy transition, across marketplaces, and at a time when energy and utilities companies are reassessing their long-term digital transformation goals.

Run as a modular, cloud-based SaaS solution and optimised for real-time calculation, Hansen Trade fully meets the flexibility and scalability demands of the evolving energy trading market. Hansen Trade is the ultimate solution for automated trading, enabling energy companies to optimise the usage of their flexible production assets, minimise their balance error and reduce the costs of running a 24/7 trading desk.

Guy Tennant, Chief Technology Officer, Hansen Technologies, commented: “With more than fifty years of product and service excellence behind us, we are proud to provide our customers with holistic solutions and competitive advantages that enable them to optimise critical business operations and successfully navigate a rapidly changing environment. The markets we serve are constantly subject to a great degree of change and what our customers need is the automation of critical business operations, with a modern and robust trading solution. Hansen is deploying the latest in modular and SaaS-based software to meet the needs of today’s modern energy companies. As an automated, SaaS solution that helps in streamlining trading strategy for energy and utilities players in the region, Hansen Trade allows organisations to free up valuable resources to focus on more impactful tasks – positioning them to navigate the complexity of an industry in flux.”

For further information about Hansen Technologies, please visit www.hansencx.com.

About Hansen Technologies

Hansen Technologies (ASX: HSN) is a leading global provider of software and services to the energy, water and communications industries. With its award-winning software portfolio, Hansen serves 600+ customers in over 80 countries, helping them to create, sell and deliver new products and services, manage and analyse customer data, and control critical revenue management and customer support processes.
For more information, visit www.hansencx.com

Adnan Bashir
Senior Manager, Global Corporate Communications
Hansen Technologies
+1 647-204-0999

DENVER--(BUSINESS WIRE)--Civitas Resources, Inc. (“Civitas,” or “the Company”) today announced a pledge of $10 million in humanitarian aid to Ukrainians and refugees impacted by the Russian invasion of Ukraine.

Ben Dell, Civitas Chairman and Interim Chief Executive Officer, commented, “The tragic events still unfolding in Ukraine have created unimaginable suffering for millions of people, and our hearts go out to those whose lives have been upended by violence. As Civitas is committed to responsible global citizenship, we feel compelled to provide resources to those most impacted by the senseless invasion of Ukraine. We hope for an immediate end to this conflict.”

Funding will be distributed to numerous charitable organizations associated with immediate refugee assistance for displaced Ukrainians as well as other peaceful humanitarian efforts.

About Civitas Resources, Inc.

Civitas Resources, Inc. is Colorado’s first carbon neutral oil & gas producer and is focused on developing and producing crude oil, natural gas and natural gas liquids in Colorado’s Denver-Julesburg Basin. The Company is committed to pursuing compelling economic returns and cash flow while delivering best-in-class cost leadership and capital efficiency. Civitas is dedicated to safety, environmental responsibility, and implementing industry leading practices to create a positive local impact. For more information about Civitas, please visit www.civiresources.com.

Steven Emmen
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UL 2580 listings have been granted for Sunlight’s Li.ON FORCE product range, whilst continuing close collaboration for the certification of new products

ATHENS, Greece--(BUSINESS WIRE)--#SunlightGroup--Sunlight Group Energy Storage Systems, the global technology company and producer of integrated and innovative industrial, off-road and commercial energy storage solutions, announces it has received UL 2580 listings for Li.ON FORCE, its lithium-ion motive power range, whilst continuing its close collaboration with Underwriters Laboratories (UL) for the certification of new products.

Underwriters Laboratories (UL) is a global safety certification company that delivers Testing, Inspection, and Certification (TIC) training and advisory services worldwide. Now a trusted partner of Sunlight Group, UL aims to promote safety for a sustainable future and for innovative products and components to be launched with confidence and assurance.

Working in collaboration with UL, Sunlight Group’s lithium-ion batteries are reviewed at each stage of their lifecycle to verify safety and security and ensure high product quality. Additionally, the UL certification confirms that the company’s end-product testing meets functional safety assessments. As a result of this close collaboration, Sunlight Group is able to secure UL certification through a regular audit process, while its Testing & Certification Lab is also forming its operations towards IEC/ISO 17025 accreditation.

The Lab is equipped with optimal instrumentation to ensure the quality and reliability of Sunlight Group products, in accordance with various international standards and internal guidelines. The excellent performance and accuracy of the in-house testing is demonstrated not only in the UL certification obtained for Sunlight batteries, but also by the fact that due to COVID-19 protocols the testing was conducted virtually, with UL witnessing and auditing the critical parts remotely.

Commenting on the certification, Dr. Nikolaos Tsiouvaras, R&D Director at Sunlight Group, stated: “Our collaboration with UL and the listings obtained are a testament of the top-quality work we perform at our Testing & Certification Lab and our $11 million investment in total for both lithium-ion and lead-acid products. The UL 2580 certification is the ultimate assurance to our customers across the globe that our products are not only highly innovative and competitive, but also of the highest safety standards – further evidence of Sunlight’s mission to power the extraordinary journey towards a cleaner future in a safe and effective manner.”

Backed by three decades of experience and 12 years in dedicated R&D, particularly lithium, Sunlight Group’s innovative products are exported to more than 100 countries including the US, where Sunlight Batteries USA Inc., its largest assembly hub is based. The company recently announced a $115 million R&D project for the development of specialized and innovative applications in the lithium-ion battery value chain, as well as advanced and sustainable energy storage systems.

About Sunlight Group Energy Storage Systems

Sunlight Group is a Greece-based technology company with a global reach, member of the Olympia investment Group. It has 30+ years of experience in energy storage, specializes in integrated and innovative solutions, invests in capacity expansion and R&D, and offers a solid portfolio of lithium-ion and lead-acid products for various applications. This includes the new range of lithium-powered motive (Sunlight Li.ON FORCE), semi-traction (Sunlight ElectroLiFe) and reserve (Sunlight Li.ON ESS) batteries, as well Sunlight’s cloud-based platform, GLocal, and smart Battery Monitoring System, KnoWi. Sunlight’s industrial batteries and energy storage systems are exported to 100+ countries. The company runs state-of-the-art production plants and facilities in Greece, Italy, and the USA – the latter, Sunlight Batteries USA, located in Greensboro, North Carolina.

For additional information or to arrange an interview, please contact:
Jo Hooke
Gong Communications
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+44 20 7935 4800

HOUSTON--(BUSINESS WIRE)--Ranger Energy Services, Inc. (NYSE: RNGR) (“Ranger” or the “Company”) announced today its results for its fiscal quarter ended December 31, 2021.

– Completed the Basic Energy asset transaction recognizing a gain on purchase of $48 million

– Revenue grew 51% sequentially, driven by inorganic growth

– Amended reporting segments post acquisitions

Consolidated Financial Highlights

Quarterly revenues of $123.1 million increased $41.4 million, or 51%, from $81.7 million in Q3. The revenue increase is attributable to the High Specification Rigs and Processing Solutions and Ancillary Services reporting segments.

Net income of $24.4 million increased $33.5 million from a net loss of $9.1 million in Q3. Net income growth was driven by a $37.2 million bargain purchase gain related to the Basic Energy Asset Acquisition (“Basic Acquisition”).

Adjusted EBITDA⁽¹⁾ of $9.1 million increased $7.2 million from $1.9 million in Q3. The increase was driven by increased profit margins attributable to the High Spec Rigs and Processing Solutions and Ancillary Services reporting segments.

CEO Comments

Stuart Bodden, the Company’s Chief Executive Officer, stated “We are particularly excited to share the results of our 4th quarter with you. This being the first quarter which incorporates the full contribution of both our wireline acquisitions completed mid-year and the Basic transaction which closed at the start of the 4^th quarter.

Like everyone, we are experiencing increased demand for our services and better pricing. However, supply chain and labor issues persist, and attracting new labor into the industry, in particular, remains a challenge. That said, we believe Ranger is set up for a very strong 2022.

The High Spec Rigs business continues to perform in-line with our aggressive expectations. We have become the clear market leader, demand for our services is increasing, and we have been successful in increasing price and leveraging the performance of our hi-spec rig fleet.

The Wireline business has a more competitive landscape, however both pricing and operational performance are now showing improvements. We can now see a clear path to a successful second half of the year, both from a demand and a pricing perspective.

The legacy business lines embedded in our new Processing Solutions and Ancillary Services segment were already material, successful businesses in their own right. The Basic acquisition brought several new lines of business to this segment and we have now evaluated each of these businesses for fit. We have decided not to sell any of these businesses at this time, as on review, we now believe they are all capable of generating solid returns with growth prospects beyond what we experienced in Q4 2021.

On the heels of our acquisitions, we are changing our reporting lines to provide greater transparency into our primary service lines. Our three reporting segments are now Hi-Spec Rigs, Wireline, and Processing Solutions and Ancillary Services. The High Spec Rigs segment carries over unchanged in composition and includes our production and completion related well servicing work. The Wireline segment includes production and completion related wireline work. And the Processing Solutions and Ancillary Services segment now includes our Torrent gas processing services, Coiled Tubing, Plugging and Abandonment and related Cementing Services, Rentals, and Fishing Tools.

Looking forward to Q1 of this year, we are anticipating revenue of approximately $120 million with an exit run rate of $130 million. Across the entire year, we are now expecting the pattern of margin and EBITDA development to be more weighted to the back half of 2022 than originally anticipated. For full year 2022, we expect revenues to fall within a range of $520 million - $560 million, an increase from our previous guidance of $450 million - $500 million. We expect full year EBITDA margins to range between 11% and 13% while still targeting a 15% EBITDA run rate target by year end for the company as a whole.

Finally, I will note that excess asset divestitures are on plan with a total of $8 million of already completed with expected total sales of more than $20 million.”

Business Segment Financial Results

High Specification Rigs

High Specification Rigs segment revenue increased by $29.6 million to $59.5 million in Q4 from $29.9 million in Q3 2021. The rig hours increased to 111,600 hours in Q4 from 51,200 hours in Q3. The increase in rig hours was partially offset by a decrease of $51, or 9%, in the hourly average rig rate to $533 in Q4 from $584 in Q3. Decrease in hourly average rig rate was primarily driven by the addition of the rigs acquired as part of the Basic acquisition.

Operating income increased by $0.2 million to $0.9 million in Q4 from $0.7 million in Q3. Adjusted EBITDA increased 83%, or $4.0 million, to $8.8 million in Q4 from $4.8 million in Q3. The increase in operating income and Adjusted EBITDA was driven by increased profit margins associated with the Basic rig assets.

Wireline Services

Wireline Services segment revenue decreased by $0.6 million to $44.8 million in Q4 from $45.4 million in Q3 2021. The decrease in revenue was primarily attributable to a decline of 1,500 completed stage counts from 11,400 in Q3 to 9,900 in Q4 for completion services.

Operating loss increased $1.7 million to a loss of $3.0 million in Q4 from a loss of $1.3 million in Q3. Adjusted EBITDA increased $1.0 million, to $1.0 million in Q4 from a break-even point in Q3. The increase in operating loss and decrease in Adjusted EBITDA was driven by decreased profit margins within the completions business, attributable to the reduction in revenues as described above.

Processing Solutions and Ancillary Services

Processing Solutions and Ancillary Services segment revenue increased by $12.4 million to $18.8 million in Q4 from $6.4 million in Q3 2021. The increase in revenue was due to the acquisition of Basic assets, which attributed to approximately $8.5 million of the increase.

Operating income increased $2.4 million to income of $2.4 million in Q4 from a break-even point in Q3. Adjusted EBITDA increased 140%, or $2.1 million, to $3.6 million in Q4 from $1.5 million in Q3. The increase in operating income and increase in Adjusted EBITDA was driven by increased gross profit margins associated with the assets purchased in the Basic Acquisition.

Liquidity

We ended the quarter with $18.6 million of liquidity, consisting of $18.0 million of capacity available on our revolving credit facility and $0.6 million of cash. The Q4 cash ending balance of $0.6 million compares to $2.8 million at the end of Q3 2021.

Debt

We ended Q4 with aggregate net debt of $85.0 million, an increase of $14.9 million, as compared to $70.1 million at the end of Q3. The increase is attributable to a $15.0 million term loan. The term loan was utilized for general business needs subsequent to the closing of the Basic Acquisition.

We ended Q4 with aggregate adjusted net debt⁽¹⁾ of $72.3 million, an increase of $15.0 million, as compared to $57.3 million at the end of Q3. Of our total debt balance we consider $34.5 million to be term debt.

We had an outstanding balance on our revolving credit facility of $27.0 million at the end of Q4 compared to $29.7 million at the end of Q3.

Conference Call

The Company will host a conference call to discuss its Q4 2021 results on March 18, 2022 at 8:30 a.m. Central Time (9:30 a.m. Eastern Time). To join the conference call from within the United States, participants may dial 1-833-255-2829. To join the conference call from outside of the United States, participants may dial 1-412-902-6710. When instructed, please ask the operator to join the Ranger Energy Services, Inc. call. Participants are encouraged to login to the webcast or dial in to the conference call approximately ten minutes prior to the start time. To listen via live webcast, please visit the Investor Relations section of the Company’s website, http://www.rangerenergy.com.

An audio replay of the conference call will be available shortly after the conclusion of the call and will remain available for approximately seven days. It can be accessed by dialing 1-877-344-7529 within the United States or 1-412-317-0088 outside of the United States. The conference call replay access code is 10161479. The replay will also be available in the Investor Resources section of the Company’s website shortly after the conclusion of the call and will remain available for approximately seven days.

About Ranger Energy Services, Inc.

Ranger is an independent provider of well service rigs and associated services in the United States, with a focus on unconventional horizontal well completion and production operations. Ranger also provides services necessary to bring and maintain a well on production.

Cautionary Statement Concerning Forward-Looking Statements

Certain statements contained in this press release constitute “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements represent Ranger’s expectations or beliefs concerning future events, and it is possible that the results described in this press release will not be achieved. These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ranger’s control that could cause actual results to differ materially from the results discussed in the forward-looking statements.

Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ranger does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ranger to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in our filings with the Securities and Exchange Commission. The risk factors and other factors noted in Ranger’s filings with the SEC could cause its actual results to differ materially from those contained in any forward-looking statement.

RANGER ENERGY SERVICES, INC.
SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES
(UNAUDITED)

Note Regarding Non‑GAAP Financial Measure

The Company utilizes certain non-GAAP financial measures that management believes to be insightful in understanding the Company’s financial results. These financial measures, which include Adjusted EBITDA and Adjusted Net Debt, should not be construed as being more important than, or as an alternative for, comparable U.S. GAAP financial measures. Detailed reconciliations of these Non-GAAP financial measures to comparable U.S. GAAP financial measures have been included below and are available in the Investor Relations sections of our website at www.rangerenergy.com. Our presentation of Adjusted EBITDA and Adjusted Net Debt should not be construed as an indication that our results will be unaffected by the items excluded from the reconciliations. Our computations of these Non-GAAP financial measures may not be identical to other similarly titled measures of other companies.

Adjusted EBITDA

We believe Adjusted EBITDA is a useful performance measure because it allows for an effective evaluation of our operating performance when compared to our peers, without regard to our financing methods or capital structure. We exclude the items listed above from net income or loss in arriving at Adjusted EBITDA because these amounts can vary substantially within our industry depending upon accounting methods, book values of assets, capital structures and the method by which the assets were acquired. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are reflected in Adjusted EBITDA.

We define Adjusted EBITDA as net income or loss before net interest expense, income tax provision or benefit, depreciation and amortization, equity‑based compensation, acquisition-related, severance and reorganization costs, gain or loss on disposal of assets, and certain other non-cash and certain items that we do not view as indicative of our ongoing performance.

The following tables are a reconciliation of net income or loss to Adjusted EBITDA for each of the three months ended during 2021. Additionally, the information being presented reflects the updated reporting segments.

Net Debt and Adjusted Net Debt

We believe Net Debt and Adjusted Net Debt are useful performance measures of liquidity, financial health and provides an indication of our leverage.

J. Brandon Blossman
Chief Financial Officer
(713) 935-8900
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HOUSTON--(BUSINESS WIRE)--Archaea Energy Inc. (“Archaea,” “the Company,” or “we”) (NYSE: LFG), an industry-leading renewable natural gas (“RNG”) company, today announced preliminary¹ financial and operating results for the fourth quarter and pro forma full year 2021.

FINANCIAL HIGHLIGHTS

• Revenue of $58.4 million and net equity investment income of $4.8 million for the three months ended December 31, 2021, and pro forma² revenue of $205.8 million and net equity investment income of $18.0 million for the twelve months ended December 31, 2021.
• Net income³ of $3.7 million for the three months ended December 31, 2021 and a pro forma net loss of $77.4 million for the twelve months ended December 31, 2021.
• Adjusted EBITDA⁴ of $16.4 million for the three months ended December 31, 2021, and pro forma Adjusted EBITDA of $76.1 million for the twelve months ended December 31, 2021. Pro forma Adjusted EBITDA for the twelve months ended December 31, 2021 was above the midpoint of the Company’s full year 2021 guidance range⁵.
• Produced and sold 1.53 million MMBtu of RNG for the three months ended December 31, 2021 and 5.72 million MMBtu of RNG on a pro forma basis for the twelve months ended December 31, 2021⁶. Pro forma RNG production sold for the twelve months ended December 31, 2021 exceeded the Company’s full year 2021 guidance⁵.
• Produced and sold 168 thousand MWh of electricity for the three months ended December 31, 2021, and 872 thousand⁷ MWh of electricity on a pro forma basis for the twelve months ended December 31, 2021⁶.
• Announced full year 2022 guidance including RNG production of 11.1–11.7 million MMBtu, electricity production of 850–950 thousand MWh, Adjusted EBITDA⁸ of $125–$145 million, and capital expenditures of $255–$285 million based on assumptions set forth herein.

RECENT STRATEGIC ACCOMPLISHMENTS

• Achieved development milestones for key landfill and dairy facilities:
  • Produced first pipeline-quality RNG and achieved commercial operations at our Assai facility in December 2021, completing the project on an industry-leading timeline of less than two years and within budget. The Assai facility, which is expected to reduce CO₂ emissions by over 200 thousand metric tons annually, is now the highest capacity operational RNG facility in the United States.
  • Produced first pipeline-quality RNG and achieved commercial operations at our Soares dairy digester facility in January 2022, successfully completing the first of four dairy projects within our 50%-owned Mavrix, LLC joint venture with BP Products North America Inc. and demonstrating that the Company’s capabilities extend to anaerobic digestion projects.
• Continued commercial success with multiple new long-term agreements with creditworthy partners, moving the Company closer to its goal of securing 70% of expected RNG production under long-term, fixed-price contracts:
  • Entered into a 21-year, fixed-price RNG purchase and sale agreement with Northwest Natural Gas Company (“NW Natural”), a subsidiary of NW Natural Holdings (NYSE: NWN), for the sale of Environmental Attributes⁹ related to up to one million MMBtu of RNG annually, beginning in 2022 and ramping up to the full annual quantity in 2025.
  • Entered into a 20-year, fixed-price RNG purchase and sale agreement with FortisBC Energy Inc. (“FortisBC”), a subsidiary of Fortis Inc. (NYSE: FTS), for the sale of up to approximately 7.6 million MMBtu of RNG annually, with sales expected to begin in 2022 and ramping up to the full annual quantity in 2025.
  • Including these agreements, contracted RNG volumes under executed long-term, fixed-price agreements total approximately 45% of estimated long-term annual RNG production¹⁰.
• Expanded our backlog of high-quality RNG development projects to 38 projects for which we have gas rights agreements in place:
  • During the fourth quarter, we entered into a new joint venture, and the joint venture acquired gas rights at two locations to develop RNG facilities, with expected combined flows of approximately 4,250 net standard cubic feet per minute (“scfm”) of landfill gas to the RNG facilities following completion.
  • Year-to-date 2022, entered into gas rights agreements to develop RNG facilities at two sites and acquired a landfill gas to electric project with RNG development rights, which are located on sites with total expected combined flows of approximately 4,500 net scfm of landfill gas to the RNG facilities following completion.
  • We expect to obtain gas development rights for an additional 10 landfill gas to RNG projects during 2022 from our growing pipeline of high-probability development opportunities.
• Made several key appointments to our leadership and management teams, including two key executive roles:
  • Appointed Brian McCarthy, Archaea’s Co-Founder and Chief Investment Officer (“CIO”), into an expanded role as Interim Chief Financial Officer, to oversee the Company’s financial operations and strategy during the Company’s search for a permanent Chief Financial Officer.
  • Appointed Edward P. Taibi as General Counsel and Executive Vice President (“EVP”) Strategic Initiatives and Government Affairs to lead the company’s legal and risk management functions and support the Company’s strategic development efforts.

CEO COMMENTARY

“I’m proud of the financial and operational results we delivered for 2021, driven by the extraordinary hard work and dedication of the Archaea team,” said Nick Stork, Archaea’s Co-Founder and Chief Executive Officer. “Mitigating the impacts of climate change requires tackling the problem of methane, and Archaea is a leader in transforming landfill emissions into non-intermittent renewable energy, which drives decarbonization and air quality improvement and displaces fossil natural gas. Our partnerships with landfill owners, underpinned by the stability of cash flows from our long-term commercial contracts, create a sustainable and multi-decade solution that supports environmental and social progress, especially for our projects’ neighbors. Our team has never been more unified in our mission, and our ownership mentality, entrepreneurial drive, and unparalleled gas processing excellence enable us to rise to the challenge of our time.”

“In the span of only a few months, we achieved critical construction and commercial milestones while expanding our project backlog, successfully merging two private companies, completing a complex de-SPAC transaction, and building our public company functions to support our rapidly growing business. We achieved commercial operations at our Assai facility, the highest capacity operational RNG facility in the U.S., in under two years, a timeline much shorter than industry averages. Completing Assai successfully, early, and within budget is a huge testament to the strength of our in-house technical and project development professionals. We continued this momentum into early January and showcased the breadth of our team’s capabilities across biogas sources when we achieved commercial operations at our first dairy RNG facility.”

“We matched these developmental milestones with noteworthy commercial and strategic milestones. Our long-term agreement with NW Natural, announced in November, highlights our ability to tailor contract structures to meet our customers’ needs, in this case utilizing the Environmental Attributes associated with our low-carbon RNG. Our recently announced long-term agreement with FortisBC, which recently received all necessary regulatory approvals, further strengthens and expands our existing partnership, and we believe this new contract is the largest RNG supply contract signed to date. We look forward to continuing our long-term partnerships with NW Natural and FortisBC as we help them achieve their decarbonization and sustainability goals. Even more, we are proud to link their customers, including homeowners and businesses, to the good we do at our RNG facilities.”

“Looking toward the remainder of 2022, I am especially proud of our plan to implement the Archaea V1 plant design. We expect V1 to transform the RNG industry by bringing a differentiated modularization and manufacturing approach to project design. V1 is expected to reduce construction timelines and enhance project economics, with world-class specs on methane recovery and uptime. Meanwhile, V1’s modularity has allowed us to preorder equipment in bulk, locking in key costs that would otherwise be subject to inflationary prices. Visibility into our costs is a key strategic advantage for Archaea and ultimately benefits the communities we serve, our commercial partners, and our landfill partners.”

“Finally, we will continue to proactively capture as many of the remaining economically attractive RNG development opportunities in the U.S. as possible, acting quickly to cement our market leading position and build the biggest backlog in the industry amid increasing competition for attractive opportunities. We believe that Archaea technology and the V1 plant design together make Archaea the optimal partner for both landfill site owners and RNG customers.”

SUMMARY AND REVIEW OF FINANCIAL RESULTS

The following results for the three months ended December 31, 2021 are presented on an actual (historical) basis, and full year 2021 results are presented on a pro forma basis.

RNG production sold for the three and twelve months ended December 31, 2021 was positively impacted by production from our Boyd County facility, which became operational in April 2021. Electricity production sold for the three and twelve months ended December 31, 2021 was positively impacted by the acquisition of PEI Power LLC in April 2021 and the acquisition of four additional LFG to renewable electricity facilities in October 2021.

Revenues and equity investment income, net for the three and twelve months ended December 31, 2021 were positively impacted by strong market pricing of Environmental Attributes, natural gas, and electricity.

Net income for the three months ended December 31, 2021 was primarily driven by strong market pricing, partially offset by increased general and administrative expenses related to scaling headcount for the future growth of our business, additional costs related to operating as a public company, and due to the timing of certain public company costs incurred.

Pro forma net loss for the twelve months ended December 31, 2021 was primarily driven by a loss from change in fair value of warrant derivatives in the amount of $110.2 million, non-recurring costs primarily related to our business combination transactions, and increased general and administrative expenses, partially offset by non-recurring gains related to the sale of LES Project Holdings LLC (“LESPH”), including a gain on the extinguishment of debt in the amount of $61.4 million and a gain on the disposal of assets in the amount of $1.3 million, as well as strong market pricing.

Non-recurring costs, which primarily consisted of transaction costs related to our business combinations, totaled approximately $0.3 million and $22.7 million for the three and twelve months ended December 31, 2021, respectively.

Adjusted EBITDA for the three and twelve months ended December 31, 2021 was positively impacted by strong market pricing of Environmental Attributes, natural gas, and electricity, partially offset by increased general and administrative expenses as described above.

CAPITAL STRUCTURE AND LIQUIDITY

As of December 31, 2021, our liquidity position was $328.9 million, consisting of cash and cash equivalents of $77.9 million, restricted cash of $15.2 million, and, after taking into consideration our outstanding letters of credit, $235.8 million of available borrowing capacity under our revolving credit facility.

We expect to fund our development plan and related capital expenditures through the utilization of existing sources of liquidity and reinvestment of expected cash flows from our operations. We may also opportunistically access the debt capital markets from time to time to fund a portion of our development plan and related capital expenditures, to provide additional capital for acquisitions or incremental development projects, or for general corporate purposes.

Capital Investments

Cash used in investing activities totaled $107.2 million for the three months ended December 31, 2021. We had additions to property, plant and equipment of $51.3 million, primarily related to the procurement of components and equipment for projects under development and the development of our Assai facility. We also acquired certain assets for a total of $30.3 million, acquired certain biogas rights for $7.6 million, and contributed $18.1 million into our equity method investments.

Cash used in investing activities for the twelve months ended December 31, 2021 totaled $242.0 million on a pro forma basis, excluding the acquisition of Aria. We had additions to property, plant and equipment of $141.8 million on a pro forma basis, primarily related to the development of our Assai and Boyd County RNG facilities and procurement of components and equipment for projects under development. Additionally, we acquired certain assets for a total of $61.8 million, acquired certain biogas rights for $7.8 million, and contributed $30.6 million into our equity method investments on a pro forma basis.

Redemption of Warrants

In November 2021, we issued a notice to warrant holders to redeem the approximately 11.9 million outstanding public warrants and 250 thousand warrants that were issued in a private placement (collectively, the “Redeemable Warrants”). Prior to the redemption deadline on December 6, 2021, 9.4 million Redeemable Warrants were exercised for cash, generating $107.7 million of proceeds to the Company which were then used to repurchase 6.1 million shares of our Class A common stock from Aria Renewable Energy Systems LLC at a pre-negotiated price of $17.65 per share. Additionally, 2.7 million Redeemable Warrants were exercised on a cashless basis in exchange for an aggregate of 1.0 million shares of our Class A common stock. The net result of the redemption and related exercises of Redeemable Warrants, combined with the net repurchase of shares, was a net Class A and Class B common share count increase of 4.2 million and elimination of the 12.1 million Redeemable Warrants.

2022 FULL YEAR GUIDANCE AND DEVELOPMENT PLAN

We are providing the following financial and operational guidance for full year 2022. All guidance is current as of the published date and is subject to change.

Our production guidance is based on current performance of our operating assets, operating efficiency improvements expected to be implemented during 2022, and incremental production expected from the completion of projects in our 2022 development plan. We expect to sell approximately 5.5 million MMBtu, or approximately 50% of our expected 2022 RNG production sold, under our existing long-term, fixed-price contracts. Maximum volumes which can be sold under our existing long-term contracts total 7.4 million MMBtu for 2022.

Additionally, as of March 15, 2022, we have forward sold 15.9 million RINs expected to be generated in 2022 at an average price of $3.13 per gallon, equivalent to an average price of $36.67 per MMBtu on approximately 1.4 million MMBtu of RNG production¹¹. RINs forward sold under these agreements total more than 20% of expected RIN generation from uncontracted RNG volumes in 2022.

Within our 2022 Adjusted EBITDA guidance range, we have assumed RIN prices of $2.00 to $2.50 per gallon ($23.45 to $29.32 per MMBtu) for uncontracted volumes in excess of the volumes forward sold. We have also assumed general and administrative expenses of approximately $45 million.

Within our capital expenditures projection, we plan to complete 20 projects in 2022, including 10 optimizations of existing RNG facilities and 10 new build projects expected to be placed into service. At the midpoint of our guidance range, we expect capital investments of approximately $130 million in projects expected to be placed into service in 2022, approximately $70 million in projects expected to be completed in future years, approximately $40 million in acquisition capital, approximately $25 million in development capital for initiatives including carbon sequestration and on-site solar projects, and approximately $5 million in maintenance capital.

For RNG projects expected to be completed in 2022, we expect the following impacts to our financial and operating results:

* Estimated incremental annualized production and Adjusted EBITDA after projects are completed and ramped to full flows. Estimated incremental annualized Adjusted EBITDA assumes fixed-price volumes sold under existing long-term contracts and a $1.50/gallon D3 RIN price on uncontracted volumes post-2022.
** Includes new RNG plants expected to be built at electric sites and greenfield sites.

We expect total incremental RNG production of 1.95 million MMBtu in 2022 and corresponding incremental EBITDA of $21 million in 2022 as a result of completion of projects in our 2022 development plan. Upon completion of projects and commencement of operations, we expect a ramp up period of one month on average for optimization projects and several months on average for new build RNG projects to reach full expected production levels. Additionally, there is generally a multi-month lag in the generation and monetization of Environmental Attributes after a new RNG facility is placed into operation.

On a long-term basis, after projects in our development plan with expected 2022 completion dates are completed, ramped to full flows, and monetizing Environmental Attributes, we expect total incremental annualized RNG production of 6.95 million MMBtu and corresponding annualized incremental Adjusted EBITDA of approximately $90 million related to these projects.

2022 expected capital expenditures of $70 million, at the midpoint of guidance, for projects scheduled to be completed in future years relate primarily to orders of major equipment which have been placed, or are expected to be placed, to reduce risks to supply chain availability, timing, and pricing.

KEY APPOINTMENTS TO LEADERSHIP AND MANAGEMENT TEAMS

The Company recently appointed several new leadership and management team members, including Brian McCarthy in an expanded role as Interim Chief Financial Officer and CIO, Edward P. Taibi as General Counsel and EVP Strategic Initiatives and Government Affairs, Lawrence Ji as Senior Vice President (“SVP”) of Corporate Development, Mark Mannion as SVP of Finance, Olivia McNamara as Vice President (“VP”) of Health and Safety, and Chad Bellah in an expanded role as Principal Financial Officer in addition to his duties as Principal Accounting Officer.

As Interim Chief Financial Officer and CIO, Brian McCarthy will lead the Company’s financial operations and strategy as well as the Company’s commercial strategy, investments, and business development. Mr. McCarthy is a Co-Founder of Archaea, the architect of the Company’s long-term off-take partnerships, and served as Archaea’s Chief Financial Officer from January 2019 to May 2021. Mr. McCarthy will continue to drive Archaea’s vision forward by resuming his participation in the finance division with the Company’s newly added talent.

As General Counsel and EVP Strategic Initiatives and Government Affairs, Edward P. Taibi will lead the Company’s legal and risk management functions and support the Company’s strategic development efforts. Mr. Taibi has significant experience in corporate management, transaction structuring and execution, complex legal matters, and public company governance and regulatory matters. Mr. Taibi previously served as EVP for MacAndrews & Forbes Incorporated, a diversified holding company with a portfolio of investments across a wide range of industries, and as a mergers and acquisitions and corporate finance attorney for Skadden, Arps, Slate, Meagher & Flom LLP.

As SVP of Corporate Development, Lawrence Ji will be responsible for leading a wide array of initiatives within finance and corporate development for the Company. Mr. Ji brings a wealth of finance and energy experience including roles at Citadel and Magnetar Capital. Mr. Ji also previously held energy private equity and investment banking roles.

As SVP of Finance, Mark Mannion will be responsible for the Company’s financial planning and analysis (“FP&A”) initiatives. Mr. Mannion has a strong track record of driving business performance with functional expertise across FP&A, business analytics, merger integration, and operational restructuring. Mr. Mannion was previously Chief Financial Officer of Paradigm Specialty Networks, a healthcare services company, and also held senior roles at Aetna and Alvarez & Marsal.

As VP of Health and Safety, Olivia McNamara will be responsible for the Company’s health and safety programs, initiatives, and culture. Ms. McNamara has two decades of experience within health, safety, and environmental roles at public companies across the energy industry, including most recently Southwestern Energy and WPX Energy. Ms. McNamara has valuable experience leading safety and environmental projects for corporate-wide and field operations.

FOURTH QUARTER AND FULL YEAR 2021 CONFERENCE CALL AND WEBCAST

We will host a conference call to discuss our financial and operating results for fourth quarter and full year 2021 on Thursday, March 17, 2022 at 11 a.m. Eastern Time / 10 a.m. Central Time. A listen-only webcast of the call and an accompanying slide presentation may be accessed through our website at www.archaeaenergy.com. After completion of the webcast, a replay will be available for 12 months on our website.

^{1. Our fourth quarter and full year 2021 results as presented herein are based on preliminary unaudited information and are subject to revision. We have not filed our Annual Report on Form 10-K for the year ended December 31, 2021. As a result, all financial results described in this earnings release should be considered preliminary and are subject to change to reflect any necessary adjustments or changes that are identified prior to the time we file our Form 10-K. Accordingly, you should not place undue reliance upon these preliminary results.}

^{2. The Company has presented certain specified financial results on a pro forma basis as it believes it provides more meaningful information to investors. Financial information presented on a pro forma basis gives effect to the business combinations and the financing and other transactions related thereto as if they had been completed on January 1, 2021.}

ARCHAEA

Investors and Media
Megan Light
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346-439-7589

Blake Schreiber
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346-440-1627

HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX) executive management will host a webcast at noon EDT on Friday, April 29, 2022, to discuss the company’s first-quarter 2022 financial results, which will be released earlier that day, and provide an update on strategic initiatives.

To access the webcast, go to the Events and Presentations section of the Phillips 66 Investors site, www.phillips66.com/investors. A replay of the webcast will be archived on the Events and Presentations page approximately two hours after the event, and a transcript will be available at a later date.

About Phillips 66

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Headquartered in Houston, the company has 14,000 employees committed to safety and operating excellence. Phillips 66 had $56 billion of assets as of Dec. 31, 2021. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.

Jeff Dietert (investors)
832-765-2297
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Shannon Holy (investors)
832-765-2297
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Thaddeus Herrick (media)
855-841-2368
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BOSTON--(BUSINESS WIRE)--Advent Technologies Holdings, Inc. (NASDAQ: ADN) (“Advent“ or the “Company”), an innovation-driven leader in the fuel cell and hydrogen technology sectors, is pleased to announce that it has entered into a preliminary strategic agreement with Daiden Equipment Sdn Bhd (“Daiden”), a leading power generation and industrial equipment provider in Malaysia.

Daiden has declared its intention to become a distributor of Advent’s SereneU fuel cell products. This will enhance the promotion of Daiden’s clean power generation sources and actively support the ongoing green energy transition efforts in Malaysia.

Mr. Kim Abildgaard, Advent’s Sales and Business Development Director (Asia), said: “Advent and Daiden will work together to bring Advent’s SereneU “plug and play” fuel cell systems to the Malaysian market, as it can be a reliable and sustainable power solution for the country’s telecom and utility operators. This collaboration could be further complemented by the integration of Advent’s methanol-based fuel cells into existing power systems and equipment in Daiden’s portfolio.”

Advent has already shipped units of its SereneU fuel cell products to Daiden for testing and evaluation. Once these tests have been completed, Daiden and Advent will determine the best strategic approach for the introduction of Advent’s methanol-based fuel cells to the Malaysian market.

Dr. Vasilis Gregoriou, Advent’s Chairman and Chief Executive Officer, said: “We see Daiden as a highly committed partner to the mission of transitioning to green technologies and to provide its local organizational know-how and technical expertise. It is the start of a fruitful and mutually beneficial collaboration that will put us in a position to infiltrate the Malaysian market as fast and efficiently as possible.”

Mr. Ng Win-Wei, Daiden’s Director, stated: “The global emphasis on achieving net-zero emissions by 2050, combatting climate change, and promoting clean power generation sources, will lead to the gradual replacement of diesel generators and internal combustion engines with renewable and clean power generation alternatives, such as fuel cells, solar panels, and wind turbines. We believe that methanol-based fuel cells are the ideal solution for replacing diesel-driven power generators. Methanol-based fuel cells ensure low carbon emissions, are safer to handle than hydrogen fuel, and can be easily deployed to site.”

About Advent Technologies Holdings, Inc.

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

Cautionary Note Regarding Forward-Looking Statements

This press release includes forward-looking statements. These forward-looking statements generally can be identified by the use of words such as “anticipate,” “expect,” “plan,” “could,” “may,” “will,” “believe,” “estimate,” “forecast,” “goal,” “project,” and other words of similar meaning. Each forward-looking statement contained in this press release is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statement. Applicable risks and uncertainties include, among others, the Company’s ability to maintain the listing of the Company’s common stock on Nasdaq; future financial performance; public securities’ potential liquidity and trading; impact from the outcome of any known and unknown litigation; ability to forecast and maintain an adequate rate of revenue growth and appropriately plan its expenses; expectations regarding future expenditures; future mix of revenue and effect on gross margins; attraction and retention of qualified directors, officers, employees and key personnel; ability to compete effectively in a competitive industry; ability to protect and enhance Advent’s corporate reputation and brand; expectations concerning its relationships and actions with technology partners and other third parties; impact from future regulatory, judicial and legislative changes to the industry; ability to locate and acquire complementary technologies or services and integrate those into the Company’s business; future arrangements with, or investments in, other entities or associations; and intense competition and competitive pressure from other companies worldwide in the industries in which the Company will operate; and the risks identified under the heading “Risk Factors” in Advent’s Annual Report on Form 10-K/A filed with the Securities and Exchange Commission on May 20, 2021, as well as the other information filed with the SEC. Investors are cautioned not to place considerable reliance on the forward-looking statements contained in this press release. You are encouraged to read Advent’s filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update or revise any of these statements. Advent’s business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

Advent Technologies Holdings, Inc.
Elisabeth Maragoula / Chris Kaskavelis
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ABERDEEN, Scotland--(BUSINESS WIRE)--KNOT Offshore Partners LP (the “Partnership”) (NYSE:KNOP) announced today that its Annual Report on Form 20-F for the year ended December 31, 2021 has been filed with the SEC and can be accessed on the Partnership’s website www.knotoffshorepartners.com under the “Investor Relations” section or on the website of the U.S. Securities and Exchange Commission at www.sec.gov.

Unitholders may also request a hard copy of the Annual Report, which includes the Partnership’s complete audited financial statements, free of charge, by emailing the Partnership at: This email address is being protected from spambots. You need JavaScript enabled to view it.

Or by writing to:

KNOT Offshore Partners LP
2 Queen’s Cross
Aberdeen
AB15 4YB
United Kingdom

About KNOT Offshore Partners LP

KNOT Offshore Partners LP owns, operates and acquires shuttle tankers primarily under long-term charters in the offshore oil production regions of the North Sea and Brazil. KNOT Offshore Partners LP is structured as a publicly traded master limited partnership but is classified as a corporation for U.S. federal income tax purposes, and thus issues a Form 1099 to its unitholders, rather than a Form K-1. KNOT Offshore Partners LP’s common units trade on the New York Stock Exchange under the symbol “KNOP”.

Source: KNOT Offshore Partners

KNOT Offshore Partners LP
Gary Chapman
Chief Executive Officer and Chief Financial Officer
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Tel: +44 1224 618 420

Ingest, Manage and Monetize Inspection Data from Quadrupedal Robots Simply and Efficiently

AUSTIN, Texas--(BUSINESS WIRE)--HUVRdata, Inc. (HUVR), creators of the first purpose-built inspection data management platform (IDMP), welcomes Ghost Robotics Corporation (Ghost Robotics) into the HUVR Partner Network (HPN).

Ghost Robotics has been supplying the government with robust quadruped technology for many years now, and sought a platform that could allow them to provide similar services to private companies. By partnering with HUVR, the two companies are enabling new industries to utilize military-grade hardware to gather asset inspection information and seamlessly import it into the HUVR IDMP. Deployed globally by the largest energy producers and industrial manufacturers, HUVR allows customers to aggregate, analyze and automate visual and quantitative inspection data from field technicians, handheld devices, sensors and robots, now including Ghost Robotics’ quadrupeds.

Bob Baughman, CEO of HUVR, stated, “We all love to see technology like this in videos, but enabling our customers to deploy military-grade quadruped robots to conduct inspections in harsh environments in order to keep individuals safe feels like realizing a promise made about the future.”

HUVR has been transforming the way industrial equipment owners and inspection companies effectively manage and perform inspections on critical components of heavy industry for many years, enabling immediate ROI and improved production KPIs. By partnering with HUVR—whose platform can merge data from any source—Ghost Robotics is allowing customers to efficiently plan, manage, collect data and generate findings, as well as create reports and analytics from quadruped inspections so that they stay compliant, maximize reliability and increase operational excellence.

About Ghost Robotics

ROBOTS THAT FEEL THE WORLD™

Ghost Robotics develops unstoppable, agile and all-weather autonomous 4-leg robots (quadrupedal or Q-UGVs) offering superior operability over wheeled and tracked devices on unstructured terrain in rough and demanding environments.

VISION™ Series

For a broad range of inspection, asset management, security and scientific applications for industrial manufacturing, infrastructure, mining, oil & gas and other natural resource enterprises, as well as military and public safety applications.

Ghost Robotics is privately held and backed by institutional and individual angel investors. For more information, visit https://www.ghostrobotics.io/

About HUVRdata

HUVRdata is the first purpose-built Inspection Data Management Platform (IDMP). Created in the cloud, the mobile-connected HUVR Platform enables the aggregation, analysis and automation of visual and quantitative inspection data from any device, sensor, robot or field technician. The largest energy producers and the most specialized inspection service providers have realized immediate ROI using HUVR to plan inspections, manage work, ingest data, assess findings and generate analytical reports – from any workflow. Industrial asset owners finally have a simple and easy way to visualize infrastructure health, ensuring compliance, reliability and operational excellence. For more information visit https://www.huvrdata.com/

Jamey Heinze
CMO, HUVR
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NEWBURY PARK, Calif.--(BUSINESS WIRE)--Kolibri Global Energy Inc. (the “Company” or “KEI”) (TSX: KEI, OTCQB: KGEIF) is providing an update on the Barnes 7-3H well (98.07% working interest), which began flowback production last week in its Tishomingo field in Oklahoma.

The Barnes 7-3H well is currently flowing back stimulation fluid at a rate that has been restricted by the Company’s operations team. Despite the restricted rate, the well is producing approximately 400 barrels of oil a day. It is still early in the cleanup process, with only about 3.5% of the stimulation fluid recovered to date.

Wolf Regener, President, and CEO, commented. “I’m very pleased to say that this early in the flowback, the well is already producing 400 barrels a day of oil at restricted production rates. It’s so early in the flowback that the well hasn’t even started producing gas yet. The well is currently producing these rates while flowing up casing. It is acting much stronger than our previous wells, which has enabled it to still be able to flow up casing at these rates. In previous wells, installing tubing in the wells and, in most cases, adding assisted lift would have been necessary by now.

“This 400 barrel of oil a day rate is about 27% above the initial 30 day proved forecast curve case oil portion of the production rate utilized for our reserve report and is right in line with the oil portion of the initial 30 day type curve utilized by the Company’s management.

“We anticipate that the well will start producing gas and NGLs in the coming week as the well cleans up further. The Company’s wells in this area generally produce about 20% gas and natural gas liquids by volume along with the oil. While there can be no assurance as to what the well’s 30-day initial rate or ultimate productivity will be, based on the current flowing pressures, we are hopeful that the well will attain or potentially exceed management’s type curve forecast, which is significantly higher than the reserve report proved forecast case. The Company will update the market when we have stabilized unrestricted production rates in the coming weeks.”

The Company has also updated its presentation on its website.

About Kolibri Global Energy Inc.

Kolibri Global Energy Inc. is an international energy company focused on finding and exploiting energy projects in oil, gas, and clean and sustainable energy. Through various subsidiaries, the Company owns and operates energy properties in the United States. The Company continues to utilize its technical and operational expertise to identify and acquire additional projects. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol KEI and on the OTCQB under the stock symbol KGEIF.

Cautionary Statements

Readers should be aware that references to initial production rates and other short-term production rates are preliminary in nature and are not necessarily indicative of long-term performance or of ultimate recovery. Readers are referred to the full description of the results of the Company's December 31, 2021 independent reserves evaluation and other oil and gas information contained in its Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information for the year ended December 31, 2021, which the Company filed on SEDAR on March 8, 2022.

Caution Regarding Forward-Looking Information

Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws and “forward-looking statements” within the meaning of United States securities laws (collectively, “forward looking information”), including statements regarding the timing of and expected results from planned wells development. Forward-looking information is based on plans and estimates of management and interpretations of data by the Company's technical team at the date the data is provided and is subject to several factors and assumptions of management, including that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, that required regulatory approvals will be available when required, that no unforeseen delays, unexpected geological or other effects, including flooding and extended interruptions due to inclement or hazardous weather conditions, equipment failures, permitting delays or labor or contract disputes are encountered, that the necessary labor and equipment will be obtained, that the development plans of the Company and its co-venturers will not change, that the offset operator’s operations will proceed as expected by management, that the demand for oil and gas will be sustained, that the price of oil will be sustained or increase, that the Company will continue to be able to access sufficient capital through financings, farm-ins or other participation arrangements to maintain its projects, and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business, its ability to advance its business strategy and the industry as a whole. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions on which such forward looking information is based vary or prove to be invalid, including that the Company or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that unexpected geological results are encountered, that equipment failures, permitting delays, labor or contract disputes or shortages of equipment or labor are encountered, the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration and development projects or capital expenditures; the uncertainty of reserve and resource estimates and projections relating to production, costs and expenses, and health, safety and environmental risks, including flooding and extended interruptions due to inclement or hazardous weather conditions), the risk of commodity price and foreign exchange rate fluctuations, that the offset operator’s operations have unexpected adverse effects on the Company’s operations, that completion techniques require further optimization, that production rates do not match the Company’s assumptions, that very low or no production rates are achieved, that the price of oil will decline, that the Company is unable to access required capital, that occurrences such as those that are assumed will not occur, do in fact occur, and those conditions that are assumed will continue or improve, do not continue or improve, and the other risks and uncertainties applicable to exploration and development activities and the Company's business as set forth in the Company's management discussion and analysis and its annual information form, both of which are available for viewing under the Company's profile at www.sedar.com, any of which could result in delays, cessation in planned work or loss of one or more concessions and have an adverse effect on the Company and its financial condition. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.

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

Pala-Gomez Creek Energy Storage Project Will Provide 10 Megawatt / 60 Megawatt-Hours of Reliable Power

LAKE MARY, Fla.--(BUSINESS WIRE)--#BESS--San Diego Gas & Electric Company (SDG&E), a regulated public utility that provides energy service to 3.7 million people, has awarded Mitsubishi Power an order for a 10 megawatt (MW) / 60 megawatt-hour (MWh) energy storage solution for its Pala-Gomez Creek Energy Storage Project in Pala, California. The battery energy storage system (BESS) will add capacity to help meet high energy demand, support grid reliability and operational flexibility, maximize use of renewable energy, and help prevent outages during peak demand.

The BESS project is Mitsubishi Power’s eighth in California, bringing total capacity to 280 MW / 1,140 MWh of storage to help meet California’s clean energy goals with reliable power to complement renewables.

Mitsubishi Power’s Emerald storage solution for SDG&E includes full turnkey design, engineering, procurement, and construction, as well as a 10-year long-term service agreement. It is scheduled to be online in early 2023.

The project will repower an existing energy storage site. It will employ Mitsubishi Power’s Emerald Integrated Plant Controller, which is an Energy Management System (EMS) and Supervisory Control and Data Acquisition (SCADA) system with real-time BESS operation and a monitoring/supervisory control platform. Mitsubishi Power leverages its decades of technology monitoring and diagnostics to turn data into actionable insights to maximize reliability. The Mitsubishi Power Emerald Integrated Plant Controller complies with North American Electric Reliability Corporation critical infrastructure protection (NERC CIP) standards and meets the highest security certification in the energy storage industry (IEC/ISA 62443, NIST 800-53) for maximum protection from cybersecurity risks and vulnerabilities.

For added physical safety, Mitsubishi Power’s solution employs lithium iron phosphate (LFP) battery chemistry. Compared with other chemistries, LFP provides longer life and superior thermal stability and chemical stability, while meeting UL 9540 and UL 9540A safety standards.

Fernando Valero, Director, Advanced Clean Technology, SDG&E, said, “SDG&E is committed to achieving net-zero greenhouse gas emissions by 2045. We are increasing our portfolio of energy storage assets to reach this goal. These assets enhance grid reliability and operational flexibility while maximizing our use of abundant renewable energy sources in California.”

Tom Cornell, Senior Vice President, Energy Storage Solutions, Mitsubishi Power Americas, said, “As more and more renewables come online during the energy transition, BESS solutions are essential to support a reliable and stable grid. We look forward to providing SDG&E with our BESS solution to add capacity, energy, and ancillary services to California’s grid. Mitsubishi Power’s Emerald storage solutions are enabling a smarter and more resilient energy future for our customers in California and around the globe.”

Read more about some of Mitsubishi Power’s BESS projects:

• MHPS Will Supply Battery Energy Storage Systems to Help Balance the California Grid
• Mitsubishi Power and Powin Partner to Enhance California’s Grid Reliability with Two Battery Energy Storage Projects
• Key Capture Energy, Mitsubishi Hitachi Power Systems, and Powin Energy Partner to Add 200 MW of Battery Storage to the Texas Grid

About Mitsubishi Power Americas, Inc.

Mitsubishi Power Americas, Inc. (Mitsubishi Power) headquartered in Lake Mary, Florida, employs more than 2,300 power generation, energy storage, and digital solutions experts and professionals. Our employees are focused on empowering customers to affordably and reliably combat climate change while also advancing human prosperity throughout North, Central, and South America. Mitsubishi Power’s power generation solutions include gas, steam, and aero-derivative turbines; power trains and power islands; geothermal systems; PV solar project development; environmental controls; and services. Energy storage solutions include green hydrogen, battery energy storage systems, and services. Mitsubishi Power also offers intelligent solutions that use artificial intelligence to enable autonomous operation of power plants. Mitsubishi Power is a power solutions brand of Mitsubishi Heavy Industries, Ltd. (MHI). Headquartered in Tokyo, Japan, MHI is one of the world’s leading heavy machinery manufacturers with engineering and manufacturing businesses spanning energy, infrastructure, transport, aerospace, and defense. For more information, visit the Mitsubishi Power Americas website and follow us on LinkedIn.

Christa Reichhardt
+1 407-484-5599
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DALLAS & HOUSTON--(BUSINESS WIRE)--Texas Pacific Land Corporation (NYSE: TPL) (“TPL”) and Aris Water Solutions, Inc. (NYSE: ARIS) (“Aris”, “Aris Water”) announced today an expansion of their ongoing alliance supporting full-cycle water solutions for customers operating in the Permian Basin. This enhanced alliance allows TPL and Aris to coordinate service to customers more efficiently across the core of the Delaware Basin, spanning Loving, Reeves, and Culberson Counties, Texas, while optimizing utilization of their combined asset portfolio. As part of the expanded relationship, Aris will have access across TPL’s Northern Delaware surface acreage to provide a full suite of produced water services, including incremental water recycling for two leading large-cap customers operating on TPL royalty and surface acreage. In addition, Aris will receive key additional shallow interval water handling locations.

“We are pleased to further develop our long-standing and productive relationship with Aris, a premier water infrastructure and solutions provider for upstream operators across the Delaware Basin,” said Tyler Glover, CEO of TPL. Having Aris develop additional strategic infrastructure on TPL’s surface acreage will further expand and enhance our ability to serve operators and customers. By working with Aris, we will drive more water volumes onto TPL’s surface acreage and facilitate further operator development on our oil and gas royalty acreage.”

“TPL is one of the largest landowners in the State of Texas and the Permian Basin,” said Amanda Brock, CEO of Aris Water Solutions. “We have enjoyed a long, productive relationship, combining Aris’s infrastructure expertise with TPL’s leading surface acreage position to promote efficient development and improve water sustainability. Our expanded relationship further aligns us and will help us continue to provide critical water management solutions to operators in the Permian Basin. Today more than ever, customers need water take away and supply assurances, and our expanded relationship with TPL, which now includes recycling and access to additional shallow handling facility permits, will provide us with the optionality we need to efficiently grow our infrastructure and capabilities in key locations.”

Forward-Looking Statements

Certain matters contained in this press release include “forward-looking statements.” All statements, other than statements of historical fact, included in this press release may constitute forward-looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, we cannot assure you that these expectations will prove to be correct. These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. Factors that might cause actual results to differ include, but are not limited to, the risk factors discussed from time to time in each of our documents and reports filed with the SEC.

Readers are cautioned not to place undue reliance on any forward-looking statements contained in this press release, which reflect management’s opinions only as of the date hereof. Except as required by law, we undertake no obligation to revise or publicly release the results of any revision to any forward-looking statements.

About Texas Pacific Land Corporation

Texas Pacific Land Corporation (NYSE: TPL) is one of the largest landowners in the State of Texas with approximately 880,000 acres of land in West Texas, with the majority of its ownership concentrated in the Permian Basin. The Company is not an oil and gas producer, but its surface and royalty ownership allow revenue generation through the entire value chain of oil and gas development, including through fixed fee payments for use of our land, revenue for sales of materials (caliche) used in the construction of infrastructure, providing sourced water and treated produced water, revenue from our oil and gas royalty interests, and revenues related to saltwater disposal on our land. The Company also generates revenue from pipeline, power line and utility easements, commercial leases, and seismic and temporary permits related to a variety of land uses including midstream infrastructure projects and hydrocarbon processing facilities.

About Aris Water Solutions, Inc.

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

TPL Investor Relations
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Aris Investor Relations
David Tuerff
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AUSTIN, Texas--(BUSINESS WIRE)--Fluence by OSRAM (Fluence), a leading global provider of energy-efficient LED lighting solutions for commercial cannabis and food production, today announced its distribution partnership with Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM), a leading manufacturer and distributor of hydroponic equipment and supplies for controlled environment agriculture. Hydrofarm will distribute Fluence’s newly released SPYDR Fang LED lighting solution to its network of hydro-shop retailers throughout the U.S. beginning early April 2022.

For more than 40 years, Hydrofarm has manufactured and distributed controlled environment agriculture equipment and supplies that provide growers with greater quality, efficiency, consistency and speed in their cultivation operations. Under the new partnership, Hydrofarm will supply retailers with Fluence’s SPYDR Fang, a product designed for craft growers and home hobbyists and built with Fluence’s trusted, research-backed and science-led engineering leveraged by growers throughout the world.

“Hydrofarm is thrilled to partner with Fluence and supply our retail customers with its advanced LED lighting product, SPYDR Fang,” said Bill Toler, chairman and CEO of Hydrofarm. “Collaborating with Fluence reinforces Hydrofarm’s dedication to providing growers the industry’s highest quality, premium brands. Our customers can be confident they are purchasing proven solutions that enable them to achieve their production goals.”

Fluence’s SPYDR Fang joins Hydrofarm’s wide portfolio of cultivation products as LED adoption continues to rise among cultivators. Growers throughout the U.S. will have greater access to Fluence’s technology via Hydrofarm’s national hydro-shop retail network.

“Hydrofarm has long been a leader in the market for controlled environment agriculture equipment,” said David Cohen, CEO of Fluence. “We are pleased to join forces and align with Hydrofarm’s mission of empowering cultivators by increasing the availability of premier products that are right for their unique needs. Fluence looks forward to collaborating with Hydrofarm to reach and deliver our SPYDR Fang LED lighting solution to craft and home cultivators throughout the country.”

For more information on Fluence’s extended suite of LED solutions, visit www.fluence.science.

About Fluence by OSRAM

Fluence Bioengineering, Inc., a wholly-owned subsidiary of OSRAM, creates powerful and energy-efficient LED lighting solutions for commercial crop production and research applications. Fluence is a leading LED lighting supplier in the global cannabis market and is committed to enabling more efficient crop production with the world’s top vertical farms and greenhouse produce growers. Fluence global headquarters are based in Austin, Texas, with its EMEA headquarters in Rotterdam, Netherlands. For more information about Fluence, visit www.fluence.science.

About Hydrofarm Holdings Group, Inc.

Hydrofarm is a leading manufacturer and distributor of controlled environment agriculture equipment and supplies, including high-intensity grow lights, climate control solutions, and growing media, as well as a broad portfolio of innovative and proprietary branded products. For more than 40 years, Hydrofarm has helped growers in the U.S. and Canadian markets make growing easier and more productive. The Company’s mission is to empower growers, farmers and cultivators with products that enable greater quality, efficiency, consistency and speed in their grow projects. For additional information, please visit: www.hydrofarm.com.

For Fluence, Emma Chase
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C: 512-917-4319
For Hydrofarm, Lisa Gallagher
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C: 513-505-2334

MILPITAS, Calif.--(BUSINESS WIRE)--SolarEdge Technologies, Inc. (Nasdaq: SEDG) (“SolarEdge”) today announced the pricing of 2,000,000 shares of its common stock at $295.00 per share (the “Common Stock”), for total gross proceeds of $590.0 million (before deduction for the underwriters’ discount and other offering expenses).

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC are acting as joint book-running managers for the Common Stock offering and as the representatives of the underwriters. SolarEdge has granted the underwriters a 30-day option from the date of the prospectus supplement to purchase up to an additional 300,000 shares of its Common Stock upon the same terms as set forth in the underwriting agreement. The sale of the Common Stock to the underwriters is expected to settle on March 22, 2022, subject to customary closing conditions.

SolarEdge intends to use the net proceeds from the offering for general corporate purposes, which may include acquisitions. However, SolarEdge does not have agreements or commitments for any acquisitions at this time.

The offering is being made pursuant to an effective shelf registration statement that has been filed with the Securities and Exchange Commission (the “SEC”). A preliminary prospectus supplement related to the offering of the Common Stock has been filed with the SEC and is available on the SEC’s website at http://www.sec.gov. Copies of the preliminary prospectus supplement and the accompanying prospectus relating to the Common Stock may be obtained from Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, Telephone: (866) 471-2526, Attention: Registration Department; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, Attention: Prospectus Department, 1155 Long Island Avenue, Edgewood, NY 11717, or via telephone: 1-866-803-9204; or Morgan Stanley & Co. LLC, 180 Varick Street, 2nd Floor, New York, NY 10014, Attention: Prospectus Department.

This press release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any offer or sale of, the Common Stock in any state or jurisdiction in which the offer, solicitation, or sale would be unlawful.

Forward-Looking Statements

This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified as such because the statements include information, among other things, concerning: whether the Offering will be completed and the use of proceeds therefrom, our possible or assumed future results of operations; future demands for solar energy solutions; business strategies; technology developments; financing and investment plans; dividend policy; competitive position; industry and regulatory environment; general economic conditions; potential growth opportunities; and the effects of competition. These forward-looking statements are often characterized by the use of words such as “may,” “believe,” “expect,” “anticipate,” “plan,” “project,” “will,” “projections,” “estimate,” or other words of similar import. Similarly, statements that describe future financial performance or plans or strategies are forward-looking statements.

Forward-looking statements are only predictions based on SolarEdge’s current expectations and SolarEdge’s projections about future events. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause SolarEdge’s actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Given these factors, you should not place undue reliance on these forward-looking statements. These factors include, but are not limited to, the matters discussed in the section entitled “Risk Factors” of SolarEdge’s Annual Report on Form 10-K for the year ended December 31, 2021, filed on February 22, 2022, Current Reports on Form 8-K and other reports filed with the SEC. All forward-looking statements included in this release are given only as at the date hereof and SolarEdge assumes no obligation, and disclaims any duty, to update the forward-looking statements in this release.

You should not rely upon forward-looking statements as predictions of future events. The events and circumstances reflected in the forward-looking statements may not be achieved or occur. SolarEdge cannot guarantee future results, levels of activity, performance or achievements. SolarEdge is under no duty to update any of these forward-looking statements after the date of this release or to conform these statements to actual results or revised expectations.

Investor Contacts
SolarEdge Technologies, Inc.
Ronen Faier, Chief Financial Officer
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or

Sapphire Investor Relations, LLC
Erica Mannion or Michael Funari
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The U.S. Navy employs geostationary and medium earth orbit satellite communications in support of global training event

RESTON, Va.--(BUSINESS WIRE)--SES Government Solutions (SES GS) supported Task Force 59 and US Naval Forces Central Command (NAVCENT) communications requirements for the International Maritime Exercise (IMX) and Cutlass Express 2022. IMX is the largest multinational training event in the Middle East, involving more than 60 nations and international organizations committed to enhancing partnerships and interoperability to strengthen maritime security and stability.

At IMX, SES GS provided a resilient, redundant, integrated transport layer via satellite that seamlessly interconnected US and Partner Nation afloat Mission Operations Centers (MOCs), the TF-59 Headquarters Robotic Operations Center (ROC), multiple Unmanned Surface Vehicles (USV), and Unmanned Aerial Vehicle (UAV) systems. The ROC was manned by several coalition navy personnel who were able to have full situational awareness throughout the exercise through Full Motion Video (FMV), Electro-Optical (EO), and Forward Looking Infrared (FLIR) images, complemented by numerous other sensor data packages.

This was only possible because the SES GS solution comprised a fully managed end-to-end network using the latest in afloat Medium Earth Orbit (MEO) capable stabilized SATCOM, including terminals from our partners General Dynamics Mission Systems (GDMS) and GetSAT. The combination of SES GS’ high throughput and low-latency satellite network as well as its terrestrial network enabled TF-59 to present unprecedented real-time sensor data to the international partners in the ROC in a “single-pane-of-glass” format. This greatly enhanced the Artificial Intelligence (AI) and robotics products employed by TF-59 across the multiple operational areas and provided significantly enhanced situational awareness as TF-59 moves towards its goal of a digital ocean operating posture.

SES GS is the only satellite operator with operational experience delivering multi-orbit, multi-band managed SATCOM services to the Department of Defense (DoD) and coalition forces. It provides the critical elements to meet the DoD’s Fighting SATCOM posture and deliver assured communications in a contested environment.

“We greatly appreciate the opportunity to continue supporting the US Navy and its forward-deployed commands with advanced SATCOM at geostationary and medium earth orbits,” said Pete Hoene, President and CEO of SES Government Solutions. “This exercise is a great example how we enable the Navy and others to improve on their information sharing and maritime awareness requirements while leveraging multi-orbit constellations.”

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About SES Government Solutions

SES Government Solutions (SES GS) is a wholly-owned subsidiary of SES, the leader in global content connectivity solutions. SES GS operates under a proxy board allowing them to provide services through contracts with the U.S. Government, including classified work. SES GS is exclusively focused on meeting the satellite communications needs of the U.S. Government. Leveraging more than four decades of experience in the government SATCOM market, SES GS offers robust and secure end-to-end satellite communications solutions. Further information can be found at www.ses-gs.com.

About SES

SES has a bold vision to deliver amazing experiences everywhere on earth by distributing the highest quality video content and providing seamless connectivity around the world. As the leader in global content connectivity solutions, SES operates the world’s only multi-orbit constellation of satellites with the unique combination of global coverage and high performance, including the commercially-proven, low-latency Medium Earth Orbit O3b system. By leveraging a vast and intelligent, cloud-enabled network, SES is able to deliver high-quality connectivity solutions anywhere on land, at sea or in the air, and is a trusted partner to the world’s leading telecommunications companies, mobile network operators, governments, connectivity and cloud service providers, broadcasters, video platform operators and content owners. SES’s video network carries 8,400 channels and has an unparalleled reach of over 355 million households, delivering managed media services for both linear and non-linear content. The company is listed on Paris and Luxembourg stock exchanges (Ticker: SESG). Further information is available at: www.ses.com.

For further information please contact:
Jon Bennett
Government Affairs, Marketing & Communications, SES GS
Tel. +1 703 610 0998
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