Company Also Updates Shareholders on Progress Towards Completing its Previously Announced Merger with Pineapple Energy

MINNETONKA, Minn.--(BUSINESS WIRE)--Communications Systems, Inc. (NASDAQ: JCS) (“CSI” or the “Company”), an IoT intelligent edge products and services company, today announced financial results for the fourth quarter and full year (“FY”) ended December 31, 2020.

Q4 2020 Financial Highlights vs Q4 2019

• Q4 2020 consolidated sales from continuing operations decreased by 24% to $11.7 million compared to $15.4 million in Q4 2019, due to lower sales from the Electronics & Software segment compared to Q4 2019 when this segment realized $4.2 million in revenues from a single intelligent transportation project and the continuing impact of project delays driven by COVID-19, partially offset by the increased revenues in the Services & Support segment.
• Q4 2020 consolidated operating loss from continuing operations was $133,000, compared to Q4 2019 consolidated operating income from continuing operations of $1.2 million:
  • Electronics & Software operating income was $1.0 million versus $2.8 million in Q4 2019;
  • Services & Support operating loss was $60,000 versus an operating loss of $245,000 in Q4 2019; and
  • Other corporate costs, including indirect costs related to discontinued operations, were $1.1 million versus $1.4 million in Q4 2019.
• Q4 2020 discontinued operations income was $171,000 compared to income of $505,000 in Q4 2019.
• Q4 2020 consolidated net loss was $3,000, or $0.00 per diluted share, compared to a net income of $1.7 million, or $0.18 per diluted share in Q4 2019.

FY 2020 Financial Highlights vs FY 2019

• FY 2020 consolidated sales from continuing operations decreased by 16.4% to $42.6 million compared to $50.9 million in FY 2019.
• FY 2020 consolidated operating loss from continuing operations was $2.7 million compared to income of $9,000 in FY 2019.
• Other corporate costs, including indirect costs related to discontinued operations, were $4.0 million in both FY 2020 and in FY 2019.
• FY 2020 discontinued operations income was $1.6 million compared to income of $6.2 million in FY 2019.
• FY 2020 consolidated net loss was $172,000, or ($0.02) per diluted share, compared to a FY 2019 net income of $6.5 million, or $0.69 per diluted share.
• Cash, cash equivalents, and liquid investments totaled $21.5 million, working capital was $28.3 million and stockholders’ equity was $47.5 million as of December 31, 2020.

Anita Kumar, CEO of CSI commented, “Our full year 2020 financial results were negatively affected by the COVID-19 pandemic. Our commercial customers, both in the U.S. and internationally, were substantially affected by reduced growth in building lighting and automation, security and surveillance and intelligent transportation applications, which resulted in delays and declines in project spending. This decline was partially offset by strong demand from the U.S. Federal government. While the duration and the global economic effect of this pandemic is outside of our control, during the year we took several steps to adjust to this challenging new operating and economic environment. We implemented cost-reduction measures, which partially offset lower revenue and resulted in positive operating income and net income for the second half of 2020.”

Dr. Kumar added, “Both our business segments remain fundamentally strong due to the investments we made in new technologies. These investments are aimed at developing easy-to-use / easy-to-integrate software and services that address demand from critical infrastructure initiatives, including security and surveillance, intelligent transportation, smart buildings, and smart cities. With the acquisition of Ecessa, a designer and distributor of SD-WAN for businesses, we expanded our services and support segment broadening our portfolio of products and services. Also, the minority investments we have made in Quortus, Kogniz and Spyrus expanded our ability to explore providing Private LTE, Artificial Intelligence and secure network access solutions to our customers.”

Progress Made Towards Completing its Previously Announced Merger with Pineapple Energy

Of note, on March 2, 2021, CSI announced the signing of a definitive merger agreement with privately held Pineapple Energy, LLC (“Pineapple”), a growing U.S. operator and consolidator of residential solar, battery storage, and grid services solutions. Upon obtaining shareholder approval for the merger and closing, CSI will commence doing business as Pineapple Energy, with a business model focused on the rapidly growing home solar industry.

Commenting on the progress made towards completing the merger with Pineapple, Roger Lacey, Executive Chairman of CSI, commented, “As per the terms of the merger, we intend to divest all of our existing business lines, real estate holdings and other investments, and distribute the proceeds to CSI Shareholders. Currently, we are in discussions with potential buyers for both our operating business segments (Electronics & Software and Services & Support). These businesses could offer potential buyers substantial long-term growth opportunities by unlocking additional synergies, and the ability to expand into adjacent markets, add scale, and broaden their existing product lines. We will provide additional details once we enter into definitive agreements.”

As previously announced, we expect to distribute most of the proceeds from any pre-merger divestitures in the form of a cash dividend to existing CSI shareholders prior to, or concurrent with the effective date of the merger.

The definitive merger agreement with Pineapple, which was approved by CSI’s Board of Directors, is subject to approval by CSI’s shareholders, which we currently expect to occur in June 2021, with the merger expected to close before the end of the second quarter of 2021. For more information about the CSI-Pineapple merger visit https://www.commsystems.com/investor-resources.

FY 2020 Segment Financial Overview

Electronics & Software

Electronics & Software Q4 2020 sales and operating income decreases were driven by the $4.2 million 2019 New York City Department of Transportation (“NYCDOT”) project related revenue which did not reoccur in 2020, and the impact of project delays driven by the COVID-19 pandemic.

Electronics & Software sales decreased 27% to $34,496,000 in FY 2020 compared to $47,007,000 in FY 2019. Sales in North America decreased by 25% or $10,050,000 in FY 2020 compared to 2019 primarily due to delayed project spending by customers due to the effect of the COVID-19 pandemic, $7,050,000 of sales on the NYCDOT IoT project recorded in FY 2019 that did not reoccur in FY 2020, and a decline in sales to a major Canadian telecommunications customer, partially offset by strong sales to Federal agencies. International sales decreased by $2,461,000, or 34%, primarily due to the economic effects of the COVID-19 pandemic and an overall drop in demand for traditional products.

Sales of Intelligent Edge Solutions (“IES”) products decreased 34% or $6,280,000 due to the $7,050,000 of deliveries in FY 2019 for the NYCDOT project that did not reoccur in FY 2020, partially offset by higher sales of security and surveillance products and sales to Federal agencies. Excluding the prior year NYCDOT IoT project, sales of IES products increased by $770,000 or 7%. Traditional product sales decreased 22% or $6,231,000, due mainly to the overall economic effects of the COVID-19 pandemic and a decline in media converter orders from major telecommunications customers.

Gross profit decreased by 30% to $14,890,000 in FY 2020 compared to $21,394,000 in FY 2019. Gross margin as a percentage of sales decreased to 43% in 2020 from 46% in 2019 primarily due to the volume and favorable margin impacts from the prior year NYCDOT smart city IoT project that did not reoccur in the current year and increased sales of certain IES products to Federal agencies at lower margins, partially offset by lower inventory write-downs year over year.

Selling, general and administrative expenses decreased by 20% to $13,875,000, or 40% of sales, in FY 2020 from $17,354,000, or 37% of sales in FY 2019 due to reduced travel, marketing and personnel expenses, in part due to steps taken by management in response to the COVID-19 pandemic.

Electronics & Software had operating income of $1,015,000 in FY 2020 compared to operating income of $4,040,000 in FY 2019, primarily due to lower sales and gross margin.

Services & Support

Services & Support sales increase in Q4 2020 was driven by education sector projects restarted in 2020 and the addition of revenues from Ecessa and IVDesk, which were both acquired in 2020.

Services & Support sales increased by 85% to $8,777,000 in FY 2020 compared to $4,741,000 in FY 2019. Revenues from the education sector increased by $2,557,000 or 133% in FY 2020 primarily due to the commencement of projects that had been previously delayed due to funding issues while the prior year had less project revenue in this sector. Projects for this education customer commenced at the end of the second quarter of FY 2020. Revenue from small to medium businesses (“SMBs”), which are primarily healthcare, financial and commercial clients, increased by 82% or $1,622,000 due to the acquisition of Ecessa on May 14, 2020 and the acquisition of the assets of IVDesk on November 3, 2020. Project and product revenue increased by $2,878,000 or 128% during FY 2020 as compared to FY 2019 due primarily to the increase in the education sector. Services and support revenue increased by $1,158,000 or 46% as compared to the prior year due to the Company’s acquisition of Ecessa, which has service and support revenue on its SD-WAN products. Overall, Ecessa contributed $1,260,000 and IVDesk contributed $401,000 in revenue during the year.

Gross profit increased by 101% to $2,979,000 in FY 2020 compared to $1,482,000 in FY 2019. Gross margin as a percentage of sales increased to 34% in 2020 compared to 31% in 2019 due to the increase in project revenue in the education sector, primarily within the second half of the year.

Selling, general and administrative expenses increased by 80% in FY 2020 to $2,669,000, or 30% of sales, compared to $1,485,000 in FY 2019, or 31% of sales due to the May 2020 acquisition of Ecessa and the inclusion of its general and administrative costs that are not included in the prior year.

Operating income was $310,000 in FY 2020 compared to an operating loss of $3,000 in FY 2019, primarily due to increased education revenue.

Form 10-K

For further information, please see the Company’s Form 10-K, which will be filed on or before March 31, 2021.

About Communications Systems, Inc.

Communications Systems, Inc., which has operated as an IoT intelligent edge products and services company, with its planned merger with Pineapple Energy will be positioned to acquire and grow leading local and regional solar, storage, and energy services companies nationwide. The vision is to power the energy transition through grass-roots growth of solar electricity paired with battery storage on consumers' homes.

Forward Looking Statements

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

• The Company’s ability to obtain shareholder approval for the CSI-Pineapple Energy merger and related transactions;
• The ability of Pineapple to successfully close its Hawaii Energy Connection (HEC) and E-GEAR acquisitions and integrate these businesses into its operations;
• The ability of the combined company to successfully maintain a Nasdaq Capital Market listing;
• The ability of the combined company to successfully access the capital markets, identify and acquire appropriate acquisition targets and successfully integrate these companies into its operations;
• The Company’s ability to successfully sell its existing operating business assets and its real estate assets and distribute these proceeds to its existing shareholder base;
• Conditions to the closing of the merger may not be satisfied or the merger may involve unexpected costs, liabilities or delays;
• The occurrence of any other risks to consummation of the merger, including the risk that the merger will not be consummated within the expected time period or any event, change or other circumstances that could give rise to the termination of the merger agreement;
• Risks that the merger disrupts current CSI plans and operations or that the business or stock price of CSI may suffer as a result of uncertainty surrounding the merger;
• The outcome of any legal proceedings related to the merger; and
• CSI or Pineapple Energy may be adversely affected by other economic, business, or competitive factors.

For Communications Systems, Inc.

Anita Kumar
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Executive Chair
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One year after first major COVID-19-related declines, gasoline demand improves. But recovery toward pre-pandemic levels remains slow

GAITHERSBURG, Md.--(BUSINESS WIRE)--Year-on-year gasoline sales in the United States have moved into positive territory for the first time—on the one-year anniversary of the first major declines that resulted from COVID-induced stay at home orders. However, demand still trails pre-pandemic levels by a considerable margin, according to the latest data from Oil Price Information Service (OPIS) by IHS Markit (NYSE: INFO).

U.S. gasoline same-store sales in gallons for the week ending March 20, 2021 were 10.1% higher than 2020, according to OPIS Demand, a weekly survey of more than 25,000 fuel stations nationwide.* Nevertheless, same-store gasoline sales were still 16% below pre-pandemic levels.

“The year-on-year increase in fuel demand from March 2020 is certainly welcome news for the recovery of the economy and the beginning of the return to normal life for the American people,” said Brian Norris, executive director of retail fuels, OPIS by IHS Markit. “But the real measure of recovery will be a return to pre-pandemic levels. It’s there that progress remains slow and, looking at gasoline, we still have a long way to go.”

Prior to the week ending March 20, 2021, gasoline volumes had mostly hovered in the range of 15% to 18% below prior-year levels since the start of 2021. The main exception was the week ending February 20, which saw a year-on-year decline of 22.4% due to impacts from Winter Storm Uri.

Retail gasoline sales volumes moving into positive territory compared to prior-year numbers for the week ending March 20 are not due to a major increase in demand but more reflect the massive declines that were seen at the pump during the same period last year. The week ending March 21, 2020 saw volumes trail 2019 levels by 23.6%, the first week in a four-week stretch that saw weekly U.S. gasoline sales volumes plummet to levels not seen since the Nixon Administration was in office in the early 1970s, culminating with volumes 47.5% behind prior-year levels the week ending April 11.

The extent of the current rebound varies by region. The Southwest region surpassed 2020 volumes by 15%. Meanwhile, the Southeastern part of the United States surpassed 2020 levels by only 8.6%, largely due to many states in the Southeast not moving as quickly to mandated stay at home orders as the rest of the country did last year.

The regional disparity in gasoline demand recovery is also apparent when looking at state-level data. California saw some of the earliest declines in gallons sold due to the west coast largely being the early epicenter of the COVID-19 pandemic in the United States. Compared to last year, gasoline sales are up 14.6% in California, however volumes still trail same-week 2019 by 22.7% on a same-store basis. Florida, on the other hand, was not as quick to enact quarantine mandates, and the data paints a very different demand picture. Fuel retailers in Florida saw a much-smaller 6.4% increase versus last year, but only trail demand levels from two years ago by 11.2%.

There is optimism that additional “pent up” demand could be released this summer, with the Biden Administration announcing that every adult in the U.S. will be eligible for the COVID-19 vaccine no later than May 1.

It is possible that gasoline demand could come close to or even surpass pre-pandemic levels at times. But still to be determined are the lasting impacts to work, lifestyle and consumer habits.

“The logic that gasoline demand will suddenly and permanently return to pre-pandemic levels fails to take into account the lingering effects of unemployment, dramatic cuts in urban, suburban and rural events, and hybrid models for commuting that allow for more people working from home,” said Tom Kloza, global head of energy analysis, OPIS by IHS Markit. “Even as the country gets back to normal, we are still to discover what the ‘new normal’ means.”

To learn more about the OPIS Demand Report or OPIS DemandPro, please contact Brian Norris, Executive Director – Retail Data and Product Management at OPIS, at This email address is being protected from spambots. You need JavaScript enabled to view it..

About OPIS (www.opisnet.com)

Oil Price Information Service (OPIS) by IHS Markit (NYSE: INFO) provides accurate pricing, real-time news and expert analysis across the global fuel supply chain, including the Spot, Wholesale Rack and Retail markets. OPIS and OPIS PetroChem Wire enable customers to buy and sell oil and gas products with confidence via easy access to transparent data, expert-level customer support, educational events and energy data solutions with Axxis Software and OPIS RetailSuite.

About IHS Markit (www.ihsmarkit.com)

IHS Markit (NYSE: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 business and government customers, including 80 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.

IHS Markit is a registered trademark of IHS Markit Ltd. and/or its affiliates. All other company and product names may be trademarks of their respective owners © 2021 IHS Markit Ltd. All rights reserved.

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LOS ANGELES--(BUSINESS WIRE)--Romeo Power, Inc. (“Romeo Power” or the “Company”) (NYSE: RMO), an energy technology leader delivering large-scale electrification solutions for complex commercial applications, today announced its preliminary financial results for the fourth quarter and full year ended December 31, 2020.

Fourth Quarter and Full Year 2020 Business Highlights

• Completed business combination with RMG Acquisition Corp. and related PIPE financing, providing an additional $346 million in net proceeds to fund future growth
• Signed a multi-year, $234 million agreement with Lion Electric to supply battery modules and packs for Lion’s fleet of electric commercial vehicles
• Generated revenues of $9.0 million for the full-year 2020
• Cash or cash equivalents as of December 31, 2020 of $292.4 million
• Cash paid for capital expenditures for the year ended December 31, 2020 of $1.3 million

Recent Business Updates

• Signed an MOU with Ecellix to create advanced electrification solutions by combining Ecellix’s ultra-high capacity eCell technology with Romeo Power’s battery packs, modules and battery management system
• Announced a strategic alliance with Republic Services to collaborate on the development of Romeo Power’s battery technology for use in Republic’s electric garbage trucks
• Launched a commercial fleet electrification program with Heritage Environmental Services through which Romeo Power expects to electrify 500 Heritage trucks between 2022 and 2025
• As global demand for raw materials outpaces supply, Romeo Power is subject to a significant shortfall in cell capacity industrywide, and now expects its revenue for 2021 to be in the range of $18-40 million

Management Commentary

“Last year was a pivotal year for Romeo Power, as we completed our merger with RMG Acquisition Corp. in December, strengthened our balance sheet with more than $346 million of new capital and became a public company,” commented Lionel Selwood, Jr., Chief Executive Officer of Romeo Power. “Our team continued to enhance our leading edge battery technology to a point of commercialization, evolving Romeo Power from a late-stage innovator to a commercial enterprise with significant capital inflows. Our achievements over the past year have demonstrated that our highly configurable Hermes module and sophisticated battery pack and battery management systems are the optimal solution for customers that are highly focused on safety, shortened charge times, increasing energy density and range, while maximizing profit per mile, and we are pleased with the commercial engagements signed to date.

Our public listing has raised Romeo Power’s profile and afforded us the resources to continue investing in our business as we methodically establish long-term, multi-year partnerships in the commercial vehicle sector. A notable win in the fourth quarter was our multi-year, $234 million production contract with Lion Electric. Our commercial momentum has continued throughout the first quarter. In January, we announced a program with Heritage Environmental Services, through which Romeo Power expects to electrify 500 battery electric vehicles purchased by Heritage and its affiliates between 2022 and 2025, and a Strategic Alliance Agreement with Republic Services to collaborate on the development of Romeo Power’s battery technology for use in Republic’s electric garbage trucks. We look forward to evolving these partnerships over the course of 2021.

Regarding our 2021 outlook, we expect that our near term production and revenues will be constrained by the shortage in supply of battery cells. As the electric vehicle industry has experienced massive acceleration in recent months, the demand for raw materials and cells has outpaced supply. We expect that this cell shortage will result in Romeo Power’s full year 2021 revenues being materially lower than originally projected. While frustrated, by this delay in bringing our solutions to market, we are working diligently with our preferred cell supply partners to secure allocation and continuous cell innovation for the near-intermediate and longer-term. However, Romeo Power’s long-term demand outlook remains strong and we do not expect short-term cell constraints to affect our committed order backlog.

Our dialogue with new prospective customers remains active and healthy. We remain committed to our current strategy and the work Romeo Power’s team has done over the last four years to build a strong foundation, develop leading technology solutions and commercialize and secure committed orders is beginning to produce notable results. By delivering superior vehicle range and fast charge capability, to complement leading safety and configurability, we believe Romeo Power remains well positioned to navigate current market headwinds and execute our long-term strategy.”

2021 Outlook

As global electrification of the powertrain has hit an inflection point, the industry is experiencing a massive acceleration in growth and the demand for raw materials is outpacing supply. Romeo Power is currently subject to these supply constraints and, as a result of the significant shortfall in battery cell capacity industrywide, Romeo Power now expects its revenue for 2021 to be in the range of $18-40 million. The Company is currently pursuing extensive discussions with several preferred providers regarding establishing long-term cell supply agreements. Romeo Power remains focused on procuring cells that have met its rigorous cell supply validation processes, as this is critical to ensuring that the Company can deliver a safer and better product with higher energy density and superior fast charge capability relative to the competition. Romeo Power’s commercial and strategic priorities remain unchanged and the current cell shortage is not expected to affect the Company’s contracted order backlog.

Annual Report

Romeo Power also announced today that due to uncertainty regarding the accounting treatment for its public and private warrants it will not file its Annual Report on Form 10-K tomorrow, and will file a Form 12b-25 with the Securities and Exchange Commission. As a result, the numbers presented here are currently preliminary and unaudited.

Conference Call Information

Romeo Power will host a conference call at 2:00 p.m. U.S. Pacific Time (5:00 p.m. U.S. Eastern Time) today, March 30, 2021. Participating on the call will be Lionel Selwood, Jr., President and Chief Executive Officer, and Lauren Webb, Chief Financial Officer, of Romeo Power. To access the conference call, parties should visit the events section of the Investor Relations website at https://investors.romeopower.com/. A recording of the webcast will also be available following the conference call.

Forward Looking Statements

Certain statements in this press release may constitute “forward looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words “estimates,” “projected,” “expects,” “anticipates,” “forecasts,” “plans,” “intends,” “believes,” “seeks,” “may,” “will,” “should,” “future,” “propose” and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements, including, without limitation, express or implied statements concerning the Company’s expectations regarding its future financial performance, revenues and capital expenditures, the Company’s expectations with respect to backlog and demand for its products, the magnitude and timing of future contracts, and the availability and pricing of battery cells, are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside Romeo Power’s management’s control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, that may affect actual results or outcomes include: Romeo Power’s ability to execute on its plans to develop and market new products and the timing of these development programs; Romeo Power’s estimates of the size of the markets for its products; the rate and degree of market acceptance of Romeo Power’s products; the success of other competing technologies that may become available; Romeo Power’s ability to identify and integrate acquisitions; the performance of Romeo Power’s products and customers; potential litigation involving Romeo Power; demand for battery cells and supply shortages; the potential effects of COVID-19; and general economic and market conditions impacting demand for Romeo Power’s products. You should carefully consider the foregoing factors and the other risks and uncertainties described in the Company’s filings with the SEC. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from those implied by our forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Romeo Power undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

Note Regarding Use of Non-GAAP Financial Measures

This press release contains non-GAAP financial measures, including EBITDA and Adjusted EBITDA. “EBITDA” is defined as earnings before interest income and expense, income tax expense or benefit, and depreciation and amortization. “Adjusted EBITDA” has been calculated using EBITDA adjusted for losses on the extinguishment of debt, stock-based compensation, settlement of certain legal matters, and forgiveness of a portion of stockholder notes receivable. The Company believes that both EBITDA and Adjusted EBITDA provide additional information for investors to use in (1) evaluating our ongoing operating results and trends and (2) comparing our financial performance with those of comparable companies, which may disclose similar non-GAAP financial measures to investors. These non-GAAP measures provide investors with incremental information for the evaluation of our performance after isolation of certain items deemed unrelated to our core business operations. EBITDA and Adjusted EBITDA are presented as supplemental measures to our GAAP measures of performance. When evaluating EBITDA and Adjusted EBITDA, you should be aware that we may incur future expenses similar to those excluded when calculating these measures. In addition, our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Furthermore, our computation of Adjusted EBITDA may not be directly comparable to similarly titled measures computed by other companies, as the nature of the adjustments that other companies may include or exclude when calculating Adjusted EBITDA may differ from the adjustments reflected in our measure. Because of these limitations, EBITDA and Adjusted EBITDA should not be considered in isolation, nor should these measures be viewed as a substitute for the most directly comparable GAAP measure, which is net loss. As appropriate, the most directly comparable GAAP financial measures and information reconciling these non-GAAP financial measures to the Company’s financial results prepared in accordance with GAAP are included in this press release.

About Romeo Power, Inc.

Founded in 2016 and headquartered in Los Angeles, California, Romeo Power (NYSE: RMO) is an energy technology leader delivering large-scale electrification solutions for complex commercial applications. The Company’s suite of advanced hardware, combined with its innovative battery management system, delivers the safety, performance, reliability and configurability its customers need to succeed. Romeo Power's 113,000 square-foot manufacturing facility brings its flexible design and development process in-house to pack the most energy dense modules on the market. To keep up with everything Romeo Power, please follow the Company on social @romeopowerinc or visit https://romeopower.com.

Financial Statements

Romeo Power

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WARREN, Mich.--(BUSINESS WIRE)--To support worldwide demand, Applied Fiber is licensing its fiber rope socketed termination technology to select industry partners. Licensed partners will have access to Applied Fiber’s substantial portfolio of products, applications, and service to expand the use of terminated fiber rope globally – growing market potential and new opportunities.

Richard Campbell, CEO of Applied Fiber, commented, “The careful management and control of our core processing is essential to achieving the efficiencies and required performance for all applications. Digitization of our manufacturing equipment allows for real time management of quality across all critical stages. Given the importance of safety, reliability, and supply chain stability in the end-use applications, our selection of an automation partner was focused on the capability to support a network of equipment around the globe on a 24-7 basis, coupled with expertise to deliver state-of-the-art manufacturing capability for responsibly managing remote processing operations which are critical to end-use performance. Our requirements for build quality, design capability, relevant experience, and tier-one design and support commitment lead us to Eckhart, an Industry 4.0 advanced manufacturing solutions provider. Eckhart designs, implements, and sustains automation for some of the largest manufacturing companies in the world.”

Eckhart President & CEO Andy Storm said, “Very few companies establish a universally endorsed brand or forge a new industry segment. Applied Fiber has achieved both. Through our announced partnership, our team of dedicated engineers is excited to design, build, and integrate highly automated systems for Applied Fiber and its licensed partners.”

Applied Fiber and Eckhart plan to deliver the first digitally managed processing equipment during Q4 of 2021.

About Eckhart

For over 60 years and based in Warren, Michigan, Eckhart designs, builds, and sustains advanced industrial solutions that enhance the quality of life. Eckhart’s proven portfolio of Industry 4.0 technology includes autonomous guided vehicles (AGVs), collaborative robotic systems, traditional robotics, assembly automation & simulation, 3D printing tool development & production, and Factory of the Future consulting for the world’s largest manufacturers. Eckhart serves an established and loyal blue-chip customer base of leading industrial original equipment manufacturers including 3M, Boeing, Pepsico, Stryker Medical, General Electric, Ford, Tesla, John Deere, Honda, Subaru, Honeywell, Schneider Electric, Bradford White, Cargill, Whirlpool, Toyota, Mercedes, and Caterpillar. Learn more at www.eckhartusa.com

About Applied Fiber

Applied Fiber® is the leading company for terminated synthetic fiber tension systems worldwide. The company’s advanced products are utilized where performance and reliability are essential, whether high volume OEM production or mission-critical specialty applications. Applied Fiber® delivers engineered tension systems across Mining, Offshore Oil and Gas, Medical, Commercial Marine, Renewable Energy, Military, Aerospace, and other Industrial markets. www.applied-fiber.com

Andrew P. Storm 517-321-7700

Dien Xanh Gia Lai Investment Energy Joint Stock Company’s 100 MW onshore wind farms will help support Vietnam’s economic growth and sustainability goals

BANGKOK--(BUSINESS WIRE)--Vietnam is expanding its power generation capacity as it balances its generation portfolio and meets the soaring energy demand of its growing population and flourishing economy.

To advance energy security with decarbonization and sustainability commitments, Vietnam is prioritizing the development of its renewable energy infrastructure.

Renewable energy, according to Black & Veatch’s Strategic Directions: Electric Industry Asia 2021 Report, is expected to experience the most significant investment growth in new generation capacity over the next three to five years.

The Ia Pech 1 and Ia Pech 2 wind farms, located in Ia Grai district of Gia Lai province, are examples of investments in Vietnam’s renewable energy developments.

Dien Xanh Gia Lai Investment Energy Joint Stock Company, the developer of the la Pech wind farms, has engaged Black & Veatch as the Owner’s Engineer for both wind farms. Each Ia Pech wind farm project will have a capacity of 50 megawatts (MW).

“Black & Veatch is actively engaged in Southeast Asia’s energy transition, drawing on our global expertise and local experience. With capabilities and expertise spanning the entire project life cycle and across generation, transmission and distribution technologies, we have been partnering with power producers around the world to deploy reliable and forward-looking renewable energy solutions,” said Narsingh Chaudhary, Black & Veatch's Executive Vice President & Managing Director, Asia Power Business.

As the Owner’s Engineer of the la Pech wind farms, Black & Veatch will undertake services including project management, project control, design review, quality assurance, construction monitoring and commissioning support.

The Ia Pech wind farms will generate and sell power to Vietnam Electricity for 20 years. Construction of the farms is scheduled to begin in 2021 and commercial operation is estimated to start by fourth quarter of 2021.

“The power industry’s growing use of wind power in its generation mix aligns well with our full range of innovative wind power solutions, allowing us to continue to serve an ever-evolving market,” added Dave Hallowell, Black & Veatch’s Senior Vice President, Global Renewable Energy.

Black & Veatch has supported over 56 GW of wind power globally. This includes providing lead technical advice for over 36,000 MW of wind power, development and execution support for over 19,500 MW of wind power, and over 1,200 MW of detailed design for wind power. The company was recognized by leading source of infrastructure, power and renewable news, data and analysis Inframation and SparkSpread as the top technical advisor by deal count for 2020.

Editor’s Notes:

• Black & Veatch delivers a broad array of services, from renewables strategic planning and project development support to project implementation, grid connection and asset management. Our experience with renewable projects includes wind, solar thermal, solar photovoltaics, biomass, hydro, geothermal, landfill gas and marine.
• The International Monetary Fund (IMF) projects growth in Vietnam’s economy to be 6.5 percent in 2021.

About Black & Veatch

Black & Veatch is an employee-owned global engineering, procurement, consulting and construction company with a more than 100-year track record of innovation in sustainable infrastructure. Since 1915, we have helped our clients improve the lives of people around the world by addressing the resilience and reliability of our most important infrastructure assets. Our revenues in 2020 exceeded US$3.0 billion. Follow us on www.bv.com and on social media.

Emily Chia
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COLUMBIA, Md.--(BUSINESS WIRE)--GSE Systems, Inc. (“GSE Solutions” or “GSE”) (Nasdaq: GVP), a leader in delivering and supporting engineering, compliance, simulation, training and workforce solutions to the power and process industries, today announced that a major energy company in Canada has contracted with GSE to upgrade their on-premises training platform to the new EnVision software as a Service (SaaS) subscription solution, which includes ten comprehensive operational courses.

EnVision is a cloud-based workforce development solution used by more than 12,000 people around the world, allowing them to learn and train on critical operations anytime, anywhere. EnVision combines computer-based tutorials with high-fidelity simulation models for industry and academic institutions to safely teach operating fundamentals in addition to specialized operational skills.

“EnVision allows us to provide operators with top-quality technical training, wherever and whenever it’s needed,” said Gill Grady, Senior Vice President of Corporate Business Development at GSE Solutions. “The EnVision SaaS model means lower infrastructure investment and the ability to access training from any computer, not just dedicated in-person learning centers.”

“We are confident that this long-time customer will derive tremendous value from their EnVision On-Demand cloud-based subscription,” added Kyle Loudermilk, President and CEO of GSE Solutions. “The conversion of a perpetual license to a SaaS subscription is a win-win for the customer and GSE. With the SaaS solution, all the customer needs are a browser and internet connectivity to benefit from this state-of-art workforce development solution. From fundamentals through unit operations, EnVision provides access to rich learning content to plant operators, engineers, and management with the added benefit of cloud delivery to simplify their learning operation.”

ABOUT GSE SOLUTIONS

We are the future of operational excellence in the power industry. As a collective group, GSE Solutions leverages top skills, expertise, and technology to provide highly specialized solutions that allow customers to achieve the performance they imagine. Our experts deliver and support end-to-end training, engineering, compliance, simulation, and workforce solutions that help the power industry reduce risk and optimize plant operations. GSE is proven, with over four decades of experience, more than 1,100 installations, and hundreds of customers in over 50 countries spanning the globe. www.gses.com

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DUBLIN--(BUSINESS WIRE)--The "Oil and Gas Map of the Eastern Mediterranean, 2nd Edition" map has been added to ResearchAndMarkets.com's offering.

The map has comprehensive data, charts and illustrations to give an authoritative analysis of trends in the emerging Eastern Mediterranean oil and gas sector.

Mapping:

Digital terrain model base map of the Eastern Mediterranean region

Mapping Content:

• Oil and gas pipelines, including those planned, proposed and under construction
• Major oil and gas producing areas/fields
• LNG import regasification terminals by status [existing, under construction and planned]
• LNG export liquefaction plants by status [existing, under construction and planned]
• Oil refinery (Start date, operator and capacity in barrels per day)
• Bio-refinery (Start date, operator and capacity in barrels per day)
• Tanker terminals
• Oil storage
• Gas processing plant
• Underground gas storage (existing, under construction and planned/proposed

Inset Maps:

• Offshore Egypt's Nile Basin
• Offshore Israel
• Offshore Cyprus
• Offshore Lebanon
• Greece Concession areas
• Offshore Albania and Montenegro

Tables and Graphics Showing:

• Oil and gas proved reserves, production and consumption 2018 (by selected Eastern Mediterranean countries)
• Detailed call-out boxes for individual LNG import and export facilities

Technical Specs:

• Size: 1,260mm x 891mm
• Style: Landscape
• Scale: 1:1,845,000

For more information about this map visit https://www.researchandmarkets.com/r/5u6eo5

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Itron’s New eHZ-B Smart Meter Equips Utilities and Cities to Meet Germany’s Ongoing Energy Transition

LIBERTY LAKE, Wash.--(BUSINESS WIRE)--#ehz--Itron, Inc. (NASDAQ: ITRI), which is innovating the way utilities and cities manage energy and water, today announced the launch of its eHZ-B residential smart meter for utilities and cities in Germany. The latest addition to Itron’s proven 3.HZ FNN-compliant portfolio, the eHZ-B smart meter is built with advanced functionality to support Germany’s ongoing energy transition to a low carbon, environmentally sound, reliable and affordable energy supply, and equip utilities and cities to safely migrate to a smart and connected distribution network.

Building on Itron’s expertise in supporting smart meters rollouts across Europe, eHZ-B is designed to meet the specifications and regulations in the German market. Interoperable with industry standards, eHZ-B integrates with multi-vendor environments, and seamlessly communicates with the Smart Meter Gateway (SMGw) through Transport Layer Security (TLS) encryption. Keeping a constant pulse on the electricity grid, eHZ-B protects digital transmission with embedded next-gen encryption support.

“At Itron, we believe that supporting our customers in their projects is what success looks like. We are excited to bring a new smart meter to German utilities, cities and partners to help them build a solid foundation for a connected distribution network,” said Justin Patrick, senior vice president of Device Solutions at Itron. “With our expertise and solutions, we strive to provide cities and utilities the trusted partnership they need to meet their modernization and digitalization initiatives.”

“As an expert in economic full rollouts of intelligent measuring systems, our mission is to transform the way German cities manage their distribution network and Itron’s solution helps us fulfill that mission,” said Bouke Stoffelsma, director at Hausheld AG. “By partnering with Itron and implementing their smart meters in our offering, we’re confident that we have the right partner and products to better serve the communities and cities in the region.”

"We at EnBW are committed to ensuring that electricity from renewable energy sources is reliably available to everyone. Together with important partners such as Itron, we continue to develop our technical systems in a sustainable and innovative way," said EnBW in a company statement. "The new FNN base meter is a welcome building block in this process.”

Availability

The eHZ-B residential electricity meter is available now in Germany. Click here to learn more.

About Itron

Itron enables utilities and cities to safely, securely and reliably deliver critical infrastructure solutions to communities in more than 100 countries. Our portfolio of smart networks, software, services, meters and sensors helps our customers better manage electricity, gas and water resources for the people they serve. By working with our customers to ensure their success, we help improve the quality of life, ensure the safety and promote the well-being of millions of people around the globe. Itron is dedicated to creating a more resourceful world. Join us: www.itron.com.

Itron^® is a registered trademark of Itron, Inc. All third-party trademarks are property of their respective owners and any usage herein does not suggest or imply any relationship between Itron and the third party unless expressly stated.

Itron, Inc.
Alison Mallahan
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Artificial intelligence-powered customer engagement solution brings consumption-level insights for customers to better manage energy usage and carbon footprints

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Bidgely in partnership with Electric Ireland, Ireland’s largest energy retailer, announced the introduction of an AI-powered customer engagement solution delivered via email and web portal that creates new customer value from smart meter data. With the roll out of approximately 2.4M smart meters in Ireland over the next three years, the customer-centric programme will provide appliance-level consumption insights based on a home’s actual energy usage data collected by smart meters and is aimed at helping customers more effectively manage their energy usage and carbon footprints.

“Smart meters introduce new opportunities for Electric Ireland to create more customer value through personalised and engaging insights that reveal the details about how customers are using energy,” said Susan Whyte, smart meter programme manager at Electric Ireland. “Our pioneering use of established tools for maximising the value of customer data in Ireland is backed by Bidgely’s global track record of delivering increased customer engagement and satisfaction.”

Through email and web portal enhancements that personalise energy insights and educate customers on their individual usage, Electric Ireland can recommend the best price plans for each consumer. Electric Ireland can seamlessly integrate these insights to provide tailored content for generated email notifications and also add value to its residential web portal.

“We applaud Electric Ireland for being a first-mover in AI-powered data analytics; an initiative that brings greater value to energy consumers and serves as a strong competitive advantage in a region that vies for customer loyalty and satisfaction,” said Abhay Gupta, CEO of Bidgely. “Bidgely has worked diligently to bring its Silicon Valley innovation to energy providers around the world, and like others, Electric Ireland stands to benefit from our higher than average industry engagement and satisfaction rates.”

To learn more about how personalised energy insights are driving the new normal and global energy revolution, watch this session with research firms IDC and Delta-EE from Bidgely Engage Europe.

About Bidgely

Bidgely is an AI-powered SaaS Company accelerating a clean energy future by enabling energy companies and consumers to make data-driven energy-related decisions. Powered by our unique patented technology, Bidgely's UtilityAI™ Platform transforms multiple dimensions of customer data - such as energy consumption, demographic, and interactions - into deeply accurate and actionable consumer energy insights. We leverage these insights to empower each customer with personalized recommendations, tailored to their individual personality and lifestyle, usage attributes, behavioral patterns, purchase propensity, and beyond. From a Distributed Energy Resources (DER) and Grid Edge perspective, whether it is smart thermostats to EV chargers, solar PVs to TOU rate designs and tariffs; UtilityAI™ energy analytics provides deep visibility into generation, consumption for better peak load shaping and grid planning, and delivers targeted recommendations for new value-added products and services. With roots in Silicon Valley, Bidgely has over 17 energy patents, $50M+ in funding, retains 30+ data scientists, and brings a passion for AI to utilities serving residential and commercial customers around the world. For more information, please visit www.bidgely.com or the Bidgely blog at bidgely.com/blog.

Christine Bennett
Bidgely
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Ransomware attacks targeting industrial control systems and OT environments are increasing—and costing organizations hundreds of millions of dollars each year

BOULDER, Colo.--(BUSINESS WIRE)--#CriticalIndustries--A new report from Guidehouse Insights analyzes the market for operational technology (OT) network detection tools in industrial control systems (ICS) environments, providing global market forecasts for revenue, broken out by segment and region, through 2030.

Threat actors are increasingly targeting user account credentials and permissions to exploit known vulnerabilities in ICS and OT environments. Using ransomware, these actors have the ability to disrupt physical operations and halt industrial processes in sectors considered critical for survival. Click to tweet: According to a new report from @WeAreGHInsights, global OT detection revenue across the critical manufacturing, energy, food and agriculture, and water and wastewater systems verticals is expected to grow from $505 million in 2021 to $1.8 billion in 2030 at a compound annual growth rate (CAGR) of 14.9%.

“Nearly 900 critical infrastructure asset owners have been hit by ransomware in publicly confirmed cases since 2013,” says Danielle Jablanski, senior research analyst with Guidehouse Insights. “Many asset owners lack visibility into their network devices, systems, data, and communications patterns to prevent these attacks, resulting in harm to production, automation, quality assurance, monitoring, and safety systems, and costing organizations hundreds of millions of dollars each year.”

Regionally, ransomware attacks on ICS are most prevalent in North America, followed closely by Europe and a growing percentage in Asia. Manufacturing and energy lead the drive for intrusion detection among critical infrastructure sectors, with manufacturing anticipated to experience the largest growth over the decade.

The report, Ransomware and Critical Infrastructure, analyzes the global market for operational technology (OT) detection tools in ICS environments in four critical infrastructure verticals: critical manufacturing, energy, food and agriculture, and water and wastewater systems. The study provides an analysis of the market issues, opportunities, and implementation challenges associated with network detection tools and ICS security. Global market forecasts for revenue, broken out by segment and region, extend through 2030 based on the estimated installation base for each vertical in each region. The report also examines the emergent technologies related to intrusion detection and provides business cases for intrusion detection system (IDS) vendors. An executive summary of the report is available for free download on the Guidehouse Insights website.

About Guidehouse Insights

Guidehouse Insights, the dedicated market intelligence arm of Guidehouse, provides research, data, and benchmarking services for today’s rapidly changing and highly regulated industries. Our insights are built on in-depth analysis of global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research, and demand assessment, paired with a deep examination of technology trends, to provide a comprehensive view of emerging resilient infrastructure systems. Additional information about Guidehouse Insights can be found at www.guidehouseinsights.com.

About Guidehouse

Guidehouse is a leading global provider of consulting services to the public and commercial markets with broad capabilities in management, technology, and risk consulting. We help clients address their toughest challenges and navigate significant regulatory pressures with a focus on transformational change, business resiliency, and technology-driven innovation. Across a range of advisory, consulting, outsourcing, and digital services, we create scalable, innovative solutions that prepare our clients for future growth and success. The company has more than 8,000 professionals in over 50 locations globally. Guidehouse is a Veritas Capital portfolio company, led by seasoned professionals with proven and diverse expertise in traditional and emerging technologies, markets, and agenda-setting issues driving national and global economies. For more information, please visit: www.guidehouse.com.

* The information contained in this press release concerning the report, Ransomware and Critical Infrastructure, is a summary and reflects the current expectations of Guidehouse Insights based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Guidehouse Insights nor Guidehouse undertakes any obligation to update any of the information contained in this press release or the report.

Lindsay Funicello-Paul
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HOUSTON--(BUSINESS WIRE)--Halliburton Company (NYSE: HAL) today announced it successfully delivered real-time control of fracture placement while pumping on a multi-well pad using the SmartFleet™ intelligent fracturing system in the Permian Basin.

An industry first, SmartFleet applies automation enabled by subsurface measurements and real-time visualization to intelligently adapt and respond to reservoir behavior, driving real-time improvement in completion execution and fracture outcomes.

SmartFleet intelligent fracturing system delivered several groundbreaking achievements. It provided the operator with real-time visibility downhole to instantly validate fracture performance and manage fracture placement – allowing the operator to consistently visualize and measure fracture propagation and ultimately control fracture placement through automation. With enhanced 3D measurement and live insights, the operator shortened the learning curve by solving fracture optimization challenges that historically would have taken numerous iterations to address. This resulted in more dynamic and accurate decision-making, as well as live placement and execution adjustments that ultimately improved asset economics.

Using intelligent automation, the system resulted in less total fluid required per stage, significantly extended stage lengths, and more consistently placed all the designed proppant for the stage. Additionally, SmartFleet successfully delivered uniform fracture distribution across clusters, more consistently, stage to stage and well to well, improving uniform treatment placement by up to 20 percent compared to conventional baseline fracture stages.

“No other system lets you see, measure, and control how you land your fracs,” said Michael Segura, vice president of Production Enhancement. “If you want every stage to count, SmartFleet intelligent automation gives you the confidence to drive fracture performance in real time, so you can continually optimize cost and performance.”

ABOUT HALLIBURTON

Founded in 1919, Halliburton is one of the world's largest providers of products and services to the energy industry. With more than 40,000 employees, representing 130 nationalities in more than 70 countries, the Company helps its customers maximize value throughout the lifecycle of the reservoir – from locating hydrocarbons and managing geological data, to drilling and formation evaluation, well construction and completion, and optimizing production throughout the life of the asset. Visit the Company’s website at www.halliburton.com. Connect with Halliburton on Facebook, Twitter, LinkedIn, Instagram and YouTube.

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6,344 ICE Murban Crude Oil futures contracts trade on day of launch

Additional 2,510 Murban related cash settled derivative contracts traded

27 firms traded on IFAD

ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--Intercontinental Exchange, Inc. (NYSE:ICE), a leading global provider of data, technology, and market infrastructure, today announced the first day of trading of ICE’s newest exchange, ICE Futures Abu Dhabi (“IFAD”), and ICE Murban Crude Oil futures, the world’s first Murban futures contract.

ICE Murban Crude Oil Futures opened for trading on March 29, alongside 18 Murban-related cash settled derivatives and inter-commodity spreads, offering the market the broadest range of ways to trade and hedge Murban crude.

Market activity on ICE Futures Abu Dhabi on the first day of trading included:

• 8,854 lots traded in total. This included 6,344 ICE Murban Crude Oil futures contracts and 2,510 Murban related cash settled derivative contracts.
• Of the cash settled derivatives, 2,500 lots of Murban Singapore Marker 1st Line futures and 10 lots of Murban 1st Line vs Brent 1st Line futures contracts traded.
• 27 firms traded on day of launch.

“The depth of market activity on our first day of trading is extremely encouraging,” said Jamal Oulhadj, President of ICE Futures Abu Dhabi. “On the first day of launch we saw active trading, consistently tight bid offer spreads, a high number of participants from both the physical and financial sides of the market, and liquidity out for the first six months of the curve. The mix of trading across the Murban futures contract and the cash settled derivatives reflects how our customers are already beginning to utilize the extensive range of tools we offer to trade and hedge Murban crude price exposure.”

Murban futures are open for trading for 24 hours a day on Mondays and 22 hours a day Tuesdays to Fridays, with investors from jurisdictions including Abu Dhabi Global Market, United States, Singapore, UK, Switzerland, the Netherlands, France, Norway, Australia, Japan and South Korea, able to trade on IFAD. IFAD has 26 Exchange Members and 19 Clearing Members, who are listed in full on IFAD’s Membership page.

Contracts traded on IFAD are cleared at ICE Clear Europe where they are cleared alongside ICE’s global energy futures platform covering oil, natural gas and the environmental complex, allowing customers to benefit from critical margin offsets to enhance capital efficiency.

For more information on how to clear or trade IFAD markets please contact: This email address is being protected from spambots. You need JavaScript enabled to view it..

About Intercontinental Exchange

Intercontinental Exchange (NYSE: ICE) is a Fortune 500 company and provider of marketplace infrastructure, data services and technology solutions to a broad range of customers including financial institutions, corporations and government entities. We operate regulated marketplaces, including the New York Stock Exchange, for the listing, trading and clearing of a broad array of derivatives contracts and financial securities across major asset classes. Our comprehensive data services offering supports the trading, investment, risk management and connectivity needs of customers around the world and across asset classes. As a leading technology provider for the U.S. residential mortgage industry, ICE Mortgage Technology provides the technology and infrastructure to transform and digitize U.S. residential mortgages, from application and loan origination through to final settlement.

Trademarks of ICE and/or its affiliates include Intercontinental Exchange, ICE, ICE block design, NYSE and New York Stock Exchange. Information regarding additional trademarks and intellectual property rights of Intercontinental Exchange, Inc. and/or its affiliates is located here. Key Information Documents for certain products covered by the EU Packaged Retail and Insurance-based Investment Products Regulation can be accessed on the relevant exchange website under the heading “Key Information Documents (KIDS).”

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 -- Statements in this press release regarding ICE's business that are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see ICE's Securities and Exchange Commission (SEC) filings, including, but not limited to, the risk factors in ICE's Annual Report on Form 10-K for the year ended December 31, 2020, as filed with the SEC on February 4, 2021.

ICE- CORP

Source: Intercontinental Exchange

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CLEVELAND--(BUSINESS WIRE)--Blue Point Capital Partners (“Blue Point”) and its Blue Point IV portfolio company, VRC Engineered Solutions (“VRC”), announced today the acquisition of Cascadia Custom Molding (“Cascadia”). The acquisition will expand VRC’s product offerings and geographic footprint while enhancing manufacturing capabilities and diversifying end markets served.

For over 40 years, Cascadia has provided high-quality thermoplastic components to highly regulated and attractive markets such as medical, aerospace and consumer goods. Cascadia operates out of manufacturing facilities in Coeur d’Alene, Idaho, and Woodinville, Wash. The acquisition will expand VRC’s manufacturing footprint into the Pacific Northwest, offering increased capability and flexibility for both VRC and its customers.

Blue Point and the VRC management team value Cascadia’s diverse customer base and focus on complex, low-volume parts, as well as in-house capabilities that further expand VRC’s tooling, materials, production and service capabilities.

“This acquisition strategically marks the next phase of growth for both VRC and Cascadia. Uniting the respective company visions and leveraging their combined capabilities, services, technologies and expertise across all locations will offer significant benefit to our customers,” said Blue Point Partner Jonathan Pressnell. “The geographic and end market expansion, along with the potential for cross-selling opportunities, makes the combined company well-positioned for growth.”

With over 25 custom material manufacturer investments over the course of its 20-year history, Blue Point and its network of operating executives bring substantial commercial, operating and technical experience to support the management teams. Dale Meyer, who along with his wife, Janeanne Upp, has owned Cascadia for 18 years, said, “We decided to partner with VRC, and Blue Point, because we could see the same philosophical approach and strategic fit between the companies, the management teams and our vision of the future for Cascadia.” P&M Corporate Finance (PMCF) served as financial advisor to Cascadia in the transaction.

Cascadia is VRC’s first add-on acquisition since Blue Point acquired the platform in August 2019. “The thesis supporting our investment in VRC was to provide unique resources to drive organic growth, while at the same time leveraging our M&A competency to expand the platform via acquisitions,” said Blue Point Partner John LeMay. “The Cascadia platform fits squarely within the key end markets and capabilities of our focused add-on strategy, and we are enthusiastic about the opportunities available to the combined company going forward.”

“Our partnership with Blue Point is highlighted by their support in identifying the best, complementary capabilities to execute against our core growth strategies. Over the past 50 years, VRC has committed to expanding our platform and continually adding value for our customers,” said VRC President Tom Gebhardt. “The Cascadia acquisition provides additional capabilities and synergies which allow us to offer a more diverse product portfolio and a one-stop-shop. I am excited to work with the collective team to continue to build a world-class organization rooted in operational excellence and superior customer service.”

VRC Engineered Solutions (www.ritus.com) was founded in 1963 and has since served customers primarily in the aerospace & defense, automotive, industrial, oil & gas, marine and medical end markets. VRC is made up of Ritus and its sister companies, Vanseal and Classic Molding, which operate under the same management team and support one another in their mission is to provide solutions and maximum value to their customers. This is achieved upon being a leader in engineering and polymer technology and product solutions, excellent technical support, data-based decisions and superior service.

Blue Point Capital Partners (www.bluepointcapital.com) is a private equity firm managing over $1.5 billion in committed capital. With offices in Cleveland, Charlotte, Seattle and Shanghai, Blue Point’s geographical footprint allows it to establish relationships with local and regional entrepreneurs and advisors while providing the perspectives and resources of a global organization. Blue Point has over a two-decade history of partnering with lower middle-market businesses to build processes and capabilities to achieve dramatic growth. The Firm focuses on opportunities where it can leverage its collective experience, extensive network of operating resources and unique toolkit, which includes supply chain/Asian capabilities, data and digital strategies, human capital strategy and focused add-on acquisition efforts. Blue Point typically invests in businesses that generate between $25 million and $300 million in revenue.

Blue Point Capital Partners

John LeMay | Partner | (216) 535-4707
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Jonathan Pressnell | Partner | (216) 535-4713
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VRC Engineered Solutions

Tom Gebhardt | President | (414) 586-3535

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PITTSBURGH--(BUSINESS WIRE)--PPG (NYSE: PPG) today announced the launch of PPG PITTHANE® ULTRA LS high-performance polyurethane topcoat, which is formulated for applications in corrosive environments that require low sheen to limit glare and hide surface imperfections.

Used in a two or three-coat system, the new topcoat provides long-lasting protection for applications such as bridges, stadiums, and fuel and water storage tanks while providing minimal reflectivity and excellent aesthetics.

“The PPG PITTHANE coatings family is known for its corrosion resistance and color retention along with its easy application and excellent flow and leveling characteristics,” said Herman Rodriquez, PPG director of demand driving, protective and marine coatings, U.S. and Canada. “PPG PITTHANE ULTRA LS low-sheen topcoat extends these application and performance benefits to facilities located near roadways, where glare can impact drivers, as well as high-impact environments such as stadiums, where a low-gloss finish can make surface imperfections less noticeable.”

For architects and specifiers looking to meet specific performance requirements, PPG PITTHANE ULTRA LS topcoat is tested to stand up to C3, C4 and C5 corrosive environments according to International Organization for Standardization (ISO) 12944:2018 standards. The product is considered suitable for USDA incidental food contact applications and meets Society for Protective Coatings (SSPC) Paint 36 level 3 performance, Master Painters Institute (MPI) 83 requirements and low volatile organic compound (VOC) air quality standards at 240 g/L.

For applicators, PPG PITTHANE ULTRA LS topcoat is easy to mix and apply, provides an unlimited recoat window and can be applied at surface temperatures as low as 20 F or minus 7 C.

PPG PITTHANE ULTRA LS topcoat is available in Canada and the U.S. For more information, visit ppgpmc.com.

PPG: WE PROTECT AND BEAUTIFY THE WORLD™

At PPG (NYSE:PPG), we work every day to develop and deliver the paints, coatings and specialty materials that our customers have trusted for more than 135 years. Through dedication and creativity, we solve our customers’ biggest challenges, collaborating closely to find the right path forward. With headquarters in Pittsburgh, we operate and innovate in more than 70 countries and reported net sales of $13.8 billion in 2020. We serve customers in construction, consumer products, industrial and transportation markets and aftermarkets. To learn more, visit www.ppg.com.

We protect and beautify the world is a trademark and PPG PITTHANE and the PPG Logo are registered trademarks of PPG Industries Ohio, Inc.

CATEGORY Protective and Marine Coatings

PPG Media Contact:
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Artificial intelligence-powered customer engagement solution brings consumption-level insights for customers to better manage energy usage and carbon footprints

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Bidgely in partnership with Electric Ireland, Ireland’s largest energy retailer, announced the introduction of an AI-powered customer engagement solution delivered via email and web portal that creates new customer value from smart meter data. With the roll out of approximately 2.4M smart meters in Ireland over the next three years, the customer-centric program will provide appliance-level consumption insights based on a home’s actual energy usage data collected by smart meters and is aimed at helping customers more effectively manage their energy usage and carbon footprints.

“Smart meters introduce new opportunities for Electric Ireland to create more customer value through personalized and engaging insights that reveal the details about how customers are using energy,” said Susan Whyte, smart meter program manager at Electric Ireland. “Our pioneering use of established tools for maximising the value of customer data in Ireland is backed by Bidgely’s global track record of delivering increased customer engagement and satisfaction.”

Through email and web portal enhancements that personalize energy insights and educate customers on their individual usage, Electric Ireland can recommend the best price plans for each consumer. Electric Ireland can seamlessly integrate these insights to provide tailored content for generated email notifications and also add value to its residential web portal.

“We applaud Electric Ireland for being a first-mover in AI-powered data analytics; an initiative that brings greater value to energy consumers and serves as a strong competitive advantage in a region that vies for customer loyalty and satisfaction,” said Abhay Gupta, CEO of Bidgely. “Bidgely has worked diligently to bring its Silicon Valley innovation to energy providers around the world, and like others, Electric Ireland stands to benefit from our higher than average industry engagement and satisfaction rates.”

To learn more about how personalized energy insights are driving the new normal and global energy revolution, watch this session with research firms IDC and Delta-EE from Bidgely Engage Europe.

About Bidgely

Bidgely is an AI-powered SaaS Company accelerating a clean energy future by enabling energy companies and consumers to make data-driven energy-related decisions. Powered by our unique patented technology, Bidgely's UtilityAI™ Platform transforms multiple dimensions of customer data - such as energy consumption, demographic, and interactions - into deeply accurate and actionable consumer energy insights. We leverage these insights to empower each customer with personalized recommendations, tailored to their individual personality and lifestyle, usage attributes, behavioral patterns, purchase propensity, and beyond. From a Distributed Energy Resources (DER) and Grid Edge perspective, whether it is smart thermostats to EV chargers, solar PVs to TOU rate designs and tariffs; UtilityAI™ energy analytics provides deep visibility into generation, consumption for better peak load shaping and grid planning, and delivers targeted recommendations for new value-added products and services. With roots in Silicon Valley, Bidgely has over 17 energy patents, $50M+ in funding, retains 30+ data scientists, and brings a passion for AI to utilities serving residential and commercial customers around the world. For more information, please visit www.bidgely.com or the Bidgely blog at bidgely.com/blog.

Christine Bennett
Bidgely
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BETHESDA, Md. & TOKYO--(BUSINESS WIRE)--#CleanEnergy--Enviva, a global renewable energy company specializing in sustainable wood bioenergy, and Mitsui O.S.K. Lines (MOL), a leading global marine transport group, today announced they have signed a memorandum of understanding agreement to develop and deploy an environmentally friendly bulk carrier. The goal of the agreement is to reduce the greenhouse gas (“GHG”) emissions in the ocean transportation of sustainable wood pellets. In the initial stage, the partnership will explore the environmental benefits, commercial and operational feasibilities of various technologies. This will include the “Wind Challenger”, a cargo ship design with a hard sail, which would reduce emissions by harnessing wind energy. MOL have been jointly studying the technology with cross-industrial partners.

“Enviva is very excited to partner with MOL on this innovative project to reduce greenhouse gas emissions in our supply chain,” said Thomas Meth, Executive Vice President, Sales and Marketing of Enviva. “In our recently announced goal of achieving net-zero greenhouse gas emissions by 2030, we committed to proactively engage with our partners and other key stakeholders to adopt clean energy solutions in our supply chain and this is one of the first opportunities for us to explore carbon reductions in our Scope 3 emissions.

MOL has been a long-term shipping partner of Enviva, providing a consistently professional and reliable shipping service, and we look forward to our new level of partnership which will positively impact climate mitigation and reduce carbon emissions.”

Toshiaki Tanaka, Managing Executive Officer and Chief Environment and Sustainability Officer of MOL said, “We are truly excited about this partnership, and it comes at a perfect timing as we start our new business entity, MOL Drybulk, this April. By integrating the various areas of Drybulk businesses amongst our group, MOL Drybulk will aim to improve our service and provide solutions to meet the various needs of our customers, including the reduction of emissions from our shipping service. This is not an easy challenge, especially when we aim to introduce new technologies such as the Wind Challenger, so it is extremely encouraging to have Enviva as our partner, whose core mission is to fight climate change, and with their passion and determination, have proved that they can make a difference.”

Plans to develop the Wind Challenger started in 2009 as an industry-academia joint research project led by the University of Tokyo. MOL took charge of the plan in 2018 and has been working on the technology since. The first Wind Challenger is scheduled to be released in 2022. The system converts wind energy to propulsive force with a telescopic hard sail. The long-term goal is to develop a widely accepted shipping solution to achieve the International Maritime Organization target in combination with other measures to reduce GHG by equipping vessels with multiple sails.

For more details about the Wind Challenger and its transformative technology take a look at a feature video here.

About Enviva Partners, LP

Enviva Partners, LP (NYSE: EVA) is a publicly traded master limited partnership that aggregates a natural resource, wood fiber, and processes it into a transportable form, wood pellets. The Partnership sells a significant majority of its wood pellets through long-term, take-or-pay off-take contracts with creditworthy customers in the United Kingdom, Europe, and increasingly in Japan. The Partnership owns and operates nine plants with a combined production capacity of approximately 5.3 million MTPY in Virginia, North Carolina, South Carolina, Georgia, Florida, and Mississippi. In addition, the Partnership exports wood pellets through its marine terminals at the Port of Chesapeake, Virginia and the Port of Wilmington, North Carolina and from third-party marine terminals in Savannah, Georgia, Mobile, Alabama, and Panama City, Florida.

To learn more about Enviva Partners, LP, please visit our website at www.envivabiomass.com and follow us on social media @Enviva.

About Mitsui O.S.K. Lines, Ltd. (MOL)

Mitsui O.S.K. Lines, Ltd. (MOL), as a global marine transport group, operates a global fleet exceeding 700 vessels, including tankers, bulkers, car carriers, ferries, which also extends to offshore projects. Under the “MOLGROUP Environmental Vision 2.0” established in June 2020, MOL clarifies its commitment to achieve sustainable “Net Zero GHG Emissions” through collective efforts with all capabilities within the group.

MOL has recently announced the integration of their Drybulk business and the establishment of “MOL Drybulk Ltd.” From this April. MOL Drybulk will be a unique entity operating vessel ranging from 10,000DWT up to 100,000DWT bulk carriers, wood chip carriers and multi-purpose vessels, with the aim to provide a “one-stop service” to the customers, work collaboratively to meet their needs and provide environmental solutions to reduce the GHG emissions throughout the supply chain.

Maria Moreno
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DUBLIN--(BUSINESS WIRE)--The "Small Internal Combustion Engine Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Fuel Type, Cylinders, Power Output, and End-Use Industry" report has been added to ResearchAndMarkets.com's offering.

Increase in Adoption of Small Off-Road Internal Combustion Engines to Lead Small Internal Combustion Engine (ICE) Market Growth

The market was valued at US$ 4,450.14 million in 2019 and it is projected to reach US$ 5,280.83 million by 2027. It is expected to grow at a CAGR of 4.5% from 2019 to 2027.

The internal combustion (IC) engine manufacturing industry is continuously evolving with innovations in product offerings to support emission targets. Rising demand for fuel efficient and low pollution emitting engines to reduce the amount of air pollution is propelling the market growth. However, advent of electric motors in transportation, automotive, and other sectors in the global market is hampering the market growth.

However, small internal combustion engines still have an opportunity to sustain the growth owing to their improved fuel efficiency. Rising demand for miniaturization of power equipment to optimize space and design is being fulfilled with small internal combustion engines. This new power equipment needs to perform better within similar space or smaller space for which major companies are selecting small IC engines.

The natural gas used in small engines combustion technology has a potential to resolve the high emission problems and it would help the manufacturers to meet new regulatory norms. There is an increase in adoption of small internal combustion engines in South America, Africa, and Asia, while North America and Europe would be moving toward electric motors during the forecast period.

Increasing adoption of small IC engines in agriculture, residential, and construction sectors is supporting the growth of the small internal combustion engine market. The global small internal combustion engine market is segmented based on fuel type, cylinders, power output, end-use industry, and geography.

Based on fuel type, the market is segmented into gasoline, diesel, and gas. The gasoline segment is further segmented into compressed natural gas (CNG), liquefied petroleum gas (LPG), and liquefied natural gas (LNG). In terms of cylinders, the market is segmented into 1, 2, 3, and 4. Based on power output, the market is segmented into 1-5 kW, 6-10 kW, and 11-20 kW.

Caterpillar; Cummins Inc.; Fairbanks Morse; INNIO; Kawasaki Heavy Industries, Ltd; Liebherr Group; MITSUBISHI HEAVY INDUSTRIES, LTD.; Rolls-Royce plc; Wartsila; and Yanmar Holdings Co., Ltd are among leading players operating in the small internal combustion engine (ICE) market.

Several other players are also functioning and contributing significant revenues in the small internal combustion engine (ICE) market.

COVID-19 Impact on Small Internal Combustion Engine (ICE) Market

The COVID-19 crisis is affecting the industries worldwide. The outbreak has created significant disruptions in primary industries, such as consumer electronics, semiconductor, automotive, and IT infrastructure.

All these industries are crucial for the growth of global small internal combustion engine (ICE) market as they are the major demand generation industries for small internal combustion engines. Factory shutdowns, travel bans, trade bans, and lockdowns to combat and contain the outbreak have affected both manufacturing and sales of various consumer electronic products and components.

The global electronics & semiconductor industry is one of the major industries that is suffering serious disruptions due to supply chain issues and manufacturing shutdowns.

Key Topics Covered:

1. Introduction

2. Key Takeaways

3. Research Methodology

4. Market Landscape

5. Small Internal Combustion Engine Market - Key Market Dynamics

5.1 Market Drivers

5.1.1 Stringent Emission Norms Creating Demand for Efficient Fuel Engines

5.1.2 Increase in Adoption of Small Off-Road Internal Combustion Engines

5.2 Market Restraints

5.2.1 Inclination Toward Electric Energy over Fossil Fuels

5.3 Market Opportunities

5.3.1 Increasing Consumption of Combustion Engines in Developing Countries

5.4 Future Trends

5.4.1 Integration of Turbocharging and Remote Monitoring

5.5 Impact Analysis of Drivers and Restraints

6. Small Internal Combustion Engine Market - Global Analysis

6.1 Global Small Internal Combustion Engine Market Overview

6.2 Global Small Internal Combustion Engine Market Revenue Forecast and Analysis

6.3 Market Positioning - Five Key Players

7. Small Internal Combustion Engine Market Analysis 2027 - by Fuel Type

7.1 Overview

7.2 Small Internal Combustion Engine Market Breakdown, by Fuel Type (2019 and 2027)

7.3 Gasoline

7.4 Diesel

7.5 Gas

7.5.1 Overview

7.5.2 Gas Market Forecast and Analysis

7.5.3 Compressed Natural Gas (CNG)

7.5.4 Liquefied Petroleum Gas (LPG)

7.5.5 Liquefied Natural Gas (LNG)

8. Small Internal Combustion Engine Market Analysis 2027- By Cylinders

8.1 Overview

8.2 Small Internal Combustion Engine Market Breakdown, by Cylinder, 2019 and 2027

9. Small Internal Combustion Engine Market Analysis 2027 - by Power Output

9.1 Overview

9.2 Small Internal Combustion Engine Market Breakdown, by Power Output, 2019 & 2027

9.3 1-5 kW

9.4 6-10 kW

9.5 11-20 kW

10. Small Internal Combustion Engine Market Analysis 2027- By End User

10.1 Overview

10.2 Small Internal Combustion Engine Market Breakdown, By End User, 2019 and 2027

10.3 Power Generation

10.4 Manufacturing

10.5 Oil & Gas

10.6 Transportation

11. Small Internal Combustion Engine Market - Geographic Analysis

11.1 Overview

12. Impact of COVID-19 Pandemic on Global Small ICE Market

13. Industry Landscape

13.1 Merger and Acquisition

13.2 New Development

14. Company Profiles

• Caterpillar
• Cummins Inc.
• Fairbanks Morse
• INNIO
• Kawasaki Heavy Industries, Ltd
• Liebherr Group
• MITSUBISHI HEAVY INDUSTRIES, LTD.
• Rolls-Royce plc
• Wartsila
• Yanmar Holdings Co., Ltd.

For more information about this report visit https://www.researchandmarkets.com/r/q2nvzf

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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Utilizing artificial intelligence and sophisticated grid emissions intensity data, this collaboration is set to reduce the carbon footprint of buildings by 20 to 50+ percent

MONTREAL & OAKLAND, Calif.--(BUSINESS WIRE)--BrainBox AI, a pioneering leader in autonomous building technology, today announced a partnership with WattTime, an environmental tech nonprofit that empowers people and organizations to slash emissions and use cleaner energy. This partnership will drive increased energy savings and CO2 reductions in commercial real estate across North America. A flagship project with the Great Lakes Protection Fund will similarly leverage joint technology solutions to reduce mercury emissions throughout the Great Lakes watershed.

BrainBox AI is the world’s first fully autonomous artificial intelligence (AI) technology for Heating, Ventilation and Air Conditioning (HVAC) systems. BrainBox AI’s technology continuously makes micro-adjustments to a building’s existing HVAC system, in real-time, based on the monitoring of a multitude of internal and external data points. This industry-defining technology generates up to a 25% reduction in total energy costs, a 20-40% decrease in carbon footprint and a 60% increase in occupant comfort.

Complementarily, WattTime invented Automated Emissions Reduction (AER), software that allows IoT devices such as smart thermostats and electric vehicles to effortlessly and automatically run on cleaner energy. The AER signal enables smart devices—including commercial building energy management systems—to shift the timing of flexible energy use to sync with times of cleaner energy (e.g., wind or solar) and avoid times of dirtier energy (e.g., coal).

BrainBox AI is integrating WattTime’s dynamic marginal emissions signal into its AI data toolkit, to improve its model’s insights into CO2 and mercury emissions-reduction opportunities and enable continuous optimization to further reduce a building’s environmental footprint. The WattTime technology ‘supercharges’ BrainBox AI’s eco benefits, with up to an additional 15% emissions-reduction potential above and beyond baseline.

“Buildings are the largest consumers of energy on our planet and this exciting partnership with WattTime will not only create significant energy savings, but also make a very meaningful impact on the GHG emissions of buildings,” said Sam Ramadori, President of BrainBox AI. “Combining WattTime’s emissions data and signal with BrainBox AI’s autonomous AI technology is the kind of game-changing, scalable innovation that we desperately need to battle climate change.”

Additionally, BrainBox AI, WattTime, and the UC Berkeley Center for the Built Environment are partnering on a project funded by the Great Lakes Protection Fund, to combine the power of BrainBox AI’s optimization engine and WattTime’s AER to help buildings located in and around the Great Lakes reduce their mercury emissions.

“This partnership with BrainBox AI speaks directly to WattTime’s mission of increasing environmental and social good through data-driven tools that empower anyone, including building owners and operators, to choose cleaner energy,” said Laura Corso, Managing Director of Partnerships at WattTime. “We’re excited that this collaboration will enable BrainBox AI’s customers to make their buildings’ environmental footprint even lighter.”

If you are a building owner interested in the benefits of BrainBox AI and Automated Emissions Reduction at your building, please reach out to either WattTime or BrainBox AI.

About BrainBox AI

BrainBox AI was created in 2017 with the goal of redefining building automation through AI to be at the forefront of a green building revolution. Headquartered in Montreal, a global AI hub, BrainBox AI has a workforce of over 80 employees and supports real estate clients in numerous sectors, including office buildings, airports, hotels, multi-residential, long-term care facilities, grocery stores and commercial retail.

BrainBox AI is one of TIME' s Best Inventions of 2020 and works in collaboration with research partners including the US Department of Energy’s National Renewable Energy Laboratory (NREL), the Institute for Data Valorization (IVADO) as well as educational institutions including Montreal’s École de technologie supérieure (ETS) and McGill University. Learn more about BrainBox AI.

About WattTime

WattTime is an environmental tech nonprofit that empowers all people, companies, policymakers, and countries to slash emissions and choose cleaner energy. Founded by UC Berkeley researchers and now a subsidiary of RMI, we develop data-driven tools and policies that increase environmental and social good. We invented Automated Emissions Reduction (AER), software that allows IoT devices like smart thermostats and electric vehicles as well as entire buildings to effortlessly and automatically run on cleaner energy. We popularized emissionality, a technique to achieve greater avoided emissions through better siting of new renewable energy projects. And we co-founded the global Climate TRACE coalition, which harnesses remote sensing and software intelligence to monitor human-caused GHG emissions in near real time, bringing transparency and accessibility to global emissions. During the energy transition from a fossil-fueled past to a zero-carbon future, WattTime ‘bends the curve’ of emissions reductions to realize deeper, faster benefits for people and planet.

MEDIA

BrainBox AI – USA
Perry Goldman
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• Esso Renewable Racing Fuel to be tested in Porsche’s high-performance motorsports engines in the Porsche Mobil 1 Supercup 2021
• Companies to advance eFuel development with potential for greenhouse gas reduction
• eFuels to be produced using hydrogen and captured carbon dioxide
• New agreement builds on 25-year relationship of developing and testing high-performance products

IRVING, Texas & STUTTGART, Germany--(BUSINESS WIRE)--ExxonMobil and Porsche are testing advanced biofuels and renewable, lower-carbon eFuels, as part of a new agreement to find pathways toward potential future consumer adoption.

The first iteration of Esso Renewable Racing Fuel is a blend of primarily advanced biofuels and is specially formulated by ExxonMobil’s in-house team of scientists and engineers. Analysis indicates the potential to significantly reduce greenhouse gas emissions with a liquid fuel. The fuel will be tested in race conditions with Porsche’s high-performance motorsports engines during the 2021 Porsche Mobil 1 Supercup race series.

Porsche and ExxonMobil’s collaboration will also focus on eFuels, which are synthetic fuels made from hydrogen and captured carbon dioxide. As early as 2022, the companies plan to test the second iteration of Esso Renewable Racing Fuel, which will contain eFuel components. The eFuel is anticipated to achieve a greenhouse gas emissions reduction of up to 85 percent, when blended to current market fuel standards for today’s passenger vehicles.ⁱ

“The electrification of our vehicles is of highest priority to us,” said Michael Steiner, Member of the Executive Board, Research and Development of Porsche. “eFuels are a good complement to our powertrain strategy. They allow our customers to drive cars with conventional combustion engines as well as plug-in hybrids with significantly lower greenhouse gas emissions. The collaboration with ExxonMobil enables us to test the eFuels under demanding conditions on the racing track. This is a further step towards making eFuels an affordable and lower greenhouse gas emission substitute to conventional fuels.”

The eFuel will be sourced from the Haru Oni pilot plant based in Chile that generates hydrogen, which is then combined with captured carbon dioxide drawn from the atmosphere to produce methanol. ExxonMobil is providing a license and support for the proprietary technology to convert the methanol to gasoline, which will result in a lower-carbon fuel.

In the pilot phase, around 35,000 gallons of eFuels will be produced in 2022. As the fuel’s primary user, Porsche will use the eFuels from Chile among others in the Porsche Mobil 1 Supercup starting in the season of 2022.

“Over the past quarter century, we have worked together with Porsche to develop high-performance products that support Porsche’s vehicle performance on the racetrack and on the road,” said Andy Madden, vice president of strategy and planning for ExxonMobil Fuels & Lubricants. “Our continued collaboration on renewable and eFuels is a critical step in assessing the technical capability and commercial viability of fuels that can significantly reduce emissions.”

The first on-track testing of Esso Renewable Racing Fuel is scheduled for March 30, 2021 in Zandvoort, Netherlands, and will continue throughout the 2021 and 2022 Porsche Mobil 1 Supercup race series.

The collaboration with Porsche builds on ExxonMobil’s continuing efforts to develop and deploy lower-emission energy solutions, including high-efficiency fuels and lubricants, advanced plastics and other products that can enable cars and trucks to use less fuel. For example, the two companies have collaborated on a line of specially formulated lubricants for the electric vehicles market, Mobil EV™range.

In January, ExxonMobil announced the creation of a new business, ExxonMobil Low Carbon Solutions, to commercialize its extensive low-carbon technology portfolio and plans to invest $3 billion on lower emission energy solutions through 2025. Last year, ExxonMobil announced plans to distribute renewable diesel within California and potentially other domestic and international markets as soon as 2022.

Over the past two decades, ExxonMobil has invested more than $10 billion to research, develop and deploy lower-emission energy solutions, resulting in highly efficient operations that have eliminated or avoided approximately 480 million tonnes of CO₂ emissions - the equivalent of taking more than 100 million passenger vehicles off the road for a year.ⁱⁱ

Porsche is committed to invest $17.9 billion in electromobility and digitalization by 2025. In 2030 the sports car manufacturer will offer more than 80 percent of its vehicles with electric engines. The company seeks carbon neutrality in its products and operations by 2030, investing around $1.2 billion in sustainable mobility.

About ExxonMobil

ExxonMobil, one of the largest publicly traded international energy companies, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is one of the largest refiners and marketers of petroleum products, and its chemical company is one of the largest in the world. To learn more, visit exxonmobil.com and the Energy Factor.

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About Porsche

Dr. Ing. h.c. F. Porsche AG, with headquarters in Stuttgart-Zuffenhausen, is one of the most profitable car makers in the world. In 2020, Porsche delivered 272,000 vehicles of the 911, 718 Boxster, 718 Cayman, Cayenne, Macan, Panamera and Taycan models to customers worldwide. That was three per cent less than the year before. Thereby, the sports car manufacturer's operating profit before special items amounted to $5 billion. Porsche operates plants in Stuttgart and Leipzig as well as a development centre in Weissach. The sports car manufacturer employs 36,000 people. Porsche is committed to innovation, many of the technologies have their origins in motorsport. Porsche is aware of every aspect of its corporate responsibility: economic, environmental and social.

To learn more, visit https://newsroom.porsche.com/en.html.

Cautionary Statement

Statements of future events, plans or product offerings in this release are forward-looking statements. Actual future results, including product offerings, timing, production capacity, and the impact and results of new technologies on product efficiency and life-cycle emission reductions could vary depending on the outcome of general business conditions; further research and testing; the development and competitiveness of alternative technologies; the ability to scale pilot projects on a cost-effective basis; political and regulatory developments; and other factors discussed in this release and under the heading “Factors Affecting Future Results” on the Investors page of ExxonMobil’s website at exxonmobil.com.

Important Additional Information Regarding Proxy Solicitation

Exxon Mobil Corporation (“ExxonMobil”) has filed a definitive proxy statement and form of associated BLUE proxy card with the U.S. Securities and Exchange Commission (the “SEC”) in connection with the solicitation of proxies for ExxonMobil’s 2021 Annual Meeting (the “Proxy Statement”). ExxonMobil, its directors and certain of its executive officers will be participants in the solicitation of proxies from shareholders in respect of the 2021 Annual Meeting. Information regarding the names of ExxonMobil’s directors and executive officers and their respective interests in ExxonMobil by security holdings or otherwise is set forth in the Proxy Statement. To the extent holdings of such participants in ExxonMobil’s securities are not reported, or have changed since the amounts described, in the Proxy Statement, such changes have been reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Change in Ownership on Form 4 filed with the SEC. Details concerning the nominees of ExxonMobil’s Board of Directors for election at the 2021 Annual Meeting are included in the Proxy Statement. BEFORE MAKING ANY VOTING DECISION, INVESTORS AND SHAREHOLDERS OF THE COMPANY ARE URGED TO READ ALL RELEVANT DOCUMENTS FILED WITH OR FURNISHED TO THE SEC, INCLUDING THE COMPANY’S DEFINITIVE PROXY STATEMENT AND ANY SUPPLEMENTS THERETO AND ACCOMPANYING BLUE PROXY CARD, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors and shareholders can obtain a copy of the Proxy Statement and other relevant documents filed by ExxonMobil free of charge from the SEC’s website, www.sec.gov. ExxonMobil’s shareholders can also obtain, without charge, a copy of the Proxy Statement and other relevant filed documents by directing a request by mail to ExxonMobil Shareholder Services at 5959 Las Colinas Boulevard, Irving, Texas, 75039-2298 or at This email address is being protected from spambots. You need JavaScript enabled to view it. or from the investor relations section of ExxonMobil’s website, www.exxonmobil.com/investor.

ⁱ [i] The GHG emissions reduction stated here, relates to the comparison of the calculated carbon footprint of product (CFP) for the renewable components in the PMSC race fuel versus a 94 grams CO2e/MJ of EU Renewable Energy Directive II baseline comparator. Emissions reduction of up to 85% from renewable components vs. conventional are based on carbon footprint of product calculations conducted under ISO 14067 methodology, effectively referenced as a well-to-wheels boundary, taking into account the feedstock, production, transportation, and combustion related emissions to manufacture the blend of renewable components mentioned here. A functional unit of 1 MJ of fuels was used for the comparison.

ⁱⁱ [ii] 480 million tonnes of CO2 emissions is equivalent to approximately 104 million passenger vehicles driven for one year according to the U.S. EPA greenhouse gas equivalences calculator. https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator

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Combination Creates a Maximo Implementation Center of Excellence and Leading Digital Integrator of Infrastructure Digital Twins

EXTON, Pa.--(BUSINESS WIRE)--The Cohesive Companies, a wholly owned but independently operated digital integrator business unit of Bentley Systems, Incorporated (Nasdaq: BSY), the infrastructure engineering software company, today announced the acquisition of Ontracks Consulting, a leading implementer of IBM Maximo headquartered in Edmonton, Alberta, Canada. Ontracks specializes in strategic asset management and operational performance improvement for asset-intensive organizations in energy, utilities, transportation, mining, manufacturing, and government.

The Cohesive Companies address growing demand for enterprise asset management (EAM) and asset lifecycle information (ALIM) environments, leading the way to performance digital twins for public works and industrial/resources infrastructure. The acquisition of IBM Platinum Business Partner Ontracks, joining The Cohesive Solutions and SRO Solutions, adds strength and depth to The Cohesive Companies’ already significant Maximo business.

Asset-intensive organizations need new ways to ramp up their traditional requirements for safety and reliability while improving agility and keeping their costs low. Emerging technologies, leveraging digital twins and the Internet of Things (IoT), are helping to identify and manage asset reliability risks, minimize unplanned downtime, maximize equipment lifespan, and optimize productivity. Ontracks is a leader in providing infrastructure owner-operators enterprise asset management expertise to address these opportunities.

Ontracks offers extensive experience integrating data from varied sources, such as IoT sensors, operational technology (OT) systems, and enterprise resource planning (ERP) systems. Client organizations depend on Ontracks to help deploy Maximo quickly, leverage industry best practices, and decrease overall cost of ownership. Ontracks recently launched Maximo Fastrack, a turnkey, cloud-based Maximo solution that comes pre-packaged with the most common Maximo configurations and workflows. Ontracks is an active contributor to the Canadian Maximo User Group (CanMUG) and to GOMAXIMO, a gas, oil and petrochemical industry-sponsored working group.

Noah Eckhouse, The Cohesive Companies CEO, said, “We are truly excited to welcome the Ontracks team and add their deep experience and skills to The Cohesive Companies—creating a global Maximo implementation powerhouse. Ontracks has consistently delivered positive outcomes for their clients over the past decade, focused on Maximo-based solutions in a variety of industries. By connecting the operational space with the asset and maintenance world, Ontracks is creating examples of success with infrastructure digital twins.”

Craig Mackenzie, co-founder of Ontracks, said, “All of us at Ontracks are looking forward to joining forces with The Cohesive Companies and expanding our scope and capacity to help our users drive their digital transformations. The digital integration of operational technologies with engineering technologies and information technology has massive potential, and Maximo can be a cornerstone of that digital twin vision. As one of The Cohesive Companies, we will be even more empowered to turn that vision into reality.”

Image: Crane
Caption: Ontracks is a leading North American implementer of IBM Maximo and provides services to a multitude of industries, including oil and gas, mining, utilities, and other asset-intensive organizations.

About The Cohesive Companies

The Cohesive Companies form a wholly owned but independently operated business unit of Bentley Systems (Nasdaq: BSY, the infrastructure engineering software company www.bentley.com). The Cohesive Companies provide advisory, systems integration, and technology strategies and services to help infrastructure owner-operators advance their BIM, enterprise asset management (EAM), and asset lifecycle information (ALIM) environments through performance digital twins. The Cohesive Companies comprise PCSG (leading provider of digital advisory services for built-environment owners), SRO Solutions (leading UK-based provider of solutions for IBM’s Maximo EAM software), Cohesive Solutions and Ontracks Consulting (leading North American implementers of Maximo, helping owner-operators to continuously improve their asset management) and Cohesive Asset Performance (leading global integrator for Asset Performance Modeling). www.cohesivecompanies.com

© 2021 Bentley Systems, Incorporated. Bentley, Cohesive Solutions, Cohesive Asset Performance, PCSG, SRO Solutions, Ontracks, and The Cohesive Companies are either registered or unregistered trademarks or service marks of Bentley Systems, Incorporated or one of its direct or indirect wholly owned subsidiaries. All other brands and product names are trademarks of their respective owners.

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