DALLAS--(BUSINESS WIRE)--Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced the award, renewal or extension of 15 multi-year contracts with a combined estimated value over $525 million. The contracts were secured by the Company’s Utilities Segment.

The new contracts include a $60 million, five-year MSA agreement to install aerial and underground fiber-optic cable in the Gulf Coast region in conjunction with the Rural Digital Opportunity Fund. This project, which will provide telecommunications service to underserved communities, will begin in the second quarter of 2021.

Additional Utilities contracts awarded during the first quarter included:

• A five-year MSA agreement for replacement of existing natural gas distribution systems in the Midwest. This work began during the quarter and will be completed in the fourth quarter of 2025.

• A two-year MSA agreement for installation of new natural gas distribution residential and commercial services in the Western region of the United States. This work began during the quarter and will be completed in the fourth quarter of 2022.

• A three-year MSA agreement for system electric overhead and underground distribution construction, grid modernization, maintenance and emergency restoration services in the Gulf Coast area. The work has started with scheduled completion in fourth quarter of 2023.

ABOUT PRIMORIS

Founded in 1960, Primoris, through various subsidiaries, has grown to become one of the leading providers of specialty contracting services operating throughout the United States and Canada. Primoris provides a wide range of specialty construction services, fabrication, maintenance, and engineering services to a diversified base of customers. Additional information on Primoris is available at www.primoriscorp.com.

FORWARD LOOKING STATEMENTS

This press release contains certain forward-looking statements that reflect, when made, the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including the Company’s future performance. Forward-looking statements include all statements that are not historical facts and can be identified by terms such as “anticipates”, “believes”, “could”, “estimates”, “expects”, “intends”, “may”, “plans”, “potential”, “predicts”, “projects”, “should”, “will”, “would” or similar expressions. Forward-looking statements include information concerning our possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of regulation and the economy, generally. Forward-looking statements inherently involve known and unknown risks, uncertainties, and other factors, which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Actual results may differ materially as a result of a number of factors, including, among other things, the risks described in Part I, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2020, and our other filings with the U.S. Securities and Exchange Commission (“SEC”). Such filings are available on the SEC’s website at www.sec.gov. Given these risks and uncertainties, you should not place undue reliance on forward-looking statements. Primoris does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws.

Brook Wootton
Vice President, Investor Relations
Primoris Services Corporation, 214-545-6773
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MADISON, Wis.--(BUSINESS WIRE)--MGE Energy, Inc. (Nasdaq: MGEE) today reported financial results for the first quarter of 2021.

MGE Energy’s GAAP (Generally Accepted Accounting Principles) earnings for the first quarter of 2021 were $34.9 million, or $0.97 per share, compared to $26.0 million, or $0.75 per share, for the same period in the prior year.

An increase in electric investments included in rate base contributed to increased electric earnings for 2021. The Two Creeks solar project was completed in November 2020 contributing to increased electric earnings in the first quarter of 2021. Our 50-megawatt share of the project's generation will contribute to our ongoing goal of deep carbon reductions. The timing of 2021 depreciation and other operations and maintenance costs also contributed to higher electric earnings in the first quarter of 2021. Depreciation and operations and maintenance costs are expected to increase during the remainder of 2021 after significant capital projects are completed, including Badger Hollow I solar project and a new customer information system.

Ongoing remote work arrangements and colder temperatures contributed to higher electric residential sales, which increased by approximately 9% for the three months ended March 31, 2021, compared to the same period in the prior year. However, electric commercial retail sales dropped approximately 4%.

An increase in gas investments included in rate base contributed to increased gas earnings for 2021. Higher gas retail sales resulting from colder weather in the first quarter of 2021 also contributed to higher gas earnings in that period. During the first quarter of 2021, gas retail sales increased 7% compared to the same period in the prior year. The average temperature in February 2021 was approximately 13 degrees compared to 23 degrees in February 2020.

The situation around the COVID-19 pandemic remains fluid. We have been subject to and continue to follow local, state and federal public health and safety regulations and guidance to address the pandemic. We have operated continuously throughout the pandemic to ensure no material disruptions in service or employment. Our priority has and continues to be reliable and safe service for our customers. We continue to monitor the situation and manage our response.

About MGE Energy

MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric, generates and distributes electricity to 157,000 customers in Dane County, Wis., and purchases and distributes natural gas to 166,000 customers in seven south-central and western Wisconsin counties. MGE's roots in the Madison area date back more than 150 years.

Forward-looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Such statements include the risks and uncertainties related to the COVID-19 pandemic as well as expenses expected for the remainder of 2021. Such forward-looking statements are based on MGE Energy’s current expectations, estimates and assumptions regarding future events, which are inherently uncertain. We caution you not to place undue reliance on any forward-looking statements, which are made as of the date of this press release. We undertake no obligation to revise or update publicly any such forward-looking statements to reflect any change in expectations or in events, conditions or circumstances on which any such statements may be based. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to our business in general, please refer to the “Risk Factors” sections in our Annual Report on Form 10-K for the year ended December 31, 2020 and our Quarterly Report on Form 10-Q during the three months ended March 31, 2021, filed with the Securities and Exchange Commission.

Steve B. Schultz
Corporate Communications Manager
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Ken Frassetto
Investor Relations
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Project Will Implement Advanced Video and Radar Detection Systems to Improve Traffic Flow and Safety Across Major Intersections in the Northern California City

• City of Modesto leverages sophisticated detection technology to improve safety and mobility for vehicles, bicyclists and pedestrians

• Sixty (60) key Modesto intersections will be upgraded with state-of-the-art, above-ground detection equipment with advanced dilemma zone mitigation technology in the first phase of the program

SANTA ANA, Calif.--(BUSINESS WIRE)--$ITI #IoT--Iteris, Inc. (NASDAQ: ITI), the global leader in smart mobility infrastructure management, today announced that it has been awarded a contract with a total potential value of $3.3 million by the City of Modesto to supply Iteris’ Vantage Vector® hybrid video and radar detection systems throughout the Northern California city, in support of Modesto’s 2020-2025 Strategic Plan focus of Governance and Service Delivery, and its 2021 Smart City Strategy.

Under the terms of the two-year contract, which has the option to extend for two additional years, Iteris will upgrade 60 key intersections with 240 detection systems as part of phase one of the program.

With the Vantage Vector hybrid detection system – an all-in-one detection sensor that combines video and radar for stop bar and advance zone detection – the City of Modesto will be able to differentiate between vehicles, bicyclists and pedestrians to improve traffic flow and improve safety for all road users, while saving the City money. Vantage Vector provides rich data and insights on trends in traffic volumes and modes of transportation that will enable the City to adjust traffic signal timing to minimize congestion and delays. This reduced congestion, as well as Vantage Vector’s ability to reduce the risk of collisions at the intersection, will help to improve safety. Additionally, the project will save the City money by eliminating the need for in-ground hardware and its associated higher costs of construction. The Vantage Vector detection system also provides robust data for smart mobility applications, automated traffic signal performance measures (ATSPM) software and adaptive traffic control systems.

In addition to its ability to detect and differentiate between vehicles, bicyclists and pedestrians using video detection, the Vantage Vector system has high-precision radar sensing technology that provides total coverage of the dilemma zone. The dilemma zone is defined as the point at which a driver approaching a yellow signal light has to make a split-second decision on whether to attempt to stop and risk a rear-end collision or proceed into the intersection, potentially running a red light and risking a right-angle crash. Vantage Vector’s advanced dilemma zone detection capabilities help to reduce the risks of rear-end and right-angle collisions by either extending a signal phase to give drivers more time to react or enabling an all-red phase, pausing traffic until the intersection is cleared.

The Vantage Vector detection system is a key component of Iteris’ ClearMobility™ Platform – the world’s most complete solution to continuously monitor, visualize and optimize mobility infrastructure. ClearMobility applies cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to help ensure roads are safe, travel is efficient, and communities thrive.

“We are pleased to be working with Iteris to adopt an advanced solution at key intersections in the City of Modesto, in support of our 2020-2025 Strategic Plan focus of Governance and Service Delivery, and 2021 Smart City Strategy,” said Mayor Sue Zwahlen from the City of Modesto. “By using this state-of-the-art technology, we are providing Modesto road users with improved safety and increased mobility at the intersection.”

“We are thrilled to be able to support the City of Modesto’s goal of improving safety and mobility for drivers, cyclists and pedestrians, while maximizing efficiency throughout its transportation network,” said Mark Nogaki, vice president, sales and customer success at Iteris. “This new contract, which is testament to the spirit of innovation at the City of Modesto, demonstrates increasing demand for Iteris’ leading solutions for the smart mobility infrastructure management market and underscores the city’s commitment to a technology framework that will serve the community for decades to come.”

About Iteris, Inc.

Iteris is the global leader in smart mobility infrastructure management – the foundation for a new era of mobility. We apply cloud computing, artificial intelligence, advanced sensors, advisory services and managed services to achieve safe, efficient and sustainable mobility. Our end-to-end solutions monitor, visualize and optimize mobility infrastructure around the world to help ensure that roads are safe, travel is efficient, and communities thrive. Visit www.iteris.com for more information, and join the conversation on Twitter, LinkedIn and Facebook.

Iteris Forward-Looking Statements

This release may contain forward-looking statements, which speak only as of the date hereof and are based upon our current expectations and the information available to us at this time. Words such as "believes," "anticipates," "expects," "intends," "plans," "seeks," "estimates," "may," “should,” "will," "can," and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, statements about the deployment of the award and benefits and impacts of our Vantage Vector system and ClearMobility platform. Such statements are not guarantees of future performance and are subject to certain risks, uncertainties, and assumptions that are difficult to predict, and actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.

Important factors that may cause such a difference include, but are not limited to, our ability to successfully deliver our solutions in a cost-effective manner; government funding and budgetary issues and delays; impact of influences and variances of general economic, political, environment, and other conditions in the markets we address; and the potential impact of product and service offerings from competitors and such competitors’ patent coverage and claims. Further information on Iteris, Inc., including additional risk factors that may affect our forward-looking statements, is contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, and our other SEC filings that are available through the SEC’s website (www.sec.gov).

Media Contact
David Sadeghi
Tel: (949) 270-9523
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Investor Relations
MKR Investor Relations, Inc.
Todd Kehrli
Tel: (213) 277-5550
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DUBLIN--(BUSINESS WIRE)--The "Ballast Water Treatment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The Ballast Water Treatment Market is expected to grow at a CAGR of 32.7% over the forecast period 2020 to 2025.

Companies Mentioned

• Wartsila Oyj Abp
• Alfa Laval AB
• Xylem Inc.
• Evoqua Water Technologies LLC
• Calgon Carbon Corporation
• Mitsubishi Heavy Industries Ltd.
• Veolia Environnement S.A.
• atg UV Technology Ltd
• Headway Technology Co., Ltd.
• Trojan Marinex Inc.
• Ecochlor, Inc.
• JFE Engineering Corporation
• Optimarin AS
• Marenco Technology Group Inc.
• Hyde Marine, Inc.

Key Market Trends

Tankers by Type to Drive the Market

• The tankers segment is anticipated to observe a notable extension in the BWT market during the forecast period. It allows for easy installation and provides relatively more space. Japan, South Korea, and China account for primary tanker production.
• Tankers are remarkably important in the shipping industry as they serve to transport large amounts of chemicals, petroleum, crude oil, and LNG, among others, across the oceans and seas. The continuously growing crude oil industry is a significant determinant commanding global trade.
• According to UNCTAD, in 2019, less than a quarter of the world's bulk carriers were fitted with ballast water treatment systems. The penetration rate was slightly higher in oil tankers, with about 12% of these vessels treated their ballast water. In contrast to this, only 1% of passenger ships had systems in place for managing their ballast water.
• According to SEALNG, as of 2019, the fleet size of vessels propelled by liquified natural gas (LNG) worldwide was expected to grow across all segments. That year, the tanker segment had 44 operational vessels, with an additional 53 in the order book, over time, boosting the growth of the market.
• Vessel scrubbers are employed to remove nitrogen oxides (NOx), sulfur oxides (SOx), and other air pollutants from exhaust gases generated by engines. According to UNCTAD, in 2019, about 3.71% of container ships in the worldwide fleet were fitted with scrubbing systems.
• The penetration rate of scrubbing systems is expected to increase following the global cap on sulfur emissions coming into force from January 1, 2020, which will consequently fuel the growth of the market.

APAC to Dominate the Market

• APAC is anticipated to hold the largest size of the ballast water treatment market during the forecast period. The presence of a considerable number of ports and harbors for the trade of oil and chemicals, automotive components, electronic components, and devices, among others, contributes to the market growth in the APAC region.
• The region further offers different types of vessels, such as containers, tankers, and other cargo ships. Since the IMO has made it compulsory to install BWT systems in the vessel, it is presumed to drive BWT systems' demand. Moreover, current trade volumes and stringent IMO regulations have encouraged the growth of this industry in APAC.
• This region remains a key growth market for Ballast Water Treatment with an addition in ocean freight volumes from multiple countries such as China, India, and South Korea to other parts of the world. It is expected that growth in the ocean freight over the subsequent years, will result in the greater adoption of the Marine Environmental Protection program, which will encourage market growth.
• An increasing number of container tankers & ships and substantial trade volume in the region further supplement the regional growth.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Marker Drivers

4.2.1 Growth in the Volume of Seaborne Trade

4.2.2 Government Actions Toward Marine Environmental Safety and Protection

4.3 Market Restraints

4.3.1 Storage of Disinfection By-products Generated Following Water Treatment

4.3.2 Costly Plan of Ballast Water Treatment Systems Coupled with Variations in IMO and USCG Regulations

4.4 Market Opportunities

4.4.1 Latest Laws to Boost the Demand for Ballast Water Treatment

4.5 Industry Attractiveness - Porter's Five Forces Analysis

4.6 Industry Value Chain Analysis

4.7 Impact of COVID-19 on the Ballast Water Treatment Market

5 MARKET SEGMENTATION

5.1 By Type

5.2 Geography

5.2.1 North America

5.2.2 Europe

5.2.3 Asia-Pacific

5.2.4 Rest of the World

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

7 INVESTMENT ANALYSIS

8 FUTURE OF THE MARKET

For more information about this report visit https://www.researchandmarkets.com/r/t9t2j

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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For E.S.T Office Hours Call 1-917-300-0470
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Highlights:

• Teamed to create affordable, production-ready ISR strike system
• Combines Air Tractor’s rugged platform with L3Harris’ mature mission solutions
• Offers multi-mission aircraft capability in one deployable and resilient package

MELBOURNE, Fla.--(BUSINESS WIRE)--L3Harris Technologies (NYSE:LHX) and Air Tractor have teamed to produce the AT-802U Sky Warden™, an affordable, production-ready aircraft designed for airborne intelligence, surveillance and reconnaissance (ISR) and other missions in extreme combat environments.

Sky Warden is based on the rugged and capable Air Tractor AT-802, which features the largest payload capacity of any single engine turboprop aircraft. It hosts L3Harris’ world-class family of communications, sensors and airborne ISR solutions. The platform is backed by the company’s extensive turnkey ISR operation experience.

The multi-mission platform provides the operator agility and flexibility to identify, track and react to counter threats. It merges the capabilities of larger ISR and armed aircraft into one resilient package. It is also capable of takeoff and landing on unimproved airstrips – allowing the aircraft to be deployed and co-located with special mission operators.

“Air Tractor aircraft were developed precisely to operate in austere environments with limited infrastructure,” said Jim Hirsch, President, Air Tractor, Inc. “Our aircraft are built to offer unparalleled flexibility, essential ingredients for special mission operators.”

“Our mission systems, platforms, direct operators and sustainment teams have supported more than 1.3 million combat hours of special operations ISR and attack missions in the past 10 years,” said Luke Savoie, President, Aviation Services, L3Harris. “Combining that experience with Air Tractor, one of the largest turboprop aircraft OEMs in the world, enables our team to design and provide a mature platform capable of operating anywhere in the world and provides the tools needed to support any mission.”

Sky Warden’s name commemorates two best-in-class, multi-mission special operations combat platforms. It merges the deep history of the Vietnam era A-1E Sky Raider with the present-day U-28, which uses the callsign “Warden” during combat operations. Sky Warden combines their heritage and capabilities to collapse the stack, providing one aircraft capable of multiple mission roles. Learn more about the Sky Warden’s legacy and how it brings modern technology to the ISR strike mission at www.L3Harris.com/SkyWarden.

About L3Harris Technologies

L3Harris Technologies is an agile global aerospace and defense technology innovator, delivering end-to-end solutions that meet customers’ mission-critical needs. The company provides advanced defense and commercial technologies across air, land, sea, space and cyber domains. L3Harris has approximately $18 billion in annual revenue and 48,000 employees, with customers in more than 100 countries. L3Harris.com.

About Air Tractor, Inc.

Air Tractor is a leading manufacturer of purpose-built aircraft for agricultural, firefighting, and utility applications. Air Tractor aircraft can be found in more than 30 countries around the world and are supported by a global network of Air Tractor dealers. Air Tractor delivered its 4,000^th aircraft in March 2021 and has manufactured aircraft for 46 years. https://airtractor.com.

Forward-Looking Statements

This press release contains forward-looking statements that reflect management's current expectations, assumptions and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Statements about system capabilities are forward-looking and involve risks and uncertainties. L3Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Marcella Thompson
L3Harris Technologies
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214-430-8872

Tom Menker
Air Tractor, Inc.
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940-564-5616

DUBLIN--(BUSINESS WIRE)--The "Global Subsea Manifolds Market 2021-2025" report has been added to ResearchAndMarkets.com's offering.

The publisher has been monitoring the subsea manifolds market and it is poised to grow by $ 07.38 million during 2021-2025, progressing at a CAGR of almost 3% during the forecast period.

The report on the subsea manifolds market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.

The report offers an up-to-date analysis regarding the current global market scenario, latest trends and drivers, and the overall market environment. The market is driven by the growth in demand for oil and natural gas and the rise in deepwater and ultra-deepwater E&P activities.

The subsea manifolds market analysis includes the application segment and geographic landscape. This study identifies the increase in global offshore rig count as one of the prime reasons driving the subsea manifolds market growth during the next few years.

Companies Mentioned

• ABB Ltd.
• Aker Solutions ASA
• Baker Hughes Co.
• Dril-Quip Inc.
• ITT Inc.
• National Oilwell Varco Inc.
• Schlumberger Ltd.
• TechnipFMC Plc
• Weatherford International Plc
• Worldwide Oilfield Machine

The report on the subsea manifolds market covers the following areas:

• Subsea manifolds market sizing
• Subsea manifolds market forecast
• Subsea manifolds market industry analysis

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.

The publisher presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive research - both primary and secondary. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast the accurate market growth.

Key Topics Covered:

1. Executive Summary

• Market overview

2. Market Landscape

• Market ecosystem
• Value chain analysis

3. Market Sizing

• Market definition
• Market segment analysis
• Market size 2020
• Market outlook: Forecast for 2020 - 2025

4. Five Forces Analysis

• Five forces analysis
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

5. Market Segmentation by Application

• Market segments
• Comparison by Application
• Production - Market size and forecast 2020-2025
• Injection - Market size and forecast 2020-2025
• Market opportunity by Application

6. Customer landscape

7. Geographic Landscape

• Geographic segmentation
• Geographic comparison
• Europe - Market size and forecast 2020-2025
• APAC - Market size and forecast 2020-2025
• North America - Market size and forecast 2020-2025
• MEA - Market size and forecast 2020-2025
• South America - Market size and forecast 2020-2025
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

8. Landscape

• Overview
• Vendor landscape
• Landscape disruption

9. Vendor Analysis

• Vendors covered
• Market positioning of vendors

10. Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

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

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

GONZALES, La.--(BUSINESS WIRE)--Specialty Welding & Turnarounds, Inc. (SWAT), a leading provider of specialty welding, mechanical, and other technical services to the oil and gas refinery, renewables, petrochemical and industrial markets, announced Marcus Deal has been named Chief Executive Officer. A 35-year industry veteran, Deal has a demonstrated history of successfully leading and growing businesses in the sector. In his new role, Deal will oversee the next phase of SWAT’s growth plan, which has included a strategy of organic and acquisition growth since a fund managed by ORIX Capital Partners acquired the company in 2020, alongside the management team and Hastings Equity Partners.

SWAT founder and President Johnny Holifield will continue to play an active role as a board member and advisor to the management team, supporting SWAT’s continued commitment to execution excellence, customer satisfaction, and an industry-leading safety culture.

“From 2014, when we founded SWAT, to today, our core principles and values have guided us through a successful trajectory and I am very proud of the business we have built,” said Holifield. “I’ve known Marcus for over 20 years and am pleased to bring him on board to lead SWAT through its next chapter and carry on our commitments to our customers and employees.”

The Louisiana-based turnaround and maintenance services provider acquired catalyst services provider Hydroprocessing Associates in December 2020. In addition, SWAT has built an in-house alkylation business and is continuing to seek new service line additions as well as opportunities to enhance existing ones.

“We are excited to welcome Marcus to the SWAT team and are confident he is optimally suited to lead the next stage of the company’s growth,” said Craig Kahler, Managing Director of ORIX Capital Partners. “With his strong track record and depth of executive experience, Marcus is a collaborative leader with a gift for bringing people together, as well as leading teams through efficiency enhancements and improvements. We believe he blends the best practices of a large organization with the resourcefulness and entrepreneurial spirit it takes to grow a business.”

Previously, Deal served as President of Brown & Root’s Turnarounds & Specialty Services business lines. Prior to joining Brown & Root, he worked as Vice President of Maintenance for Chicago Bridge & Iron (CB&I).

“With SWAT’s stellar reputation and backing from an operationally-focused partner like ORIX Capital Partners, we can continue our expansion strategy, while maintaining a firm commitment to ensuring customer satisfaction and safety,” said Deal. “I am looking forward to working alongside the team to build on SWAT’s established track record and best-in-class capabilities.”

About ORIX Capital Partners

ORIX Capital Partners (OCP), the operationally-focused private equity team of ORIX Advisers, LLC and a wholly-owned subsidiary of ORIX Corporation USA, manages a fund that seeks to make direct equity investments in established middle-market companies throughout North America, spanning a variety of industries, including industrial services, business services, and general industrials. For more information about OCP and its capabilities, please visit www.orixcapitalpartners.com.

About Specialty Welding and Turnarounds

Founded in 2014, SWAT has evolved into an elite and trusted provider of highly specialized turnaround services with an industry-leading safety record, superior execution capabilities, and a wide range of specialty welding and mechanical service offerings. The company currently has master service agreements with more than 50 U.S. facilities, including some of the world’s largest oil refineries, and maintains multiple touchpoints across its key customer relationships. SWAT has a diverse geographic presence with offices in Louisiana, Texas, and California, a coverage area spanning more than 14 states and a nationwide craft labor database of over 4,000 highly experienced professionals.

About Hastings Equity Partners

Hastings Equity Partners is a private equity firm focused on investing in lower, middle-market industrial service and business services segments. Hastings’ approach is to leverage the firm’s managers and investors’ extensive operational experience, many of whom are active or former CEOs of Fortune 1000 companies. In addition, due to the firm’s expanding portfolio of industrial service and business service companies, it is able to share best practices, technology trends, and contacts across its platform to ensure that all of its investments benefit.

Rohini Pragasam, Head of Communications & Marketing
ORIX Corporation USA
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CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--The Community Climate Collaborative (C3) announced the launch of a newly-formed alliance of sixteen Virginia-based businesses and nonprofits to address climate change and ready our economy for a clean energy future. Governor Ralph Northam spoke at a press conference Wednesday, May 5^th, at Sentara Martha Jefferson Hospital to introduce the Green Business Alliance (GBA), and their ambitious target to reduce their collective climate emissions by 45% by 2025, nearly five years earlier than a recent target set by the Biden Administration.

“While 30% of Fortune 500 businesses have made declarations of climate emissions reductions, smaller companies, which comprise 99.5% of Virginia businesses, also have a leadership role to play in helping the Commonwealth meet its climate goals,” said C3 Executive Director, Susan Kruse. “The launch of the GBA demonstrates that small and medium-size businesses can embrace climate leadership and take action in support of local, state, and national goals.”

“Virginia-based businesses are an essential part of our economy and our communities, and they will also be essential partners in reaching our climate goals,” said Governor Ralph Northam. “We need all hands on deck, and it is an honor to highlight these successful home-grown businesses who are working to ensure a sustainable future for all Virginians.”

GBA members employ more than 2,300 employees, represent key industry sectors, and are recognized influencers statewide, nationally, and some internationally.

“Carter Myers Automotive is honored to be part of the GBA. Working with courageous, forward thinking local leaders on such an important issue has been validating for our own actions and yet challenging because we all know we can do more,” said Liza Borches, CEO/President, Carter Myers Automotive dealerships, a company with 16 dealerships across the Commonwealth.

“The health of our planet is obviously critical to the health of our people, so it is our responsibility to make sustainable choices for future generations. Business leaders in our community have a strong sense of environmental responsibility, and it is a privilege to collaborate with them. We are excited to host the GBA press conference on May 5^th,” said Catherine Hughes, Executive Director for Sentara Martha Jefferson Hospital, who also spoke at the event.

Gordon Sutton, President of Tiger Fuel added, “Tiger Fuel company is a homegrown Virginia business that has been proudly engaged in the communities we serve for the last 39+ years. We feel like joining the GBA is the right thing to do for our company, our community, and our environment. Businesses like ours are the backbone of our economy and we have a tremendous opportunity here to support climate action while we support our business as well.”

Kelli Palmer, Head, Global Inclusion & Diversity and Corporate Citizenship at CFA Institute, rounded out the event speakers stating, “CFA Institute is proud to join the inaugural Green Business Alliance in Charlottesville, Virginia, and connect with other like-minded organizations that are committed to reducing their environmental impact and promoting sustainability in pursuit of environmental excellence.”

The inaugural 16 members include the following companies:

Apex Clean Energy
CFA Institute
CMA Colonial Nissan
CMA Volvo Cars of Charlottesville
Hantzmon Wiebel
Harvest Moon Catering
Indoor Biotechnologies
Legal Aid Justice Center
Quantitative Investment Management
Red Light Management
Sentara Martha Jefferson Hospital
Sigora Solar
Sun Tribe Solar
The Center
Tiger Fuel Company
WillowTree

About the Community Climate Collaborative

The Community Climate Collaborative aims to bring communities together to lead on climate by working closely with schools, businesses, citizens, and local governments to implement carbon emissions reductions, develop climate action plans, and enact equitable policies that accelerate climate action. theclimatecollaborative.org/gba

Press:
Teri Kent, Director of Programs and Communication, Community Climate Collaborative, 434-466-5157 or This email address is being protected from spambots. You need JavaScript enabled to view it..

DUBLIN--(BUSINESS WIRE)--The "Global Renewable Energy Subscription" report from Wintergreen Research, Inc has been added to ResearchAndMarkets.com's offering.

The two gating factors that will enable broad adoption of renewable energy are:

1. Corporate adoption of utility-scale storage systems.

2. People become active in making the companies they work for and the communities in which they live implement utility-scale energy storage.

The subscription allows access to all existing studies and new studies for 18 months. Examining all aspects of renewable energy can be done with customized power points that elucidate the moving market targets: as the world moves to 100% renewables.

Talk about disruptive technology, the renewable storage enables eliminating carbon emissions from coal, oil and gas plants. These industries will quickly tank and the nimble market participants will become major players in the utility-scale storage supply and distribution.

Vehicles become powered by battery, solar and wind farms are put in place in remote locations and the financial markets move to support electricity storage at utility-scale and energy distribution much as it happens now, across large distances.

Renewable energy systems at scale have become assets, they are bankable, the financial markets can support them, this represents a major market shift.

Batteries are changing in response to the implementation of wind and solar renewable energy systems. Lithium-Ion batteries represent the state of the art now. Solid-state batteries represent the next generation of power storage for vehicles. Nanotechnology permits units to be miniaturized, standalone, and portable. Utility-scale lithium flow batteries have been developed to offer utility-scale advantages. Advantages are evident in power and density: low-power draw and high-energy-density.

They have limitations that are still being addressed by vendors. But they are good enough to be installed and to be bankable. Projects using utility-scale storage can be financed.

The study documents companies whose employees have made an effort to get that company to 100% renewable or headed in that direction. This provides a model for how the market could evolve. According to the principal author of the study, it will take $70 trillion to take the world to 100% renewable.

Key Topics:

• Flexible Thin Battery
• Nanotechnology
• Polymer Film Substrate
• Nanoparticles
• Electrochromics
• Solid-State Energy Storage
• Polymer Film Substrate
• Lithium-Air Battery
• Battery Anode
• Battery Cathode
• All-solid secondary battery

Major Studies:

• Solar
  • Solar Panels
  • Concentrated Solar (CSP)
  • Solar Farms
  • Community Based Solar
• Wind
  • Offshore Wind
  • Wind Turbines
  • Wind Turbine Bearings
• Lithium-Ion Batteries

Shorter Presentations:

• Utility-Scale Energy Storage
• Platforms
• Lithium Storage
• Flow Battery
• Flow Machine
• Lithium Ion Battery
• Solid State Battery
• Security
• Integrated Supply Chain
• Polymer Film Substrate

Key Topics Covered:

1. Global Warming: Need 100% Renewable Energy

2. Global Energy: Market Description and Market Dynamics

3. 100% Renewable Global Energy Market Shares and Forecasts 19.

4. Global Renewable Energy Product Description

5. Global Energy Research and Technology

6. Energy Storage Platforms Company Profiles

7. Concentrating Solar CSP

8. Corporate Initiatives for Renewable Energy

9. Renewable Energy Investors, Foundations, and Associations

10. Renewable Energy Regional Analysis

Companies Mentioned

• Abengoa
• Abengoa Solar Inc.
• Acciona Energia
• AES
• BrightSource
• Canadian Solar
• ESolar
• GE
• Hitachi
• Intech Energy
• Kaneka
• LG Chem
• Panasonic
• Samsung
• Siemens
• Sony
• SunPower
• Tata Power
• Tesla
• Toshiba
• Vestas
• Wuxi Suntech

For more information about this report visit https://www.researchandmarkets.com/r/tv9ei2

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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New solution tracks exact location, temperature, humidity, motion, and light exposure throughout a package’s shipping journey and seamlessly integrates with the Airspace platform

SAN DIEGO--(BUSINESS WIRE)--#AI--Airspace, the leader in time-critical shipping, launches AirTrace^TM – the industry’s first fully integrated solution to monitor time-critical shipments in real time through the Airspace platform. About the size of a small mobile phone, the tracking device — paired with AirTrace’s integration within the Airspace platform — is placed within packages shipped via Airspace to monitor the exact location, temperature, humidity, motion, shock, and light exposure of the package within a set time period as determined by each customer’s unique needs. The entire journey of the shipment is tracked and visible to clients in real time on the Airspace platform and shareable reports are available on demand.

With a focus on ease of use, Airspace enables users to simply enter the AirTrace ID into their shipping details in the Airspace platform and drop the tracking device supplied by Airspace in their package. Once AirTrace is enabled, the system monitors the shipment’s exact location, temperature, humidity, shock, motion, and light exposure in real time within the Airspace platform. No special labeling, documentation, or routing entry to third-party platforms is required.

“We created AirTrace to solve a major pain point for our customers – real-time transparency of their urgent packages,” said Nick Bulcao, Airspace Co-Founder and CEO. “When you are shipping organs for transplant, COVID-19 vaccines, and other delicate life-saving goods, it’s critical to track and monitor those shipments every step of the way in order to trust that your time-critical goods will be delivered securely and on time. In our industry, this can often mean the difference between life and death.”

Airspace has already set new standards for the logistics industry. In March, Airspace launched its patented Logistical Management System — an industry-first, automated solution that uses machine learning and artificial intelligence — to create optimal shipping routes within just seconds, as opposed to the industry standard of over an hour. This technology, combined with AirTrace, enables users to route, ship, and monitor time-critical packages faster and more transparently than ever experienced in the logistics industry.

“Our technology aims to fundamentally raise the bar for time-critical shipping. First, we created a platform to find the most optimal path for transporting a package from pickup to destination using machine learning and AI. This significantly increased routing speeds and certainty of delivery,” said Airspace Co-Founder and CTO Ryan Rusnak. “With AirTrace, our customers can monitor their package through its entire journey knowing it’s on the fastest possible route and it’s safe.”

See Rusnak explain what makes AirTrace a game-changer for time-critical shipments in this video.

Airspace has shipped over 500,000 packages to date, many of them organs for transplant and other critical healthcare shipments, and estimates those deliveries have positively impacted more than 180,000 lives. The company is on pace to grow by over 100% in 2021 as the number of customers looking for fast and secure time-critical logistics services continues to expand rapidly.

Airspace offers three AirTrace pricing plans to fit every organization's unique shipping needs.

About Airspace

Airspace, founded in 2016, has grown to be a leading global delivery network for time-critical logistics. Airspace makes shipping faster, safer, and more transparent than ever through people, service, and technology. Our vision is to create the most trusted delivery network the world has ever seen, operating 24/7/365. To learn more, visit www.airspace.com. Follow Airspace: Twitter, Facebook, Instagram, LinkedIn, and YouTube.

Editors’ Note: photos available upon request

Hilary McCarthy
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774.364.1440

With LS Power’s backing, Endurant will strengthen its leadership position in sustainable distributed energy

NEW YORK & CHICAGO--(BUSINESS WIRE)--LS Power, a U.S. power and energy infrastructure owner, today announced the completed acquisition of distributed energy infrastructure solutions provider GI Energy, which will henceforth be rebranded as “Endurant Energy” (Endurant).

LS Power’s ownership support and rebranding efforts position Endurant for accelerated growth as a market-leading distributed energy solutions developer, owner, and operator.

Endurant is a full-service provider of cost-effective, resilient and sustainable energy solutions. It serves a wide range of sectors including education, commercial, industrial, real estate, healthcare, hospitality and public utilities. The new Endurant brand reflects the company’s suite of innovative full-service clean energy solutions, including microgrids, battery energy storage systems, and integrated eco-districts. The company’s impressive portfolio of projects ranges from single-technology energy retrofits of historic landmarks to large-scale microgrids integrated with resource management and smart-city infrastructure.

“We are excited to partner with the Endurant team to execute upon their vision of delivering optimal energy infrastructure solutions, harnessing the best available technologies. We look forward to further propelling Endurant’s growth as a national leader in the distributed energy space and are committed to building on the company’s past successes,” said Paul Segal, CEO of LS Power. “As we decarbonize our energy system and rely more heavily on electricity, the value of reliability and resilience is increasing. Endurant can be a part of the solution and is an excellent addition to the LS Power family of companies, further demonstrating our long-standing commitment to innovation and investment in clean energy solutions.”

“As a leading player in the distributed energy resources market, Endurant has created significant value for our clients through our ongoing focus on innovation and unique ability to integrate multiple technologies,” said Tom Chadwick, CEO of Endurant. “The energy industry is capital intensive and complex. With the strategic advantages LS Power brings us, we can realize our vision to be fully integrated, building our portfolio of distributed energy assets, and providing project financing solutions for our customers and partners. This will position us well for the enormous market opportunity being created by the energy transition. We extend our gratitude to our customers and partners for their continued support as we enter the next phase of our growth with LS Power.”

Today’s announcement underscores LS Power’s focus on investments that leverage its considerable power-market expertise in developing and commercializing leading-edge clean energy solutions. As an established infrastructure manager with over 30 years of experience, LS Power intends to invest a substantial amount of additional capital to advance Endurant’s offering of fully-funded energy solutions. Endurant, as well as LS Power’s other industry-leading distributed energy resource companies, including CPower Energy Management and EVgo, are actively driving the acceleration of the nation’s transition to clean energy and a lower carbon future.

Endurant has been at the forefront of innovative and sustainable energy solutions, having designed and built marquee distributed clean energy projects across the country. These include its New York City portfolio of battery energy storage systems for Con Edison as part of New York State’s Reforming the Energy Vision initiative; the first fuel cell microgrid system in Connecticut; and Walgreens’ first net-zero carbon store, in Evanston, Illinois. In addition, Endurant is advancing a development portfolio of ground-breaking eco-district projects in California.

Endurant will continue to benefit from its seasoned executive team, led by CEO Tom Chadwick, and its 25 existing employees. Additionally, plans are already underway to expand the organization significantly to accelerate its growth and execute its vision of becoming North America’s go-to provider of sustainable distributed energy solutions.

Endurant is headquartered in Chicago, with offices in New York City as well as Anaheim and West Hollywood, California.

About Endurant Energy:

Endurant Energy develops and owns reliable, resilient, clean and cost-effective on-site energy infrastructure solutions across the US. It has expertise in a wide range of solutions including renewable thermal systems at single building or district scale, fuel-based technologies for resiliency, solar + storage solutions and an integrated offering for eco-districts. Services include planning, financial structuring, design and construction. Asset management services include operations and maintenance. By integrating solutions into clients' operations, Endurant is enabling the future of sustainable distributed energy. For more information, please visit endurant.com and follow us at @endurantenergy.

About LS Power:

LS Power is a development, investment and operating company focused on the North American power and energy infrastructure sector. Since its inception in 1990, in addition to its development of over 660 miles of high voltage transmission, LS Power has developed, constructed, managed or acquired more than 45,000 MW of power generation, including utility-scale solar, wind, hydro, natural gas-fired and battery energy storage projects. Additionally, LS Power actively invests in businesses focused on renewable energy and fuels, as well as distributed energy resource platforms, such as CPower Energy Management, Endurant Energy and EVgo. Across its efforts, LS Power has raised in excess of $47 billion in debt and equity financing to support North American infrastructure. For more information, please visit www.LSPower.com and follow us at @lspowergroup.

Media
For LS Power:
Steven Arabia
Government Affairs and Media Relations
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For Endurant Energy:
Emma Walker
VP, Commercial Development
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Q1 Revenue of $194.0 million; an increase of 23.8% year-over-year

Q1 GAAP Gross Margin of 28.2%; Non-GAAP Gross Margin of 29.7%

Profitable service business in Q1, GAAP and Non-GAAP

Q1 GAAP Operating Margin of (7.4%); Non-GAAP Operating Margin of 1.4%

Q1 GAAP EPS of $(0.15); Adjusted EPS of $(0.07)

SAN JOSE, Calif.--(BUSINESS WIRE)--$BE #earnings--Bloom Energy Corporation (NYSE: BE) today announced financial results for its first quarter ended March 31, 2021.

First Quarter Financial Highlights

• Revenue of $194.0 million in the first quarter of 2021, an increase of 23.8% compared to revenue of $156.7 million in the first quarter of 2020. Product revenue of $137.9 million in the first quarter of 2021, an increase of 38.5% from the first quarter of 2020, primarily driven by a 40.2% increase in acceptances.
• 359 acceptances, or 35.9 megawatts (MW) in the first quarter of 2021, a 40.2% increase year-over-year. Acceptance typically occurs upon transfer of control to our customers, which is either at the time when systems are shipped and delivered to our customers, or when the system is turned on and producing full power.
• Gross margin of 28.2% in the first quarter of 2021, an increase of 15.5 percentage points compared to gross margin of 12.7% in the first quarter of 2020, primarily driven by an improvement in product gross margin from 27.2% to 36.7% over the same period, a decline in installation revenue and associated margin dilution, and achievement of positive service gross margin.
• Non-GAAP gross margin was 29.7% in the first quarter of 2021, an increase of 13.5 percentage points compared to non-GAAP gross margin of 16.2% in the first quarter of 2020, primarily driven by an improvement in product and service gross margin.
• Operating margin of (7.4%) in the first quarter of 2021, an improvement of 22.2 percentage points compared to operating margin of (29.6%) in the first quarter of 2020, driven by the improvements in gross margin.
• Non-GAAP operating margin was 1.4% in the first quarter of 2021, an improvement of 16.3 percentage points compared to non-GAAP operating margin of (14.9%) in the first quarter of 2020, driven by the improvements in gross margin.
• GAAP EPS of $(0.15) and Adjusted EPS of $(0.07) in the first quarter of 2021, compared to GAAP EPS of $(0.61) and Adjusted EPS of $(0.34) in the first quarter of 2020, driven by improvements in gross margin and reduction in interest expenses due to refinancing of our notes at a lower interest rate in 2020.

KR Sridhar, founder, chairman, and chief executive officer, Bloom Energy, commented: “We are off to a strong start in 2021 and are performing just as we thought we would. We are continuing to make progress on our five growth levers that capitalize on the flexibility and adaptability of our core platform technology – the Bloom Energy Server. The focus on infrastructure, resiliency, reliability and clean energy solutions in the U.S. and around the world is significant and we are confident that our solutions fit the need and demand, which will lead to growth for years to come.”

Greg Cameron, EVP and chief financial officer, Bloom Energy, commented: “We delivered solid financial results - growing revenue and increasing margins, while achieving record acceptances. We continue to make great strides in reducing costs, while investing for the future. We are confident in our guidance and are on the way to being a $1 billion revenue business that is well positioned for future growth.”

Summary of Key Financial Metrics

Revenue

Revenue of $194.0 million in the first quarter of 2021, an increase of 23.8% compared to revenue of $156.7 million in the first quarter of 2020, primarily driven by a $38.4 million increase in product revenue and a $11.3 million increase in service revenue partially offset by a $14.0 million decrease in installation revenue.

Product revenue increased $38.4 million, or 38.5%, in the first quarter of 2021 as compared to the prior year period, primarily driven by the 40.2% increase in product acceptances enabled by the expansion of our Community Distributed Generation program. Product revenue was minimally impacted by price reduction on a per unit basis in the first quarter of 2021 as compared to the prior year period.

Installation revenue decreased $14.0 million, in the first quarter 2021 as compared to the prior year period. This decrease in installation revenue was driven by site mix as many of the acceptances did not have installation, either because the installation was done by our partner in the Republic of Korea, or, for a specific customer, the final installation will be completed later in the year although the Energy Servers were delivered and accepted in the current quarter.

Margin

GAAP gross margin in the first quarter of 2021 was 28.2%, up 15.5 percentage points compared to 12.7% in the first quarter of 2020. Non-GAAP gross margin in the first quarter of 2021 was 29.7%, up 13.5 percentage points compared to 16.2% in the first quarter of 2020. The improvement in gross margin was primarily driven by higher product and service margins.

Product gross margin in the first quarter of 2021 was 36.7%, up 9.5 percentage points compared to 27.2% in the first quarter of 2020 as our per unit product cost reduction of 12.3% outpaced our minimal product price reductions.

Service gross margin in the first quarter of 2021 was positive at 0.8%, up 24.0 percentage points compared to (23.2%) in the first quarter of 2020. This increase was due to the significant improvements in power module life, cost reductions, our actions to proactively manage the fleet optimizations, and international growth, primarily in the Republic of Korea.

Balance Sheet

Our cash position, including restricted cash, as of March 31, 2021 was $365.7 million, compared to $416.7 million as of December 31, 2020. We ended the first quarter of 2021 with $522.2 million of debt, a decrease of $4.9 million from the fourth quarter of 2020.

2021 Outlook

We announced the following outlook for the full year of 2021:

• Revenue: $950 million - $1 billion
• Non-GAAP Gross Margin*: ~25%
• Non-GAAP Operating Margin*: ~3%
• Cash Flow from Operations: Approaching Positive

*Non-GAAP gross margin and non-GAAP operating margin only exclude stock-based compensation.

Conference Call Details

We will host a conference call today, May 5, 2021, at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss our financial results. To participate in the live call, analysts and investors may call +1 (833) 520-0063 and enter the passcode: 8548909. Those calling from outside the United States may dial +1 (236) 714-2197 and enter the same passcode: 8548909. A simultaneous live webcast will also be available under the Investor Relations section on our website at https://investor.bloomenergy.com/. Following the webcast, an archived version will be available on our website for one year. A telephonic replay of the conference call will be available for one week following the call, by dialing +1 (800) 585-8367 or +1 (416) 621-4642 and entering passcode 8548909.

Use of Non-GAAP Financial Measures

This release includes certain non-GAAP financial measures as defined by the rules and regulations of the Securities and Exchange Commission (SEC). These non-GAAP financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures versus their nearest GAAP equivalents. For example, other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. We urge you to review the reconciliations of our non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures set forth in this press release, and not to rely on any single financial measure to evaluate our business. With respect to our expectations regarding our 2021 Outlook, we are not able to provide a quantitative reconciliation of non-GAAP gross margin and non-GAAP operating margin measures to the corresponding GAAP measures without unreasonable efforts.

About Bloom Energy

Bloom Energy’s mission is to make clean, reliable energy affordable for everyone in the world. Bloom’s product, the Bloom Energy Server, delivers highly reliable and resilient, always-on electric power that is clean, cost-effective, and ideal for microgrid applications. Bloom’s customers include many Fortune 100 companies and leaders in manufacturing, data centers, healthcare, retail, higher education, utilities, and other industries. For more information, visit www.bloomenergy.com.

Forward-Looking Statements

This press release contains certain forward-looking statements, which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements generally relate to future events or our future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “intend,” “may,” “should,” “will,” and “would” or the negative of these words or similar terms or expressions that concern our expectations, strategy, priorities, plans or intentions. These forward-looking statements include, but are not limited to, our ability to continue to make progress on our five growth levers; our expectations that our solutions fit the need and demand for future growth; our ability to continue to reduce costs and invest in the future; and our financial outlook for 2021. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results due to a variety of factors including, but not limited to, our limited operating history, the emerging nature of the distributed generation market, the significant losses we have incurred in the past, the significant upfront costs of our Energy Servers and our ability to secure financing for our products, our ability to service our existing debt obligations, our ability to be successful in new markets, the risk of manufacturing defects, the accuracy of our estimates regarding the useful life of our Energy Servers, delays in the development and introduction of new products or updates to existing products, our ability to drive cost reductions, the availability of rebates, tax credits and other tax benefits, our reliance on tax equity financing arrangements, our reliance upon a limited number of customers, our lengthy sales and installation cycle, construction, utility interconnection and other delays and cost overruns related to the installation of our Energy Servers, business and economic conditions and growth trends in commercial and industrial energy markets, global economic conditions and uncertainties in the geopolitical environment, overall electricity generation market, the impact of the COVID-19 pandemic on the global economy and its potential impact on our business, our ability to protect our intellectual property, and other risks and uncertainties detailed in our SEC filings from time to time. More information on potential factors that may impact our business are set forth in our periodic reports filed with the SEC, including our Annual Report on Form 10-K for the year ended on December 31, 2020 as filed with the SEC on February 26, 2021, as well as subsequent reports filed with or furnished to the SEC from time to time. These reports are available on our website at www.bloomenergy.com and the SEC’s website at www.sec.gov. We assume no obligation to, and do not currently intend to, update any such forward-looking statements.

The Investor Relations section of our website at investor.bloomenergy.com contains a significant amount of information about Bloom Energy, including financial and other information for investors. We encourage investors to visit this website from time to time, as information is updated and new information is posted.

Reconciliation of GAAP to Non-GAAP Financial Measures (preliminary & unaudited) (in thousands)

Gross Profit and Gross Margin to Gross Profit Excluding Stock-Based Compensation and Gross Margin Excluding Stock-Based Compensation

Gross margin and gross profit excluding stock-based compensation (SBC) are supplemental measures of operating performance that do not represent and should not be considered alternatives to gross margin or gross profit, as determined under GAAP. These measures remove the impact of stock-based compensation. We believe that gross margin and gross profit excluding stock-based compensation supplement the GAAP measures and enable us to more effectively evaluate our performance period-over-period. A reconciliation of gross margin and gross profit excluding stock-based compensation to gross margin and gross profit, the most directly comparable GAAP measures, and the computation of gross margin excluding stock-based compensation are as follows:

Cost of Revenue and Operating Expenses to Cost of Revenue and Operating Expenses Excluding Stock-Based Compensation

Cost of revenue and operating expenses excluding stock-based compensation are a supplemental measure of operating performance that does not represent and should not be considered an alternative to cost of revenue and operating expenses, as determined under GAAP. This measure removes the impact of stock-based compensation. We believe that cost of revenue and operating expenses excluding stock-based compensation supplements the GAAP measure and enables us to more effectively evaluate our performance period-over-period. A reconciliation of cost of revenue and operating expenses excluding stock-based compensation to cost of revenue and operating expenses, the most directly comparable GAAP measure, are as follows:

Operating Loss to Operating Income (Loss) Excluding Stock-Based Compensation

Operating income (loss) excluding stock-based compensation is a supplemental measure of operating performance that does not represent and should not be considered an alternative to operating loss, as determined under GAAP. This measure removes the impact of stock-based compensation. We believe that operating income (loss) excluding stock-based compensation supplements the GAAP measure and enables us to more effectively evaluate our performance period-over-period. A reconciliation of operating income (loss) excluding stock-based compensation to operating loss, the most directly comparable GAAP measure, and the computation of operating income (loss) excluding stock-based compensation are as follows:

Net Loss to Adjusted Net Loss and Computation of Adjusted Net Loss per Share (EPS)

Adjusted net loss and adjusted net loss per share are supplemental measures of operating performance that do not represent and should not be considered alternatives to net loss and net loss per share, as determined under GAAP. These measures remove the impact of the non-controlling interests associated with our legacy PPA entities, the revaluation of derivatives, fair market value adjustment for the PPA derivatives, and stock-based compensation, all of which are non-cash charges.

Investor Relations:
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Media:
Jennifer Duffourg
Bloom Energy
+1 (480) 341-5464
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LOWELL, Mass. & WESTON, Fla.--(BUSINESS WIRE)--#HCM--UKG (Ultimate Kronos Group), a leading global provider of HCM, payroll, HR service delivery, and workforce management solutions, announced today that EDP Renewables, a world leader in the renewable-energy sector and the world’s third-largest wind-energy producer, is using UKG Pro Workforce Continuity to establish safe working environments for its employees.

EDPR has used UKG Pro since 2015 for its business units in Canada, the United States, and Mexico. When the coronavirus pandemic began, in order to ensure compliance with U.S. Centers for Disease Control and Prevention (CDC) guidelines, EDPR used the document-acknowledgment functionality within Pro to track employees’ COVID-19 status and wellbeing. HR needed to manually set up a new document acknowledgement every day.

UKG developed Workforce Continuity at the outset of the pandemic to help leaders understand the impact to their workforce, so they could take action on their people strategy, workforce planning, and operational stability. EDPR became one of the first UKG customers to launch Pro Workforce Continuity, which is available to all Pro People Center customers.

“Our employees are spread all across North America, and we are committed to building genuine and trusting relationships with our people,” said Alma Fowler, HR manager at EDPR. “Whether we’re contending with a pandemic or hit by a big winter storm, we identified Workforce Continuity as a vital tool for tracking our people’s wellbeing and ability to work.”

“During the pandemic, business and HR leaders learned just how critical workforce-continuity planning is to overall organizational strategy,” said Cecile Alper-Leroux, vice president of products and innovation at UKG. “To enable our customers to emerge even stronger out of this crisis and prepare for ongoing uncertainty, we are designing and using HR technology to help leaders proactively prepare for the future and rapidly respond to change.”

Fowler reported she is able to take advantage of the Workforce Continuity Hub to view people insights within a convenient dashboard. With the Workforce Continuity Hub, administrators can quickly deploy and manage employee communications and surveys utilizing the Safety Check-In and Personal Impact Form features. At EDPR, HR’s access to key metrics on employee wellbeing and workforce continuity is changing the way the company views Fowler’s role.

“When the winter storms in Texas brought the state to a standstill, HR took the lead with Workforce Continuity to check in with our employees,” said Fowler. “Managing crises has been perceived as the role of the safety team, but that perspective will shift over time as HR gains the tools and expertise to make sure employees are safe, corporate communications are clear and consistent, and information and systems are both secure and accessible to all.”

Fowler noted that Workforce Continuity is meaningful not only for HR, but for all EDPR employees.

“Workforce Continuity makes the employee experience simple and streamlined,” said Fowler. “Employees get a push notification on their phones before they even arrive at work. Without logging into a computer, they are able to indicate if they need assistance, and then receive that assistance.”

“At UKG, our vision is to give leaders the right tools and insights to plan for and respond to change with agility, and to guide their workforce to deliver on business outcomes,” said Chris Phenicie, chief sales officer, mid-market and strategic, at UKG. “We are pleased that EDPR is taking advantage of our latest technology to protect business operations and prioritize employee wellbeing.”

About UKG

At UKG (Ultimate Kronos Group), our purpose is people. Built from a merger that created one of the largest cloud companies in the world, UKG believes organizations succeed when they focus on their people. As a leading global provider of HCM, payroll, HR service delivery, and workforce management solutions, UKG delivers award-winning Pro, Dimensions, and Ready solutions to help tens of thousands of organizations across geographies and in every industry drive better business outcomes, improve HR effectiveness, streamline the payroll process, and help make work a better, more connected experience for everyone. UKG has 13,000 employees around the globe and is known for an inclusive workplace culture. The company has earned numerous awards for culture, products, and services, including consecutive years on Fortune’s 100 Best Companies to Work For list. To learn more, visit ukg.com.

Copyright 2021 UKG Inc. All rights reserved. For a full list of UKG trademarks, please visit ukg.com/trademarks. All other trademarks, if any, are property of their respective owners. All specifications are subject to change.

Follow UKG on Facebook, Instagram, LinkedIn, Twitter, and YouTube.

UKG Contact:
Darlene Marcroft
Phone: +1 954 331 7444
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For Sales Information:
UKG
Phone: +1 800 432 1729
Website: ukg.com

CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)--CVD Equipment Corporation (NASDAQ: CVV), a leading provider of chemical vapor deposition systems, announced today that it will release its 2021 first quarter results after markets close on Thursday May 13, 2021. CVD Management will hold a conference call to discuss its results at 4:30 pm (Eastern Time) that day.

To participate in the live conference call, please dial toll free (877) 407-2991 or International (201) 389-0925. A telephone replay will be available for 7 days. To access the replay, dial (877) 660-6853 or international (201) 612-7415. The replay passcode is 13719642.

A live and archived webcast of the call will also be available on the company's website at www.cvdequipment.com/events. The archived webcast will be available at the same location approximately two hours following the end of the live event.

About CVD Equipment Corporation

CVD Equipment Corporation (NASDAQ: CVV) designs, develops, and manufactures a broad range of chemical vapor deposition, gas control, and other state-of-the-art equipment and process solutions used to develop and manufacture materials and coatings for research and industrial applications. This equipment is used by its customers to research, design, and manufacture these materials or coatings for aerospace engine components, medical implants, semiconductors, solar cells, smart glass, carbon nanotubes, nanowires, LEDs, MEMS, and other applications. Through its application laboratory, the Company provides process development support and process startup assistance with the focus on enabling tomorrow’s technologies™. It’s wholly owned subsidiary CVD Materials Corporation provides advanced materials and metal surface treatments and coatings to serve demanding applications in the electronic, biomedical, petroleum, pharmaceutical, and many other industrial markets.

www.cvdequipment.com | www.cvdmaterialscorp.com | www.stainlessdesign.comPage

CVD Equipment Corporation
Thomas McNeill, CFO
Phone: (631) 981-7081
Fax: (631) 981-7095
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AMES, Iowa--(BUSINESS WIRE)--Renewable Energy Group, Inc. (NASDAQ:REGI) today announced that its management team is scheduled to attend the following virtual investor conferences. Attendance at these conferences is by invitation only for clients of each respective firm. Interested investors should contact your respective sales representative to register and for one-on-one meetings to secure a time.

• On Thursday, May 13, 2021, the management team will participate in the Credit Suisse Renewables and Utilities Conference. The Company will host virtual one-on-one meetings with institutional investors throughout the day.

• On Wednesday, May 19, 2021, at 10:00 AM ET, the management team will present in a Fireside Chat at the 16th Annual BMO Farm to Market Conference. The Company will also host virtual one-on-one meetings with institutional investors throughout the day.

• On Wednesday, June 9, 2021, at 2:35 PM ET, the management team will present at the Baird 2021 Global Consumer, Technology & Services Conference. The Company will also host virtual one-on-one meetings with institutional investors throughout the day.

About Renewable Energy Group

Renewable Energy Group, Inc. is leading the energy industry's transition to sustainability by transforming renewable resources into high-quality, cleaner fuels. REG is an international producer of cleaner fuels and one of North America’s largest producers of advanced biodiesel. REG solutions are alternatives for petroleum diesel and produce significantly lower carbon emissions. REG utilizes an integrated procurement, distribution and logistics network to operate 12 biorefineries in the U.S. and Europe. In 2020, REG produced 519 million gallons of cleaner fuel delivering 4.2 million metric tons of carbon reduction. REG is meeting the growing global demand for lower-carbon fuels and leading the way to a more sustainable future.

Investor Relations:
Renewable Energy Group
Todd Robinson
Deputy Chief Financial Officer and Treasurer
+1 (515) 239-8048
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ST. CATHARINES, Ontario--(BUSINESS WIRE)--Algoma Central Corporation (“Algoma” or the “Company”) (TSX:ALC), a leading supplier of marine transportation services, held its Annual General and Special Meeting of Shareholders (the “Meeting”) on May 5, 2021. Each of the matters set out below were voted upon at the Meeting and are described in greater detail in the Company’s Management Information Circular dated February 25, 2021, available online at www.algonet.com/investor-relations and on www.sedar.com.

1. Election of Directors

All nominees listed in the Management Information Circular were elected as directors until the next annual general meeting of shareholders with the support of 85% of shares voted.

2. Appointment of Auditors

Professional accounting firm Deloitte LLP was appointed as independent auditors of the Company.

3. Continuation of the Company’s Stock Option Plan

The continuation of the Company's stock option plan and authorization of the grant of all currently available option entitlements issuable thereunder until May 5, 2024 was approved.

4. Amendments to the Company’s General By-Law

The amendments to Sections 7.01 and 7.05 of General By-Law No. 1 of the Company was approved.

About Algoma Central Corporation

Algoma owns and operates the largest fleet of dry and liquid bulk carriers operating on the Great Lakes – St. Lawrence Waterway, including self-unloading dry-bulk carriers, gearless dry-bulk carriers, cement carriers and product tankers. Algoma also owns ocean self-unloading dry-bulk vessels operating in international markets and a 50% interest in NovaAlgoma, which owns and operates a diversified portfolio of dry-bulk fleets serving customers internationally.

For further information:

Gregg A. Ruhl
President & CEO
905-687-7890

Peter D. Winkley CPA, CA
Chief Financial Officer
905-687-7897

Or visit
www.algonet.com

GridPoint’s Smart Building Platform highlighted as honorable mention in energy category

RESTON, Va.--(BUSINESS WIRE)--GridPoint’s Smart Building Platform received an honorable mention in the energy category of Fast Company’s 2021 World Changing Ideas Awards. GridPoint was recognized for supporting the grid transition while saving customers more than $496 million in energy expenses, reducing usage by more than 6.3 billion kWh and eliminating over 5.9 billion pounds of carbon emissions to date.

“For over a decade, GridPoint has been transforming the way businesses use energy in order to create a more sustainable future. This means delivering resilience and energy savings to buildings, while leveraging their collective impact to accelerate the transition to a clean and reliable grid. Fast Company’s recognition points to our technology’s unique ability to support both energy users and energy providers in order to achieve our vision,” said GridPoint CEO Mark Danzenbaker.

The Awards honor the businesses, policies, projects, and concepts that are actively engaged and deeply committed to pursuing innovation when it comes to solving health and climate crises, social injustice, or economic inequality. A panel of Fast Company editors and reporters selected winners and finalists from a pool of more than 4,000 entries across categories.

“There is no question our society and planet are facing deeply troubling times. So, it’s important to recognize organizations that are using their ingenuity, impact, design, scalability, and passion to solve these problems,” says Stephanie Mehta, editor-in-chief of Fast Company.

View the full list of energy honorees here.

About GridPoint

GridPoint’s mission is to accelerate the world’s transition to a sustainable future by creating an intelligent energy network of grid-interactive buildings. By transforming the way commercial businesses use energy, GridPoint unlocks the decarbonization, sustainability, and grid resiliency required for a cleaner, more efficient tomorrow. Our technology platform harnesses power and potential within a building to deliver energy, operational, and resiliency benefits. Networked together, GridPoint intelligent buildings provide reliable, precise, and instantaneous capacity for utilities and grid operators. GridPoint’s growing network of commercial buildings spans across Fortune 500 enterprises, utilities, government organizations, and small businesses.

Katie O’Shea, Marketing Manager
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(703) 667-7051

HOUSTON--(BUSINESS WIRE)--SilverBow Resources, Inc. (NYSE: SBOW) (“SilverBow” or the “Company”) today announced operating and financial results for the first quarter of 2021. Highlights include:

• Net production averaged approximately 180 million cubic feet of natural gas equivalent per day (“MMcfe/d”), above the high end of guidance
• Reported net income of $28 million, Adjusted EBITDA of $63 million and free cash flow ("FCF") of $24 million. Adjusted EBITDA and FCF are non-GAAP measures defined and reconciled in the tables below
• Increased full year 2021 FCF guidance range by $10 million at the midpoint to a range of $30-$50 million¹
• Reduced total debt by $30 million quarter-over-quarter and by $90 million year-over-year; leverage ratio of 2.1x² and liquidity of $113 million at quarter-end. Anticipated year-end 2021 leverage ratio below 2.0x²
• Success of first Austin Chalk well supports further delineation across SilverBow's acreage in 2021; potential to expand existing inventory with additional high-return locations
• The Company's second La Mesa pad, as pre-released, achieved a peak pad production rate of 90 million cubic feet of natural gas per day ("MMcf/d"), further reduced drilling times by 10%, and capital costs were 13% below authorization for expenditure (“AFE”)
• Extended the maturity of SilverBow’s $600 million senior secured revolving credit facility (the “Credit Facility”), governed by a borrowing base of $300 million, to April 2024; provides ample liquidity to execute business strategy
• Expanded and accelerated mid-year liquids-focused drilling program beginning in April with incremental oil locations added; corresponding production uplift expected in the third quarter of 2021
• Full year 2021 total production guidance range unchanged at 180-200 MMcfe/d; expected full year 2021 oil production increased by 12% at the midpoint reflecting the shift in mid-year development
• Full year 2021 capital guidance unchanged at $100-$110 million, inclusive of expanded oil drill schedule

MANAGEMENT COMMENTS

Sean Woolverton, SilverBow’s Chief Executive Officer, commented, "In April, we provided a preview of our stellar results for the quarter. We paid down $30 million of debt, or 13% of our revolver borrowings, and reduced our leverage ratio to 2.1x. We successfully renegotiated and extended our Credit Facility, which provides us the runway to expand our development program and pursue our strategic objectives. We generated free cash flow for the fifth consecutive quarter and raised the midpoint of our 2021 free cash flow guidance to $40 million, a $10 million increase from our prior guidance. Operationally, we continue to see strong performance from our first Webb County Austin Chalk well and plan to drill additional appraisal wells this year, with the goal of increasing our inventory with incremental, high-return locations. The continued capital efficiency gains we demonstrated on our second La Mesa pad should support further upside potential to our stakeholder returns as we apply those learnings and efficiencies across our balanced portfolio."

Mr. Woolverton commented further, "Our plan entering 2021 intentionally included breaks in our drilling program to allow us to assess market conditions and optimize our development plan real-time. With the significant improvement in oil prices over the first quarter, we have allocated capital to drill more oil locations this year than initially planned. This shift in capital will drive improved cash flows. We recently picked up a drilling rig, ahead of our planned summer schedule. Our capital budget remains at $105 million at the midpoint while factoring in our expanded oil development. This is made possible by the improved efficiencies and strong returns we have delivered to-date, and the application of those efficiency learnings going forward. By year-end, we anticipate our leverage ratio to be below 2.0x. As always, our strategy is based on the flexibility to quickly adapt our development toward the highest rate of return opportunities. SilverBow has positioned itself as an in-basin leader generating sustainable free cash flow and strengthening its balance sheet in the pursuit of accretive deals, both large and small."

OPERATIONS HIGHLIGHTS

During the first quarter of 2021, the Company drilled one well and completed seven wells in its Webb County Gas area. Six of these completed wells comprised SilverBow's second La Mesa pad, which was drilled in fourth quarter of 2020. The pad’s total drilling and completion ("D&C") costs came in 13%, or $5 million, below AFE and 15% below the Company’s first La Mesa pad. The cost efficiency gains were a result of further applied learnings from the first pad. The wells were brought online approximately 15 days ahead of schedule and achieved an average pad production rate of 84 MMcf/d over the first 30 days of production (“IP30”). Importantly, both La Mesa pads co-developed the upper and lower Eagle Ford, which supports SilverBow's understanding of constructive interference and minimal-to-no impact from offset well interference and parent-child well performance degradation. The efficiency gains from 2020 carried into the first quarter of 2021 with the faster cycle times on the La Mesa pad and lower AFE costs. These efficiencies ultimately provided SilverBow with both the time and capital to add the Webb County Austin Chalk test during the first quarter of 2021. The Company's Austin Chalk well achieved an IP30 of 13 MMcf/d, exceeding initial expectations and commercial criteria. Given the strong performance and competitive economics exhibited to date, SilverBow plans to drill additional Austin Chalk wells this year.

The extreme cold weather during February 2021 temporarily impacted first quarter production by approximately 2 MMcfe/d. SilverBow was able to mitigate the effect of the storm through numerous pre-planning procedures and existing storm response procedures in place. Per normal practice, the Company maintains a portion of its natural gas sales tied to daily gas indexes. Therefore, the Company did have some natural gas sales exposed to the unprecedented volatility in daily spot prices during the cold weather event in February 2021, resulting in unusually high realized natural gas prices in the first quarter of 2021. The impact of these factors on SilverBow's financial results for the first quarter of 2021 is not expected to recur at this magnitude in future quarters. Notably, the Company continues to operate at a zero total recordable incident rate (“TRIR”) despite the weather events in the field.

Scheduled maintenance projects during the first quarter of 2021 resulted in a slight increase to lease operating expenses (“LOE”). Additionally, measures taken to prepare for and recover from the storm resulted in higher than typical expenses. For the first quarter of 2021, the Company offset minor service pricing increases in its D&C activities. On the drilling side, SilverBow has been able to hold service costs flat based on close vendor relationships and existing contracts. On the completions side, costs remain mostly flat as service price inflation has primarily been offset through continued de-bundling of sand and other logistics and consumables. Additionally, the Company has been able to lower facility hookup costs per well by $40,000 on average through improved design processes and utilizing vendors with greater scale and volume discounting.

In mid-April 2021, the Company began its mid-year drilling program targeting liquids-rich opportunities across its McMullen Oil and La Salle Condensate area. SilverBow's expectation is to release the drilling rig in August 2021, and for the wells to be brought online toward the end of the third quarter 2021. The Company then plans to resume its drilling program in the fourth quarter of 2021 with a focus on its high-return gas assets. SilverBow's Austin Chalk well provides compelling economics, and based on initial learnings, the Company plans to drill additional Austin Chalk wells in the second half of 2021 with the ultimate goal of achieving full-scale development that competes with SilverBow's existing inventory portfolio.

PRODUCTION VOLUMES, OPERATING COSTS AND REALIZED PRICES

SilverBow's total net production for the first quarter of 2021 averaged approximately 180 MMcfe/d. Production mix for the first quarter consisted of approximately 78% natural gas, 12% oil and 10% natural gas liquids ("NGLs"). Natural gas comprised 73% of total oil and gas sales for the first quarter, compared to 60% in the fourth quarter of 2020.

LOE was $0.39 per million cubic feet of natural gas equivalent ("Mcfe") for the first quarter. Net general and administrative ("G&A") expenses for the first quarter were $4.8 million, or $0.29 per Mcfe. After deducting $1.1 million of non-cash compensation expense, cash G&A (a non-GAAP measure) expenses were $3.7 million for the first quarter of 2021, with a per unit cash cost of $0.23 per Mcfe. Transportation and processing expenses ("T&P") came in at $0.31 per Mcfe and production and ad valorem taxes were 4.0% of oil and gas revenue for the first quarter of 2021. Total production expenses, which include LOE, T&P and production taxes, were $0.91 per Mcfe for the first quarter of 2021. The Company's total cash operating costs (a non-GAAP measure) for the first quarter of 2021, which includes total production expenses and cash G&A expenses, were $1.14 per Mcfe. SilverBow anticipates total cash operating costs to trend downward throughout the year despite the typical higher unit costs associated with oil production.

The Company continues to benefit from strong basis pricing in the Eagle Ford, while recent conditions have impacted historical averages. Crude oil and natural gas realizations in the first quarter were 96% of West Texas Intermediate ("WTI") and 185% of Henry Hub, respectively, excluding hedging. In February 2021, extreme cold weather conditions across much of the southern U.S. resulted in unusually high spot prices for natural gas. SilverBow's standard practice is to maintain a portion of natural gas volumes tied to daily price indexes, and therefore first quarter realized natural gas prices were unusually high due to unforeseen volatility, and such price fluctuations are not expected to recur. The Company's average realized natural gas price for the first quarter of 2021, excluding the effect of hedging, was $4.98 per thousand cubic feet of natural gas ("Mcf") compared to $1.91 per Mcf in the first quarter of 2020. The average realized crude oil selling price in the first quarter, excluding the effect of hedging, was $55.49 per barrel compared to $45.05 per barrel in the first quarter of 2020. The average realized NGLs selling price in the first quarter was $22.30 per barrel (39% of WTI benchmark) compared to $12.35 per barrel (27% of WTI benchmark) in the first quarter of 2020.

FINANCIAL RESULTS

SilverBow reported total oil and gas sales of $86.7 million for the first quarter of 2021. The Company reported net income of $28.4 million for the first quarter of 2021, which includes a net unrealized loss on the value of SilverBow's derivative contracts of $13.3 million.

For the first quarter, the Company generated Adjusted EBITDA (a non-GAAP measure) of $63.4 million and FCF (a non-GAAP measure) of $24.0 million. SilverBow's Adjusted EBITDA for Leverage Ratio (a non-GAAP measure) of $66.9 million for the first quarter of 2021, which, in accordance with the Leverage Ratio calculation in its Credit Facility, includes gains for the period related to previously unwound derivative contracts totaling $3.5 million.

Capital expenditures incurred during the first quarter of 2021 totaled $33.0 million on an accrual basis.

2021 CAPITAL PROGRAM & GUIDANCE

For the full year 2021, SilverBow's capital budget range of $100-$110 million is unchanged. The Company added a rig in April 2021, one month ahead of schedule, to pursue an accelerated and expanded oil development program. The program, which has already commenced, will extend into the third quarter of 2021.

For the second quarter of 2021, SilverBow is guiding to estimated production of 201-213 MMcfe/d, with natural gas volumes expected to comprise 165-175 MMcf/d or 82% of total production at the midpoint. For the full year, the Company is guiding to a production range of 180-200 MMcfe/d, with oil production of 3,500-3,900 barrels per day ("Bbls/d"), a 12% increase in oil production at the midpoint compared to prior guidance.

SilverBow anticipates full year FCF to be $30-$50 million¹, a 33% increase at the midpoint compared to prior guidance. Additional detail concerning the Company's second quarter and full year 2021 guidance can be found in the table included with today’s news release and the Corporate Presentation uploaded to the Investor Relations section of SilverBow’s website.

HEDGING UPDATE

Hedging continues to be an important element of SilverBow's strategy to protect cash flow. The Company's active hedging program provides greater predictability of cash flows and preserves exposure to higher commodity prices. In conjunction with unwinding oil derivative contracts related to production periods in 2020 and 2021, SilverBow is amortizing the $38 million of cash inflow it received in discrete amounts each month over the same time period that the derivative contracts would have settled. The amortized hedge gains will factor into the Company's calculation of Adjusted EBITDA for covenant compliance purposes through the end of 2021.

As of April 30, 2021, SilverBow had 60% of total estimated production volumes hedged for the remainder of 2021. For the remainder of 2021, the Company has 88 MMcf/d (59% of guidance) of natural gas production hedged, 2,916 Bbls/d (77% of guidance) of oil hedged and 1,590 Bbls/d (48% of guidance) of NGLs hedged. For 2022, SilverBow has 61 MMcf/d of natural gas production hedged and 2,093 Bbls/d of oil hedged. The hedged amounts are inclusive of both swaps and collars, and the percent hedged amounts are based on the midpoint of production guidance.

Please see SilverBow's Corporate Presentation and Form 10-Q filing for the first quarter of 2021, which the Company expects to file on Thursday, May 6, 2021, for a detailed summary of its derivative contracts.

CAPITAL STRUCTURE AND LIQUIDITY

As of March 31, 2021, SilverBow's liquidity position was $113.4 million, consisting of $3.4 million of cash and $110.0 million of availability under the Credit Facility, which had a $310 million borrowing base as of such date prior to the April 16, 2021 redetermination. The Company's net debt as of March 31, 2021 was $396.6 million, calculated as total long-term debt of $400.0 million less $3.4 million of cash, a 7% decrease from December 31, 2020.

In conjunction with its regularly scheduled semi-annual redetermination, SilverBow entered into the Seventh Amendment to the Credit Facility, effective April 16, 2021, which among other things, redetermined the borrowing base under the Credit Facility to $300 million and extended the maturity date to April 19, 2024. For further information, please see the Company's current report on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on April 19, 2021.

As of April 30, 2021, SilverBow had 12.2 million total common shares outstanding.

CORPORATE OFFICE RELOCATION

Effective May 17, 2021, SilverBow will be relocating its corporate headquarters to the Memorial City area in Houston, TX. SilverBow's progressive approach towards adopting new work-place trends and identifying ways to further streamline efficiencies are core to its culture. The new office space will span half the square footage of its previous space, while providing offices for the same number of employees based on a new, permanent flex schedule going forward. Below are SilverBow's current headquarters address and new address:

CONFERENCE CALL AND UPDATED INVESTOR PRESENTATION

SilverBow will host a conference call for investors on Thursday, May 6, 2021, at 9:00 a.m. Central Time (10:00 a.m. Eastern Time). Investors and participants can register for the call in advance by visiting http://www.directeventreg.com/registration/event/2256468. After registering, instructions and dial-in information will be provided on how to join the call. A simultaneous webcast of the call may be accessed over the internet by visiting SilverBow's website at www.sbow.com, clicking on “Investor Relations” and “Events and Presentations” and then clicking on the “First Quarter 2021 Earnings Conference Call” link. The webcast will be archived for replay on the Company's website for 14 days. Additionally, an updated Corporate Presentation will be uploaded to the Investor Relations section of SilverBow's website before the conference call.

ABOUT SILVERBOW RESOURCES, INC.

SilverBow Resources, Inc. (NYSE: SBOW) is a Houston-based energy company actively engaged in the exploration, development, and production of oil and gas in the Eagle Ford Shale in South Texas. With over 30 years of history operating in South Texas, the Company possesses a significant understanding of regional reservoirs which it leverages to assemble high quality drilling inventory while continuously enhancing its operations to maximize returns on capital invested. For more information, please visit www.sbow.com. Information on our website is not part of this release.

FORWARD-LOOKING STATEMENTS

This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements represent management's expectations or beliefs concerning future events, and it is possible that the results described in this release will not be achieved. These forward-looking statements are based on current expectations and assumptions and are subject to a number of risks and uncertainties, many of which are beyond our control. All statements, other than statements of historical fact included in this press release, including those regarding our strategy, future operations, financial position, well expectations and drilling plans, estimated production levels, expected oil and natural gas pricing, estimated oil and natural gas reserves or the present value thereof, reserve increases, future free cash flow and expected leverage ratio, capital expenditures, budget, projected costs, prospects, plans and objectives of management are forward-looking statements. When used in this report, the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “budgeted,” "guidance," “expect,” “may,” “continue,” “predict,” “potential,” "plan," “project” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Important factors that could cause actual results to differ materially from our expectations include, but are not limited to, the following risks and uncertainties: the severity and duration of world health events, including the COVID-19 pandemic, related economic repercussions, including disruptions in the oil and gas industry; actions by the members of the Organization of the Petroleum Exporting Countries (“OPEC”) and Russia (together with OPEC and other allied producing countries, “OPEC+”) with respect to oil production levels and announcements of potential changes in such levels, including the ability of the OPEC+ countries to agree on and comply with supply limitations; operational challenges relating to the COVID-19 pandemic and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and well-being of our employees, remote work arrangements, performance of contracts and supply chain disruptions; shut-in and curtailment of production due to decreases in available storage capacity or other factors; volatility in natural gas, oil and NGL prices; future cash flows and their adequacy to maintain our ongoing operations; liquidity, including our ability to satisfy our short- or long-term liquidity needs; our borrowing capacity and future covenant compliance; operating results; asset disposition efforts or the timing or outcome thereof; ongoing and prospective joint ventures, their structures and substance, and the likelihood of their finalization or the timing thereof; the amount, nature and timing of capital expenditures, including future development costs; timing, cost and amount of future production of oil and natural gas; availability of drilling and production equipment or availability of oil field labor; availability, cost and terms of capital; timing and successful drilling and completion of wells; availability and cost for transportation of oil and natural gas; costs of exploiting and developing our properties and conducting other operations; competition in the oil and natural gas industry; general economic conditions; opportunities to monetize assets; our ability to execute on strategic initiatives; effectiveness of our risk management activities, including hedging strategy; environmental liabilities; counterparty credit risk; governmental regulation and taxation of the oil and natural gas industry; developments in world oil and natural gas markets and in oil and natural gas-producing countries; uncertainty regarding our future operating results; and other risks and uncertainties discussed in the Company’s reports filed with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K for the year ended December 31, 2020. The Company's capital program, budget and development plans are subject to change at any time.

All forward-looking statements speak only as of the date of this news release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, intentions and expectations reflected in or suggested by the forward-looking statements we make in this release are reasonable, we can give no assurance that these plans, intentions or expectations will be achieved. The risk factors and other factors noted herein and in the Company's SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement. These cautionary statements qualify all forward-looking statements attributable to us or persons acting on our behalf.

All subsequent written and oral forward-looking statements attributable to us or to persons acting on our behalf are expressly qualified in their entirety by the foregoing. We undertake no obligation to publicly release the results of any revisions to any such forward-looking statements that may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events, except as required by law.

(Footnotes)

¹ A forward-looking estimate of net income (loss) is not provided with the forward-looking estimate of FCF (a non-GAAP measure) because the items necessary to estimate net income (loss) are not accessible or estimable at this time without unreasonable efforts. Such items could have a significant impact on the Company's net income (loss).

² Leverage ratio is defined as total long-term debt, before unamortized discounts, divided by Adjusted EBITDA for Leverage Ratio (a non-GAAP measure defined and reconciled in the tables included with today's news release) for the trailing twelve-month period.

Jeff Magids
Director of Finance & Investor Relations
(281) 874-2700, (888) 991-SBOW

BOISE, Idaho--(BUSINESS WIRE)--IDACORP, Inc. (NYSE: IDA) will hold its 2021 Annual Meeting of Shareholders at 10:00 a.m. Mountain Time on Thursday, May 20. The meeting will be held in virtual-only format, accessible via the Internet. IDACORP shareholders may attend the annual meeting by registering for the meeting at www.proxydocs.com/IDA no later than 3:00 p.m. Mountain Time on May 19, 2021. Additional information related to the meeting is available in IDACORP’s 2021 proxy statement.

During the meeting, IDACORP President and Chief Executive Officer Lisa Grow will discuss the 2020 performance of IDACORP and its primary subsidiary, Idaho Power Company, as well as company initiatives for 2021 and beyond. Shareholders will have an opportunity to vote and submit questions electronically during the meeting.

Additionally, an audio stream of the meeting will be webcast live at www.idacorpinc.com, available in listen-only mode to both shareholders and non-shareholders. Webcast access information will be posted on the IDACORP website the morning of the meeting and presentation slides for the meeting will be available on the IDACORP website before the meeting begins. Following the meeting, all annual meeting webcast materials will be available on IDACORP’s website for 12 months.

About IDACORP, Inc.

IDACORP, Inc. (NYSE: IDA), Boise, Idaho-based and formed in 1998, is a holding company comprised of Idaho Power, a regulated electric utility; IDACORP Financial, a holder of affordable housing projects and other real estate investments; and Ida-West Energy, an operator of small hydroelectric generation projects that satisfy the requirements of the Public Utility Regulatory Policies Act of 1978. Idaho Power began operations in 1916 and employs approximately 2,000 people to serve a 24,000-square-mile service area in southern Idaho and eastern Oregon. Idaho Power’s goal of 100% clean energy by 2045 builds on its long history as a clean energy leader providing reliable service at affordable prices. With 17 low-cost hydropower projects at the core of its diverse energy mix, Idaho Power’s more than 590,000 residential, business, and agricultural customers pay among the nation's lowest prices for electricity. To learn more about IDACORP or Idaho Power, visit idacorpinc.com or idahopower.com.

Investor and Analyst Contact
Justin S. Forsberg
Director of Investor Relations & Treasury
Phone: 208-388-2728
This email address is being protected from spambots. You need JavaScript enabled to view it.

Media Contact
Jordan Rodriguez
Corporate Communications
Phone: 208-388-2460
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DENVER--(BUSINESS WIRE)--Whiting Petroleum Corporation (NYSE: WLL) (“Whiting” or the “Company”) today announced first quarter 2021 results.

First Quarter 2021 Highlights

• Revenue was $307 million for the quarter ending March 31, 2021
• Net loss (GAAP) was $0.9 million or $0.02 per diluted share
• Adjusted net income (non-GAAP) was $108 million or $2.79 per diluted share
• Adjusted EBITDAX (non-GAAP) was $170 million
• March 31, 2021 net debt of $220 million
• $750 million borrowing base reaffirmed

Lynn A. Peterson, President and CEO commented, "Our team executed and delivered great results during the first quarter, a quarter which provided its share of challenges through the continuing pandemic and the difficult working conditions brought on by the winter. The Company generated over $100 million in adjusted free cash flow during the first quarter, after reinvesting about a third of its EBITDA during the same period. The Company continues to reduce its debt, which was $170 million as of April 30, 2021. In the current commodity environment, we expect to pay down the Company’s debt to zero by year-end 2021, putting the Company in an excellent financial position.

"With one quarter in the books, looking ahead at the full year while using a $55 WTI oil price, we expect to generate approximately $550 million in EBITDA and approximately $300 million of adjusted free cash flow, both after estimated hedge losses of $130 million.”

First Quarter 2021 Results

Revenue for the first quarter of 2021 increased $95 million to $307 million when compared to the fourth quarter of 2020, primarily due to increased commodity prices between periods.

Net loss for the first quarter of 2021 was $0.9 million, or $0.02 per share, as compared to a net loss of $1.2 million, or $0.03 per share, for the fourth quarter of 2020. Adjusted net income (non-GAAP) for the first quarter of 2021 was $108 million, or $2.79 per share as compared to $55.5 million, or $1.46 per share, for the fourth quarter of 2020. The primary difference between net loss and adjusted net income for both periods is non-cash expense related to the change in value of the Company’s hedging portfolio.

The Company’s adjusted EBITDAX for the first quarter of 2021 was $170 million compared to $120 million for the fourth quarter of 2020. This resulted in net cash provided by operating activities of $153 million and adjusted free cash flow (non-GAAP) of $108 million.

Adjusted net income, adjusted net income per share, adjusted EBITDAX and adjusted free cash flow are non-GAAP financial measures. Please refer to the end of this release for disclosures and reconciliations regarding these measures.

Production averaged 89.9 thousand barrels of oil equivalent per day (MBOE/d) and oil production averaged 53.5 thousand barrels of oil per day (MBO/d). As expected, the Company’s production held consistent with levels at year-end 2020 despite winter conditions during the first quarter of 2021.

Capital expenditures in the first quarter of 2021 increased to $56 million compared to the fourth quarter 2020 spend of $21 million, as the Company resumed operations following an improvement in commodity prices in late 2020. During the quarter, the Company drilled 6 gross/4.5 net operated wells, completed 15 gross/10.6 net operated wells and turned in line 14 gross/9.8 net operated wells. The Company currently has one drilling rig and one completion crew operating in its Sanish Field in North Dakota.

Lease operating expense (LOE) for the first quarter 2021 increased by $4 million to $59 million when comparing to the fourth quarter 2020. The increase in LOE was driven by increased maintenance with additional workover rigs running due to expected winter conditions. General and administrative expenses of $10 million continued to reflect the effect of previous cost saving measures.

Selected operating statistics are presented in the following tables:

Selected Operating and Financial Statistics

Borrowing Base Reaffirmation and Liquidity

On April 7, 2021, the Company’s borrowing base and aggregate commitments under its revolving credit facility were reaffirmed at $750 million. As of March 31, 2021, the Company had borrowings of $245 million and unrestricted cash of $25 million, resulting in total liquidity of $528 million, net of outstanding letters of credit. Whiting expects to continue to fund its operations fully within operating cash flow and to have no outstanding balance on its credit facility by the end of the year.

Commodity Price Hedging

Whiting currently has approximately 71% of its forecasted crude oil production and 75% of its forecasted natural gas production hedged for 2021. The Company uses commodity hedges in order to reduce the effects of commodity price volatility and to satisfy the requirements of its credit facility. The following table summarizes Whiting’s hedging positions as of April 30, 2021:

Conference Call

Whiting will host a conference call on Thursday, May 6, 2021 at 11:00 a.m. Eastern time (9:00 a.m. Mountain time) to discuss these results. The call will be conducted by President and Chief Executive Officer Lynn A. Peterson, Executive Vice President Finance and Chief Financial Officer James Henderson, Executive Vice President Operations and Chief Operating Officer Charles J. Rimer and Investor Relations Manager Brandon Day. A question and answer session will immediately follow the discussion of the results for the quarter.

To participate in this call please dial:
Domestic Dial-in Number: (877) 328-5506
International Dial-in Number: (412) 317-5422
Webcast URL: https://dpregister.com/sreg/10155734/e7c049863c

Replay Information:
Conference ID #: 10155734
Replay Dial-In (Toll Free U.S. & Canada): (877) 344-7529 (U.S.), (855) 669-9658 (Canada)
Replay Dial-In (International): (412) 317-0088
Expiration Date: May 13, 2021

Virtual Conference Participation

Whiting will be hosting virtual 1x1 sessions with investors at the Wells Fargo Energy Conference on Thursday, June 3, 2021 and the RBC Capital Markets Energy, Power and Infrastructure Conference on Wednesday, June 9, 2021.

Selected Financial Data

For further information and discussion on the selected financial data below, please refer to Whiting Petroleum Corporation’s Quarterly Report on Form 10‑Q for the quarter ended March 31, 2021 filed with the Securities and Exchange Commission.

About Non-GAAP Financial Measures