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

The publisher has been monitoring the biodiesel market and it is poised to grow by $7.87 bn during 2021-2025, progressing at a CAGR of almost 5% during the forecast period.

The report on biodiesel 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 increasing demand for biofuel and growing demand for algae for the production of biodiesel.

The biodiesel market analysis includes application segment and geographic landscape. This study identifies favorable government policies as one of the prime reasons driving the biodiesel market growth during the next few years.

Companies Mentioned

• ALTEN Group
• Archer Daniels Midland Co.
• Argent Energy UK Limited
• BIOX Corp.
• Bunge Ltd.
• Cargill Inc.
• Louis Dreyfus Co. BV
• RB FUELS
• Renewable Energy Group Inc.
• Wilmar International Ltd.

The report on biodiesel market covers the following areas:

• Biodiesel market sizing
• Biodiesel market forecast
• Biodiesel 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 force summary
• 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
• Transport fuel - Market size and forecast 2020-2025
• Power generation - Market size and forecast 2020-2025
• Others - Market size and forecast 2020-2025
• Market opportunity by Application

6. Market Segmentation by Feedstock type

• Market segments
• Comparison by Feedstock type
• Vegetable oil - Market size and forecast 2020-2025
• Animal fats - Market size and forecast 2020-2025
• Others - Market size and forecast 2020-2025
• Market opportunity by Feedstock type

7. Customer landscape

• Overview

8. Geographic Landscape

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

9. Vendor Landscape

• Vendor landscape
• Landscape disruption

10. Vendor Analysis

• Vendors covered
• Market positioning of vendors
• ALTEN Group
• Archer Daniels Midland Co.
• Argent Energy UK Limited
• BIOX Corp.
• Bunge Ltd.
• Cargill Inc.
• Louis Dreyfus Co. BV
• RB FUELS
• Renewable Energy Group Inc.
• Wilmar International Ltd.

11. 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/5rscfd

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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FORT WORTH, Texas--(BUSINESS WIRE)--Lonestar Resources US Inc. (OTCQX: LONE) (including its subsidiaries, “Lonestar,” “we,” “us,” “our” or the “Company”) today reported financial and operating results for the three months ended March 31, 2021.

Over the past year, Lonestar has successfully restructured its liabilities, simplified its balance sheet and further reduced debt by utilizing free cash flow. At March 31, 2021, net debt of $239 million provides liquidity of $36 million and a Debt-to-Adjusted EBITDAX ratio of 2.1x. Lonestar continues to target a debt to EBITDAX ratio of 1.5x within the next eight quarters.

HIGHLIGHTS

• Current Production Up 22% From First Quarter Levels. Lonestar reported a 29% decrease in net oil and gas production to 10,377 BOE/d during the three months ended March 31, 2021 (“1Q21”), compared to 14,436 BOE/d for the three months ended March 31, 2020 (“1Q20”). Production was comprised of 75% crude oil and NGL’s on an equivalent basis. However, first quarter production results, which are a product of an extended period without bringing new wells onstream, are expected to represent a trough in terms of quarterly production. Resumption of development activities has increased production to current rates of 12,500 BOE/d. Lonestar expects further growth in production in the second half of 2021 to average rates ranging from 13,400-13,800 BOE/d.
• Adjusted Net Income Was $10.5 Million, or $1.05 Per Share. Lonestar reported a net loss attributable to its common stockholders of $6.3 million, or ($0.63) per share in 1Q21 compared to a net loss of $113.0 million in 1Q20. Lonestar’s adjusted net income for 1Q21 was $10.5 million, or $1.05 per share. Adjusted net income excludes, on a tax-adjusted basis, certain items that the Company does not view as either recurring or indicative of its ongoing financial performance. Most notable among these items include: a $18.8 million unrealized hedging loss on financial derivatives (“mark-to-market”) and $0.7 million of expenses related to our restructuring. Please see Non-GAAP Financial Measures at the end of this release for the definition of Adjusted Net Income (Loss), a reconciliation of net loss before taxes to Adjusted Net Income (Loss), and the reasons for its use.
• Lonestar Reported 1Q21 Discretionary Cash Flow of $19.1 Million. Discretionary Cash Flow for 1Q20 was $19.4 million. However, 1Q21’s Discretionary cash flow was negatively impacted by $5.4 million of hedge losses realized in the quarter while 1Q20’s result was positively impacted by $8.2 million of realized hedge gains. Improved wellhead price realizations and reduced cash expenses positively impacted 1Q21 results. Please see Non-GAAP Financial Measures at the end of this release for the definition of Discretionary Cash Flow, a reconciliation of net loss attributable to common stockholders to Discretionary Cash Flow, and the reasons for its use.
• Lonestar Reported Free Cash Flow For 1Q21 of $7.0 Million. Reported Free Cash Flow yielded a Free Cash Flow yield of 37% for the three months ended March 31, 2021, which compared to Free Cash Flow for 1Q20 of negative $15.1 million. Please see Non-GAAP Financial Measures at the end of this release for the definition of Discretionary Cash Flow, a reconciliation of net loss attributable to common stockholders to Free Cash Flow, and the reasons for its use.
• Lonestar Continues Organic Expansion of Drilling Inventory. As of December 31, 2020, Lonestar had 109 Proved Undeveloped locations and an additional 115 Probable Undeveloped locations. At 2021’s currently projected pace of well completions of 10 per year, our Proved Undeveloped locations represents roughly 11 years of inventory. Lonestar has been especially successful at increasing its drilling inventory on its core assets of Cyclone, Hawkeye and Horned Frog, where its drilling returns are outstanding. Recently, Lonestar concluded a series of primary-term leasing, dispositions and acreage trades that increased our acreage position at Horned Frog and in doing so, nearly doubled our inventory of extended reach laterals to 20, while increasing both our Proved reserves and associated PV-10 on our Horned Frog asset by 38%, at negligible capital outlay.

Lonestar’s Chief Executive Officer, Frank D. Bracken, III commented, “True to form, our drilling and completion program is off to an impressive start. Our new wells at Hawkeye and Horned Frog are performing at or above Type Curve and were completed at costs that were substantially below the costs of our wells completed in these areas last year. Programmatic cost reductions combined with the reduced leverage associated with our restructuring has yielded a more competitive cash cost structure. Lonestar has achieved meaningful reductions in lease operating expenses and interest expenses both in absolute dollar terms and on a per-unit basis. As production increases through the year as we bring new wells online, we expect to register continued improvement in total cash costs per BOE. With production and Discretionary Cash Flow ramping up, our current budget would generate $30-35 million of Free Cash Flow in 2021, which equates to a Free Cash Flow yield of 35-40%. Lonestar intends to principally focus this free cash to continue to reduce long-term debt and associated interest expense.”

OPERATIONAL UPDATE

• Production- Lonestar reported net oil and gas production of 10,377 BOE/d during the three months ended March 31, 2021, representing a 29% decrease year-over-year. Lonestar experienced modest reductions in oil and gas sales as a result of temporary shut-ins related to Winter Storm Uri. 1Q21 production volumes consisted of 5,556 barrels of oil per day (54%), 2,174 barrels of NGLs per day (21%), and 15,880 Mcf of natural gas per day (26%). Since year-end, Lonestar has placed onstream a three-well pad at Hawkeye (50% WI) and a two-well pad at Horned Frog (100% WI). These wells have positively impacted production, with current production exceeding 12,500 BOE/d, consisting of 6,500 barrels of oil per day, 2,700 barrels of NGL’s per day, and 19,800 Mcf of natural gas per day.
• Pricing- Lonestar’s Eagle Ford Shale assets continued to deliver favorable wellhead realizations in 1Q21. Lonestar’s wellhead crude oil price realization was $55.74/bbl, which reflects a discount of $2.10/bbl vs. West Texas Intermediate (“WTI”). Lonestar’s realized NGL price was $21.96/bbl, or 38% of WTI. Lonestar’s realized wellhead natural gas price was $5.35 per Mcf, reflecting a $1.79 premium to Henry Hub. The first quarter natural gas differentials were positively impacted by the effects of the high realizations achieved in February 2021 resulting from increased gas prices during Winter Storm Uri.
• Revenues- Wellhead revenues increased by $2.8 million to $39.8 million in 1Q21, or 8%, compared to 1Q20, primarily driven by a 156% increase in NGL price realizations, a 155% increase in natural gas price realizations, and a 22% increase in oil price realizations, which were partially offset by lower production.
• Expenses- Lonestar initiated cost reduction measures starting in the second quarter of 2020 which continue to deliver a lower operating cost structure for the Company, both on an absolute dollar basis and a per-unit basis. Total cash expenses, which include the cash portions of lease operating, gathering, processing, transportation, production taxes, general & administrative, and interest expenses were $16.5 million. Lonestar reduced 1Q21 cash operating costs by 38%, compared to $26.6 million in 1Q20. When measured on a unit-of-production basis, total cash costs were reduced by 13% from $20.28 per BOE to $17.66 per BOE. Adjusted for non-recurring items discussed below, total cash expenses were $15.5 million, or $16.70 per BOE.
  • Lease Operating Expenses (“LOE”), which includes workover expenses, were $4.4 million for 1Q21, which was 42% lower than LOE of $7.6 million in 1Q20. Additionally, LOE per BOE was reduced by 18%, from $5.81 per BOE in 1Q20 to $4.76 per BOE in 1Q21. 1Q21 lease operating expenses included a prior period settlement of $0.2 million, which the Company does not consider recurring. Adjusted for this item, LOE was $4.2 million, or $4.55 per BOE, a reduction of 22%.
  • Gathering, Processing & Transportation Expenses (“GP&T”) for 1Q21 were $1.5 million, which was 28% lower than the GP&T of $2.2 million in the three months ended 1Q20. On a unit-of-production basis, GP&T remained stable, rising less than 1% year over year from $1.64 per BOE in 1Q20 to $1.65 per BOE in 1Q21.
  • Production & Ad Valorem Taxes for 1Q21 were $2.4 million, which was relatively flat compared to production taxes of $2.4 million in 1Q20. On a unit-of-production basis, production and ad valorem taxes increased 44% year over year from $1.80 per BOE in 1Q20 to $2.59 per BOE in 1Q21, as the Company experienced higher wellhead revenues in 1Q21 which resulted in higher production taxes.
  • General & Administrative ("G&A") expenses were $4.0 million, or $4.26 per BOE in 1Q21 compared to $2.9 million, or $2.19 per BOE in 1Q20. G&A for 1Q21 includes approximately $0.7 million of professional fees residual to the Company’s restructuring in 2020. Adjusted for this non-recurring item, General & Administrative expense were $3.3 million for 1Q21, or $3.51 per BOE. G&A for 1Q20 includes stock-based compensation gains of $1.8 million and as of 1Q21 Lonestar had not implemented any new stock-based compensation plans.
  • Interest Expense was $4.1 million for 1Q21, down 66% from $11.6 million in 1Q20. On a unit-of-production basis, interest expense was reduced from $8.84 per BOE in 1Q20 to $4.40 per BOE in 1Q21. The decrease between periods was primarily due to a decrease in the average debt principal outstanding associated with the Emergence from Voluntary Reorganization. Lonestar expects continued reductions in interest expense per BOE, as the Company reduces long-term debt and increases production.

UPDATED GUIDANCE

• 2021- Lonestar’s principal financial objectives in 2021 are to direct its substantial free cash flow towards reduction in long-term debt. Accordingly, Lonestar plans to spend a range of $45 to $50 million in 2021 on extended-reach laterals in high-return areas of Horned Frog and Hawkeye, $11 million of which was spent in the first quarter of 2021. This capital program will allow for the completion of 3.0 gross / 1.5 net wells (which were DUC’s at December 31, 2020) and drilling and completion of an additional 7.0 gross / 5.5 net wells. Based on this range of capital spending, Lonestar’s production guidance for 2021 is 12,250 to 12,750 BOE/d, with Adjusted EBITDAX guidance of $90-$100 MM and Free Cash Flow of $30-$40 MM.
• 2Q21- Coming off of the first quarter’s base of production which averaged 10,377 BOE/day, Lonestar’s second quarter production volumes have been favorably impacted by the benefit of a full-quarter contribution of the Hawkeye #33H, #34H & #35H wells. Additionally, the Horned Frog NW #1H and #2H wells came onstream in April and will contribute for a significant portion of the second quarter. Accordingly, Lonestar is issuing second quarter 2021 production guidance of 11,500-12,000 BOE/d, which is expected to be approximately 53% crude oil, 21% NGL’s and 26% natural gas. Lonestar’s Adjusted EBITDAX guidance is $20-$22 million, with Discretionary Cash Flow of $16-$18 million.

EAGLE FORD SHALE TREND - WESTERN REGION

In our Western Region, which encompasses Dimmit and LaSalle Counties, production for 1Q21 averaged approximately 5,132 BOE per day, a 25% decrease from 1Q20 production. Production consisted of 1,895 barrels of oil per day (37%), 1,382 barrels of NGL’s per day (27%) and 11,105 Mcf of natural gas per day (36%). The Western region accounted for 49% of the Company’s production during the quarter.

In March 2021 Lonestar began flowback operations on 2.0 gross / 2.0 net wells on its Horned Frog West property, the Horned Frog West #1H and #2H. Lonestar has a 100% WI / 78% NRI in these wells. These wells commenced flowback approximately two weeks ago, and to date, have registered initial production rates averaging 1,517 BOE/d. Production is currently comprised of 77% crude oil and NGL’s on an equivalent basis, which is the highest liquid mix to date at our Horned Frog asset.

• Horned Frog West 1H – With a 7,473’ perforated interval, the #1H recorded initial test rates of 807 Bbls/d oil, 376 Bbls/d of NGLs, and 2,103 Mcf/d, or 1,534 BOE/d on a three-stream basis.
• Horned Frog West 2H – With a 7,518’ perforated interval, the #2H recorded initial test rates of 798 Bbls/d oil, 363 Bbls/d of NGLs, and 2,036 Mcf/d, or 1,501 BOE/d on a three-stream basis.

Lonestar has also recently completed drilling operations on 2.0 gross / 2.0 net wells on its Horned Frog South property, the Horned Frog Alderman #1H and #2H. Lonestar has a 100% WI / 77.96% NRI in these wells. Fracture stimulation operations are scheduled to commence on these wells later this month with first production anticipated in July 2021.

Through a combination of primary-term leasehold acquisitions, leasehold dispositions and an acreage trade, Lonestar has materially enhanced its position in the Horned Frog asset. The net effect of these transactions is to increase our Horned Frog leasehold from 6,530 to 7,262 net acres. More importantly, it reconfigured our position to accommodate significantly more drilling, increasing the number of drillable locations exceeding 5,000 feet in lateral length from 11 to 20, of which Lonestar owns a 100% WI. On average, the transactions increased our average lateral length at Horned Frog from 8,900 feet to 10,100 feet. Most importantly, the transactions increased our Proved reserves at Horned Frog from 30.2 million barrels of oil equivalent to 44.1 million barrels of oil equivalent, and increased PV-10 from $193 million to $280 million, assuming flat prices of $55/bbl for WTI crude oil and $2.75/MMBTU for Henry Hub natural gas.

EAGLE FORD SHALE TREND - CENTRAL REGION

In our Central Region, which principally encompasses Gonzales, Karnes, Lavaca and Fayette Counties, 1Q21 production averaged approximately 5,008 BOE/d, a 31% decrease over 1Q20 rates. Production consisted of 3,511 barrels of oil per day (70%), 741 barrels of NGL’s per day (15%), and 4,543 Mcf of natural gas per day (15%). The Central region accounted for 48% of the Company’s production during the quarter.

In February 2021, Lonestar began flowback operations on 3 gross / 1.5 net wells, the Hawkeye 33H, Hawkeye 34H, and Hawkeye 35H. These wells recorded initial rates over a 30-day period (“Max-30 rates”) of 938 BOE/d, 91% of which was crude oil. Recently, Lonestar introduced artificial lift operations on these wells and they have responded favorably, with current production rates averaging 800 BOE/d per well. The Company holds a 50% working interest (“WI”) / 38% net revenue interest (“NRI”) in these wells.

• Hawkeye #33H – With a perforated interval of 10,875 feet, the #33H tested 931 Bbls/d oil, 43 Bbls/d of NGLs, 307 Mcf/d, or 1,024 BOE/d (three-stream) on a 30/64” choke.
• Hawkeye #34H – With a perforated interval of 10,770 feet, the #34H tested 774 Bbls/d oil, 35 Bbls/d of NGLs, 253 Mcf/d, or 851 BOE/d (three-stream) on a 30/64” choke.
• Hawkeye #35H – With a perforated interval of 10,821 feet, the #35H tested 769 Bbls/d oil, 38 Bbls/d of NGLs, 272 Mcf/d, or 852 BOE/d (three-stream) on a 30/64” choke.

As part of its Joint Venture with Marathon Oil Corporation, Lonestar, as operator, has permitted a three-well pad on its Hawkeye asset. Lonestar recently commenced drilling operations on three wells, the Hawkeye #9H, #10H and #11H, with designed perforated intervals exceeding 11,000 feet.

EAGLE FORD SHALE TREND - EASTERN REGION

In our Eastern Region, 1Q21 production averaged approximately 236 BOE/d, a 10% decrease over 1Q20 rates. Production consisted of 150 barrels of oil per day (64%), 47 barrels of NGL’s per day (20%), and 231 Mcf of natural gas per day (16%).

ABOUT LONESTAR RESOURCES US INC.

Lonestar is an independent oil and natural gas company based in Fort Worth, Texas, focused on the development, production, and acquisition of unconventional oil, NGLs, and natural gas properties in the Eagle Ford Shale in Texas, where we have accumulated approximately 72,682 gross (53,550 net) acres in what we believe to be the formation’s crude oil and condensate windows, as of March 31, 2021. For more information, please visit www.lonestarresources.com.

CAUTIONARY & FORWARD-LOOKING STATEMENTS

Cautionary Note Regarding Forward-Looking Statements

Disclosures in this press release contain certain forward-looking statements within the meaning of the federal securities laws. Statements that do not relate strictly to historical or current facts are forward-looking. These statements contain words such as “possible,” “if,” “will,” “expect” and “assuming” and involve risks and uncertainties including, among others that our business plans may change as circumstances warrant and securities of the Company may not ultimately be offered to the public because of general market conditions or other factors. Accordingly, readers should not place undue reliance on forward-looking statements as a prediction of actual results. For more information concerning factors that could cause actual results to differ materially from those conveyed in the forward-looking statements, please refer to the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2021 and any subsequently filed quarterly reports on Form 10-Q. Any forward-looking statements in this press release are made as of the date of this press release and the Company undertakes no obligation to update or revise such forward-looking statements to reflect events or circumstances that occur, or of which the Company becomes aware, after the date hereof, unless required by law.

(Unaudited Financial Statements to Follow)

*References to “Successor” refer to the new Lonestar reporting entity after the Company’s emergence from bankruptcy on November 30, 2020, and references to “Predecessor” refer to the Lonestar entity prior to emergence from bankruptcy.*

Chase Booth, 817-921-1889

Collaboration Enhances Mitsubishi Power’s Strategic Infrastructure of Long-duration Hydrogen Storage Solutions across North America

LAKE MARY, Fla.--(BUSINESS WIRE)--#ChangeInPower--Mitsubishi Power Americas, Inc., and Texas Brine Company, LLC have signed an agreement to develop large-scale long-duration hydrogen storage solutions to support decarbonization efforts across the eastern United States. Long-duration hydrogen storage is a key enabling technology for the transition to a net zero carbon energy future.

This collaboration expands Mitsubishi Power’s capability to store hydrogen safely and cost effectively in salt caverns in strategic locations across North America. The nation’s largest brine producer, Texas Brine and its affiliates have salt positions in New York, Virginia, Texas and Louisiana that will enable access to major load centers in the Northeast, Mid-Atlantic and the Gulf Coast.

Salt deposits are unique geological features into which caverns can be solution mined to provide safe, reliable and economical bulk gas storage. Hydrogen has been stored in salt caverns for decades in the U.S. Gulf Coast. Expanding the use of salt caverns for hydrogen energy storage in other regions offers a significant opportunity to create an infrastructure for clean energy resources throughout the U.S. to benefit industries such as power, transportation and manufacturing that are targeting net zero carbon emissions.

The collaboration with Texas Brine enhances Mitsubishi Power’s developing hydrogen infrastructure:

• In 2019, Mitsubishi Power announced a joint venture with Magnum Development to develop the world’s largest renewable energy storage project, the Advanced Clean Energy Storage Project, to enable decarbonization efforts across the western U.S. This site is atop a massive salt dome in Delta, Utah, and adjacent to the Intermountain Power Project, which has transmission interconnections to major western demand centers.
• In September 2020, Mitsubishi Power announced a joint development agreement with Entergy to collaborate on bringing decarbonization projects to Entergy’s utility businesses in four states.
• Also in September, Mitsubishi Power announced that it had secured technical selections for three projects using its hydrogen-ready M501JAC gas turbines at the Danskammer Project being developed by Agate Power in Newburg, NY, the Chickahominy Power Project being developed by Balico in Virginia, and the Harrison Power Project being developed by EmberClear.

The Texas Brine collaboration complements Mitsubishi Power’s growing portfolio of hydrogen-ready gas turbines by positioning large-scale hydrogen storage in close proximity to projects, enabling access to economical utility-scale renewable energy storage.

Mitsubishi Power’s collaboration with Texas Brine provides other symbiotic benefits. Brine, a mixture of salt and water, is produced during the solution mining of salt formations. It can then be used as a critical feedstock for the chemical industry, or it can be dehydrated to produce salt for food, deicing, agricultural, industrial, and water softening markets. The coproduct of the solution mining process is an underground repository that can be used to store liquid or gaseous commodities, such as hydrogen. Conversely, when a salt cavern is designed and engineered specifically for the storage of hydrogen, it employs the same solution mining process, which ultimately creates a brine coproduct that can be used as a feedstock.

The alliance will initially focus on existing sites controlled by Texas Brine and its affiliates. Both companies will evaluate the opportunity for hydrogen storage in existing and new caverns, along with detailed engineering and design studies to support hydrogen storage needs. The companies will also explore greenfield applications that can benefit from hydrogen storage as well as brine and dry salt production.

Ted Grabowski, President and CEO of Texas Brine, said, “Strategic alliances that enhance collaboration across industry domains are critical for cost-effective use of resources. We look forward to collaborating with Mitsubishi Power to support safe and low cost storage of hydrogen across our sites in the eastern U.S. and to explore synergistic opportunities at sites in other parts of the country.”

Paul Browning, President and CEO of Mitsubishi Power Americas, said, “To bring about an energy transition for a net zero carbon future, we have to work with partners. It takes innovative partnerships and cross-sector teams to decarbonize multiple verticals. Our alliance with Texas Brine supports our mission to provide power generation and energy storage solutions to our customers, empowering them to affordably and reliably combat climate change and advance human prosperity. Together with our partners, we are creating a Change in Power.”

About Mitsubishi Power Americas, Inc.

Mitsubishi Power Americas, Inc. headquartered in Lake Mary, Florida, employs more than 2,000 power generation, energy storage, and digital solutions experts and professionals. Our employees are focused on empowering customers to affordably and reliably combat climate change while also advancing human prosperity throughout North and South America. Mitsubishi Power’s power generation solutions include natural gas, steam, aero-derivative, geothermal, distributed renewable technologies, environmental controls, and services. Energy storage solutions include green hydrogen and battery energy storage systems. Mitsubishi Power also offers digital solutions that enable autonomous operations and maintenance of power assets. Mitsubishi Power, Ltd. is a wholly owned subsidiary of Mitsubishi Heavy Industries, Ltd. (MHI). Headquartered in Tokyo, Japan, MHI is one of the world’s leading heavy machinery manufacturers with engineering and manufacturing businesses spanning energy, infrastructure, transport, aerospace and defense. For more information, visit the Mitsubishi Power Americas website and follow us on LinkedIn.

About Texas Brine Company, LLC

Texas Brine is a family-owned business based in Houston, Texas with a proud heritage in salt-related businesses. Founded in 1946, Texas Brine helped pioneer the commercial production of brine through solution mining in Texas salt domes and co-founded the Solution Mining Research Institute to promote understanding and expertise in this evolving field. We currently supply over 35 percent of the brine requirements of the Chlor-alkali industry — creating millions of barrels of storage capacity per year. Our underground caverns developed through brine production are designed to meet storage needs for a wide variety of gas and liquid products. Our focus is on the needs of our customers, from operating customer-owned assets to developing and owning greenfield sites dedicated to a customer's plant. Due to this commitment to service, it is no surprise that Texas Brine has customer relationships that span half a century. For more information, visit the Texas Brine website and follow us on LinkedIn.

Christa Reichhardt
Mitsubishi Power
+1 407-484-5599
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Brian Rapp
Texas Brine Company
+1 713-877-2791
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COLUMBUS, Ind.--(BUSINESS WIRE)--The Board of Directors of Cummins Inc. (NYSE: CMI) today declared a quarterly common stock cash dividend of 1.35 dollars per share, payable on June 3, 2021, to shareholders of record on May 21, 2021.

About Cummins Inc.
Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 57,825 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $1.8 billion on sales of $19.8 billion in 2020. To learn more about Cummins visit cummins.com.

Forward-looking disclosure statement
Information provided in this release that is not purely historical are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding our forecasts, guidance, preliminary results, expectations, hopes, beliefs and intentions on strategies regarding the future. These forward-looking statements include, without limitation, statements relating to our plans and expectations for our revenues and EBITDA. Our actual future results could differ materially from those projected in such forward-looking statements because of a number of factors, including, but not limited to: any adverse results of our internal review into our emissions certification process and compliance with emission standards; increased scrutiny from regulatory agencies, as well as unpredictability in the adoption, implementation and enforcement of emission standards around the world; policy changes in international trade; the U.K.'s exit from the European Union; changes in taxation; global legal and ethical compliance costs and risks; increasingly stringent environmental laws and regulations; future bans or limitations on the use of diesel-powered products; supply shortages and supplier financial risk, particularly from any of our single-sourced suppliers, including suppliers that may be impacted by the COVID-19 pandemic; market slowdown due to the impacts from the COVID-19 pandemic, other public health crises, epidemics or pandemics; impacts to manufacturing and supply chain abilities from an extended shutdown or disruption of our operations due to the COVID-19 pandemic; aligning our capacity and production with our demand, including impacts of COVID-19; large truck manufacturers and original equipment manufacturers customers discontinuing outsourcing their engine supply needs or experiencing financial distress, particularly related to the COVID-19 pandemic, bankruptcy or change in control; a slowdown in infrastructure development and/or depressed commodity prices; failure to realize expected results from our investment in Eaton Cummins Automated Transmission Technologies joint venture; the actions of, and income from, joint ventures and other investees that we do not directly control; product recalls; the development of new technologies that reduce demand for our current products and services; lower than expected acceptance of new or existing products or services; variability in material and commodity costs; product liability claims; our sales mix of products; protection and validity of our patent and other intellectual property rights; disruptions in global credit and financial markets as the result of the COVID-19 pandemic; labor relations or work stoppages; reliance on our executive leadership team and other key personnel; climate change and global warming; our plan to reposition our portfolio of product offerings through exploration of strategic acquisitions and divestitures and related uncertainties of entering such transactions; exposure to potential security breaches or other disruptions to our information technology systems and data security; political, economic and other risks from operations in numerous countries; competitor activity; increasing competition, including increased global competition among our customers in emerging markets; foreign currency exchange rate changes; the performance of our pension plan assets and volatility of discount rates, particularly those related to the sustained slowdown of the global economy due to the COVID-19 pandemic; the price and availability of energy; the outcome of pending and future litigation and governmental proceedings; continued availability of financing, financial instruments and financial resources in the amounts, at the times and on the terms required to support our future business; and other risks detailed from time to time in our SEC filings, including particularly in the Risk Factors section of our 2020 Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Shareholders, potential investors and other readers are urged to consider these factors carefully in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements made herein are made only as of the date of this press release and we undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise. More detailed information about factors that may affect our performance may be found in our filings with the SEC, which are available at http://www.sec.gov or at http://www.cummins.com in the Investor Relations section of our website.

Jon Mills
Director, External Communications
317-658-4540
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KILGORE, Texas--(BUSINESS WIRE)--Martin Midstream Partners L.P. (NASDAQ: MMLP) (“MMLP” or the “Partnership”) announced today that members of executive management will host virtual meetings during the 2021 Energy Infrastructure Council Investor Conference taking place May 18-21, 2021. A copy of the Partnership’s presentation will be available by visiting the Partnership’s website at www.MMLP.com.

About Martin Midstream Partners

Martin Midstream Partners L.P. is a publicly traded limited partnership with a diverse set of operations focused primarily in the United States Gulf Coast region. The Partnership's primary business lines include: (1) terminalling, processing, storage, and packaging services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) natural gas liquids marketing, distribution, and transportation services.

Additional information concerning Martin Midstream is available on its website at www.MMLP.com.

MMLP-E

Sharon Taylor – Chief Financial Officer
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(877) 256-6644

MINNEAPOLIS--(BUSINESS WIRE)--Xcel Energy Inc. (NASDAQ: XEL) will hold its 2021 Annual Meeting of Shareholders virtually at 11:00 a.m. central time on May 19, 2021. Shareholders of record at the close of business on the record date, March 22, 2021, are invited to participate. Shareholders of record can attend the meeting online at www.virtualshareholdermeeting.com/XEL2021 and can vote online prior to the meeting at www.proxyvote.com by entering the control number found on their proxy card or Notice of Internet Availability of Proxy Materials.

The virtual meeting website will contain instructions for accessing technical support to assist in the event any difficulties are experienced while attempting to access the virtual meeting. If any difficulties accessing the virtual meeting occur during check-in or the meeting, please call the technical support number that will be posted on the virtual meeting platform log-in page starting 15 minutes before the scheduled 11:00 a.m. start time.

If you do not have internet access or a control number, please call 1-888-317-6016 (toll free in the United States), 1-855-669-9657 (toll free in Canada), or 1-412-317-6016 (international) to listen to the meeting proceedings.

For additional information, please refer to Xcel Energy Inc.’s 2021 Notice of Annual Meeting of Shareholders and Proxy Statement, filed with the Securities and Exchange Commission on April 6, 2021 and available to view on our website at www.xcelenergy.com.

Xcel Energy is a major U.S. electricity and natural gas company, with operations in 8 Western and Midwestern states. Xcel Energy provides a comprehensive portfolio of energy-related products and services to 3.7 million electricity customers and 2.1 million natural gas customers through its regulated operating companies. Company headquarters are located in Minneapolis. More information is available at www.xcelenergy.com.

This information is not given in connection with any sale or offer for sale or offer to buy any securities.

Paul Johnson, Vice President, Investor Relations (612) 215-4535
or
Xcel Energy Media Relations Representatives (612) 215-5300

12 GWh Manufacturing Facility Will Bring 3,000 Jobs to Arizona, Florida or Texas as First Domestic Battery Plant Owned by a U.S. Company Nears Construction

COEUR D’ALENE, Idaho--(BUSINESS WIRE)--KORE Power, Inc. announced the latest step in its plan to establish the first lithium-ion battery manufacturing facility owned by a U.S. company by narrowing its site search to locations in either Arizona, Florida or Texas. The one million square foot manufacturing facility will support up to 12 gigawatt hours (GWh) of battery cell production to ensure a reliable and independent U.S. supply chain for lithium-ion battery cells that are critical to the future of power grids, electric vehicles and more. The KORE Power executive team has completed its exhaustive research work of the final three sites and is in deliberation based on both the quantitative monetary analysis of each location, as well as an in-depth qualitative evaluation of each state, region, and specific site.

KORE Power is the leading U.S.-based developer of battery cell technology for the energy storage and electric transportation industries. Founded in 2018, the company leveraged the experience of its contract manufacturing partner with more than 10 million battery cells that have been deployed by its global customer base. The new manufacturing facility will add to the company's current annual production capacity of 2 GWh that we are in the process of scaling up to 6 GWh in order to serve the rapidly growing battery market. KORE Power’s U.S. facility will create more than 3,000 new advanced manufacturing jobs at the selected site and strengthen U.S. energy security by creating a new domestic battery supply.

The company’s planned U.S. manufacturing project will operate with net-zero carbon emissions through strategic partnerships and solar-plus- and storage co-generation.

“We are delivering critical capacity in a market that’s starved for supply as we support the U.S. and global communities becoming greener,” said Lindsay Gorrill, KORE Power CEO. “Because we use proprietary software in our battery management systems, maintain the rights over our battery cell intellectual property and have influence over our minerals and materials process, we can quickly serve customers and adapt to changing needs, in an environment when many others are reportedly sold out until 2022.”

KORE Power plans to employ more than 3,000 full-time personnel at the facility, which will generate upwards of an estimated 10,000 direct and indirect jobs.

Through a national site search and evaluation of the energy storage, manufacturing and electric transportation opportunities across the country, KORE Power has narrowed its search to the three current locations. Other factors for selecting these states include:

• Proximity to continental transportation arterials and international deep-water ports
• World-leading clean energy utilities
• Friendly tax, regulatory and strong pro-business environment
• Established complimentary industries such as e-mobility, solar and semiconductor
• State and Local economic development incentivization programs
• Available workforce capacity
• Local community support, cooperation, and commitment

The company plans to announce the site for its U.S. manufacturing facility in summer 2021.

ABOUT KORE Power

Based in Coeur d’Alene, Idaho, KORE Power, Inc., is a leading US-based developer of battery cell technology for the clean energy industries, serving energy storage, e-mobility, utility, industrial and mission-critical markets across the globe.

KORE Power designs and manufactures top-tier energy storage systems (ESS), proprietary NMC and LFP cells, modules, VDA modules and packs, optimized by the battery management system (BMS).

KORE Power’s differentiated approach provides customers with direct access, unparalleled service and superior technology.

The company cares about building resilient, sustainable communities, clean energy jobs and green economic expansion. KORE Power is proud to offer a functional solution to real-world problems that fulfill growing market demand and contribute to a zero-carbon future.

Cautionary Statement

Certain statements contained herein constitute forward-looking statements, including but not limited to statements about the plans, objectives and expectations. All statements included herein, other than statements of ‎historical fact, are forward-looking information and such information involves various risks and ‎uncertainties. KORE Power, Inc. believes the expectations reflected in these forward-looking statements are ‎reasonable, but no assurance can be given that these expectations will prove to be correct and ‎such forward-looking statements in this news release should not be unduly relied upon. Forward-‎looking statements included in this news release are made as of the date of this news release and ‎ KORE Power disclaims any intention or obligation to update or revise any forward-looking statements, ‎whether as a result of new information, future events or otherwise, except as expressly required by ‎applicable securities legislation.‎

Martha Arendt
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312-285-9622

Aleysha Newton
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(208) 758-9392

AUSTIN, Texas--(BUSINESS WIRE)--Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 semi-trucks, today reported its first quarter 2021 business updates.

Key Business Highlights

• Announced the formation of the Hypertruck Innovation Council, a select group of fleet, logistics and transportation industry leaders that will actively support and advance the development of Hyliion’s Hypertruck powertrain solution
• Took delivery of Peterbilt chassis, which will be used for initial Hypertruck ERX demonstration units
• Continued the multi-phase product development program used to reach commercialization of the Hypertruck ERX electric powertrain solution
• Installed ten Hybrid electric powertrains during the first quarter, continuing deployment of the technology to prepare for volume growth
• Expects to recognize revenue on improved Hybrid products delivered in the second half of the year

Executive Commentary

Thomas Healy, Hyliion’s Chief Executive Officer, said, “After a momentous 2020 for Hyliion, 2021 is off to a great start as we continue to advance our commercialization strategy for both our Hybrid and Hypertruck ERX powertrains. I am especially pleased with the talented team we have been assembling to execute on Hyliion’s growth plans.”

“We are building the first units of Hypertruck ERX demo vehicles right now, which is a major milestone on our path to commercialization. Along with the formation of the Hypertruck Innovation Council, our Hypertruck ERX program is gaining operational momentum that we expect will ultimately drive significant demand for this game-changing electric powertrain solution. We continue to make rolling improvements to our current Hybrid system, and we expect to begin recognizing revenue on our improved Hybrid product in the second half of this year,” added Healy.

“Last year was a notable year for renewable natural gas (RNG) as it for the first time supplied the majority of on-road natural gas vehicle fuel. Captured above ground from organic material in agricultural, wastewater, landfill, or food waste, RNG can produce carbon-negative results when fueling on-road vehicles. With RNG solutions for heavy-duty long-haul trucking, Hyliion is uniquely positioned to benefit from this large and growing megatrend,” concluded Healy.

Hypertruck Innovation Council

In early April, Hyliion announced the formation of the Hypertruck Innovation Council. Representing over 100,000 Class 8 semi-trucks globally, the Council members will collaborate closely with Hyliion to provide key user insights in the development of the Hypertruck ERX and will be among the first to operate the Hypertruck ERX.

As Hyliion works to commercialize its Hypertruck ERX solution, this feedback from the Council will be incorporated into the design to help ensure the company brings to market a solution that is most attractive to the largest portions of the Class 8 market. Additionally, since these fleets will all get the chance to use the Hypertruck ERX, this presents a unique opportunity to demonstrate the product’s superior performance, emissions reductions, and lower operating costs to potentially generate demand and substantial orders for the product.

Hypertruck ERX Multi-Phase Product Development Program

Hyliion has begun its multi-phase product development program that will be used to commercialize its Hypertruck ERX powertrain solution. Utilizing the Peterbilt Model 579, a modern, class-leading long-haul Class 8 commercial truck, this process enables the efficient development, integration, and validation of Hyliion’s Hypertruck ERX platform from the ongoing product development phase through the start of commercial production. By using this phased approach to commercialization, along with the valuable insights gained from its Hypertruck Innovation Council, Hyliion expects to efficiently and rapidly commercialize a potentially net-carbon-negative powertrain solution with a lower total cost of ownership that appeals to broad portions of the Class 8 market.

The natural gas tanks and generators have been installed on the initial trucks, and the installation of the electric powertrain is underway. These demonstration units, which closely resemble production intent but are built with prototype tooling, will be used for performance testing and model validation. These trucks will also be on display at major trade shows later this summer and fall.

Hyliion will incorporate learnings from the first phase of development with feedback from the Hypertruck Innovation Council into subsequent testing and validation phases, with customer deliveries expected to begin in 2022.

2021 Milestones

Hyliion expects 2021 to be a pivotal year with the first revenue expected in the second half of the year from its improved Hybrid electric powertrains and with Hypertruck ERX demo units on track for showcasing with fleets towards the end of the year.

Pending Restatement of 2020 Financials

In response to guidance provided by the SEC on April 12, 2021 regarding the accounting and reporting of warrants issued by SPACs, Hyliion has elected to restate its consolidated financial statements for the year ending December 31, 2020 to change the accounting treatment of its warrants. The restatement involves Hyliion’s historical accounting for its public warrants and private placement warrants issued in connection with its business combination. Consistent with previous practice among SPACs, these warrants have been accounted for as equity. Hyliion now plans to restate its fourth quarter and full-year 2020 financial statements to account for the warrants as liabilities. The warrants will be marked-to-market with non-cash fair value adjustments. On November 30, 2020, Hyliion redeemed its public warrants for cash, leaving no outstanding warrants at year-end 2020.

The impacts of these restatements are expected to be entirely non-cash and have no impact on Hyliion’s ongoing business operations or future plans.

First Quarter 2021 Conference Call

Hyliion will host a conference call and webcast for investors and other interested parties to review its first quarter 2021 business update on Wednesday, May 12, 2021 at 11:00 a.m. Eastern Time. Due to the pending restatement, Hyliion will not provide financial updates until after the filing of the amended Form 10-K for 2020 and the Form 10-Q for the first quarter of 2021, both anticipated to be filed by May 24, 2021. A live webcast of the call, as well as an archived replay following, will be available online on the Investor Relations section of Hyliion’s website. Those wishing to participate can access the call using the links below:

Conference Call Online Registration: http://www.directeventreg.com/registration/event/8917947

Webcast: https://investors.hyliion.com/events-and-presentations/default.aspx

About Hyliion Holdings Corp and Hyliion Inc.

Hyliion’s (NYSE: HYLN) mission is to reduce the carbon intensity and greenhouse gas (GHG) emissions of commercial transportation Class 8 trucks by being a leading provider of electrified powertrain solutions. Leveraging advanced software algorithms and data analytics capabilities, Hyliion offers fleets an easy, efficient system to decrease fuel and operating expenses while seamlessly integrating with their existing fleet operations. Headquartered in Austin, Texas, it designs, develops, and sells electrified powertrain solutions that are designed to be installed on most major Class 8 commercial vehicles, with the goal of transforming the commercial transportation industry’s environmental impact at scale. For more information, visit www.hyliion.com.

Forward Looking Statements

The information in this press 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. All statements, other than statements of present or historical fact included in this press release, regarding Hyliion and its future financial performance, as well as its strategy, future operations, estimated financial position, estimated revenues, and losses, projected costs, prospects, plans and objectives of management are forward looking statements. When used in this press release, including any oral statements made in connection therewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Hyliion disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements herein, to reflect events or circumstances after the date of this press release. Hyliion cautions you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Hyliion. These risks include, but are not limited to, the pending restatement, Hyliion’s ability to disrupt the powertrain market, Hyliion’s focus in 2021 and beyond, the effects of Hyliion’s dynamic and proprietary solutions on its commercial vehicle customers, accelerated commercialization of the Hypertruck ERX, the ability to meet 2021 and future product milestones, the impact of COVID-19 on long-term objectives, and the ability to reduce carbon intensity and greenhouse gas. Should one or more of the risks or uncertainties described in this press release occur, or should underlying assumptions prove incorrect, actual results and plans could different materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact Hyliion’s operations and projections can be found in its filings with the Securities and Exchange Commission (the “SEC”). Hyliion’s SEC Filings are available publicly on the SEC’s website at www.sec.gov.

Hyliion Holdings Corp.
Investor Contact
Louis Baltimore
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Press Contact
Ryann Malone
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(833) 495-4466

COLUMBUS, Ind.--(BUSINESS WIRE)--Today, Cummins Inc. (NYSE: CMI) announced the election of Carla Harris to its Board of Directors.

Ms. Harris is Vice Chairman of Wealth Management and Senior Client Advisor at Morgan Stanley. Over her 30-year career with Morgan Stanley, her experiences include investment banking, equity capital markets, equity private placements, and initial public offerings in a number of industries such as technology, transportation, and the industrial sector.

For more than a decade, Ms. Harris was a senior member of the equity syndicate desk and executed such transactions as initial public offerings for UPS, Martha Stewart Living Omnimedia, Ariba, Redback, the General Motors sub-IPO of Delphi Automotive, and the $3.2 Billion common stock transaction for Immunex Corporation, one of the largest biotechnology common stock transactions in U.S. history.

“We are thrilled to welcome Carla Harris to our Board of Directors and look forward to leveraging the rich past experiences she brings as a business and finance leader and as someone committed to community service,” said Tom Linebarger, Chairman and CEO, Cummins Inc. “Harris’ deep knowledge of a wide variety of industries and strong investor perspective will help guide Cummins in our continued efforts to lead in unprecedented environment.”

Ms. Harris was named to Fortune Magazine’s list of “The 50 Most Powerful Black Executives in Corporate America” and “Most Influential List”, U.S. Banker’s “Top 25 Most Powerful Women in Finance”, Black Enterprise’s “Top 75 Most Powerful Women in Business” and “Top 75 African Americans on Wall Street”, and Essence Magazine’s list of “The 50 Women Who are Shaping the World”, in addition to many other accolades.

Ms. Harris currently serves on the board of Walmart Inc. and on the boards of several nonprofit organizations including Seize Every Opportunity, Harvard University Board of

Overseers and the Morgan Stanley Foundation. She also previously served as the Chair of the National Women’s Business Council, appointed by President Barack Obama. Ms. Harris received an MBA from Harvard Business School and an A.B. from Harvard University.

About Cummins Inc.

Cummins Inc., a global power leader, is a corporation of complementary business segments that design, manufacture, distribute and service a broad portfolio of power solutions. The company’s products range from diesel, natural gas, electric and hybrid powertrains and powertrain-related components including filtration, aftertreatment, turbochargers, fuel systems, controls systems, air handling systems, automated transmissions, electric power generation systems, batteries, electrified power systems, hydrogen generation and fuel cell products. Headquartered in Columbus, Indiana (U.S.), since its founding in 1919, Cummins employs approximately 57,825 people committed to powering a more prosperous world through three global corporate responsibility priorities critical to healthy communities: education, environment and equality of opportunity. Cummins serves its customers online, through a network of company-owned and independent distributor locations, and through thousands of dealer locations worldwide and earned about $1.8 billion on sales of $19.8 billion in 2020. See how Cummins is powering a world that’s always on by accessing news releases and more information at https://www.cummins.com/always-on.

Jon Mills – Director, External Communications
317-658-4540
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Leaders in education transportation mobility solutions and the best-in-class turnkey partner for electric vehicle solutions team up to build the education transportation ecosystem of the future

ST. PAUL, Minn.--(BUSINESS WIRE)--4MATIV Technologies (“4MATIV”), a leader in education transportation mobility solutions and trusted partner of K12 public school districts, charter schools, and independent schools across the United States, announced a strategic partnership with NuGen Go, a cutting-edge electric transportation investment company dedicated solely to electrifying fleets. The partnership lays the groundwork for K12 education transportation systems of the future, marrying 4MATIV’s expertise in innovative, multi-modal transportation system design with NuGen Go’s turnkey electric vehicle financing and management solutions.

Together, 4MATIV and NuGen Go design, manage, and implement electric vehicle solutions for K12 education, higher education, and the school transportation workforce reducing barriers for students to maximize their potential. 4MATIV’s transportation performance management software and services for K12 school districts and education stakeholders coupled with NuGen Go’s turnkey electric vehicle fleet financing and operations will build the next generation education transportation ecosystem.

Carl Allen, President and COO of 4MATIV, and Michael Baer, Managing Partner of NuGen Go, noted “Together 4MATIV and NuGen Go are dedicated to implementing nimble and resilient transportation solutions that are better for students, educators, communities, and the environment.”

Rajeev Bajaj, co-founder of 4MATIV and CEO of Kitamba, remarked “COVID and the significant needs of students have made urgent the need for innovative and nimble solutions to reduce barriers to high-quality education. Multi-model transportation, from smaller vehicles to electric buses, carpooling, biking, and walking, all have the potential to transform education transportation from a liability to an asset on a path to building back better.”

Mark Joseph, co-founder of 4MATIV and former CEO of Transdev, shared that “Several of the 4MATIV team members have held senior leadership roles at Transdev operating public and private multi-modal transit in 200 cities. We have a deep understanding of the complexities in the transition from internal combustion engine buses to electric and impacts to ongoing operations. Partnering with NuGen Go, we will be able to successfully help schools anticipate and navigate the challenges of EV migration, from hardware selection to financing to optimization of routing and charging and more.”

4MATIV Technologies

With unmatched expertise in education and mobility, 4MATIV expands transportation options that ensure each student’s access to learning opportunities, meet family needs, and fit district budgets. 4MATIV’s technology and performance management platform enables a multi-modal approach with new flexible options and incentives that are aligned with education organizations to bring students to school for less cost and with less hassle.

NuGen Go

NuGen Go’s turnkey electric vehicle (“EV”) solutions help fleet owners meet their zero-emission goals while minimizing the total cost of ownership of transitioning to an EV future. NuGen Go is a one-stop-shop for fleet electrification, with its fleet electrification-as-a-service solution that takes the complexity out of EV adoption for K12 schools, governments, universities, and private investment.

Suh Yoon
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Designed for manufacturing, GrandView AI assures constant uptime, extends asset life, and increases knowledge sharing across the pharma manufacturing industry

SANTA CLARA, Calif.--(BUSINESS WIRE)--#AI--BISTel, a leading provider of AI asset performance management (APM) solutions for industrial manufacturing, announced today that it will feature its AI based GrandView APM solution at the annual Manufacturing Assets and Reliability in Pharma 2021 Conference.

Winner of the 2020 Pharma Manufacturing Magazine, Smart Pharma Innovation Award, GrandView APM was launched last year to help manufacturers achieve the vision of industry 4.0 by leveraging asset and factory data across the manufacturing ecosystem. The pharmaceutical industry is one of the early adopters of industry 4.0 technologies, deploying digital transformation technologies to help drive continuous improvements at factories worldwide.

“Pharma is making progress in embracing Industry 4.0 and AI based predictive maintenance is one area where they can make a quick and significant impact on the production environment,” said WK Choi, CEO, BISTel. “We are pleased to sponsor the Manufacturing Assets in Pharma conference and to demonstrate our award-winning smart pharma solution.”

BISTel’s innovative asset data centric management approach helps pharma manufactures generate deeper insights at the asset level and across the entire production environment. This approach helps connect, analyze and share knowledge across the ecosystem, using this data to create insights that drive massive continuous improvements for a sector that is constantly looking for ways to improve efficiency and reduce overall production costs.

About GrandView

At this week’s conference, the GrandView™ will show how it provides for continuous monitoring of the health and performance of factory equipment, pumps, motors, fans, and other manufacturing assets and showcase powerful data visualization for all users. Coupled with an asset health index and AI predictive analytics technology, pharma users can generate a RUL (remaining useful life) prediction, pinpointing when assets will fail. Users can also connect the GrandView APM prediction to their plant’s CMMS, EAM or ERP systems, automatically generating a work order to order parts and perform maintenance — thereby minimizing or even eliminating system downtime. In addition, GrandView is scalable and helps transition manufacturers seamlessly and cost effectively from legacy, inefficient scheduled based maintenance to AI predictive based maintenance approaches. This saves manufacturers millions of dollars in maintenance costs alone and extends the life of valuable equipment.

About BISTel

For more than 20 years, BISTel’s AI based, intelligent manufacturing solutions collect and manage data, monitor the health of equipment, optimize process flows, analyze large data, quickly identify root cause failures to mitigate risk, predicting issues before they occur and extending the life of valuable equipment and other assets through industry leading manufacturing AI predictive analytics. BISTel helps customers reduce downtime, improve yield, increase asset utilization, achieving significant production and engineering efficiencies across the factory. Founded in 2000, BISTel has more than 395 employees worldwide. The company is headquartered in South Korea, with US Headquarters in Santa Clara California, and operations throughout China, France, Singapore and Texas. BISTel’s domain expertise in manufacturing AI, includes, auto, flat panel, industrial, petrochemicals, semiconductor as well as automotive, and pharmaceutical manufacturing. For more information visit bistel.com or www.grandview-apm.com

Stewart Chalmers
+1 818-681-3588
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DENVER--(BUSINESS WIRE)--Liberty Oilfield Services Inc. (NYSE: LBRT) announced today the introduction of FracSense™, a diagnostic service to help E&P customers acquire more accurate diagnostic well data to optimize hydraulic fracture completions and well spacing. Launched in partnership with OptaSense, a Luna Innovations company, the diagnostics service utilizes real time fiber optic measurements to monitor per stage fracture placement and frac hits in offset wells. Since the technology can be conveyed via wireline, it can also be used to profile production in producing wells.

Capturing high resolution data significantly shortens the learning curve for actionable change for operators. FracSense measurements provide per-stage information about fracture azimuth, stage spacing coverage and perforation cluster design and their impact on cluster efficiency. Fluid and proppant volume to first frac hit response improves fracture length and fracture height model calibration as well as evaluating effective well spacing. The data also allows Liberty to help operators determine diversion techniques or alternate stage spacing, as well as to fine-tune perforation designs for optimal cluster efficiency in real time.

“FracSense is our latest service offering strengthening our existing portfolio of fracture optimization technologies. This adds to our industry leading suite of fracture diagnostics and modeling tools that our renowned technical team utilize to help our customers with completion design optimization and extract maximum value from their resource,” said Liberty CEO, Chris Wright.

James Pollard, Managing Director of OptaSense, stated, “The ability to optimize frac design based on reservoir and production response delivers considerable value. OptaSense’s fiber-optic measurements, delivering real-time data and visualization, along with Liberty’s hydraulic fracturing stimulation and completion design expertise, will help operators maximize resource recovery in their reservoirs.”

About Liberty

Liberty is a leading North American oilfield services firm that offers one of the most innovative suites of completion services and technologies to onshore oil and natural gas exploration and production companies. Liberty was founded in 2011 with a relentless focus on developing and delivering next generation technology for the sustainable development of unconventional energy resources in partnership with our customers. Liberty is headquartered in Denver, Colorado. For more information about Liberty, please contact Investor Relations at This email address is being protected from spambots. You need JavaScript enabled to view it.

About OptaSense

OptaSense, a Luna company, is the world leader in Distributed Acoustic Sensing and operates in 40 countries globally across multiple industries including Oil & Gas, Defense & Security, Transport and Utilities. OptaSense (optasense.com) technology is currently being used to monitor more than 25,000 km of assets around the globe, including oil and gas pipelines, security perimeters and international borders.

About Luna

Luna Innovations Incorporated (NASDAQ: LUNA) is a leader in optical technology, committed to serving its customers with unique capabilities in high-performance, fiber-optic-based sensing, measurement, testing and control products for the aerospace, transportation, infrastructure, security, process control, communications, silicon photonics, defense, and automotive industries, among others. Luna is organized into two business segments, which work closely together to turn ideas into products: Lightwave and Luna Labs. Enabling the future with fiber, Luna’s business model is designed to accelerate the process of bringing new and innovative technologies to market.

Michael Stock
Chief Financial Officer
303-515-2851
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BATAVIA, N.Y.--(BUSINESS WIRE)--Graham Corporation (NYSE: GHM), a global business that designs, manufactures and sells critical equipment for the oil refining, petrochemical and defense industries, announced today that it will release its financial results for the fourth quarter and full fiscal year 2021, before the opening of financial markets on Tuesday, June 1, 2021.

The Company will host a conference call and webcast to review its financial and operating results, strategy, and outlook. A question-and-answer session will follow.

Fourth Quarter and Full Fiscal Year 2021 Financial Results Conference Call

Tuesday, June 1, 2021
11:00 a.m. Eastern Time
Phone: (201) 689-8560
Internet webcast link and accompanying slide presentation: www.graham-mfg.com

A telephonic replay will be available from 2:00 p.m. ET on the day of the teleconference through Tuesday, June 8, 2021. To listen to the archived call, dial (412) 317-6671 and enter conference ID number 13718347, or access the webcast replay via the Company’s website at www.graham-mfg.com, where a transcript will also be posted once available.

ABOUT GRAHAM CORPORATION

Graham is a global business that designs, manufactures and sells critical equipment for the energy, defense and chemical/petrochemical industries. Energy markets include oil refining, cogeneration, and alternative power. For the defense industry, the Company’s equipment is used in nuclear propulsion power systems for the U.S. Navy. Graham’s global brand is built upon world-renowned engineering expertise in vacuum and heat transfer technology, responsive and flexible service and unsurpassed quality. Graham designs and manufactures custom-engineered ejectors, vacuum pumping systems, surface condensers and vacuum systems. Graham’s equipment can also be found in other diverse applications such as metal refining, pulp and paper processing, water heating, refrigeration, desalination, food processing, pharmaceutical, heating, ventilating and air conditioning. Graham’s reach spans the globe and its equipment is installed in facilities from North and South America to Europe, Asia, Africa and the Middle East.

Graham routinely posts news and other important information on its website, www.graham-mfg.com, where additional comprehensive information on Graham Corporation and its subsidiaries can be found.

Jeffrey F. Glajch
Vice President - Finance and CFO
Phone: (585) 343-2216
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Deborah K. Pawlowski
Kei Advisors LLC
Phone: (716) 843-3908
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DUBLIN--(BUSINESS WIRE)--The "Ferrystat Monthly" newsletter has been added to ResearchAndMarkets.com's offering.

Ferrystat is a branded monthly report on the UK ferry market

The twenty-page statistical report is based on monthly returns from the leading passenger ferry operators in the UK. The report provides passenger, car and coach traffic by route by mode of transport with clearly-laid-out tables and illustrative charts.

This definitive monitor of the UK ferry industry tracks the competitive position of all major routes on a monthly basis. The report is available soon after the end of each reporting month.

Ferrystat provides timely information for tactical action to improve sales and to give guidance to suppliers, service providers and financiers on the latest trends in the industry.

Key Topics Covered:

• Latest trends - passengers, cars, coaches and sailings by route & sector (UK - Continent, Domestic, Ireland and Eurotunnel)
• Annual trends - passengers, cars, coaches and sailings by route & sector
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• UK - Continent passengers by country of destination - Air & Ferry
• UK -Ireland passengers, cars, coaches and sailings by route & sector
• UK - Domestic passenger, cars & coaches by route & sector

For more information about this newsletter visit https://www.researchandmarkets.com/r/js5czd

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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HOUSTON--(BUSINESS WIRE)--Black Stone Minerals, L.P. (NYSE: BSM) (“Black Stone” or “the Company”) today announced its participation in the Citi 2021 Global Energy and Utilities Virtual Conference on May 12, 2021. Black Stone management will conduct one-on-one meetings with investors at the conference.

Updated presentation materials will be made available in the Investor Relations section of the Black Stone Minerals website prior to the conference.

About Black Stone Minerals, L.P.

Black Stone Minerals is one of the largest owners of oil and natural gas mineral interests in the United States. The Company owns mineral interests and royalty interests in 41 states in the continental United States. Black Stone believes its large, diversified asset base and long-lived, non-cost-bearing mineral and royalty interests provide for stable to growing production and reserves over time, allowing the majority of generated cash flow to be distributed to unitholders.

Jeff Wood
President and Chief Financial Officer

Evan Kiefer
Vice President, Finance and Investor Relations
Telephone: (713) 445-3200
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HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) announced today that it will participate in the Citi 2021 Global Energy and Utilities Virtual Conference. The conference is being held virtually on May 11th and 12th.

The Partnership’s latest presentation materials are available and may be downloaded by visiting the Partnership’s website at www.genesisenergy.com under “Presentations” under the Investors tab.

Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation and marine transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.

Genesis Energy, L.P.
Ryan Sims
SVP – Finance and Corporate Development
(713) 860-2521

DULUTH, Minn.--(BUSINESS WIRE)--The ALLETE Inc. (NYSE:ALE) board of directors has named President and Chief Executive Officer Bethany M. Owen chair of the ALLETE board of directors effective May 11, 2021.

Owen has served as ALLETE’s president since 2019 and chief executive officer since February 2020. Owen assumed the role of CEO as the worldwide pandemic was escalating, and has successfully navigated challenges related to COVID-19, maintaining a steadfast focus on the health and safety of employees, customers, and communities, while advancing ALLETE’s strategy of sustainability in action.

During the past 15 months, Owen strengthened relationships with stakeholders as she oversaw significant initiatives, including: strategic investments in ALLETE Clean Energy’s largest wind developments, the completion of Minnesota Power’s Great Northern Transmission line, a rate case resolution, the filing of Minnesota Power’s Integrated Resource Plan with a vision for a carbon-free energy future, and the completion of the company’s first comprehensive sustainability report with an enhanced focus on social aspects of diversity, equity, and inclusion.

“Bethany’s inaugural year as CEO has been like no other. Under her exemplary leadership, ALLETE successfully navigated the pandemic and its economic impacts on customers, a shift to many employees working remotely, and the implementation of new health and safety employee protocols to ensure 24/7 delivery of essential energy services, all while enhancing the company’s culture grounded in strong values,” said Lead Director Heidi E. Jimmerson.

Jimmerson says the board believes Bethany is uniquely qualified for the role and that the combined CEO and board chair, with an independent lead director, continues to be the best structure for ALLETE at this time.

“This decision is the culmination of the board’s extensive succession planning process and demonstrates our confidence in Bethany’s strategic and collaborative leadership and in the senior team she has assembled to advance ALLETE’s growth as a leader in the clean-energy transformation, creating value for all stakeholders,” Jimmerson said.

Owen succeeds Alan R. Hodnik who announced in 2020 his plans to retire as executive chairman of the board following the 2021 Annual Meeting of Shareholders. Hodnik is retiring from the company this month after four decades and having served as ALLETE’s president from 2009 to 2019 and CEO from 2010 to 2020.

"We wish Al the very best as he retires from ALLETE after a remarkable 40-year career,” Jimmerson said. “Al’s people-focused leadership and vision for answering our nation’s call to transform the energy landscape established a strong foundation for ALLETE’s continued success.”

Owen joined the company in 2002 as an attorney and has extensive leadership experience in legal, corporate governance, information and cyber technology, human resources, and utility operations in her many previous roles. She served as the director-Transmission Regulatory Compliance and Business Support from 2009 to 2010. From 2010 through 2016, Owen served as president of Superior Water, Light and Power Co., a wholly owned subsidiary of ALLETE. In 2012, she was named vice president-Minnesota Power, and in 2014, she also became vice president-ALLETE Information Technology Solutions. In 2016, Owen was appointed ALLETE senior vice president and chief legal and administrative officer and corporate secretary before being named president of ALLETE in January 2019 and CEO in February 2020.

Prior to joining ALLETE, Owen worked for four years in the United States Senate in Washington, D.C. She also has experience in the telecommunications and food industries, holding positions as legal counsel for various public and private ventures after receiving her law degree from the University of Minnesota Law School. Owen has served on a number of community boards including most recently, the Duluth Superior Area Community Foundation, where she currently serves as vice chair of the board of trustees.

Women comprise 60 percent of ALLETE’s board. The company was recently recognized by Moody’s Investors Service as having the most gender diverse board among 45 utility companies it examined for a report on board gender diversity at publicly traded North American utilities. The ALLETE board of directors is also focused on enhancing its racial and ethnic diversity.

ALLETE Inc. is an energy company headquartered in Duluth, Minnesota. In addition to its electric utilities, Minnesota Power and Superior Water, Light and Power of Wisconsin, ALLETE owns ALLETE Clean Energy, based in Duluth; BNI Energy in Bismarck, North Dakota; and has an 8% equity interest in the American Transmission Co. More information about ALLETE is available at www.allete.com. ALE-CORP

The statements contained in this release and statements that ALLETE may make orally in connection with this release that are not historical facts, are forward-looking statements. Actual results may differ materially from those projected in the forward-looking statements. These forward-looking statements involve risks and uncertainties and investors are directed to the risks discussed in documents filed by ALLETE with the Securities and Exchange Commission.

Amy Rutledge
Mgr. Corporate Comm.
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WHITE PLAINS, N.Y.--(BUSINESS WIRE)--#RNG--OPAL Fuels LLC, a market leader in developing and marketing renewable natural gas (RNG) fuel, hired energy finance industry veteran Ann Anthony as its Chief Financial Officer. She joins previous Fortistar Methane Group and TruStar Energy executives Scott Edelbach, Executive Vice President of Sustainable Transportation Fuels; Dave Unger, Executive Vice President of Sustainable Fuels Origination; and Anthony Falbo, Chief Operating Officer. Together with co-CEOs Jon Maurer and Adam Comora, these six executives have over 110 years combined industry experience.

“The complementary skills and experience of these industry leaders will serve as the key foundation to drive the substantial growth we are seeing at OPAL Fuels,” said Jonathan Maurer, co-CEO of OPAL. “More and more big truck fleets are converting to RNG to displace diesel as a transportation fuel with Scott Edelbach’s efforts. Under Dave Unger’s development leadership, we are six projects into our initial $500 million RNG supply program to put twelve facilities into operations. Our projects are being built and operated to the highest standards with Anthony Falbo’s long-term experience. We are thrilled to have Ann Anthony pull this all together with her significant industry finance skills.”

“Heavy-duty transportation uses over 55 billion gallons of diesel fuel each year, which OPAL recognizes as a massive opportunity to decarbonize,” said Ann Anthony, the new CFO of OPAL. “I’m excited to help provide the financial support to help OPAL execute the growth plan. With corporations and public policymakers looking for practical and economic solutions to reduce their carbon footprint. This is an exciting time to join the company focused on the solution.”

With more than 30 years of corporate finance experience, Ann Anthony has served in a range of positions from CFO to staff accountant. Most recently, Ann Anthony served as CFO for Key Capture Energy, LLC, a private equity-funded utility-scale battery energy storage company, where she oversaw all financial and human resource processes. Prior to that, she served as vice president, treasurer and corporate secretary for South Jersey Industries, Inc. (NYSE: SJI), a $2.5 billion public energy services holding company involving two regulated gas utilities, a wholesale trading and fuel marketing business and midstream investment, where she progressively increased her responsibilities over eleven years.

Scott Edelbach was a founder of TruStar Energy and has been a pioneer in alternative transportation fuels and alternative transportation fuel infrastructure for the heavy-duty trucking market. As Executive Vice President of Sustainable Transportation Fuels, Edelbach will continue to work with fleets in helping them transition from diesel to lower cost and cleaner alternatives. Scott will also focus on new alternative fuel offerings such as renewable hydrogen fueling stations.

In his over 20-year career at Waste Management, David Unger oversaw the development of 80 renewable energy facilities including generating and monetizing the associated environmental credits. In the last three years at Fortistar, Unger has developed four projects that are currently in construction and is developing a host of late stage RNG projects. Unger served as a major in the United States Army Reserve and brings a wealth of experience and stability to his critical role as Executive Vice President of Renewable Fuels Origination.

Anthony Falbo has served in the Fortistar renewable power group for 30 years. As COO, Falbo will oversee OPAL’s day-to-day operations of its expanding RNG construction, production, fueling and services portfolio, including its safety program. Over the years, Falbo has expanded the firm’s production portfolio to 40 landfill gas-to-energy facilities through developing projects and acquiring high-yield assets. Falbo’s vast technical, legal and commercial experience ranges from senior corporate management to operating nuclear reactors in the U.S. Navy Submarine Service.

About OPAL Fuels LLC

OPAL Fuels LLC, a Fortistar portfolio company, is an emerging leader in the production and distribution of renewable natural gas (RNG), a proven low carbon fuel with a decades-long track record of results that has the power to rapidly decarbonize the transportation industry. OPAL captures harmful methane emissions at the source and recycles the trapped energy into a commercially viable, low-cost alternative to diesel fuel. As a vertically integrated producer and distributor of RNG for heavy-duty truck fleets for over 20 years, OPAL delivers best-in-class, complete renewable solutions to customers and production partners. To learn more about OPAL and how it is leading the effort to decarbonize North America's transportation industry, please visit www.opalfuels.com and follow the company on LinkedIn and Twitter at @OPALFuels.

Caleigh Bourgeois
+1 513.675.7466
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HOUSTON--(BUSINESS WIRE)--ECA MARCELLUS TRUST I (OTC Pink: ECTM) announced today that the Trust’s distribution for the quarter ended March 31, 2021 will be $0.031 per unit, which is expected to be distributed on or before May 26, 2021 to holders of record as of the close of business on May 21, 2021.

As previously disclosed, commencing with the distribution to unitholders paid in the first quarter of 2019, the Trustee has withheld, and in the future intends to withhold, the greater of $90,000 or 10% of the funds otherwise available for distribution each quarter to gradually build a cash reserve of approximately $1,800,000. This cash is reserved to pay or provide for the payment of future known, anticipated or contingent expenses or liabilities of the Trust. The Trustee may increase or decrease the targeted amount at any time, and may increase or decrease the rate at which it is withholding funds to build the cash reserve at any time, without advance notice to the unitholders. Cash held in reserve will be invested as required by the trust agreement. Any cash reserved in excess of the amount necessary to pay or provide for the payment of future known, anticipated or contingent expenses or liabilities of the Trust eventually will be distributed to unitholders, together with interest earned on the funds. The Trustee has elected to withhold approximately $90,000 from funds otherwise available for distribution this quarter.

The Trust was formed to own royalty interests in natural gas properties now held by Greylock Energy LLC, and certain of its wholly owned subsidiaries (“Greylock”) in the Marcellus Shale formation in Greene County, Pennsylvania. The Trust is entitled to receive certain amounts of the proceeds attributable to Greylock’s interest in the sale of production from the properties. As described in the Trust's filings, the amount of the quarterly distributions is expected to fluctuate from quarter to quarter, depending on the proceeds received by the Trust as a result of production and natural gas prices and the amount of the Trust's administrative expenses, among other factors. The amount of proceeds received or expected to be received by the Trust (and its ability to pay distributions) has been and will continue to be directly affected by the volatility in commodity prices, which declined during 2020 primarily attributable to the economic effects of the COVID-19 pandemic and could remain low for an extended period of time. Continued low natural gas prices will reduce proceeds to which the Trust is entitled, which will reduce the amount of cash available for distribution to unitholders and in certain periods could result in no distributions to unitholders.

Pursuant to IRC Section 1446, withholding tax on income effectively connected to a United States trade or business allocated to non-U.S. persons (“ECI”) should be made at the highest marginal rate. Under Section 1441, withholding tax on fixed, determinable, annual, periodic income from United States sources allocated to non-U.S. persons should be made at a 30% rate unless the rate is reduced by treaty. This release is intended to be a qualified notice to nominees and brokers as provided for under Treasury Regulation Section 1.1446-4(b) by ECA Marcellus Trust I, and while specific relief is not specified for Section 1441 income, this disclosure is intended to suffice. For distributions made to non-U.S. persons, nominees and brokers should withhold at the highest marginal rate.

This press release contains statements that are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements contained in this press release, other than statements of historical facts, are "forward-looking statements" for purposes of these provisions. These forward-looking statements include the amount and date of any anticipated distribution to unit holders. The anticipated distribution is based, in part, on the amount of cash received or expected to be received by the Trust from Greylock with respect to the relevant quarterly period. Any differences in actual cash receipts by the Trust could affect this distributable amount. Other important factors that could cause actual results to differ materially include expenses of the Trust and reserves for anticipated future expenses and the effect, impact, potential duration or other implications of the COVID-19 pandemic. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither Greylock nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in Common Units issued by ECA Marcellus Trust I is subject to the risks described in the Trust's Annual Report on Form 10-K for the year ended December 31, 2020, and all of its other filings with the Securities and Exchange Commission. The Trust's annual, quarterly and other filed reports are or will be available over the Internet at the SEC's web site at http://www.sec.gov.

ECA Marcellus Trust I
The Bank of New York Mellon Trust Company, N.A., as Trustee
Sarah Newell
1(512) 236-6555

DAVIDSON, N.C.--(BUSINESS WIRE)--Ingersoll Rand Inc. (NYSE:IR) (“Ingersoll Rand”) today announced the pricing of the previously announced underwritten secondary offering by KKR Renaissance Aggregator L.P. (the “Selling Stockholder”) of 14,924,081 shares of common stock of Ingersoll Rand pursuant to a registration statement filed by Ingersoll Rand with the U.S. Securities and Exchange Commission (the “SEC”), at the public offering price of $49.00 per share. No shares are being sold by Ingersoll Rand. The Selling Stockholder will receive all of the proceeds from this offering. The offering is expected to close on May 13, 2021, subject to customary closing conditions.

Goldman Sachs & Co. LLC and Citigroup are acting as the underwriters for the offering.

A registration statement relating to these securities has been filed with the SEC and has become effective. This news release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

The offering of these securities will be made only by means of a prospectus. Copies of the preliminary prospectus may be obtained from Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, telephone: 1-866-471-2526, facsimile: 212-902-9316, email: This email address is being protected from spambots. You need JavaScript enabled to view it. and Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, telephone: 800-831-9146.

Forward Looking Statements

This news release contains “forward-looking statements” as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on Ingersoll Rand’s current expectations and are subject to risks and uncertainties, which may cause actual results to differ materially from these current expectations. Such risks and uncertainties, include, but are not limited to, the risks, uncertainties and factors set forth under the section entitled “Risk Factors” in its most recent annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in its periodic filings with the SEC.

Any forward-looking statements speak only as of the date of this release. Ingersoll Rand undertakes no obligation to update any forward-looking statements, whether as a result of new information or developments, future events or otherwise, except as required by law. Readers are cautioned not to place undue reliance on any of these forward-looking statements.

About Ingersoll Rand Inc.

Ingersoll Rand Inc. (NYSE:IR), driven by an entrepreneurial spirit and ownership mindset, is dedicated to helping make life better for our employees, customers and communities. Customers lean on us for our technology-driven excellence in mission-critical flow creation and industrial solutions across 40+ respected brands where our products and services excel in the most complex and harsh conditions. Our employees develop customers for life through their daily commitment to expertise, productivity and efficiency. For more information, visit www.IRCO.com.

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