Business Wire News

Investment will be used to scale software development, hardware integrations, and expansion into new industries

WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Levatas, developers of AI software that enables robots, drones, remote sensors, and fixed cameras to execute operational tasks at industrial sites, announced that it has raised $5.5 million in a seed round led by Castellan Group. Levatas was founded by CEO Chris Nielsen, along with partners Ryan Gay and Daniel Bruce, who serve as Chief Financial Officer and Chief Product Officer, respectively.


The funding will be used to grow the machine learning engineering team, help the company extend into additional industries, and enable integration with a broader array of data capture hardware. Currently, Levatas’s platform and industrial AI models create greater efficiency for major chip manufacturers, global automakers, oil refineries, energy producers, and one of the largest breweries in the United States. Specific to each facility, the Levatas team builds and deploys fully operational models for analog gauge reading, thermal anomaly reporting, people identification, and detection of environmental changes over time. These tasks are then executed daily by autonomous robots, drones, camera systems, and other visual data collection devices.

“Our team lives and breathes the world of AI, but our core mission is all about people. We give machines the ability to handle the dirtiest, most repetitive, and dangerous tasks so that our clients' human employees can focus on problem-solving, thoughtful execution, and company growth,” explained Nielsen. "Because we enable their machines to handle rigorous tasks, the organizations we serve can see demonstrable ROI, as measured by higher efficiency, more uptime, and safer workplaces.”

Through automating labor-intensive tasks like reading analog gauges and performing equipment inspections, companies can significantly lower operational costs and create safer, more efficient facilities for employees. The Levatas platform and inspection models work with a wide variety of visual-capture platforms; ranging from fixed camera networks, to advanced drones and quadruped robots like Boston Dynamics’ Spot®.

"We’ve worked with Levatas on numerous projects and we’re continually impressed by what they bring to the table,” said Tim Dykstra, Director of Strategic Partnerships and Channel Sales at Boston Dynamics. "Spot is an agile mobile robot that is particularly well-suited for industrial inspections, because it captures data in a standardized, repeatable way. The Levatas team develops machine learning models that enable the robot to respond to complex tasks based on visual data it collects, so together, we can continuously monitor industrial assets to predict failures earlier and prevent unplanned downtime."

“The world of industrial robots and drones is accelerating at an astonishing rate, but what good are robots and industrial devices without automated intelligence to maximize their value?” added Scott Smith, Founding Family Member of Castellan Group, and new Levatas board member. “After meeting the Levatas team and seeing firsthand the value they are unlocking within their global customers, we quickly recognized their leadership in this category and we’re excited to watch them grow with our support.”

About Levatas

Based in West Palm Beach, FL, Levatas is the leading developer of cognitive intelligence for automating industrial inspections. Levatas creates and delivers end-to-end solutions that enable robots, drones, remote sensors and camera systems to autonomously perform equipment monitoring, safety checks, and site surveillance tasks in industrial environments. Learn more at www.levatas.com

About Castellan Group

Castellan Group, LLC is a SEC-registered investment advisor and multi-family family office that exists to partner with ultra-high net worth families as accountable stewards of their assets. In addition to managing several quantitative public investment strategies, Castellan structures direct investments in healthcare, financial technology, emerging consumer, green technology, and waste disposal businesses across all stages of growth.


Contacts

Media:
Heath Fradkoff
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Building the grid of the future is a top priority



MINNEAPOLIS--(BUSINESS WIRE)--Xcel Energy announced several key leadership changes designed to advance the company’s groundbreaking commitment to lead the company’s clean energy transition. Transforming the grid to meet evolving energy needs is a key priority for the company.

Alice Jackson, current president of Xcel Energy – Colorado, is appointed to senior vice president, System Strategy and chief planning officer, leading a new enterprise-wide System Planning organization. It will focus on developing integrated plans for generation, transmission and distribution on the electric and natural gas systems to meet our vision to deliver net-zero energy by 2050 while preserving reliability and affordability for customers.

“This innovative approach to strategic planning is transformative for our industry and Alice is the perfect person to lead the charge as a proven business leader who has engaged employees, communities and stakeholders to deliver on our nation leading clean energy vision,” said Bob Frenzel, chairman, president and CEO of Xcel Energy.

The company is also announcing new presidents for both our Colorado and Texas – New Mexico operating companies.

Robert Kenney will succeed Alice Jackson as the new president of Xcel Energy – Colorado. Kenney currently serves as senior vice president of Regulatory and External Affairs for PG&E, leading the company’s regulatory strategy and execution with California’s Public Utilities Commission and the Federal Energy Regulatory Commission. He’s also responsible for the company’s governmental affairs and community relations efforts, including oversight of PG&E’s charitable giving and corporate foundation. Prior to PG&E, Kenney was the chair of the Missouri Public Service Commission.

Adrian Rodriguez has been elected to the role of president for Xcel Energy – Texas and New Mexico as David Hudson retires. He currently serves as the senior vice president of Regulatory and Strategy at Puget Sound Energy (PSE), leading the company’s clean energy strategy including regulatory and governmental affairs. Prior to PSE, Rodriguez was General Counsel and interim-CEO of El Paso Electric.

“We’re so fortunate to have such outstanding talent joining our already robust leadership team," said Brett Carter, executive vice president, group president - Utilities and chief customer officer. "These changes position us for great success in the regulatory and stakeholder arenas as we grow our business to meet customers’ evolving energy needs.”

Rodriguez will join Xcel Energy June 1, with current Xcel Energy – Texas and New Mexico President David Hudson officially retiring July 1. Kenney will join Xcel Energy and assume his new role on June 6.

About Xcel Energy

Xcel Energy (NASDAQ: XEL) provides the energy that powers millions of homes and businesses across eight Western and Midwestern states. Headquartered in Minneapolis, the company is an industry leader in responsibly reducing carbon emissions and producing and delivering clean energy solutions from a variety of renewable sources at competitive prices. For more information, visit xcelenergy.com or follow us on Twitter and Facebook.


Contacts

Xcel Energy Media Relations
(612) 215-5300
www.xcelenergy.com

DALLAS--(BUSINESS WIRE)--Atmos Energy recently completed the installation of a natural gas-powered fuel cell at its corporate data center to generate high efficiency, grid-independent electricity with low emissions. The 460-kilowatt fuel cell generates electricity and heat through an electrochemical process with no combustion or moving parts – allowing it to deliver up to 90 percent system efficiency and much lower emissions, or emissions-free when coupled with renewable natural gas or carbon offsets.


“Natural gas once again proves it plays a pivotal role in lowering greenhouse gas emissions while increasing reliability to our critical facilities,” said Jennifer Ries, Atmos Energy vice president of pipeline safety. “We are excited to have this innovative technology operational and will continue to explore additional pathways to achieve increased reliability and a low carbon energy future.”

According to the manufacturer, a natural gas-powered fuel cell offsets approximately three times more carbon dioxide (CO₂) than either solar or wind thanks to the fuel cell’s high efficiency, high-capacity factor, and very low or zero emissions. A fuel cell also uses much less land than other renewable energy projects, generating nearly 500 times more power per square foot annually than solar or wind.

Natural gas remains the energy of choice for 3.4 million Atmos Energy customers across eight states, and this project demonstrates the vital role natural gas plays as a safe and reliable driver of a lower carbon energy future. Looking ahead, Atmos Energy will work to power the fuel cell with renewable natural gas (RNG) produced from methane captured at landfills and livestock farms or combine with carbon offsets, to further benefit the environment and deliver even greater sustainability.

About Atmos Energy

Atmos Energy Corporation, an S&P 500 company headquartered in Dallas, is the country’s largest natural gas-only distributor. We safely deliver reliable, affordable, efficient and abundant natural gas to more than 3 million distribution customers in over 1,400 communities across eight states located primarily in the South. As part of our vision to be the safest provider of natural gas services, we are modernizing our business and infrastructure while continuing to invest in safety, innovation, environmental sustainability and our communities. Atmos Energy manages proprietary pipeline and storage assets, including one of the largest intrastate natural gas pipeline systems in Texas. Find us online at http://www.atmosenergy.com, Facebook, Twitter, Instagram and YouTube.


Contacts

Celina Cardenas Fleites
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CENTRAL ISLIP, N.Y.--(BUSINESS WIRE)--CVD Equipment Corporation (NASDAQ: CVV), a leading provider of chemical vapor deposition systems and materials, today announced its first quarter 2022 financial results.


CVD first quarter 2022 revenue was $4.7 million as compared to $3.4 million in the first quarter of 2021, an increase of $1.3 million or 38.3%. Net loss for the first quarter of 2022 was $1.0 million, or $.15 per diluted share, as compared to a net loss of $1.5 million, or $.23 per diluted share in the first quarter of 2021.

CVD’s operating loss improved by $.6 million, to $1.0 million for the first quarter 2022 as compared to an operating loss of $1.6 million for the first quarter of 2021. This improvement was the result of leveraging fixed costs on higher sales levels, which resulted from improved orders towards the end of 2021, as well as product mix, which more than offset certain component costs increases and compensation costs. In addition, general and administrative costs decreased $.4 million, which was primarily related to reduced legal costs and lower building costs as the result of the sale of the Company’s 555 facility in July 2021, and the consolidation of operations into the Company’s 355 facility.

Beginning in Q3 2021 and continuing to date, CVD has been impacted by increased costs on certain manufacturing material components as well as delays in supply chain deliveries. This may also impact CVD’s ability to recognize revenue and result in reduced gross profit margins in future quarters, extended manufacturing lead times and reduced manufacturing efficiencies. CVD has placed orders with increased lead times to attempt to mitigate the manufacturing delays, as well as assessing other material suppliers to mitigate the potential cost impacts. In addition, CVD is utilizing its in-house flexible manufacturing to further mitigate both potential delivery delays and material cost increases.

Thomas McNeill, Executive Vice President and Chief Financial Officer, said “On March 1, 2022, we satisfied our remaining mortgage of $1.7 million on our 355 South Technology Drive facility and as such have no debt outstanding. The Company’s backlog at March 31, 2022 was $9.9 million as compared to $10.4 million at December 31, 2021, a decrease of $.5 million or 4.8%. This decrease is due to the timing of the receipt of new orders during quarter ended March 31, 2022 of $4.1 million as compared to revenue of $4.7 million. While the negative effect of COVID-19 crisis continues to impact the aerospace industry generally in the form of reduced travel and reduction of gas turbine engine sales, industry reports indicate improvement will begin to occur in the late 2022-2023 timeframe.”

Mr. Lakios added, “2022 has proven to be a year where our strategy of focusing on the markets that support the “electrification of everything” is fueling our future growth. In the first four months of 2022 ending April 30, we have received orders exceeding $11 million for our CVD Equipment products. The orders primarily consist of nineteen (19) CVD/FirstNano systems compared to 23 system orders for all of 2021. Of the nineteen (19) system orders, fourteen (14) are for our recently announced PVT-150 system addressing SiC growth and processing, while the remainder of the system orders are for battery materials R&D and production, advance carbon based capacitors and for a legacy advanced R&D FirstNano product. The systems are planned for shipment over the next several quarters. Additionally, to support the market acceptance of our products, we are taking measures to address lingering supply chain uncertainties caused by both the COVID pandemic and the geopolitical instability in Eastern Europe. The key two initiatives are partnering with key suppliers and expanding our in-house production capabilities. Both are essential to our goal of self-reliance and will support our commitments to our customers.”

“Along with the CVD Board of Directors and all our loyal employees, we are committed to stay the course of our strategy to achieve profitability, with a focus on growth and return on investment. We look forward to communicating with you in our upcoming conference call.”

The Company will hold a conference call to discuss its results today at 5:00 pm (Eastern Time). To participate in the live conference call, please dial toll free (877) 407-2991 or International (201) 389-0925. A telephone replay will be available for 7 days following the call. To access the replay, dial (877) 660-6853 or international (201) 612-7415. The replay passcode is 13729881. A live and archived webcast of the call is also available on the company’s website at www.cvdequipment.com/events.

About CVD Equipment Corporation

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

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by CVD Equipment Corporation) contains statements that are forward-looking. All statements other than statements of historical fact are hereby identified as “forward-looking statements, “as such term is defined in Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking information involves a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated by management. Potential risks and uncertainties include, among other factors, market and business conditions, the COVID-19 pandemic, the success of CVD Equipment Corporation’s growth and sales strategies, the possibility of customer changes in delivery schedules, cancellation of, or failure to receive orders, potential delays in product shipments, delays in obtaining inventory parts from suppliers and failure to satisfy customer acceptance requirements, and other risks and uncertainties that are described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 and the Company’s other filings with the Securities and Exchange Commission. For forward-looking statements in this release, the Company claims the protection of the safe harbor of the Private Securities Litigation Reform Act of 1995. The Company assumes no obligations to update or supplement any forward-looking statements whether as a result of new information, future events or otherwise. Past performance in not a guaranty of future results.

 

CVD EQUIPMENT CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Operations

For the Three Months Ended March 31, 2022 and 2021

(In thousands)

 

 

Three Months Ended

 

 

2022

 

 

2021

 

 

 

Revenue

$

4,656

 

$

3,366

 

 

 

Gross profit

 

           770

 

 

          444

 

 

 

Operating expenses

 

        1,776

 

 

        2,063

 

 

 

Operating loss

 

     (1,006

)

 

     (1,619

)

 

 

Net loss

 

        (997

)

 

     (1,506

)

 

 

Diluted loss per share

 $

    (0.15

)

 $

    (0.23

)

 

 

CVD EQUIPMENT CORPORATION AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

As of March 31, 2022 and December 31, 2021

(In thousands)

(unaudited)

 

2022

 

2021

Assets

Current Assets

     Cash and cash equivalents

$

13,271

$

16,651

     Accounts receivable, net

 

      1,498

 

      1,446

     Contract assets

 

      2,718

 

      2,538

     Inventories, net

 

      1,738

 

      1,225

     Taxes Receivable

 

              -  

 

         716

     Other current assets

 

         384

 

         494

 Total Current Assets

$

19,609

$

23,070

Property, plant and equipment, net

 

    12,197

 

    12,261

Other assets

 

         201

 

         193

     Total Assets

 $

32,007

 $

35,524

 

Liabilities and Stockholders' Equity

Current Liabilities

$

3,719

$

6,336

Total Stockholders’ Equity

 

    28,288

 

    29,188

    Total Liabilities and Stockholders’ Equity

$

32,007

$

35,524

 

CVD earnings release should be read in conjunction with the Company’s filings with the Securities and Exchange Commission, including the Annual Report on Form 10-K for fiscal year ended December 31, 2021.


Contacts

For further information about this topic please contact:
Thomas McNeill, EVP & CFO
Phone: (631) 981-7081
Fax: (631) 981-7095
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MIAMI--(BUSINESS WIRE)--#cleanenergyfinance--Sol-REIT, which is revolutionizing clean energy financing through innovative construction-to-permanent loans leveraging a mortgage REIT model, has secured a substantial credit facility with a leading financial institution committed to environmental change.


The agreement with Amerant Bank, the largest community bank in Florida, will allow Sol-REIT to deploy cost-effective capital to support small and medium-sized solar developers to finance renewable energy projects in communities everywhere, including historically underserved areas.

“By securing a warehouse facility with a major regional bank, we’re able to provide small to medium-sized solar developers with access to capital and proliferate the access to clean energy for many households and businesses across the country,” said Mark Settles, CEO of Sol-REIT.

The Amerant Bank facility will provide Sol-REIT the ability to expeditiously execute its expansive pipeline of over $800 million and 400 megawatts of solar power. Sol-REIT is financing individual solar projects with an average loan size of $5 million to $50 million.

“Amerant is committed to offering products and services that help our communities and customers address the unique impacts of climate change,” said Jerry Plush, Amerant Vice Chairman and CEO.

Sol-REIT has structured an extremely compelling mortgage product for middle-market solar developers. Historically, solar financing has been inefficient, which is why Sol-REIT is changing the game in this sector.

“We are elated to further expand our relationship with Amerant Bank. Amerant has seen the vision of Sol-REIT and is at the forefront of being a capital growth driver in the renewable finance business,” stated Sol-REIT’s Co-Founder and Head of Capital Markets, Brian A. Sidman. “While other banks may follow, Amerant has proven to be a prominent banking institution that is insightful in growing their footprint while limiting risk through their diversification into investment-grade, quality, clean energy financing.”

“We are actively trying to help bridge the gap faced by communities by providing access to finance and building trusted relationships,” Plush said. “This engagement with a credit facility offers us the unique opportunity to drive both of these objectives. It is our expectation that by partnering with Sol-REIT, we can extend our financial services to the underserved while facilitating climate resilience.”

The 400 megawatts of solar power is equivalent to powering 72,253 homes with electricity every year or eliminating nearly a billion miles driven by an average gasoline-powered passenger vehicle annually.

“There is no question that global climate concerns are causing the world to re-think their energy supply chain and evaluate sustainable alternatives,” said Danny Rivera, SVP, Head of Specialty Finance at Amerant Bank, who spearheaded the transaction. “Credit facilities, such as the one we are providing to Sol-REIT, intentionally support the transition to solar energy.

“Specifically for underserved small and medium-sized businesses with a sustainable purpose, credit facilities provide a fundamental tool for business continuity, liquidity and financing flexibility.”

Founded by Jim Spano, Kevin Adler and Brian A. Sidman, Sol-REIT is the first and only firm seeking to bring mortgage REITs (real estate investment trusts) to the renewable energy market.

About Amerant Bank

Amerant Bank, N.A., is the largest community bank headquartered in Florida and the main subsidiary of Amerant Bancorp Inc. (NASDAQ: AMTB), with a presence across South Florida and in Tampa, FL, and Houston, TX. The bank has been serving clients for over 40 years, both domestically and abroad, and comprises subsidiaries Amerant Investments and Amerant Mortgage. Rooted in the communities it serves, Amerant Bank supports numerous non-profit, charitable and arts organizations. For news and updates, visit the Amerant Newsroom.

About Sol-REIT:

Sol-REIT revolutionizes clean energy financing by providing innovative construction-to-permanent loans for middle-market solar developments across North America. This segment is remarkably underserved in today’s renewable energy market. Led by a team of industry experts experienced in solar development, real estate lending, REITs, and fixed income, Sol-REIT is the first investment vehicle to bring mortgage REITs to the renewables market. In the process, Sol-REIT strives to play an important role in reducing the global carbon footprint. By financing solar similar to real estate, Sol-REIT offers flexible financing for solar projects that matches the asset’s operational life while empowering solar developer entrepreneurs to become long-term owners of their own projects. Sol-REIT is currently financing individual solar projects with an average loan size of $5 million to $50 million. For more information, visit https://www.sol-reit.com


Contacts

Media Contact:
Sid Robinson, APR
Sol-REIT / (909) 227-9589
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Media Contact:
Victoria Verdeja / Amerant Bank
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Increasing natural gas deliveries to the South Texas markets

HOUSTON--(BUSINESS WIRE)--Gulf Coast Express Pipeline LLC (GCX) today announced an open season to solicit commitments for an expansion project on its system. Upon achieving a final investment decision (FID), the project will increase GCX’s capacity by nearly 570 million cubic feet per day (MMcf/d).

The project will involve primarily compression expansions on the GCX system to increase natural gas deliveries from the Permian Basin to South Texas markets. Pending customer commitments, the target in-service date for the project is December 1, 2023.

The open season begins May 16, 2022, and ends June 6, 2022, at 5 p.m. Central Time, though GCX reserves the right to extend the open season as needed. Those interested in obtaining more detailed information about this open season can visit this page on the Kinder Morgan website or contact Enrique Valencia, Director of Business Development in Kinder Morgan’s Natural Gas group at 713.420.5017 or This email address is being protected from spambots. You need JavaScript enabled to view it..

GCX is jointly owned by subsidiaries of Kinder Morgan, Inc. (NYSE: KMI), DCP Midstream, LP (NYSE: DCP), an affiliate of ArcLight Capital Partners, LLC, and Kinetik Holdings Inc. (NASDAQ: KNTK) with an ownership interest of 34%, 25%, 25% and 16% respectively. Kinder Morgan Texas Pipeline (KMTP) is the operator of GCX.

About Kinder Morgan, Inc.

Kinder Morgan, Inc. (NYSE: KMI) is one of the largest energy infrastructure companies in North America. Access to reliable, affordable energy is a critical component for improving lives around the world. We are committed to providing energy transportation and storage services in a safe, efficient and environmentally responsible manner for the benefit of the people, communities and businesses we serve. We own an interest in or operate approximately 83,000 miles of pipelines, 141 terminals, and 700 billion cubic feet of working natural gas storage capacity. Our pipelines transport natural gas, refined petroleum products, crude oil, condensate, CO2 and other products, and our terminals store and handle various commodities including gasoline, diesel fuel, chemicals, ethanol, metals and petroleum coke. Learn more about our renewables initiatives on the low carbon solutions page at www.kindermorgan.com.

About DCP Midstream, LP

DCP Midstream, LP (NYSE: DCP) is a Fortune 500 midstream master limited partnership headquartered in Denver, Colorado, with a diversified portfolio of gathering, processing, logistics and marketing assets. DCP is one of the largest natural gas liquids producers and marketers and one of the largest natural gas processors in the U.S. The owner of DCP’s general partner is a joint venture between Enbridge and Phillips 66. For more information, visit the DCP Midstream, LP website at www.dcpmidstream.com.

About ArcLight Capital Partners, LLC

ArcLight Capital Partners, LLC (ArcLight) is one of North America’s leading energy infrastructure firms, helping pioneer an asset-based approach to investing in the energy sector. ArcLight has invested approximately $25 billion in 117 transactions since inception. Based in Boston, the firm's investment team employs a hands-on value creation strategy that utilizes its in-house technical, operational, and commercial specialists, as well as the firm's 1,500-person asset management affiliate. More information about ArcLight can be found at www.arclight.com.

About Kinetik Holdings Inc.

Kinetik is a fully integrated, pure-play, Permian-to-Gulf Coast midstream C-corporation operating in the Delaware Basin. Kinetik is headquartered in Houston and Midland, Texas. Kinetik provides comprehensive gathering, transportation, compression, processing and treating services for companies that produce natural gas, natural gas liquids, crude oil and water. Kinetik posts announcements, operational updates, investor information and press releases on its website, www.kinetik.com.


Contacts

Kinder Morgan Contacts
Victoria Oddi
Media Relations
(713) 420-7641
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Investor Relations
(800) 348-7320
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www.kindermorgan.com

DCP Midstream Contacts
Jeanette Alberg
Media Relations
(303) 605-3424
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Michael Fullman
Investor Relations
(303) 605-1628
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www.dcpmidstream.com

ArcLight Contacts
Media Relations
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Terry Wetterman
Investor Relations
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www.arclight.com

Kinetik Contacts
Jim Schwartz
Media Relations
(713) 487-4838
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Maddie Wagner
Investor Relations
(713) 487-4832
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www.kinetik.com/

TULSA, Okla.--(BUSINESS WIRE)--Black Bay Energy Capital (“Black Bay”), a private equity firm focused on the North American energy sector, announced that it has acquired a majority interest in Advanced Industrial Devices (“AID” or the “Company”) from Rock Island Capital (“Rock Island”). AID is a leading provider of electric motor automation and control solutions for oil and gas and industrial applications.


AID will continue to be headquartered in Tulsa, Oklahoma and led by Russell Claybrook, Chief Executive Officer. AID designs and sells custom variable frequency drive control systems (“VFD”) that are utilized across a diverse set of applications within the oil and gas and industrial sectors. The investment from Black Bay will help support AID’s customer demand and expand the Company’s manufacturing, engineering and service capabilities to capitalize on the growing market for electric motors and VFDs. AID’s VFD solutions enable end users to reduce operating costs, improve asset runtimes, enhance automation and control capabilities, and lower carbon footprints.

Russell Claybrook, CEO of AID, commented, “We are pleased to announce our strategic partnership with the Black Bay team for our next phase of growth. AID has evolved over the last ten years into a premier provider of VFD control packages and we pride ourselves on developing tailored solutions to address client needs. Electric motors and VFDs are utilized in countless industries across the world and we view this partnership with Black Bay as a key step in leveraging our collective experience to capitalize on new applications and industry sectors, while also delivering unmatched quality and service to our existing customers. We look forward to benefiting from Black Bay’s deep sector knowledge, industry relationships, and financial backing to support the next evolution of the Company. We would like to acknowledge and thank the Rock Island team for their involvement and support in helping us reach this point.”

Matt Schovee, Principal of Black Bay, commented, “Rising pressure from stakeholders is going to drive end users to shift further towards cleaner, electric driven equipment and we believe AID is uniquely positioned to capitalize on this trend. Russell and the entire AID team have built an impressive business and unique culture centered around customer service, collaboration, and professionalism and we are thrilled to be partnering with them.” Michael LeBourgeois, Managing Partner of Black Bay, added, “We are excited to partner with Russell and the entire AID team to support the Company’s continued growth. The trend of electrification within the oil and gas and various other industrial sectors is a key investment focus area for Black Bay.”

Brian Bastedo, Partner at Rock Island, said, “We had a wonderful relationship with AID over the last nine years and were excited about how the team was able to transform the business. Partnering with Black Bay will enable AID to reach its growth potential over the coming years. We appreciated Black Bay’s speed and professionalism in closing the transaction.”

Fishman Haygood acted as legal counsel to Black Bay. McDermott Will & Emery acted as legal counsel to AID and Rock Island. Chicago, IL based Old Second National Bank supported the transaction through upsized lending facilities.

About Advanced Industrial Devices

Founded in 1983, AID has evolved over its nearly 40 years in business from primarily an electric motor distributor to a leading provider of electric motor automation and control solutions across the United States. AID designs and sells custom variable frequency drive control systems that are utilized across a diverse set of applications within the oil and gas and industrial sectors. For more information, please visit www.aidusa.com.

About Black Bay Energy Capital

Black Bay is a private equity firm focused on the North American energy sector. Black Bay invests equity capital alongside talented entrepreneurs that provide a differentiated product or service to their clients to help reduce costs, improve operations, and achieve ESG initiatives. The firm’s investment strategy and success stem from the more than 75 years its investment professionals have been working day-to-day with great teams and building high-growth companies. www.blackbayenergy.com

About Rock Island Capital

Rock Island Capital provides equity and mezzanine capital to middle market companies nationwide. Rock Island makes majority and minority investments in leading middle-market manufacturing, distribution or service companies. Rock Island will invest capital for management buyouts of private companies or divisions of larger companies, generational changes of ownership, growth and expansion, or recapitalizations of family-owned or closely held businesses. www.rockislandcapital.com


Contacts

Black Bay Energy Capital
Michael LeBourgeois, 504-586-3848

Advanced Industrial Devices
Russell Claybrook, 918-388-1604

ST. LOUIS--(BUSINESS WIRE)--Emerson (NYSE: EMR) and AspenTech today announced the successful closing of the combination of Emerson’s industrial software businesses – OSI Inc. and its Geological Simulation Software business – with AspenTech to create a global industrial software leader (“new AspenTech”). With the close of the transaction, Emerson owns 55% of new AspenTech on a fully diluted basis and AspenTech shareholders own the remaining 45%. Shares of new AspenTech will begin trading on NASDAQ under the ticker symbol “AZPN” (previously AspenTech’s ticker symbol) starting May 17, 2022.


“I am excited to announce the close of our transaction with AspenTech, which accelerates Emerson’s software strategy and creates an enhanced, high-performance, leading industrial software company with immediate scale and relevancy in a fast-paced, evolving market,” said Lal Karsanbhai, President and Chief Executive Officer of Emerson. “Today marks a significant milestone for Emerson and is a testament to our commitment to continue building a higher growth, more diversified portfolio. Together with new AspenTech, we expect to realize significant revenue and cost synergies, while having the platform and flexibility to strategically deploy capital for growth through continued investment and M&A.”

“We have now begun a new era at AspenTech, expanding our global leadership in industrial software by providing capabilities that support the entire lifecycle of complex operations across a wide range of industry verticals,” said Antonio Pietri, President and Chief Executive Officer of new AspenTech. “With a comprehensive software portfolio, an expanded global sales channel and an even stronger balance sheet reinforced by Emerson, new AspenTech will be uniquely positioned to help our customers address the dual challenge of meeting the increasing global demand for resources in a sustainable manner. As we move forward, I am confident that new AspenTech is poised for significant growth and continued success as we deliver value for our customers, employees and shareholders.”

Goldman Sachs & Co. LLC and Centerview Partners LLC served as financial advisors to Emerson, and Davis Polk & Wardwell LLP served as legal counsel. J.P. Morgan Securities LLC served as financial advisor to AspenTech, and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel.

About Emerson

Emerson (NYSE: EMR), headquartered in St. Louis, Missouri (USA), is a global technology and engineering company providing innovative solutions for customers in industrial, commercial and residential markets. Our Automation Solutions business helps process, hybrid and discrete manufacturers maximize production, protect personnel and the environment while optimizing their energy and operating costs. Our Commercial and Residential Solutions business helps ensure human comfort and health, protect food quality and safety, advance energy efficiency and create sustainable infrastructure. For more information visit Emerson.com.

About Aspen Technology

Aspen Technology, Inc. (NASDAQ: AZPN) is a global software leader helping industries at the forefront of the world’s dual challenge meet the increasing demand for resources from a rapidly growing population in a profitable and sustainable manner. AspenTech solutions address complex environments where it is critical to optimize the asset design, operation and maintenance lifecycle. Through our unique combination of deep domain expertise and innovation, customers in capital-intensive industries can run their assets safer, greener, longer and faster to improve their operational excellence. To learn more, visit AspenTech.com.

Forward-Looking and Cautionary Statements

Statements in this press release that are not strictly historical may be “forward-looking” statements, which involve risks and uncertainties, and Emerson undertakes no obligation to update any such statements to reflect later developments. These risks and uncertainties include the scope, duration and ultimate impacts of the COVID-19 pandemic and the Russia-Ukraine conflict, as well as economic and currency conditions, market demand, including related to the pandemic and oil and gas price declines and volatility, pricing, protection of intellectual property, cybersecurity, tariffs, competitive and technological factors, inflation, among others, as set forth in the Company's most recent Annual Report on Form 10-K and subsequent reports filed with the SEC.


Contacts

Investor contact: Colleen Mettler 314-553-2197
Media contact: Charlotte Boyd 952-994-8607

SEATTLE--(BUSINESS WIRE)--Ultra Safe Nuclear announces the addition of energy-industry veteran, Vladimir Novak, as Chief Commercial Officer. At Ultra Safe Nuclear, Vladimir will be responsible for setting corporate strategy and leading commercial growth across global markets. He will also oversee the company’s marketing efforts, educating industry leaders, partners, and consumers on the overall benefits of micro nuclear technologies and the unique advantages of the Ultra Safe Nuclear approach.



Vladimir will lead cross-functional teams driving corporate and commercial growth at Ultra Safe Nuclear. His efforts to develop an overall corporate vision and strategy will set the strategic course for the company, creating new business opportunities for Ultra Safe Nuclear’s innovative Micro Modular Reactor (MMR®), Fully Ceramic Micro-encapsulated (FCM®) fuel, and space-based nuclear power and propulsion technologies in both existing and new markets.

Vladimir joins Ultra Safe Nuclear from Chevron where he held senior positions for the past 14 years, as well as various leadership roles at GE in technology and business development. Over the past three years at Chevron, Vladimir initiated and led the company’s energy transition toward low-carbon fuels and next-gen vehicles. At Chevron, Vladimir received the EVP Transformation Leadership Award for his contributions to restructuring and focusing Chevron business units on clean-energy technologies.

“Ultra Safe Nuclear is uniquely positioned to provide reliable zero-carbon heat and power wherever it’s needed,” stated Vladimir. “We will explore all viable opportunities to deploy our innovative solution in regions around the world, and to industries where we deliver significant value.”

Vladimir received an Executive MBA from Rice University. He earned his PhD in Mechanical Engineering - Fusion Energy and MS in Mechanical Engineering from the Georgia Institute of Technology.

“Vladimir has a unique background that combines pragmatism with a vision of our energy future,” said Francesco Venneri, CEO of Ultra Safe Nuclear. “Vladimir’s zero-carbon goals are in complete sync with the mission of Ultra Safe Nuclear and will serve as inspiration to the teams he will lead.”

About Ultra Safe Nuclear Corporation

Ultra Safe Nuclear is the Seattle-based global leader in the deployment of micro reactors, and a strong vertical integrator of nuclear power technologies, entirely committed to bringing safe, commercially competitive, clean and reliable nuclear energy to markets throughout the world. The company adheres to strict inherent and intrinsic safety principles through technological innovation in fuels, materials and design: Ultra Safe Nuclear is Reliable Zero-Carbon Energy. Anywhere.


Contacts

Ultra Safe Nuclear
Ray Vincenzo
1-206-290-4431
This email address is being protected from spambots. You need JavaScript enabled to view it.
https://usnc.com/

WYOMISSING, Pa.--(BUSINESS WIRE)--#RNG--UGI Energy Services, LLC (“UGIES”), a subsidiary of UGI Corporation (NYSE: UGI), today announced an agreement with MBL Bioenergy to fully fund the first set of renewable natural gas (“RNG”) projects currently under development in South Dakota. In total, the project will represent over $70 million of investment by MBL Bioenergy, of which 100% of the funds will be provided by UGIES. MBL Bioenergy is a joint venture partnership between UGIES, Sevana Bioenergy and a subsidiary of California Bioenergy (“CalBio”) with the sole purpose of developing RNG projects in South Dakota.


The first set of projects, known as a cluster, will be built at three farms located north of Sioux Falls, SD, and is expected to generate approximately 300 million cubic feet of RNG annually once completed in calendar year 2024. Dairy waste from the farms will be anaerobically digested and then piped to a central upgrading facility before it is delivered into the interstate natural gas system near Dell Rapids, SD. UGIES, through its wholly-owned subsidiary, GHI Energy, will be the exclusive marketer for MBL Bioenergy.

“This project sets a new standard for UGI in terms of scope and size and represents a huge milestone in UGI’s investments in, and expected earnings contribution from, RNG projects,” said Robert F. Beard, Executive Vice President - Natural Gas, Global Engineering, Construction & Procurement, UGI. “We are pleased to be partnering with industry-leading developers on this project that will substantially reduce greenhouse gas emissions, using dairy RNG as a vehicle fuel. We look forward to making additional investments in our MBL partnership as we advance the use of RNG as an environmentally responsible and clean energy solution.”

“This partnership with UGI is another positive step forward in expanding our carbon negative renewable natural gas business,” said N. Ross Buckenham, CEO of CalBio. “Our dairy methane capture and refining projects are delivering significant environmental benefits, improving economics for dairy farm partners and supplying a clean burning diesel replacement fuel. Through our subsidiary, Midwest Bioenergy LLC, this joint venture with UGIES, a new, powerful and committed strategic partner, anchors our dairy RNG expansion into the Midwest and will significantly expand our fuel production.”

“Sevana brought together exceptional partners to build this industry-leading RNG project. We are excited to strengthen our existing relationship with UGI to decarbonize transportation fuels through this and other projects. Sevana’s team of biogas experts is deploying state-of-the-art renewable energy technology in multiple RNG projects to form value-adding partnerships in agricultural communities,” said Steve Compton, President of Sevana. “We appreciate the opportunity to work closely with our partners and South Dakota farmers and communities to benefit the local economy and environment.”

About UGI Corporation
UGI Corporation is a distributor and marketer of energy products and services. Through subsidiaries, UGI operates natural gas and electric utilities in Pennsylvania, natural gas utilities in West Virginia, distributes LPG both domestically (through AmeriGas) and internationally (through UGI International), manages midstream energy assets in Pennsylvania, Ohio, and West Virginia and electric generation assets in Pennsylvania, and engages in energy marketing, including renewable natural gas in the Mid-Atlantic region of the United States, California, and the District of Columbia and internationally in France, Belgium, the Netherlands and the UK.

Comprehensive information about UGI Corporation is available on the Internet at https://www.ugicorp.com.

About CalBio
CalBio is a leading developer of dairy digesters for generating renewable vehicle fuel and electricity. Founded in 2006, CalBio works closely with local and state agencies, the California Air Resources Board, USDA, the dairy industry and individual dairy farmers to achieve methane reductions, protect local air and water quality, create jobs, and generate a new revenue stream for the diary family. CalBio is currently operating and/or developing over 100 dairy digester projects in California and now through its affiliates: Midwest Bio, Northwest Bio, and Southwest Bio, is developing projects across the country. For more information call CalBio or visit: www.calbioenergy.com.

About Sevana
Sevana Bioenergy develops, designs, owns and operates large-scale anaerobic digestion projects which produce renewable natural gas and organic based soil amendments. Using state-of-the-art technology, engineering, and design, we are advancing the future of biogas energy production in the United States. Biogas projects reduce waste, increase the use of renewable energy and reduce long-term greenhouse gas emissions. Our mission is to be a market leader in accelerating the production of renewable natural gas derived from anaerobic digestion facilities in North America. With an experienced team of national and international experts, we build value-add partnerships in agricultural communities by creating new markets for existing agricultural businesses. Our goal is to ensure that communities benefit and thrive through these partnerships while building renewable solutions to local waste and energy challenges. More information is available at www.sevanabioenergy.com.


Contacts

UGI Investor Relations
610-337-1000
Tameka Morris, ext. 6297
Arnab Mukherjee, ext. 7498

MADISON, Wis.--(BUSINESS WIRE)--The board of directors of MGE Energy, Inc. (Nasdaq: MGEE), today declared the regular quarterly dividend of $0.3875 per share on the outstanding shares of the company's common stock, payable June 15, 2022, to shareholders of record at the close of business June 1, 2022.


MGE Energy has increased its dividend annually for the past 46 years and has paid cash dividends for more than 110 years.

About MGE Energy

MGE Energy is a public utility holding company. Its principal subsidiary, Madison Gas and Electric (MGE), generates and distributes electricity to 159,000 customers in Dane County, Wis., and purchases and distributes natural gas to 169,000 customers in seven south-central and western Wisconsin counties.


Contacts

Steve Schultz
Corporate Communications Manager
608-252-7219 | This email address is being protected from spambots. You need JavaScript enabled to view it.

LOS ANGELES--(BUSINESS WIRE)--Romeo Power, Inc. (“Romeo Power” or the “Company”) (NYSE: RMO), an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications, today announced the appointment of Leon Kaunitz as senior vice president of product engineering.

Kaunitz will play a critical leadership role in the Company’s efforts to deliver advanced electrification products with full integration on commercial vehicles and other complex applications. His primary areas of responsibility will include management of mechanical design, thermal and stress validation, engineering processes across all product development efforts including research and development of thermal systems, and the management of Romeo Power’s electromechanical and structural design teams.

“We are thrilled that Leon has joined our team as the new senior vice president of product engineering,” said Romeo Power’s Chief Technology Officer AK Srouji, Ph.D. “He has been instrumental in leading new product design, engineering and manufacturing of numerous EV products from concept to completion, including successful production implementation and customer satisfaction. He brings an added breadth and depth of experience to Romeo Power, and he will be an asset to our entire organization, helping us achieve our commitment to move people and cargo emission free.”

Kaunitz, who is a mechanical engineer with a Master of Science degree in Road Vehicles and Advanced Technology, is highly experienced in EV applications for automotive and commercial vehicles, including advanced battery system concepts, innovation and efficiency. He brings a broad range of expertise in vehicle electrification to Romeo Power, including new product engineering and manufacturing, business development, research and development and customer satisfaction. Additionally, Kaunitz will supplement Romeo Power’s existing capabilities through his extensive experience supporting commercial vehicle design, integration of battery systems, e-Powertrain, Autonomous drive, and implementation of advanced and efficient EV technologies. He has developed and successfully implemented several new vehicles into production across U.S., Europe and Asia. Kaunitz has received numerous U.S. patents and is the author of several technical publications.

“Romeo Power offered me a unique opportunity to be part of the commercial and industrial transportation industry transformation,” said Kaunitz. “I look forward to supporting Romeo’s customers focused on environmental responsibility, safety, and reducing operating costs. I am excited to contribute to the organization as Romeo Power continues leading the transition to advanced electrification and a clean energy future across a variety of markets.”

About Romeo Power

Founded in 2016 and headquartered in Los Angeles, California, Romeo Power (NYSE: RMO) is an energy technology leader delivering advanced electrification solutions for complex commercial vehicle applications. The Company’s suite of advanced battery electric products, combined with its innovative battery management system, delivers the safety, performance, reliability and configurability its customers need to succeed. To keep up with everything Romeo Power, please follow the Company on social media @romeopowerinc or visit romeopower.com.

Forward Looking Statements

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


Contacts

Romeo Power Inc.

For Investors:
Joe Caminiti or Ashley Gruenberg
Alpha IR Group
This email address is being protected from spambots. You need JavaScript enabled to view it.
312-445-2870

Power Industry Expert Who Pioneered Wind Turbine Repowering and Engineered Remaking of Gamesa Set to Turbocharge Malta’s Growth

CAMBRIDGE, Mass.--(BUSINESS WIRE)--Malta Inc., a leading innovator of grid-scale, long-duration energy storage (LDES), announced today the addition of Philippe (“Phil”) Delleville as Managing Director of Product Development, Strategy and Operations.


Delleville joins Malta with extensive global business development acumen, having served in catalytic management positions with major national and international energy corporations. Delleville most recently held multiple roles with Siemens Gamesa Renewable Energy S.A., culminating in his leadership as the Global Head of Siemens Gamesa’s Project and Developmental Finance group.

In this position, Delleville oversaw over $4 billion in project financing and supported approximately 4 gigawatts worth of wind energy projects. Prior to his role in Project and Development Finance, he was Vice President / Managing Director of the Service department for the North American region, optimizing the department’s profitability and implementing key initiatives to grow the business. Under his direction, Siemens Gamesa became a pioneer in wind energy project repowering.

Prior to Siemens Gamesa, Delleville amassed two decades of international experience in general management, manufacturing operations, strategic marketing, and product management for Saint-Gobain Corporation, a publicly held multinational producer of construction products and high-performance materials.

In 2021 Delleville was appointed as a member of the Export-Import Bank of the United States (EXIM) Advisory Committee.

Phil Delleville’s galvanizing approach to organizational development and project finance makes his addition to our team an exciting moment in the Malta Inc. journey,” said Malta CEO Ramya Swaminathan. “Phil’s proven international experience, his uncanny ability to anticipate what’s next, and his penchant for bringing people together will catalyze Malta’s progress as we rapidly advance toward global commercialization.”

Malta signaled that 2022 will be a transformational year for company as it implements its strategic plan with the addition of key industry professionals and a focus on commercial projects, as worldwide storage demand—particularly long duration—grows at an accelerating pace. Following the appointment of Alexandra (“Alie”) Pruner to the position of Board Chair last month, Delleville’s hiring is a major step in the company’s 2022 Strategic Plan to assemble a world-leading team and advance Malta’s position as the preeminent LDES company globally.

Delleville holds dual French and American citizenship and is multi-lingual, with fluency in English, French, German and Spanish. He earned a bachelor’s degree in international business and finance from the European School of Business, Germany, a bachelor’s degree in business administration from the Reims Management School, France, and his MBA from Temple University.

About Malta Inc.,

Based in Cambridge Massachusetts, Malta, Inc. has developed a Pumped Heat Energy Storage (PHES) system to provide long-duration, large-scale, cost-effective, and safe energy storage. Malta’s system stores electricity as thermal energy and then re-generates the electricity on demand for up to 200 hours, meeting daily and weekly needs. Malta’s PHES system also generates clean heat for industrial and district heating applications. The company was originally incubated at Google’s Moonshot Factory, X, and is backed by energy industry leaders Alfa Laval, Proman, Chevron Technology Ventures, as well as investors Breakthrough Energy Ventures and Piva Capital.

Visit: www.maltainc.com


Contacts

Steven C. Sullivan
518-441-7272
This email address is being protected from spambots. You need JavaScript enabled to view it.

ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE:AGR) will participate in the AGA Financial Forum beginning on Tuesday, May 17, 2022. Investors and other interested parties will be able to access a copy of the presentation materials after the market closes today on the Investors section of AVANGRID’s website at http://www.avangrid.com


About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs more than 7,000 people and has been recognized by JUST Capital in 2021 and 2022 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2022, AVANGRID ranked second within the utility sector for its commitment to the environment and the communities it serves. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2022 for the fourth consecutive year by the Ethisphere Institute. For more information, visit www.avangrid.com.


Contacts

Analysts: Alvaro Ortega, 207.629.7412

 

DUBLIN--(BUSINESS WIRE)--The "Global Advanced Lead Acid Battery Market by Type (Stationary, Motive), Construction Method (Flooded, VRLA), End-User (Utilities, Transportation, Industrial, Commercial & Residential) and Region (North America, APAC, Europe, RoW) - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.


The market size of advanced lead acid battery is estimated to grow from USD 22.7 billion in 2022 to USD 30.7 billion by 2027, at a CAGR of 6.3% during the forecast period.

The advanced lead acid battery market has been growing moderately over the past five years, owing to rapid technological advancements and expansion in the telecom sector.

Utility is the fastest growing segment of advanced lead acid battery market by end-user

The advanced lead acid battery market by end-user is segmented into utility, transportation, industrial, and commercial & residential. The utility segment is expected to grow at the fastest rate owing to growing industrialization in developing countries such as India and China, which will enhance the electricity demand, creating the market for advanced lead acid batteries.

By type, motive segment is expected to account for the largest market share during the forecast period

By type, motive segment was the largest in the advanced lead acid battery market, in 2021, in terms of value. Motive advanced lead acid batteries are used in automotive and automobile applications and have a significantly high discharge and charge rate. These batteries commonly comprise of cathode, and anode plates, strengthened with either an amalgamate of lead and antimony in a flooded setup or calcium and lead alloy in a sealed setup. Usage of motive advanced lead acid batteries in automotive sector is expected to drive the market in the future.

Asia Pacific was the fastest growing region for advanced lead acid battery market in 2021

Asia Pacific is one of the major market for advanced lead acid battery, in terms of value. Asia Pacific is the leader in the advanced lead acid battery market, and this dominance is expected to continue during the forecast period as well. Key countries in the Asia Pacific advanced lead acid battery market include China, Japan, South Korea, and India, which dominated the region's overall market in terms of value in 2021. The growing demand for electricity in emerging countries of Asia Pacific are expected to drive the growth of the advanced lead acid battery market in the region.

Market Dynamics

Drivers

  • Cost-Competitive Energy Storage Solution
  • Rapid Technological Advancements and Expansion in Telecom Sector
  • Easily Recyclable Compared to Lithium-Ion Battery

Restraints

  • Low-Cost Alternatives in Energy Storage Space
  • Safety Related to Battery Usage

Opportunities

  • Expanding Data Center Infrastructure
  • Increase in Renewable Energy Generation Target

Challenges

  • Growth of Electric Vehicles
  • Impact of COVID-19 on Advanced Lead Acid Battery Market

Companies Mentioned

  • Amara Raja Batteries Ltd.
  • Banner Batteries
  • Camel Group Co., Ltd.
  • Chaowei Power Holdings Limited
  • Clarios
  • Coslight Technology International Group Co., Ltd.
  • Crown Battery
  • Csb Energy Technology Co., Ltd.
  • East Penn Manufacturing Company
  • Enersys
  • Exide Industries Ltd.
  • Exide Technologies
  • Fiamm Energy Technology S.P.A.
  • First National Battery
  • Gridtential Energy, Inc.
  • Gs Yuasa International Ltd.
  • Hoppecke Batterien GmbH & Co. Kg
  • Leoch International Technology Limited Inc.
  • Midac Batteries S.P.A.
  • Narada Power
  • Ritar International Group
  • Shuangdeng Group Co., Ltd.
  • The Furukawa Battery Co., Ltd.
  • Tianneng Group
  • Trojan Battery Company, LLC

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


Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

MINNEAPOLIS--(BUSINESS WIRE)--Public Service Company of Colorado, a Colorado corporation, announced today that it has submitted a redemption notice to The Depository Trust Company, as registered holder, to redeem all of its outstanding 2.25% First Mortgage Bonds, Series No. 23 due 2022 (the “Bonds”) on June 15, 2022 (the “Redemption Date”). The redemption price for the Bonds will be equal to 100% of the principal amount being redeemed plus accrued and unpaid interest thereon to but excluding the Redemption Date. The aggregate principal amount of Bonds currently outstanding is $300,000,000.


This press release does not constitute a notice of redemption of the Bonds. Holders of the Bonds should refer to the notice of redemption to be delivered through The Depository Trust Company.

This press release is not an offer to sell or a solicitation of an offer to buy any securities.


Contacts

Xcel Energy
Financial analysts:
Paul Johnson, 612-215-4535
Vice President, Treasurer & Investor Relations
or
News media inquiries:
Xcel Energy Media Relations, 612-215-5300

DUBLIN--(BUSINESS WIRE)--The "Sonar Systems Market Share, Size, Trends, Industry Analysis Report, By Application; By Ports; By Installation, By Region; Segment Forecast, 2022 - 2030" report has been added to ResearchAndMarkets.com's offering.


The global sonar systems market size is expected to reach USD 7.0 billion by 2030, according to a new study. This report gives a detailed insight into current market dynamics and provides analysis on future market growth.

Key factors driving the market's growth include stable growth in the deliveries of military vessels. The market will be driven by the steady increase in military vessel deliveries. Military vessels use a handful of the most modern systems for maximum precision. These are employed on military ships for various purposes, including mine detection, seabed terrain analysis, anti-submarine warfare, diver detection, and port security.

Submarines utilize active sonar to navigate enemy seas undetected, but aircraft carriers and corvettes employ multi-static sonar to identify enemy ships. The growing number of such military ships on the water will help the industry in the coming years. Furthermore, un-manned Underwater Vehicles (UUVs) are remotely operated underwater vehicles that are utilized for various functions in the marine environment, including mine detection, seabed terrain exploration, fish behavioral observation, and so on.

These uncrewed aerial vehicles (UUVs) are evolving as more militaries and other organizations show interest in them. Due to the small size of UUVs, the systems employed in them must likewise be small, and the systems must be modern enough to work efficiently on the remote control. This allows the industry to both change and flourish simultaneously.

Based on the platform, the airborne segment accounted for the leading share in the industry. During the predicted period, the airborne category will see significant expansion. Early detection of opponents' submarines to prevent attacks and loss of resources is a crucial usage of sonobuoys and dipping port in the airborne segment, generating demand for sonobuoys.

Market Dynamics

Drivers and Opportunities

  • Stable Growth in the Deliveries of Military Vessels
  • Increasing Adoption rate of Unmanned Underwater Vehicles (UUVs)

Restraints and Challenges

  • Shift from 2D sonar processing to 3D sonar processing for seabed imaging and charting

The publisher has segmented the sonar systems market report based on application, platform, ports, Installation, and region:

Sonar Systems, Application Outlook (Revenue - USD Billion, 2018 - 2030)

  • Anti-submarine Warfare
  • Port Security
  • Mine Detection & Countermeasure Systems
  • Search & Rescue
  • Navigation
  • Diver Detection
  • Seabed Terrain Investigation
  • Scientific
  • Others

Sonar Systems, Platform Outlook (Revenue - USD Billion, 2018 - 2030)

  • Commercial Vessels
  • Defense Vessels
  • Unmanned Underwater Vehicles (UUVs)
  • Aircrafts
  • Ports

Sonar Systems, Ports Outlook (Revenue - USD Billion, 2018 - 2030)

  • Hull-mounted
  • Stern-mounted
  • Dipping
  • Sonobuoy

Sonar Systems, Installation Outlook (Revenue - USD Billion, 2018 - 2030)

  • Fixed
  • Deployable

Sonar Systems, Regional Outlook (Revenue - USD Billion, 2018 - 2030)

  • North America
  • U.S.
  • Canada
  • Europe
  • France
  • Germany
  • UK
  • Italy
  • Netherlands
  • Spain
  • Austria
  • Asia Pacific
  • China
  • India
  • Japan
  • Malaysia
  • South Korea
  • Indonesia
  • Latin America
  • Mexico
  • Brazil
  • Argentina
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Companies Mentioned

  • Atlas Elektronik
  • FLIR Systems
  • Furuno Electric Co.
  • Japan Radio Company
  • Kongsberg Gruppen ASA
  • L3 Technologies
  • Lockheed Martin
  • Navico
  • Raytheon Company
  • Sonardyne
  • Teledyne Technologies Inc.
  • Thales Group
  • Ultra Electronics

For more information about this report visit https://www.researchandmarkets.com/r/5hi853


Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
This email address is being protected from spambots. You need JavaScript enabled to view it.

For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

HOUSTON--(BUSINESS WIRE)--Permianville Royalty Trust (NYSE: PVL, the “Trust”) today announced a cash distribution to the holders of its units of beneficial interest of $0.032000 per unit, payable on June 14, 2022 to unitholders of record on May 31, 2022. The net profits interest calculation represents reported oil production for the month of February 2022 and reported natural gas production during January 2022. The calculation includes accrued costs incurred in March 2022.

The following table displays reported underlying oil and natural gas sales volumes and average received wellhead prices attributable to the current and prior month recorded net profits interest calculations.

 

 

Underlying Sales Volumes

 

Average Price

 

 

Oil

 

Natural Gas

 

Oil

 

Natural Gas

 

 

Bbls

 

Bbls/D

 

Mcf

 

Mcf/D

 

(per Bbl)

 

(per Mcf)

Current Month

 

40,553

 

1,448

 

331,076

 

10,680

 

$

86.55

 

$

5.00

Prior Month

 

47,114

 

1,520

 

266,091

 

8,584

 

$

74.79

 

$

4.09

Recorded oil cash receipts from the oil and gas properties underlying the Trust (the “Underlying Properties”) totaled $3.5 million for the current month on realized wellhead prices of $86.55/Bbl, consistent with the prior month’s oil cash receipts.

Recorded natural gas cash receipts from the Underlying Properties totaled $1.7 million for the current month on realized wellhead prices of $5.00/Mcf, up $0.6 million from the prior month.

Total accrued operating expenses for the period were $2.8 million, an increase of $0.4 million from the prior period. Capital expenditures increased $0.1 million from the prior period to $0.3 million.

Given the increase in rig count and operator activity on the Underlying Properties, COERT Holdings 1 LLC (the “Sponsor”), is withholding $0.4 million from the current month’s net profits to be added to the cash reserve for approved, future development expenses this year. To date, the Sponsor has established a total reserve of approximately $1.2 million for approved development expenses this year. This reserve is intended to fund an expected increase in development expenses; however, if those expenses are ultimately delayed or are less than expected, or if the outlook changes, amounts reserved but unspent will be released as an incremental cash distribution in a future period.

About Permianville Royalty Trust

Permianville Royalty Trust is a Delaware statutory trust formed to own a net profits interest representing the right to receive 80% of the net profits from the sale of oil and natural gas production from certain, predominantly non-operated, oil and gas properties in the states of Texas, Louisiana and New Mexico. As described in the Trust’s filings with the Securities and Exchange Commission (the “SEC”), the amount of the periodic distributions is expected to fluctuate, depending on the proceeds received by the Trust as a result of actual production volumes, oil and gas prices, the amount and timing of capital expenditures, and the Trust’s administrative expenses, among other factors. Future distributions are expected to be made on a monthly basis. For additional information on the Trust, please visit www.permianvilleroyaltytrust.com.

Forward-Looking Statements and Cautionary Statements

This press release contains statements that are “forward-looking statements” within the meaning of 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 unitholders. The anticipated distribution is based, in large part, on the amount of cash received or expected to be received by the Trust from the Sponsor with respect to the relevant period. The amount of such cash 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 have experienced significant fluctuation since the beginning of 2020 as a result of a variety of factors that are beyond the control of the Trust and the Sponsor. Low oil and natural gas prices will reduce profits 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. Other important factors that could cause actual results to differ materially include expenses of the Trust, reserves for anticipated future expenses and the effect, impact, potential duration or other implications of the COVID-19 pandemic. In addition, future monthly capital expenditures may exceed the average levels experienced in 2021 and prior periods. Statements made in this press release are qualified by the cautionary statements made in this press release. Neither the Sponsor nor the Trustee intends, and neither assumes any obligation, to update any of the statements included in this press release. An investment in units issued by the Trust is subject to the risks described in the Trust’s filings with the SEC, including the risks described in the Trust’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 25, 2022. The Trust’s quarterly and other filed reports are or will be available over the Internet at the SEC’s website at http://www.sec.gov.


Contacts

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

BRYAN, Texas--(BUSINESS WIRE)--FSX, LLC, the developer of the Freight Shuttle System and Port Houston, have entered into an agreement to explore the steps required for deployment of Freight Shuttle’s Seaport System at the Port’s growing container facilities. The Freight Shuttle is an elevated, zero emission system for moving shipping containers to and from the Port’s busy terminals, making best use of available space and addressing the need to improve air quality in the region.



“Considering the tsunami of freight on the horizon, solutions like the Freight Shuttle are needed now more than ever,” says Steve Roop, the founder and CEO of FSX. With immense commercial growth at Port Houston, creative solutions are needed as demand for Port services continues to grow. Recent and ongoing global supply chain disfunction has highlighted this necessity. The Freight Shuttle Seaport System is a force multiplier for cargo space by accelerating the rate at which shipping containers are moved from the port, transporting them via autonomous vehicles safely and efficiently to a facility closer to customer hubs and away from critical high-traffic choke points. The proposed system will promise to keep pace with commercial growth at the port while reducing emissions and reducing truck miles on roadways shared by passenger vehicles. Implementation of the Freight Shuttle System is one way that Port Houston is planning to stay in front of the shipping needs of the Houston region. The agreement is a commitment to work together on the Freight Shuttle, which represents a significant innovation and builds on the introduction of the intermodal shipping container which first appeared in large scale use in 1965.

The Freight Shuttle (FSX) has been developed to provide a low-emission alternative to moving freight in heavy freight corridors or ports of entry. Freight Shuttle moves truck trailers, domestic intermodal containers (up to 53 ft.), and all sizes of ocean shipping containers via emissions-free, electric-powered transporters on elevated guideways in highway or other rights-of-way over distances of up to 500 miles. For more information visit www.freightshuttle.com.


Contacts

JESSICA FRANKLIN
This email address is being protected from spambots. You need JavaScript enabled to view it.
979-229-0687

Q1 Revenues double over Q1 2021 while approaching breakeven EBITDA

WILLISTON, Vt.--(BUSINESS WIRE)--$SIRC #benzinga--iSun, Inc. (NASDAQ: ISUN) (the “Company”, or “iSun”), a leading solar energy and clean mobility infrastructure company with 50-years of experience accelerating the adoption of innovative electrical technologies, today announced results for the first quarter of 2022.


Highlights

  • Revenue of $15.1 million in the first quarter, up 107.8% over the first quarter in 2021
  • Gross profit of $3.2 million in the first quarter compared to $0.1 million for the same period in 2021.
  • Gross margins of 21.0% in the first quarter, marks third consecutive quarter of margin improvement
  • Approaching break-even EBITDA despite seasonal impact to installations
  • Backlog grew to $128.3 million adding approximately $41.2 million in new customer demand and contracts during the quarter

Management Commentary
“We continue to see exceptional growth with the doubling of our revenue in Q1 over the prior year,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. We expect to see this growth continue into Q2 as we transition out of the seasonality of the Northeast. Our customer demand continues to accelerate evident by the growth in our overall backlog totaling $128.3 million with new demand of $41.2 million generated in the quarter. iSun is well positioned in this rapidly evolving energy market to accelerate the adoption of solar and meet the demand as it occurs in each segment.”

First Quarter Results
iSun reported first quarter 2022 revenue of $15.1 million representing a $7.8 million or 107.8% increase over the same period in 2021. Revenue growth was driven by the continued fulfillment of residential consumer demand and execution of our commercial and industrial backlog. While we continued to execute against our existing backlog, we also generated new demand and added $41.2 million in new business during Q1.

Gross profit in the first quarter was $3.2 million compared to $0.1 million during the 1st quarter 2021. Consolidated gross margin for the quarter was 21.0%, compared to 1.6% over the same period 2021. The margin improvement represents the third consecutive quarter in which our margin has improved. As we grow synergies and efficiencies among our segments, the strengthening of our margin is expected to continue.

Consolidated operating income was a loss of $5.7 million compared to a loss of $2.6 million over the same period 2021. We acquired several intangible and fixed assets in 2021 that began to amortize in 2022. Our non-cash depreciation and amortization expense of $1.8 million compared to $0.1 million in Q1 2021 is included in our overall operating expenses.

iSun reported a $2.9 million net loss, or ($0.23) per share in the first quarter of 2022, compared to a $3.1 million loss, or ($0.41) per share over the same period 2021.

EBITDA for the quarter was approaching break-even, with a loss of ($0.12) million compared to a loss of ($1.4) million the year prior. We are encouraged by these results, particularly with the variability of the seasonal impact to our installation schedules during Q1.

Our residential division generated revenue of approximately $6.7 million during Q1 and grew customer demand to $26.2 million with execution anticipated over three to five months.

Our commercial and industrial division generated revenue of approximately $6.9 million during Q1 and grew contracted backlog to $102.1 million with execution anticipated over twelve to eighteen months.

Our utility division generated revenue of approximately $1.5 million during Q1 and has 550MW of utility scale projects and 120MW of commercial and industrial scale projects under development. As these projects transition to the installation phase, they will be added to the respective backlogs.

Outlook
The multi-segment strategy positioned us to meet the evolving demand as well as diversifying our revenue stream which insulates us from challenges created by economic and political uncertainty impacting the global energy market. We are insulated but not immune from industry dynamics and based on the current environment, we are adjusting our 2022 revenue guidance to $125 million. We will continue to monitor these developments closely and evaluate the impacts they will have on each of our divisions and our forecast. We remain committed to our mission and returning the Company to profitability and cash flow positive in 2022.

First Quarter 2022 Conference Call Details
iSun will host a conference call on Tuesday, May 17th, at 8:30 AM EDT to review the Company’s financial results, discuss recent events, and conduct a question-and-answer session. Participants can access the live conference call via telephone at 877-545-0523, using Conference ID #728525. An archived audio replay will be available through May 31, 2022, at 877-481-4010, Conference ID# 45602.

Interested parties may also listen to the live audio of the conference call by visiting the Investor Relations section of the iSun website at investors.isunenergy.com. To listen to a live broadcast, go to the site at least 15 minutes prior to the scheduled start time to register, download, and install any necessary audio software.

iSun, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
March 31, 2022 and December 31, 2021
(In thousands)

 

 

 

March 31, 2022
(Unaudited)

 

 

December 31,
2021

 

Assets

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash

 

$

1,344

 

 

$

2,242

 

Accounts receivable, net of allowance

 

 

13,754

 

 

 

14,337

 

Costs and estimated earnings in excess of billings

 

 

3,527

 

 

 

4,004

 

Inventory

 

 

2,950

 

 

 

2,480

 

Other current assets

 

 

1,304

 

 

 

1,071

 

Total current assets

 

 

22,879

 

 

 

24,134

 

Property and equipment:

 

 

 

 

 

 

 

 

Building and improvements

 

 

336

 

 

 

967

 

Vehicles

 

 

2,942

 

 

 

2,908

 

Tools and equipment

 

 

2,405

 

 

 

3,127

 

Software

 

 

234

 

 

 

234

 

Construction in process

 

 

14

 

 

 

3

 

Solar arrays

 

 

6,708

 

 

 

6,859

 

 

 

 

12,639

 

 

 

14,098

 

Less accumulated depreciation

 

 

(3,341

)

 

 

(3,056

)

 

 

 

9,298

 

 

 

11,042

 

Other Assets:

 

 

 

 

 

 

 

 

Captive insurance investment

 

 

270

 

 

 

270

 

Goodwill

 

 

36,907

 

 

 

36,907

 

Intangible assets

 

 

17,651

 

 

 

18,907

 

Investments

 

 

12,320

 

 

 

12,420

 

Other assets

 

 

48

 

 

 

48

 

 

 

 

67,196

 

 

 

68,552

 

Total assets

 

$

99,373

 

 

$

103,728

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

9,712

 

 

$

13,188

 

Accrued expenses

 

 

6,256

 

 

 

7,628

 

Billings in excess of costs and estimated earnings on uncompleted contracts

 

 

3,221

 

 

 

2,389

 

Line of credit

 

 

5,433

 

 

 

4,468

 

Current portion of deferred compensation

 

 

31

 

 

 

31

 

Current portion of long-term debt

 

 

562

 

 

 

6,694

 

Total current liabilities

 

 

25,215

 

 

 

34,398

 

Long-term liabilities:

 

 

 

 

 

 

 

 

Deferred compensation, net of current portion

 

 

21

 

 

 

28

 

Deferred tax liability

 

 

-

 

 

 

772

 

Warrant liability

 

 

85

 

 

 

148

 

Other liabilities

 

 

3,328

 

 

 

3,375

 

Long-term debt, net of current portion

 

 

2,127

 

 

 

5,149

 

Total liabilities

 

 

30,776

 

 

 

43,870

 

Commitments and Contingencies (Note 8 )

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Common stock – 0.0001 par value 49,000,000 shares authorized, 13,739,154 and 11,825,878 issued and outstanding as of March 31, 2022 and December 31, 2021, respectively

 

 

1

 

 

 

1

 

Additional paid-in capital

 

 

72,507

 

 

 

60,863

 

Accumulated deficit

 

 

(3,911

)

 

 

(1,006

)

Total Stockholders’ equity

 

 

68,597

 

 

 

59,858

 

Total liabilities and stockholders’ equity

 

$

99,373

 

 

$

103,728

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

iSun, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
For the Three Months Ended March 31, 2022 and 2021
(In thousands, except number of shares)

 

 

 

Three Months ended

 

 

 

March 31,

 

 

 

2022

 

 

2021

 

 

 

 

 

 

 

 

Earned revenue

 

$

15,087

 

 

$

7,261

 

Cost of earned revenue

 

 

11,917

 

 

 

7,142

 

Gross profit

 

 

3,170

 

 

 

119

 

 

 

 

 

 

 

 

 

 

Warehousing and other operating expenses

 

 

607

 

 

 

184

 

General and administrative expenses

 

 

7,022

 

 

 

1,465

 

Stock based compensation – general and administrative

 

 

1,244

 

 

 

1,071

 

Total operating expenses

 

 

8,873

 

 

 

2,719

 

Operating loss

 

 

(5,703

)

 

 

(2,601

)

 

 

 

 

 

 

 

 

 

Other income (expenses)

 

 

 

 

 

 

 

 

Gain on forgiveness of PPP Loan

 

 

2,592

 

 

 

-

 

 

 

 

 

 

 

 

 

 

Change in fair value of the warrant liability

 

 

63

 

 

 

(262

)

 

 

 

 

 

 

 

 

 

Interest expense, net

 

 

(629

)

 

 

(36

)

 

 

 

 

 

 

 

 

 

Loss before income taxes

 

 

(3,677

)

 

 

(2,899

)

(Benefit) provision for income taxes

 

 

(772

)

 

 

214

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

(2,905

)

 

 

(3,113

)

 

 

 

 

 

 

 

 

 

Net income applicable to preferred shareholders

 

 

-

 

 

 

(70

)

Net loss available to shares of common stockholders

 

$

(2,905

)

 

$

(3,183

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss per share of Common Stock - Basic and diluted

 

$

(0.23

)

 

$

(0.41

)

 

 

 

 

 

 

 

 

 

Weighted average shares of Common Stock - Basic and diluted

 

 

12,646,446

 

 

 

7,695,279

 

The accompanying notes are an integral part of these unaudited consolidated financial statements.

Non-GAAP Financial Measures
Included in this presentation are discussions and reconciliations of earnings before interest, income tax and depreciation and amortization (“EBITDA”) and EBITDA adjusted for certain non-cash, non-recurring or non-core expenses (“Adjusted EBITDA”) to net loss in accordance with GAAP. Adjusted EBITDA excludes certain non-cash and other expenses, certain legal services costs, professional and consulting fees and expenses, and one-time Reverse Merger and Recapitalization expenses and certain adjustments. We believe that these non-GAAP measures illustrate the underlying financial and business trends relating to our results of operations and comparability between current and prior periods. We also use these non-GAAP measures to establish and monitor operational goals.

These non-GAAP measures are not in accordance with, or an alternative to, GAAP and should be considered in addition to, and not as a substitute or superior to, the other measures of financial performance prepared in accordance with GAAP. Using only the non-GAAP financial measures, particularly Adjusted EBITDA, to analyze our performance would have material limitations because such calculations are based on a subjective determination regarding the nature and classification of events and circumstances that investors may find significant. We compensate for these limitations by presenting both the GAAP and non-GAAP measures of our operating results. Although other companies may report measures entitled “Adjusted EBITDA” or similar in nature, numerous methods may exist for calculating a company’s Adjusted EBITDA or similar measures. As a result, the methods that we use to calculate Adjusted EBITDA may differ from the methods used by other companies to calculate their non-GAAP measures.

The reconciliations of EBITDA and Adjusted EBITDA to net loss, the most directly comparable financial measure calculated and presented in accordance with GAAP, are shown in the table below:

(In thousands, except number of shares)

 

Three months ended
March 31,

 

 

 

2022

 

 

2021

 

Net income (loss)

 

$

(2,905

)

 

$

(3,183

)

Depreciation and amortization

 

 

1,752

 

 

 

136

 

Interest expense

 

 

629

 

 

 

36

 

Stock based compensation

 

 

1,244

 

 

 

1,071

 

Change in fair value of warrant liability

 

 

(63

)

 

 

262

 

Income tax (benefit)

 

 

(772

)

 

 

214

 

EBITDA

 

 

(115

)

 

 

-

 

Other costs(1)

 

 

10

 

 

 

-

 

Adjusted EBITDA

 

 

(105

)

 

 

(1,394

)

 

 

 

 

 

 

 

 

 

Weighted Average shares outstanding

 

 

12,646,446

 

 

 

7,695,279

 

 

 

 

 

 

 

 

 

 

Adjusted EPS

 

 

(0.01

)

 

 

(0.18

)

About iSun Inc.
Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted electrical contractor to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 400 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.

Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Words or phrases such as "may," "should," "expects," "could," "intends," "plans," "anticipates," "estimates," "believes," "forecasts," "predicts" or other similar expressions are intended to identify forward-looking statements, which include, without limitation, earnings forecasts, effective tax rate, statements relating to our business strategy and statements of expectations, beliefs, future plans and strategies and anticipated developments concerning our industry, business, operations and financial performance and condition.

The forward-looking statements included in this press release are based on our current expectations, projections, estimates and assumptions. These statements are only predictions, not guarantees. Such forward-looking statements are subject to numerous risks and uncertainties that are difficult to predict. These risks and uncertainties may cause actual results to differ materially from what is forecast in such forward-looking statements, and include, without limitation, the risk factors described from time to time in our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K.

All forward-looking statements included in this press release are based on information currently available to us, and we assume no obligation to update any forward-looking statement except as may be required by law.


Contacts

IR Contact:
Tyler Barnes
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802-289-8141

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