HOUSTON--(BUSINESS WIRE)--Archaea Energy Inc. (“Archaea” or the “Company”) (NYSE: LFG) today announced that the Company will redeem all of its publicly held warrants (the “Public Warrants”) to purchase shares of the Company’s Class A common stock, par value $0.0001 per share (the “Class A Common Stock”), that remain outstanding at 5:00 p.m., New York City time, on December 6, 2021 (the “Redemption Date”) for a redemption price of $0.10 per Public Warrant (the “Redemption Price”). The Public Warrants were issued under the Warrant Agreement, dated October 21, 2020 (the “Warrant Agreement”), by and among the Company, LFG Acquisition Holdings LLC and Continental Stock Transfer & Trust Company, as warrant agent (the “Warrant Agent”), as part of the units sold in the Company’s initial public offering (the “IPO”).

In addition, the Company will redeem all of its warrants to purchase shares of Class A Common Stock that were issued to Atlas Point Energy Infrastructure Fund, LLC (the “Forward Purchase Warrants” and, together with the Public Warrants, the “Redeemable Warrants”) in a private placement simultaneously with the consummation of the Company’s business combination on September 15, 2021 (the “Business Combination”) that remain outstanding on the Redemption Date at the Redemption Price.

Under the terms of the Warrant Agreement, the Company is entitled to redeem all 12.1 million outstanding Redeemable Warrants at a redemption price of $0.10 per Redeemable Warrant if the last reported sales price of the Class A Common Stock has been at least $10.00 per share on the trading day prior to the date on which the notice of redemption is given and provided that there is an effective registration statement covering the shares of Class A Common Stock issuable upon exercise of the Redeemable Warrants and a current prospectus relating thereto available throughout the 30-day redemption period. The Company has directed the Warrant Agent to deliver a notice of redemption to each of the registered holders of the outstanding Redeemable Warrants.

Pursuant to the Warrant Agreement, the 6.8 million warrants to purchase Class A Common Stock that were issued in a private placement simultaneously with the IPO are not subject to this redemption as they are still held by the initial holders thereof.

The Redeemable Warrants may be exercised by the holders thereof until 5:00 p.m., New York City time, on the Redemption Date (December 6, 2021) to purchase shares of Class A Common Stock underlying such warrants. Holders may continue to exercise Redeemable Warrants and receive Class A Common Stock in exchange for payment in cash of the $11.50 per warrant exercise price. Alternatively, a holder may elect to exercise their Redeemable Warrants on a “cashless basis” and surrender Redeemable Warrants for a certain number of shares of Class A Common Stock that is determined by reference to the table set forth in Section 6.2 of the Warrant Agreement based on the fair market value of the shares of Class A Common Stock and length of time to the expiration of the Redeemable Warrants. Holders of Redeemable Warrants that elect to exercise on such a cashless basis (instead of paying the $11.50 per warrant cash exercise price) will receive 0.361 shares of Class A Common Stock for each Redeemable Warrant surrendered for exercise. If any holder of Redeemable Warrants would, after taking into account all of such holder’s Redeemable Warrants exercised at one time, be entitled to receive a fractional interest in a share of Class A Common Stock, the number of shares the holder will be entitled to receive will be rounded down to the nearest whole number of shares. The exercise procedures are described in the notice of redemption and the election to purchase included therein.

To minimize dilution to its existing stockholders as a result of warrant exercises, the Company intends to use any cash proceeds received from exercises of its warrants to repurchase shares of Class A Common Stock from Aria Renewable Energy Systems LLC at a price of $17.65 per share. Aria Renewable Energy Systems LLC beneficially owns Class A units of LFG Acquisition Holdings LLC, which are convertible into shares of Class A Common Stock, as a result of the Business Combination. The net result of the redemption of Redeemable Warrants, combined with such repurchase of shares, is a maximum net share count increase of 4.4 million shares associated with the Redeemable Warrants.

Any Redeemable Warrants that remain unexercised at 5:00 p.m., New York City time, on the Redemption Date will be void and no longer exercisable, and the holders of those Redeemable Warrants will be entitled to receive only the redemption price of $0.10 per Redeemable Warrant. Holders of Public Warrants held in “street name” should contact their broker to determine their broker’s procedure for exercising their Public Warrants.

The Company understands from the New York Stock Exchange (the “NYSE”) that December 3, 2021, the trading day prior to the Redemption Date, will be the last day on which the Public Warrants will be traded on the NYSE.

None of the Company, its board of directors or employees has made or is making any representation or recommendation to any holder of the Redeemable Warrants as to whether to exercise or refrain from exercising any Redeemable Warrants.

The shares of Class A Common Stock underlying the Redeemable Warrants have been registered by the Company under the Securities Act of 1933, as amended, and are covered by a Registration Statement on Form S-l (Registration No. 333-260094) filed with, and declared effective by, the Securities and Exchange Commission (the “Registration Statement”).

Questions concerning redemption or exercise of the Redeemable Warrants may be directed to the Company’s redemption information agent, D.F. King & Co., Inc., Attention: Michael Horthman, by calling (800) 848-3410 (or (212) 269-5550 for banks and brokers), or by emailing This email address is being protected from spambots. You need JavaScript enabled to view it.. Questions may also be directed to the Warrant Agent, Continental Stock Transfer & Trust Company, at 1 State Street, 30th Floor, New York, New York 10004, Attention: Compliance Department, or by calling (212) 509-4000.

No Offer or Solicitation

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any offer of any of the Company’s securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About Archaea Energy Inc.

Archaea Energy Inc. is one of the largest RNG producers in the U.S., with an industry leading RNG platform and expertise in developing, constructing, and operating RNG facilities to capture waste emissions and convert them into low carbon fuel. Archaea’s innovative, technology-driven approach is backed by significant gas processing expertise, enabling Archaea to deliver RNG projects that are expected to have higher uptime and efficiency, and lower development costs and time to market, than industry averages. Archaea partners with landfill and farm owners to help them transform their long-lived feedstock sources into RNG and convert their facilities into renewable energy centers. Archaea’s differentiated commercial strategy is focused on long-term contracts that provide commercial partners a reliable, non-intermittent, sustainable decarbonizing solution to displace fossil fuels in high-carbon emission processes and industries.

Forward Looking Statements

Certain statements made in this release are “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements may be identified by the use of words such as “may,” “might,” “will,” “would,” “could,” “should,” “forecast,” “intend,” “seek,” “target,” “anticipate,” “believe,” “expect,” “estimate,” “plan,” “outlook,” and “project” and other similar expressions, although not all forward looking statements contain such identifying words. All statements other than historical facts are forward looking statements. Such statements include, but are not limited to, statements concerning the Company’s intended use of proceeds from the exercise of its warrants for cash. Forward looking statements are based on current expectations, estimates, projections, targets, opinions and/or beliefs of the Company, and such statements involve known and unknown risks, uncertainties and other factors.

The risks and uncertainties that could cause those actual results to differ materially from those expressed or implied by these forward looking statements include, but are not limited to: (a) the ability to recognize the anticipated benefits of the business combination and any transactions contemplated thereby, which may be affected by, among other things, competition, the ability of the Company to grow and manage growth profitably and retain its management and key employees; (b) the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; (c) the Company’s ability to develop and operate new projects; (d) the reduction or elimination of government economic incentives to the renewable energy market; (e) delays in acquisition, financing, construction and development of new projects; (f) the length of development cycles for new projects, including the design and construction processes for the Company’s projects; (g) the Company’s ability to identify suitable locations for new projects; (h) the Company’s dependence on landfill operators; (i) existing regulations and changes to regulations and policies that effect the Company’s operations; (j) decline in public acceptance and support of renewable energy development and projects; (k) demand for renewable energy not being sustained; (l) impacts of climate change, changing weather patterns and conditions, and natural disasters; (m) the ability to secure necessary governmental and regulatory approvals; and (n) other risks and uncertainties indicated in the Registration Statement, including those under “Risk Factors” therein, and other documents filed or to be filed with the Securities and Exchange Commission by the Company.

The foregoing list of factors is not exclusive. You should not place undue reliance upon any forward looking statements, which speak only as of the date made. Neither the Company nor Aria Renewable Energy Systems LLC undertakes or accepts any obligation or undertaking to update or revise the forward looking statements set forth herein, whether as a result of new information, future events or otherwise, except as may be required by law.

Investors
Megan Light
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346-439-7589

Media
Katarina Matic
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917-853-1105

LONDON & PARIS--(BUSINESS WIRE)--V.E, part of Moody’s ESG Solutions, published today a Second Party Opinion (SPO) on Ford’s Sustainable Financing Framework. The framework will govern Ford Motor Company and Ford Credit’s future bond issuances to finance environmental and social projects.

“Bonds issued via Ford’s Sustainable Financing Framework will make an Advanced contribution to sustainability, the highest level on our four-point scale,” said Patrick Mispagel, MD – Sustainable Finance at Moody’s ESG Solutions. “By financing clean transportation projects such as the manufacturing of electric vehicles, Ford’s framework will have a positive impact on the company, its supply chain, and the general public, who stand to benefit from a reduction in air pollution and greenhouse gas emissions.”

In V.E’s opinion, the framework is Aligned with the four core components of the Green Bond Principles 2021 and Social Bond Principles 2021.

The framework is Coherent with Ford’s strategic sustainability priorities, the highest level on V.E’s three-point scale. Ford’s sustainability goals and targets include achieving carbon neutrality by 2050, attaining zero emissions from its vehicles and facilities, and using 100% local renewable electricity in all manufacturing by 2035.

V.E’s SPOs on sustainability credentials help market participants secure financing through sustainable bonds and loans, strengthen issuers’ and projects’ credibility, and give investors confidence. To date, V.E has provided more than 370 SPOs – including award-winning and pioneering missions – on sustainable financing operations in over 30 countries. To learn more, please visit www.moodys.com/sustainable-finance.

V.E’s SPO on Ford’s Sustainable Financing Framework is available here.

ABOUT MOODY’S ESG SOLUTIONS

Moody’s ESG Solutions Group is a business unit of Moody’s Corporation serving the growing global demand for ESG and climate insights. The group leverages Moody’s data and expertise across ESG, climate risk, and sustainable finance, and aligns with Moody's Investors Service and Moody's Analytics to deliver a comprehensive, integrated suite of ESG and climate risk solutions including ESG scores, analytics, Sustainability Ratings and Sustainable Finance Reviewer/certifier services.

For more information visit Moody’s ESG hub at www.moodys.com/esg.

Media inquiries:

Tim Whatmough
VP-Communications
+33 (153) 303-385
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Moody’s ESG Solutions:

Lisa Stanton
MD-Global Sales Lead/ESG
+1 (415) 874-6000
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Estimated Value of $130 Million

DALLAS--(BUSINESS WIRE)--Primoris Services Corporation (NASDAQ Global Select: PRIM) (“Primoris” or “Company”) today announced a solar project award with an estimated value of $130 million. The contract was secured by the Company’s Energy/Renewables Segment.

“This is a significant contract, not just by its size, but for what it says about the strength of our customer relationships,” said Tom McCormick, President and Chief Executive Officer of Primoris. “Being chosen by clients on a repeat basis – in this case for our fourth project – is a real point of pride for our entire team in this partnership. For our renewables team especially, it demonstrates our ability to successfully execute our work.”

The award is for the engineering, procurement and construction of a utility-scale solar facility in the Southwest. Initial project construction will begin in the first quarter of 2022 with completion of the project expected in the fourth quarter of 2022.

ABOUT PRIMORIS
Primoris Services Corporation is a leading specialty contractor providing critical infrastructure services to the utility, energy/renewables and pipeline services markets throughout the United States and Canada. The Company supports a diversified base of blue-chip customers with engineering, procurement, construction and maintenance services. A focus on multi-year master service agreements and an expanded presence in higher-margin, higher-growth markets such as utility-scale solar facility installations, renewable fuels, electrical transmission and distribution systems and communications infrastructure have also increased the Company’s potential for long-term growth. Additional information on Primoris is available at www.primoriscorp.com.

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

Brook Wootton, Vice President, Investor Relations
Primoris Services Corporation
214-545-6773, This email address is being protected from spambots. You need JavaScript enabled to view it.

MADISON, Wis.--(BUSINESS WIRE)--MGE Energy, Inc. (Nasdaq: MGEE), today reported financial results for the third quarter of 2021.

MGE Energy's GAAP (Generally Accepted Accounting Principles) earnings for the third quarter of 2021 were $34.9 million, or $0.97 per share, compared to $31.8 million, or $0.88 per share, for the same period in the prior year.

Our third-quarter results were driven by an increase in investments included in rate base and economic recovery in our service territory.

MGE is investing in new, cost-effective, carbon-free renewable generation, which is helping to fuel the company's asset growth. An increase in electric investments included in rate base continues to contribute to the increase in electric earnings for 2021. The Two Creeks solar project was completed in November 2020 contributing to increased electric earnings in the third quarter of 2021.

For the quarter, electric retail kilowatt-hour sales increased 2.2 percent compared to the third quarter of 2020. Electricity use by commercial customers was 4.5 percent higher during the third quarter of 2021. Electric residential consumption declined by 3.9 percent.

Depreciation and operations and maintenance costs are expected to increase during the remainder of 2021 after significant capital projects are completed. The new customer information system went live in September 2021. This multiyear capital investment to upgrade internal legacy systems is part of the Enterprise Forward initiative to transform MGE into a digitally integrated utility. Additionally, Badger Hollow I is expected to be completed in the fourth quarter of 2021.

About MGE Energy

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

Forward-looking Statements

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

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

Ken Frassetto
Investor Relations
608-252-4723 | This email address is being protected from spambots. You need JavaScript enabled to view it.

Alliance members commit to food waste reduction and repurposing, and decarbonization

BOSTON--(BUSINESS WIRE)--#Cabot--Stonyfield Organic and Cabot are joining forces alongside the Farm Powered Strategic Alliance (FPSA) and Dairy Farmers of America to place dairy as a leader in forging a circular pathway to decarbonization and climate change mitigation. The Alliance, founded in 2020 by Vanguard Renewables, Unilever, Starbucks, and Dairy Farmers of America, aims to accelerate long-term commitments to avoid or eliminate food waste first and repurpose what can’t be eliminated into renewable energy via farm-based anaerobic digesters. The Farm Powered Strategic Alliance has been named one of Fast Company’s 2021 World Changing Ideas.

“These two sustainably minded dairy companies are stepping up to a leadership role in climate change mitigation at a time when the eyes of the world are on the UN Climate Change Summit,” said John Hanselman, Founder and Chief Strategy Officer of Vanguard Renewables. “Each new Alliance member further enables the expansion of this farm-centered program to all major metro areas nationwide. Stonyfield Organic and Cabot now join other dairy brands and manufacturers including the Dairy Farmers of America to regenerate unavoidable waste into value and to help sustain the family farms that supply their milk,” added Hanselman.

Cabot Creamery/Agri-Mark, a Certified B Corporation and dairy cooperative best known for its classic sharp cheddar cheese and butter, has worked with Vanguard Renewables from the beginning and has a longstanding commitment to sustainability. Two of its farm members, Goodrich Farm in Salisbury, Vermont and Barstow’s Longview Farm in Hadley, Massachusetts, host Farm Powered anaerobic digesters. Cabot not only sends inedible organic waste from its manufacturing facilities in Massachusetts and Vermont to those digesters, but the Cooperative also purchases the renewable energy produced from the Farm Powered anaerobic digestion process to power the Massachusetts facility. “Cabot epitomizes the virtuous circle, closing the waste to energy loop by recycling its unavoidable manufacturing waste at an on-farm digester and decarbonizing their thermal energy usage by purchasing farm-derived renewable energy,” said Hanselman.

“It was a logical decision for us to join the Alliance; for any food organization trying to thoughtfully manage their energy footprints, there isn't a reason in the world not to join the FPSA and be a part of a solution," said Jed Davis, Director of Sustainability, Cabot Creamery.

Stonyfield Organic, the nation’s leading organic yogurt and a Certified B Corporation, has pioneered sustainable food production since its founding in 1983. With a long history of environmental leadership, Stonyfield Organic is the first food manufacturer to offset its greenhouse gas emissions from facility energy. In 2019, the brand committed to reduce carbon emissions 30% by 2030 as part of the Science Based Target Initiative. Most recently, Stonyfield also committed to 100% renewable energy supply for its Londonderry, NH manufacturing facility by 2025, 100% renewable electricity for its dairy supply chain by 2025, and a carbon positive dairy supply chain by 2030.

“Healthy food, healthy people, healthy planet, healthy business. Other companies have used these words to describe their purpose, but few were founded on those values – and even fewer have stayed true to them for decades the way we have here at Stonyfield Organic,” said Gary Hirshberg, co-founder and Chief Organic Optimist at Stonyfield Organic. “We’re honored to work collaboratively across the dairy industry to drive further environmental change and protect our resources for generations to come. It’s important for farmers of all sizes and types to have a seat at the table and we’re thrilled for organic to be a part of that,” he added.

The Farm Powered Strategic Alliance, founded in 2020 by Unilever, Starbucks, Dairy Farmers of America, and Vanguard Renewables, is a pre-competitive collaborative movement to boost food waste reduction and recycling, and expand renewable energy production across America. The Alliance offers U.S. food manufacturers and retailers with a circular approach to reducing the detrimental environmental impacts of CO2 emissions and offers a pathway toward a carbon-neutral footprint. Members have the opportunity to recycle unavoidable food and beverage waste on farms where it is combined with farm manure in a Farm Powered anaerobic digester to generate renewable natural gas (RNG). The process also produces a low carbon fertilizer that host farms use to support regenerative agriculture practices and provides the American farmer with a diversified income stream.

Hanselman explains that the potential impact of the Farm Powered Strategic Alliance continues to grow. In the United States, over 40 percent of all food produced is discarded and finding ways to reduce that waste is a priority. Across the country, some unavoidable food waste is still sent to landfills or incinerators, or is land applied, but can be repurposed to produce renewable energy. Organic waste recycling is a solution that addresses compliance with organic waste bans and the Biden Administration’s climate change plan to slash greenhouse gas emissions in half by 2030.

“In the early 2000s, the milk market was crashing, and we needed to diversify to keep our farm alive for the next generation. In partnership with Vanguard Renewables, we added an anaerobic digester to the farm which reduced our carbon footprint and our energy costs. We’re really proud of that decision,” says Dennis Barstow, Marketing and Education Manager, Longview Farm of Hadley, Massachusetts, a Cabot Creamery Cooperative member.

“Everyone talks about impacting climate change, but the Farm Powered Strategic Alliance offers a real pathway to its members and farm partners,” says Hanselman.

About Vanguard Renewables
Vanguard Renewables is a national leader in the development of food and dairy waste-to-renewable energy projects. The Company, based in Wellesley, Massachusetts, is committed to advancing decarbonization by reducing greenhouse gas emissions from farms and food waste and supporting regenerative agriculture best practices on partner farms. In December 2020, Vanguard launched the Farm Powered Strategic Alliance alongside food industry leaders Dairy Farmers of America, Unilever, and Starbucks. The Alliance commits to developing a circular solution for food waste reduction and recycling and decarbonization of manufacturing and the supply chain. Vanguard Renewables owns and operates six anaerobic digester facilities in the northeast and plans to expand to more than 100 sites nationwide by 2025. Vanguard’s established relationships and renewable natural gas offtake agreements with national utilities including Dominion Energy, Enbridge, ONE Gas, National Grid, and Eversource, and its strategic alliance with 14,500-dairy member cooperative, Dairy Farmers of America, position the Company to significantly increase U.S. production and delivery of renewable natural gas to commercial and residential customers across the country. Vanguard received the 2020 Energy Vision Leadership Award. Vanguard’s Farm Powered anaerobic digester at Goodrich Farm in Salisbury, Vermont was recognized with the 2021 Outstanding Dairy Sustainability Award from the Innovation Center for U.S. Dairy. Please visit https://vanguardrenewables.com/fpsa-farm-powered-strategic-alliance/ to learn more.

About Cabot Creamery Cooperative
For over a century, Cabot Creamery Co-operative has made the world’s finest dairy products using only the freshest ingredients. Their award-winning cheeses, yogurts, sour cream, cottage cheese, and butter stand apart because of Cabot farmers’ tireless dedication to quality. From being named the “World’s Best Cheddar,” to becoming the world’s first dairy co-operative to achieve B Corp status, Cabot is owned by dedicated farm families throughout New England and upstate New York. For more information, visit: http://www.cabotcheese.coop.

About Stonyfield Organic
As the country’s leading organic yogurt maker, Stonyfield Organic believes that taking care of organic farmers, cows, and their life's work will produce healthy food, healthy businesses, and a healthy planet. Stonyfield Organic, a Certified B Corp, is also making a difference by helping to protect and preserve the next generation of farmers and families through programs like its Direct Milk Supply and Wolfe’s Neck Organic Training Program as well as #PlayFree, a nationwide, multi-year initiative to help keep families free from toxic persistent pesticides in outdoor spaces across the country.

Vanguard Renewables Media Contact
Kelley Devaney, This email address is being protected from spambots. You need JavaScript enabled to view it. (855) 720-2364

Vanguard Renewables Media Room
https://vanguardrenewables.com/vanguard-renewables-media-room

TORONTO--(BUSINESS WIRE)--Superior Plus Corp. (“Superior”) (TSX:SPB):

November 2021 Cash Dividend - $0.06 per share

Superior Plus Corp. (“Superior”) today announced its cash dividend for the month of November 2021 of $0.06 per share payable on December 15, 2021. The record date is November 30, 2021 and the ex-dividend date will be November 29, 2021. Superior’s annualized cash dividend rate is currently $0.72 per share. This dividend is an eligible dividend for Canadian income tax purposes.

Upcoming Release of 2021 Third Quarter Results and Conference Call

Superior expects to release its 2021 third quarter results on Thursday, November 11, 2021 after the close of North American markets. A conference call and webcast to discuss the 2021 third quarter financial results is scheduled for 10:30 AM EST on Friday, November 12, 2021. To participate in the conference call, dial: 1-844-389-8661. Internet users can listen to the call live at: https://edge.media-server.com/mmc/p/c9795pya or as an archived call, on Superior's website at: www.superiorplus.com under the Events section.

About the Corporation

Superior is a leading North American distributor and marketer of propane and distillates and related products and services, servicing over 780,000 customer locations in the U.S. and Canada.

For further information about Superior, please visit Superior’s website at: www.superiorplus.com or contact: Beth Summers, Executive Vice President and Chief Financial Officer, Tel: (416) 340-6015, or Rob Dorran, Vice President, Investor Relations and Treasurer, Tel: (416) 340-6003, E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it., Toll Free: 1-866-490-PLUS (7587).

Forward Looking Information

This news release contains certain forward-looking information and statements that are based on Superior’s current expectations, estimates, projections and assumptions in light of its experience and its perception of historical trends. In this news release, such forward-looking information and statements can be identified by terminology such as “will”, "expects", "annualized", and similar expressions.

In particular, this news release contains forward-looking statements and information relating to: future dividends which may be declared on Superior’s common shares, the dividend payment, the tax treatment thereof, and the receipt of cash dividends. These forward-looking statements are being made by Superior based on certain assumptions that Superior has made in respect thereof as at the date of this news release, regarding, among other things: the success of Superior’s operations; prevailing commodity prices, margins, volumes and exchange rates; that Superior’s future results of operations will be consistent with past performance and management expectations in relation thereto; the continued availability of capital at attractive prices to fund future capital requirements; future operating costs; that any required commercial agreements can be reached; that all required regulatory and environmental approvals can be obtained on the necessary terms in a timely manner. These forward-looking statements are not guarantees of future performance and are subject to a number of known and unknown risks and uncertainties, including, but not limited to: the regulatory environment and decisions; non-performance of agreements in accordance with their terms; the impact of competitive entities and pricing; reliance on key industry partners and agreements; actions by governmental or regulatory authorities including changes in tax laws and treatment, or increased environmental regulation; adverse general economic and market conditions in Canada, North America and elsewhere; fluctuations in operating results; labour and material shortages; and certain other risks detailed from time to time in Superior’s public disclosure documents including, among other things, those detailed under the heading "Risk Factors" in Superior’s management's discussion and analysis and annual information form for the year ended December 31, 2020, which can be found at www.sedar.com.

Accordingly, readers are cautioned that events or circumstances could cause results to differ materially from those predicted, forecasted or projected. Such forward-looking statements are expressly qualified by the above statements. Superior does not undertake any obligation to publicly update or revise any forward looking statements or information contained herein, except as required by applicable laws.

Beth Summers
Executive Vice President and Chief Financial Officer
Tel: (416) 340-6015
or
Rob Dorran
Vice President, Investor Relations and Treasurer
Tel: (416) 340-6003
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
Toll Free: 1-866-490-PLUS (7587).

LIBERTY LAKE, Wash.--(BUSINESS WIRE)--Itron, Inc. (NASDAQ:ITRI) announced today financial results for its third quarter ended Sept. 30, 2021. Key results for the quarter include (compared with the third quarter of 2020):

• Revenue of $487 million, compared with $540 million;
• Gross margin of 27.7%; compared with 26.5%;
• GAAP net loss of $(2) million, compared with $(25) million;
• GAAP loss per share (EPS) of $(0.04), compared with $(0.63);
• Non-GAAP diluted EPS of $0.21, compared with $0.61;
• Adjusted EBITDA of $26 million, compared with $40 million;
• Free cash flow of $11 million compared with $38 million; and
• Total backlog of $3.4 billion, compared with $2.8 billion.

"Despite the current component constraints that gated our third quarter results, we have been diligently executing on our strategy to drive stronger results as macro supply challenges abate," said Tom Deitrich, Itron's president and chief executive officer.

"Since our Investor Day on October 5, 2021, we announced the acquisition of SELC, growing our smart city and smart lighting solutions business. And yesterday, we announced a definitive agreement to sell our European Commercial and Industrial mechanical gas meter business; our gas stations metering and pressure regulation business; and our global gas regulator business. In conjunction with the sale, we have announced a restructuring project that drives reductions in certain locations and functional support areas."

Summary of Third Quarter Consolidated Financial Results
(All comparisons made are against the prior year period unless otherwise noted)

Revenue
Total third quarter revenue decreased 10% to $487 million, or 11%, excluding the impact of changes in foreign currency exchange rates. The decrease was primarily due to component constraints, which reduced revenue by approximately $100 million.

Device Solutions revenue decreased 14% and Networked Solutions revenue decreased 10% with the majority of the decline due to component constraints in the quarter. Outcomes revenue increased 5%.

Gross Margin
Consolidated company gross margin of 27.7% increased 120 basis points from the prior year, primarily due to favorable product mix.

Operating Expenses and Operating Income
GAAP operating expenses of $131 million decreased $36 million from the prior year, primarily due to lower restructuring expenses. Non-GAAP operating expenses of $119 million increased $5 million from the prior year primarily due to higher sales, general and administrative expenses, which includes higher variable compensation.

GAAP operating income of $4 million was $28 million higher than the prior year primarily due to lower operating expenses. Non-GAAP operating income of $16 million was $13 million lower than last year due to lower revenue and higher variable compensation.

Net Income (loss) and Earnings per Share
The net loss attributable to Itron, Inc. for the quarter was $(2) million, or $(0.04) per diluted share, an improvement from a net loss of $(25) million, or $(0.63) per diluted share in 2020. The improvement was driven by GAAP operating income in 2021 and lower interest expense, partially offset by a higher GAAP tax rate.

Non-GAAP net income, which excludes certain charges including amortization of intangible assets, amortization of debt placement fees, debt extinguishment, restructuring, loss on sale of business, corporate transition cost, acquisition and integration, and the income tax effect of those adjustments, was $9 million, or $0.21 per diluted share, compared with $25 million, or $0.61 per diluted share, in 2020. The lower year over year results were due to lower non-GAAP operating income and a higher non-GAAP effective tax rate due to fewer discrete benefits in the period.

Cash Flow
Net cash provided by operating activities was $18 million in the third quarter compared with $45 million in the same quarter of 2020. Free cash flow was $11 million in the third quarter compared with $38 million in the prior year. The year over year decrease in cash flow was primarily due to reduced non-GAAP EBITDA and lower cash inflows from working capital.

Other Measures

Total backlog was $3.4 billion and 12-month backlog was $1.4 billion, compared with $2.8 billion and $1.1 billion, respectively, in the prior year. Bookings in the quarter totaled $395 million.

Share Repurchase Program

On November 1, 2021, the Board of Directors at Itron authorized a new share repurchase program of up to $100 million of Itron’s common stock over an 18-month period. Repurchases under the program will be made in the open market in accordance with applicable securities laws.

Earnings Conference Call

Itron will host a conference call to discuss the financial results and guidance contained in this release at 10 a.m. EDT on Nov. 4, 2021. The call will be webcast in a listen-only mode. Webcast information and conference call materials will be made available 10 minutes before the start of the call and will be accessible on Itron’s website at http://investors.itron.com/events.cfm. A replay of the audio webcast will be made available at http://investors.itron.com/events.cfm. A telephone replay of the conference call will be available through Nov. 9, 2021. To access the telephone replay, dial 888-203-1112 or 719-457-0820 and enter passcode 6979258.

About Itron

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

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

Cautionary Note Regarding Forward Looking Statements

This release contains, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical factors nor assurances of future performance. These statements are based on our expectations about, among others, revenues, operations, financial performance, earnings, liquidity, earnings per share, cash flows and restructuring activities including headcount reductions and other cost savings initiatives. This document reflects our current strategy, plans and expectations and is based on information currently available as of the date of this release. When we use words such as "expect", "intend", "anticipate", "believe", "plan", "goal", "seek", "project", "estimate", "future", "strategy", "objective", "may", "likely", "should", "will", "will continue", and similar expressions, including related to future periods, they are intended to identify forward-looking statements. Forward-looking statements rely on a number of assumptions and estimates. Although we believe the estimates and assumptions upon which these forward-looking statements are based are reasonable, any of these estimates or assumptions could prove to be inaccurate and the forward-looking statements based on these estimates and assumptions could be incorrect. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Actual results and trends in the future may differ materially from those suggested or implied by the forward-looking statements depending on a variety of factors. Therefore, you should not rely on any of these forward-looking statements. Some of the factors that we believe could affect our results include our ability to execute on our restructuring plan, our ability to achieve estimated cost savings, the rate and timing of customer demand for our products, rescheduling of current customer orders, changes in estimated liabilities for product warranties, adverse impacts of litigation, changes in laws and regulations, our dependence on new product development and intellectual property, future acquisitions, changes in estimates for stock-based and bonus compensation, increasing volatility in foreign exchange rates, international business risks, uncertainties caused by adverse economic conditions, including, without limitation those resulting from extraordinary events or circumstances such as the COVID-19 pandemic and other factors that are more fully described in Part I, Item 1A: Risk Factors included in our 2020 Annual Report and other reports on file with the SEC. We undertake no obligation to update or revise any forward-looking statement, whether written or oral.

The impact caused by the ongoing COVID-19 pandemic includes uncertainty as to the duration, spread, severity, and any resurgence of the COVID-19 pandemic including other factors contributing to infection rates, such as reinfection or mutation of the virus, the effectiveness or widespread availability and application of vaccines, the duration and scope of related government orders and restrictions, impact on overall demand, impact on our customers’ businesses and workforce levels, disruptions of our business and operations, including the impact on our employees, limitations on, or closures of, our facilities, or the business and operations of our customers or suppliers. Our estimates and statements regarding the impact of COVID-19 are made in good faith to provide insight to our current and future operating and financial environment and any of these may materially change due to factors outside our control. For more information on risks associated with the COVID-19 pandemic, please see our risk in Part I, Item 1A: Risk Factors in our 2020 Annual Report.

Non-GAAP Financial Information

To supplement our consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States (GAAP), we use certain adjusted or non-GAAP financial measures, including non-GAAP operating expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted earnings per share (EPS), adjusted EBITDA, adjusted EBITDA margin, constant currency, and free cash flow. We provide these non-GAAP financial measures because we believe they provide greater transparency and represent supplemental information used by management in its financial and operational decision making. We exclude certain costs in our non-GAAP financial measures as we believe the net result is a measure of our core business. We believe these measures facilitate operating performance comparisons from period to period by eliminating potential differences caused by the existence and timing of certain expense items that would not otherwise be apparent on a GAAP basis. Non-GAAP performance measures should be considered in addition to, and not as a substitute for, results prepared in accordance with GAAP. We strongly encourage investors and shareholders to review our financial statements and publicly-filed reports in their entirety and not to rely on any single financial measure. Our non-GAAP financial measures may be different from those reported by other companies.

About Non-GAAP Financial Measures

The accompanying press release contains non-GAAP financial measures. To supplement our consolidated financial statements, which are prepared in accordance with GAAP, we use certain non-GAAP financial measures, including non-GAAP operating expense, non-GAAP operating income, non-GAAP net income, non-GAAP diluted EPS, adjusted EBITDA, free cash flow, and constant currency. The presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP, and other companies may define such measures differently. For more information on these non-GAAP financial measures, please see the table captioned Reconciliations of Non-GAAP Financial Measures to the Most Directly Comparable GAAP Financial Measures.

We use these non-GAAP financial measures for financial and operational decision making and/or as a means for determining executive compensation. Management believes that these non-GAAP financial measures provide meaningful supplemental information regarding our performance and ability to service debt by excluding certain expenses that may not be indicative of our recurring core operating results. These non-GAAP financial measures facilitate management's internal comparisons to our historical performance, as well as comparisons to our competitors' operating results. Our executive compensation plans exclude non-cash charges related to amortization of intangibles and certain discrete cash and non-cash charges, such as acquisition and integration related expenses, loss on sale of business, or restructuring charges. We believe that both management and investors benefit from referring to these non-GAAP financial measures in assessing our performance and when planning, forecasting and analyzing future periods. We believe these non-GAAP financial measures are useful to investors because they provide greater transparency with respect to key metrics used by management in its financial and operational decision making and because they are used by our institutional investors and the analyst community to analyze the health of our business.

Non-GAAP operating expenses and non-GAAP operating income – We define non-GAAP operating expenses as operating expenses excluding certain expenses related to the amortization of intangible assets, restructuring, loss on sale of business, corporate transition cost, and acquisition and integration. We define non-GAAP operating income as operating income (loss) excluding the expenses related to the amortization of intangible assets, restructuring, loss on sale of business, corporate transition cost, and acquisition and integration. Acquisition and integration related expenses include costs, which are incurred to affect and integrate business combinations, such as professional fees, certain employee retention and salaries related to integration, severances, contract terminations, travel costs related to knowledge transfer, system conversion costs, and asset impairment charges. We consider these non-GAAP financial measures to be useful metrics for management and investors because they exclude the effect of expenses that are related to acquisitions and restructuring projects. By excluding these expenses, we believe that it is easier for management and investors to compare our financial results over multiple periods and analyze trends in our operations. For example, in certain periods, expenses related to amortization of intangible assets may decrease, which would improve GAAP operating margins, yet the improvement in GAAP operating margins due to this lower expense is not necessarily reflective of an improvement in our core business. There are some limitations related to the use of non-GAAP operating expenses and non-GAAP operating income versus operating expenses and operating income calculated in accordance with GAAP. We compensate for these limitations by providing specific information about the GAAP amounts excluded from non-GAAP operating expense and non-GAAP operating income and evaluating non-GAAP operating expense and non-GAAP operating income together with GAAP operating expense and operating income.

Non-GAAP net income and non-GAAP diluted EPS – We define non-GAAP net income as net income (loss) attributable to Itron, Inc.

Itron, Inc.
Kenneth P. Gianella
Vice President, Investor Relations
(669) 770-4643

David Means
Director, Investor Relations
(737) 242-8448

Rebecca Hussey
Manager, Investor Relations
(509) 891-3574

Veteran energy industry executive will coordinate Max’s partnership with the Army Corps of Engineers and the Calhoun Port Authority to expand the Matagorda Ship Channel and create a carbon neutral terminal¹

HOUSTON--(BUSINESS WIRE)--Max Midstream today announced Jonathan Novitsky as its new Chief Executive Officer. The announcement was made just days after Max Midstream and the Calhoun Port Authority announced a transformational plan to offset carbon emissions¹ through an Environmental Social Governance (ESG) initiative.

“I’m excited to join Max Midstream as the momentum continues to build for the expanded Matagorda Ship Channel,” Novitsky said. “Not only is this expansion going to be an important addition to the Gulf Coast for all products—including energy—but we can deliver a balanced model that contributes to both economic growth and environmental sustainability, thanks to the carbon offset initiatives we are assessing¹.”

Novitsky joins Max Midstream having previously served as Vice President of Commercial Development for Global Marine Terminals at Buckeye Partners since 2014. A well-respected industry veteran, Novitsky has extensive leadership experience that has demonstrated an ability to advance the company’s growth strategy by leading strong teams around him. Throughout his diverse career, Novitsky has served as Vice President of PetroChina International (America) and as Senior Trading Manager for Chevron Texaco Fuel and Marine Marketing.

“The hiring of Jonathan Novitsky is another step forward for our Company and this significant project at the Calhoun Port Authority,” said Todd Edwards, who has now been promoted to Chairman of Max Midstream. “He is a very accomplished executive and immensely knowledgeable of the energy industry. His invaluable expertise will ensure that this project is successful.”

Launched in 2020, Max Midstream is a Houston-based energy company that is partnering with the Calhoun Port Authority and the US Army Corps of Engineers and investing $360 million to finance the deepening and widening of the port by 2023. Further details on the Company’s ESG program will be released later this Fall.

For more information, visit www.maxmidstream.com

¹ For hydrocarbons through Max Midstream Facilities

Kasey S. Pipes
817-542-3870

Execution of agreement marks iSun’s 4^th installation of its branded EV charging unit in 2021 and first placement in the State of Wisconsin.

WILLISTON, Vt.--(BUSINESS WIRE)--$isun #cleanenergy--iSun, Inc. (NASDAQ: ISUN) (the “Company”, or “iSun”), a leading solar energy and clean mobility infrastructure company with 50-years of construction experience in solar, electrical and data services, and a provisor of proprietary electric vehicle charging platforms, today announced that its iSun’s PALM™ solar-powered EV charging system has been selected by an undisclosed party (‘The Partner’) for a Wisconsin commercial EV charging installation.

HIGHLIGHTS:

• Project anticipated to be the first of several installations of iSun’s Mobility Platform for the Partner
• Signifies iSun’s successful expansion into new geographic markets
• Marks iSun’s 50th commercial EV charging installation
• Illustrates the EV charging platform’s utility, value to commercial customers

The Mobility™ Platform leverages iSun’s experience as one of the largest Solar EPC’s in the US to eliminate barriers to EV adoption. Offered in a grid-tied (PALM™) or stand-alone (ROAM™) configuration that generates and stores its own clean electricity to power electric vehicles (‘EV’s), iSun’s Mobility™ Platform is a highly customizable, modular EV charging solution that can easily be tailored to the needs of any specific project, customer or EV, including Class 8 EV trucks. Equipped with iSun’s proprietary AmpUp™ app and software, iSun Mobility™ Platforms include complimentary support from iSun’s Mobility™ Team, who manage all aspects of the system on the owner’s behalf. The Partner’s configuration accommodates 6 vehicles, and comes equipped with under-canopy LED lighting, 2 EV chargers preloaded with iSun’s proprietary software and comes equipped with the iOS dashboard, enabling complimentary monitoring by iSun’s mobility team. The system is powered by 40 72-cell bi-facial solar modules, and is configured for installation on helical piles, allowing for fast installation and relocation should the need arise.

“Our experience installing and maintaining over 50 EV charging stations gives us a customer-centric view of the challenges associated with EV charging solutions,” commented Jeff Peck, iSun’s Chief Executive Officer. “ROAM™ and PALM™ carports address many of the pain-points often associated with EV charging station ownership, including ease of installation, durability, and ongoing management, maintenance, and support. We’re seeing more interest in Mobility Platforms tailored for class-8 vehicle use, which is promising for the future.”

For more information on purchasing iSun’s Mobility Platform, contact Kyle Keiser at This email address is being protected from spambots. You need JavaScript enabled to view it..

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 has provided solar EPC services across residential, commercial & industrial, 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.

IR Contact:
Tyler Barnes
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802-289-8141

VANCOUVER, British Columbia--(BUSINESS WIRE)--EverGen Infrastructure Corp. (TSXV:EVGN) (“EverGen”, or the “Company”), Canada’s Renewable Natural Gas (“RNG”) Infrastructure Platform, is pleased to report the voting results from its Annual General & Special Meeting of Shareholders held on November 3, 2021. A total of 7,529,255 common shares were represented at the meeting, representing 56% of the Company’s outstanding shares.

1. Election of Directors

The following individuals were elected as directors for the ensuing year: Chase Edgelow, Ford Nicholson, Mary Hemmingsen, Djenane Cameron, and Jon Ozturgut.

The following is a summary of the voting results for the Company’s five directors:

2. Appointment of PriceWaterhouseCoopers LLP as Auditors of the Company

PriceWaterhouseCoopers LLP, Chartered Professional Accountants, (“PWC”) were appointed as auditors of the Company at a remuneration to be fixed by the directors.

3. Approval of Equity Incentive Plan

The Company’s Equity Incentive Plan was approved.

For more information about EverGen, please visit www.evergeninfra.com.

About EverGen Infrastructure Corp.

EverGen, Canada’s Renewable Natural Gas Infrastructure Platform, is combating climate change and helping communities contribute to a sustainable future, starting on the West Coast. Incorporated in 2020, EverGen is now established to acquire, develop, build, own and operate a portfolio of Renewable Natural Gas, waste to energy, and related infrastructure projects. EverGen is focused on British Columbia, with continued growth expected across other regions in North America.

EverGen Investors Contact
Kelly Castledine
416-576-8158
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EverGen Media Contact
Katie Reiach
604.614.5283
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DUBLIN--(BUSINESS WIRE)--The "Offshore AUV and ROV - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.

Global Offshore AUV and ROV Market to Reach $7.2 Billion by 2026

The global market for Offshore AUV and ROV estimated at US$3.3 Billion in the year 2020, is projected to reach a revised size of US$7.2 Billion by 2026, growing at a CAGR of 14.3% over the analysis period.

ROV, one of the segments analyzed in the report, is projected to grow at a 13.6% CAGR to reach US$6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the AUV segment is readjusted to a revised 16.4% CAGR for the next 7-year period. This segment currently accounts for a 25% share of the global Offshore AUV and ROV market.

The rising use of ROVs in a variety of industries, including search & rescue, marine biology, military, oil and gas, submerged infrastructure, and aquaculture, as well as advancements in ROV technology, is anticipated to drive growth in the segment. The need for big AUVs for military and defense applications, as well as oil and gas exploration, is driving the expansion of the AUV market segment.

Offshore AUVs are utilized extensively for mapping seafloor by surveying the platforms or to distinguish the chemical, biological, or physical properties of the water. Remotely Operated Vehicles (ROVs) have become more important in the offshore sector of the oil and gas industry for subsea construction and drilling support to allow deep-water exploration and development projects throughout the world.

From decommissioning projects to exploration drilling, ROVs are widely used in the offshore sector. End-users are increasingly adopting AUV and ROV as a result of the high utilization of fossil fuels. The ever-increasing need for hydrocarbons has prompted corporations to concentrate their efforts on offshore drilling to boost green energy.

In recent years, the importance of AUVs in researching seafloors before the installation of subsea infrastructure has driven demand for AUVs. Incorporating technologies like sensor-based steering and intelligent control systems are also expected to contribute to market growth.

The U.S. Market is Estimated at $597.6 Million in 2021, While China is Forecast to Reach $522.3 Million by 2026

The Offshore AUV and ROV market in the U.S. is estimated at US$597.6 Million in the year 2021. The country currently accounts for a 16.7% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$522.3 Million in the year 2026 trailing a CAGR of 13.7% through the analysis period.

Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 10.8% and 11.5% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 11.3% CAGR while Rest of European market (as defined in the study) will reach US$605.1 Million by the end of the analysis period.

The rising usage of ROV & AUV in the oil and gas industries has been instrumental in the growth of the offshore ROV and AUV market in the Middle East, the largest regional market. Another factor boosting the market in the area is the growing global demand for oil and gas-based goods.

Presence of several oil-producing countries in the Middle East and Latin America is a key factor for large markets of offshore ROV and AUV in these regions. North America is another key market, due to growing number of oil & gas projects, particularly in the United States and Mexico.

Key Topics Covered:

I. METHODOLOGY

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

• Impact of COVID-19 Pandemic and Looming Global Recession: 2020 Marked as a Year of Disruption & Transformation
• Amidst the COVID-19 Outbreak, Oil & Gas Sector Confronts Challenging Times
• Defense Cuts amid COVID-19 Crisis Slows Down the Demand for Offshore AUVs and ROVs in 2020
• An Introduction to Offshore AUV & ROV
• Autonomous Underwater Vehicle (AUV)
• Remotely Operated Vehicles (ROV)
• Global Market Prospects & Outlook
• Analysis by Product
• Analysis by Application
• Competitive Scenario
• Recent Market Activity

2. FOCUS ON SELECT PLAYERS (Total 48 Featured)

• AtlasElektronikGmbh
• Deep Ocean Engineering, Inc.
• Deep Ocean Group
• DOF Subsea AS
• Fugro NV
• General Dynamics Mission Systems, Inc.
• Helix Energy Solutions Group
• Houston Mechatronics Inc.
• Kongsberg Maritime AS
• Oceaneering International, Inc.
• SAAB AB
• Saipem SpA
• Subsea 7 S.A.
• Teledyne Technologies Incorporated

3. MARKET TRENDS & DRIVERS

• Established Role in Defense Applications Sustains Market Momentum
• Fast Evolving Role of Unmanned Vessels in Military Applications to Drive Market Expansion
• Critical Importance of UAVs & ROVs in Oil & Gas Sector Augurs Well
• Sluggish Tide in Oil & Gas Sector Niggles Market Momentum
• Scientific Research: High Growth Vertical
• UAVs & ROVs Seek Role in Commercial Diving Applications
• Rise of Environmental Monitoring as Mainstream Concept Enthuses Market
• Hydrography Survey Made Easier with UAVs and ROVs
• Rising Emphasis on Marine Biotechnology Bodes Well
• Technology Advancements & Innovations Widen the Addressable Market
• Engineered Plastics Enhance Performance of ROVs & UAVs

4. GLOBAL MARKET PERSPECTIVE

III. REGIONAL MARKET ANALYSIS

IV. COMPETITION

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

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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TORONTO--(BUSINESS WIRE)--Sherritt International Corporation (“Sherritt”, the “Corporation”, the “Company”) (TSX: S), a world leader in the mining and hydrometallurgical refining of nickel and cobalt from lateritic ores, today reported its financial results for the three and nine months ended September 30, 2021, and announced it is embarking on an expansion strategy with its Cuban partners to capitalize on the growing demand for high purity nickel and cobalt being driven by the accelerated adoption of electric vehicles. The strategy, which will build on the 26-year successful track record of the Moa Joint Venture, centres on growing finished nickel and cobalt production by 15 to 20% per year from the 34,876 tonnes produced in 2020 and extending the life of mine at Moa beyond 2040 through the conversion of mineral resources into reserves using an economic cut-off grade.

“Backed by a strengthened balance sheet and a favourable outlook for nickel and cobalt, we are moving forward with a multi-pronged strategy focused on generating incremental cash flow and transformative growth,” said Leon Binedell, President and CEO of Sherritt International Corporation. “In addition to commercializing projects developed by Sherritt Technologies, our growth will centre on brownfield opportunities, where working in close collaboration with our Cuban partners, we plan to increase finished nickel and cobalt production and extend Moa’s mine life. Preliminary economics of the brownfield projects identified are quite encouraging and suggest a high rate of return on investment and low capital intensity.

“By taking advantage of embedded growth opportunities, Sherritt will be better positioned to capitalize on the expected strong demand for green metals in the coming years and significantly grow shareholder value.”

Expansion plans for the Moa JV consist of a multi-phased approach, and includes completion of the new slurry preparation plant and other expansion circuits at Moa, installation of new equipment and upgrading existing equipment at the refinery in Fort Saskatchewan, Alberta, updating the 43-101 Technical Report published in June 2019 that reported more than 158 million tonnes of measured and indicated resources at 1% nickel and 0.13% cobalt at Moa to reflect production based on economic rather than a fixed, cut-off grade, and leveraging the expertise of Sherritt Technologies to optimize mine planning and performance.

Sherritt and its Cuban partners are currently finalizing timelines, capital estimates, and economics of the various projects, including identifying financing alternatives. Sherritt expects to provide an update on the rollout of the Moa JV expansion strategy by the end of the first quarter of 2022.

SELECTED Q3 2021 DEVELOPMENTS

• Received US$10 million in distributions from the Moa JV representing Sherritt’s 50% share of distributions declared by the Moa JV. Through September 30, Sherritt has received a total of US$43 million in direct and re-directed distributions from the Moa JV and its partner.
• Adjusted EBITDA⁽¹⁾ was $17.6 million, up 14% from last year. The higher total was indicative of improved nickel and cobalt prices, but offset by increased input costs, $3.1 million in other contractual benefits expenses and $0.5 million of accelerated share-based compensation expenses, both of which relate to the departure of senior executives.
• Sherritt’s share of finished nickel production at the Moa JV was 2,908 tonnes, down 22% from last year while Sherritt’s share of finished cobalt production was 334 tonnes, down 18%. Finished nickel and cobalt production were negatively impacted by a combination of factors, including the spread of COVID-19, timing of the full-facility shutdown at the refinery in Fort Saskatchewan, Alberta, and unplanned maintenance activities that temporarily disrupted production activities. All production has since resumed to normal, and Sherritt has adjusted its production guidance for 2021 to reflect Q3 developments and anticipated production for the balance of the year.
• Net Direct Cash Cost (NDCC)⁽¹⁾ at the Moa JV was US$4.53/lb, up 12% from last year. Despite a 52% improvement in cobalt by-product credits, unit costs per pound of finished nickel sold were impacted by the 126% increase in sulphur prices, 69% increase in fuel oil prices, and 59% increase in natural gas prices as well as by lower sales volumes. NDCC guidance for 2021 remains unchanged at US$4.25 to $4.75 per pound of nickel sold as the recent rise in cobalt prices partially offsets the rise in input costs.
• Received US$6.4 million in Cuban energy payments. Sherritt anticipates continued variability in the timing of collections through the remainder of 2021, and is working with its Cuban partners to ensure timely receipts.
• Sherritt released its 2020 Sustainability Report that featured a number of upgraded environmental, social, and governance (ESG) targets, including achieving net zero greenhouse emissions by 2050, obtaining 15% of overall energy from renewable sources by 2030, reducing nitrogen oxide emission intensity by 10% by 2024, and increasing the number of women in the workforce to 36% by 2030.
• Named Yasmin Gabriel as Chief Financial Officer, Greg Honig as Chief Commercial Officer, and Chad Ross as Chief Human Resources Officer as part of senior leadership changes. The appointments underscore Sherritt’s two-pronged growth strategy focused on capitalizing on the accelerating demand for high-purity nickel and cobalt from the electric vehicle industry and commercializing innovative process technology solutions for resources companies looking to improve their environmental performance and increase economic value.

DEVELOPMENTS SUBSEQUENT TO THE QUARTER END

• Sherritt amended its syndicated revolving-term credit facility with its lenders, increasing the maximum amount of credit available to $100 million from $70 million and extending the maturity to April 2024. Under the new terms, borrowings on the credit facility are available to fund capital as well as for working capital purposes. Spending on capital expenditures cannot exceed $75 million in a fiscal year. Capital expenditure restrictions do not apply to planned spending of Moa Nickel S.A. The increase in credit facility is indicative of Sherritt’s strengthened financial position and favorable outlook in light of improved nickel market fundamentals.
• Environmental rehabilitation obligations (ERO) held by Sherritt’s Spanish Oil and Gas operations were secured by a parent company guarantee of €31.5 million ($46.7 million) until December 31, 2023. Unlike the $47 million letter of credit issued previously to support the ERO and backed by Sherritt’s credit facility, the new guarantee has no impact on the Corporation’s available liquidity.
• Planned capital spending at the Moa JV for 2021 has been reduced to US$35 million from US$44 million (Moa JV 50% basis Fort Site 100% basis). The reduction in planned capital spending reflects operational challenges experienced through September 30, including freight and order delays caused by COVID-19.

Q3 2021 FINANCIAL HIGHLIGHTS

Cash, cash equivalents, and short-term investments at September 30, 2021 were $163.4 million, up from $153.8 million at June 30, 2021. The increase was due to a number of developments in the quarter, including the receipt of US$6.4 million in Cuban energy payments, strong fertilizer presales of $13.9 million, and the receipt of US$10 million in distributions from the Moa JV. The increase was partly offset by sustaining capital expenditures of $3.6 million.

Since the start of 2021, Sherritt has received a total of US$43 million in direct and re-directed distributions from the Moa JV and its partner. Sherritt anticipates receipt of additional distributions from the Moa JV through to the end of 2021 based on prevailing nickel and cobalt prices, planned capital spend, and liquidity requirements for the Moa JV.

As a result of the restructuring of its balance sheet in August 2020 that eliminated $30 million in cash interest payments annually, Sherritt did not have any cash interest payments in Q3 2021.

Collections against overdue amounts owed to Sherritt by its Cuban energy partners continue to be adversely impacted by a combination of factors, including the ongoing effects of U.S. sanctions against Cuba and Cuba’s reduced access to foreign currency on account of the global pandemic which has eliminated almost all tourism revenue over the past 18 months. Cuba has announced plans to fully open its borders to international travelers on November 15, 2021 in advance of the winter travel season. As at October 31, 88% of Cuba’s population had received at least one vaccine dose and 64% have been fully vaccinated⁽¹⁾.

Total overdue scheduled receivables at September 30, 2021 were US$152.5 million, down from US$154.7 million at June 30, 2021. Subsequent to quarter end, Sherritt received US$2.5 million in Cuban energy payments. Sherritt anticipates variability in the timing and the amount of energy payments in the near term, and continues to work with its Cuban partners to ensure timely receipt of energy payments. With the opening up of Cuba’s borders, the resumption of international tourism and the influx of foreign currency, Sherritt anticipates economic conditions in Cuba to improve in 2022.

As at September 30, 2021, Sherritt held cash, cash equivalents and short-term investment in Canada totaling $82.1 million, up from $77.4 million at June 30, 2021.

Adjusted net loss⁽¹⁾

Adjusted net loss from continuing operations was $13.4 million, or $0.03 per share, for the quarter ended September 30, 2021. In the same period last year adjusted net loss was $16.1 million or $0.04 per share. Sherritt’s adjusted net loss for Q3 2021 excluded an unrealized foreign exchange loss of $7.9 million, the realized gain on Cuban currency unification, and other contractual benefits expense of $3.1 million. In Q3 2020, the primary adjustments, in addition to an unrealized foreign exchange gain of $3.6 million, included the gain on debenture exchange offset by the impairment of oil assets related to Block 10.

METALS MARKET

Nickel

Nickel prices hit a seven-year high in Q3, climbing to US$9.24/lb on September 10. The price increase was driven by improving market fundamentals, including strong demand from across multiple industries, reduced inventory levels, and supply disruptions caused in part by COVID-19. By the end of the quarter, nickel prices retreated closing at US$8.25/lb on September 30 on concerns of a potential debt crisis in China as well as by speculation that stainless steel production would be impacted by China’s efforts to ration power supply. Since the start of Q4, nickel prices have recovered, reaching a high of US$9.31/lb on October 21. It is anticipated that nickel prices will be sustained at current levels through end of year.

Strong nickel demand in Q3 was reflected by the continued decrease in inventory levels since the start of 2021. In Q3, nickel inventory levels on the London Metals Exchange (LME) fell by 32% from 232,476 tonnes at the start of the period to 157,062 tonnes on September 30. Similarly, inventory levels on the Shanghai Futures Exchange fell to 3,728 tonnes, down 25% from 4,982 tonnes at the start of the quarter.

Continued strong demand and market tightness led a number of industry analysts, including Wood Mackenzie and S&P Global, to forecast a nickel supply deficit in 2021 in contrast to forecasts of a nickel surplus at the start of the year. As at October 15, nickel inventories on the LME declined further to 146,022 tonnes.

Although market conditions are currently favorable for nickel producers, nickel inventory level uncertainty is anticipated in 2022 and 2023 with some industry analysts forecasting an inventory surplus in the coming years. Visibility of market conditions in the medium term is limited and no new sources of supply are anticipated.

The long-term outlook for nickel remains bullish on account of the strong demand expected from the electric vehicle battery market. Some market observers, such as Wood Mackenzie, have forecast a prolonged nickel supply deficit beginning in 2025 due to recent developments in the electric vehicle market and no new nickel production coming on stream in the near term.

Over the past year, in particular, multiple automakers and governments have announced plans for significant investments to expand electric vehicle production capacity to meet growing demand as well as more aggressive timelines to phase out the sale of internal combustion engines. In 2020, more than three million plug-in electric vehicles (PEV) were sold despite the global pandemic. Industry observers estimate that the number of PEVs sold in 2021 will double to 6.1 million units. CRU has forecast that electric vehicles sales will grow to 13.7 million units by 2025.

As a result of its unique properties, high-nickel cathode formulations remain the dominant choice for long-range vehicles manufactured by automakers with Class 1 nickel being an essential feedstock in the battery supply chain. Sherritt is particularly well positioned given our Class 1 production capabilities and the fact that Cuba possesses the world’s fourth largest nickel reserves.

Cobalt

Cobalt prices in Q3 2021 were marked by a steady rise, closing on September 30 at US$25.88/lb, up 13% from US$22.90/lb at the start of the quarter according to data collected by Fastmarkets MB.

Higher cobalt prices in Q3 2021 were largely driven by increased buying from electric vehicle battery manufacturers. Cobalt is a key component of rechargeable batteries providing energy stability. Higher cobalt prices in Q3 2021 were also driven by increased stockpiling from consumers and by supply logistics disruptions in South Africa, where cobalt produced in the Democratic Republic of Congo, the source of almost two-thirds of the world’s supply, is sent before being shipped internationally.

Industry observers, such as CRU, expect cobalt prices to continue to rise in the near term with prices forecast to peak at US$31/lb in 2024 as limited new sources of supply have been announced to fill expected demand over the next five years.

The outlook for cobalt over the long term remains bullish as demand is expected to grow to 270,000 tonnes by 2025, representing a compound annual growth rate of 13.5% according to CRU.

REVIEW OF OPERATIONS

Moa Joint Venture (50% interest) and Fort Site (100%)

Despite additional measures taken to protect employees, suppliers and various stakeholders at operations at Moa and at the refinery in Fort Saskatchewan since the start of the pandemic in March 2020, the significant rise in the number of cases as a result of the spread of the Delta variant of COVID-19 negatively impacted mining operations and transportation activities in Q3 2021.

Most notably at Moa, the considerable increase in the number of COVID-19 cases in the Holguin province of Cuba adversely affected mining activities and delayed shipment of mixed sulphides. While these developments had minimal impact on mixed sulphides production in the quarter, measures to recover ore stockpiling inventory, including the use of contract mining services, have been implemented in advance of the traditional rainy season at Moa. Mixed sulphides production at the Moa JV in Q3 2021 was 4,666 tonnes, essentially unchanged from the 4,671 tonnes produced in Q3 2020.

At the refinery in Fort Saskatchewan, the rise in number of COVID-19 cases in Alberta coupled with reduced contractor availability resulted in the rescheduling and extension of the full-facility shutdown by two additional days than originally anticipated. This year’s shutdown lasted 13 days compared to the typical five-day annual shutdowns, and included all of the refinery and utility plants. Full-facility shutdowns occur once every six years.

Refinery operations were also disrupted by unplanned maintenance activities due to equipment and service failures in advance of the full-facility shutdown. Subsequent to the shutdown, repairs to the cobalt reduction autoclave nozzle were required, resulting in a temporary reduction in plant capacity.

As a result of the cumulative impact of these developments, finished nickel production in Q3 2021 totaled 2,908 tonnes, down 22% from the 3,750 tonnes produced in Q3 2020 while finished cobalt production for Q3 2021 was 334 tonnes, down 18% from the 409 tonnes produced in Q3 2020.

Finished nickel and cobalt production for the nine-month period of 2021 were 11,326 tonnes and 1,287 tonnes, respectively. The totals compare to 11,733 tonnes and 1,234 tonnes for the same period of 2020. As a result of developments in Q3 and anticipated performance through the balance of the year, Sherritt has adjusted its guidance for 2021 and now expects to produce 31,000 – 32,000 tonnes of nickel (100% basis). Guidance for cobalt production is unchanged at 3,300 – 3,600 tonnes (100% basis).

Sales volume for finished nickel and cobalt in Q3 2021 were down 16% and 26%, respectively, from last year. The year-over-year decrease was due to lower production volumes and the impact of the full-facility shutdown.

Despite the decrease in sales volume total, Moa JV revenue in Q3 2021 increased by 11% to $108.9 million from $97.7 million last year. The revenue increase was largely attributable to higher average-realized nickel, cobalt, and fertilizer prices. In Q3 2021, average-realized nickel, cobalt, and fertilizer prices were up 29%, 62% and 50%, respectively, from last year. Average-realized prices are impacted by the timing of deliveries, settlement against contract terms, and fluctuations in the value of the Canadian currency.

Mining, processing and refining (MPR) costs per pound of nickel sold for Q3 2021 were US$6.43/lb, up 31% from last year. MPR costs in Q3 2021 increased due to a combination of factors, including higher input costs and the impact of lower production volumes on period costs.

For further investor information contact:
Joe Racanelli, Director of Investor Relations
Telephone: (416) 935-2457
Toll-free: 1 (800) 704-6698
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Sherritt International Corporation
Bay Adelaide Centre, East Tower
22 Adelaide St. West, Suite 4220
Toronto, ON M5H 4E3
www.sherritt.com

Company Listed in ‘50 Most Influential Companies’ Issue of CIO Bulletin

PHILADELPHIA--(BUSINESS WIRE)--#Innovator--SmartMark Communications, LLC, a leading provider of strategic communications and business innovation solutions announced today that it has been listed by CIO Bulletin as one of 50 Most Influential Companies of 2021. The company is a driving force in the energy and telecom industries, pushing for the adoption of advanced technologies to support customer experience and engagement.

For two decades, SmartMark Communications has been an advocate for collaboration between the telecommunications and energy sectors and the benefits of such collaboration on improved customer experience and innovation. Today the Company provides strategic services for the largest and most influential companies in the world.

“This is an incredible exciting time for our company, as we see great strides in the advancements in network innovation and IoT,” said Juliet Shavit, President and CEO. “For today’s customer, the digital lifestyle begins at home and accompanies consumers on their journey throughout the day in the vehicle and in the community. That said, consumer engagement with technology is as important, seamless, and vital to our well-being as the clothes we put on.”

SmartMark Communications is leading companies in adopting new technology to help advance smart cities, smart homes, and a smarter lifestyle through improved and innovative energy management solutions and creative models for behavior change.

Learn more about how SmartMark Communications is driving innovation, policy, and digital transformation at smartmarkglobal.com.

About SmartMark Communications, LLC

SmartMark Communications has redefined the role of traditional marketing communications companies and uses a blend of industry knowledge and business strategy to help organizations—public, private and not for profit—shape industry. This unique blend of policy, communications and creative expertise is a critical component to successful storytelling. SmartMark’s passionate interest and deep domain expertise in the industries that it serves has allowed it to emerge as a leader in the conversation around innovation, technology adoption and transformation. To learn more visit www.smartmarkglobal.com.

Media:
Meredith Salefski
SmartMark Communications, LLC
615-864-7840
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€500 Million Offering will support Colgate’s ambitions to drive social impact, help millions of homes, and preserve the environment

NEW YORK--(BUSINESS WIRE)--Colgate-Palmolive Company (NYSE:CL) today announced it has successfully priced a EUR 500 million 8-year Sustainability Bond with an interest coupon of 0.300% per annum. The net proceeds of Colgate’s first Sustainability Bond will help support and further the actions reflected in the Company’s 2025 Sustainability and Social Impact Strategy.

“Issuing Colgate’s first Sustainability Bond will help Colgate deliver our ambitious sustainability targets, which are vital to achieving our purpose to reimagine a healthier future for all people, their pets, and our planet,” said Stan Sutula, Colgate’s Chief Financial Officer. “Because collaboration and engagement are key to scaling the progress we all seek, deploying this financial instrument allows the investment community to participate in and contribute to our efforts.”

As outlined in Colgate’s 2025 Sustainability and Social Impact Strategy, Colgate is committed to three key ambitions: Driving Social Impact, Helping Millions of Homes, and Preserving Our Environment. The Company has achieved measurable progress toward its sustainability goals, such as decreasing emissions, reducing manufacturing waste, eliminating plastic waste, conserving water, and helping improve oral health.

“With the Colgate brand in more homes than any other, we have a responsibility and an opportunity to lead in sustainability and social impact,” said Ann Tracy, Colgate’s Chief Sustainability Officer. “We are approaching our work from many different angles to embed sustainability in what we make, how we make it and how our products are used. It’s an exciting journey, and while we have made progress across our company over the years, we are eager to do better and do more.”

Colgate will allocate the net proceeds of the Sustainability Bond (or an equivalent amount) to finance or refinance, in part or in full, new and existing projects and programs with distinct environmental or social benefits as more fully described in its Sustainable Financing Framework available on Colgate's website.

The eligible projects and programs are expected to be financed by Colgate through capital or operating expenditures. Eligible projects include assets, investments and other related and supporting expenditures, such as R&D, which contribute to Colgate’s 2025 Sustainability and Social Impact Strategy and fall within any of the following categories:

• Eco-efficient or circular economy adapted products, production technologies, and processes that drive sustainable sourcing and support the design of sustainable products, such as Colgate’s first-of-its kind recyclable toothpaste tube;
• Pollution prevention and control measures that reduce waste in the production process and help to eliminate plastic waste;
• Actions that improve energy efficiency across Colgate’s manufacturing and non-manufacturing operations;
• Expenditures in renewable energy generation and procurement to support our Net Zero Carbon and 100% Renewable Electricity targets;
• Measures related to solutions that promote the sustainable management of water resources;
• Investments and expenditures related to messaging and promoting sustainable habits and behavior change, such as investments to reach two billion children with Colgate Bright Smiles, Bright Futures^Ⓡ to help improve oral hygiene education and well-being and the Colgate “Save Water” program; and
• Accelerating socioeconomic advancement and empowerment to improve diversity, education, health and wellbeing in the communities where we live and work.

The joint book-running managers of the offering are Citigroup Global Markets Limited and Banco Bilbao Vizcaya Argentaria, S.A.

This press release is for informational purposes only and does not constitute an offer to sell or the solicitation of an offer to buy the Sustainability Bonds or any other securities, nor shall there be any sale of the Sustainability Bond in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. The offering was made only by means of a prospectus supplement and an accompanying prospectus filed as part of an effective shelf registration statement filed with the U.S. Securities and Exchange Commission (SEC) on Form S-3. Copies of the prospectus supplement and the accompanying prospectus may be obtained by calling Citibank Global Markets Limited toll-free at 1-800-831-9146 or Banco Bilbao Vizcaya Argentaria, S.A. collect at +34-91-537-9330.

This press release is directed only (a) in the European Economic Area to qualified investors (within the meaning of Regulation (EU) 2017/1129 (as amended, the "Prospectus Regulation") and (b) in the United Kingdom, to qualified investors (within the meaning of the Prospectus Regulation as it forms part of the domestic law of the United Kingdom by virtue of the European Union (Withdrawal) Act 2018 (as amended)) who are also persons (i) who have professional experience in matters relating to investments falling within Article 19(5) of the United Kingdom Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the "Order"), (ii) who are high net worth entities, and other persons falling within Article 49 of the Order and (iii) to whom it may otherwise be lawfully communicated. This press release must not be acted on or relied on by persons in the European Economic Area or the United Kingdom falling outside of the categories described in this paragraph.

About Colgate-Palmolive

Colgate-Palmolive Company is a caring, innovative growth company reimagining a healthier future for all people, their pets and our planet. Focused on Oral Care, Personal Care, Home Care and Pet Nutrition, the Company sells its products in more than 200 countries and territories under brands such as Colgate, Palmolive, elmex, hello, meridol, Sorriso, Tom’s of Maine, EltaMD, Filorga, Irish Spring, PCA Skin, Protex, Sanex, Softsoap, Speed Stick, Ajax, Axion, Fabuloso, Soupline and Suavitel, as well as Hill’s Science Diet and Hill’s Prescription Diet. The Company is recognized for its leadership and innovation in promoting environmental sustainability and community well-being, including its achievements in saving water, reducing waste, promoting recyclability and improving children’s oral health through its Bright Smiles, Bright Futures program, which has reached more than 1.3 billion children since 1991. For more information about Colgate’s global business and how the Company is building a future to smile about, visit www.colgatepalmolive.com. CL-C

Forward-Looking Statements

This press release, including our 2025 Sustainability and Social Impact Strategy, contains forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995 or by the SEC in its rules, regulations and releases. These statements are made on the basis of Colgate’s views and assumptions as of this time, and Colgate undertakes no obligation to update these statements except as required by law. Colgate cautions investors that such forward-looking statements are not guarantees of future performance and that actual events or results may differ materially from these statements due to a number of factors. For information about factors that could impact Colgate’s business and cause actual results to differ materially from forward-looking statements, consult our filings with the SEC (including, but not limited to, the information set forth under the captions “Risk Factors” and “Cautionary Statement on Forward-Looking Statements” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 and subsequent Quarterly Reports on Form 10-Q).

Thomas DiPiazza
Colgate-Palmolive Company
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New solution centralizes and automates rating processes to remove friction between shippers, 3PLs, and capacity providers

CHICAGO--(BUSINESS WIRE)--With capacity at record lows, project44, the global leader in real-time supply chain visibility, today announced its new Over-the-Road Rating solution, a data-driven product that centralizes information to increase transparency in the rate quote and tendering process. As the impartial connective tissue for supply chain logistics, project44 is uniquely positioned to provide aggregated data and support one-to-many interactions that solve key industry challenges, enabling shippers, 3PLs, and carriers to operate more effectively.

Over-the-Road Rating is a software application that centralizes information on truckload contract and spot market rates so shippers and 3PLs can make smarter buying decisions. Capacity Providers benefit by generating more direct revenue from the 400+ project44 customers in North America. As a one-to-many platform, project44 will never be a broker, but is instead focused on facilitating connectivity and delivering accurate, actionable data to help solve the most critical supply chain challenges.

"As a neutral technology platform and the leader in real-time logistics data, project44 can aggregate highly accurate truckload and spot rate data to increase transparency and automation in the quoting process," said Jett McCandless, founder and CEO of project44. "Over-the-Road Rating is actually an extension of one our first offerings from 2016, LTL Rating, which many customers use and love today. I am proud of our commitment to innovation as we continue to extend our capabilities to help shippers and 3PLs keep freight moving for their customers."

Over-the-Road Rating

Without a unified platform to receive information, shippers, 3PLs, and capacity providers must manage countless emails, spreadsheets, and phone calls to get quotes. Over-the-Road Rating gathers highly accurate quoting data and automates aspects of the rating process. This removes friction between shippers and 3PLs when retrieving a rate quote from capacity providers, creating much needed transparency.

“Organizations everywhere are feeling the strain of capacity shortages in the global supply chain. Over-the-Road Rating extends on project44's core value proposition -- being the data pipes for the supply chain,” said Guillermo Garcia, founder and CEO of SmartHop, a leading AI powered dispatch solution for OTR Trucking. “Exposing this data more broadly helps us automate manual processes in the rating and tendering process and increase transparency with highly accurate quoting data.”

In a single platform, Over-the-Road Rating provides the data visibility and communication channel that shippers, 3PLs, and capacity providers need to streamline and expedite their interactions with one another. On the demand side, shippers and 3PLs can see centralized rating and quoting data and use a single platform to streamline the interactions between shippers and 3PLs with capacity providers. On the supply side, Over-the-Road Rating will enable capacity providers to find loads in their most critical lanes, receive rate requests automatically, and gain richer insight into shipper and demand-side 3PLs buying decisions, all while controlling who sees their rates in the platform.

In its first iteration, Over-the-Road Rating will provide a centralized web interface that helps customers identify truckload capacity within minutes. Over time Over-the-Road Rating will support rating and tender for additional modes of transport in a single, API-based platform that enables one-to-many interactions; all while leveraging project44’s proprietary analytics to help improve confidence in acceptance rates, overall trackability, and service-levels.

Any truckload broker or carrier is invited to use Over-the-Road Rating and there is no technical implementation required. To help Shippers, 3PLs, and Carriers navigate unprecedented supply chain challenges, project44 has made both Over-the-Road Rating and Cooperative free for the remainder of 2021.

To learn more about Over-the-Road Rating or to sign up, click here

About project44

project44 is the world’s leading advanced visibility platform for shippers and logistics service providers. project44 connects, automates, and provides visibility into key transportation processes to accelerate insights and shorten the time it takes to turn those insights into actions. Connected to thousands of carriers worldwide and having comprehensive coverage for all ELD and telematics devices on the market, project44 supports all transportation modes and shipping types, including Air, Parcel, Final-Mile, Less-than-Truckload, Volume Less-than-Truckload, Groupage, Truckload, Rail, Intermodal, and Ocean. In 2021, project44 was named a Leader among Real-Time Transportation Visibility Providers in Gartner’s Magic Quadrant. To learn more, visit project44.com.

Media Contact
Charlie Ungashick
Chief Marketing Officer
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Grain Prices, Industrial Recovery Support Global Nitrogen Demand Strength into 2023

Widening Energy Spreads Steepen Global Cost Curve, Driving Improved Margins

Company Achieved Investment Grade Credit Ratings

Board Authorizes $1.5 Billion Share Repurchase Program

DEERFIELD, Ill.--(BUSINESS WIRE)--CF Industries Holdings, Inc. (NYSE: CF), a leading global manufacturer of hydrogen and nitrogen products, today announced results for its first nine months and third quarter ended September 30, 2021. As discussed below, results are preliminary pending completion of an impairment analysis and finalization of non-cash impairment charges related to the Company’s UK operations.

Highlights

• First nine months net earnings of $212 million⁽¹⁾, or $0.98 per diluted share, and EBITDA⁽²⁾ of $984 million, which include the impact of preliminary pre-tax non-cash impairment charges of $495 million related to the Company’s UK operations; adjusted EBITDA⁽²⁾ of $1,485 million
• Third quarter net loss of $185 million⁽¹⁾, or $0.86 per diluted share, and EBITDA loss of $10 million, which include the impact of preliminary pre-tax non-cash impairment charges of $495 million related to the Company’s UK operations; adjusted EBITDA of $488 million
• Trailing twelve month net cash from operating activities of $1.68 billion, free cash flow⁽³⁾ of $1.00 billion
• Achieved Investment Grade Credit Ratings from S&P Global Ratings and Fitch Ratings
• Redeemed $250 million in debt in the third quarter, lowering long-term debt to $3.5 billion, committed to lowering gross debt to $3.0 billion
• Repurchased approximately 1.1 million shares for $50 million during the third quarter; new $1.5 billion share repurchase program authorized for 2022-2024
• Board approved construction of carbon dioxide dehydration and compression units at Donaldsonville and Yazoo City complexes, enabling the production of up to 1.25 million tons of blue ammonia annually
• U.S. International Trade Commission issued an affirmative decision in the preliminary phase of its antidumping and countervailing duty investigation of UAN imports from Russia and Trinidad

“Strong global nitrogen demand, favorable energy spreads and continued excellent performance by the CF team helped us deliver a nearly 50 percent increase in adjusted EBITDA through the first nine months of 2021 compared to 2020,” said Tony Will, president and chief executive officer, CF Industries Holdings, Inc. “We expect positive nitrogen industry fundamentals will persist at least into 2023, underpinned by the need to replenish global grains stocks and by rising economic activity. We are well-positioned to capitalize on these positive industry dynamics, enabling us to invest in our clean energy initiatives, return substantial capital to shareholders and achieve our goal of $3 billion of gross debt by 2023.”

Nitrogen Market Outlook

High crop prices and the need to replenish global grains stocks are expected to underpin global fertilizer demand in the near-term. Forward curves indicate elevated crop prices through 2023, incentivizing strong plantings and fertilizer use globally. The rebound in global GDP growth and industrial activity also has supported increased nitrogen demand. Additionally, management believes that global nitrogen supply will remain constrained with production in key regions affected by high energy prices.

• North America: Management projects that farmers will continue to plant nitrogen-consuming crops (corn, wheat, cotton and canola) at high levels given their relatively high front month and futures prices. The Company projects that corn plantings in the United States will be approximately 93 million acres in 2022, similar to 2021. Industrial activity in the region continues to increase in line with economic activity, supporting further demand for nitrogen products.
• India: Management expects India to continue to tender for urea into the first quarter of 2022 due to lower domestic urea production and lower-than-expected urea volumes secured from tenders earlier in 2021.
• Brazil: Reduced corn production in 2021 has supported higher corn prices and suggests higher planted corn acres in the current and upcoming planting season. Through September, urea imports to Brazil were 10% higher than in 2020.
• Europe: Forward curves for natural gas in Europe and Asia project that prices will remain high through at least the first quarter, challenging producer profitability and suggesting lower operating rates in the near-term. As a result, management expects significantly higher nitrogen imports into Europe to meet demand for winter crops and the spring application season, reflecting the impact of 8-10 million metric tons of annual ammonia capacity that is shut down or curtailed in the region currently.
• China: Urea exports from China are expected to be limited through at least the first half of 2022 as the Chinese government has implemented measures to promote the availability and affordability of fertilizers domestically, including steps to discourage urea exports.

During this period, energy differentials between Europe and Asia to the Henry Hub natural gas price benchmark in the United States have increased substantially. This has steepened the global nitrogen cost curve and increased margin opportunities for low-cost North American producers. Forward curves suggest that favorable energy spreads will persist throughout 2022 and into 2023, albeit at levels lower than the highs of recent months.

As a result, management expects the global nitrogen pricing outlook to remain favorable as high global nitrogen demand and lower operating rates in Europe and Asia from high energy prices should sustain a tight global nitrogen supply and demand balance at least into 2023.

Operations Overview

The Company continues to operate safely and efficiently across its network. As of September 30, 2021, the 12-month rolling average recordable incident rate was 0.24 incidents per 200,000 work hours, which is significantly better than industry benchmarks.

Gross ammonia production for the third quarter of 2021 was approximately 2.2 million tons, and was approximately 6.9 million tons for the first nine months of 2021. Management expects gross ammonia production for the full year 2021 will be approximately 9 million tons. This reflects the impact of the highest level of maintenance activity in the Company’s history, including turnarounds at seven of the Company’s 17 ammonia plants. Production volumes were also affected by plant outages and subsequent maintenance due to natural gas availability issues caused by Winter Storm Uri in February 2021 and maintenance related to Hurricane Ida in August 2021.

In September 2021, the Company announced a halt to UK operations at its Billingham and Ince facilities due to high natural gas prices. Subsequently, the Company’s UK subsidiary restarted the Billingham Complex under an interim agreement with the UK government to ensure the supply of carbon dioxide (CO₂), a byproduct of the ammonia production process, in the country. The Billingham facility is expected to continue to operate through at least January 2022, reflecting the impact of new CO₂ pricing and offtake agreements reached with its industrial gas customers. Operations remain halted at the Company’s Ince facility and the Company is continuing to monitor market conditions.

Financial Results Overview

Material Impairment Charges

Following the Company’s decision in September 2021 to halt UK operations at its Billingham and Ince facilities, management conducted an evaluation of the goodwill and long-lived assets, including definite-lived intangible assets, of its UK operations to determine if their fair value had declined to below their carrying value. As a result of this review, management concluded that a decline in the fair value had occurred as of September 30, 2021. The financial information included in this release reflects the recognition of preliminary pre-tax non-cash impairment charges of $495 million. The preliminary non-cash impairment charges are subject to completion of the Company’s quarter-end close procedures. As a result, the financial information included in this report is subject to change and constitutes forward-looking information. The Company expects to complete the impairment analysis and finalize the amount of the impairment charges in connection with the filing of the Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2021.

First Nine Months 2021 Financial Results

For the first nine months of 2021, net earnings attributable to common stockholders were $212 million, or $0.98 per diluted share; EBITDA was $984 million; and adjusted EBITDA was $1,485 million. These results compare to the first nine months of 2020 net earnings attributable to common stockholders of $230 million, or $1.07 per diluted share; EBITDA of $982 million; and adjusted EBITDA of $1,012 million.

Net sales in the first nine months of 2021 were $4.0 billion compared to $3.0 billion in the first nine months of 2020. Average selling prices for the first nine months of 2021 were higher than the first nine months of 2020 across all segments due to strong global demand as well as decreased global supply availability as higher global energy costs drove lower global operating rates. Sales volumes in the first nine months of 2021 were lower than the first nine months of 2020 due to lower supply availability from lower production.

Cost of sales for the first nine months of 2021 was higher compared to the first nine months of 2020 due to higher natural gas costs and higher maintenance costs, partially offset by the impact of lower sales volumes and the gain the Company recognized from the net settlement of certain natural gas contracts with suppliers during February 2021.

In the first nine months of 2021, the average cost of natural gas reflected in the Company’s cost of sales was $3.51 per MMBtu⁽⁴⁾ compared to the average cost of natural gas in cost of sales of $2.11 per MMBtu in the first nine months of 2020.

Third Quarter 2021 Financial Results

For the third quarter of 2021, net loss attributable to common stockholders was $185 million, or $0.86 per diluted share; EBITDA loss was $10 million; and adjusted EBITDA was $488 million. These results compare to third quarter 2020 net loss attributable to common stockholders of $28 million, or $0.13 per diluted share; EBITDA of $196 million; and adjusted EBITDA of $204 million.

Net sales in the third quarter of 2021 were $1.36 billion compared to $0.85 billion in the third quarter of 2020. Average selling prices for the third quarter of 2021 were higher than the third quarter of 2020 across all segments due to strong global demand as well as decreased global supply availability as higher global energy costs drove lower global operating rates. Sales volumes in the third quarter of 2021 were lower than the third quarter of 2020 due to lower supply availability from lower production.

Cost of sales for the third quarter of 2021 was higher compared to the third quarter of 2020 primarily due to higher natural gas costs and higher maintenance costs, partially offset by the impact of lower sales volumes.

In the third quarter of 2021, the average cost of natural gas reflected in the Company’s cost of sales was $4.21 per MMBtu compared to the average cost of natural gas in cost of sales of $1.91 per MMBtu in the third quarter of 2020.

Capital Management

Capital Expenditures

Capital expenditures in the third quarter and first nine months of 2021 were $201 million and $382 million, respectively. Management projects capital expenditures for full year 2021 will be in the range of $500 million, reflecting higher maintenance activity in 2021, which included maintenance deferred from 2020 as well as activity that was previously planned to occur in 2022.

Long-Term Debt Actions

On September 10, 2021, the Company’s wholly owned subsidiary CF Industries, Inc., redeemed $250 million principal amount, representing one-third of the $750 million principal amount outstanding immediately prior to such redemption, of its 3.450% senior notes due 2023 in accordance with the optional redemption provisions in the indenture governing them. The total amount for the partial redemption was approximately $265 million, including accrued interest. As of September 30, 2021, the aggregate principal amount of CF Industries Holdings, Inc.'s outstanding long-term indebtedness was $3.5 billion.

During the quarter, Fitch Ratings and S&P Global Ratings issued investment-grade credit ratings with respect to CF Industries Holdings, Inc. The issuance of these ratings resulted in an Investment Grade Rating Event under the Company's 4.500% senior secured notes due 2026 and the satisfaction of the Collateral and Guarantee Release Conditions under our revolving credit agreement. As a result, under the terms of those debt instruments, the collateral, liens and subsidiary guarantees under those debt instruments were automatically released on August 23, 2021.

Share Repurchase Program

During the third quarter of 2021, the company repurchased approximately 1.1 million shares for $50 million. From February 2019, when the current $1 billion share repurchase authorization was announced, through September 30, 2021, the Company has repurchased approximately 11.3 million shares for $487 million. The current share repurchase program will expire at the end of 2021.

On November 3, 2021, the Board of Directors of CF Industries Holdings, Inc., authorized a new $1.5 billion share repurchase program. The program goes into effect January 1, 2022, and runs through the end of 2024.

CHS, Inc. Distribution

CHS Inc. (CHS) is entitled to semi-annual distributions resulting from its minority equity investment in CF Industries Nitrogen, LLC (CFN). The estimate of the partnership distribution earned by CHS, but not yet declared, for the third quarter of 2021 is approximately $94 million.

Clean Energy Initiatives

CF Industries continues to advance its plans to support the global hydrogen and clean fuel economy, which is expected to grow significantly over the next decade, through the production of blue and green ammonia. In line with this strategic focus, the Board of Directors has authorized projects that will enable the annual production of up to 1.25 million tons of blue ammonia – ammonia produced with the corresponding CO₂ byproduct removed through carbon capture and sequestration – from the Company’s existing network starting in 2024.

The projects will involve constructing units at the Donaldsonville and Yazoo City complexes that dehydrate and compress CO₂, a process essential for CO₂ transport via pipeline to sequestration sites. Management expects that, once the units are in service and sequestration is initiated, the Company could sequester up to 2.5 million tons of CO₂ per year (2 million tons at Donaldsonville and 500,000 tons at Yazoo City). Under current regulations, the projects would be expected to qualify for tax credits under Section 45Q of the Internal Revenue Code, which provides a credit per metric ton of CO₂ sequestered.

The Company is currently in advanced discussions with several parties regarding transportation and sequestration of CO₂ from Donaldsonville. Construction of the units at the Donaldsonville Complex is expected to begin in 2022 and to be completed in 2024, with an estimated total cost of $200 million. The Yazoo City project will commence once a third-party transport and sequestration partner has been confirmed and timed to coincide with CO₂ transport pipeline construction. Once started, the project is expected to be completed in three years with an estimated total cost of $85 million.

CF Industries continues to develop other initiatives related to its clean energy strategy across the Company’s network.

UAN Antidumping and Countervailing Duty Investigations

On June 30, 2021, CF Industries, through certain of its production facilities, filed petitions with the U.S. Department of Commerce (“Commerce”) and the U.S. International Trade Commission (“ITC”) requesting the initiation of antidumping and countervailing duty investigations on imports of urea ammonium nitrate solutions (“UAN”) from Russia and Trinidad.

CF Industries, which is the largest producer of UAN in the United States, requested the investigations due to the harm the domestic UAN industry has experienced from dumped and unfairly subsidized UAN imports from Russia and Trinidad. CF Industries filed its petitions under United States antidumping and countervailing duty laws, which authorize Commerce to level the playing field for domestic industries injured by foreign imports that are dumped and unfairly subsidized.

On August 13, 2021, the ITC issued an affirmative decision in the preliminary phase of its antidumping and countervailing duty investigation of UAN imports from Russia and Trinidad. The ITC decision found that there is a reasonable indication that imports of UAN from Russia and Trinidad materially injure the U.S. UAN industry. Under U.S. trade laws, a finding of injury to the domestic industry is a prerequisite for imposing antidumping and countervailing duties.

As a result of the ITC’s determination, Commerce will continue its own investigations of UAN imports from Russia and Trinidad. The purpose of Commerce’s investigations is to determine whether imports of UAN from Russia and Trinidad are being dumped in the U.S. market or unfairly subsidized, and if so at what levels. Commerce is scheduled to issue its preliminary countervailing duty determinations in November 2021, followed by preliminary antidumping determinations. The Company expects that Commerce will then issue final determinations in 2022.

If Commerce’s final determinations are affirmative, then the ITC would make a final injury determination. If both agencies make affirmative final determinations – which typically takes approximately one year – then Commerce would issue antidumping and countervailing duty orders on UAN from Russia and Trinidad, which would remain in place for at least five years. At this time, management cannot predict the outcome of the proceedings, including whether antidumping or countervailing duties will be imposed on imports from either country, or the rate of any such duties.