TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO:6503) announced today its consolidated financial results for the first half and second quarter, ended September 30, 2021, of the current fiscal year ending March 31, 2022 (fiscal 2022).

The full document on Mitsubishi Electric’s financial results can be viewed at the following link:
www.MitsubishiElectric.com/news

1. Consolidated Half-year Results (April 1, 2021 – September 30, 2021)

The economy in the first half of fiscal 2022, from April through September 2021, generally continued to see recovery in the corporate sector in the U.S., Europe and Japan. The household sector also recovered in the U.S. and Europe due to the progress in the novel coronavirus diseases (COVID-19) vaccinations, while the continuing impact of COVID-19 put downward pressure on recovery of the household sector in Japan. China continued to see recovery in export, while the paces of recovery in manufacturing and the household sector slowed down.

Revenue

Revenue in the first half increased by 236.3 billion yen from the same period of the previous fiscal year to 2,138.3 billion yen due primarily to increased revenue in Industrial Automation Systems, Home Appliances and Electronic Devices segments. Industrial Automation Systems segment saw an increase in the factory automation systems business due mainly to an increase in demand for capital expenditures relating to semiconductor, electronic components, smartphones and lithium-ion battery worldwide. The automotive equipment business also increased as demand for new cars recovered in all regions except for China. Home Appliances segment increased because demand for air conditioners remained buoyant particularly in Europe and North America. Electronic Devices segment increased due primarily to recovery in demand for power modules.

Operating Profit

Operating profit increased by 76.4 billion yen from the same period of the previous fiscal year to 137.8 billion yen due mainly to increased operating profit in Industrial Automation Systems and Home Appliances segments. Operating profit ratio improved by 3.2% from the same period of the previous fiscal year to 6.4%.

The cost ratio improved by 2.0% from the same period of the previous fiscal year due primarily to higher operating ratio caused by increased revenue of Industrial Automation Systems and Home Appliances segments in addition to the yen depreciating against other currencies. Selling, general and administrative expenses increased by 32.3 billion yen from the same period of the previous fiscal year, but selling, general and administrative expenses to revenue ratio improved by 1.1%. Other profit (loss) increased by 1.9 billion yen from the same period of the previous fiscal year, and other profit (loss) to revenue ratio improved by 0.1%.

Profit before income taxes

Profit before income taxes increased by 72.7 billion yen from the same period of the previous fiscal year to 148.3 billion yen due primarily to an increase in operating profit. Profit before income taxes to revenue ratio was 6.9%.

Net profit attributable to Mitsubishi Electric Corporation stockholders

Net profit attributable to Mitsubishi Electric Corporation stockholders increased by 56.6 billion yen from the same period of the previous fiscal year to 104.8 billion yen due mainly to increased profit before income taxes. Net profit attributable to Mitsubishi Electric Corporation stockholders to revenue ratio was 4.9%.

Forecast for Fiscal 2022

Mitsubishi Electric’s business performance for fiscal 2022 is expected to exceed the company’s previous forecast considering changes in exchange rates and latest orders received. As a result, the company’s consolidated earnings forecast for fiscal 2022, ending March 31, 2022, has been revised from the announcement on July 29, 2021 as stated below.

Based on a certain premise, the company has taken into consideration the impact of improper testing, including costs for additional inspections and strengthening the quality control system. Depending on the progress of future discussions with customers and investigations, the Group may incur losses exceeding its premise or relating to the discovery of any other improper quality-related conduct. If any potential impact comes to light, it will be disclosed promptly. For more information regarding improper testing, please see “Relevant documents” of “Restoring trust: Our roadmap for reform.”
https://reform.mitsubishielectric.com/relevant-documents/

Consolidated forecast for fiscal 2022

Exchange rates in and after the third quarter of fiscal 2022 is 110 yen to the U.S. dollar, which is 5 yen weaker from the company’s previous announcement; 125 yen to the euro, which is unchanged from the company’s previous announcement; and 17.0 yen to the Chinese yuan, which is 0.5 yen weaker from the company’s previous announcement.

About Mitsubishi Electric Corporation

With 100 years of experience in providing reliable, high-quality products, Mitsubishi Electric Corporation (TOKYO: 6503) is a recognized world leader in the manufacture, marketing and sales of electrical and electronic equipment used in information processing and communications, space development and satellite communications, consumer electronics, industrial technology, energy, transportation and building equipment. Mitsubishi Electric enriches society with technology in the spirit of its “Changes for the Better.” The company recorded a revenue of 4,191.4 billion yen (U.S.$ 37.8 billion*) in the fiscal year ended March 31, 2021. For more information, please visit www.MitsubishiElectric.com
*U.S. dollar amounts are translated from yen at the rate of ¥111=U.S.$1, the approximate rate on the Tokyo Foreign Exchange Market on March 31, 2021

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Mitsubishi Electric Corporation
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Sachiko Masuda
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Mitsubishi Electric Corporation
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www.MitsubishiElectric.com/news/

BOSTON--(BUSINESS WIRE)--#LifeIsOn--Schneider Electric, the leader in the digital transformation of energy management and automation, published today the detail of third-quarter progress on its 2021-2025 sustainability impact targets. Named as the world’s most sustainable corporation 2021 by the Corporate Knights Global 100 Index, Schneider Electric had announced the acceleration of its sustainability strategy in January 2021, aligned to ongoing commitments to climate, resources, trust, equal opportunities, generations, and local communities.

Schneider Electric continues to engage in positive climate action with the broader business ecosystem by expanding its global sustainability consulting business, and helping organizations make meaningful decarbonization progress. Most recently, Schneider extended its climate strategy partnerships with Velux, Alfa Laval and DuPont. In addition, the ambitious Zero Carbon Project proceeds to sustainably transform Schneider’s top 1,000 suppliers by halving their CO₂ emissions by 2025.

“We know that addressing climate change is the defining issue of our generation, and that businesses play a key role – but we also know that we must go faster if we are to avoid the worst impacts of warming this century,” said Olivier Blum, Chief Strategy and Sustainability Officer for Schneider Electric. “By combining our own experience in sustainability with our market-leading services in decarbonization and energy strategy and action, we can escalate the transition to a cleaner, greener future.”

This progress comes against the backdrop of the recent publication of the Sixth Assessment Report from the Intergovernmental Panel on Climate Change (IPCC) projecting 1.5°C of global warming above pre-industrial levels by 2028-35 ─ roughly a decade earlier than it had previously warned. This has intensified global attention in the run-up to the United Nations conferences on biodiversity (COP15) and climate (COP26) in Kunming (China) from October 12 to 15 and in Glasgow (United Kingdom) from October 31 to November 12, respectively.

The 2030 imperative: A race against time research report produced by the Schneider Electric Research Institute also reiterates the urgent need to reduce emissions by rapidly decarbonizing buildings, transport, and industry with smart, green electricity and next-generation automation. Schneider Electric’s proven digital technologies to help address climate change and biodiversity loss have been showcased on the World Economic Forum's Net Zero Carbon Cities Toolbox and the Global Footprint Network’s 100 Days of Possibility online platforms. Example solutions and case studies include Schneider Electric’s 26,000 square meter smart office park Intencity in Grenoble (France), which is home to 5,000 employees, yet only consumes 37-kilowatt hours per square meter each year — nearly 10 times less energy than the average European building, thanks to rooftop solar panels, onsite wind turbines and technology to share and coordinate energy with a neighboring community microgrid.

Schneider has continued to deliver on its 2021-2025 Schneider Sustainability Impact (SSI) program including its long-term commitment to harness the power of all generations, by fostering learning, upskilling, and the development of each generation while paving the way for the next. Schneider has now trained over 300,000 young people in energy management, including recent engagement the Underprivileged Children’s Educational Programs in Bangladesh.

The SSI results rounded off the third-quarter with a total score of 3.65/10, still on track to reach the full-year target set at 3.75/10.

Detailed results and highlights of the SSI program are presented in the Q3 report, which includes the overview in the image provided.

Find out more on Schneider Sustainability Impact, results and highlights:

• Q3 2021 Schneider Sustainability Impact report
• Q3 2021 Financial and Extra-financial document

Schneider Electric’s Environmental, Social and Governance (ESG):

• Frequently Asked Questions (FAQ)
• Sustainability Disclosure Dashboard 2020

Latest Schneider Electric’s Sustainability awards and rankings:

• Schneider Electric reaches number 1 spot for sustainability in its sector by ESG rating agency Vigeo Eiris
• Schneider Electric ranked #1 in Gartner's Europe Top 15 Supply Chains for 2021
• Schneider Electric awarded the prestigious “Best Financial Operation of the Year in Financing Category” from Le Club des Trente
• Schneider Electric retains top rankings at the Institutional Investor 2021 Awards
• Schneider Electric included on Fortune’s annual Change the World List
• Schneider Electric receives the 2021 Transparency Award in the Extra-financial transparency category

About Schneider Electric

Schneider’s purpose is to empower all to make the most of our energy and resources, bridging progress and sustainability for all. We call this Life Is On.

Our mission is to be your digital partner for Sustainability and Efficiency.

We drive digital transformation by integrating world-leading process and energy technologies, end-point to cloud connecting products, controls, software and services, across the entire lifecycle, enabling integrated company management, for homes, buildings, data centers, infrastructure and industries.

We are the most local of global companies. We are advocates of open standards and partnership ecosystems that are passionate about our shared Meaningful Purpose, Inclusive and Empowered values.

www.se.com

Discover Life Is On | Follow us on: Twitter, Facebook, LinkedIn, YouTube, Instagram, Blog

Hashtags: #LifeIsOn #Sustainability #SRI #OurImpact

Schneider Electric Media Relations
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Thomas Eck, 917-797-4974
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LOS ANGELES--(BUSINESS WIRE)--EVgo Inc. (“EVgo”), the nation’s largest public fast charging network for electric vehicles (EVs) and first powered by 100% renewable electricity, today announced that it will release its third quarter 2021 financial results before market open on Wednesday, November 10^th, 2021. This release will be followed by a conference call hosted by members of the EVgo management team at 11:00 AM Eastern Time.

Interested investors and other parties may access a live webcast of the conference available on the Events & Presentations page in the Investor Relations section of EVgo’s website at https://investors.evgo.com/events-and-presentations. The call can also be accessed live over the telephone by dialing (877) 407-4018 or for international callers, (201) 689-8471 and referencing EVgo. Please log in to the webcast or dial in to the call at a minimum 10 minutes before the start of the event.

An archive of the webcast will be available for a period of time shortly after the call on the Events & Presentations page in the Investor Relations section of EVgo’s website.

About EVgo

EVgo is the nation’s largest public fast charging network for electric vehicles, and the first to be powered by 100% renewable energy. With more than 800 fast charging locations, EVgo’s owned and operated charging network serves over 68 metropolitan areas across 35 states and more than 300,000 customers. Founded in 2010, EVgo leads the way on transportation electrification, partnering with automakers; fleet and rideshare operators; retail hosts such as hotels, shopping centers, gas stations and parking lot operators; and other stakeholders to deploy advanced charging technology to expand network availability and make it easier for drivers across the U.S. to enjoy the benefits of driving an EV. As a charging technology first mover, EVgo works closely with business and government leaders to accelerate the ubiquitous adoption of EVs by providing a reliable and convenient charging experience close to where drivers live, work and play, whether for a daily commute or a commercial fleet.

For Investors:
Ted Brooks, VP of Investor Relations
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310-954-2943

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The utility provider will integrate the solution for its fleet over of over 1,000 vehicles as part of its strategic safety program

COMMACK, N.Y.--(BUSINESS WIRE)--IntelliShift, the leading cloud-based fleet and safety management platform, today announced that UGI Utilities, Inc. has adopted IntelliShift’s in-cab AI Video solution across its fleet of commercial vehicles. UGI, a natural gas and electric utility committed to delivering reliable, safe, and affordable energy, will leverage the technology to deliver proactive coaching to drivers and improve data-driven decision making – key components of its driver safety strategy.

As a company, UGI is committed to a safety culture that protects employees, customers and the community. It needed a solution to provide proactive driver coaching and enhanced safety practices, greater data accuracy and transparency, and one that could fully integrate with its emergency dispatch system to continuously improve response time.

“As we reviewed the data, it became clear that integrating IntelliShift with AI Video could help us address issues at the individual driver level,” said Joe Kopalek, Vice President, Environment, Health and Safety of UGI Utilities. “We needed to be more proactive, not reactive. After an exhaustive search, committed to finding a transparent, data-driven partner, we found what we were looking for in IntelliShift.”

Unfortunately, accidents can occur. While the continual goal of every safety minded business is to protect drivers and reduce incidents, the added ability to safeguard against potentially fraudulent claims and frivolous lawsuits is also important. IntelliShift’s AI Video solution helps by leveraging artificial intelligence (AI), G-force sensors, and 360-degree video, alerting drivers to hazardous road conditions and unsafe driving behaviors. With the ability to integrate across key internal metrics, IntelliShift’s platform enables managers to tie performance directly to core safety goals.

“Our IntelliShift solution stands out for its ability to bring better visibility across business functions, improve driver collaboration and performance, and deliver best-in-class reporting,” said John Cunningham, Founder and CEO of IntelliShift. “Businesses like UGI benefit from the understanding that growth and safety go hand in hand. Protecting people and assets starts with smarter decisions based on actionable and reliable, holistic data.”

To learn more about IntelliShift’s AI Video solution, visit: https://intellishift.com/solutions/safety-management-video-telematics/ai-video/

About IntelliShift

IntelliShift is the leader in connected fleet and safety operations. Leveraging 20 years of telematics expertise, our cloud-based IoT platform unites people, processes, vehicles, and equipment. Connecting real-time operational data, IntelliShift delivers actionable insights and intelligently predicts and optimizes business performance. As a trusted partner to mobile and field operations spanning SMB, mid-market, and enterprise, our client-centric approach ensures a seamless deployment and easy integration with existing solutions. The IntelliShift platform generates immediate returns through increased productivity, improved safety metrics, and a demonstrable reduction in costs per asset. We are proud to work with leading brands including Bimbo Bakeries, Thyssenkrupp Elevators, and US Ecology.

Kirsten Welch
PAN Communications
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Deployment of the innovative EVx™ platform expected to generate up to $520 million in revenue

LUGANO, Switzerland & WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Energy Vault, Inc. (“Energy Vault”), the company developing sustainable, grid-scale energy storage solutions with its proprietary technology, today announced that it has entered into an energy storage system agreement with DG Fuels LLC (“DG Fuels”), an emerging leader in renewable hydrogen and biogenic based, synthetic sustainable aviation fuel (”SAF”) and diesel fuel.

Under the terms of the agreement, Energy Vault agreed to provide 1.6 gigawatt hours (GWh) of energy storage to support DG Fuels across multiple projects, with the first project slated for 500 megawatt hours (MWh) in Louisiana. This initial project will be followed by additional projects in British Columbia and Ohio. DG Fuels has developed a carbon conversion fuel production process that is targeting a 93% carbon conversion efficiency, which reduces the amount of feedstock required to produce SAF and lowers cost of production.

DG Fuels will deploy Energy Vault’s gravity storage systems to provide green electricity in conjunction with photovoltaic solar to firm and shape the renewable energy to match the demand load of the green hydrogen production. The renewable power will be used to power HydrogenPro water electrolysis for both hydrogen and oxygen feedstock production.

Energy Vault’s advanced gravity energy storage solutions are based on the proven physics and mechanical engineering fundamentals of pumped hydroelectric energy storage, but replace water with custom-made composite blocks, or “mobile masses”, which do not lose storage capacity over time. The composite blocks can be made from low-cost and locally sourced materials, including the excavated soil at the construction site, but can also utilize waste materials such as mine tailings, coal combustion residuals (coal ash), and fiberglass from decommissioned wind turbine blades.

Additionally, the Energy Vault systems are intended to minimize environmental and supply chain risks, which was a critical factor in the final selection by DG Fuels. The systems are automated with advanced computer control and machine vision software that orchestrate the charging and discharging cycles while meeting a broad set of storage durations starting from 2 hours and continuing to 12 hours, or more.

Energy Vault expects this agreement to provide up to $520 million in revenue across the three projects, the first of which expected to commence in mid-2022.

Robert Piconi, CEO and Co-Founder of Energy Vault, commented, “We are proud to collaborate with DG Fuels and its partners to economically enable 24/7 renewable power, supporting DG Fuels to execute against their plans to efficiently deliver green fuel to the aviation industry. Our energy storage systems are designed to maximize the use of local materials and stimulate local job creation, thus amplifying the sustainability benefits of DG Fuels’ deployment plans. These projects will play a critical role in reducing our reliance on fossil-based fuels while further advancing our country’s decarbonization goals.”

Michael C. Darcy, CEO of DG Fuels said, “We are pleased to be partnering with Rob and the Energy Vault team to deploy their innovative energy storage system which best meets our needs for reliable, cost effective, safe and sustainable energy storage. Energy Vault’s system will play a critical role within our technology and vendor ecosystem to efficiently deliver SAF to the transportation industry.”

About Energy Vault

Energy Vault develops sustainable energy storage solutions that are transforming the world’s approach to utility-scale energy storage for grid resiliency. Our proprietary Energy Management System software and Gravity-based Energy Storage Technology are intended to help utilities, independent power producers and large industrial energy users to significantly reduce their levelized cost of energy while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial re-use , Energy Vault is accelerating the shift to a circular economy and a fully renewable world. Learn more at www.energyvault.com.

Energy Vault previously announced an agreement for a business combination with Novus Capital Corporation II (NYSE: NXU, NXU.U, NXU WS), which is expected to result in Energy Vault becoming a public company listed on the New York Stock Exchange in the first quarter of 2022, subject to customary closing conditions.

About DG Fuels

DG Fuels is building a zero-CO2 life cycle emissions synthetic fuel system based on high carbon conversion technology reaching 93% efficiency. The DG Fuels’ technology does not require the development of new engines or an expanded hydrogen transportation and storage infrastructure. DG Fuels’ innovative technology produces a hydrogen via water electrolysis and biomass derived carbon replacement fuel for aircraft, and potentially for locomotives, vessels and trucks as well.

DG Fuels delivers a significant value proposition to end-customers, including meaningful environmental benefits and the ability to materially address sustainability goals. If successful, DG Fuel’s carbon efficient solution will tie together all critical elements to power, fuel, and provide SAF to its customers. Learn more at www.dgfuels.com.

About Novus Capital Corporation II

Novus raised approximately $287.5 million in its February 2021 IPO and its securities are listed on the NYSE under the ticker symbols “NYSE: NXU, NXU.U, NXU WS.” Novus is a special purpose acquisition company organized for the purpose of effecting a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more businesses or entities. Novus Capital is led by Robert J. Laikin, Jeff Foster, Hersch Klaff, Larry Paulson, Heather Goodman, Ron Sznaider and Vince Donargo, who have significant hands-on experience helping high-tech companies optimize their existing and new growth initiatives by exploiting insights from rich data assets and intellectual property that already exist within most high-tech companies.

Forward-Looking Statements

Certain statements included in this press release that are not historical facts are forward-looking statements for purposes of the safe harbor provisions under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook,” “designed,” and similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, projections of market opportunity, expectations and timing related to the rollout of Energy Vault’s business and timing of deployments, including with respect to the agreement with DG Fuels and the associated projects, expectations with respect to revenue generated under the agreement with DG Fuels, the consummation of the agreement with DG Fuels, the proposed features and designs of the EVx and the Energy Vault Resiliency Center (EVRC) platforms, the availability of low-cost and locally sourced materials to produce “mobile masses,” customer growth and other business milestones, potential benefits of the proposed business combination and PIPE investment (the “Proposed Transactions”), and expectations related to the timing of the Proposed Transactions.

These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Energy Vault’s and Novus’ management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by an investor as, a guarantee, an assurance, a prediction, or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Energy Vault and Novus.

These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political, and legal conditions; the inability of the parties to successfully or timely consummate the Proposed Transactions, including the risk that any regulatory approvals are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the Proposed Transactions or that the approval of the stockholders of Novus or Energy Vault is not obtained; failure to realize the anticipated benefits of the Proposed Transactions; risks relating to the uncertainty of the projected financial information with respect to Energy Vault; risks related to the rollout of Energy Vault’s business and the timing of expected business milestones; risks related to the inability or unwillingness of Energy Vault’s customers to perform under sales agreements; risks related to Energy Vault’s ability to obtain and maintain a performance bond; risks related to Energy Vault’s receiving partial payment in the form of subordinated debt; risks related to timing delays that impact the sales price due to Energy Vault under its announced agreement with DG Fuels; demand for renewable energy; ability to commercialize and sell its solution; ability to negotiate definitive contractual arrangements with potential customers, including a purchase and sale agreement with DG Fuels that is contemplated by the announced agreement; the impact of competitive technologies; ability to obtain sufficient supply of materials; the impact of Covid-19; global economic conditions; ability to meet installation schedules; construction and permitting delays and related increases in costs; risks related to the performance of systems delivered to DG Fuels; the effects of competition on Energy Vault’s future business; the amount of redemption requests made by Novus’ public shareholders; and those factors discussed in the Registration Statement and in Novus’ Registration Statement on Form S-4 relating to the business combination under the caption “Risk Factors”, and its Annual Report on Form 10-K for the fiscal year ended December 31, 2020 under the heading “Risk Factors,” and other documents of Novus filed, or to be filed, with the SEC.

Important Information About the Proposed Business Combination and Where to Find It

This communication is being made in respect of the proposed merger transaction involving Novus and Energy Vault. Novus has filed a registration statement on Form S-4 with the SEC, which includes a preliminary proxy statement/prospectus of Novus, and certain related documents, to be used at the meeting of stockholders to approve the proposed business combination and related matters. Investors and security holders of Novus are urged to read the proxy statement/prospectus, as well as any amendments thereto and other relevant documents that will be filed with the SEC, carefully and in their entirety because they contain important information about Energy Vault, Novus and the business combination. The definitive proxy statement will be mailed to stockholders of Novus as of a record date to be established for voting on the proposed business combination. Investors and security holders will also be able to obtain copies of the registration statement and other documents containing important information about each of the companies once such documents are filed with the SEC, without charge, at the SEC’s web site at www.sec.gov. The information contained on, or that may be accessed through, the websites referenced in this press release is not incorporated by reference into, and is not a part of, this press release.

Participants in the Solicitation

Novus and its directors and executive officers may be deemed participants in the solicitation of proxies of Novus’ shareholders in connection with the proposed business combination. Energy Vault and its executive officers and directors may also be deemed participants in such solicitation. Security holders may obtain more detailed information regarding the names, affiliations and interests of certain of Novus’ executive officers and directors in the solicitation by reading Novus’ Annual Report on Form 10-K for the fiscal year ended December 31, 2020, Quarterly Report on Form 10-Q for the six months ended June 30, 2021 and the proxy statement/prospectus and other relevant documents and other materials filed with the SEC in connection with the business combination when they become available. Information concerning the interests of Novus’ participants in the solicitation, which may, in some cases, be different than those of their stockholders generally, will be set forth in the proxy statement/prospectus relating to the business combination when it becomes available.

No Offer or Solicitation

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of such other jurisdiction.

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~ New, state-of-the-art cold storage warehouse is strategically located near Port of Virginia’s world-renowned Portsmouth Marine Terminal and will support the nation’s supply chain needs ~

~ Facility represents an $84 million investment that will spur economic and job development in Portsmouth, Virginia ~

PORTSMOUTH, Va.--(BUSINESS WIRE)--Lineage Logistics, LLC (“Lineage” or the “Company”), the world’s largest and most innovative temperature-controlled industrial REIT and logistics solutions provider, today announced the opening of its newest fully automated facility strategically located near the Port of Virginia’s world-renowned Virginia International Gateway in Portsmouth which offers an integrated network of highways, air, rail, and sea services.

The new state-of-the-art cold storage warehouse joins Lineage’s growing network of over 22 fully automated facilities worldwide. The Company’s growing automation presence comes at a critical time for the cold chain sector as the pandemic accelerated much-needed change to operations and systems within the decades-old cold storage industry. Lineage’s industry-leading automation technology increases storage density, maximizes capacity, provides real-time inventory management, and keeps food safe all while reducing energy consumption.

“As a testament to the power of public-private partnership, we are so pleased to announce the opening of our state-of-the-art facility in Portsmouth,” said Brian Beattie, Senior Vice President of Sale at Lineage Logistics. “Lineage’s innovative technology used in the Portsmouth warehouse will help our customers address rising supply chain demands both nationally and internationally while contributing to the ongoing economic development and job development in the region.”

Portsmouth Economic Development alongside the Virginia Economic Development Partnership, the Portsmouth Ports & Industrial Commission, and the Virginia Port Authority worked to secure the project for Lineage, which in the end resulted in the $84 million investment, produced over 80 high-paying jobs with a Portsmouth-first plan, and remediated a former chemical plant site that was previously vacant – all of which have benefited and will continue to support the city’s economic expansion.

“Portsmouth is thrilled to welcome Lineage Logistics to our business community,” said Shannon E. Glover, Mayor of Portsmouth. “Lineage has already become a wonderful community partner with its participation in our Portsmouth@Work programs, its commitment to supporting Portsmouth residents and businesses, and in the redevelopment of a key brownfield site. We look forward to Lineage continuing to grow in Portsmouth.”

The 167,264 square-foot facility, which is adjacent to the Virginia International Gateway, provides Lineage with access to key markets and will serve as a critical hub to connect people with food around the world. The facility will also aid in strengthening the supply chain and logistics infrastructure in Portsmouth as well as address the growing demand for cold storage in the region. The facility includes 26,000 pallet positions and blast freezing capabilities.

“This new cold storage facility is an important regional asset that is going to create jobs, provide greater flexibility to movers of cold cargo and help increase volumes of cold cargo moving across The Port of Virginia,” said Stephen A. Edwards, CEO and Executive Director of the Virginia Port Authority. “When we expanded and optimized Virginia International Gateway [just two years ago] we added a significant amount of capacity to handle cold cargo. Lineage’s new facility, which isn’t far from the gates at VIG, is going to help directly support our investment and make the port a destination for movers of cold cargo. We look forward to working with Lineage Logistics and helping to maximize its investment here.”

At 10:30 AM EST today, leaders from Lineage Logistics will be joined by Portsmouth community leaders and business partners, including Senator Louise Lucas, Secretary Brian Ball and Portsmouth Mayor Shannon Glover, to celebrate the hard work of the teams who transformed the facility from concept to reality. The event will include a ribbon-cutting ceremony, followed by group tours of the facility.

About Lineage Logistics

Lineage Logistics is the world’s largest temperature-controlled industrial REIT and logistics solutions provider. It has a global network of over 400 strategically located facilities totaling over 2 billion cubic feet of capacity which spans 15 countries across North America, Europe and Asia-Pacific. Lineage’s industry-leading expertise in end-to-end logistical solutions, its unrivaled real estate network, and development and deployment of innovative technology help increase distribution efficiency, advance sustainability, minimize supply chain waste, and most importantly, as a Visionary Partner of Feeding America, help feed the world. In recognition of the company’s leading innovations and sustainability initiatives, Lineage was listed as No. 17 in the 2021 CNBC Disruptor 50 list, the No 1. Data Science company, and 23rd overall, on Fast Company’s 2019 list of The World’s Most Innovative Companies, in addition to being included on Fortune’s Change The World list in 2020.

Lineage Logistics
Lindsay Waller
248.765.5167
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• All-stock transaction at a fixed exchange ratio of 0.50 PSX shares for each PSXP common unit
• Simplifies governance and corporate structure
• Transaction expected to close in the first quarter of 2022

HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX) and Phillips 66 Partners (“PSXP” or the “Partnership”) (NYSE: PSXP) announced today that they have entered into a definitive agreement for Phillips 66 to acquire all of the publicly held common units representing limited partner interests in the Partnership not already owned by Phillips 66 and its affiliates.

The agreement, expected to close in the first quarter of 2022, provides for an all-stock transaction in which each outstanding PSXP common unitholder would receive 0.50 shares of PSX common stock for each PSXP common unit. The Partnership’s preferred units would be converted into common units at a premium to the original issuance price prior to exchange for Phillips 66 common stock.

“We are announcing an agreement to acquire all outstanding units of Phillips 66 Partners,” said Greg Garland, Chairman and CEO of Phillips 66. “We believe this acquisition will allow both PSX shareholders and PSXP unitholders to participate in the value creation of the combined entities, supported by the strong financial position of Phillips 66.”

The transaction value of the units being acquired is approximately $3.4 billion based on Oct. 26, 2021 market closing prices of both companies. Upon closing, the Partnership will be a wholly owned subsidiary of Phillips 66 and will no longer be a publicly traded partnership. Phillips 66 Project Development Inc., a wholly owned subsidiary of Phillips 66 and the holder of a majority of the outstanding common units of the Partnership, has voted its units to approve the transaction.

Citi and BofA Securities, Inc. are acting as financial advisors to Phillips 66, and Latham & Watkins LLP is acting as Phillips 66’s legal advisor.

The terms of the transaction were unanimously approved by the board of directors of the general partner of Phillips 66 Partners based on the unanimous approval and recommendation of its conflicts committee, comprised entirely of independent directors. The conflicts committee engaged Evercore as its financial advisor and Vinson & Elkins L.L.P. as its legal advisor.

No Offer or Solicitation

This news release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the proposed transaction or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, as amended.

Additional Information and Where You Can Find It

In connection with the proposed transaction, Phillips 66 will file a registration statement on Form S-4, which will include an information statement of the Partnership with the SEC. INVESTORS AND SECURITYHOLDERS OF PHILLIPS 66 AND THE PARTNERSHIP ARE ADVISED TO CAREFULLY READ THE REGISTRATION STATEMENT AND INFORMATION STATEMENT, PROSPECTUS OR OTHER DOCUMENT (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION, THE PARTIES TO THE TRANSACTION AND THE RISKS ASSOCIATED WITH THE TRANSACTION. A definitive information statement will be sent to securityholders of the Partnership in connection with any solicitation of proxies or consents of the Partnership unitholders relating to the proposed transaction. Investors and securityholders may obtain a free copy of such documents and other relevant documents (if and when available) filed by Phillips 66 or the Partnership with the SEC from the SEC’s website at www.sec.gov. Securityholders and other interested parties will also be able to obtain, without charge, a copy of such documents and other relevant documents (if and when available) from Phillips 66’s website at www.phillips66.com under the “Investors” tab under the heading “SEC Filings” or from the Partnership’s website at www.phillips66partners.com under the “Investors” tab and the “SEC Filings” sub-tab.

Participants in the Solicitation Relating to the Merger

Phillips 66, the Partnership and their respective directors, executive officers and certain other members of management may be deemed to be participants in the solicitation of proxies and consents in respect of the transaction. Information about these persons is set forth in Phillips 66’s proxy statement relating to its 2021 Annual Meeting, which was filed with the SEC on March 31, 2021; Phillips 66’s Annual Report on Form 10-K, which was filed with the SEC on February 24, 2021; certain of Phillips 66’s Current Reports on Form 8-K; the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the SEC on February 24, 2021, and subsequent statements of changes in beneficial ownership on file with the SEC. Securityholders and investors may obtain additional information regarding the interests of such persons, which may be different than those of the respective companies’ securityholders generally, by reading the registration statement/ information statement/prospectus and other relevant documents regarding the transaction (if and when available), which may be filed with the SEC.

^{CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS
OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995}

^{This news release contains certain 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, which are intended to be covered by the safe harbors created thereby. Words and phrases such as “is anticipated,” “is estimated,” “is expected,” “is planned,” “is scheduled,” “is targeted,” “believes,” “continues,” “intends,” “will,” “would,” “objectives,” “goals,” “projects,” “efforts,” “strategies” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Forward-looking statements contained in this release include, but are not limited to, statements regarding the expected benefits of the potential transaction to Phillips 66 and its shareholders and Phillips 66 Partners and its unitholders, and the anticipated consummation of the proposed transaction and the timing thereof. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: uncertainties as to the timing to consummate the potential transaction; the effects of disruption to Phillips 66’s or Phillips 66 Partners’ respective businesses; the effect of this communication on the price of Phillips 66’s shares or Phillips 66 Partners’ common units; transaction costs; Phillips 66’s ability to achieve benefits from the proposed transaction; and the diversion of management’s time on transaction-related issues. Other factors that could cause actual results to differ from those in forward-looking statements include: the continuing effects of the COVID-19 pandemic and its negative impact on commercial activity and demand for refined petroleum products; the inability to timely obtain or maintain permits necessary for capital projects; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs like the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; fluctuations in NGL, crude oil, and natural gas prices, and petrochemical and refining margins; unexpected changes in costs for constructing, modifying or operating our facilities; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around the companies’ assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; failure to complete construction of capital projects on time and within budget; the inability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; potential disruption of operations due to accidents, weather events, including as a result of climate change, terrorism or cyberattacks; general domestic and international economic and political developments including armed hostilities, expropriation of assets, and other political, economic or diplomatic developments, including those caused by public health issues and international monetary conditions and exchange controls; changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum products, or renewable fuels pricing, regulation or taxation, including exports; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s and Phillips 66 Partners’ businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 and Phillips 66 Partners are under no obligation (and expressly disclaim any such obligation) to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.}

About Phillips 66

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Headquartered in Houston, the company has 14,000 employees committed to safety and operating excellence. Phillips 66 had $57 billion of assets as of June 30, 2021. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.

About Phillips 66 Partners

Headquartered in Houston, Phillips 66 Partners is a master limited partnership formed by Phillips 66 to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines, terminals and other midstream assets. For more information, visit www.phillips66partners.com.

Jeff Dietert (investors)
832-765-2297
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Shannon Holy (investors)
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Thaddeus Herrick (media)
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HOUSTON--(BUSINESS WIRE)--Vertice Oil Tools Inc. (“Vertice”), a leading provider of downhole completions technology, has acquired substantially all the completions assets of Gryphon Oilfield Solutions, LLC (“Gryphon”). This acquisition expands Vertice’s geographic footprint and enhances Vertice’s ability to provide its customers with innovative completions solutions.

Mohamed Saraya, CEO of Vertice, commented, “We are excited to announce the acquisition of Gryphon’s completions business. Gryphon has developed a state-of-the-art suite of downhole technology that will augment Vertice’s existing product offering. The addition of Gryphon’s products marks an important step in our efforts to build a best-in-class completions company by providing tailored solutions for our customers.”

Vertice is backed by SCF Ventures, an early-stage investment vehicle within SCF Partners, focused on providing differentiated capital to emerging companies to develop new products and technologies in the energy services sector.

About Vertice Oil Tools

Headquartered in Stafford, TX, Vertice Oil Tools, Inc. is an oilfield products and services company specializing in downhole completions tools. Vertice’s proprietary Edge plug is a patented, “ball-less” frac plug, enabling operators to frac without pump-down fluid while providing a bypass contingency in the event of misfires or presets. In addition to its Edge plug, Vertice designs and manufactures several innovative products including V-Release re-frac liners, Hy-Form steel packers, Apex dissolvable casing floatation plugs, and Annex toe sleeves.

To learn more, visit www.verticeoiltools.com.

About Gryphon Oilfield Solutions

Gryphon Oilfield Solutions, LLC provided oilfield completions products and services in markets including the US, Canada, Middle East, and Kazakhstan. Headquartered in Houston, TX, Gryphon provided completions solutions to its clients since 2017, with products including Echo dissolvable plugs, Sureshift, Surejet, Surestack and Echo DC sleeves.

About SCF Partners

SCF Partners, headquartered in Houston, Texas, with offices also in Aberdeen, Singapore, and Calgary, is a private equity firm focused solely on building energy services, equipment, and technology companies. SCF has completed more than 400 energy services investments and helped build 17 public companies in its over 30-year history. SCF partners with operational management and assists with additional growth through acquisitions and geographic expansion initiatives to build leading companies across the globe.

Alex Nguyen
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Uplight blends Agentis' best-in-class utility customer engagement capabilities for business customers with existing product offering to augment decarbonization capacity of utility partners

BOULDER, Colo. & CHICAGO--(BUSINESS WIRE)--#Uplight--Uplight, the industry-leading technology partner for energy providers transitioning to the clean energy ecosystem, today announced the acquisition of Agentis, a leading provider of customer engagement outcomes for utility business customers. Businesses are a vital segment of the utility customer base, representing about 60% of total energy sales, and driving both local economic and clean energy growth. The combined offer with Uplight’s existing product suite creates the best-in-class singular, integrated solution to help utilities better understand, engage and drive business energy customers to action.

Agentis is a market-leading utility-customer engagement platform provider focused on driving actionable, bidirectional and mutually advantageous relationships between utilities and their business customers. Agentis’ platform turns AMI data into smarter energy usage for 3.5 million businesses, optimizing and making better decisions, leading to a smaller carbon footprint. Combining Agentis’ proven ability to help utilities engage this critical customer segment with Uplight’s analytic and data science expertise increases energy savings for Uplight’s utility partners.

“Commercial customers are critical to utilities and the clean energy ecosystem, and we’re eager to build upon Uplight’s existing analytics platform with the addition of the Agentis team. The expertise they’ve developed in delivering a better customer experience aligns perfectly with how we’re creating a more unified customer experience for our clients at Uplight,” said Uplight COO Angela Tucci. “We are truly ‘better together,’ and we look forward to continuing to enhance customer outcomes for our utility clients as we tap the talent pool in Chicago.”

This combination will better enable Uplight’s utility partners to cultivate strong relationships with and convert a greater number of their business customers into energy efficiency and energy management programs. And by establishing a new hub in Chicago, Uplight will continue to enhance its product offerings both by incorporating the exceptional Agentis team and by gaining access to a growing, nation-leading pool of diverse technical talent.

Adding Agentis’s top notch user interface to Uplight’s product suite positions Uplight as the leading provider of bespoke residential and business customer engagement experiences for business customers. Coupled with Agentis commercial sector experience, talent and proven effective relationships with utilities serving non-residential customers, Uplight is now the unparalleled leader in offerings for business customers.

“Since 2009, Agentis has been focused exclusively on business customers and truly understanding what they want from their energy provider. We’re proud of our accomplishments, empowering more than 3.5 million businesses with technology to make better energy decisions in service of a low-carbon future,” said Tim Stojka, co-founder and CEO of Agentis. “With Uplight, we’re delighted to continue that journey, now with the most comprehensive cloud-based platform, capabilities, applications, and insights to utility partners, and a growing ecosystem of third-party providers.”

About Uplight

Uplight is the technology partner for energy providers and the clean energy ecosystem. Uplight’s software solutions connect energy customers to the decarbonization goals of power providers while helping customers save energy and lower costs, creating a more sustainable future for all. Using the industry’s only comprehensive customer-centric technology suite and critical energy expertise across disciplines, Uplight is streamlining the complex transition to the clean energy ecosystem for more than 80 electric and gas utilities around the world. By empowering energy providers to achieve critical outcomes through data-driven customer experiences, delivering control at the grid edge, creating new revenue streams and optimizing existing load and assets, Uplight shares a mission with its clients to make energy more sustainable for every community. Uplight is a certified B Corporation. To learn more, visit us at www.uplight.com, find us on Twitter @Uplight or on LinkedIn at Linkedin.com/company/uplightenergy.

Elaine Reddy
720-252-8105
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These leading U.S. and Canadian utility companies add energy and grid expertise to the CMC’s expanding Member and Preferred Service Provider network

SACRAMENTO, Calif.--(BUSINESS WIRE)--The California Mobility Center (CMC) announced today that Southern California Edison and Alectra Utilities have signed Member agreements with the CMC. The innovative evolution of the energy grid and renewable resources are key success factors for future mobility. Both companies will be represented on the board of directors.

Alectra Utilities’ CEO Brian Bentz and Caroline Choi, senior vice president of Corporate Affairs at Southern California Edison (SCE) and its parent company, Edison International (EIX), join the CMC’s Board of Directors, which is comprised of some of the most prominent leaders and innovators in the future mobility industry.

“We are thrilled to welcome Southern California Edison and Alectra Utilities as the CMC’s newest Members and look forward to the insights that Brian and Caroline will bring to our board,” said CMC Board Chair Arlen Orchard. “We are proud that our Member base continues to increase representation and range across multiple industries required to accelerate the pace of future mobility commercialization.”

Electric vehicles (EVs) and increasing adoption of EV mobility options are creating huge growth opportunities for electric utilities that provide fuel for this transportation sector. EVs also present an opportunity for electric utilities to utilize EVs as a resource to manage load, thereby increasing the reliability of the grid.

Alectra Utilities is the largest municipally-owned utility company in Canada. While providing power and related services to more than four million customers in Ontario's Greater Golden Horseshoe Area and Central Ontario, Alectra is also actively working to reform and innovate the entire electric utility sector. The company is widely recognized as an emergent international leader in future mobility investments and technology innovations, particularly around progressive distributive energy and electric transportation solutions.

“We are passionate about championing innovation and embracing industry-leading technologies that will shape the future of energy,” said Alectra CEO Brian Bentz. “We believe our partnership with the California Mobility Center provides an opening for Alectra to glean lessons from California’s experience and progressive policies surrounding clean energy technologies and can enable the utility industry as a whole to fast-track new possibilities and investments that meet the demands of an ever-changing energy landscape.”

Caroline Choi oversees SCE’s Corporate Communications, Corporate Philanthropy, Government Affairs, and Public Affairs on national, state, and local levels. She has extensive experience and influence in national policy, clean energy deployment, and accelerating the shift to electric transportation through public-private collaboration and public engagement.

“From the perspective of regulatory, policy, and new technologies, joining the CMC ecosystem is a logical extension of SCE’s energy and environmental portfolio, and we are excited to engage,” said Choi. “We intend to leverage the best practices, innovation advancements, and thought leadership that the CMC uniquely provides, tap into the CMC’s extensive Member and Preferred Service Provider network, and lend our state and national relationships to accelerate future mobility systems across North America and the globe.”

Choi is a member of the Public Policy Institute of California’s Statewide Leadership Council and serves on the boards of the Electric Transportation Community Development Corporation, Smart Electric Power Alliance, a nationwide organization that supports the implementation and deployment of clean energy and distributed resources and chairs the board of Veloz, a nonprofit that brings the public and private sectors together to promote electric vehicle awareness and adoption.

The CMC is a nonprofit, public-private entity that provides future mobility innovators and industry incumbents with access to programs and resources to accelerate the pace of commercialization in California and worldwide. The CMC is was founded by global thought leaders in clean technology innovation including EnerTech Capital, a venture capital firm with a focus on electrification, autonomy, smart mobility, and connectivity; PEM Motion, a consulting and engineering company that originated in Germany with a focus on sustainable technology; and Sacramento Municipal Utility District (SMUD) is a founding partner and investor that leads the way in electric vehicle (EV) testing, development, and deployment of EVs in the Sacramento Region.

About CMC: The California Mobility Center (CMC) is a public-private partnership led by global thought leaders in clean technology innovation. The CMC aspires to be the leading global innovation and commercialization center for future mobility, strategically located in Sacramento. Its location puts the CMC in close proximity to world-class educational institutions, leaders in clean mobile technology, award winning utilities and to California government that leads the United States and the world in producing policies around green mobility and technology. For more information visit californiamobilitycenter.org.

Christine Ault
916-803-1413
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• Sunrise Wind will support New York’s goal of 100 percent clean electricity by 2040
• Green energy for nearly 600 000 homes in New York State
• First offshore HVDC grid connection project in the U.S, deploying a technology that will reduce transmission losses over long distances

ORLANDO, Fla.--(BUSINESS WIRE)--Siemens Energy has been awarded its first offshore grid connection project in the United States. In a consortium with Aker Solutions, the company will supply the high-voltage direct current (HVDC) transmission system that will bring green energy from Sunrise Wind, New York’s first utility-scale offshore wind project, to the mainland. It’s the first offshore wind project in the U.S. to use HVDC technology. The approximately 924 megawatts wind farm is developed by a joint venture between Danish clean energy company Ørsted and US-based energy provider Eversource. Located about 50 kilometers (30 miles) east of Long Island, Sunrise Wind will supply green energy to nearly 600,000 homes in New York State and support the state’s goal to meet its 100 percent clean electricity by 2040 goal.

Siemens Energy is one of the world’s leading energy technology companies, and the United States is its biggest market. With over 10,000 employees working in 84 locations throughout the U.S., the company is driving the energy transition with a portfolio of products, solutions and services that covers almost the entire energy value chain – from power generation and transmission to storage that includes both conventional and renewable energy technology.

“To date, we have connected the offshore grid to the mainland 21 times, bringing more than 12 gigawatts of wind power to households in Europe. The fact that we are now able to proceed with our very first offshore HVDC grid connection project in the United States makes us proud,” said Tim Holt, member of the Executive Board at Siemens Energy. “Carbon-neutrality goals will not be met without wide-scale deployment of renewable energy projects like Sunrise Wind. There will be many more wind projects like this in the U.S. and we are happy to do our part to help provide the country with sustainable power.”

Siemens Energy will deliver the HVDC system on a turnkey basis and provide onshore civil work in partnership with local companies. The HVDC system will enable the low-loss transport of the generated green energy from the wind farm to the mainland. It consists of two converter stations: The offshore converter station will collect the 66 kilovolts (kV) alternating current (AC) power generated by the wind turbines through an inter-array cable system and transform it to 320 kV DC for transmission through a 160 kilometers export cable to the onshore converter station, located at Holbrook on Long Island. The onshore station will convert the power back to AC to feed it into the distribution grid which will bring the energy to homes, industry, and other end users in New York. Aker Solutions is responsible for the platform consisting of a steel jacket substructure, and a topside platform deck housing the electrical equipment. Sunrise Wind will support the establishment of an enduring offshore wind supply chain in New York State. The onshore installation of the project’s converter station will be carried out by local companies. The final deliveries are scheduled for second half of 2025.

This press release and a press picture are available at www.siemens‑energy.com/press.

For further information on Siemens Energy Transmission, please see https://www.siemens-energy.com/global/en/offerings/power-transmission.html.

For further information on high-voltage direct current technology, please see https://www.siemens-energy.com/global/en/offerings/power-transmission/portfolio/high-voltage-direct-current-transmission-solutions.html.

Follow us on Twitter at: www.twitter.com/siemens_energy.

Siemens Energy is one of the world’s leading energy technology companies. The company works with its customers and partners on energy systems for the future, thus supporting the transition to a more sustainable world. With its portfolio of products, solutions and services, Siemens Energy covers almost the entire energy value chain – from power generation and transmission to storage. The portfolio includes conventional and renewable energy technology, such as gas and steam turbines, hybrid power plants operated with hydrogen, and power generators and transformers. More than 50 percent of the portfolio has already been decarbonized. A majority stake in the listed company Siemens Gamesa Renewable Energy (SGRE) makes Siemens Energy a global market leader for renewable energies. An estimated one-sixth of the electricity generated worldwide is based on technologies from Siemens Energy. Siemens Energy employs more than 90,000 people worldwide in more than 90 countries and generated revenue of around €27.5 billion in fiscal year 2020. www.siemens-energy.com.

Stacia Licona
Telephone: 281-721-3402
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IOTech’s Edge Xpert® will provide edge computing platform for BSI’s siteView™ Building Management and Automation Solution

EDINBURGH, Scotland--(BUSINESS WIRE)--$BSI #BAS--IOTech, the edge software company, is collaborating with Building System Integrators, which specializes in the design, development and commissioning of building automation solutions, to increase the control and management capabilities for systems including HVAC, BAS and EMS. The organizations are integrating IOTech’s Edge Xpert edge platform with BSI’s siteView Building Management and Automation Solution. IOTech will also supply Edge Builder®, its end-to-end management solution for edge systems.

The work of the partnership will result in advanced equipment connectivity, edge processing and edge management capabilities for businesses and enterprises such as mission critical facilities, commercial office buildings, distribution centers, financial institutions, and healthcare and educational campuses.

“By leveraging IOTech’s Edge Xpert IoT Platform, siteView can share operational data with users to provide much greater visibility into their HVAC, BAS and EMS systems,” said Michael Ebarb, President, BSI. “This leads to better control over the equipment in a building and opens the door to new business model opportunities, including more proactive services.”

BSI develops systems from conventional building automation and energy management to specific control strategies to reduce the carbon footprint of their users’ facilities and scaling their services for customers of all sizes. The company provides data center infrastructure management tools to allow IT professionals to manage assets with greater ease and awareness in a variety of building environments.

IOTech’s Edge Xpert is a commercial and fully supported version of EdgeX Foundry™, the world’s leading ecosystem-enabled open platform for the IoT edge. It will enhance BSI’s siteView with advanced OT connectivity by providing support for key industrial communication standards common in building environments such as BACnet, Modbus and OPC UA. In addition, the edge processing and edge management capabilities enabled by IOTech will ultimately support BSI’s objective of providing its customers and partners with improved operational efficiency, and opening the door to new smart building solutions.

“IOTech is pleased to partner with BSI to provide advanced IoT capabilities for siteView and siteConnect,” said Keith Steele, CEO of IOTech Systems. “This collaboration provides further validation that through our open, comprehensive and flexible edge solutions, we’re continuing to drive IoT innovation and adoption.”

About IOTech

IOTech builds and deploys vendor-neutral software platforms and tools to support the rapid development, deployment, and management of applications at the IoT edge helping drive IoT innovation, global market adoption, velocity and scale. The company’s products address the full spectrum of secure hard and soft real-time edge computing needs, dramatically reducing time to market, development and system integration costs for its partners, who are the supply chains to multiple vertical IoT market domains. IOTech leverages an open-source ecosystem to collaboratively improve time to market, develop global channel partnerships and achieve pervasive adoption of its software products.

Ken Zeszutko, Z Corp PR & Digital
321-213-1818
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BARCELONA, Spain--(BUSINESS WIRE)--Wallbox N.V. (NYSE: WBX), a leading provider of electric vehicle (EV) charging and energy management solutions worldwide, today announced that it will provide a business update and host a webcast on Thursday, November 4, 2021 at 8:30 a.m., Eastern Time (1:30 p.m. CET). The call will feature prepared remarks by Enric Asunción, co-founder and chief executive officer, and Jordi Lainz, chief financial officer, of Wallbox. Among the topics to be discussed are highlights from the company’s third quarter results.

If you have questions for management, please submit them to This email address is being protected from spambots. You need JavaScript enabled to view it. ahead of time.

Please visit the “Events & Presentation” section of the company’s investor relations website at investors.wallbox.com to join the webcast. A replay of the webcast following the event will be accessible through the same link and will be available for at least 365 days.

About Wallbox

Wallbox is a global technology company, dedicated to changing the way the world uses energy. Wallbox creates advanced electric vehicle charging and energy management systems that redefine users' relationship to the grid. Wallbox goes beyond electric vehicle charging to give users the power to control their consumption, save money, and live more sustainably.

Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public and public use in more than 80 countries.

Founded in 2015 and headquartered in Barcelona, the company now employs over 700 people in its offices in Europe, Asia, and the Americas.

For additional information, please visit www.wallbox.com.

Investors
Austin Wood
Wallbox N.V.
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New Digital Platform Helps Companies Meet ESG and Sustainability Reporting Demands While Measuring and Sustaining Progress

CINCINNATI--(BUSINESS WIRE)--Benchmark Digital, the leading cloud-based Environmental, Social, and Governance (ESG) software solutions provider, today announced the launch of the new Benchmark ESG Director™, a digital platform empowering organizations around the world to meet ESG and sustainability reporting and disclosure obligations; to help cross-functional teams drive ESG performance; and to motivate those teams to sustain improvements year over year.

ESG Director is seamlessly integrated with Benchmark’s award-winning operational solutions for risk, compliance, sustainability and stewardship program management—making Benchmark ESG the industry’s first holistic digital ESG management platform. The result of an organic six-month agile development effort, ESG Director received significant input from a cross-subscriber innovation workgroup.

“ESG Director arose from a critical need that exists in the marketplace today,” said Benchmark Founder & CEO R Mukund. “Businesses are bombarded with requests for investment-grade ESG data, and they’re feeling intense pressure to demonstrate and sustain meaningful progress. To satisfy these demands, companies must fully embed ESG in their culture and operations. ESG Director facilitates this transformation by unifying people, data and processes across the enterprise.”

Benchmark built ESG Director in response to the pressure companies face as they attempt to meet countless stakeholder demands for ESG performance information. Benchmark understood that companies struggle to align processes and teams, identify opportunities and risks, and track and validate progress across the enterprise. ESG Director, the latest Benchmark ESG innovation and offering, is designed to meet these challenges. The platform will serve as a hub of ESG activity and data, standardizing and automating ESG data management across functional areas and greatly simplifying KPI tracking, goal monitoring, disclosure and stakeholder communication.

“ESG Director does more than report ESG metrics,” said Vijay Alluru, Product Design & Management Officer at Benchmark. “ESG success requires new technology and a digital ESG ecosystem that goes beyond reporting to include cross-functional workflows, process management, and system interoperability where data compilation and management can be automated and simplified.”

ESG Director offers unrivaled comprehensiveness in capability. Organizations can align reporting objectives with common frameworks (GRI, TCFD, SASB, and more) and a library of common KPIs, with integrated materiality assessments and tracking as well as options for benchmarking by industry sector. It also facilitates cross-functional and cross-system data management with best-practice user workflows and data-sharing APIs. Cross-functional teams can track performance improvement year over year and facilitate key stakeholder communication and reporting on progress towards internal and external commitments.

ESG Director will also undergo continuous improvement. “We continue to develop ESG Director with input from our 14 pilot members, all current Benchmark subscribers,” said Amanda Petzinger, Associate Vice President, Product Management & Marketing at Benchmark. “These companies represent a diverse range of industries, and all are at different points in their ESG journey. Their varying perspectives have been invaluable to us in our efforts to build a solution that meets users where they are, grows with them, and helps them achieve higher levels of ESG performance.”

Finally, ESG Director empowers companies to build an ESG culture that continually advances corporate goals. “‘What happens in year 2, in year 3? How are we going to sustain this?’ These are the questions we’re hearing from our customers,” says Donavan Hornsby, Corporate Development & Strategy Officer at Benchmark. “This was the impetus for ESG Director. We’re collaborating with them to bridge the gap between reporting of ESG metrics and a truly sustained effort where the organization has operationalized these commitments and is nurturing a culture for ESG.”

About Benchmark ESG™

Benchmark ESG™ (the next generation of Gensuite_^®) enables companies to implement robust cross-functional Environmental, Social, and Governance (ESG) Solutions – locally, globally and across diverse operating profiles. Our comprehensive cloud-based software suite features intuitive, best-practice process functionality, flexible configurations and powerful extensions. For over two decades, we’ve helped companies manage safe & sustainable operations worldwide, with a focus on fast return on investment (ROI), service excellence and continuous innovation. Join over 1,500,000 users that trust Benchmark ESG™ with their software system needs for operational risk and compliance, EHS, sustainability, product stewardship and responsible sourcing.

Media
Caroline King
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Ahead of COP26, Apple launches 10 new initiatives to support communities around the world

CUPERTINO, Calif.--(BUSINESS WIRE)--Apple® today announced it has more than doubled the number of suppliers committed to using 100 percent clean energy over the last year, accelerating progress toward its ambitious 2030 goal to be carbon neutral across its supply chain and products. In total, 175 Apple suppliers will transition to using renewable energy, and the company and its suppliers will bring online more than 9 gigawatts of clean power around the world. These actions will avoid over 18 million metric tons of CO2e annually — the equivalent of taking over 4 million cars off the road each year.

The company added 10 new projects for its first-of-a-kind Power for Impact™ initiative to bring clean energy solutions to communities around the world. These projects are designed to provide renewable power to under-resourced communities while supporting economic growth and social impact.

“Every company should be a part of the fight against climate change, and together with our suppliers and local communities, we’re demonstrating all of the opportunity and equity green innovation can bring,” said Tim Cook, Apple’s CEO. “We’re acting with urgency, and we’re acting together. But time is not a renewable resource, and we must act quickly to invest in a greener and more equitable future.”

While Apple is already carbon neutral across its global operations, by 2030, every Apple device sold will have a net-zero climate impact. Since announcing this goal last year, the company has not only dramatically increased the number of its suppliers transitioning to renewable energy, but also expanded the amount of recycled material in its products and established new projects focused on environmental justice. In total, Apple has reduced its carbon emissions by 40 percent over the past five years.

“For too long, the communities most impacted by climate change haven’t had a seat at the table. That has to change, and we’re committed to being part of that change,” said Lisa Jackson, Apple’s vice president of Environment, Policy, and Social Initiatives. “The new projects we’re sharing will help communities by developing new local renewable projects, creating a healthier and more equitable world while advancing the fight against climate change.”

Supplier Momentum

In the US, 19 suppliers in Apple’s Supplier Clean Energy Program, including Solvay, are scaling their use of renewable energy across their Apple operations, often going beyond their business with Apple. In Europe, 19 suppliers are now part of the program, including STMicroelectronics, which has started nine additional projects to deliver renewable energy for its broader operations since joining Apple’s program.

In China, 50 suppliers are now part of the program, with many maximizing their use of on-site solutions. In India, Japan, and South Korea, 31 suppliers have joined, including SK Hynix, one of the first Korean suppliers to participate.

Apple is also creating new pathways for the use of recycled materials while maintaining its high standards for sourcing, collaborating with suppliers to move toward a circular economy that eliminates the need for carbon-intensive mining and conserves resources. This includes recycled sources of gold, cobalt, aluminum, and rare earth elements, among other materials that are now part of Apple products. These advancements, along with suppliers transitioning to renewable energy, are reducing the environmental impact of the company’s products. Recent milestones include an 11 percent reduction in the carbon footprint of iPhone® 13 Pro and an eight percent reduction for the 16-inch MacBook Pro®, compared to previous generations.

Supporting Communities

Apple is also announcing support for 10 new renewable projects around the world through its Power for Impact program:

In the United States, Apple will work with the Oceti Sakowin Power Authority, formed by six Sioux tribes to jointly develop tribal renewable energy resources by financing, developing, constructing, and operating power generation and transmission facilities for the wholesale market. This project is on track to create a large-scale wind power development in the Midwest, and follows the organization’s participation in Apple’s Impact Accelerator, part of the company’s Racial Equity and Justice Initiative.

In South Africa, Apple is bringing renewable energy to over 3,500 households that previously lacked access. The company will also help reduce electricity costs for the Pioneer School for the Visually Impaired by funding rooftop solar installations. And in Nigeria, Apple will support the development of a solar power system to serve a primary healthcare center in the state of Ondo, as well as 200 households in the surrounding region.

In the Philippines, Apple will help fund an educational institution that provides scholarships to high-achieving, under-resourced students by offsetting electricity expenses through a new rooftop solar installation. In Thailand, Apple is participating in an effort to increase renewable energy production and battery storage to ensure reliable access to electricity, and replacing the use of polluting diesel fuel for a remote fishing village that relies on refrigerators to maintain the quality of its fish products. Apple’s work to support a program in Vietnam will provide solar electricity for 20 schools around the country, and help teach thousands of children about sustainable development and STEM.

In Colombia, Apple is helping to bring online a rooftop solar power system at the Santa Ana Hospital Infantil, and the money saved on energy bills will allow the hospital to purchase more equipment and medications. A rooftop solar installation at Ciudad Don Bosco, a nonprofit that provides educational and social services for under-resourced youth, will help the group advance its sustainable development goals.

In Israel, Apple is supporting the Nitzana Educational Eco-Village for at-risk youth with solar installations to help lower electricity costs and generate a new source of revenue for the organization.

Apple will continue to focus on communities most impacted by climate change as it pursues its environmental goals. For more information on the company’s environmental initiatives, visit apple.com/environment. To view the full list of suppliers participating in Apple’s Supplier Clean Energy Program, visit apple.com/environment/Apple_Supplier_Clean_Energy_Commitments_October-2021.pdf.

Apple revolutionized personal technology with the introduction of the Macintosh in 1984. Today, Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s five software platforms — iOS, iPadOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to leaving the world better than we found it.

NOTE TO EDITORS: For additional information visit Apple Newsroom (www.apple.com/newsroom), or call Apple’s Media Helpline at (408) 974-2042.

© 2021 Apple Inc. All rights reserved. Apple, the Apple logo, Power for Impact, iPhone, and MacBook Pro are trademarks of Apple. Other company and product names may be trademarks of their respective owners.

Keri Fulton
Apple
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FREMONT, Calif.--(BUSINESS WIRE)--#Aesthetic--Solaria Corporation, a U.S.-based global provider of advanced solar energy products, announced today that it has won an important ruling from the United States International Trade Commission (ITC) in its effort to stop Canadian Solar, Inc. (CSIQ) from infringing two of Solaria’s ground-breaking U.S. patents. These two patents cover shingled solar modules and a process for separating photovoltaic (PV) strips from solar cells for use in shingled solar modules. Solaria’s shingled solar module technology delivers higher power than conventional solar modules.

The Judge assigned by the ITC to oversee Solaria’s lawsuit against Canadian Solar issued an Initial Determination finding that Canadian Solar, a Chinese solar panel manufacturer, violated section 337 of the Tariff Act of 1930, as amended, in their importation of shingled solar modules. The Judge’s ruling found:

• Violation of U.S. Patent 10,651,333; and
• Violation of U.S. Patent 10,763,388

The Judge’s Initial Determination unequivocally demonstrates that Canadian Solar utilized Solaria’s innovations and technology without permission and in violation of U.S. patent law. In so finding, the Judge ruled against Canadian Solar’s claims that the patents were invalid and not infringed.

Solaria is confident that the ITC will issue an exclusion order preventing Canadian Solar from importing and selling shingled modules in the U.S.

“Solaria has over 250 patents and has invested more than $200 million in developing our advanced solar panel technology,” stated Solaria CEO Tony Alvarez. “Solaria is open to cooperating with companies that recognize the value of Solaria’s IP; we’ve licensed Solaria’s technology to other companies in the industry. However, when foreign companies such as Canadian Solar ignore American patents and violate our core IP, Solaria will actively defend our IP against any infringers, and protect our technology for ourselves and our valued partners.”

About Solaria

Solaria Corporation is a U.S.-based solar PV technology and systems company, with a 20-year history in solar power innovation and product development. Solaria is paving the way for distributed, clean power generation by delivering state-of-the-art engineering and automation to provide superior field performance and unrivaled aesthetics. Solaria is headquartered in California, USA. For more information, please visit www.solaria.com.

Jordan Trent Jones, Chief Counsel
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+1 (415) 418-0380

• All-stock transaction at a fixed exchange ratio of 0.50 PSX shares for each PSXP common unit
• Simplifies governance and corporate structure
• Transaction expected to close in the first quarter of 2022 

HOUSTON--(BUSINESS WIRE)--Phillips 66 (NYSE: PSX) and Phillips 66 Partners (“PSXP” or the “Partnership”) (NYSE: PSXP) announced today that they have entered into a definitive agreement for Phillips 66 to acquire all of the publicly held common units representing limited partner interests in the Partnership not already owned by Phillips 66 and its affiliates.

The agreement, expected to close in the first quarter of 2022, provides for an all-stock transaction in which each outstanding PSXP common unitholder would receive 0.50 shares of PSX common stock for each PSXP common unit. The Partnership’s preferred units would be converted into common units at a premium to the original issuance price prior to exchange for Phillips 66 common stock.

“We are announcing an agreement to acquire all outstanding units of Phillips 66 Partners,” said Greg Garland, Chairman and CEO of Phillips 66. “We believe this acquisition will allow both PSX shareholders and PSXP unitholders to participate in the value creation of the combined entities, supported by the strong financial position of Phillips 66.”

The transaction value of the units being acquired is approximately $3.4 billion based on Oct. 26, 2021 market closing prices of both companies. Upon closing, the Partnership will be a wholly owned subsidiary of Phillips 66 and will no longer be a publicly traded partnership. Phillips 66 Project Development Inc., a wholly owned subsidiary of Phillips 66 and the holder of a majority of the outstanding common units of the Partnership, has voted its units to approve the transaction.

Citi and BofA Securities, Inc. are acting as financial advisors to Phillips 66, and Latham & Watkins LLP is acting as Phillips 66’s legal advisor.

The terms of the transaction were unanimously approved by the board of directors of the general partner of Phillips 66 Partners based on the unanimous approval and recommendation of its conflicts committee, comprised entirely of independent directors. The conflicts committee engaged Evercore as its financial advisor and Vinson & Elkins L.L.P. as its legal advisor.

No Offer or Solicitation

This news release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy any securities pursuant to the proposed transaction or otherwise, nor shall there be any sale of securities in any jurisdiction in which the offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, as amended.

Additional Information and Where You Can Find It

In connection with the proposed transaction, Phillips 66 will file a registration statement on Form S-4, which will include an information statement of the Partnership with the SEC. INVESTORS AND SECURITYHOLDERS OF PHILLIPS 66 AND THE PARTNERSHIP ARE ADVISED TO CAREFULLY READ THE REGISTRATION STATEMENT AND INFORMATION STATEMENT, PROSPECTUS OR OTHER DOCUMENT (INCLUDING ALL AMENDMENTS AND SUPPLEMENTS THERETO) WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTION, THE PARTIES TO THE TRANSACTION AND THE RISKS ASSOCIATED WITH THE TRANSACTION. A definitive information statement will be sent to securityholders of the Partnership in connection with any solicitation of proxies or consents of the Partnership unitholders relating to the proposed transaction. Investors and securityholders may obtain a free copy of such documents and other relevant documents (if and when available) filed by Phillips 66 or the Partnership with the SEC from the SEC’s website at www.sec.gov. Securityholders and other interested parties will also be able to obtain, without charge, a copy of such documents and other relevant documents (if and when available) from Phillips 66’s website at www.phillips66.com under the “Investors” tab under the heading “SEC Filings” or from the Partnership’s website at www.phillips66partners.com under the “Investors” tab and the “SEC Filings” sub-tab.

Participants in the Solicitation Relating to the Merger

Phillips 66, the Partnership and their respective directors, executive officers and certain other members of management may be deemed to be participants in the solicitation of proxies and consents in respect of the transaction. Information about these persons is set forth in Phillips 66’s proxy statement relating to its 2021 Annual Meeting, which was filed with the SEC on March 31, 2021; Phillips 66’s Annual Report on Form 10-K, which was filed with the SEC on February 24, 2021; certain of Phillips 66’s Current Reports on Form 8-K; the Partnership’s Annual Report on Form 10-K for the year ended December 31, 2020, which was filed with the SEC on February 24, 2021, and subsequent statements of changes in beneficial ownership on file with the SEC. Securityholders and investors may obtain additional information regarding the interests of such persons, which may be different than those of the respective companies’ securityholders generally, by reading the registration statement/ information statement/prospectus and other relevant documents regarding the transaction (if and when available), which may be filed with the SEC.

CAUTIONARY STATEMENT FOR THE PURPOSES OF THE “SAFE HARBOR” PROVISIONS

OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995

This news release contains certain 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, which are intended to be covered by the safe harbors created thereby. Words and phrases such as “is anticipated,” “is estimated,” “is expected,” “is planned,” “is scheduled,” “is targeted,” “believes,” “continues,” “intends,” “will,” “would,” “objectives,” “goals,” “projects,” “efforts,” “strategies” and similar expressions are used to identify such forward-looking statements. However, the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements included in this news release are based on management’s expectations, estimates and projections as of the date they are made. These statements are not guarantees of future performance and you should not unduly rely on them as they involve certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. Forward-looking statements contained in this release include, but are not limited to, statements regarding the expected benefits of the potential transaction to Phillips 66 and its shareholders and Phillips 66 Partners and its unitholders, and the anticipated consummation of the proposed transaction and the timing thereof. Factors that could cause actual results or events to differ materially from those described in the forward-looking statements include: uncertainties as to the timing to consummate the potential transaction; the effects of disruption to Phillips 66’s or Phillips 66 Partners’ respective businesses; the effect of this communication on the price of Phillips 66’s shares or Phillips 66 Partners’ common units; transaction costs; Phillips 66’s ability to achieve benefits from the proposed transaction; and the diversion of management’s time on transaction-related issues. Other factors that could cause actual results to differ from those in forward-looking statements include: the continuing effects of the COVID-19 pandemic and its negative impact on commercial activity and demand for refined petroleum products; the inability to timely obtain or maintain permits necessary for capital projects; changes to worldwide government policies relating to renewable fuels and greenhouse gas emissions that adversely affect programs like the renewable fuel standards program, low carbon fuel standards and tax credits for biofuels; fluctuations in NGL, crude oil, and natural gas prices, and petrochemical and refining margins; unexpected changes in costs for constructing, modifying or operating our facilities; unexpected difficulties in manufacturing, refining or transporting our products; the level and success of drilling and production volumes around the companies’ assets; risks and uncertainties with respect to the actions of actual or potential competitive suppliers and transporters of refined petroleum products, renewable fuels or specialty products; lack of, or disruptions in, adequate and reliable transportation for NGL, crude oil, natural gas, and refined products; potential liability from litigation or for remedial actions, including removal and reclamation obligations under environmental regulations; failure to complete construction of capital projects on time and within budget; the inability to comply with governmental regulations or make capital expenditures to maintain compliance; limited access to capital or significantly higher cost of capital related to illiquidity or uncertainty in the domestic or international financial markets; potential disruption of operations due to accidents, weather events, including as a result of climate change, terrorism or cyberattacks; general domestic and international economic and political developments including armed hostilities, expropriation of assets, and other political, economic or diplomatic developments, including those caused by public health issues and international monetary conditions and exchange controls; changes in governmental policies relating to NGL, crude oil, natural gas, refined petroleum products, or renewable fuels pricing, regulation or taxation, including exports; changes in estimates or projections used to assess fair value of intangible assets, goodwill and property and equipment and/or strategic decisions with respect to our asset portfolio that cause impairment charges; investments required, or reduced demand for products, as a result of environmental rules and regulations; changes in tax, environmental and other laws and regulations (including alternative energy mandates); the operation, financing and distribution decisions of equity affiliates we do not control; and other economic, business, competitive and/or regulatory factors affecting Phillips 66’s and Phillips 66 Partners’ businesses generally as set forth in our filings with the Securities and Exchange Commission. Phillips 66 and Phillips 66 Partners are under no obligation (and expressly disclaim any such obligation) to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise.

About Phillips 66

Phillips 66 is a diversified energy manufacturing and logistics company. With a portfolio of Midstream, Chemicals, Refining, and Marketing and Specialties businesses, the company processes, transports, stores and markets fuels and products globally. Headquartered in Houston, the company has 14,000 employees committed to safety and operating excellence. Phillips 66 had $57 billion of assets as of June 30, 2021. For more information, visit www.phillips66.com or follow us on Twitter @Phillips66Co.

About Phillips 66 Partners

Headquartered in Houston, Phillips 66 Partners is a master limited partnership formed by Phillips 66 to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines, terminals and other midstream assets. For more information, visit www.phillips66partners.com.

Jeff Dietert (investors)
832-765-2297
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Shannon Holy (investors)
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Thaddeus Herrick (media)
855-841-2368
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Go-to-market leader to drive global brand, demand and customer growth

HOUSTON--(BUSINESS WIRE)--Quorum Software (Quorum), the global software leader dedicated to the energy industry, today announced that Kyle Priest has been named Executive Vice President & Chief Marketing Officer. In this role, he will be responsible for leading Quorum’s global marketing strategy to drive brand, demand and customer growth with energy companies worldwide.

“This year brought transformational growth for Quorum, and we are uniquely positioned to offer the energy industry end-to-end software solutions at global scale,” said Paul Langenbahn, President of Quorum Software. “Kyle has an extensive background leading go-to-market growth planning for technology companies that will help to guide Quorum and our customers in transforming the business of energy through technology.”

Most recently, Priest served as the Chief Growth Officer at FPX, a B2B Selling Cloud for manufacturers delivering configurable offerings across multiple verticals. Prior to FPX, he led global marketing as Chief Marketing Officer at Solera, a leader in data, applications and services for insurance and automotive customers. Priest also served as the General Manager & Senior Vice President at SapientRazorfish and founded The Priest Group, an outsourced CMO services company supporting high tech and digital businesses, which he later sold to Crown Partners.

“Quorum’s deep industry expertise and commitment to innovation position the company to help our customers grow and transform their operations,” said Kyle Priest, Executive Vice President & Chief Marketing Officer of Quorum Software. “I’m excited by the opportunity to champion Quorum’s vision by communicating the full breadth and depth of our capabilities to customers, partners, and employees all over the world.”

Earlier this year, Quorum merged with Aucerna, a global provider of integrated planning, execution and reserves software for the energy industry. Operating as Quorum Software, the combined company then acquired TietoEVRY’s Oil and Gas software business, including flagship solutions Energy Components and DaWinci. Together, the company now serves more than 1,800 energy customers across 55 countries.

To learn more about Quorum, visit quorumsoftware.com.

About Quorum Software

Quorum Software connects people and information across the energy value chain. Twenty years ago, we built the first software for gas plant accountants. Pipeline operators came next, followed by land administrators, pumpers, and planners. Since 1998, Quorum has helped thousands of energy workers with business workflows that optimize profitability and growth. Our vision for the future connects the global energy ecosystem through cloud-first software, data standards, and integration. The trusted source of decision-ready data for 1,800+ companies, Quorum Software makes the essential connections that let us work better together in the connected energy workplace. For more information, visit quorumsoftware.com.

Adam Cormier
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617.502.4384

HOUSTON--(BUSINESS WIRE)--Phillips 66 Partners (NYSE: PSXP) is canceling its webcast scheduled for 2 p.m. EDT on Friday, Oct. 29, to discuss its third-quarter 2021 financial results. The Partnership will release its third-quarter 2021 financial results on Oct. 29, 2021.

About Phillips 66 Partners
Headquartered in Houston, Phillips 66 Partners is a master limited partnership formed by Phillips 66 to own, operate, develop and acquire primarily fee-based crude oil, refined petroleum products and natural gas liquids pipelines, terminals and other midstream assets. For more information, visit www.phillips66partners.com.

Jeff Dietert (investors)
832-765-2297
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Shannon Holy (investors)
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PLANO, Texas--(BUSINESS WIRE)--United Energy (OTCMKTS:UNRG):

Today United Energy announces it has reached an agreement to acquire the remaining 51% of properties located in Nowata, Washington, Rogers, and Tulsa Counties in Oklahoma and Montgomery County in Kansas, also known as the Cherokee Basin. “This acquisition gives United Energy 100% control of its operations and was a key essential step in our developmental plans and growth in shareholder value.” Brian Guinn, UE CEO.

On October 4^th United Energy announced it had acquired 49% non-operated ownership in 200,000 acres of oil and natural gas leasehold in Northeastern Oklahoma and Southeastern Kansas including approximately 2,200 wells and 1,000 miles of natural gas pipelines and gathering systems.

The majority of these assets were purchased by Constellation Energy Partners from Newfield Exploration Company for $128 million in 2007. The newly acquired assets once reached peaked production of 20,000 MCFD in 2005 and peak oil production of 325 BOPD in 2014.

The dynamic of rising natural gas demand and historic low inventories makes United Energy’s entry into this region a significant strategic decision. Natural gas prices have doubled in recent months which continue to prove the Company’s value proposition. Profitability. Responsibility. Sustainability. These are the hallmarks of United Energy’s corporate direction and resolute mission.

As a result of the acquisition, United Energy adds immediate production of approximately 1,000 MCFD and approximately 30 BOD. This asset base includes hundreds of opportunities to restore production through re-work of existing wellbores, recompletions of behind pipe formations, water-floods of existing oil fields, and new drilling opportunities of Proven Undeveloped locations to offset existing production. Combined with its reactivation of several compressor sites and leases from its existing assets, United Energy is confident the Company will reach its production target of 2,500 MCFD by Q4.

United Energy’s leadership team has over 150 years of combined experience in Investment strategies, acquisitions, oil and gas leasehold, securities industry and energy field operations.

The upward pressure on Natural Gas prices is global. In Europe, Natural Gas is $22/MMBtu and in Asia, over $30/MMBtu. Natural Gas will remain an important fuel for years to come. United Energy is poised to capitalize on this trend while at the same time investing in America’s future independence from foreign energy sources.

Forward-Thinking Disclaimer
https://twitter.com/UNRGCorp

Media Contact:
Kimberly Stillwagon
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214-901-5453

Investor Contact:
Brian Guinn
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469-209-5829