Facility Increases Fleet Product Distribution Footprint Capacity by 100%

Anticipate Incremental Revenue Contribution of $50 million in 2023

ALEXANDRIA, Va.--(BUSINESS WIRE)--VSE Corporation (NASDAQ: VSEC, "VSE", or the "Company"), a leading provider of aftermarket distribution and maintenance, repair and overhaul ("MRO") services for land, sea and air transportation assets for commercial and government markets, today announced the opening of its new distribution and e-commerce fulfillment center of excellence in the greater Memphis, Tennessee area.

The new, state-of-the-art 450,000 square-foot distribution center more than doubles the existing warehouse footprint of VSE’s Fleet segment, providing its Wheeler Fleet Solutions subsidiary the capacity required to meet growing demand for aftermarket products across its e-commerce fulfillment and commercial fleet customers.

The new center of excellence will support faster, same-day order-to-delivery times; allow for additional shipping carrier options; and continue to ensure the highest level of service for aftermarket parts distribution. The facility features a new warehouse management system (WMS) and automation technology to increase capacity and productivity, while ensuring customer order accuracy. Once fully operational, the center will stock more than 175,000 SKUs.

The Memphis, Tennessee area is one of the largest logistics hubs in the United States. Wheeler Fleet Solutions will remain headquartered in Somerset, Pennsylvania, a central distribution center supporting its other fleet and United States Postal Service (USPS) customers.

“The addition of our new distribution center is an important strategic milestone for our Wheeler Fleet Solutions subsidiary, one of the leading fleet-focused parts and services companies serving heavy, medium and light duty vehicles in the United States,” stated John Cuomo, President and CEO of VSE Corporation. “During the last four years, our commercial fleet sales have grown from approximately 10% to 40% of Fleet Segment revenue, driven by share gains across both commercial fleet and e-commerce fulfillment channels. Looking ahead, we anticipate this distribution center will contribute more than $50 million in new, incremental sales to our Fleet segment in 2023.”

“Demand remains high for our industry-leading aftermarket parts and services,” stated Chad Wheeler, Fleet Segment President. “This investment demonstrates our long-term commitment to e-commerce fulfillment, one that will help to ensure faster response and delivery times by bringing parts closer to our end-users, while positioning us to capitalize on sustained growth in market demand.”

ABOUT VSE CORPORATION

VSE is a leading provider of aftermarket distribution and repair services for land, sea and air transportation assets for government and commercial markets. Core services include MRO services, parts distribution, supply chain management and logistics, engineering support, and consulting and training services for global commercial, federal, military and defense customers. VSE also provides information technology and energy consulting services. For additional information regarding VSE's products and services, visit www.vsecorp.com.

FORWARD-LOOKING STATEMENTS

This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause VSE's actual results to vary materially from those indicated or anticipated by such statements. Many factors could cause actual results and performance to be materially different from any future results or performance, including, among others, the risk factors described in our reports filed or expected to be filed with the SEC. Any forward-looking statement or statement of belief speaks only as of the date of this press release. We undertake no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.

Noel Ryan | 720.778.2415 | This email address is being protected from spambots. You need JavaScript enabled to view it.

CHARLOTTESVILLE, Va.--(BUSINESS WIRE)--East Point Energy, an Equinor Company, has announced the launch of its Project Acquisition Program. The company has a strategy to acquire standalone energy storage, solar, and solar plus storage projects in the United States. Initially, the company will favor standalone storage projects that can achieve commercial operation in 2024 and 2025 in ERCOT, PJM, NYISO, and ISONE, but will review and consider projects in all power markets. The project development team at East Point understands and welcomes development risk in earlier-stage assets; therefore, the acquisition program will consider projects at any stage of development, from pre-construction projects to operating assets. East Point is a fair, low transaction-risk investment partner with a transparent governance process that seeks projects with merchant risk and uncontracted revenue.

“With our Project Acquisition Program, East Point aims to become a trusted, reliable investment partner to project developers in the renewable energy industry for years to come,” says Andrew Foukal, CEO of East Point. “We look forward to building on our parent company’s strong track record of managing and optimizing merchant risk across a diverse portfolio of operating assets.”

East Point is a development firm focused on the origination, construction, and operation of energy storage projects. In July 2022, East Point announced that it will operate as a wholly-owned subsidiary of Equinor, a broad international energy company committed to long-term value creation in a low-carbon future. East Point plans to expand the company’s scope to include developing, constructing, and owning and operating solar projects, leaning on the executive team’s prior experience developing dozens of solar projects, 800 megawatts of which are now operating across the United States. To learn more about East Point’s Project Acquisition Program, please reach out to This email address is being protected from spambots. You need JavaScript enabled to view it..

About East Point Energy

East Point Energy is a development firm focused on the origination, construction, and operation of energy storage projects. Our team is currently developing gigawatts of energy storage projects throughout the country, helping to transform the grid into a renewable, resilient, and affordable system for generations to come. East Point is a wholly owned subsidiary of Equinor, a broad international energy company committed to long-term value creation in a low-carbon future.
www.eastpointenergy.com

Press Contact:
Anne Eschenroeder
(434) 465-6210
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Extends Maine presence with 16.00MW and $16.12 million contract

WILLISTON, Vt.--(BUSINESS WIRE)--iSun, Inc. (NASDAQ: ISUN) (the "Company," or "iSun"), a leading solar energy and clean mobility infrastructure company with 50-years of experience accelerating the adoption of innovative electrical technologies, today announced that it has been awarded a portfolio of solar projects totaling 16.00MW and valued at $16.12 million in Maine, to expand community solar projects across that state.

HIGHLIGHTS:

• 16.00 MW Portfolio award adds to iSun’s already active and completed 48.5 MW of projects in the Maine market
• $16.12 million in new contracts highlights iSun’s momentum and continued geographic expansion in Maine, while developing an important new customer relationship
• Projects will begin in the first quarter of 2023 and are expected to be completed within 2023

“We are excited to expand our portfolio of solar projects in Maine, and happy to see our project backlog flowing into active contracts. These projects, along with other recently announced contract awards, bring our total recent contract awards to 47.5MW and $43.25 million. Execution of this portfolio of projects will start this quarter,” said Jeffrey Peck, Chairman and Chief Executive Officer of iSun. “Our team has developed excellent momentum in winning awards in Maine this year, driving confidence in our ability to provide the high-quality solar installations needed by customers in communities throughout Maine. This award demonstrates our strong commitment to bringing alternative energy to customers in New England. With this new contract, we are proud to continue to lead the transition in advancing Maine’s energy market.”

About iSun Inc.

Since 1972, iSun has accelerated the adoption of proven, life-improving innovations in electrification technology. iSun has been the trusted service provider to Fortune 500 companies for decades and has installed clean rooms, fiber optic cables, flight simulators, and over 600 megawatts of solar systems. The Company currently provides a comprehensive suite of solar services across residential, commercial, industrial & municipal, and utility scale projects and provides solar electric vehicle charging solutions for both grid-tied and battery backed solar EV charging systems. iSun believes that the transition to clean, renewable solar energy is the most important investment to make today and is focused on profitable growth opportunities. Please visit www.isunenergy.com for additional information.

Forward Looking Statements

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

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

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

iSun Investor Relations
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MOUNT AIRY, N.C.--(BUSINESS WIRE)--Pike Corporation, a leading provider of turnkey infrastructure solutions for electric and gas utilities, as well as telecommunications companies, today announced that it has promoted three leaders within Pike Engineering: Byron L. Bass was promoted to Senior Vice President and Daniel P. Wright and John Fraites were each promoted to Vice President.

Mr. Bass joined UC Synergetic in 2006, which was acquired by Pike in 2012. He has held a variety of positions within the company, including his most recent role as Vice President within Pike Engineering.

Mr. Wright joined the company in 2009 and has served in a wide range of operational roles throughout the company, including his most recent position as a Vice President of Operations.

Mr. Fraites joined the company in 2018 as a Director of Financial Planning and Analysis. He brings a wealth of industry experience, including his six years at Cogentrix Energy.

“Pike has always valued the development of people within our company,” said Lee Mazzocchi, President of Pike Engineering. “The promotions announced today are a recognition not only of the incredible contributions of Byron, Daniel and John, but also their ability to lead and grow engineering solutions across all of Pike’s service areas and regions at a time when infrastructure design and planning is becoming increasingly complex and important.”

About Pike Corporation

Founded in 1945, Pike is the leading integrated provider of construction, repair and engineering services for distribution and transmission powerlines and substations, as well as renewable and distributed energy resources. In addition, Pike offers storm restoration and gas distribution services. Pike’s turnkey approach and field expertise not only maximizes project efficiency, but it also leads to the industry’s highest-quality work. We have maintained long-standing, trusted customer relationships with over 400 investor-owned, municipal and cooperative utilities and infrastructure providers throughout the United States. We continuously expand our offerings to supply our customers with the ideas, technology, experience, manpower and equipment to perform any job.

Mei Shibata
1 (646) 483-0693
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Company Also Establishes New Benchmark for TPV Energy Conversion

SUNNYVALE, Calif.--(BUSINESS WIRE)--#climatechange--Antora Energy, a leader in zero-carbon heat and power for the industrial sector, has built the world’s first dedicated manufacturing line for thermophotovoltaic (TPV) cells, achieving a major milestone in the production and scalability of TPV technology. The company has also demonstrated an efficiency rate greater than 40% for its TPV technology, setting a new industry benchmark. With these milestone achievements, Antora is poised to revolutionize energy conversion and storage, which are critical for industrial decarbonization and achieving net zero.

The manufacturing line, located at Antora’s Sunnyvale headquarters, will have an initial capacity of 2 MW of TPV cells annually, making it the world’s largest producer of TPV. The facility, which supports dozens of jobs, relies on a U.S. supply chain with supplier partnerships across multiple states, including in the midwestern and southern U.S.

“We’ve spent several years converting our world-record TPV prototypes into manufacturable products, and have now demonstrated a pathway to production on commercial equipment. Antora’s innovation will enable cost-effective, large-scale replacement of the fossil fuels used in today’s manufacturing processes for heat and power. It’s the fastest, least expensive path for the industrial sector to get to net zero,” said Andrew Ponec, co-founder and CEO, Antora Energy. “This technology breakthrough could have major ramifications in sectors beyond manufacturing, including the electric grid, the built environment, and transportation. A new class of efficient, lightweight, and scalable heat engines could transform how industry thinks about thermal energy and electricity generation.”

To reach this manufacturing milestone, Antora made several landmark engineering advances, including achieving the first industrial-scale demonstration of high-power density TPV. These innovations were pioneered by Antora’s world-class engineers, including Dr. Brendan Kayes, Head of TPV R&D, whose team has broken 18 world records in solar photovoltaics (PV).

The Significance of TPV Technology

For decades, scientists have seen the promise of TPV as an alternative to conventional heat engines for industry, like steam and gas turbines, which are expensive, require ongoing maintenance, and are only efficient and cost-effective at large scale, limiting their applicability. TPV, on the other hand, converts light emitted from a high-temperature heat source using cells similar to solar PV. This conversion occurs directly in a lightweight, solid-state device with no moving parts. Further, because TPV cells are modular, their efficiency and cost are independent of scale, enabling cost-effective deployments from kilowatts to gigawatts.

Until now, TPV technology has met neither the efficiency threshold required to compete with traditional heat engines nor the manufacturability threshold required to produce the technology at scale. Now, Antora has met both of these critical thresholds, demonstrating heat-to-electricity conversion efficiencies greater than 40%, and demonstrating the capability to manufacture TPV at scale.

This breakthrough allows Antora to deliver low-cost, zero-emissions electricity on demand using their thermal battery technology, which consists of carbon blocks heated by inexpensive renewable electricity. The thermal energy stored in these blocks can be directly delivered to industrial customers as zero-carbon process heat, or converted—via Antora’s high-efficiency TPV—back to electricity, on demand.

The combined breakthrough of TPV efficiency and manufacturability is the culmination of years of work and federal and state government support. Since 2018, Antora has collaborated with the world-class photovoltaics team at the National Renewable Energy Laboratory—including Dr. Myles Steiner, Dr. Eric Tervo, Dr. Ryan France, and Dr. Dan Friedman—to achieve the initial technology breakthroughs underlying their current industry-leading TPV efficiency. In fact, some of Antora’s earliest funding was provided by the U.S. Department of Energy’s Advanced Research Projects Agency-Energy to develop TPV technology in partnership with the National Renewable Energy Laboratory, Lawrence Berkeley National Laboratory, and Arizona State University. In 2021, Antora received funding from the California Energy Commission to build a TPV manufacturing line in California. Antora also received support from the National Science Foundation and the U.S. Department of Energy’s Industrial Efficiency and Decarbonization Office to spur advances in TPV.

“Antora’s breakthroughs on TPV could only have happened in California, thanks to the support of the California Energy Commission, and they could only have happened in the United States thanks to the support of the U.S. Department of Energy, and specifically ARPA-E and the Industrial Efficiency and Decarbonization Office,” said Dr. Brendan Kayes, Head of TPV R&D at Antora. “Our breakthroughs show how public leadership and investment can spur game-changing innovations that significantly reduce emissions, accelerate industrial decarbonization, and advance efforts to tackle our climate crisis.”

About Antora Energy
Based in Sunnyvale, CA, Antora Energy turns sunshine and wind into a reliable, on-demand source of zero-carbon heat and power to enable deep decarbonization of industry and the electric grid. Antora’s thermal batteries can discharge zero-carbon electricity and/or heat at temperatures up to 1500°C or higher. Antora’s technology will eliminate gigatons of emissions while increasing U.S. energy security, reducing our nation's dependence on global supply chains, and supporting well-paying American jobs. The company is backed by leading investors, including Breakthrough Energy Ventures, Lowercarbon Capital, Shell Ventures, BHP Ventures, Trust Ventures, Fifty Years, Grok Ventures, Impact Science Ventures, and Overture VC. Visit www.antoraenergy.com and follow the company on LinkedIn and Twitter.

Media:
Megan Nealon on behalf of Antora Energy
V2 Communications
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LEMONT, Ill.--(BUSINESS WIRE)--The U.S. Department of Energy’s Argonne National Laboratory announced today that Robyn Wheeler Grange will serve as the first director of the lab’s Office of Community Engagement.

“Having launched Argonne’s first-ever Office of Community Engagement last year, we are thrilled to now have Robyn in place as its leader,” said Argonne Laboratory Director Paul Kearns. “Argonne has a proud history of community engagement, but this office brings more structure and intentionality to our efforts. We believe it will increase our impact.”

Grange brings to the role a wealth of experience and relationships built over 20-plus years working within the Chicago regional community.

Argonne created the Office of Community Engagement in 2022 to enhance its local, state, and regional community outreach and engagement efforts. The office supports the laboratory’s efforts to:

• Extend benefits from Argonne’s capabilities and resources to more communities, including those who have historically been underserved
• Advance science and technology through expanded collaborations
• Accelerate the transfer of technologies invented at Argonne to industry and other partners for U.S. economic prosperity
• Build the workforce of the future to maintain U.S. competitiveness

“I am excited and honored to serve in this role," Grange said. "I think this office provides a strong framework for the inclusive and collaborative advancement of science and technology in communities."

From 2020 to 2023, Grange served as Head of State, Local and Regional Public Affairs and Outreach at Argonne. Prior to joining Argonne, Grange served in various roles, including district director for the Office of U.S. Representative Bobby Rush in Illinois’s 1st congressional district, director of communications for the United Way of Central Illinois, and director of the Office of University Relations at Chicago State University.

As OCE director, Grange will be available to partners via the Argonne in Chicago office in the Hyde Park neighborhood on Chicago’s South Side, as well as Argonne’s main campus in Lemont, Ill.

Christopher J. Kramer
Head of Media Relations
Argonne National Laboratory
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Office: 630.252.5580

PASADENA, Calif.--(BUSINESS WIRE)--#consultingengineers--Tetra Tech, Inc. (NASDAQ: TTEK), a leading provider of high-end consulting and engineering services, announced today its offer to acquire all of the outstanding shares of RPS Group through a United Kingdom (UK) court-approved scheme of arrangement has become effective and the transaction has closed. Trading in RPS Group shares on the London Stock Exchange has been suspended and the outstanding shares of RPS Group are now owned by Tetra Tech.

RPS Group employs 5,000 employees in the United Kingdom, Europe, Asia Pacific, and North America, delivering consulting and engineering solutions for complex projects across key service areas in energy transformation, water, program management, and data analytics. The acquisition will advance Tetra Tech’s market-leading positions in water, renewable energy, and sustainable infrastructure; enhanced by a combined suite of differentiated data analytics and digital technologies.

“We are very pleased to welcome RPS’s 5,000 employees to Tetra Tech,” said Dan Batrack, Tetra Tech Chairman and CEO. “The addition of RPS aligns with our strategy to be the premier global high-end consulting and engineering firm focused on water, environment, and sustainable infrastructure; and allows us to offer our combined staff even greater professional opportunities.”

About Tetra Tech

Tetra Tech is a leading provider of high-end consulting and engineering services for projects worldwide. With 27,000 associates working together, Tetra Tech provides clear solutions to complex problems in water, environment, sustainable infrastructure, renewable energy, and international development. We are Leading with Science^® to provide sustainable and resilient solutions for our clients. For more information about Tetra Tech, please visit tetratech.com or follow us on LinkedIn, Twitter, and Facebook.

Any statements made in this release that are not based on historical fact are forward-looking statements. Any forward-looking statements made in this release represent management’s best judgment as to what may occur in the future. However, Tetra Tech’s actual outcome and results are not guaranteed and are subject to certain risks, uncertainties and assumptions ("Future Factors"), and may differ materially from what is expressed. For a description of Future Factors that could cause actual results to differ materially from such forward-looking statements, see the discussion under the section "Risk Factors" included in the Company’s Form 10-K and Form 10-Q filings with the Securities and Exchange Commission.

Jim Wu, Investor Relations
Charlie MacPherson, Media & Public Relations
(626) 470-2844

NORMAN, Okla.--(BUSINESS WIRE)--#EnergyMarkets--PCI Energy Solutions is pleased to announce its successful completion of the Service Organization Controls 1 Type II (SOC 1 Type II) and Service Organization Controls 2 Type II (SOC 2 Type II) attestation issued under the American Institute of Certified Public Accounts (AICPA) and Statement on Standards for Attestation Engagements No. 18 (SSAE 18) for 2022.

After a thorough external audit, the SOC reports were prepared and issued by a leading external audit firm for the evaluation period ending in October 2022. The audit results indicate that PCI’s controls as a cloud service provider are appropriately designed and effectively executed. This marks PCI’s 11th consecutive year to be issued unqualified SOC reports.

Additionally, PCI is pleased to announce its successful completion of a compliance audit on the Federal Information Security Management Act of 2002 (FISMA) using the National Institute of Standards and Technology (NIST) Special Publication (SP) 800-53 Revision 5 framework.

After a thorough external audit, a FISMA Compliance Report was prepared and issued by the external audit firm, attesting that PCI has implemented safeguards that meet the protections required by FISMA using the NIST SP 800-53 rev.5 framework. The audit results indicate that PCI’s information security program is operating with sufficient effectiveness to provide reasonable assurance that the security, confidentiality, and integrity of nonpublic personal information is protected as of Oct. 31, 2022.

“Cybersecurity is critical to us and our clients who manage mission-critical operations by leveraging our solutions and services,” said Peter Samoray, director of IT Security at PCI. “Adhering to the latest standards and maintaining a best-practices approach is a non-negotiable commitment to our customers.”

These reports provide assurance that PCI’s hosted solutions will meet its customers’ security needs on a best-in-class cloud platform. PCI works globally with a variety of customers, including federal and state entities, and strives to comply with industry best practices to deliver secure and reliable software solutions.

If you’re interested in learning more about how your organization can protect itself against evolving cybersecurity threats, head to our Cybersecurity page and request access to a recent webinar led by our director of IT Security.

About PCI Energy Solutions

We empower energy companies to continuously optimize all aspects of energy production, trading, transportation, and consumption. We’re a tight-knit team of 300 diligent product experts, engineers, business analysts, and more, implementing software solutions in close partnership with power generation companies from across the world — our customers literally keep the lights on for everyone. We’re based in Norman (Oklahoma) with offices in Houston (Texas), Raleigh (North Carolina), Mexico City (Mexico), Lima (Peru), and Sydney (Australia). Learn more at pcienergysolutions.com.

Morgan Day
PCI Energy Solutions
(405) 447-6933
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Gridmatic Retail leverages AI to offer the most advanced time matched renewables contracts in the industry

CUPERTINO, Calif.--(BUSINESS WIRE)--Gridmatic, the industry-leading AI-enabled power marketer, announced today the launch of Gridmatic Retail to optimize clean energy purchasing and provide predictability and automation for commercial and industrial customers. Gridmatic has hired industry veterans Michael Osowski and Amy Van Gelder to head up the new business unit.

Power marketers play a critical role in the energy industry to fulfill the needs of energy suppliers and consumers. Traditional power marketers, however, are increasingly challenged in serving customers’ goals of transitioning to carbon-free energy, due to the increasing complexity and volatility of the rising penetration of renewable energy, and lack of innovation.

Leveraging its market-proven AI, Gridmatic Retail enables businesses to meet carbon reduction targets with clean energy contracts that drive down costs and provide predictability and stability. The company offers next-generation retail energy products including Time-Matched Renewables, which matches clean energy to consumer consumption on a 24/7 hourly basis, and custom products for customers with variable and complex needs.

“There is strong and growing demand for time-matched renewables but a lack of viable solutions due to the complexity of the challenge,” said Matt Wytock, CEO and Founder of Gridmatic. “Gridmatic is applying Silicon Valley AI to solve this problem and has four years of market success with its algorithms for industry-leading electricity market predictions.”

“I’m thrilled to join Gridmatic and excited to combine my decades of experience building energy retail businesses with clean energy solutions that go beyond the traditional approach of procuring Renewable Energy Credits,” said Mike Osowski, President of Gridmatic Retail.

As part of the launch, Gridmatic announced a customer agreement with EdgeConneX, the pioneer in global Hyperlocal to Hyperscale Data Center Solutions. Gridmatic will provide time-matched carbon-free energy for a data center in Texas, within the Electric Reliability Council of Texas’ (ERCOT) territory.

“We’re excited to have found a partner aligned to our goals and forward thinking,” said Anand Ramesh, Senior Vice President of Advanced Technology for EdgeConneX. “Gridmatic will assemble a portfolio of contracted CFE generation and storage assets to provide carbon-free energy that is time-matched on an hourly basis.”

About Gridmatic
Unlike traditional power marketers, Gridmatic uses AI to optimize renewable energy participation in wholesale markets by forecasting energy supply, demand and pricing. Leveraging market-proven algorithms, Gridmatic is able to provide stability, predictability and automation for energy buyers, sellers, and storage owners amid increasing volatility. With Gridmatic Retail, the company offers advanced solutions for businesses with complex energy needs to hit carbon reduction goals, including time matched, variable load and carbon-free energy products. With its industry-leading AI, Gridmatic is working to accelerate the transition to net zero and balance the renewable-powered grid. For more, visit https://www.gridmatic.com.

Media

For Gridmatic:
Leo Traub
646-883-3562
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HOUSTON--(BUSINESS WIRE)--Cheniere Energy, Inc. (“Cheniere”) (NYSE American: LNG) announced today that it plans to issue its earnings release with respect to fourth quarter and full year 2022 financial results on Thursday, February 23, 2023 before the market opens. Cheniere will host a conference call for investors and analysts at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) that day to discuss fourth quarter and full year results.

A listen-only webcast of the call and accompanying slide presentation will be available at www.cheniere.com. After completion of the webcast, a replay will be available on the Cheniere website.

About Cheniere
Cheniere Energy, Inc. is the leading producer and exporter of liquefied natural gas (“LNG”) in the United States, reliably providing a clean, secure, and affordable solution to the growing global need for natural gas. Cheniere is a full-service LNG provider, with capabilities that include gas procurement and transportation, liquefaction, vessel chartering, and LNG delivery. Cheniere has one of the largest liquefaction platforms in the world, consisting of the Sabine Pass and Corpus Christi liquefaction facilities on the U.S. Gulf Coast, with total production capacity of approximately 45 million tonnes per annum (“mtpa”) of LNG in operation and an additional 10+ mtpa of expected production capacity under construction. Cheniere is also pursuing liquefaction expansion opportunities and other projects along the LNG value chain. Cheniere is headquartered in Houston, Texas, and has additional offices in London, Singapore, Beijing, Tokyo, and Washington, D.C.

For additional information, please refer to the Cheniere website at www.cheniere.com and Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, filed with the Securities and Exchange Commission.

Forward-Looking Statements
This press release contains certain statements that may include “forward-looking statements” within the meanings of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical or present facts or conditions, included herein are “forward-looking statements.” Included among “forward-looking statements” are, among other things, (i) statements regarding Cheniere’s financial and operational guidance, business strategy, plans and objectives, including the development, construction and operation of liquefaction facilities, (ii) statements regarding regulatory authorization and approval expectations, (iii) statements expressing beliefs and expectations regarding the development of Cheniere’s LNG terminal and pipeline businesses, including liquefaction facilities, (iv) statements regarding the business operations and prospects of third-parties, (v) statements regarding potential financing arrangements, (vi) statements regarding future discussions and entry into contracts, and (vii) statements relating to Cheniere’s capital deployment, including intent, ability, extent, and timing of capital expenditures, debt repayment, dividends, share repurchases and execution on the capital allocation plan. Although Cheniere believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Cheniere’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in Cheniere’s periodic reports that are filed with and available from the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Cheniere does not assume a duty to update these forward-looking statements.

Cheniere Energy, Inc.

Investors
Randy Bhatia, 713-375-5479
Frances Smith, 713-375-5753

Media Relations
Eben Burnham-Snyder, 713-375-5764

MONHEIM AM RHEIN, Germany--(BUSINESS WIRE)--The global chemical company OQ Chemicals further expands its production capacity for carboxylic acids. The company has invested in an optimization and debottlenecking project for precursors at its plants in Germany. Structural work has already commenced, with completion planned before the end of the first quarter of 2023. OQ Chemicals is also investing in a partial reorganization of its global network of multi-purpose production plants to boost efficiency, improve infrastructure, and further strengthen production capabilities. The new capacity is expected to be available to the market in 2024.

Manufacturers of various industries look to Oxo Performance Chemicals from OQ Chemicals as important building blocks to produce, for example, energy-efficient high-performance lubricants, cosmetic ingredients, or animal feed additives.

“For decades, OQ Chemicals has been at the forefront of carboxylic acids, making us the global market leader in most of these products. As a technology leader in Oxo Performance Chemicals from C3 to C9, we continue to develop new technologies for future markets and applications,” said David Faust, Executive Vice President Oxo Performance Chemicals at OQ Chemicals. “For instance, OQ Chemicals’ carboxylic acids can be used to produce highly efficient lubricants for smart, eco-friendly, and energy-saving air conditioning systems, which are becoming increasingly vital in a world of rising and extreme temperatures. In the animal feed industry, our customers use our products to manufacture innovative feed additives that can benefit animal welfare.”

“At OQ Chemicals, we prioritize both fulfilling our customers' current needs and preparing for their future requirements. Our investment into this capacity increase project aims to support our customers in their growth and will further strengthen our leading position in the global market. We’re committed to the market to provide a comprehensive product portfolio and be a dependable source for Oxo Performance Chemicals,” commented Dr. Oliver Borgmeier, CEO of OQ Chemicals.

About OQ Chemicals

OQ Chemicals (formerly Oxea) is a global manufacturer of Oxo Intermediates and Oxo Performance Chemicals such as alcohols, polyols, carboxylic acids, specialty esters, and amines. These are used to produce high-quality coatings, lubricants, cosmetic and pharmaceutical products, flavors and fragrances, printing inks, and plastics. OQ Chemicals employs more than 1,400 people worldwide and markets its chemicals in more than 60 countries. The company is part of OQ, an integrated energy company originating in Oman. More information is available at chemicals.oq.com.

OQ Chemicals GmbH
Dr. Ina Werxhausen, Communications and Press Relations
Phone: +49 (0)2173 9993-3009, This email address is being protected from spambots. You need JavaScript enabled to view it.

MILPITAS, Calif.--(BUSINESS WIRE)--SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, will report financial results for the fourth quarter and the full year ended December 31, 2022 after market close on Monday, February 13, 2023. Management will host a conference call at 4:30 P.M. ET on Monday, February 13, 2023 to discuss these results.

The call will be available, live, to interested parties by dialing:

To avoid a delay in connecting to the call, please dial in 10 minutes prior to the start time. A live webcast will be available in the Investor Relations section of SolarEdge’s website at: Event Calendar | SolarEdge Technologies, Inc.

A replay of the webcast will be available in the Investor Relations section of the company’s web site approximately two hours after the conclusion of the call and remain available for approximately 30 calendar days.

About SolarEdge

SolarEdge is a global leader in smart energy technology. By leveraging world-class engineering capabilities and with a relentless focus on innovation, SolarEdge creates smart energy solutions that power our lives and drive future progress. SolarEdge developed an intelligent inverter solution that changed the way power is harvested and managed in photovoltaic (PV) systems. The SolarEdge DC optimized inverter seeks to maximize power generation while lowering the cost of energy produced by the PV system. Continuing to advance smart energy, SolarEdge addresses a broad range of energy market segments through its PV, storage, EV charging, batteries, electric vehicle powertrains, and grid services solutions. SolarEdge is online at www.solaredge.com.

Investor Contacts
SolarEdge Technologies, Inc.
Ronen Faier, Chief Financial Officer
+1 510-498-3263
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Sapphire Investor Relations, LLC
Erica Mannion and Michael Funari
+1 617-542-6180
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— New offer makes installing solar a win-win for Texans—

HOUSTON--(BUSINESS WIRE)--#Reliant--Millions of Texans kicked off the new year with renewed resolutions to save money, live more sustainably and complete multiple home projects. Reliant also has big plans for 2023 and has launched a rooftop solar offer along with a solar concierge service that educates and enables homeowners. With rooftop solar from Reliant, customers can experience a one-stop-shop for solar panel installation and an exclusive electricity plan that offers uncapped credits for excess energy generated.

“With more Texans considering solar as a way to power their homes, we want to make installing solar easy by providing personalized service and options to help maximize their investment,” said Elizabeth Killinger, president of Reliant. “We design every offer with our customers in mind and are thrilled to provide tailored solutions for those powering their homes with the sun.”

To begin the process, homeowners can schedule a free assessment with a Reliant Solar Energy Expert, who is skilled at helping customers design the system most suitable for their household. The Solar Energy Expert can also help homeowners understand financing options, incentives and answer any questions about the process. Reliant then facilitates a seamless install through a solar power installation partner that has field-tested professionals with years of experience specializing in residential rooftop systems.

Following installation through Reliant, customers gain access to the exclusive Simple Solar Sell Back electricity plan, which features:

• Unlimited bill credits for any solar electricity generated that a household doesn’t consume and is returned to the grid.
• Bill credits at the same price per kilowatt hour that homeowners pay for electricity with the plan. Credits go toward the total bill, which includes both electricity and TDSP fees.
• A competitive fixed electricity price locked in for the length of their plan term.
• Reliant’s award-winning customer service and the Reliant smart phone app, which provides personalized insights of a homeowner’s solar energy usage and generation in the palm of their hands.

While the Simple Solar Sell Back plan is exclusive for new solar installations with Reliant, homeowners with existing rooftop panels can also earn bill credits through the Solar Payback Plus plan for any excess energy their panels generate. For renters and customers not interested in panels, Reliant offers the 100% Solar plan and the innovative, award-winning Make It Solar program that can be added to any qualifying electricity plan for a monthly fee. When it comes to solar, Reliant makes it simple and has options to fit every lifestyle and budget. Compare solar offerings by visiting Reliant.com/solar or calling 1-866-Reliant.

About Reliant:

Reliant powers, protects and simplifies life by bringing electricity, security and related services to homes and businesses across Texas. Serving customers and the community is at the core of what we do, and the company is recognized nationally for outstanding customer experience. Reliant is part of NRG, a Fortune 500 company that creates value by generating electricity and providing energy solutions to nearly 6 million residential, small business and commercial customers across the U.S. and Canada. NRG’s competitive residential electricity business, which includes Reliant, is one of the largest in the country. For more information about Reliant, visit reliant.com and connect with Reliant on Facebook at facebook.com/reliantenergy and Twitter or Instagram @reliantenergy. PUCT Certificate #10007.

Megan Talley
713-537-2160
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HOUSTON--(BUSINESS WIRE)--$HESM--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”), today announced that the Board of Directors of its general partner declared a quarterly cash distribution of $0.5696 per Class A share for the quarter ended December 31, 2022. The distribution represents a 1.2% increase compared to the distribution on the Hess Midstream Class A shares for the third quarter of 2022, which equals a 5% increase on an annualized basis. The distribution will be payable on February 13, 2023 to shareholders of record as of the close of business on February 2, 2023.

About Hess Midstream

Hess Midstream LP is a fee-based, growth-oriented midstream company that owns, operates, develops and acquires a diverse set of midstream assets to provide services to Hess Corporation and third-party customers. Hess Midstream owns oil, gas and produced water handling assets that are primarily located in the Bakken and Three Forks Shale plays in the Williston Basin area of North Dakota. More information is available at www.hessmidstream.com.

Investor Contact:
Jennifer Gordon
(212) 536-8244

Media Contact:
Robert Young
(346) 319 8783

HOUSTON--(BUSINESS WIRE)--ConocoPhillips (NYSE: COP) will host its 2023 Analyst & Investor Meeting on Wednesday, April 12 beginning at 8:30 a.m. Eastern time in New York City. The meeting will feature presentations by ConocoPhillips executives, including Chairman and Chief Executive Officer Ryan Lance.

A live webcast of the meeting will be made available on the ConocoPhillips Investor Relations website, www.conocophillips.com/investor. The event will be archived and available for replay later that day. The presentation, along with a transcript, will also be available on the Investor Relations website.

--- # # # ---

About ConocoPhillips

ConocoPhillips is one of the world’s leading exploration and production companies based on both production and reserves, with a globally diversified asset portfolio. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 13 countries, $95 billion of total assets and approximately 9,400 employees at September 30, 2022. Production averaged 1,731 thousand barrels of oil equivalent per day for the nine months ended September 30, 2022, and proved reserves were 6.1 billion barrels of oil equivalent as of Dec. 31, 2021. For more information, go to www.conocophillips.com.

Dennis Nuss (media)
281-293-1149
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Investor Relations
281-293-5000
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BOCA RATON, Fla.--(BUSINESS WIRE)--East Resources Acquisition Company (“ERES”) today announced the results for the proposal considered and voted upon by its stockholders at its special meeting on January 20, 2023. ERES reported that the proposal to amend ERES’s amended and restated certificate of incorporation to extend the date by which the ERES has to consummate a business combination was approved by the requisite number of shares of ERES common stock voted at the special meeting. A Current Report on Form 8-K disclosing the full voting results will be filed with the Securities and Exchange Commission on January 23, 2023.

ABOUT EAST RESOURCES ACQUISITION COMPANY

East Resources Acquisition Company, led by Terrence M. Pegula, is a blank check company formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses in North America.

FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute “forward-looking statements.” Forward-looking statements are subject to numerous conditions, many of which are beyond the control of ERES, including those set forth in the Risk Factors section of ERES’s registration statement and prospectus for the initial public offering, as filed with the Securities and Exchange Commission (the “SEC”), and other subsequent filings with the SEC. Copies of these documents are available on the SEC’s website, www.sec.gov. ERES undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Investor Contact:
Katelyn Morris
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Brooklyn-based Hub seeking start-up applicants to unleash the potential of offshore wind in New York.

NEW YORK--(BUSINESS WIRE)--The Offshore Wind Innovation Hub (OWIH) is open for business and announced its first call for applications. The Brooklyn-based Hub was founded in mid-2022 to identify and help develop promising start-ups to drive new innovations in the offshore wind industry. The three-year initiative is backed by Equinor and bp, partners developing the Empire Wind and Beacon Wind offshore wind projects, together with Urban Future Lab (UFL), the NYU Tandon School of Engineering, and the National Offshore Wind Research & Development Consortium (NOWRDC) and is supported by the New York City Economic Development Corporation (NYCEDC).

Designed to facilitate testing opportunities, fast-track commercialization, and developing strategic partnerships, startups will have access to the co-working space and programming at the Offshore Wind Innovation Hub located in Industry City. An Accelerator Program will allow selected cohort companies to begin a six-month intensive mentoring and business development program in June 2023.

“We’re thrilled to launch the Accelerator Program at our Offshore Wind Innovation Hub with our esteemed partners to accelerate innovation in New York’s burgeoning offshore wind industry,” said Molly Morris, President of Equinor Wind US. “The demand for offshore wind is rapidly increasing, and innovative ideas and technological advancement are needed to help the industry develop in the U.S. and beyond.”

The first call for applications is focused on finding start-ups that provide innovative technology and solutions related to the development phase of offshore wind in New York. The application can be found here and the deadline for submission is March 27, 2023.

The Offshore Wind Innovation Hub will also offer membership to stakeholders outside the Accelerator Program. Interested parties can apply for access to the co-working facilities in Industry City, community programming, as well as workshops and networking opportunities with industry peers. Applications to become a Community Member are open year-round.

“We’re looking for New York’s best,” said Dave Lawler, chairman and president of bp America. “We know innovation is in New Yorkers’ DNA. It’s at the core of bp, too, as we transform ourselves to reach net-zero by 2050 or sooner and help the world get there too. At this incredible moment for growing offshore wind in our country, we want to empower New York’s startups to lead the nation.”

Lyndie Hice-Dunton, Executive Director of NOWRDC said, "We are delighted to be a part of this exciting partnership. The Accelerator Program is a unique opportunity to help support innovative solutions for offshore wind in the U.S., as well as help build strategic partnerships within this growing industry. We are looking forward to working with this outstanding group of leaders to achieve our mutual goal of accelerating offshore wind innovation."

“Equinor’s Innovation Hub will call on New York’s world-class entrepreneurial talent to develop cutting-edge technologies, and accelerate advances in the offshore wind industry,” said NYCEDC Chief Operating Officer Melissa Román Burch. “We are thrilled the Hub will partner with Venture Access NYC – an NYCEDC initiative to create a more inclusive and representative tech startup ecosystem. Together with our industry and community partners, we are building a nation-leading offshore wind ecosystem and a more inclusive future for New Yorkers.”

Doreen M. Harris, President and CEO, New York State Energy Research and Development Authority (NYSERDA) said, “As we solidify New York’s leadership in offshore wind, we must bolster innovation in an end-to-end ecosystem--from concept to commercialization--that supports this game-changing industry. The launch of Equinor’s Offshore Wind Innovation Hub will build a strong network that allows new cleantech businesses, investors, and entrepreneurs to accelerate the time to market for their technologies, overcome industry barriers and bring forward economic opportunity for all New Yorkers.”

Pat Sapinsley, Managing Director of Cleantech Initiatives at the Urban Future Lab, said, “Our program will help to build an offshore wind industry in New York state. Equinor and bp will need to rely on smaller players to provide innovative solutions to local issues such as permitting, data collection, modeling, and more. These companies will be in the unique position of working with Equinor to devise and deploy the best solutions for this nascent US industry.”

Equinor is the operator on behalf of its 50-50 strategic partnership with bp. Together, the companies are developing the Beacon Wind and Empire Wind projects, which will supply 3.3 gigawatts (GWs) of renewable energy to New York — enough to power nearly two million homes.

To learn more, visit the OWIH website at www.offshorewindnyc.com.

About the Offshore Wind Innovation Hub (OWIH)

Catalyzing startups to unleash the potential of offshore wind in New York.

We leverage our New York City hub to grow the US offshore wind industry by harnessing the entrepreneurial powers of both global industry-leading startups and the local community. Our innovative programming and strong networks connecting innovators, local partners, investors, and industry will foster demonstration opportunities, safety awareness, knowledge transfer, innovation, and job creation. Through collaborative partnerships, we accelerate the local development of new technologies for the national offshore wind industry, to facilitate cost-efficiency gains. Our commitment to diversity and equity will advance inclusive supply chain and business development and accelerate the green economy in New York.

About Equinor

Equinor is one of the largest offshore wind developers in the United States.

Equinor is actively developing three projects: Empire Wind 1, Empire Wind 2, and Beacon Wind 1. Once completed, these projects will produce enough electricity to power about 2 million New York homes and will help generate more than $1 billion in economic output to New York State. Equinor is also a provisional winner of a lease area on the Outer Continental Shelf off California.

The United States is an attractive growth market for Equinor, with an ambition to install 12-16 GW of renewables capacity globally by 2030.

About bp

bp’s ambition is to become a net-zero company by 2050 or sooner, and to help the world get to net-zero. bp is America’s largest energy investor since 2005, investing more than $130 billion in the economy and supporting about 230,000 jobs. For more information on bp in the US, visit www.bp.com/us.

About the National Offshore Wind Research and Development Consortium (NOWRDC)

The National Offshore Wind Research and Development Consortium, established in 2018, is a not-for-profit public-private partnership focused on advancing offshore wind technology in the United States through high-impact research projects and cost-effective and responsible development to maximize economic benefits. Funding for the Consortium comes from the U.S. Department of Energy and the New York State Energy Research and Development Authority (NYSERDA), with each providing $20.5 million, as well as contributions from the Commonwealths of Virginia and Massachusetts and the States of Maryland and Maine, and New Jersey, bringing total investment to approximately $47 million. For more information, please visit nationaloffshorewind.org.

About New York City Economic Development Corporation (NYCEDC)

New York City Economic Development Corporation is a mission-driven, nonprofit organization that creates shared prosperity across New York City by strengthening neighborhoods and creating good jobs. We work with and for communities to bring emerging industries to New York City; develop spaces and facilities for businesses; empower New Yorkers through training and skill-building; and invest in sustainable and innovative projects that make the city a great place to live and work. To learn more about what we do, visit us on Facebook, Twitter, LinkedIn, and Instagram.

About the Urban Future Lab at the NYU Tandon School of Engineering

The Urban Future Lab (UFL) at NYU Tandon School of Engineering is New York City’s premier innovation hub for smart cities, the smart grid, and clean energy. As an integral part of Tandon’s Sustainable Engineering Initiative and NYU Tandon Future Labs network, the UFL is home to programs focused on policy, education, and market solutions for the green economy. Due to generous funding from our sponsors, UFL provides unmatched access to industry stakeholders, strategic advice, marketing and branding support, investor networks, and a community of like-minded founders. Our portfolio includes industry-leading startups in the areas of renewable energy, smart buildings, transportation, and resource-efficiency. The Urban Future Lab is leading the way to a more sustainable world by connecting people, capital, and purpose to advance market-ready solutions to address climate change. For more information about UFL, visit ufl.nyc and follow us on Twitter and LinkedIn. For more information about NYU Tandon, visit engineering.nyu.edu.

Lauren Shane, Senior Communications Manager, Equinor Renewables US
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 (917) 392 4252

Sayar Lonial, Associate Dean for Communications & Public Affairs, NYU Tandon School of Engineering
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 (646) 997-3721

Kori Groenveld, Program Manager, National Offshore Wind Research & Development Consortium
This email address is being protected from spambots. You need JavaScript enabled to view it.
+1 (805) 657 7197

STAMFORD, Conn.--(BUSINESS WIRE)--Crane Holdings, Co., a diversified manufacturer of highly engineered industrial products, today announced its regular quarterly dividend of $0.47 per share for the first quarter of 2023. The dividend is payable on March 8, 2023 to shareholders of record as of the close of business on February 28, 2023.

About Crane Holdings, Co.

Crane Holdings, Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane provides products and solutions to customers across end markets including aerospace, defense, chemical and petrochemical, water and wastewater, payment automation, and banknote security and production, as well as for a wide range of general industrial and consumer applications. The Company has four business segments: Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies, and Engineered Materials. Crane has approximately 11,000 employees in the Americas, Europe, the Middle East, Asia and Australia. Crane is traded on the New York Stock Exchange (NYSE:CR). For more information, visit www.craneco.com.

Jason D. Feldman
Vice President, Investor Relations
203-363-7329
www.craneco.com

BELOIT, Wis.--(BUSINESS WIRE)--#FMD--Fairbanks Morse Defense (FMD), a portfolio company of Arcline Investment Management, has been awarded a five-year indefinite-delivery/indefinite-quantity (IDIQ) requirements contract by the U.S. Navy. The agreement makes FMD the sole source for engineering and technical support of the main propulsion diesel engines on the Navy’s Freedom-class Littoral Combat Ship (LCS) program.

FMD will provide global maintenance and repair services and OEM parts to improve engine performance and increase operational availability. Additionally, the defense contractor’s Factory-Certified technicians will conduct essential training so that Navy sailors are also equipped to support emergent repair needs for these critical pieces of equipment.

“Supporting our nation’s fleets requires a finely tuned balance of service and speed of delivery. This is something that Fairbanks Morse Defense has mastered over more than a century of configuring the delivery of every customer engagement,” said FMD CEO George Whittier. “We manufactured and delivered the main propulsion diesel engines for the LCS Freedom-class vessels, and no one else knows these engines better than our service team. We stand ready to provide the essential services that ensure our fleet is always mission-ready.”

The U.S. Navy has turned to FMD for a full array of marine technologies and ship service systems for nearly 100 years. Approximately 80% of U.S. Navy ships with a medium-speed power application are powered by Fairbanks Morse Defense.

About Fairbanks Morse Defense (FMD)

Fairbanks Morse Defense (FMD) builds, maintains, and services the most trusted naval power and propulsion systems on the planet. For more than 100 years, FMD has been a principal supplier of a growing array of leading marine technologies, OEM parts, and turnkey services to the U.S. Navy, U.S. Coast Guard, Military Sealift Command, and Canadian Coast Guard. FMD stands ready to rapidly support the systems that power military fleets without compromising safety or quality. In times of peace and war, the experienced engineers, sailors, and technicians of FMD demonstrate our commitment to supporting the mission and vision of critical global naval operations wherever and whenever needed. FMD is a portfolio company of Arcline Investment Management.

To learn more, visit www.FairbanksMorseDefense.com.

Fairbanks Morse Media Contact:
Mercom Communications
Michelle Hargis
Tel: 512-215-4452
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Fourth Quarter 2022 Highlights

• Continued progress towards previously announced separation; Remain on-track to complete separation in early April 2023.
• Fourth quarter GAAP earnings per diluted share (EPS) increased 53% to $1.87 per share compared to 2021; Fourth quarter adjusted EPS increased 63% to a record $2.13 per share compared to 2021.
• Fourth quarter GAAP operating profit margin was 15.7%, an increase of 440 basis points from last year; adjusted operating margin was a record 18.6% compared to 12.0% last year.
• Fourth quarter core sales increased 11% compared to last year, core orders increased 15%, and core backlog increased 28%.
• Crane issues guidance for 2023 for post-separation Crane Company and Crane NXT; guidance details are included in the presentation that accompanies this earnings release that is available on our website at www.craneco.com under Investors, Events & Presentations.

STAMFORD, Conn.--(BUSINESS WIRE)--Crane Holdings, Co. (NYSE: CR), a diversified manufacturer of highly engineered industrial products, reported fourth quarter and full year 2022 financial results.

Max Mitchell, Crane Holdings, Co. President and Chief Executive Officer stated: “Another outstanding quarter of execution by our global team, along with continued progress toward our planned separation. Preparations for the separation are progressing smoothly, and we remain on-track for completion in April 2023. Both organizations continue to build out strong teams that will position both Crane Company and Crane NXT to deliver consistent, differentiated execution. Further, we continue to believe that the transaction will permit each post-separation company to optimize its investments and capital allocation policies to further accelerate growth and unlock shareholder value."

Mr. Mitchell continued: "Operationally, we had a very strong fourth quarter, with record quarterly adjusted EPS of $2.13 and a record adjusted operating margin of 18.6% driven, in part, by 11% core sales growth with strength across all three of our global strategic growth platforms. Leading indicators also remain strong, with core orders up 15% and core backlog up 28% compared to last year. However, despite strength of those metrics, based on broader macroeconomic trends and general uncertainty, we are planning for somewhat constrained and mixed activity in 2023 paired with gradual supply chain relief throughout the year. That said, we are confident that we are positioned to drive above-market growth in any potential environment, and we are prepared to respond quickly to capitalize on any demand above our current outlook."

Initial 2023 Outlook and Guidance

Details of our initial 2023 outlook and guidance for both Crane Company and Crane NXT are included in the presentation that accompanies this earnings release available on our website at www.craneco.com under Investors, Events & Presentations.

Full Year 2022 Results

Full year 2022 GAAP EPS of $7.18 compared to $7.36 in the prior year. Full year 2022 adjusted EPS of $7.88 increased 15% compared to $6.88 in the prior year. (Please see the attached Non-GAAP Financial Measures tables for a detailed reconciliation of reported results to adjusted measures.)

Full year 2022 sales were $3,375 million, a decrease of $33 million, or 1%, compared to full year 2021. Core sales growth of $220 million, or 6%, was more than offset by the $139 million, or 4%, impact from the May divestiture of Crane Supply, and a $114 million, or 3%, impact from unfavorable foreign exchange.

Full year order growth of 5% was driven by 13% core order growth, partially offset by a 4% divestiture impact and a 4% impact from unfavorable foreign exchange. Full year backlog growth of 23% was driven by 28% core backlog growth, partially offset by a 4% impact from unfavorable foreign exchange and a 2% divestiture impact.

Full year GAAP operating profit margin declined to 10.9%, from 15.5% last year, driven primarily by a loss on the August divestiture of asbestos-related assets and liabilities and related items. Full year 2022 adjusted operating profit margin was 17.7%, compared to 15.5% last year, driven primarily by pricing actions and productivity that more than offset inflation and the impact of lower volumes. (Please see the attached Non-GAAP Financial Measures tables for a detailed reconciliation of reported results to adjusted measures.)

Summary of Full Year 2022 Results

Full Year 2022 Cash Flow and Other Financial Metrics

Cash used for operating activities in 2022 was $152 million, compared to cash provided by operating activities of $499 million in 2021. Cash used for operating activities in 2022 included outflows of $605 million related to the August divestiture of asbestos-related assets and liabilities and other portfolio actions. Capital expenditures in 2022 were $58 million, compared to $54 million last year. Free cash flow (cash provided by operating activities less capital spending) in 2022 was negative $210 million, compared to positive $445 million last year. Adjusted free cash flow (free cash flow less the cash outflows associated with the divestiture of asbestos-related assets and liabilities and other portfolio actions) in 2022 was $395 million, compared to $445 million last year. (Please see the attached Non-GAAP Financial Measures tables for a detailed reconciliation of reported results to adjusted measures.)

The Company held cash of $658 million as of December 31, 2022, compared to $479 million as of December 31, 2021. Total debt was $1,243 million as of December 31, 2022, compared to $842 million as of December 31, 2021, with the increase related to the August asbestos divestiture transaction.

Fourth Quarter 2022 Results

Fourth quarter 2022 GAAP EPS of $1.87 compared to EPS of $1.22 in the fourth quarter of 2021. Fourth quarter 2022 adjusted EPS was $2.13, compared to $1.31 in the fourth quarter of 2021. (Please see the attached Non-GAAP Financial Measures tables for a detailed reconciliation of reported results to adjusted measures.)

Fourth quarter 2022 sales were $824 million, a slight decline compared to $825 million in the fourth quarter of 2021. Core sales growth of $90 million, or 11%, was more than offset by a $58 million, or 7%, divestiture impact, and a $33 million, or 4%, impact from unfavorable foreign exchange.

Core year-over-year order growth of 15% in the fourth quarter was partially offset by a 7% divestiture impact and a 5% impact from unfavorable foreign exchange. Total year-over-year backlog growth of 23% was driven by 28% core backlog growth, partially offset by a 4% impact from unfavorable foreign exchange and a 2% divestiture impact.

Fourth quarter GAAP operating profit margin was 15.7%, compared to 11.3% last year, with the increase driven primarily by pricing actions, and to a lesser extent productivity and higher volumes. Fourth quarter 2022 adjusted operating profit margin was 18.6%, compared to 12.0% last year. (Please see the attached Non-GAAP Financial Measures tables for a detailed reconciliation of reported results to adjusted measures.)

Summary of Fourth Quarter 2022 Results

Fourth Quarter 2022 Segment Results

All comparisons detailed in this section refer to operating results for the fourth quarter 2022 versus the fourth quarter 2021.

Aerospace & Electronics

Sales of $181 million increased $23 million, or 15%, compared to the prior year. GAAP operating profit margin of 19.8% compared to 13.1% last year, driven primarily by pricing actions, higher volumes, and productivity. Adjusted operating profit margin of 20.6% compared to 13.1% last year. Aerospace & Electronics' core orders increased 45% in the quarter compared to the prior year, and its order backlog was $613 million as of December 31, 2022 compared to $592 million as of September 30, 2022, and $460 million as of December 31, 2021.

Process Flow Technologies

Sales of $252 million decreased $47 million, or 16%, driven by a $58 million, or 19%, impact from the divestiture of Crane Supply and a $14 million, or 5%, impact from unfavorable foreign exchange, partially offset by $25 million, or 8%, of core growth. Operating profit margin increased to 14.8%, compared to 13.9% last year, primarily reflecting pricing actions and productivity, partially offset by unfavorable mix and lower volumes. Adjusted operating margin was 16.1%, compared to 14.3% last year. Process Flow Technologies' orders decreased 17% in the quarter compared to the prior year, with 9% core order growth more than offset by a 21% divestiture impact and a 5% impact from unfavorable foreign exchange. Order backlog increased 3% in the quarter compared to the prior year, with 14% core backlog growth partially offset by an 8% divestiture impact and a 4% impact from unfavorable foreign exchange. Process Flow Technologies order backlog was $369 million as of December 31, 2022, $354 million as of September 30, 2022, and $358 million as of December 31, 2021.

Payment & Merchandising Technologies

Sales of $338 million increased $25 million, or 8%, compared to the fourth quarter of 2021, driven by a $44 million, or 14%, increase in core sales, partially offset by a $19 million, or 6%, impact from unfavorable foreign exchange.

Operating profit margin increased to 24.1%, from 19.1% last year, primarily reflecting pricing actions, higher volumes and productivity. Adjusted operating profit margin of 25.9% compared to 18.5% last year. Payment & Merchandising Technologies' orders increased 4% in the quarter compared to the prior year, with 12% core order growth partially offset by an 8% impact from unfavorable foreign exchange. Order backlog increased 29% compared to the prior year, with 36% core backlog growth, partially offset by a 7% impact from unfavorable foreign exchange. Payment & Merchandising Technologies' order backlog was $566 million as of December 31, 2022, $500 million as of September 30, 2022, and $438 million as of December 31, 2021.

Newly appointed Crane NXT President and CEO Aaron Saak commented: “I am incredibly excited about the opportunity to share our path for value creation with investors at our upcoming Investor Day event. Along with my new team, I am honored to be the steward of these incredible businesses as we leverage global secular growth trends while pursuing new vectors for accelerated growth."

Engineered Materials

Sales of $52 million decreased $2 million, or 4%, compared to the prior year. Operating profit margin decreased to 11.0%, from 11.3%. Adjusted operating profit margin increased to 11.8%, from 11.3%.

Upcoming Investor Conference for Crane Company and Crane NXT
Crane Company and Crane NXT will each host an investor conference on March 9, 2023 in New York City. At both events, key executives will provide a detailed review of each company’s business, strategy, capital structure, and capital deployment policies, as well as an update on their 2023 business outlook. For additional details and to RSVP, please email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Conference Call
Crane Holdings, Co. has scheduled a conference call to discuss the fourth quarter financial results on Tuesday, January 24, 2023 at 10:00 A.M. (Eastern). All interested parties may listen to a live webcast of the call at http://www.craneco.com. An archived webcast will also be available to replay this conference call directly from the Company’s website under Investors, Events & Presentations. Slides that accompany the conference call will be available on the Company’s website.

About Crane Holdings, Co.

Crane Holdings, Co. is a diversified manufacturer of highly engineered industrial products. Founded in 1855, Crane provides products and solutions to customers across end markets including aerospace, defense, chemical and petrochemical, water and wastewater, payment automation, and banknote security and production, as well as for a wide range of general industrial and consumer applications. The Company has four business segments: Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies, and Engineered Materials. Crane has approximately 11,000 employees in the Americas, Europe, the Middle East, Asia and Australia. Crane is traded on the New York Stock Exchange (NYSE:CR). For more information, visit www.craneco.com.

Forward-Looking Statements Disclaimer

This press release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements include all statements that are not historical statements of fact and those regarding our intent, belief, or expectations, including, but not limited to: statements regarding Crane’s and the ultimate spin-off company’s (“SpinCo”) portfolio composition and their relationship following the business separation; the anticipated timing, structure, benefits, and tax treatment of the separation transaction; benefits and synergies of the separation transaction; strategic and competitive advantages of each of Crane and SpinCo; future financing plans and opportunities; and business strategies, prospects and projected operating and financial results. In addition, there is also no assurance that the separation transaction will be completed, that Crane’s Board of Directors will continue to pursue the separation transaction (even if there are no impediments to completion), that Crane will be able to separate its businesses or that the separation transaction will be the most beneficial alternative considered. We caution investors not to place undue reliance on any such forward-looking statements.

Words such as “anticipate(s),” “expect(s),” “intend(s),” “plan(s),” “believe(s),” “may,” “will,” “would,” “could,” “should,” “seek(s),” and similar expressions, or the negative of these terms, are intended to identify such forward-looking statements. These statements are based on management’s current expectations and beliefs and are subject to a number of risks and uncertainties that could lead to actual results differing materially from those projected, forecasted or expected. Although we believe that the assumptions underlying the forward-looking statements are reasonable, we can give no assurance that our expectations will be attained.

Risks and uncertainties that could cause actual results to differ materially from our expectations include, but are not limited to: changes in global economic conditions (including inflationary pressures) and geopolitical risks, including macroeconomic fluctuations that may harm our business, results of operation and stock price; the continuing effects from the coronavirus pandemic on our business and the global and U.S. economies generally; information systems and technology networks failures and breaches in data security, theft of personally identifiable and other information, non-compliance with our contractual or other legal obligations regarding such information; our ability to source components and raw materials from suppliers, including disruptions and delays in our supply chain; demand for our products, which is variable and subject to factors beyond our control; governmental regulations and failure to comply with those regulations; fluctuations in the prices of our components and raw materials; loss of personnel or being able to hire and retain additional personnel needed to sustain and grow our business as planned; risks from environmental liabilities, costs, litigation and violations that could adversely affect our financial condition, results of operations, cash flows and reputation; risks associated with conducting a substantial portion of our business outside the U.S.; being unable to identify or complete acquisitions, or to successfully integrate the businesses we acquire, or complete dispositions; adverse impacts from intangible asset impairment charges; potential product liability or warranty claims; being unable to successfully develop and introduce new products, which would limit our ability to grow and maintain our competitive position and adversely affect our financial condition, results of operations and cash flow; significant competition in our markets; additional tax expenses or exposures that could affect our financial condition, results of operations and cash flows; inadequate or ineffective internal controls; specific risks relating to our reportable segments, including Aerospace & Electronics, Process Flow Technologies, Payment & Merchandising Technologies and Engineered Materials; the ability and willingness of Crane and SpinCo to meet and/or perform their obligations under any contractual arrangements that are entered into among the parties in connection with the separation transaction and any of their obligations to indemnify, defend and hold the other party harmless from and against various claims, litigation and liabilities; and the ability to achieve some or all the benefits that we expect to achieve from the separation transaction.

Readers should carefully review Crane’s financial statements and the notes thereto, as well as the section entitled “Risk Factors” in Item 1A of Crane’s Annual Report on Form 10-K for the year ended December 31, 2021 and the other documents Crane and its subsidiaries file from time to time with the SEC. Readers should also carefully review the “Risk Factors” section of the registration statement relating to the business separation which has been filed by SpinCo with the SEC. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements.

These forward-looking statements reflect management’s judgment as of this date, and Crane assumes no (and disclaims any) obligation to revise or update them to reflect future events or circumstances.

We make no representations or warranties as to the accuracy of any projections, statements or information contained in this document. It is understood and agreed that any such projections, targets, statements and information are not to be viewed as facts and are subject to significant business, financial, economic, operating, competitive and other risks, uncertainties and contingencies many of which are beyond our control, that no assurance can be given that any particular financial projections ranges, or targets will be realized, that actual results may differ from projected results and that such differences may be material. While all financial projections, estimates and targets are necessarily speculative, we believe that the preparation of prospective financial information involves increasingly higher levels of uncertainty the further out the projection, estimate or target extends from the date of preparation. The assumptions and estimates underlying the projected, expected or target results are inherently uncertain and are subject to a wide variety of significant business, economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the financial projections, estimates and targets. The inclusion of financial projections, estimates and targets in this press release should not be regarded as an indication that we or our representatives, considered or consider the financial projections, estimates and targets to be a reliable prediction of future events.

This press release does not constitute an offer to sell, or a solicitation of an offer to buy, securities for sale.

(Financial Tables Follow)

Jason D. Feldman
Vice President, Investor Relations
203-363-7329
www.craneco.com