AUSTIN, Texas--(BUSINESS WIRE)--USA Compression Partners, LP (NYSE: USAC) (“USA Compression” or the “Partnership”) announced today its financial and operating results for fourth-quarter 2022.

Fourth-Quarter 2022 Highlights

• Record total revenues of $190.1 million for fourth-quarter 2022, compared to $159.9 million for fourth-quarter 2021.
• Net income was $8.4 million for fourth-quarter 2022, compared to $3.1 million for fourth-quarter 2021.
• Net cash provided by operating activities was $82.1 million for fourth-quarter 2022, compared to $81.1 million for fourth-quarter 2021.
• Adjusted EBITDA of $113.0 million for fourth-quarter 2022, compared to $99.2 million for fourth-quarter 2021.
• Distributable Cash Flow of $60.6 million for fourth-quarter 2022, compared to $52.0 million for fourth-quarter 2021.
• Paid cash distribution of $0.525 per common unit for fourth-quarter 2022, consistent with fourth-quarter 2021.
• Distributable Cash Flow Coverage was 1.18x for fourth-quarter 2022, compared to 1.02x for fourth-quarter 2021.

“Our fourth-quarter results were indicative of the vital importance of natural gas compression within the midstream and broader energy-market value chain. We again experienced sequential-quarter increases in revenues, Adjusted EBITDA, and revenue-generating horsepower, along with continued improvements to pricing,” commented Eric D. Long, USA Compression’s President and Chief Executive Officer. “Additionally, our fourth-quarter results featured a quarterly record for revenue. This record quarterly result was made possible by sequential-quarter improvements to our fleet utilization, which surpassed a 91-percent exit rate for the fourth quarter, and by continued improvements to our quarter-over-quarter average price per horsepower per month. Our fourth-quarter performance further reduced our leverage ratio while generating distribution coverage of 1.18 times, representing a more than 10% improvement over third-quarter 2022.”

Expansion capital expenditures were $46.1 million, maintenance capital expenditures were $3.7 million, and cash interest expense, net was $36.2 million for the fourth-quarter 2022.

On January 12, 2023, the Partnership announced a fourth-quarter cash distribution of $0.525 per common unit, which corresponds to an annualized distribution rate of $2.10 per common unit. The distribution was paid on February 3, 2023, to common unitholders of record as of the close of business on January 23, 2023.

Liquidity and Long-Term Debt

As of December 31, 2022, the Partnership was in compliance with all covenants under its $1.6 billion revolving credit facility. As of December 31, 2022, the Partnership had outstanding borrowings under the revolving credit facility of $646.0 million, $954.0 million of availability and, subject to compliance with the applicable financial covenants, available borrowing capacity of $333.1 million. As of December 31, 2022, the outstanding aggregate principal amount of the Partnership’s 6.875% senior notes due 2026 and 6.875% senior notes due 2027 was $725.0 million and $750.0 million, respectively.

Full-Year 2023 Outlook

USA Compression is providing its full-year 2023 guidance as follows:

• Net income range of $75.0 million to $95.0 million;
• A forward-looking estimate of net cash provided by operating activities is not provided because the items necessary to estimate net cash provided by operating activities, in particular the change in operating assets and liabilities, are not accessible or estimable at this time. The Partnership does not anticipate changes in operating assets and liabilities to be material, but changes in accounts receivable, accounts payable, accrued liabilities, and deferred revenue could be significant, such that the amount of net cash provided by operating activities would vary substantially from the amount of projected Adjusted EBITDA and Distributable Cash Flow;
• Adjusted EBITDA range of $490.0 million to $510.0 million; and
• Distributable Cash Flow range of $260.0 million to $280.0 million.

Conference Call

The Partnership will host a conference call today beginning at 11:00 a.m. Eastern Time (10:00 a.m. Central Time) to discuss fourth-quarter 2022 performance. The call will be broadcast live over the internet. Investors may participate by audio webcast, or if located in the U.S. or Canada, by phone. A replay will be available shortly after the call via the “Events” page of USA Compression’s Investor Relations website.

About USA Compression Partners, LP

USA Compression Partners, LP is a growth-oriented Delaware limited partnership that is one of the nation’s largest independent providers of natural gas compression services in terms of total compression fleet horsepower. USA Compression partners with a broad customer base composed of producers, processors, gatherers, and transporters of natural gas and crude oil. USA Compression focuses on providing natural gas compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities, and transportation applications. More information is available at usacompression.com.

Non-GAAP Financial Measures

This news release includes the Non-GAAP financial measures of Adjusted gross margin, Adjusted EBITDA, Distributable Cash Flow, and Distributable Cash Flow Coverage Ratio.

Adjusted gross margin is defined as revenue less cost of operations, exclusive of depreciation and amortization expense. Management believes Adjusted gross margin is useful to investors as a supplemental measure of the Partnership’s operating profitability. Adjusted gross margin is primarily impacted by the pricing trends for service operations and cost of operations, including labor rates for service technicians, volume, and per-unit costs for lubricant oils, quantity and pricing of routine preventative maintenance on compression units, and property tax rates on compression units. Adjusted gross margin should not be considered an alternative to, or more meaningful than, gross margin or any other measure presented in accordance with GAAP. Moreover, the Partnership’s Adjusted gross margin, as presented, may not be comparable to similarly titled measures of other companies. Because the Partnership capitalizes assets, depreciation and amortization of equipment is a necessary element of its cost structure. To compensate for the limitations of Adjusted gross margin as a measure of the Partnership’s performance, management believes it important to consider gross margin determined under GAAP, as well as Adjusted gross margin, to evaluate the Partnership’s operating profitability.

Management views Adjusted EBITDA as one of its primary tools for evaluating the Partnership’s results of operations, and the Partnership tracks this item on a monthly basis as an absolute amount and as a percentage of revenue compared to the prior month, year-to-date, prior year, and budget. The Partnership defines EBITDA as net income (loss) before net interest expense, depreciation and amortization expense, and income tax expense (benefit). The Partnership defines Adjusted EBITDA as EBITDA plus impairment of compression equipment, impairment of goodwill, interest income on capital leases, unit-based compensation expense (benefit), severance charges, certain transaction expenses, loss (gain) on disposition of assets, and other. Adjusted EBITDA is used as a supplemental financial measure by management and external users of the Partnership’s financial statements, such as investors and commercial banks, to assess:

• the financial performance of the Partnership’s assets without regard to the impact of financing methods, capital structure, or the historical cost basis of the Partnership’s assets;
• the viability of capital expenditure projects and the overall rates of return on alternative investment opportunities;
• the ability of the Partnership’s assets to generate cash sufficient to make debt payments and pay distributions; and
• the Partnership’s operating performance as compared to those of other companies in its industry without regard to the impact of financing methods and capital structure.

Management believes Adjusted EBITDA provides useful information to investors because, when viewed in conjunction with the Partnership’s GAAP results and the accompanying reconciliations, it may provide a more complete assessment of the Partnership’s performance as compared to considering solely GAAP results. Management also believes that external users of the Partnership’s financial statements benefit from having access to the same financial measures that management uses to evaluate the results of the Partnership’s business.

Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income (loss), operating income (loss), cash flows from operating activities, or any other measure presented in accordance with GAAP. Moreover, the Partnership’s Adjusted EBITDA, as presented, may not be comparable to similarly titled measures of other companies.

Distributable Cash Flow is defined as net income (loss) plus non-cash interest expense, non-cash income tax expense (benefit), depreciation and amortization expense, unit-based compensation expense (benefit), impairment of compression equipment, impairment of goodwill, certain transaction expenses, severance charges, loss (gain) on disposition of assets, proceeds from insurance recovery, and other, less distributions on the Partnership’s Series A Preferred Units (“Preferred Units”) and maintenance capital expenditures.

Distributable Cash Flow should not be considered an alternative to, or more meaningful than, net income (loss), operating income (loss), cash flows from operating activities, or any other measure presented in accordance with GAAP. Moreover, the Partnership’s Distributable Cash Flow, as presented, may not be comparable to similarly titled measures of other companies.​

Management believes Distributable Cash Flow is an important measure of operating performance because it allows management, investors, and others to compare the cash flows that the Partnership generates (after distributions on the Partnership’s Preferred Units but prior to any retained cash reserves established by the Partnership’s general partner and the effect of the Distribution Reinvestment Plan) to the cash distributions that the Partnership expects to pay its common unitholders.

Distributable Cash Flow Coverage Ratio is defined as the period’s Distributable Cash Flow divided by distributions declared to common unitholders in respect of such period. Management believes Distributable Cash Flow Coverage Ratio is an important measure of operating performance because it permits management, investors, and others to assess the Partnership’s ability to pay distributions to common unitholders out of the cash flows the Partnership generates. The Partnership’s Distributable Cash Flow Coverage Ratio, as presented, may not be comparable to similarly titled measures of other companies.

This news release also contains a forward-looking estimate of Adjusted EBITDA and Distributable Cash Flow projected to be generated by the Partnership for its 2023 fiscal year. A forward-looking estimate of net cash provided by operating activities and reconciliations of the forward-looking estimates of Adjusted EBITDA and Distributable Cash Flow to net cash provided by operating activities are not provided because the items necessary to estimate net cash provided by operating activities, in particular the change in operating assets and liabilities, are not accessible or estimable at this time. The Partnership does not anticipate changes in operating assets and liabilities to be material, but changes in accounts receivable, accounts payable, accrued liabilities, and deferred revenue could be significant, such that the amount of net cash provided by operating activities would vary substantially from the amount of projected Adjusted EBITDA and Distributable Cash Flow.

See “Reconciliation of Non-GAAP Financial Measures” for Adjusted gross margin reconciled to gross margin, Adjusted EBITDA reconciled to net income and net cash provided by operating activities, and net income and net cash provided by operating activities reconciled to Distributable Cash Flow and Distributable Cash Flow Coverage Ratio.

Forward-Looking Statements

Some of the information in this news release may contain forward-looking statements. These statements can be identified by the use of forward-looking terminology including “may,” “believe,” “expect,” “intend,” “anticipate,” “estimate,” “continue,” “if,” “project,” “outlook,” “will,” “could,” “should,” or other similar words or the negatives thereof, and include the Partnership’s expectation of future performance contained herein, including as described under “Full-Year 2023 Outlook.” These statements discuss future expectations, contain projections of results of operations or of financial condition, or state other “forward-looking” information. You are cautioned not to place undue reliance on any forward-looking statements, which can be affected by assumptions used or by known risks or uncertainties. Consequently, no forward-looking statements can be guaranteed. When considering these forward-looking statements, you should keep in mind the risk factors noted below and other cautionary statements in this news release. The risk factors and other factors noted throughout this news release could cause actual results to differ materially from those contained in any forward-looking statement. Known material factors that could cause the Partnership’s actual results to differ materially from the results contemplated by such forward-looking statements include:

• changes in general economic conditions, including inflation or supply chain disruptions and changes in economic conditions of the crude oil and natural gas industries, including any impact from the ongoing military conflict involving Russia and Ukraine;
• changes in the long-term supply of and demand for crude oil and natural gas, including as a result of the severity and duration of world health events, including the COVID-19 pandemic, related economic repercussions, actions taken by governmental authorities and other third parties in response to such events, and the resulting disruption in the oil and gas industry and impact on demand for oil and gas;
• competitive conditions in the Partnership’s industry, including competition for employees in a tight labor market;
• changes in the availability and cost of capital, including changes to interest rates;
• renegotiation of material terms of customer contracts;
• actions taken by the Partnership’s customers, competitors, and third-party operators;
• operating hazards, natural disasters, epidemics, pandemics (such as COVID-19), weather-related impacts, casualty losses, and other matters beyond the Partnership’s control;
• operational challenges relating to COVID-19 and efforts to mitigate the spread of the virus, including logistical challenges, protecting the health and well-being of the Partnership’s employees, remote work arrangements, performance of contracts, and supply chain disruptions;
• the deterioration of the financial condition of the Partnership’s customers, which may result in the initiation of bankruptcy proceedings with respect to certain customers;
• the restrictions on the Partnership’s business that are imposed under the Partnership’s long-term debt agreements;
• information technology risks, including the risk from cyberattacks;
• the effects of existing and future laws and governmental regulations;
• the effects of future litigation;
• the Partnership’s ability to realize the anticipated benefits of acquisitions; and
• other factors discussed in the Partnership’s filings with the SEC.

All forward-looking statements speak only as of the date of this news release and are expressly qualified in their entirety by the foregoing cautionary statements. Unless legally required, the Partnership undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events, or otherwise. Unpredictable or unknown factors not discussed herein also could have material adverse effects on forward-looking statements.

Investor Contacts:

USA Compression Partners, LP

Mike Pearl
Chief Financial Officer
(832) 823-7306
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Julie McEwen
Controller
(512) 369-1389
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Company is one of only two U.S. electric utilities to be named to prestigious list

ORANGE, Conn.--(BUSINESS WIRE)--AVANGRID, Inc. (NYSE: AGR), a leading sustainable energy company and member of the Iberdrola Group, has announced it is one of two U.S. electric utilities to be named to the 2023 Sustainability Yearbook, S&P Global’s annual and comprehensive listing of the world’s most sustainable companies. This is the company’s third consecutive year appearing on the prestigious list.

“AVANGRID has and continues to demonstrate leadership in all aspects of ESG,” said Pedro Azagra, CEO of AVANGRID. “We believe that our strong track record of ESG commitments and execution against our goals ensures that we are a key company to lead the clean energy transition. We also benefit from the leadership Iberdrola, whose expertise is illustrated by their rank within the top 5% of S&P Global ESG Scores in the 2023 Yearbook. Our commitment to sustainability influences all of our actions, investments and strategies.”

To be included in the Yearbook, companies are assessed using the industry specific Corporate Sustainability Assessment (CSA) questionnaire and methodology reflecting a company’s score compared to its industry peers. Companies must be in the top 15% of their industry and achieve an S&P Global Sustainability Score within 30% of their industry’s top-performing company. AVAGNRID’s earned a CSA score that is in the 90^th percentile relative to peers and is two times the electric utility average. AVANGRID earned an overall ESG score of 75 out of 100.

The 2023 edition of the Yearbook is the result of the analysis of 61 different industries and a detailed assessment of more than 7,800 companies, for which more than 14 million data points were collected. The results of this assessment help investors identify companies that are successfully addressing the opportunities and risks of the global sustainability challenge.

“AVANGRID continuously demonstrates that clean energy is not just a beneficial outcome for the environment, but also for society,” said Laney Brown, vice president of sustainability at AVANGRID. “Our ESG position is not new, and we’re proud of what we’ve accomplished—we are consistently recognized for our governance and compliance work, we’ve maintained emissions intensity levels that are six-times lower than the US average for more than six years, and we’re aggressively moving forward with carbon reduction. Being named a Yearbook member is an honor and demonstrates our actions are making an impactful difference.”

AVANGRID’s sustainability strategy is organized into five key areas of focus:

• Reducing the company’s carbon footprint;
• Conscious action on social investment;
• Creating a more sustainable and diverse supply chain;
• Investing in its people; and
• Operating with the highest ethical and governance standards.

The full Sustainability Yearbook 2023 is available at www.spglobal.com/esg/csa/yearbook/ and AVANGRID’s ESG rating can be found here.

About AVANGRID: AVANGRID, Inc. (NYSE: AGR) aspires to be the leading sustainable energy company in the United States. Headquartered in Orange, CT with approximately $40 billion in assets and operations in 24 U.S. states, AVANGRID has two primary lines of business: Avangrid Networks and Avangrid Renewables. Avangrid Networks owns and operates eight electric and natural gas utilities, serving more than 3.3 million customers in New York and New England. Avangrid Renewables owns and operates a portfolio of renewable energy generation facilities across the United States. AVANGRID employs more than 7,000 people and has been recognized by JUST Capital in 2021, 2022 and 2023 as one of the JUST 100 companies – a ranking of America’s best corporate citizens. In 2023, AVANGRID ranked first within the utility sector for its commitment to the environment. The company supports the U.N.’s Sustainable Development Goals and was named among the World’s Most Ethical Companies in 2022 for the fourth consecutive year by the Ethisphere Institute. AVANGRID is a member of the group of companies controlled by Iberdrola, S.A. For more information, visit www.avangrid.com. 

MEDIA:
Sarah Warren
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585-794-9253

Global supply/demand dynamics in refined products markets are being driven by two critically important factors. The first is the reluctance of refiners to expand capacity in the face of climate policy and ESG headwinds. The second is a growing gap between policymakers’ aggressive energy-transition goals and the global pivot to a renewed focus on energy security. These developments have far-reaching implications, not only for refinery owners but also for E&Ps, midstreamers, exporters, policymakers, and energy-industry investors.   

HOUSTON--(BUSINESS WIRE)--#Crudeoil--RBN Energy and its Refined Fuels Analytics (“RFA”) practice today announced the release of “Future of Fuels,” a comprehensive report on the key factors influencing petroleum market dynamics — prices and price relationships, petroleum supply and demand, alternative fuels, and refining capacity and utilization.

The report’s analysis, forecasts and accompanying datasets address the short- and long-term outlook for the refining industry and a wide range of specific topics, such as the advantages U.S. refineries have over many of their international counterparts; the growing significance of export markets; the ongoing impacts of the Russia-Ukraine war on Russian refineries and exports; the Chinese government’s strategy regarding the buildout of refining capacity and exports; the decline in heavy oil production in the Western Hemisphere and the resulting narrowing in heavy-vs.-light differentials; and the unique set of challenges that refiners in each regional market face.

Future of Fuels provides a detailed look at U.S. and global refining capacity, including a detailed discussion of refinery project start-ups, restarts and shutdowns; the types of crude (heavy, medium, light) that capacity additions are designed to process; and changes in regional product make capacity.

The report also does a deep dive into global and regional demand trends for gasoline, diesel, jet, biodiesel, renewable diesel (RD) and sustainable aviation fuels (SAF) — including an assessment of the special dynamics driving the incentives-dependent biodiesel, RD and SAF markets; the margins for producing RD; and the availability of biofuel feedstocks. Finally, it includes a remarkably comprehensive set of supporting production, pricing and other data, all in downloadable Excel files.

For more information about the new Future of Fuels report and RBN’s Refined Fuels Analytics unit, click here.

About RBN Energy

RBN Energy is a leading energy market consultancy and analytics company based in Houston, Texas. The company provides a broad range of consulting services and information products concerning crude oil, refined products, natural gas, natural gas liquids and renewable energy sources. Our mission is to make sense out of the complex and sometimes quite opaque energy markets to create a deep understanding for our clients. To learn more about RBN Energy, please visit www.rbnenergy.com.

TJ Braziel
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(888) 613-8874

CMTA engineered the first solar PV system funded by a performance contract in the state of North Carolina.

LOUISVILLE, Ky.--(BUSINESS WIRE)--In a major milestone for Clinton City Schools, the district recently completed the installation of a solar photovoltaic (PV) system, the first solar PV system funded by a performance contract in the state of North Carolina. CMTA, a Legence company, provided the engineering services for a comprehensive guaranteed energy-saving performance contract, the firm’s first in North Carolina.

John Lowe, Executive Director of Technology and Auxiliary Services for Clinton City Schools, energized the new system on January 20th at approximately 1:15pm to officially "turn it on." The PV install includes 107.83 kW of solar photovoltaic array on Sunset Avenue Elementary School's 800 Wing. During periods of low electricity consumption at the school, such as weekends, the new system will export power to Duke Energy, generating credits for the school’s electricity bills. During peak output of the system, it will provide 35% of the power drawn by all lighting systems in the entire district.

“It is exciting to see this component along with other components of the Energy Performance Savings Contract come together and come online,” Lowe said. “It’s been a long endeavor that required agreements from the county commissioners and approval from the LGC (Local Government Commission). So, it’s good to finally see a lot of these components coming to fruition.”

CMTA is working with Clinton City Schools on a performance contract that comprises seven facilities and a total of 566,076 square feet.

The district has taken a major step toward pursuing greater energy efficiency and becoming more environmentally friendly. Not only does this approach save the district money on electricity costs over time, but it also makes their buildings more attractive and desirable, thanks to greater property values associated with renewable-energy installations.

About CMTA

CMTA, a Legence company, specializes in creating and maintaining high-performing facilities and energy systems by providing energy solutions, energy consulting and engineering, and performance contracting services. CMTA is recognized as a leader in sustainable facility design and energy efficiency retrofits, often providing performance contracting and consulting engineering services together as part of larger multi-disciplinary comprehensive solutions. For more information, please visit www.cmta.com.

Molly Lauck
National Communications
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DEER PARK, Texas--(BUSINESS WIRE)--Taurus Industrial Group (“Taurus”), a portfolio company of SCF Partners (“SCF”), is pleased to announce its acquisition of Bolttech Mannings, Inc. (“BMI”), a leading provider of technical bolting, heat treating, leak sealing, and non-destructive testing services to the North American power generation, downstream, and industrial markets. BMI’s service offerings, geographic footprint, and customer relationships are highly synergistic with those of Taurus and help increase its presence in key industry sectors.

“We’re excited to add Bolttech to the Taurus Industrial Group family,” says Hari Gopu, CEO of Taurus. “With BMI’s strong capabilities and complimentary offerings, we’ll now be able to offer our core customers additional, and complimentary, capabilities across technical bolting and torquing, heat treating, leak sealing, and hot tapping services as well as expand our offerings to new blue-chip customers in the power, energy and industrial markets.”

“BMI is a key addition to the leading industrial services platform the Taurus team has built,” says Garrett Jackson, Director at SCF Partners and Taurus board member. “We look forward to supporting management‘s efforts to capitalize on the significant cross-selling opportunities and continue building out a broader service offering that meets the evolving needs of our customers.”

About Bolttech Mannings

Bolttech Mannings, with its subsidiaries Red Flame Industries, AM Inspection, and Global Tooling Services, has been a leader in specialty industrial bolting and torquing, hot tapping, and thermal technologies for a variety of industries for nearly 35 years. BMI’s dedicated technicians have experience in the power generation, steel, natural gas transmission, and petrochemical industries. The company has differentiated itself by providing the world’s most efficient full line of OEM industrial bolting tools, induction, combustion and resistance products. Learn more at www.bolttechmannings.com.

About Taurus Industrial Group

Taurus Industrial Group brings together familiar and highly regarded service providers with an outstanding combination of people and know-how, safely delivering high-performance solutions to operators in the ever-growing industrial and energy landscape. From engineering to implementation, the Taurus companies provide services for electrical and power systems, automation and control instrumentation, civil and mechanical projects, rotating and reciprocating equipment maintenance, piping and structural steel fabrication, refractory, scaffolding, insulation, paint and coatings. With principal offices in Houston, Texas, and localized service facilities in Corpus Christi, Port Lavaca, Freeport, Deer Park, Orange, Baton Rouge and Decatur (IL), the Taurus companies cover the US Gulf Coast and Midwest with capability, reliability and strength. Learn more at www.taurusig.com.

Daniel Frayne
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Three Ultra-scalable, minimal footprint modules deliver massive computing power in compact 3U form to support demanding battlefield workloads

SAN DIEGO--(BUSINESS WIRE)--#AI--General Micro Systems (GMS), the world’s leading technology-independent supplier of computing engines in boxes, boards and servers, today launched its X9 Venom Xeon D Host 3U VITA 65 OpenVPX single-board computer. Aligned to the SOSA™ (Sensor Open Standard Architecture) Technical Standard, this family of high-performance modules support the demanding needs of next-generation warfare with massive, flexible I/O and compute capabilities in multiple configurations. These single-board computers are powered by up to 20 Intel^® Xeon^® D-2700 HCC (formerly Ice Lake D) cores, and unprecedented bandwidth via inter-chassis and front-panel connectivity with Thunderbolt™ 4, PCIe Gen 4, USB, and 100 GbE ports.

“Developed specifically to meet battlefield requirements for instant communications, faster data-driven decisions, and rapid upgrades, the X9 Venom Xeon D Host single-board computers deliver more compute, bandwidth, I/O and memory than any other industry provider,” said Ben Sharfi, CEO and chief architect, GMS. “Our Xeon D Host single-board computers include huge data pipes with CPU offload, multiple GPUs for artificial intelligence or graphics, and long-haul fiber via Ethernet or Thunderbolt 4—all in a much smaller, ruggedized and SOSA-compliant form factor, unlike any competitor. In fact, there are no competitors for this compact solution.”

What makes these single-board computers (SBCs) most unique is the compact combination of so much ultra-speed I/O at 40Gbits/s or 100Gbits/s, up to three processors per module, and the breadth of modular, application-specific I/O that interfaces with all manner of defense systems and platforms.

The combination of the X9 Venom Xeon D Host’s CPU and optional twin GPUs, PCI Express Gen 4, Thunderbolt 4, and front panel 100G fiber—plus multiple M.2 storage and I/O sites—makes Venom the fastest, smallest and most powerful compute and I/O processors anywhere in the world. The modules are designed for extended temperature, long life, conduction- or optional convection-cooling, and operate from a single 12 VDC supply. All versions are OpenVPX, VITA 65, SOSA, and U.S. Army CMOSS-aligned or compliant, with backplane profiles available to best fit the processing and I/O options.

Available in three configurations (standard “D”, “NET” and “NAS”), these single-board computers bring unprecedented flexibility to military applications:

• Single slot 3UVPX Venom D with two M.2 storage sites, two PCIe-Mini sites, two Thunderbolt™ 4 ports with optional 100 W power, and four 100 GbE ports (two to front panel)
• Dual slot 3UVPX-NAS for network-attached storage (NAS), including six M.2 storage sites for up to 40GB of RAID, two PCIe-Mini sites, two Thunderbolt ports each with 100 W power, four 100GbE (two to front panel) and optional dual GPU or quad 100GbE or dual Thunderbolt 4 ports
• Dual slot 3UVPX-NET, or high-speed I/O, including two M.2 storage sites, two Thunderbolt ports each with 100 W power, and up to ten 100 GbE ports (eight to front panel), plus optional dual GPU or dual Thunderbolt 4 ports

Based on open standards, all X9 Venom Xeon D Host configurations include:

• Intel Xeon D high core count (HCC) CPU up to 20 cores and 64GB DDR4 ECC DRAM, supporting up to 40 parallel threads
• Virtual machine computer/server capability providing 20 clients or disparate processes
• Up to 10x 100 GbE ports for massive sensor pipeline or inter-board communication for parallel processing
• Direct-to-drive and software RAID for NVMe drives
• 100Gb Ethernet I/O supporting Remote Direct Memory Access (RDMA) over converged Ethernet (RoCE) which offloads local or distant CPUs for “atomic” burst data transactions

Folded “Origami” leads to unprecedented capabilities

To realize the incredible slot density fundamental to the X9 Venom Xeon D Host family, GMS pioneered, patented and refined a technique that takes a feature-rich, server-sized monolithic motherboard and “folds” it into stackable 3U-sized modules. Each module is carefully groomed for timing, signal integrity, EMI mitigation and maximum performance.

The X9 Venom PCBs are interconnected via ultra-high-speed board-to-board connectors that route signals such as PCIe Gen 4 between, and through, the modules with no speed degradation. GMS-unique technology allows nearly 40 lanes of PCIe to be routed effectively between all three boards.

“If open standards compliant modules like OpenVPX, SOSA, CMOSS, HOST and more are required to comply with the MOSA (modular open standards approach) DoD mandate, the X9 Venom Xeon D Host family is the single best embedded computer to meet the high-performance computing and networking requirements of the modern battlefield,” Sharfi said “GMS’ Venom SBCs do more in one or two slots than the other guys using a whole chassis.”

Visit GMS this week at AFCEA West 2023 in San Diego

The X9 Venom Xeon D Host is one of several technologies GMS will feature at AFCEA West 2023 in San Diego (booth 1636) February 14-16.

About General Micro Systems:

General Micro Systems (GMS) is the rugged server company. The company is known as the industry expert in highest-density, modular, compute-intensive, and rugged small form-factor embedded computing systems, servers, and switches. These powerful systems are ideal for demanding C5ISR defense, aerospace, medical, industrial, and energy exploration applications. GMS is an IEC, ISO, AS9100, NIST-800-171, and MIL-SPEC supplier with infrastructure and operations for long-life, spec-controlled, and configuration-managed programs.

Designed from the ground up to provide the highest performance and functionality in the harshest environments on the planet, the company’s highly customizable products include GMS Rugged DNA™ with patented RuggedCool™ and Diamond RuggedCool™ cooling technology. GMS uses processors from Intel^® and NVIDIA^®. For more information, visit www.gms4sbc.com.

General Micro Systems and the General Micro Systems logo are trademarks of General Micro Systems, Inc. All other product or service names are the property of their respective owners.

©2023 General Micro Systems, Inc. All Rights Reserved

Press contacts:
Chris A. Ciufo
General Micro Systems
360-921-7556
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Kelly Wanlass
HCI Marketing and Communcations, Inc.
801-602-4723
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NEW BRAUNFELS, Texas--(BUSINESS WIRE)--TaskUs (Nasdaq: TASK), a provider of outsourced digital services and next-generation customer experience to fast-growing technology companies, has made a long-term commitment to support a partnership between Watershed, an enterprise climate platform, and renewables marketplace Ever.green to launch the first fixed-price virtual power purchase agreement (VPPA). Through the VPPA, TaskUs and other customers are contributing to the financing of a new solar plant in Laredo, Texas that will add clean energy to a grid that largely relies on coal and gas.

Supporting the fixed-price VPPA allows TaskUs to lock in long-term costs, as well as make significant progress towards its ambitious environmental goals. The Texas power grid experiences high emissions intensity owing to a reliance on coal and gas and the new solar plant will allow TaskUs and other companies to realize significant carbon reduction impact with their investments. The solar energy produced by this plant is expected to lead to over 13,000 tons of CO2 avoided every year—equivalent to taking nearly 3,000 gas-powered cars off the road annually. This partnership is a blueprint for many more projects of its kind funded collectively by Watershed customers.

"At TaskUs we take our sustainability efforts seriously with the understanding that every action we take as a company will have an impact on the environment, our society, and collective future,” said Jon Wouters, TaskUs' Division Vice President of Global Facilities, Growth, and Sustainability. “Working with Watershed helps us more quickly realize long-term environmental goals, which are a critical piece of our overall ESG commitments. We are excited to see the positive impact of this collaboration.”

"The fixed-price VPPA lets Watershed customers lock in years of renewable energy production that would not exist without their commitments," said Watershed co-founder Taylor Francis. "What's more, as corporate offsetting comes under intensified regulatory and media scrutiny, VPPA customers will have the assurance that they're funding only the highest-quality projects."

The VPPA participation is illustrative of TaskUs' ESG goals, which continue to be a key consideration for company operations. As a fully cloud-based organization, TaskUs is able to take an asset-light approach to working with customers. The company also focuses on achieving maximized efficiency in its facilities by managing improved seat utilization across its global footprint. TaskUs' sites in 14 countries have various local initiatives to encourage recycling, efficient energy usage, water conservation, and efforts to limit the presence and use of single-use plastics, among others.

To learn more about TaskUs, visit https://www.taskus.com or the following social media accounts:

• Facebook: www.facebook.com/TaskUs
• LinkedIn: www.linkedin.com/company/TaskUs
• Instagram and Twitter: @TaskUs

About TaskUs

TaskUs is a provider of outsourced digital services and next-generation customer experience to fast-growing technology companies, helping its clients represent, protect and grow their brands. Leveraging a cloud-based infrastructure, TaskUs serves clients in the fastest-growing sectors, including social media, e-commerce, gaming, streaming media, food delivery and ridesharing, HiTech, FinTech and HealthTech. As of September 30, 2022, TaskUs had approximately 48,700 employees across twenty-eight locations in 14 countries, including the United States, the Philippines, and India.

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Investor Contact
Alan Katz, Investor Relations
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Novata’s General Partner Advisory Committee is a group of leading private investment firms who embody purpose and authenticity in their approach to ESG

NEW YORK--(BUSINESS WIRE)--Novata, a leading ESG data management platform built for private markets, today announced that Wafra Inc. (“Wafra”) is joining Novata’s General Partner Advisory Committee (GPAC). Wafra is a global alternative investment manager that invests across a range of alternative assets, including private equity, real estate and real assets. Novata, a public benefit corporation backed by the Ford Foundation, Hamilton Lane, S&P Global and Omidyar Network, provides customers with a clear pathway for selecting ESG metrics, data collection into a secure database, and data insights and analytics tools to inform investment decisions.

The Novata GPAC, a group of leading private investment firms committed to ESG, provides critical guidance and recommendations to the Novata ecosystem on a range of issues, including effective ESG measurement and benchmarking tools. Wafra is aligned with Novata in their mission to advance effective ESG data collection and monitoring in private markets.

“At Wafra, we believe integrating material ESG considerations in our investment process helps to holistically manage financial risk and identify opportunities to create additional value for our clients,” said Avantika Saisekar, Head of Sustainable Investing at Wafra. “We are pleased to join the Novata GPAC to support the development of consistent ESG monitoring practices and empower alternative investors to build long-term sustainable businesses.”

With mounting pressure from regulators, investors, customers, and employees to increase data transparency, Novata’s platform, specifically tailored for private markets, is the simple first step for firms looking to tackle ESG data collection.

“We are pleased to welcome Wafra, an industry leader in ESG, to the Novata GPAC,” said Alex Friedman, CEO and Co-Founder at Novata. “Operating with a long-term view is core to Wafra’s business and aligns with Novata’s mission to enable a more sustainable and inclusive form of capitalism.”

Learn more about Novata’s GPAC here.

About Wafra

Wafra is a global alternative investment manager with over $31 billion of assets under management. Wafra invests across a range of alternative assets, including private equity, real estate and real assets. By providing flexible and accretive capital solutions and focusing on the long-term partnerships, Wafra aligns and partners with global asset owners, companies and management teams. Headquartered in New York, Wafra has additional offices in London, Kuwait and Bermuda. For more information, please visit www.wafra.com.

About Novata

Novata is a public benefit corporation created to enable the private markets to achieve a more sustainable and inclusive form of capitalism. Novata helps private equity firms and private companies to navigate the complex ESG landscape more easily by providing a technology platform that simplifies the process of selecting reporting metrics, provides clear and simple guidance for painless data collection, hosts a cutting-edge secure contributory database to store data, and offers unique tools for analysis and seamless reporting to key stakeholders, including limited partners and regulators. Novata was formed as a partnership of the Ford Foundation, S&P Global, Hamilton Lane and Omidyar Network and is majority-controlled by mission-driven organizations and its employees. For more information, please visit https://www.novata.com/.

Follow Novata on LinkedIn.

Media Inquiries:

Katrina Allen
Edelman Smithfield
+1 (917) 640-2753
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Katie Stueber
Novata
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WAKEFIELD, Mass.--(BUSINESS WIRE)--TÜV SÜD, a leading global technical service provider, is pleased to announce the appointment of Dr. Fabian Schober as the new CEO of TÜV SÜD in Americas, effective immediately.

Dr. Schober brings a wealth of experience and expertise to this role, having held several senior leadership positions within TÜV SÜD since 2008. After starting in Corporate M&A, he served as the CFO of TÜV SÜD Rail and then the CFO of the Real Estate & Infrastructure division. In January 2017, Dr. Schober assumed the role of CFO of the Americas region, where he has been highly successful. Dr. Schober has a PhD from the University of St. Gallen and completed the General Management Program at the Harvard School of Business.

TÜV SÜD is confident that Dr. Schober's leadership and expertise will be instrumental in driving the company's growth and success in the Americas. He will be based in the company's regional headquarters in Wakefield, MA.

"We are thrilled to welcome Dr. Schober to this new role at TÜV SÜD," said Ishan Palit, Global COO and Member of the Board of Management at TÜV SÜD. "His proven track record in the region and deep experience in the industry make him the ideal leader to drive our growth and success in this important market."

Founded in 1866 as a steam boiler inspection association, the TÜV SÜD Group has evolved into a global enterprise. More than 25,000 employees work at over 1,000 locations in about 50 countries to continually improve technology, systems and expertise. They contribute significantly to making technical innovations such as Industry 4.0, autonomous driving and renewable energy safety and reliability. http://www.tuvsud.com/en-us

Media Relations:
Jim Regan
TÜV SÜD America Inc.
401 Edgewater Drive, Suite 500
Wakefield, MA 01880
Phone: +1 339 235-6844
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Website: https://www.tuvsud.com/en-us

Eleven Ocean Innovators Chosen Worldwide

AUSTIN, Texas--(BUSINESS WIRE)--Terradepth, a leading provider of ocean data solutions, has been selected to participate in the World Economic Forum’s (WEF) prestigious Ocean Data Challenge, a program aimed at enhancing sustainable ocean management and building the blue economy. One of only 11 Challenge winners, Terradepth will become part of the WEF UpLink Innovation Network, including a mentoring program and partnering opportunities.

WEF announced the Ocean Data Challenge winners at its 2023 Annual Meeting in Davos, Switzerland. The Challenge was created by WEF in response to the United Nations’ proclamation that 2021–2030 be a Decade of Ocean Science for Sustainable Development and has called for creation of a global ocean data ecosystem to connect businesses, organizations, and government data providers.

“Terradepth is proud to be recognized by the World Economic Forum as an innovator in creating technologies that play critical roles in deepening our understanding of ocean environments," said Joe Wolfel, CEO of Terradepth. “We look forward to working alongside some of the most influential players in the ocean science community.”

The Ocean Data Challenge selected Terradepth for its innovation in scaling ocean data collection and ocean data dissemination. Terradepth is accomplishing this by developing long endurance autonomous underwater vehicles (AUVs) that revolutionize the economics of ocean data collection and reduce its environmental impact. Additionally, as an ocean data-as-a-service (ODaaS) provider, Terradepth has spearheaded efforts to deploy low-logistics AUVs configured with multiple sensors to conduct seafloor hydrographic and geophysical surveys for a fraction of the cost of traditional surveys.

Terradepth has also developed an ocean data management solution, known as Absolute Ocean (AO). AO offers greater operational efficiencies for ocean data accessibility and is a secure, easy-to-use, cloud-native geospatial solution. AO provides high-level visualization, analysis, collaboration, and management of ocean data for both internal and external project stakeholders. Available as software-as-a-service (SaaS), AO is being used for projects ranging from environmental monitoring and engineering design to offshore energy and telecommunications infrastructure inspection.

“A vital resource for initiatives like the Ocean Data Challenge, the fully integrated AO solution provides unique insight into the ocean and seafloor for stakeholders that in the past only had access to static images, as well as the ability to manage and archive ocean data in one place for enterprise-wide access and global collaboration,” said Wolfel.

As an Ocean Data Challenge participant, Terradepth will team with other winners to focus on furthering ocean knowledge to:

• Advance ocean data analytics
• Generate data designed to drive decisions
• Develop commercial uses for public or open-source data resources
• Build novel means of data collection

The Challenge is managed by the WEF UpLink and Friends of Ocean Action initiatives. UpLink is an open platform created to connect change-makers and entrepreneurs with the goal of forging new approaches to the world’s most pressing challenges. Friends of Ocean Action is a coalition of over 70 ocean leaders who are fast-tracking solutions to issues facing ocean ecosystems.

For more information on the Ocean Data Challenge, to request a demonstration of Absolute Ocean, or to learn more about Terradepth AUV activities, go to terradepth.com, or visit booth C15 at Oceanology International Americas being held February 14–16 in San Diego, California.

About Terradepth

Terradepth is an ocean data-as-a-service company focused on scaling ocean data collection and dissemination, enabling unprecedented exploration of the underwater environment. This is accomplished by environmentally friendly survey and monitoring operations that collect ocean data at the edge, combined with an immersive, cloud-native geospatial data management solution for ocean data visualization, collaboration and analysis. These capabilities enable better and faster ocean decisions. www.terradepth.com

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LUGANO, Switzerland & WESTLAKE VILLAGE, Calif.--(BUSINESS WIRE)--Energy Vault Holdings, Inc. (NYSE: NRGV) (“Energy Vault” or the “Company”), a leader in sustainable grid-scale energy storage solutions, announced today that the Company will release its earnings results for the fourth quarter and full year ended December 31, 2022 on Tuesday, March 7, 2023 followed by a conference call at 4:30 PM ET.

Participants may access the call at 1-877-704-4453, international callers may use 1-201-389-0920, and request to join the Energy Vault Holdings earnings call. A live webcast will also be available at https://investors.energyvault.com/events-and-presentations/events.

A telephonic replay of the call will be available shortly after the conclusion of the call and until March 21, 2023. Participants may access the replay at 1-844-512-2921, international callers may use 1-412-317-6671 and enter access code 13735828. An archived replay of the call will also be available on the investors portion of the Energy Vault website at https://investors.energyvault.com/.

About Energy Vault

Energy Vault^® develops and deploys utility-scale energy storage solutions designed to transform the world's approach to sustainable energy storage. The company's comprehensive offerings include proprietary gravity-based storage, battery storage, and green hydrogen energy storage technologies. Each storage solution is supported by the Company’s hardware technology-agnostic energy management system software and integration platform. Unique to the industry, Energy Vault’s innovative technology portfolio delivers customized short and long duration energy storage solutions to help utilities, independent power producers, and large industrial energy users significantly reduce levelized energy costs while maintaining power reliability. Utilizing eco-friendly materials with the ability to integrate waste materials for beneficial reuse, Energy Vault’s EVx™ gravity-based energy storage technology is facilitating the shift to a circular economy while accelerating the global clean energy transition for its customers. Please visit www.energyvault.com for more information.

Investors:
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The Cooperation Framework aims to boost climate business and food security through a co-investing program of up to AED5.5 billion (US$1.5 billion) for private sector-led projects.

ABU DHABI, United Arab Emirates--(BUSINESS WIRE)--Abu Dhabi Fund for Development (ADFD) and the International Finance Corporation (IFC), a member of the World Bank Group, signed a Memorandum of Cooperation during the World Government Summit to support investments in emerging markets related to the clean energy transition, climate mitigation and adaptation, the adoption of clean technologies, and food security amongst others.

The cooperation framework aims to strengthen the strategic collaboration between the two organizations in several key areas, including through co-investing of up to AED5.5 billion (US$1.5 billion) to private sector-led projects.

The new cooperation also paves the way for an enhanced exchange of knowledge that leverages best practices and global expertise of both parties. The agreement was signed by His Excellency Mohamed Saif Al Suwaidi, Director General of Abu Dhabi Fund for Development; and Mr. Makhtar Diop, Managing Director of IFC.

H.E. Al Suwaidi stated that the strategic partnership with the International Finance Corporation presented promising opportunities for attaining the sustainable development goals of developing countries. “The cooperation framework will boost investment in climate and food security projects in crucial sectors such as renewable energy and food security. It will also help stimulate economic activity in both the national private sector and in developing countries, enabling countries to achieve their development goals and programs,” he said.

Makhtar Diop, IFC's Managing Director said: “To tackle climate change, ensure food security, and address unemployment, we need a strong private sector. We are joining forces with ADFD to co-finance private sector projects that address the most pressing challenges of our time.”

Through the Memorandum of Cooperation ADFD and IFC will work to enhance cooperation and exchange of experiences, especially in supporting small and medium enterprises to promote economic development by encouraging the growth of private business enterprises in developing countries.

*Source: AETOSWire

Ameera Alali
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HATBORO, Pa.--(BUSINESS WIRE)--Fluitron, a leading manufacturer of integrated hydrogen gas compression, storage, and dispensing systems, today announced the appointment of Charles (Chuck) Smith, as Plant Manager of its Hatboro, Pa. facility. Fluitron is a portfolio company of Ara Partners, a decarbonization-focused private equity firm.

Smith brings more than 30 years of plant operations and engineering experience to Fluitron, having previously held senior plant and product management roles at SP Industries, FAIST Light Metals, Mueller Water Products, Kaiser Aluminum and Emerson Process Management. He is a graduate of the U.S. Navy Nuclear Power School and holds both a B.S. in Workforce Education and Development from Southern Illinois University, Carbondale and an M.B.A. from Western Governor’s University.

"I'm extremely enthusiastic about the opportunities that lie ahead for Fluitron as it takes a leadership position in global decarbonization and continues working to strengthen the Hydrogen supply chain," said Smith. "Fluitron has a rich history and an enthusiastic workforce that is well-poised to accelerate productivity in this highly-dynamic stage of development of the global hydrogen industry."

Today’s announcement builds on the announcements of a number of recent innovations at Fluitron, including the introduction of a commercialized one (1) ton-per-day hydrogen gas processing system at 520 bar and the manufacturing, testing, installation and PESO (Petroleum and Explosives Safety Organization) approval for the first domestically-built hydrogen dispenser in India.

“We are delighted to have someone of Chuck’s caliber join the team at Fluitron,” said Fluitron President and CEO Linh Austin. “He is a recognized leader in the manufacturing space and will take our new state of the art manufacturing facility to new heights.”

About Fluitron
Fluitron is a global leader in precision technology for clean energy. With over 45 years of experience, Fluitron has grown to become a trusted partner for industrial gas compression technologies. Setting the bar in creating equipment that safely handles hydrogen and other specialized gases, Fluitron has the expertise to deliver the technology critical to your mission. For more information, www.fluitron.com.

Media Contact:

Wilson Craig
Mindshare PR
+1 408-516-6182
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Former Congresswoman and House Agriculture Committee Member Will Bring Relevant Perspectives to REX’s Alternative Energy Businesses and Carbon Sequestration Project

DAYTON, Ohio--(BUSINESS WIRE)--REX American Resources Corporation (NYSE: REX) (“REX” or “the Company”) today announced that Cheri Bustos, 61, has been appointed to its Board of Directors, effective immediately. Bustos will serve as an Independent Director and will increase the size of the Board to nine members, including six independent members.

"We are pleased to welcome Cheri to the REX American Resources Board," said Stuart Rose, Executive Chairman of the Board of Directors. ”As a highly respected journalist, successful non-profit executive, and extremely effective member of Congress, Cheri brings a rare combination of highly sought-after skills. I am confident that her ability to provide sound leadership and insight based on her experience, including serving on the House Agriculture Committee for 10 years, will make her a strong addition to our Board and support our goals for our alternative energy businesses and further progress with our carbon sequestration project."

Bustos, stated, “I am honored to be a part of REX’s diverse and collaborative Board of Directors and look forward to sharing my experience and business perspective with the Board and REX management team. REX’s commitment to innovation and its long-term record of success as a public company has been exemplary, and I am confident we have the right strategy in place to execute on our opportunities and simultaneously deliver value to our stockholders.”

Bustos served five terms in the U.S. House of Representatives as the Congresswoman from Illinois's 17^th Congressional District. She left office last month. She served on the powerful Appropriations Committee and on its Energy and Water Subcommittee. She also served on the House Agriculture Committee and chaired its General Farm Commodities and Risk Management Subcommittee. She was a member of House Leadership for more than half of her tenure in Congress. Prior to serving in Congress, Bustos was a Vice President of a multi billion-dollar non-profit health system. Bustos began her career as a journalist, becoming a highly respected investigative reporter and newspaper editor. She is a graduate of the University of Maryland at College Park and holds a Master’s in Public Affairs Reporting from the University of Illinois at Springfield. Bustos comes from a long line of family farmers and is a life-long resident of the state of Illinois.

About REX American Resources Corporation

REX American Resources has interests in six ethanol production facilities, which in aggregate shipped approximately 699 million gallons of ethanol over the twelve-month period ended October 31, 2022. REX’s effective ownership of the trailing twelve-month gallons shipped (for the twelve months ended October 31, 2022) by the ethanol production facilities in which it has ownership interests was approximately 277 million gallons. Further information about REX is available at www.rexamerican.com.

Douglas Bruggeman
Chief Financial Officer
937/276‑3931

Joseph Jaffoni, Norberto Aja
JCIR
212/835-8500
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 The Project is named after Dorothy Vaughan, one of NASA’s “Human Computers”

ALBANY, N.Y.--(BUSINESS WIRE)--$SLNH #SLNH--Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. (“SCI”), a developer of green data centers for Bitcoin mining and other intensive computing has announced Project Dorothy, its 50 MW flagship green data center co-located at a wind farm in Texas, has been featured in a Black History Month segment from KLBK News in Lubbock, Texas. The segment can be found here. The news clip from KLBK features a quick video tour of the data center and wind farm which clearly capture the essence of innovation embodied in the project.

All of Soluna’s renewable computing data centers are named after influential women in science. This project is named after Dorothy Vaughan, an African American mathematician and “human computer” who worked for the National Advisory Committee for Aeronautics and NASA in 1939. Dorothy Vaughan led a team of women human computers that would go on to change our understanding of space forever. Their work helped send America’s first satellites–the SCOUT vehicle rockets–into space.

“Dorothy Vaughan was a tenacious leader and humbly triumphant. Her legacy inspires us as we work to catalyze a clean energy future.” said Michael Toporek, CEO of Soluna Holdings, Inc.

Learn more about the logistics of this facility here.

About Soluna Holdings, Inc (SLNH)

Soluna Holdings, Inc. is the leading developer of green data centers that convert excess renewable energy into global computing resources. Soluna builds modular, scalable data centers for computing intensive, batchable applications such as Bitcoin mining, AI and machine learning. Soluna provides a cost-effective alternative to battery storage or transmission lines. Soluna uses technology and intentional design to solve complex, real-world challenges. Up to 30% of the power of renewable energy projects can go to waste. Soluna’s data centers enable clean electricity asset owners to ‘Sell. Every. Megawatt.’

For more information about Soluna, please visit www.solunacomputing.com or follow us on LinkedIn at linkedin.com/solunaholdings and Twitter @SolunaHoldings.

Michael Toporek
CEO
Soluna Holdings, Inc.
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ST. CATHARINES, Ontario--(BUSINESS WIRE)--#yourmarinecarrierofchoice--Algoma Central Corporation (TSX: ALC) (TSX: ALC.DB.A) today announced that it will report its financial results for the year ended December 31, 2022 before market open on February 27, 2023. Our fiscal 2022 earnings release and full financial results will be available on the Company's website and on SEDAR.

Algoma owns and operates the largest fleet of dry and liquid bulk carriers operating on the Great Lakes - St. Lawrence Seaway, including self-unloading dry-bulk carriers, gearless dry-bulk carriers and product tankers. Since 2010 we have introduced 10 new build vessels to our domestic dry-bulk fleet, with two under construction and expected to arrive in 2024, making us the youngest, most efficient and environmentally sustainable fleet on the Great Lakes. Each new vessel reduces carbon emissions on average by 40% versus the ship replaced. Algoma also owns ocean self-unloading dry-bulk vessels operating in international markets and a 50% interest in NovaAlgoma, which owns and operates the world's largest fleet of pneumatic cement carriers and a global fleet of mini-bulk vessels serving regional markets. Algoma truly is Your Marine Carrier of Choice™. For more information about Algoma, visit the Company's website at www.algonet.com

Gregg A. Ruhl
President & CEO
905-687-7890

Peter D. Winkley, CPA, CA
E.V.P. & Chief Financial Officer
905-687-7897

TORONTO--(BUSINESS WIRE)--Electra Battery Materials Corporation (NASDAQ: ELBM; TSX-V: ELBM) (“Electra”, or the “Company”) announced that it has closed its previously announced private placement offering (the “Note Offering”) of US$51 million principal amount of 8.99% senior secured convertible notes due February 2028 (the “Notes”).

As part of the transaction, the Company purchased and cancelled all of the outstanding approximately US$36 million principal amount of the Company’s existing 6.95% senior secured notes due 2026 (the “2026 Notes”) at par, plus accrued and unpaid interest through the date of the closing. The net proceeds of the Note Offering of approximately US$14 million will be used for capital expenditures associated with the expansion and recommissioning of the Company’s hydrometallurgical cobalt refinery, including buildings, equipment, infrastructure, and other direct costs, as well as engineering and project management costs.

The initial conversion rate of the Notes is 403.2140 common shares of the Company (“Common Shares”) per US$1,000, equivalent to an initial conversion price of approximately US$2.48 per Common Share, subject to certain adjustments set forth in the indenture governing the Notes (the “Note Indenture”), reflecting a premium of approximately 17.5% to the 30-day volume weighted average price of the Common Shares prior to the date the Note Offering was announced.

The Notes bear interest at 8.99% per annum, subject to adjustment in certain circumstances described in the Note Indenture, payable in cash semi-annually in arrears in February and August of each year, provided that during the first 12 months of the term of the Notes, the Company may pay interest through the issuance of Common Shares at an increased annual interest rate of 11.125%.

Cantor Fitzgerald & Co. (“CF&Co”) acted as sole placement agent for the Note Offering and received a cash fee equal to 4% of the difference between the principal amount of Notes and the outstanding principal amount of 2026 Notes, a portion of which was satisfied by the issuance of 27,500 Common Shares at a price of US$2.18, as well as a fee of 50,000 Common Shares.

The Notes, the Warrants, the underlying Common Shares and the Common Shares have not been registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any applicable U.S. state securities laws, and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws.

The Noteholders received an aggregate of 10,796,054 warrants to purchase Common Shares (“Warrants”) exercisable for five years at US$2.48 in connection with the Note Offering. The initial Noteholders also received a royalty of an aggregate of 0.6% of revenues for five years from the commencement of commercial production, subject to certain allowable deductions in the first year of the term.

Upon any early conversion of Notes, the Company will make an interest make-whole payment equal to the lesser of the two years of interest payments or interest payable to maturity, which may be made in cash or shares at the Company’s election. There are also payments required in the event of a fundamental change, such as a change of control. In accordance with the policies of the TSX Venture Exchange (“TSXV”), for as long as the Company is listed on the TSXV, aggregate consideration that is deemed “interest” under the Note Offering is capped at 24% per year absent TSXV approval. In addition, provided the Company is not listed on TSXV, certain price-based adjustment mechanisms will apply to the Notes and the Warrants. Should such adjustments be required or should the Noteholders become entitled to aggregate deemed interest in conflict with TSXV policies, the Company has agreed to seek to obtain approval from the TSXV to make such adjustments or allow such payments to be made, or in the alternative, take other measures up to and including seeking an alternative Canadian listing venue.

Additional information with respect to the attributes of the Notes, the Warrants and royalty can be found in the Company’s news release dated February 8, 2023, the Note Indenture, the indenture governing the Warrants, and a material change report to be filed in connection with the Note Offering, each of which will be made publicly available on SEDAR and EDGAR.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Electra Battery Materials

Electra is a processor of low-carbon, ethically-sourced battery materials.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release may contain forward-looking statements and forward-looking information (together, “forward-looking statements”) within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as “plans”, “expects', “estimates”, “intends”, “anticipates”, “believes” or variations of such words, or statements that certain actions, events or results “may”, “could”, “would”, “might”, “occur” or “be achieved”. Such forward-looking statements include, without limitation, statements regarding the attributes and terms of the Notes and related agreements and the expected use of proceeds of the Offering. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, and opportunities to differ materially from those implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements are set forth in the management discussion and analysis and other disclosures of risk factors for Electra Battery Materials Corporation, filed on SEDAR at www.sedar.com and with on EDGAR at www.sec.gov. Although Electra Battery Materials Corporation believes that the information and assumptions used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Electra Battery Materials Corporation disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Joe Racanelli Vice President, Investor Relations
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MILPITAS, Calif.--(BUSINESS WIRE)--SolarEdge Technologies, Inc. (Nasdaq: SEDG), a global leader in smart energy technology, today announced its financial results for the fourth quarter 2022 and full year ended December 31, 2022.

Fourth Quarter 2022 Highlights

• Record revenues of $890.7 million
• Record revenues from solar segment of $837.0 million
• GAAP gross margin of 29.3%
• Non-GAAP gross margin of 30.2%
• Gross margin from solar segment of 32.4%
• GAAP operating loss of $5.2 million
• Record non-GAAP operating profit of $149.6 million
• GAAP net income of $20.8 million
• Record non-GAAP net income of $171.5 million
• GAAP net diluted earnings per share (“EPS”) of $0.36
• Record non-GAAP net diluted EPS of $2.86
• 3.14 Gigawatts (AC) of inverters shipped
• 217.6 MWh of batteries shipped

Full Year 2022 Highlights

• Record revenues of $3.11 billion, up 58% year over year from 2021
• Record revenues from solar segment of $2.92 billion, up 63% year over year from 2021
• GAAP gross margin of 27.2%
• Non-GAAP gross margin of 28.2%
• Gross margin from solar segment of 29.8%
• GAAP net income of $93.8 million
• Record Non-GAAP net income of $351.2 million
• GAAP net diluted earnings per share (“EPS”) of $1.65
• Record Non-GAAP net diluted EPS of $5.95
• 10.5 Gigawatts (AC) of inverters shipped
• 889 MWh of batteries shipped

“We are pleased with our fourth quarter results that conclude a challenging yet very successful year. The global economic and geopolitical events coupled with post pandemic dynamics created an unprecedented demand for solar energy in general and our products in particular,” said Zvi Lando, Chief Executive Officer of SolarEdge. “I am proud that our extraordinary global team of employees was able to overcome the hurdles we faced and conclude a record year in almost every element of our operations. We are excited about the opportunities of the year ahead and expect to continue our profitable growth momentum.”

Fourth Quarter 2022 Summary

The Company reported record revenues of $890.7 million, up 6% from $836.7 million in the prior quarter and up 61% from $551.9 million in the same quarter last year.

Revenues from the solar segment were a record $837.0 million, up 6% from $788.6 million in the prior quarter and up 66% from $502.7 million in the same quarter last year.

GAAP gross margin was 29.3%, up from 26.5% in the prior quarter and up from 29.1% in the same quarter last year.

Non-GAAP gross margin was 30.2%, up from 27.3% in the prior quarter and down from 30.3% in the same quarter last year.

Gross margin from the solar segment was 32.4%, up from 28.3% in the prior quarter and down from 32.8% in the same quarter last year.

GAAP operating expenses were $266.2 million, up 93% from $137.6 million in the prior quarter and up 123% from $119.5 million in the same quarter last year.

Non-GAAP operating expenses were $119.0 million, up 10% from $108.3 million in the prior quarter and up 26% from $94.1 million in the same quarter last year.

GAAP operating loss was $5.2 million, down from operating income of $84.4 million in the prior quarter and down from operating income of $41.0 million in the same quarter last year.

Non-GAAP operating income was a record $149.6 million, up 24% from $120.2 million in the prior quarter and up 105% from $72.9 million in the same quarter last year.

GAAP net income was $20.8 million, down 16% from $24.7 million in the prior quarter and down 49% from $41.0 million in the same quarter last year.

Non-GAAP net income was a record $171.5 million, up 217% from $54.1 million in the prior quarter and up 173% from $62.8 million in the same quarter last year.

GAAP net diluted EPS was $0.36, down from $0.43 in the prior quarter and down from $0.74 in the same quarter last year.

Non-GAAP net diluted EPS was a record $2.86, up from $0.91 in the prior quarter and up from $1.10 in the same quarter last year.

Cash flow from operating activities was $111.3 million, up from $5.6 million in the prior quarter and up from $89.6 million in the same quarter last year.

As of December 31, 2022, cash, cash equivalents, bank deposits, restricted bank deposits and marketable securities totaled $1.04 billion, net of debt, compared to $937.6 million on September 30, 2022.

Full Year 2022 Summary

Total record revenues of $3.11 billion, up 58% from $1.96 billion in the prior year.

GAAP gross margin was 27.2%, down from 32.0% in the prior year.

Non-GAAP gross margin was 28.2%, down from 33.5% in the prior year.

GAAP operating income was $166.1 million, down 20% from $207.1 million in the prior year.

Non-GAAP operating income was a record $441.7 million, up 37% from $321.4 million in the prior year.

GAAP net income was $93.8 million, down 45% from $169.2 million in the prior year.

Non-GAAP net income was a record $351.2 million, up 29% from $272.9 million in the prior year.

GAAP net diluted EPS was $1.65, down from $3.06 in the prior year.

Non-GAAP net diluted EPS was a record $5.95, up from $4.81 in the prior year.

Cash flow from operating activities of $31.3 million, down from $214.1 million in the prior year.

Outlook for the First Quarter 2023

The Company also provides guidance for the first quarter ending March 31, 2023 as follows:

• Revenues to be within the range of $915 million to $945 million
• Non-GAAP gross margin expected to be within the range of 28% to 31%
• Non-GAAP operating profit to be within the range of $150 million to $170 million
• Revenues from the solar segment to be within the range of $875 million to $905 million
• Gross margin from the solar segment expected to be within the range of 31% to 34%

Conference Call

The Company will host a conference call to discuss these results at 4:30 p.m. ET on Monday, February 13, 2023. The call will be available, live, to interested parties by dialing 866-952-8559. For international callers, please dial +1 785-424-1744. The Conference ID is SEDG. To avoid a delay in connecting to the call, please dial in 10 minutes prior to the start time. A live webcast will also be available in the Investors Relations section of the Company’s website at: http://investors.solaredge.com

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 will 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

Use of Non-GAAP Financial Measures

The Company has presented certain non-GAAP financial measures in this release, such as non-GAAP net income, non-GAAP net diluted EPS, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income and non-GAAP gross margin from sale of solar products. Generally, a non-GAAP financial measure is a numerical measure of a company's performance, financial position, or cash flows that either exclude or include amounts that are not normally excluded or included in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles in the United States, or GAAP. Reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure can be found in the accompanying tables to this release. These non-GAAP financial measures do not reflect a comprehensive system of accounting, differ from GAAP measures with the same captions and may differ from non-GAAP financial measures with the same or similar captions that are used by other companies. As such, these non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.

The Company uses these non-GAAP financial measures to analyze its operating performance and future prospects, develop internal budgets and financial goals, and to facilitate period-to-period comparisons. The Company believes that these non-GAAP financial measures reflect an additional way of viewing aspects of its operations that, when viewed with its GAAP results, provide a more complete understanding of factors and trends affecting its business.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995

This release contains forward looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include information, among other things, concerning: our possible or assumed future results of operations; future demands for solar energy solutions; business strategies; technology developments; financing and investment plans; dividend policy; competitive position; industry and regulatory environment; general economic conditions; potential growth opportunities; and the effects of competition. These forward-looking statements are often characterized by the use of words such as “anticipate,” “believe,” “could,” “seek,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will,” “would” or similar expressions and the negative or plural of those terms and other like terminology.

Forward-looking statements are only predictions based on our current expectations and our projections about future events. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. Given these factors, you should not place undue reliance on these forward-looking statements. These factors include, but are not limited to, the matters discussed in the section entitled “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2021, filed on February 22, 2022 and our quarterly reports filed on Form 10-Q, Current Reports on Form 8-K and other reports filed with the SEC. All information set forth in this release is as of February 13, 2023. The Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.