DALLAS--(BUSINESS WIRE)--Matador Resources Company (NYSE: MTDR) (“Matador”) today announced that its Board of Directors declared a quarterly cash dividend of $0.15 per share of common stock payable on March 9, 2023 to shareholders of record as of February 27, 2023. In accordance with the Company’s amended dividend policy announced on December 6, 2022, this quarterly dividend of $0.15 per share is a 50% increase from the prior quarterly dividend of $0.10 per share.

About Matador Resources Company

Matador is an independent energy company engaged in the exploration, development, production and acquisition of oil and natural gas resources in the United States, with an emphasis on oil and natural gas shale and other unconventional plays. Its current operations are focused primarily on the oil and liquids-rich portion of the Wolfcamp and Bone Spring plays in the Delaware Basin in Southeast New Mexico and West Texas. Matador also operates in the Eagle Ford shale play in South Texas and the Haynesville shale and Cotton Valley plays in Northwest Louisiana. Additionally, Matador conducts midstream operations in support of its exploration, development and production operations and provides natural gas processing, oil transportation services, natural gas, oil and produced water gathering services and produced water disposal services to third parties.

For more information, visit Matador Resources Company at www.matadorresources.com.

Forward-Looking Statements

This press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. “Forward-looking statements” are statements related to future, not past, events. Forward-looking statements are based on current expectations and include any statement that does not directly relate to a current or historical fact. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as “could,” “believe,” “would,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “should,” “continue,” “plan,” “predict,” “potential,” “project,” “hypothetical,” “forecasted” and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Such forward-looking statements include, but are not limited to, statements about guidance, projected or forecasted financial and operating results, future liquidity, the payment of dividends, results in certain basins, objectives, project timing, expectations and intentions, regulatory and governmental actions and other statements that are not historical facts. Actual results and future events could differ materially from those anticipated in such statements, and such forward-looking statements may not prove to be accurate. These forward-looking statements involve certain risks and uncertainties, including, but not limited to, the following risks related to financial and operational performance: general economic conditions; the Company’s ability to execute its business plan, including whether its drilling program is successful; changes in oil, natural gas and natural gas liquids prices and the demand for oil, natural gas and natural gas liquids; its ability to replace reserves and efficiently develop current reserves; the operating results of the Company’s midstream oil, natural gas and water gathering and transportation systems, pipelines and facilities, the acquiring of third-party business and the drilling of any additional salt water disposal wells; costs of operations; delays and other difficulties related to producing oil, natural gas and natural gas liquids; delays and other difficulties related to regulatory and governmental approvals and restrictions; impact on the Company’s operations due to seismic events; availability of sufficient capital to execute its business plan, including from future cash flows, available borrowing capacity under its revolving credit facilities and otherwise; its ability to make acquisitions on economically acceptable terms; its ability to integrate acquisitions; the operating results of and the availability of any potential distributions from our joint ventures; weather and environmental conditions; the impact of the worldwide spread of the novel coronavirus, or COVID-19, or variants thereof, on oil and natural gas demand, oil and natural gas prices and its business; and the other factors which could cause actual results to differ materially from those anticipated or implied in the forward-looking statements. For further discussions of risks and uncertainties, you should refer to Matador’s filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of Matador’s most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q. Matador undertakes no obligation to update these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by law, including the securities laws of the United States and the rules and regulations of the SEC. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.

Mac Schmitz
Vice President – Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
(972) 371-5225

Next Steps in $2.5 Billion Investment at World’s Most Advanced Cargo Handling Facility Will Deliver First Fully Emission-Free Marine Facility by 2030

LONG BEACH, Calif.--(BUSINESS WIRE)--#ClimateChange--Long Beach Container Terminal (LBCT), the most technologically advanced and environmental friendly container handling facility in the United States, today officially released its Net Zero Action Plan that will create the world’s first emission-free operation of its kind by 2030.

The significance of these final steps within a $2.5 billion redevelopment project that began 10 years ago means LBCT will further minimize environmental impacts in the greater Long Beach/South Bay region as well as provide companies that rely on international shipping of goods immediate solutions to satisfy reporting requirements for off-site, downstream (Scope 3) emissions.

“While climate change poses a significant threat to the movement of goods worldwide, it also presents an opportunity. At LBCT, we’ve clearly demonstrated that through the adoption of green-energy heavy equipment and operations it is possible to dramatically increase our cargo handling capacity while simultaneously reducing emissions,” said Anthony Otto, LBCT Chief Executive Officer. “Our significant investments are now paying dividends.”

LBCT’s deployment of clean-energy cargo handling equipment – from its electric dual-hoist cranes to battery-operated container ground movers – has quadrupled capacity to 3.3 million containers a year while reducing greenhouse gas emissions (GHG) by more than 80 percent.

To be totally emission-free in a few years, LBCT’s Net Zero Plan is estimated to cost $200 million. The bulk of this cost will go toward additional zero-emission equipment and infrastructure, as well as renewable energy, including on-site power generation. Because of the significant positive impacts these final steps will mean on a local and global scale, LBCT is garnering support from important government agencies as evidenced by the recent $30.1 million grant to convert yard tractors to electric.

“LBCT continues to set the industry standard in terms of its commitment to deploying zero emission technologies in the maritime sector. With the recent release of its Net Zero Action Plan, they are providing a blueprint for carrying that environmental commitment into the next decade,” said Dr. Joseph Lyou, President & CEO, Coalition for Clean Air. “We applaud their efforts in converting cargo handling equipment to finalize their goals of becoming a completely zero emission facility by 2030.”

Under internationally accepted GHG protocols and commitments to reduce the causes of climate change, companies are increasingly looking at how to reduce carbon emissions both directly within their operations and indirectly through their supply chains. As a cargo handling facility that puts containers onto trucks and trains with little or no emissions, LBCT now provides a significant supply chain GHG reduction option for thousands of companies that ship products from overseas suppliers.

LBCT’s Net Zero 2030 Climate Action Plan is focused primarily with:

• Direct (Scope 1) carbon emissions generated by equipment or vehicles owned and operated by LBCT, such as all the cranes and cargo handling equipment.
• Indirect carbon emissions (Scope 2) from electricity consumption, which includes buildings and electric equipment. This scope largely reflects the renewable content of Southern California Edison’s (SCE) grid.
• Collaborating within LBCT’s supply chain to reduce greenhouse gases (Scope 3) generated by partners such as ships, trucks, trains, tugs, and other service providers.

“Our industry-leading plans should incentivize new clean-energy technologies, further increase our throughput capacity and make LBCT an even brighter climate star in the global supply chain,” said Bonnie Nixon, LBCT Director of Sustainability. “This is more good news for the environment, our communities, our customers and the workforce.”

About Long Beach Container Terminal. Founded in 1986, Long Beach Container Terminal does marine terminal operations and is the home of the advanced Middle Harbor Terminal facility. LBCT has three berths within Pier E at the Port of Long Beach featuring 4200 feet of wharf line and the deepest dredged dockside of any U.S. Pacific Coast port. LBCT will eventually run 18 ship-to-shore cranes, six Intermodal cranes, and 70 yard gantry cranes. The Pier E facility is among the busiest terminals in the San Pedro Bay Port complex. More at: www.lbct.com.

For photos, videos, and a copy of the Net Zero plan, news media may contact:
Denis Wolcott, 213-200-1563, This email address is being protected from spambots. You need JavaScript enabled to view it.

• Debt refinancing significantly improves maturity profile
• Reported net loss of $0.4 million and $10.3 million for the fourth quarter and year ended December 31, 2022, respectively
• Reported adjusted EBITDA of $17.8 million and $114.9 million for the fourth quarter and year ended December 31, 2022
• Exiting butane optimization business, which reported net loss of $4.7 million and $20.0 million for the fourth quarter and year ended December 31, 2022, respectively, and negative adjusted EBITDA of $10.7 million and $7.2 million, for the same respective periods
• In January 2023, S&P Global Ratings upgraded its issuer credit ratings of Martin Midstream Partners L.P. from CCC to B- with a stable outlook. Additionally, in January 2023, Fitch Ratings assigned an initial issuer rating of B- with a stable outlook. In February 2023, Moody’s Investor Services upgraded its issuer credit rating from Caa1 to B3 with a stable outlook.
• Expects full year 2023 Adjusted EBITDA of approximately $115.3 million after giving effect to the exit of the butane optimization business, growth capital expenditures of approximately $17.5 million with $12.5 million dedicated to the DSM Semichem joint venture, and maintenance capital expenditures of $26.6 million
• Additional 2023 Financial Guidance assumptions include debt reduction of approximately $55 million as the Partnership liquidates the remaining inventory attributable to the butane optimization business resulting in projected year-end leverage of 4.0x

KILGORE, Texas--(BUSINESS WIRE)--Martin Midstream Partners L.P. (Nasdaq:MMLP) ("MMLP" or the "Partnership") today announced its financial results for the fourth quarter and year ended December 31, 2022.

Bob Bondurant, President and Chief Executive Officer of Martin Midstream GP LLC, the general partner of the Partnership, stated, "Despite the challenges we faced in the second half of 2022 due to fluctuating commodity prices, the Partnership had another solid year. While results were slightly lower than our guidance range, all of our business segments, with the exception of the NGL segment, outperformed compared to our internal forecast; with the Transportation segment leading the way. During the last month we announced our intent to exit the butane optimization business which will substantially lower our working capital needs, reduce volatility in our earnings, and lessen our exposure to commodity prices in the future. We anticipate that by the end of the second quarter of 2023, all remaining butane inventory volumes will be sold. We intend to redeploy our underground butane storage assets by utilizing them in a fee-based business model, providing our customers reliable storage and logistics services, while minimizing the impact to our employees.

“In January of 2023, we announced our plan to refinance the Partnership’s capital structure. On February 8, 2023, we closed and funded $400 million of new second lien notes due 2028, and used a portion of the proceeds to repay all of our outstanding notes due in 2024 and 2025, with the remainder being used to pay down borrowings under our revolving credit facility. Concurrently, we amended our revolving credit facility lowering the bank commitments to $200 million and extending the maturity to 2027.

“In summary, with the planned exit from the butane optimization business and the extension of our debt maturities, we have substantially lowered the risk profile of the Partnership. We remain committed to capital discipline and continued strengthening of our balance sheet through meaningful debt reduction.”

FOURTH QUARTER 2022 OPERATING RESULTS BY BUSINESS SEGMENT

TERMINALLING AND STORAGE ("T&S")

T&S operating income was $4.3 million and $3.9 million for the three months ended December 31, 2022 and 2021, respectively.

Adjusted segment EBITDA for T&S was $10.5 million and $11.0 million for the three months ended December 31, 2022 and 2021, respectively, reflecting higher employee-related expenses at our specialty terminals coupled with lower volumes in our lubricant and specialty products divisions, offset by increased throughput revenue at our shore-based terminals and Smackover Refinery.

TRANSPORTATION

Transportation operating income was $11.1 million and $5.1 million for the three months ended December 31, 2022 and 2021, respectively.

Adjusted segment EBITDA for Transportation was $14.7 million and $8.8 million for the three months ended December 31, 2022 and 2021, respectively, reflecting robust demand for land transportation services coupled with improving marine fleet utilization and higher day rates.

SULFUR SERVICES

Sulfur Services operating income was $9.1 million and $8.9 million for the three months ended December 31, 2022 and 2021, respectively.

Adjusted segment EBITDA for Sulfur Services was $5.7 million and $11.4 million for the three months ended December 31, 2022 and 2021, respectively, due to decreased fertilizer sales volumes related to continued pricing instability. Additionally, the Sulfur Services segment saw reduced adjusted EBITDA of $0.5 million related to the sale of our Stockton, California, Sulfur prilling terminal on October 7, 2022.

NATURAL GAS LIQUIDS ("NGL")

NGL operating income (loss) was $(3.7) million and $12.2 million for the three months ended December 31, 2022 and 2021, respectively. Butane optimization operating income (loss) was $(4.7) million and $11.0 million for the three months ended December 31, 2022 and 2021, respectively.

Adjusted segment EBITDA for NGL was $(9.1) million and $12.8 million for the three months ended December 31, 2022 and 2021, respectively, primarily reflecting decreased NGL sales volumes and margins. Included in the NGL results is adjusted EBITDA of $(10.7) million and $11.0 million for the three months ended December 31, 2022 and 2021, respectively, attributable to the butane optimization business that the Partnership intends to exit.

UNALLOCATED SELLING, GENERAL AND ADMINISTRATIVE EXPENSE ("USGA")

USGA expenses included in operating income were $4.1 million and $4.3 million for the three months ended December 31, 2022 and 2021, respectively.

USGA expenses included in adjusted EBITDA were $4.1 million and $4.3 million for the three months ended December 31, 2022 and 2021, respectively, primarily reflecting an increase in employee-related expenses.

CAPITALIZATION

At December 31, 2022, the Partnership had $516 million of total debt outstanding, including $171 million drawn on its $275 million revolving credit facility, $54 million of senior secured 1.5 lien notes due 2024 and $291 million of senior secured second lien notes due 2025. At December 31, 2022, the Partnership had liquidity of approximately $63 million from available capacity under its revolving credit facility. The Partnership’s adjusted leverage ratio, as calculated under the revolving credit facility, was 4.27 times and 3.63 times on December 31, 2022 and September 30, 2022, respectively. The Partnership was in compliance with all debt covenants as of December 31, 2022.

On January 30, 2023 the Partnership announced its intent to offer $400 million in new 5-year senior secured second lien notes due 2028 and announced an amendment to its revolving credit facility effective upon the close of the note offering. Concurrently, the Partnership announced a cash tender for all its then outstanding 1.5 lien notes due 2024 and its second lien notes due 2025. On February 8, 2023, the Partnership announced its $400 million 5-year senior secured second lien notes offering closed and funded, all validly tendered notes were accepted and paid, and as such the revolving credit facility amendment was effective with the maturity extended to 2027. Also on February 8, 2023, the Partnership exercised its optional redemption rights with respect to the existing notes due 2024 and 2025 that remained outstanding following the tender offer, and satisfied and discharged its obligations under the indentures governing such notes.

For more detailed information on the $400 million senior secured second lien notes, and the amended and extended credit facility, see the Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on February 8, 2023 or at the Partnership’s website www.MMLP.com.

RESULTS OF OPERATIONS

The Partnership had a net loss of $0.4 million, a loss of $0.01 per limited partner unit, for the three months ended December 31, 2022. The Partnership had net income of $10.8 million, or $0.27 per limited partner unit, for the three months ended December 31, 2021. Adjusted EBITDA was $17.8 million for the three months ended December 31, 2022 compared to $39.7 million for the three months ended December 31, 2021. Net cash provided by operating activities was $32.9 million for the three months ended December 31, 2022 compared to $48.1 million for the three months ended December 31, 2021. Distributable cash flow was $(1.7) million for the three months ended December 31, 2022 compared to $19.3 million for the three months ended December 31, 2021.

The Partnership had a net loss of $10.3 million, a loss of $0.26 per limited partner unit, for the year ended December 31, 2022. The Partnership had a net loss of $0.2 million, a loss of $0.01 per limited partner unit, for the year ended December 31, 2021. Adjusted EBITDA was $114.9 million for the year ended December 31, 2022 compared to $114.5 million for the year ended December 31, 2021. Net cash provided by operating activities was $16.1 million for the year ended December 31, 2022 compared to $35.7 million for the year ended December 31, 2021. Distributable cash flow was $37.9 million for the year ended December 31, 2022 compared to $44.6 million for the year ended December 31, 2021.

Revenues were $243.4 million for the three months ended December 31, 2022 compared to $285.9 million for the three months ended December 31, 2021. Revenues were $1.019 billion for the year ended December 31, 2022 compared to $882.4 million for the year ended December 31, 2021.

EBITDA, adjusted EBITDA, distributable cash flow and adjusted free cash flow are non-GAAP financial measures which are explained in greater detail below under the heading "Use of Non-GAAP Financial Information." The Partnership has also included below a table entitled "Reconciliation of EBITDA, Adjusted EBITDA, Distributable Cash Flow and Adjusted Free Cash Flow" in order to show the components of these non-GAAP financial measures and their reconciliation to the most comparable GAAP measurement.

An attachment included in the Current Report on Form 8-K to which this announcement is included, contains a comparison of the Partnership’s adjusted EBITDA for the fourth quarter 2022 to the Partnership's adjusted EBITDA for the fourth quarter 2021.

2023 FINANCIAL GUIDANCE

The Partnership expects full year 2023 Adjusted EBITDA of approximately $115.3 million after giving effect to the exit of the butane optimization business, growth capital expenditures of approximately $17.5 million with $12.5 million dedicated to the DSM Semichem joint venture, maintenance capital expenditures of $26.6 million, and projected year-end leverage of 4.0x. More detailed 2023 Financial Guidance is provided as an attachment included in the Current Report on Form 8-K to which this press release is included.

MMLP does not intend at this time to provide financial guidance beyond 2023.

The Partnership has not provided comparable GAAP financial information on a forward-looking basis because it would require the Partnership to create estimated ranges on a GAAP basis, which would entail unreasonable effort as the adjustments required to reconcile forward-looking non-GAAP measures cannot be predicted with a reasonable degree of certainty but may include, among others, costs related to debt amendments and unusual charges, expenses and gains. Some or all of those adjustments could be significant.

2022 K-1 TAX PACKAGES

The MMLP K-1 tax packages are expected to be available online through our website at www.mmlp.com or www.taxpackagesupport.com/martinmidstream after 5:00 p.m. Central Standard Time on February 28, 2023. Mailing of the tax packages is currently expected to be complete the week of March 6, 2023. In an effort to be environmentally friendly, the Partnership encourages its unitholders to sign up for electronic delivery of their MMLP tax package.

INVESTORS CONFERENCE CALL

Date: Thursday, February 16, 2023
Time: 8:00 a.m. CT (please dial in by 7:55 a.m.)
Dial In #: (888) 330-2384
Conference ID: 8536096
Replay Dial In # (800) 770-2030 – Conference ID: 8536096

A webcast of the conference call will also be available by visiting the Events and Presentations section under Investor Relations on our website at www.MMLP.com.

About Martin Midstream Partners

MMLP, headquartered in Kilgore, Texas, is a publicly traded limited partnership with a diverse set of operations focused primarily in the Gulf Coast region of the United States. MMLP’s four primary business lines include: (1) terminalling, processing, storage, and packaging services for petroleum products and by-products, including the refining of naphthenic crude oil; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) natural gas liquids marketing, distribution, and transportation services. To learn more, visit www.MMLP.com. Follow Martin Midstream Partners L.P. on LinkedIn, Twitter, and Facebook.

Forward-Looking Statements

Statements about the Partnership’s outlook and all other statements in this release other than historical facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements and all references to financial estimates rely on a number of assumptions concerning future events and are subject to a number of uncertainties, including (i) the effects of the continued volatility of commodity prices and the related macroeconomic and political environment and (ii) other factors, many of which are outside its control, which could cause actual results to differ materially from such statements. While the Partnership believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in anticipating or predicting certain important factors. A discussion of these factors, including risks and uncertainties, is set forth in the Partnership’s annual and quarterly reports filed from time to time with the Securities and Exchange Commission (the “SEC”). The Partnership disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events, or otherwise except where required to do so by law.

Use of Non-GAAP Financial Information

To assist the Partnership's management in assessing its business, it uses the following non-GAAP financial measures: earnings before interest, taxes, and depreciation and amortization ("EBITDA"), adjusted EBITDA (as defined below) distributable cash flow available to common unitholders (“distributable cash flow”), and free cash flow after growth capital expenditures and principal payments under finance lease obligations ("adjusted free cash flow"). The Partnership's management uses a variety of financial and operational measurements other than its financial statements prepared in accordance with United States Generally Accepted Accounting Principles ("GAAP") to analyze its performance.

Certain items excluded from EBITDA and adjusted EBITDA are significant components in understanding and assessing an entity's financial performance, such as cost of capital and historical costs of depreciable assets.

EBITDA and Adjusted EBITDA. The Partnership defines adjusted EBITDA as EBITDA before unit-based compensation expenses, gains and losses on the disposition of property, plant and equipment, impairment and other similar non-cash adjustments. Adjusted EBITDA is used as a supplemental performance and liquidity measure by the Partnership's management and by external users of its financial statements, such as investors, commercial banks, research analysts, and others, to assess:

• the financial performance of the Partnership's assets without regard to financing methods, capital structure, or historical cost basis;
• the ability of the Partnership's assets to generate cash sufficient to pay interest costs, support its indebtedness, and make cash distributions to its unitholders; and
• its operating performance and return on capital as compared to those of other companies in the midstream energy sector, without regard to financing methods or capital structure.

The GAAP measures most directly comparable to adjusted EBITDA are net income (loss) and net cash provided by (used in) operating activities. Adjusted EBITDA should not be considered an alternative to, or more meaningful than, net income (loss), operating income (loss), net cash provided by (used in) operating activities, or any other measure of financial performance presented in accordance with GAAP. Adjusted EBITDA may not be comparable to similarly titled measures of other companies because other companies may not calculate adjusted EBITDA in the same manner.

Adjusted EBITDA does not include interest expense, income tax expense, and depreciation and amortization. Because the Partnership has borrowed money to finance its operations, interest expense is a necessary element of its costs and its ability to generate cash available for distribution. Because the Partnership has capital assets, depreciation and amortization are also necessary elements of its costs. Therefore, any measures that exclude these elements have material limitations. To compensate for these limitations, the Partnership believes that it is important to consider net income (loss) and net cash provided by (used in) operating activities as determined under GAAP, as well as adjusted EBITDA, to evaluate its overall performance.

Distributable Cash Flow. The Partnership defines distributable cash flow as net cash provided by (used in) operating activities less cash received (plus cash paid) for closed commodity derivative positions included in accumulated other comprehensive income (loss), plus changes in operating assets and liabilities which (provided) used cash, less maintenance capital expenditures and plant turnaround costs. Distributable cash flow is a significant performance measure used by the Partnership's management and by external users of its financial statements, such as investors, commercial banks and research analysts, to compare basic cash flows generated by us to the cash distributions it expects to pay unitholders. Distributable cash flow is also an important financial measure for the Partnership's unitholders since it serves as an indicator of its success in providing a cash return on investment. Specifically, this financial measure indicates to investors whether or not the Partnership is generating cash flow at a level that can sustain or support an increase in its quarterly distribution rates. Distributable cash flow is also a quantitative standard used throughout the investment community with respect to publicly-traded partnerships because the value of a unit of such an entity is generally determined by the unit's yield, which in turn is based on the amount of cash distributions the entity pays to a unitholder.

Adjusted Free Cash Flow. The Partnership defines adjusted free cash flow as distributable cash flow less growth capital expenditures and principal payments under finance lease obligations. Adjusted free cash flow is a significant performance measure used by the Partnership's management and by external users of its financial statements and represents how much cash flow a business generates during a specified time period after accounting for all capital expenditures, including expenditures for growth and maintenance capital projects. The Partnership believes that adjusted free cash flow is important to investors, lenders, commercial banks and research analysts since it reflects the amount of cash available for reducing debt, investing in additional capital projects, paying distributions, and similar matters. The Partnership's calculation of adjusted free cash flow may or may not be comparable to similarly titled measures used by other entities.

The GAAP measure most directly comparable to distributable cash flow and adjusted free cash flow is net cash provided by (used in) operating activities. Distributable cash flow and adjusted free cash flow should not be considered alternatives to, or more meaningful than, net income (loss), operating income (loss), net cash provided by (used in) operating activities, or any other measure of liquidity presented in accordance with GAAP. Distributable cash flow and adjusted free cash flow have important limitations because they exclude some items that affect net income (loss), operating income (loss), and net cash provided by (used in) operating activities. Distributable cash flow and adjusted free cash flow may not be comparable to similarly titled measures of other companies because other companies may not calculate these non-GAAP metrics in the same manner. To compensate for these limitations, the Partnership believes that it is important to consider net cash provided by (used in) operating activities determined under GAAP, as well as distributable cash flow and adjusted free cash flow, to evaluate its overall liquidity.

MMLP-F

Sharon Taylor - Vice President & Chief Financial Officer
(877) 256-6644
This email address is being protected from spambots. You need JavaScript enabled to view it.

HOUSTON & CALGARY, Alberta--(BUSINESS WIRE)--Civeo Corporation (NYSE:CVEO) announced today that it has scheduled its fourth quarter 2022 earnings conference call for Tuesday, February 28, at 10:00 a.m. Central Time (11:00 a.m. Eastern Time). During the call, Civeo will discuss financial and operating results for the fourth quarter 2022, which will be released before the market opens on Tuesday, February 28, 2023.

By Phone:

Dial 877-423-9813 inside the U.S. or 201-689-8573 internationally and ask for the Civeo call or provide the conference ID: 13736531# at least 10 minutes prior to the start time.

A replay will be available through March 7th by dialing 844-512-2921 inside the U.S. or 412-317-6671 internationally and using the conference ID 13736531#.

By Webcast:

Connect to the webcast via the Events and Presentations page of Civeo's Investor Relations website at www.civeo.com.

Please log in at least 10 minutes in advance to register and download any necessary software.

A webcast replay will be available after the call.

ABOUT CIVEO

Civeo Corporation is a leading provider of hospitality services with prominent market positions in the Canadian oil sands and the Australian natural resource regions. Civeo offers comprehensive solutions for lodging hundreds or thousands of workers with its long-term and temporary accommodations and provides food services, housekeeping, facility management, laundry, water and wastewater treatment, power generation, communications systems, security and logistics services. Civeo currently owns and operates a total of 27 lodges and villages in Canada, Australia and the U.S., with an aggregate of over 28,000 rooms. Civeo is publicly traded under the symbol CVEO on the New York Stock Exchange. For more information, please visit Civeo's website at www.civeo.com.

Regan Nielsen
Civeo Corporation
Senior Director, Corporate Development & Investor Relations
713-510-2400

Strong Operational Performance and Wide Energy Spreads Drive Record Results

Returned $1.65 Billion to Shareholders through Share Repurchases and Dividends

MOU with JERA for Long-Term Clean Ammonia Supply

DEERFIELD, Ill.--(BUSINESS WIRE)--CF Industries Holdings, Inc. (NYSE: CF), a leading global manufacturer of hydrogen and nitrogen products, today announced results for the full year and fourth quarter ended December 31, 2022.

Highlights

• Full year net earnings of $3.35 billion⁽¹⁾, or $16.38 per diluted share, EBITDA⁽²⁾ of $5.54 billion, and adjusted EBITDA⁽²⁾ of $5.88 billion
• Fourth quarter net earnings of $860 million⁽¹⁾, or $4.35 per diluted share, EBITDA⁽²⁾ of $1.25 billion, and adjusted EBITDA⁽²⁾ of $1.30 billion
• Full year net cash from operating activities of $3.86 billion and free cash flow⁽³⁾ of $2.78 billion; these amounts reflect the impact of $491 million in payments related to a Canada/U.S. tax matter
• Repurchased approximately 2.2 million shares for $223 million during the fourth quarter of 2022
• Signed a memorandum of understanding with JERA Co., Inc., Japan’s largest energy generator, regarding the supply of up to 500,000 metric tons per year of clean ammonia beginning in 2027

“The CF Industries team delivered outstanding results in 2022, producing record financial performance for the fourth quarter and full year by working safely, operating our manufacturing and distribution assets extremely well, and serving our global customer base,” said Tony Will, president and chief executive officer, CF Industries Holdings, Inc. “At the same time, we drove significant progress across our clean energy and strategic initiatives by entering into our landmark carbon capture and sequestration partnership with ExxonMobil, commencing a front-end engineering and design study for our proposed blue ammonia plant in Louisiana, and being selected for advanced discussions with JERA Co. Inc., for the first significant volumes of ammonia as a clean energy source.

“Looking ahead, we believe that the global nitrogen supply-demand balance and global energy cost structure will continue to present attractive margin opportunities for our cost-advantaged network. As a result, we expect to drive strong cash generation in the years ahead, enabling us to make disciplined investments in our clean energy initiatives to meet what we believe will be significant global demand for low-carbon ammonia while we continue to return substantial capital to shareholders.”

Nitrogen Market Outlook

Global nitrogen supply availability was tight for the first three quarters of 2022 but loosened in the fourth quarter of 2022 due to weak industrial demand in Europe and Asia, delayed purchasing in the agriculture sector and a partial recovery of European ammonia operating rates. With the spring application season approaching for the Northern Hemisphere, management believes substantial agriculture demand will emerge, supporting global nitrogen prices. Longer-term, management expects the global nitrogen supply-demand balance will remain tight into at least 2025 due to agriculture-led demand and forward energy curves that point to challenging production economics for producers in Europe and Asia.

The need to replenish global grains stocks, which has supported high prices for corn, wheat and canola, continues to drive global nitrogen demand. Stocks-to-use ratios remain low for feed grains and oilseeds. Management believes that it will take at least two more years of harvests at trend yield to fully replenish global grains stocks, supporting strong grains plantings and incentivizing nitrogen fertilizer application over this time period.

• North America: Farm economics in the region are expected to remain positive for 2023, supported by strong crop futures prices and improving yields, assuming a return to normal weather conditions. Management projects 91-93 million acres of corn will be planted in the United States in the spring of 2023.
• India: Management expects that India will continue to be one of the world’s largest importers of urea in 2023 though overall urea imports may be lower than recent record highs if new domestic capacity adds to recently improved domestic production volumes.
• Brazil: Brazil imported an estimated 7 million metric tons of urea in 2022. Management expects demand for urea imports to remain strong in 2023 due to high crop prices, increases in planted acres and improved farm income levels.
• Europe: Management expects a higher-than-normal level of nitrogen imports into Europe in 2023 due to lower-than-normal ammonia operating rates in the region.

Management expects global trade flows to continue to adjust to market dynamics that have affected global supply availability over the previous 18 months.

• Europe: Management believes that production economics in Europe will remain challenging as natural gas prices in the region, though lower than the highs of 2022, remain well above the 2015-2020 average. As a result, the Company does not expect full ammonia capacity production rates to return during the year, with some facilities continuing to favor importing ammonia to manufacture upgraded products.
• China: Urea exports from China were approximately 2.8 million metric tons in 2022 due to government measures to promote availability and affordability of fertilizers domestically. Management projects urea exports from China will be in a range of 2-3 million metric tons in 2023 under current measures before returning to a range of 3-5 million metric tons on an annual basis if government measures limiting exports are loosened.
• Russia: Exports of ammonia from Russia were significantly lower in 2022 compared to prior years due to geopolitical disruptions arising from Russia’s invasion of Ukraine and the resulting closure of the ammonia pipeline to the port of Odessa in Ukraine. In contrast, exports of other nitrogen products from Russia are at near-normal levels.

Energy differentials between North America and marginal producers in Europe and Asia have compressed recently, but remain well above historical levels. Forward energy curves continue to suggest that these wider differentials will persist for an extended period. As a result, the Company believes the global nitrogen cost curve will remain steep, supporting significant margin opportunities for low-cost North American producers.

Operations Overview

The Company continues to operate safely and efficiently across its network. As of December 31, 2022, the 12-month rolling average recordable incident rate was 0.33 incidents per 200,000 work hours, significantly better than industry benchmarks.

Gross ammonia production for the full year and fourth quarter of 2022 was approximately 9.8 million tons and 2.4 million tons, respectively. The Company expects that gross ammonia production for 2023 will be approximately 9.5 million tons⁽⁴⁾.

Financial Results Overview

Full Year 2022 Financial Results

For the full year 2022, net earnings attributable to common stockholders were $3.35 billion, or $16.38 per diluted share, and EBITDA was $5.54 billion, which include the impact of pre-tax impairment and restructuring charges of $258 million related to the Company’s U.K. operations, and adjusted EBITDA was $5.88 billion. These results compare to full year 2021 net earnings attributable to common stockholders of $917 million, or $4.24 per diluted share and EBITDA of $2.17 billion, which included the impact of pre-tax impairment charges of $521 million related to the Company’s U.K. operations, and adjusted EBITDA of $2.74 billion.

Net sales for the full year 2022 were $11.19 billion compared to $6.54 billion for 2021. Average selling prices for 2022 were higher than 2021 across all segments due to decreased global supply availability, as higher global energy costs reduced global operating rates and geopolitical factors disrupted the global fertilizer supply chain. Sales volumes for 2022 decreased compared to 2021 due to lower ammonia, AN and Other product sales, mostly offset by higher urea and UAN sales.

Cost of sales for 2022 was higher compared to 2021 due primarily to higher natural gas costs.

In 2022, the average cost of natural gas reflected in the Company’s cost of sales was $7.18 per MMBtu compared to the average cost of natural gas in cost of sales of $4.21 per MMBtu in 2021.

Fourth Quarter 2022 Financial Results

For the fourth quarter of 2022, net earnings attributable to common stockholders were $860 million, or $4.35 per diluted share, EBITDA was $1.25 billion, and adjusted EBITDA was $1.30 billion. These results compare to 2021 net earnings attributable to common stockholders of $705 million, or $3.27 per diluted share, EBITDA of $1.19 billion, and adjusted EBITDA of $1.26 billion.

Net sales in the fourth quarter of 2022 were $2.61 billion compared to $2.54 billion in 2021. Average selling prices for 2022 were higher than 2021 for most segments due to decreased global supply as higher global energy costs reduced global operating rates and geopolitical factors disrupted the global fertilizer supply chain. Sales volumes in the fourth quarter of 2022 were lower than 2021 due primarily to lower ammonia and UAN sales.

Cost of sales for the fourth quarter of 2022 were similar to 2021 as higher natural gas costs were offset by lower sales volumes.

The average cost of natural gas reflected in the Company’s cost of sales was $6.88 per MMBtu in the fourth quarter of 2022 compared to the average cost of natural gas in cost of sales of $6.00 per MMBtu in the fourth quarter of 2021.

Capital Management

Capital Expenditures

Capital expenditures in the fourth quarter and full year 2022 were $134 million and $453 million, respectively, which incorporates expenditures related to the Company’s clean energy initiatives. Management projects capital expenditures for full year 2023 will be in the range of $500-$550 million.

Share Repurchase Programs

The Company repurchased approximately 14.9 million shares for $1.35 billion during 2022. At the end of 2022, the Company had approximately $150 million remaining under the $1.5 billion share repurchase authorization that went into effect January 1, 2022, and is effective through the end of 2024.

On November 2, 2022, the Board of Directors of CF Industries Holdings, Inc., authorized a new $3 billion share repurchase program. The program will commence upon completion of the current share repurchase program and is effective through the end of 2025.

Canada/U.S. Tax Matter

In the first quarter of 2022, an arbitration panel decided in favor of the Canadian competent authority regarding a long-standing dispute dating back to the early 2000s between Canadian and U.S. tax authorities about the allocation of CF Industries’ profits and associated tax between the U.S. and Canada. As a result, the Company made payments in the second half of 2022 of $224 million in assessed tax and interest to Canadian taxing authorities for tax years 2006-2011. The Company is filing amended U.S. federal and state tax returns seeking refunds of related taxes paid in the United States.

Additionally, the Company made payments of $267 million in the fourth quarter of 2022 in estimated tax and interest to Canada for tax years 2012-2020. The Company took this step in order to mitigate assessment of future interest by Canada while these tax years are being resolved through bilateral governmental procedures. Following the final assessment of tax and interest for tax years 2012 and after, the Company will file amended U.S. federal and state tax returns seeking refunds of related taxes paid in the United States.

CHS Inc. Distribution

On January 31, 2023, the Board of Managers of CF Industries Nitrogen, LLC (CFN) approved a semi-annual distribution payment to CHS Inc. (CHS) of $255 million for the distribution period ended December 31, 2022. The distribution was paid on January 31, 2023. Distributions to CHS pertaining to 2022 distribution periods were approximately $627 million.

Clean Energy Initiatives

CF Industries continues to advance its plans to support the global hydrogen and clean fuel economy, which is expected to grow significantly over the next decade, through the production of blue ammonia (ammonia produced with the corresponding carbon dioxide (CO₂) byproduct removed through carbon capture and sequestration) and green ammonia (ammonia produced from carbon-free sources).

Memorandum of Understanding with JERA Co., Inc.

On January 17, 2023, CF Industries announced that it had signed a memorandum of understanding (MOU) with JERA Co., Inc. (JERA), Japan’s largest energy generator, regarding the supply of up to 500,000 metric tons per year of clean ammonia beginning in 2027. The execution of the MOU is the result of a supplier comparison and evaluation process for the procurement of clean ammonia that JERA initiated in February 2022 for the world’s first commercial scale ammonia co-firing operations.

The MOU establishes a framework for the companies to assess how CF Industries would best supply JERA with clean ammonia, which will be required to be produced with at least 60% lower carbon emissions than conventionally produced ammonia, under a long-term offtake agreement. The companies expect to evaluate a range of potential supply options, including an equity investment alongside CF Industries to develop a clean ammonia facility in Louisiana and a supplementary long-term offtake agreement.

Proposed Joint Venture with Mitsui & Co., Ltd. at CF Industries’ Blue Point Complex

CF Industries and Mitsui & Co., Ltd. (Mitsui) continue to progress a front-end engineering and design (FEED) study, which is being conducted by thyssenkrupp UHDE, for their proposed joint venture to construct an export-oriented blue ammonia facility. CF Industries and Mitsui expect to make a final investment decision on the proposed facility in the second half of 2023. Construction and commissioning of a new world-scale ammonia plant typically takes approximately 4 years from that point.

Should the companies agree to move forward, the ammonia facility would be constructed at CF Industries’ new Blue Point Complex. CF Industries acquired the land on the west bank of Ascension Parish, Louisiana, for the complex during the third quarter of 2022.

Donaldsonville Complex Blue Ammonia Project

Engineering activities for the construction of a dehydration and compression unit at the Donaldsonville Complex continue to advance, procurement of major equipment for the facility is in progress, and modification of the site’s existing equipment to allow integration with existing operations has begun. Once in service, the dehydration and compression unit will enable up to 2 million tons of process CO₂ to be transported and stored.

As previously announced, ExxonMobil will transport and permanently store the captured CO₂ in secure geologic storage it owns in Vermilion Parish, Louisiana. As part of the project, ExxonMobil has signed an agreement with EnLink Midstream to use EnLink’s transportation network to deliver CO₂ to permanent geologic storage. Start-up for the project is scheduled for early 2025.

Donaldsonville Green Ammonia Project

The Donaldsonville green ammonia project, which involves installing an electrolysis system at the Donaldsonville Complex to generate carbon-free hydrogen from water that will then be supplied to an existing ammonia plant to produce green ammonia, continues to progress. Major equipment is being fabricated and site work is ongoing for installation of the new electrolyzer unit and integration into Donaldsonville’s existing operations. Once complete, the project will enable the Company to produce approximately 20,000 tons of green ammonia per year.

___________________________________________________

Consolidated Results

Ammonia Segment

CF Industries’ ammonia segment produces anhydrous ammonia (ammonia), which is the base product that the Company manufactures, containing 82 percent nitrogen and 18 percent hydrogen. The results of the ammonia segment consist of sales of ammonia to external customers for its nitrogen content as a fertilizer, in emissions control and in other industrial applications. In addition, the Company upgrades ammonia into other nitrogen products such as urea, UAN and AN.

Comparison of 2022 to 2021:

• Ammonia sales volume for 2022 decreased compared to 2021 as fall ammonia applications returned to more normal levels compared to 2021’s record fall ammonia season and due to the transfer of 61,000 tons of ammonia in the fourth quarter to the Company’s Billingham Complex in the U.K. for ammonium nitrate production.
• Ammonia average selling prices increased for 2022 compared to 2021 due to decreased global supply availability, as higher global energy costs reduced global operating rates and geopolitical factors disrupted the global fertilizer supply chain.
• Ammonia adjusted gross margin per ton increased for 2022 compared to 2021 due to higher average selling prices, partially offset by higher realized natural gas costs.

Granular Urea Segment

CF Industries’ granular urea segment produces granular urea, which contains 46 percent nitrogen. Produced from ammonia and carbon dioxide, it has the highest nitrogen content of any of the Company’s solid nitrogen products.

Media
Chris Close
Director, Corporate Communications
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Investors
Martin Jarosick
Vice President, Treasury and Investor Relations
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The Company is proud to now serve the Naval Facilities Engineering Systems Command (NAVFAC) in both the Atlantic and Pacific regions to address key environmental and restoration challenges

DALLAS--(BUSINESS WIRE)--AECOM (NYSE: ACM), the world’s trusted infrastructure consulting firm, today announced that it has successfully been awarded a single-award, indefinite-delivery, indefinite-quantity (IDIQ) contract by the Naval Facilities Engineering Systems Command (NAVFAC) Pacific to deliver architecture and engineering services for the Comprehensive Long-Term Environmental Action Navy (CLEAN) Program. Under this contract with a $239 million ceiling, AECOM will perform environmental studies, investigations, and designs that address pressing environmental challenges.

"With a rich history of partnerships with NAVFAC and a team of dedicated environmental experts guided by our Sustainable Legacies strategy, we are poised to deliver outstanding results on the CLEAN program in the Pacific Region," said Lara Poloni, AECOM's president. "Our deep regional expertise, combined with a proven track-record of innovation and successful project delivery, positions us as the go-to partner for delivering world-class environmental strategies for government clients."

Driven by the Company’s Honolulu-based team, AECOM will provide program management and technical environmental services that address critical issues, such as per- and polyfluoroalkyl substances (PFAS) and other emerging contaminants, vapor intrusion, water quality, sediments, munitions and radiological assessment, petroleum, polychlorinated biphenyls, and hazardous substances. To be performed throughout the Pacific Region and, if tasked by the Government, anywhere in the world, this work will support compliance with environmental restoration programs such as the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) and the Resource Conservation and Recovery Act (RCRA).

“We’re pleased to build on more than a decade of collaboration with NAVFAC to help realize this major program that promises to innovate new approaches to solving some of the greatest environmental restoration challenges of our time,” said Frank Sweet, chief executive of AECOM’s global Environment business. “This win demonstrates our focus on global collaboration to bring our best professionals to our projects and on allocating our time and capital on the best client relationships with the greatest growth potential.”

AECOM’s scope includes assessments, studies, investigations, and remedial designs; community relations plans; human health and ecological risk assessments; feasibility, pilot, and corrective measures studies; interim response and removal actions; geographical information system development and management; and emergency response actions.

About AECOM
AECOM (NYSE: ACM) is the world’s trusted infrastructure consulting firm, delivering professional services throughout the project lifecycle – from advisory, planning, design and engineering to program and construction management. On projects spanning transportation, buildings, water, new energy and the environment, our public- and private-sector clients trust us to solve their most complex challenges. Our teams are driven by a common purpose to deliver a better world through our unrivaled technical and digital expertise, a culture of equity, diversity and inclusion, and a commitment to environmental, social and governance priorities. AECOM is a Fortune 500 firm and its Professional Services business had revenue of $13.1 billion in fiscal year 2022. See how we are delivering sustainable legacies for generations to come at aecom.com and @AECOM.

Forward-Looking Statements
All statements in this communication other than statements of historical fact are “forward-looking statements” for purposes of federal and state securities laws, including any statements of the plans, strategies and objectives for future operations, profitability, strategic value creation, risk profile and investment strategies, and any statements regarding future economic conditions or performance, and the expected financial and operational results of AECOM. Although we believe that the expectations reflected in our forward-looking statements are reasonable, actual results could differ materially from those projected or assumed in any of our forward-looking statements. Important factors that could cause our actual results, performance and achievements, or industry results to differ materially from estimates or projections contained in our forward-looking statements include, but are not limited to, the following: our business is cyclical and vulnerable to economic downturns and client spending reductions; limited control over operations that run through our joint venture entities; liability for misconduct by our employees or consultants; failure to comply with laws or regulations applicable to our business; maintaining adequate surety and financial capacity; potential high leverage and inability to service our debt and guarantees; ability to continue payment of dividends; exposure to political and economic risks in different countries, including tariffs; currency exchange rate and interest fluctuations; retaining and recruiting key technical and management personnel; legal claims; inadequate insurance coverage; environmental law compliance and adequate nuclear indemnification; unexpected adjustments and cancellations related to our backlog; partners and third parties who may fail to satisfy their legal obligations; AECOM Capital real estate development projects; managing pension cost; cybersecurity issues, IT outages and data privacy; risks associated with the expected benefits and costs of the sale of our Management Services and self-perform at-risk civil infrastructure, power construction and oil and gas construction businesses, including the risk that any contingent purchase price adjustments from those transactions could be unfavorable and result in lower aggregate cash proceeds and any future proceeds owed to us under those transactions could be lower than we expect; as well as other additional risks and factors that could cause actual results to differ materially from our forward-looking statements set forth in our reports filed with the Securities and Exchange Commission. Any forward-looking statements are made as of the date hereof. We do not intend, and undertake no obligation, to update any forward-looking statement.

Media Contact:
Brendan Ranson-Walsh
Senior Vice President, Global Communications
1.213.996.2367
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Investor Contact:
Will Gabrielski
Senior Vice President, Finance, Treasurer
1.213.593.8208
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NEW YORK--(BUSINESS WIRE)--International Seaways, Inc. (NYSE: INSW) (the “Company” or “INSW”) announced today that it plans to release fourth quarter and full year 2022 results before market open on Tuesday, February 28, 2023. The Company will host a conference call for investors at 10:00 a.m. Eastern Time (“ET”) on the same day.

Conference Call Details:

A live webcast of the conference call will be available from the Investor Relations section of the Company’s website at https://www.intlseas.com/.

An audio replay of the conference call will be available starting at 12:00 p.m. ET on Tuesday, February 28, 2023 through 11:59 p.m. ET on Tuesday, March 7, 2023 by dialing +1 (866) 813-9403 for domestic callers and +44 204 525 0658 for international callers, and entering Access Code 907092.

About International Seaways, Inc.
International Seaways, Inc. (NYSE: INSW) is one of the largest tanker companies worldwide providing energy transportation services for crude oil and petroleum products in International Flag markets. International Seaways owns and operates a fleet of 77 vessels, including 13 VLCCs (including three newbuildings), 13 Suezmaxes, five Aframaxes/LR2s, eight LR1s and 38 MR tankers. International Seaways has an experienced team committed to the very best operating practices and the highest levels of customer service and operational efficiency. International Seaways is headquartered in New York City, NY. Additional information is available at https://www.intlseas.com.

Forward-Looking Statements
This release contains forward-looking statements. In addition, the Company may make or approve certain statements in future filings with the U.S. Securities and Exchange Commission (SEC), in press releases, or in oral or written presentations by representatives of the Company. All statements other than statements of historical facts should be considered forward-looking statements. These matters or statements may relate to the consequences of the Company’s merger with Diamond S and plans to issue dividends, its prospects, including statements regarding vessel acquisitions, expected synergies, trends in the tanker markets, and possibilities of strategic alliances and investments. Forward-looking statements are based on the Company’s current plans, estimates and projections, and are subject to change based on a number of factors. Investors should carefully consider the risk factors outlined in more detail in the Annual Report on Form 10-K for 2021 for the Company, the Quarterly Reports on Form 10-Q for the quarters ended March 31, June 30 and September 30, 2022, and in similar sections of other filings made by the Company with the SEC from time to time. The Company assumes no obligation to update or revise any forward-looking statements. Forward-looking statements and written and oral forward-looking statements attributable to the Company or its representatives after the date of this release are qualified in their entirety by the cautionary statements contained in this paragraph and in other reports previously or hereafter filed by the Company with the SEC.

Investor Relations & Media:
Tom Trovato, International Seaways, Inc.
(212) 578-1602
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EVgo’s proprietary digital coupon platform now expanding to deliver on-the-spot promotions to customers charging at participating Cumberland Farms and Wawa locations

LOS ANGELES--(BUSINESS WIRE)--EVgo Inc. (NASDAQ: EVGO), one of the nation’s largest public fast charging networks for electric vehicles (EVs), today announced that EVgo Advantage™ is now available at select Cumberland Farms and Wawa locations in Massachusetts, Connecticut, New York, Pennsylvania, Maryland, Virginia and Florida. As a proprietary coupon technology, EVgo Advantage sends EV drivers instant communications and in-store promotions to use while charging,* delivering more value to customers who shop and charge.

EVgo Advantage enables businesses that host fast chargers with EVgo to connect with their EV charging customer base by offering promotions that help drive engagement, increase sales, and generate customer loyalty. The program can increase foot traffic to participating retail site hosts stores and/or mobile applications, while also enhancing the charging experience for drivers. A 2022 survey conducted by EVgo found that 87% of EV drivers shop at local retailers while charging their vehicles.

“When EVgo first piloted EVgo Advantage in 2019, we knew it was one more way for us to deliver value to our drivers and site host partners. We’re thrilled to be able to offer EVgo Advantage™ at select Wawa and Cumberland Farms locations along the East Coast to make charging with EVgo even better than before,” said Jonathan Levy, Chief Commercial Officer at EVgo.

EVgo Advantage first launched at 10 Lucky/Lucky California locations in partnership with The Save Mart Companies. Now available in eight states, the growth of the program to date demonstrates how site host partners can leverage alternative ways to connect with customers.

For more information about the EVgo fast charging network and station locations, visit www.evgo.com.

*Drivers must opt in to EVgo marketing emails to receive in-store promotions.

About EVgo

EVgo (Nasdaq: EVGO) is a leader in charging solutions, building and operating the infrastructure and tools needed to expedite the mass adoption of electric vehicles for individual drivers, rideshare and commercial fleets, and businesses. Since its founding in 2010, EVgo has led the way to a cleaner transportation future and its network has been powered by 100% renewable energy since 2019 through the purchase of renewable energy certificates. As one of the nation’s largest public fast charging networks, EVgo’s owned and operated charging network features over 850 fast charging locations – currently serving over 60 metropolitan areas across more than 30 states – and continues to add more DC fast charging locations through EVgo eXtend™, its white label service offering. EVgo is accelerating transportation electrification through partnerships with automakers, fleet and rideshare operators, retail hosts such as grocery stores, shopping centers, and gas stations, policy leaders, and other organizations. With a rapidly growing network, robust software products and unique service offerings for drivers and partners including EVgo Optima™, EVgo Inside™, EVgo Rewards™, and Autocharge+, EVgo enables world-class charging experience where drivers live, work, travel and play.

For Investors:
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BRISBANE, Australia--(BUSINESS WIRE)--Energy Storage Industries — Asia Pacific (ESI) has strengthened the position of iron flow battery technology to secure Queensland’s future as a renewable energy superpower.

The Queensland-based, Australian-owned company has achieved a series of milestones this year. The first of ESI’s long-duration, grid-scale batteries completed the final stage of commissioning, the first production batteries are now being transported to a customer’s pilot site and the company’s technology has been recognised by Queensland’s Deputy Premier.

ESI Managing Director Stuart Parry said the value of iron flow technology was being recognised across industry and government in Queensland and around Australia.

“Queensland is at the forefront of battery technology development and ESI is helping reinforce this state’s reputation as a leader in the renewable energy economy,” he said. “We will continue to deliver on the promise of our leading-edge technology, which is critical to supplying Queensland’s and Australia’s long-term low-carbon energy needs.”

In January an ESI battery completed commissioning at the National Battery Testing Centre at Banyo in Brisbane, where it demonstrated its capabilities to capture surplus energy and return it to the grid at peak times. During two months of examination by Queensland University of Technology experts, the battery proved to be more than capable of performing in Australia’s harsh conditions.

Later in January, ESI welcomed representatives leading energy operators including the Queensland Government-owned Stanwell Corporation, a major provider of electricity and energy solutions, to Banyo to inspect our fully recyclable technology.

At the same time, the next 10 battery systems manufactured by ESI’s partner ESS Inc. (NYSE: GWH) in the United States started their journey across the Pacific Ocean, bound for the first of our client pilot sites. Ten additional battery systems will follow in coming weeks. From 2024 onward iron flow batteries will be assembled at ESI’s $70 million manufacturing plant in Maryborough, where civil works are underway to support the facility’s construction.

Deputy Premier Steven Miles visited ESI’s Maryborough site in January to launch Queensland’s Battery Strategy Discussion Paper to assess how the state can become a leader in energy storage technology. The paper highlighted the role of iron flow batteries in Queensland’s energy future. His visit was followed by Mike Kaiser, Director General of the Department of State Development, Infrastructure, Local Government and Planning, who commented that large, grid-scale batteries will be in heavy demand in Queensland and around the world as global electricity grids shift to renewable energy.

Mr Parry said: “We are grateful for the support of the Queensland Government in bringing this technology to scale. Localising assembly, testing and support will be critical to deploying at scale and the support we’ve received has been of immense value.”

ESI batteries will support customers and clients in wholesale electricity generation, energy retailers and customers in commercial and industrial sectors.

About Energy Storage Industries – Asia Pacific

Energy Storage Industries — Asia Pacific (ESI) is a Queensland-based, Australian-owned company that provides reliable and environmentally friendly renewable energy storage solutions that are essential for Australia’s transition to a renewable energy future.

We are investing up to $70 million in Maryborough to manufacture and distribute low-cost, long-life iron flow batteries that allow large-scale energy storage for wholesale electricity generators, energy retailers, and commercial and industrial (C&I) customers.

Construction of our Maryborough manufacturing hub began in early July 2022 with an official sod-turning ceremony performed by Deputy Premier the Hon Dr Steven Miles MP, State Member for Maryborough Mr Bruce Saunders MP, Fraser Coast Regional Council Mayor Cr George Seymour and Butchulla elder Eleanor Currie.

We are also investing in the manufacture of small, modular distributed energy storage units that can be installed in low-voltage networks and microgrids, and behind-the-meter installations for C&I customers.

ESI’s iron-flow batteries have a 10 to 14-hour storage capacity and life cycle of 25 years — something that is not provided by other battery technologies.

Our iron-flow batteries are completely sustainable and 100 per cent recyclable, and the environmentally friendly electrolyte means that the product is ideally suited to remote locations such as the National Parks and the Great Barrier Reef.

ESI is fully integrated — we manufacture, install, maintain and finance energy storage solutions.

Our iron-flow batteries use technology licensed from the United States — ESS Inc. Importantly, the technology is backed by leading global re-insurance company Munich Re, which mitigates risk for ESI’s customers.

Partnering with Munich RE, we have launched an industry-first insurance coverage for our battery flow technology. This world-first innovative policy means that our long-duration storage solutions are now backed by a full 10-year performance guarantee, regardless of project size or where it is located.

ESI provides a significant social and economic boost to the Australian community. Initially, we are investing up to $70 million to build a manufacturing hub in Maryborough. When fully operational in 2026, ESI we will have up to 500 highly skilled employees and contractors working at our facilities throughout regional Queensland.

ESI is run by a board and executive team that has decades of experience in the energy, manufacturing, technology and finance sectors. Importantly, they have a deep, end-to-end understanding of the energy value chain from technical operation of assets to energy trading.

ESI Media:
Phil Lutton + 61 418 659 918

NEW YORK & DÜSSELDORF, Germany & TOKYO--(BUSINESS WIRE)--#asahikasei--Asahi Kasei, a diversified Japanese multinational company, has completed the construction of its second plant for Ceolus™ microcrystalline cellulose¹ (MCC) at its Mizushima Works in Kurashiki, Okayama, Japan, in January 2023. With the new facility, the company underlines its commitment to meet the substantially growing demand for its MCC.

Second plant for Ceolus™
The Functional Additives Division of Asahi Kasei’s Life Innovation SBU has manufactured Ceolus™ in Nobeoka, Miyazaki, Japan, since 1970. Ceolus™ is supplied to customers around the world, primarily for use as tablet binder² for pharmaceuticals.

Demand for Ceolus™ used in pharmaceutical tablets is growing substantially, especially for the proprietary high-performance grades Ceolus™ KG and Ceolus™ UF. The second plant for Ceolus™ will not only raise supply capacity but also enhance the stability of supply through production at multiple sites.

The new plant is currently undergoing trial operation, with commercial production of each grade scheduled to begin in succession from April 2023.

“The increased capacity at this new plant will enable us to provide a more stable supply of Ceolus™ for distribution centers around the world to get products to customers in greater quantities,” says Eiichi Hori, Senior General Manager of Functional Additives Division. “The second plant will make Ceolus™ more accessible to patients around the world. We are excited to see the innovative, new formulations that pharmaceutical and supplement manufacturers will develop utilizing our MCC.”

Featuring an innovative particle morphology, Ceolus™ offers various solutions to the pharmaceutical and supplement industries: It facilitates challenging formulations, solves tableting issues, and enables unique and patient-friendly dosage forms. It also contributes to customers’ production efficiency by enabling high-speed tableting and reducing production problems. In addition, less black particles, less impurities including nitrite and nitrate which may cause nitrosamine associated risk, and the consistently high quality of Ceolus™ directly contribute to the quality improvement of customers’ formulations.

Asahi Kasei expects that the new plant will make a further contribution to life and living for people around the world by providing Ceolus™ to more customers globally, enabling the manufacture of pharmaceuticals and supplements that have been difficult to make into tablets, and meeting the needs of pharmaceutical companies, supplement companies, and patients through the development of high-performance products.

¹ Microcrystalline cellulose is a white powder made from natural pulp, mainly used as an excipient for pharmaceuticals and foods

² Tablet binders are additives used for the purpose of providing the shape and increasing the volume of solid tablets

Please refer to the press release dated January 13, 2021
“Asahi Kasei to build a second plant for Ceolus™ microcrystalline cellulose”
https://www.asahi-kasei.com/news/2020/e210113.html

About Ceolus™
As the requirements for functionality of pharmaceuticals and supplements continue to rise year by year, Ceolus™ contributes by facilitating the development and manufacture of solid dosage formulations such as tablets. Backed by over 50 years of manufacturing expertise, Ceolus™ is positioned to further support pharmaceutical and supplement companies in their development of formulations with higher quality and functionality. Asahi Kasei will continue to develop advanced grades of Ceolus™ while providing richer services to customers over the decades to come.

About Asahi Kasei
The Asahi Kasei Group contributes to life and living for people around the world. Since its foundation in 1922 with ammonia and cellulose fiber businesses, Asahi Kasei has consistently grown through the proactive transformation of its business portfolio to meet the evolving needs of every age. With more than 46,000 employees around the world, the company contributes to a sustainable society by providing solutions to the world's challenges through its three business sectors of Material, Homes, and Health Care. Its Material sector, comprised of Environmental Solutions, Mobility & Industrial, and Life Innovation, includes a wide array of products, from battery separators and biodegradable textiles to engineering plastics and sound solutions. For more information, visit https://www.asahi-kasei.com/.

The Asahi Kasei Group aims to contribute to a carbon-neutral and sustainable world from the perspective of “Care for Earth” by focusing on initiatives such as the use of biomass raw materials, recycled raw materials, and renewable energy. The company strives to meet the expectations of its customers and society by further advancing the provision of products and services with such sustainable characteristics while deepening collaboration with other companies to reach a carbon-neutral society by 2050. To learn more, visit https://www.asahi-kasei.com/sustainability/.

Company Contact North America:
Asahi Kasei America, Inc.
Jon Todd
39475 W. Thirteen Mile Road, Suite 201, Novi, MI 48377
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Company Contact Europe:
Asahi Kasei Europe GmbH
Sebastian Schmidt
Fringsstrasse 17, 40221 Düsseldorf
Tel: +49 (0) 211-3399-2058
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Verde Positioned to be Leading Provider of Renewable Gasoline

Verde Announces Joint Venture with Diamondback Energy in Permian Basin

HOUSTON--(BUSINESS WIRE)--Verde Clean Fuels, Inc. (“Verde”), a company focused on becoming leading supplier of gasoline and other fuels derived from renewable feedstocks or natural gas, today announced the completion of the previously announced business combination between CENAQ Energy Corp. (NASDAQ: CENQ) (“CENAQ”) and Bluescape Clean Fuels Intermediate Holdings, LLC. Shares of Class A common stock of Verde will be traded on the NASDAQ Capital Markets starting on February 16, 2023 under the symbol “VGAS” along with the public warrants under the symbol “VGASW.”

Verde developed and owns a proprietary syngas-to-gasoline (“STG+®”) technology which is designed to produce renewable gasoline utilizing waste feedstocks that are otherwise landfilled. The renewable gasoline can result in more than a 60% reduction in carbon intensity versus traditional hydrocarbon-based gasoline based on GREET-style Carbon Intensity analysis. Verde’s process also can produce a lower carbon gasoline from flared or economically disadvantaged natural gas. Verde’s multi-patented technology has been developed over the past 15 years and tested at its demonstration facility in New Jersey.

“Traditional gasoline used today is refined from crude oil and makes up over half of greenhouse gas emissions produced by the U.S. transportation sector. We believe our proprietary STG+® system will enable everyday consumers of gasoline to seamlessly and materially participate in the decarbonization of our atmosphere, without changing their automobiles or fueling habits,” said Ernie Miller, co-founder and CEO of Verde. “Our renewable and lower carbon gasoline will work within the existing gasoline infrastructure and in the global fleet of internal combustion engines. We estimate that the replacement of conventional hydrocarbon-based gasoline with Verde's renewable gasoline would be comparable to removing six of every ten cars on the road today. The introduction of Verde’s renewable gasoline to reduce greenhouse gases is a new and significant solution to global decarbonization.”

The STG+® process is highly flexible and efficiently turns syngas, regardless of feedstock, into gasoline that does not require any additional refining. The Verde system is fully modular and sized to match feedstock sources, allowing for optimal logistical and cost efficiencies. Verde is currently developing its first commercial facility to be located at a landfill site in Maricopa, AZ, which, once fully operational, is expected to produce 7 million gallons per year of renewable gasoline during its first phase. With the proceeds from the merger and expected project financings, we believe that Verde is well capitalized to bring this first project online in the first half of 2025. Verde has several additional renewable gasoline projects in various early stages of development.

Concurrent with the business combination, Diamondback Energy, Inc. (NASDAQ: FANG) (“Diamondback”), through its wholly-owned subsidiary, Cottonmouth Ventures LLC (“Cottonmouth Ventures”), has made a $20 million equity investment in Verde and has entered into an Equity Participation Right Agreement pursuant to which Verde will grant Cottonmouth the right to participate and jointly develop Permian Basin facilities utilizing Verde’s STG+ technology for the production of gasoline derived from economically disadvantaged natural gas feedstocks. The production of gasoline from natural gas sourced from the Permian Basin is designed to allow Diamondback to mitigate the flaring of natural gas while also producing a high-margin product from natural gas streams that are subject to being price disadvantaged compared to other natural gas basins.

“Diamondback is excited to announce our equity investment in and partnership with Verde, which is our largest investment to date out of our new ventures subsidiary, Cottonmouth. We are also looking forward to expanding the Verde business into the Permian Basin with their proprietary STG+® technology. This investment, and the technology that accompanies it, fits with our strategy to decarbonize the oil field while generating an economic return for our investors,” stated Kaes Van’t Hof, President of Diamondback.

J. Russell Porter, CEO of CENAQ said, “We are pleased to complete this transaction and create Verde Clean Fuels, Inc. along with Ernie Miller and his team. As we have worked together over the past year to combine our entities, we have become confident that the significant number of existing opportunities to deploy the proven STG+® technology utilizing various renewable and green feedstocks will increase as a result of Verde Clean Fuels becoming a publicly traded entity.”

Advisors

Kirkland & Ellis LLP served as legal counsel to Verde. Vinson & Elkins L.L.P. served as legal counsel to CENAQ. Imperial Capital served as placement agent to CENAQ. Baker Botts L.L.P. served as legal counsel to Imperial Capital, LLC.

About Verde Clean Fuels

Verde Clean Fuels, Inc. is a renewable energy company specializing in the conversion of synthesis gas, or syngas, derived from diverse feedstocks, such as biomass, municipal solid waste and mixed plastics, as well as natural gas (including synthetic natural gas) and other feedstocks, into gasoline through an innovative and proprietary liquid fuels technology, the STG+® process. Through its STG+® process, Verde converts syngas into Reformulated Blend-stock for Oxygenate Blending (“RBOB”) gasoline. Verde is focused on the development of commercial facilities aimed at turning waste and other bio-feedstocks into a usable stream of syngas which is then transformed into a single finished fuel, such as gasoline, without any additional refining steps.

Prior to this transaction, Verde Clean Fuels was a portfolio company of Bluescape Energy Partners LLC. Bluescape Energy Partners LLC (“Bluescape Energy Partners”) is an alternative investment firm that leverages its private capital, global network, and superior thinking to deliver differentiated long-term investment performance in the broader energy and utility sectors. Bluescape Energy Partners employs a unique approach and long-term perspective, helping position companies for growth and value creation by providing capital and strategic oversight with its multi-disciplined team of executive-level managers, operators, strategic consultants, and restructuring advisors. It thrives to uncover investments exhibiting high performance potential where it seeks to build lasting partnerships. Bluescape Energy Partners strives to create positive impacts for all of its stakeholders through its capital, operational capabilities, and long-term ownership model.

To learn more about Verde, please visit www.verdecleanfuels.com. (Launching February 16, 2023)

About CENAQ Energy Corp.

CENAQ Energy Corp. is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. CENAQ Energy Corp. focused its search for a target business in the energy industry in North America. CENAQ Energy Corp. is led by energy industry veterans J. Russell Porter (CEO) and Michael J. Mayell (President and CFO) and John B. Connally III (Chairman).

Forward Looking Statements

The information included herein and in any oral statements made in connection herewith include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included herein, regarding the benefits of the transaction, Verde’s future financial performance following the transaction, as well as Verde’s strategy, future operations, financial position, estimated revenues and losses, projected costs, prospects, plans and objectives of management are forward-looking statements. When used herein, including any oral statements made in connection herewith, the words “could,” “should,” “will,” “may,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “project,” the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Verde management’s current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Verde disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. Verde cautions you that these forward-looking statements are subject to risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Verde . These risks include, but are not limited to, general economic, financial, legal, political and business conditions and changes in domestic and foreign markets; the failure to realize the anticipated benefits of the business combination, the risks related to the growth of Verde’s business and the timing of expected business milestones; the ability of Verde to obtain financing in connection with the transaction or in the future; and the effects of competition on Verde’s future business. Should one or more of the risks or uncertainties described herein and in any oral statements made in connection therewith occur, or should underlying assumptions prove incorrect, actual results and plans could differ materially from those expressed in any forward-looking statements. There may be additional risks that Verde presently do not know or that Verde currently believe are immaterial that could cause actual results to differ from those contained in the forward-looking statements. Additional information concerning these and other factors that may impact Verde ’ expectations and projections can be found in Verde’s filings with the Securities and Exchange Commission (the “SEC”). Verde’s SEC filings are available publicly on the SEC’s website at www.sec.gov.

Investor Relations Contact
For Verde Clean Fuels:
Ernie Miller – CEO
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Media Contact
Kellie Woods
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ANAHEIM, Calif.--(BUSINESS WIRE)--Phoenix Motor Inc. (Nasdaq: PEV) (“Company” or “Phoenix Motorcars”), a leader in manufacturing of all-electric, medium-duty vehicles, today announced that the Company will release its fourth quarter and full year 2022 financial results after market close on Wednesday, March 29, 2023. This release will be followed by a conference call hosted by members of the Phoenix Motorcars management team at 5:00 PM Eastern Time.

Interested investors and other parties may access a live webcast of the conference which will be available on the Events and Presentations page within the Investor Relations section of Phoenix Motorcars’ website. The call can also be accessed live via telephone by dialing (888) 660-6373 or for international callers (929) 203-1975, and referencing Phoenix Motorcars. Please log in to the webcast or dial in to the call at least 10 minutes prior to the start of the event.

An archive of the webcast will be available for a period of time shortly after the call on the Events and Presentations page on the Investor Relations section of Phoenix Motorcars’ website, along with the Company’s earnings press release.

About Phoenix Motor Inc.

Phoenix Motor Inc., a pioneer in the electric vehicle (“EV”) industry, designs, builds, and integrates electric drive systems and light and medium duty EVs and sells electric forklifts and electric vehicle chargers for the commercial and residential markets. Phoenix markets its commercial, medium duty EVs (shuttle buses, school buses, municipal transit vehicles and delivery trucks, among others) under its “Phoenix Motorcars” brand. Phoenix intends to bring “EdisonFuture” to market by 2025, which is its light-duty EV truck offering for the recreational and commercial market. For more information, please visit: www.phoenixmotorcars.com.

Investor Relations Contacts:
Mark Hastings, SVP & Head of Investor Relations
Sioban Hickie, ICR Inc.
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• The results of 150 open-field trials conducted on three continents (Europe, North America, South America) confirm a significant increase in yield: +12% on average.
• The revolutionary scientific and agronomic discoveries at the core of this performance were instrumental the firm’s ability to raise 10 million euros over the past six months via national and European R&D programs.

MOULINS-SUR-TARDOIRE, France--(BUSINESS WIRE)--Elicit Plant, an agricultural biotechnology company specialized in crops’ resistance to water stress based on a phytosterol-based technology platform, announced today that it has validated the performance on a large scale of its solution dedicated to the sustainable transition of agriculture along with increased return on investment for farmers. The 150 open-field trials carried out in 2022 on a global scale (Europe, North America, South America) by independent cooperators have shown a consistent and high performance of its solution to reduce the impact of water shortage on corn crops: +12% productivity gains (+10 bushels per acre on average/+0,6T/Ha).

This performance, unique in this product category, is based on revolutionary scientific and agronomic work carried out by Elicit Plant. The agtech company has developed a plant growth regulation technology based on phytosterols, molecules found in plants, that enable crops to better resist water stress by naturally stimulating their inherent and specific metabolic responses.

“Those remarkable open-field trial results, conducted on three continents with different climatic characteristics, confirm Elicit Plant's scientific excellence and its ability to develop unique products that address the challenges of climate change in agriculture. They also comfort our ambitious international development strategy," says Jean-François Déchant, President and co-founder of Elicit Plant. Elicit Plant’s products have been tested in the field since 2019 with a total of 500 trials to date with a win rate (positive yield response) close to 90%. Over these years, the company has systematically determined the best application timing, proprietary formulation and weather and soil conditions to drive the best results in consistency and yield increases.

Elicit Plant’s ability to raise an additional 10 million euros over the past six months via highly competitive national and European R&D programs (e.g. funding under the Governmental Plan "France 2030" -the SADEA grant to accelerate farmers’ sustainability transition-, European Innovation Council’s acceleration program) and the positive results of its large-scale trials, conclude a year marked by successful milestones:

- A Series A financing round of €16 million in February 2022, led by Sofinnova Partners with the support of the ECBF fund, the French Tech Seed Fund managed by Bpifrance and historical investors.
- The successful launch of its BEST-a product line for corn crops in France, listed by more than 50 cooperatives, including the largest ones in the country. Market approvals for its product line dedicated to corn crops in Ukraine and Brazil.
- The tripling of the workforce to sustain the firm’s global growth. Elicit Plant now employs more than sixty people ranging from R&D, to regulatory, marketing and sales.
- Breakthrough scientific discoveries rewarded by the most selective innovation competitions: DeepTech BPI, FrenchTech Agri20, EIC Accelerator, SADEA-France 2030.

Determined to give its full power to its breakthrough proprietary technological platform, Elicit Plant has drawn up an ambitious roadmap, that includes the strengthening of its governance, the diversification of its product pipeline over the next 3 to 5 years and the development of its partnership and scientific strategy in North America.

About Elicit Plant
Elicit Plant is an agbiotech company created in 2017 with the ambition to become a sustainability transition champion in agriculture and respond to the global challenges of water stress in crops. Based in Charente (France), the firm has 60 employees across its R&D Center established within a 1,000 ha farm, its offices in Lyon, and its subsidiary in Brazil. Elicit Plant’s proprietary technology is delivered through foliar application of phytosterols, molecules found in plants that reduce crops’ water consumption. Open-field trials have shown an average yield increase of +10 bushels per acre on average. In 2022, Elicit Plant began marketing its BEST-a product line for corn crops in France, and obtained market approvals for Ukraine and Brazil. For more information: www.elicit-plant.com

Media contact for Elicit Plant
Anne Rein
Strategies & Image (S&I)
+33 6 03 35 92 05
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Capital Set Aside for Energization Plan

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 draw-down $1.186 million as part of an agreement with certain strategic parties announced in late January to raise sufficient capital to energize the first 50 MW phase of Project Dorothy. This funding did not involve the sale of the Company’s equity. Funds have been deployed to pay for finalizing construction and energization activities. A portion of the capital has been set aside to fund the interconnection of the project to the grid.

Project Dorothy, the Company’s 50 MW facility in Texas is rapidly proceeding to an energization date.

Michael Toporek, CEO of Soluna Holdings, stated, “As we move to close the financing transactions we announced in January in their entirety, Project Dorothy will energize 50 MW, where it could run 2.2 exahashes per second (EH/s) of Bitcoin mining capacity. We are likely to use most of this location to host our customers where we expect them to generate about $28 million in annualized revenues from the facility.”

Project Dorothy is anticipated to be one of the lowest-cost facilities of its kind in North America. The project was recently featured on KLBK TV news in Lubbock, Texas.

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.’

Michael Toporek
CEO
Soluna Holdings, Inc.
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LONDON--(BUSINESS WIRE)--#KBRA--KBRA UK (KBRA) releases a report on Europe’s potential for asset-backed securities (ABS) based on solar photovoltaic (PV) panel financing collateral. In the US, this market has been a growing part of the securitisation landscape for the past seven years, accounting for USD8.6 billion issued in 2022 alone. This contrasts with Europe, where the securitisation market has yet to become a source of capital funding for the expansion of rooftop solar PV lending. In KBRA’s view, the securitisation market could offer a vital source to recycle funds into new lending as the European Union (EU) targets an ambitious expansion of rooftop solar PV installations. In this report, KBRA explains some of the market dynamics, how the product is structured in the US, and how the European market may develop in the future.

Key Takeaways

• Solar PV energy production is a key part of a transition to renewables and the EU’s energy security roadmap.
• The EU could potentially produce up to 680 terawatts per hour (TWh) of solar electricity annually from solar PVs on rooftops, representing almost 25% of current electricity consumption.
• The US solar ABS market increased to USD8.6 billion issued in 2022 from USD1.4 billion in 2016, supporting the expansion of solar PV adoption with capital market funding of over USD27 billion.
• The EU’s 2030 solar generation targets will require significant funding, of which solar ABS securitisation could offer support.

Click here to view the report.

Related Publications

• Solar Loan Index: January 2023
• Residential Solar Loan ABS—Mostly Sunny With Clouds on the Horizon
• Residential Solar Lease and PPA ABS: Sector Overview
• Residential Solar Loan ABS: Sector Update
• Sector Overview: Residential Solar Loan ABS
• Diminishing Russian Carbon Reliance: Funding the Household Solar Energy Transition in Europe
• The Russia-Ukraine Conflict and Europe’s Energy Dependency

About KBRA

KBRA is a full-service credit rating agency registered in the U.S., the EU, and the UK, and is designated to provide structured finance ratings in Canada. KBRA’s ratings can be used by investors for regulatory capital purposes in multiple jurisdictions.

Gordon Kerr, Head of European Research
+44 20 8148 1020
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Killian Walsh, European ABS
+353 1 588 1184
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Karl Cummins, European ABS
+353 1 588 1240
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Rosemary Kelley, Senior Managing Director, Head of Global ABS
+1 (646) 731-2337
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Yee Cent Wong, Co-Head of Europe
+353 1 588 1260
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Business Development Contacts

Mauricio Noé, Co-Head of Europe
+44 20 8148 1010
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Miten Amin, Managing Director
+44 20 8148 1002
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Longtime datacenter and technology innovators will work closely with ECL executives to accelerate global expansion of world’s first hydrogen-powered modular, sustainable, off-grid data center; ECL to lead in implementation of iMasons Climate Accord

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)--Data Center-as-a-Service pioneer ECL today announced that Dean Nelson, founder and chairman of Infrastructure Masons (iMasons) and CEO of Cato Digital, has joined founder and CEO Yuval Bachar; Lily Yeung, Vice President at Molex Ventures; and Nathan Shuchami, Managing Partner at Hyperwise Ventures, on the ECL board of directors. The company also announced that Mohsen Moazami, Founder and Managing Partner at Seif Capital, is now a strategic advisor.

Having designed carbon elimination and high efficiency into deployments from day one, ECL was one of the 73 founding companies to adopt, and is fully committed and aligned with, the iMasons Climate Accord to reduce carbon in materials, products and power. More than 200 companies in the digital infrastructure industry have joined the Climate Accord to reduce carbon as the first step towards net zero. ECL is proud to join hands with some of the largest tech and infrastructure companies in the world in the battle against climate change.

“Healthy ecosystems must achieve balance to thrive. Digital infrastructure must act the same way,” said Nelson. “The ECL solution solves the economic, ecological and community challenges of building data centers. Lower costs with high efficiency to operators, drastic carbon reduction in line with the iMasons Climate Accord, and zero consumption of local resources. I’m excited for ECL to launch the world's first off-grid data centers with primary power from hydrogen.”

ECL announced the world’s first modular, sustainable, off-grid data center that uses green hydrogen as its primary power source in January 2023. The community-integrated data center design consumes no local resources, including power or water, and operates with zero emissions at extremely low noise levels. The first of its data centers will be unveiled in Mountain View, Calif., in May 2023.

“In the data center market there are the Hyperscalers and there is the ‘rest,’” said Moazami. “The ‘rest’ have been using technologies and approaches that have not evolved in 25 years! I am convinced that ECL will help transform the ‘rest’ segment with its breakthrough off-grid, zero emission, water free, ultra-high efficiency sustainable data center offer.”

ECL’s modularity and lack of dependence on local utilities means that its data centers can be designed and delivered much faster than others’, reducing planning and construction cycles from between 18 to 24 months to between six and nine months. ECL will achieve PUE of 1.05 across all of its data centers, with up to 50 kilowatts per rack, in 1MW blocks with 99.9999 percent uptime. By achieving meaningfully lower PUE ratios and higher rack densities, ECL’s customers will benefit from significantly lower cost of real estate, space and power consumption.

“I am extremely pleased to welcome Dean to the ECL team, and look forward to working closely with him to drive new innovations in data center sustainability and carbon reduction,” said Yuval Bachar, Founder and CEO of ECL. “Dean and I share a vision for the future of the data center industry, one where the carbon-intensive practices of the past are able to be phased out, and a new era of green hydrogen-driven sustainability is ushered in. Together we stand at the forefront of that new era.”

“I am also very eager to work closely with Mohsen,” added Bachar, “whose extensive history of leadership in the technology industry makes him a uniquely valuable mentor for the ECL team as we enter this new phase of growth. Mohsen’s deep knowledge of the data center industry and global financial markets will help ensure our success as we work to set a new standard for performance and sustainability worldwide.”

About ECL

ECL is leading the way in delivery of off-grid, reliable, sustainable, cost-effective hydrogen-powered Data Centers-as-a-Service. The company’s founders are data center veterans of some of the largest and most powerful companies in technology, including Facebook, Microsoft, LinkedIn, Cisco, HPE and Bloom Energy. Its technology includes extensive innovation in power management and cooling. ECL is backed by Molex and Hyperwise Ventures and headquartered in Mountain View, Calif. For more information visit www.ecl-dc.com.

Wilson Craig
Mindshare PR
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408-516-6182

DUBLIN--(BUSINESS WIRE)--The "Middle East Economic Survey (MEES)" report has been added to ResearchAndMarkets.com's offering.

The 'oil age' isn't quite over yet. As the home of the world's largest repository of low-cost barrels, the looming energy transition has strengthened the Gulf's comparative advantage as an investment destination.

This publication's focus on the Middle East makes it one of the only resources to give a complete state-of-play and forward outlook for a region vital to energy security.

If you're interested in oil, by default, the Middle East is of importance. Our institutional memory gives our team the ability to highlight future expectations. We deliver detailed insight into the many moving parts of a region vital to energy supply security and demand, and weekly consultancy-grade analysis and outlook.

MEES is a weekly forward-outlook energy publication that has a focus on the Middle East & North Africa, where most OPEC members are.

This area is vital to energy security as they have the lion's share of proven world reserves and remain the most cost-efficient producers.

Focus on regions such as:

• Middle East Gulf: home to some of the world's largest oil producers, including the five largest producers in Opec. It is also home to the world's largest LNG exporter Qatar which is planning a major capacity expansion. Key priorities for these petrostates include seeking to spark economic diversification and reducing their dependence on the Strait of Hormuz chokepoint through which the bulk of their exports flow.
• Africa: More than eight years on from the Arab Spring, instability remains the rule rather than the exception across North Africa. Egypt's economy is strengthening on the back of major offshore gas finds but political freedoms have been snuffed out. In Tunisia, freedom is greater but investment has nosedived amid instability. Libya remains an unstable mess with little sign of a resolution, whilst Algeria is at a crossroads.
• East Mediterranean: The Eastern Mediterranean is a global gas exploration hot-spot. The key discoveries, 2015's Zohr off Egypt and Israel's 2010 Leviathan, are both a whopping 22tcf. Cyprus and Lebanon are also hopeful of gas riches. But the region's complex geopolitics means that development, and thus revenues, have severely lagged discoveries.

Key Topics Covered:

• Oil & Gas
• OPEC
• Energy Corporate Outlook
• Refining & Petrochemicals
• Power & Water
• Geopolitics
• Economics
• Data

Companies Mentioned

• Anadarko
• BP
• Eni
• ExxonMobil
• MOL
• Noble
• OMV
• Occidental
• QP
• Saudi Aramco
• Shell
• Statoil
• Total

For more information about this report visit https://www.researchandmarkets.com/r/ju85es-east?w=4

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
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AUSTIN, Texas--(BUSINESS WIRE)--Hyliion Holdings Corp. (NYSE: HYLN) (“Hyliion”), a leader in electrified powertrain solutions for Class 8 semi-trucks, today announced it will host a conference call and accompanying webcast at 11:00 a.m. ET / 10:00 a.m. CT on Wednesday, March 1, 2023, to discuss its financial results, the Company's business, and outlook. Hyliion plans to report its fourth-quarter and full-year 2022 financial results after the market close on Tuesday, February 28, 2023.

Hyliion’s Fourth-Quarter 2022 Results Conference Call

Date: Wednesday, March 1, 2023

Time: 11:00 a.m. ET / 10:00 a.m. CT

Conference Call Online Registration:
https://conferencingportals.com/event/vjUOPPlo

Access the Webcast:
https://events.q4inc.com/attendee/357822431

An archived webcast of the conference call will be accessible on the Investor Relations section of the Hyliion website.

About Hyliion
Hyliion’s mission is to reduce the carbon intensity and greenhouse gas (GHG) emissions of Class 8 commercial trucks by being a leading provider of electrified powertrain solutions. Leveraging advanced software algorithms and data analytics capabilities, Hyliion offers fleets an easy, efficient system to decrease fuel and operating expenses while seamlessly integrating with their existing fleet operations. Headquartered in Austin, Texas, Hyliion designs, develops, and sells electrified powertrain solutions that are designed to be installed on most major Class 8 commercial trucks, with the goal of transforming the commercial transportation industry’s environmental impact at scale. For more information, visit www.hyliion.com.

Ryann Malone
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Kellen Ferris
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(833) 495-4466

HOUSTON--(BUSINESS WIRE)--Linde announced today that it will build, own and operate a new facility for the supply of industrial gases along the interstate 75 corridor near Charleston, TN.

The new air separation unit (ASU) will produce liquid oxygen, nitrogen and argon, serving customers in Knoxville, Chattanooga, and Nashville areas of eastern Tennessee, as well as in northern Alabama and Georgia. Permitting of the new site has already begun and the plant is expected to start up in the second half of 2025.

“Eastern Tennessee’s I-75 corridor is experiencing incredible growth across multiple end markets,” said Todd Lawson, Vice President East Region, Linde. “This investment will add to our already robust production and supply network, to meet the rapidly growing industrial gas needs of customers in the area.”

About Linde

Linde is a leading global industrial gases and engineering company with 2022 sales of $33 billion. We live our mission of making our world more productive every day by providing high-quality solutions, technologies and services which are making our customers more successful and helping to sustain, decarbonize and protect our planet.

The company serves a variety of end markets such as chemicals & energy, food & beverage, electronics, healthcare, manufacturing, metals and mining. Linde's industrial gases and technologies are used in countless applications including production of clean hydrogen and carbon capture systems critical to the energy transition, life-saving medical oxygen and high-purity & specialty gases for electronics. Linde also delivers state-of-the-art gas processing solutions to support customer expansion, efficiency improvements and emissions reductions.

For more information about the company and its products and services, please visit www.lindeus.com. 

Media Relations
Brian Kelleher
Phone: 281 203 3799
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EaaS Rental Units under Contract Hits 45 MW with a Plan to Reach 50 MW by March 31

Capstone Is Focused On Growing the EaaS Business Model as Quickly as Possible Because It Provides Higher Margins, More Constant and Predictable Revenue Streams

LOS ANGELES--(BUSINESS WIRE)--$CGRN #CleanPower--Capstone Green Energy Corporation (NASDAQ: CGRN) a global leader in carbon reduction and on-site resilient green Energy-as-a-Service (EaaS) solutions, announced that its southern U.S. distributor, Lone Star Power Solutions, has contracted with a large West Texas energy company to provide a new 3.6 MW EaaS rental contract pushing its total EaaS contracts to 45 MW.

The Company is confident in its ability to achieve sustained positive adjusted EBITDA results when it reaches its target of 50 MW - of deployed rental units, combined with its recent across-the-board price increase that went into effect on January 30, 2022. This new contract represents the continued expansion of the EaaS strategy and is indicative of ongoing customer demand. The large West Texas energy producer will use the microturbine energy systems to power production loads using the on-site gas produced from its day-to-day operations.

The 3.6 MW of Capstone systems will replace traditional reciprocating engine generator rental units. Capstone Green Energy’s EaaS solution was selected due to its proven track record of reliability in the oil and gas fields across the world and its extremely low emissions profile as the energy company looks to decarbonize its operations. Additionally, the customer will benefit from fixed operating costs for the duration of the rental since all maintenance is included in the contract, providing cost savings and added convenience.

“Our focus remains our EaaS rental business and the benefits it brings us, including higher margin rates and predictable revenues and cash flow while transitioning us away from being only a manufacturing company. The growth shows our customers both need and want this solution and that we can provide it, solving both our customer’s needs and driving returns for our shareholders,” stated Capstone Green Energy President and Chief Executive Officer Darren Jamison.

“Our overall financial goals are unchanged: we are focused on growing revenue and reaching positive Adjusted EBITDA on a sustainable basis. EaaS is a pivotal factor in achieving this goal in conjunction with our recent price increase and cost control initiatives. I am confident we will meet our strategic goal of 50 MW by March 31, 2023, as we continue to manage customer delivery dates and navigate the global supply chain challenges,” added Mr. Jamison.

About Capstone Green Energy

Capstone Green Energy (NASDAQ: CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Generation Technologies (EGT) are driven by the Company's industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Solutions (ESS) business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen & Sustainable Products (H2S), Capstone Green Energy offers customers a variety of hydrogen products, including the Company's microturbine energy systems.

To date, Capstone has shipped over 10,000 units to 83 countries and estimates that in FY22, it saved customers over $213 million in annual energy costs and approximately 388,000 tons of carbon. Total savings over the last four years are estimated to be approximately $911 million in energy savings and approximately 1,503,100 tons of carbon savings.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: This email address is being protected from spambots. You need JavaScript enabled to view it..

For more information about the Company, please visit www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for green initiatives and execution on the Company's growth strategy and other statements regarding the Company's expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as "expect," "anticipate," "believe," "could," "should," "estimate," "intend," "may," "will," "plan," "goal" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company's indebtedness; the Company's ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company's ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company's future operating results, please see the Company's filings with the Securities and Exchange Commission, including the disclosures under "Risk Factors" in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.

Capstone Green Energy
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