Supply chain stakeholders cite customer service, labour shortages and transportation costs as top concerns going into 2023

AMSTERDAM--(BUSINESS WIRE)--After a tumultuous three years for global supply chains, ocean freight stakeholders are under pressure from shifting economic conditions, geopolitical influences and labour challenges going into 2023. That’s according to a new survey released today by leading real-time supply chain visibility provider FourKites.

The survey polled over 350 supply chain professionals to shed light on the top issues facing the ocean shipping industry. The survey revealed that the past few years of supply chain disruptions — including COVID-19, market volatility, global political conflict, material shortages and extreme weather events — have driven 73% of respondents to invest in supply chain visibility, with 46% planning to invest more in 2023.

“Shippers and other players in the supply chain ecosystem are getting smarter about allocations by tapping into more reliable and real-time data, instead of guessing,” said industry expert Chris Stauber, Founder of VentureSoftPM. “They want to know, for instance, what the risk-versus-reward will be for going to an extra port or country to move their containers, or for shifting from one supplier to three for raw supplies. Additional investment is required to get better data, but the value of that data brings a huge reduction in risk.”

Other key survey findings include:

• 50% of respondents reported having zero visibility into their ocean freight, with more than 20% relying on manual track-and-trace processes to track their ocean freight.
• More than half of respondents were most concerned about labour challenges, high shipping costs and impacts to customer service, with 35% also reporting concerns around congestion at the ports.
• 73% of respondents reported having some level of visibility into their over-the-road shipping.

The survey findings have been published in the report, The Great Reset: Ocean Shipping in a Post-Pandemic World. The report includes expert analysis on the current state of ocean shipping, predictions for 2023 and ways shippers can shore up their supply chains to build resilience for the future. Download a copy of the report here.

FourKites continues industry-leading ocean momentum

FourKites has seen continued growth in its ocean visibility business over the past year. The company now tracks 98% of global ocean container traffic across more than 270 lanes and 120 carriers, across every container port in North America and all major ports in Europe. Over the last 12 months, FourKites has tracked more than 1.3M ocean shipments — a 163% increase in ocean volume year-over-year — and has seen 70% growth in ocean customers year-over-year, with customers now including Cardinal Health, Arizona Tile, LyondellBasell, American Eagle Outfitters, McCain Foods, Roehm, Rove Concepts, Yamaha Motors and RCS Logistics.

A testament to the value of FourKites’ ocean visibility offerings, FourKites customer RCS Logistics reports that since deploying the FourKites platform — including the company’s groundbreaking Dynamic Ocean® solution — in Q3 2022 to track ocean, drayage and OTR shipments, the company has achieved 7x growth in its domestic transport services, while its ocean freight business has grown 12x.

“We are known in the industry as a leading air freight forwarder,” notes Brian Aldridge, Senior Vice President of Sales, at RCS. “With FourKites, we’ve been able to elevate our ocean freight experience and connect the dots with other modes to truly differentiate ourselves in the market. Our customers and partners appreciate FourKites’ simple, modern interface, and the transparency it creates across their supply chain.”

FourKites’ Dynamic Ocean gives customers end-to-end precision ocean freight tracking, the most accurate predictive ETAs, and can easily integrate with their existing TMS. Additional capabilities help international shippers identify and mitigate the risks and costs associated with runaway demurrage and detention fees, and proactively manage exceptions. These include exception dashboards, notifications and alerts; analytics dashboards; and the ability to monetise the potential and actual financial impact.

About FourKites

Leading global supply chain visibility platform FourKites® extends visibility beyond transportation into yards, warehouses, stores and beyond. Tracking more than 3 million shipments daily across road, rail, ocean, air, parcel and last mile, and reaching over 200 countries and territories, FourKites combines real-time data and powerful machine learning to help companies digitise their end-to-end supply chains. More than 1,200 of the world’s most recognised brands — including 9 of the top-10 CPG and 18 of the top-20 food and beverage companies — trust FourKites to transform their business and create more agile, efficient and sustainable supply chains. To learn more, visit https://www.fourkites.com/.

Scott Johnston
European PR Director FourKites
+31 62 147 8442
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Transaction Further Demonstrates Silicon Ranch’s Commitment to Support American Solar Businesses and Decarbonize Its Supply Chain

NASHVILLE, Tenn. & TEMPE, Ariz.--(BUSINESS WIRE)--Silicon Ranch, one of the nation’s largest independent power producers, has procured an additional 1.5 gigawatts (GW) of advanced American thin film solar modules from First Solar, Inc. (Nasdaq: FSLR). First Solar’s Series 6 Plus modules were designed and developed at the company’s research and development facilities in California and Ohio, and in the United States are manufactured in Ohio.

The deal expands upon the master supply agreement between the two pioneering solar businesses that includes a 4 GW transaction announced in April 2022 and, more recently, a 700 MW commitment announced in October 2022. Whereas the prior agreements will supply Silicon Ranch projects through 2025, this latest expansion will serve Silicon Ranch projects in 2026 and 2027.

Over the past year, Silicon Ranch has demonstrated leadership through its commitment to support domestic manufacturing and to lower the carbon impact of production through significant agreements with First Solar and Nextracker. The expanded partnership with First Solar enables Silicon Ranch to continue sourcing American solar technology from a reliable industry leader with manufacturing facilities across the country. First Solar recently announced plans to build its fourth American photovoltaic (PV) solar module manufacturing facility in Alabama, further bolstering the domestic solar supply chain in the southeastern United States, a region in which Silicon Ranch pioneered utility-scale solar development.

“Silicon Ranch has an unblemished track record of successful project execution and a reputation as a reliable, trustworthy partner who delivers on our commitments. Our ability to reinforce this meaningful legacy requires deliberate and strategic partnerships, including the relationship we are pleased to expand today with First Solar,” said Reagan Farr, co-founder and chief executive officer at Silicon Ranch. “Through this thoughtful collaboration, we have gained not only the tools we need to best serve the communities where we locate our solar projects, but also the opportunity to further strengthen the domestic solar supply chain and to bring more manufacturing jobs to the U.S.”

“As a company that places Responsible Solar at the core of its business, First Solar values working with partners like Silicon Ranch that share our commitment and invest in lower-carbon solar technology that will benefit our planet, communities, and customers for years to come,” said Georges Antoun, chief commercial officer at First Solar. “Silicon Ranch is a trusted partner that shares our position on supporting the domestic economy, and this expansion of our partnership supports the accelerated deployment of Responsible Solar in America.”

Nashville-based Silicon Ranch pioneered utility-scale solar in the Southeast with the first large-scale solar projects in Tennessee, Georgia, Mississippi, Arkansas, and Kentucky. The company has successfully commissioned every project it has contracted since its inception and has further distinguished itself through its commitment to own and operate each project in its portfolio for the long term. Today Silicon Ranch owns, operates, and maintains more than 150 solar generating facilities in 15 states from New York to California. Earlier this year, Silicon Ranch announced it conducted a $600 million equity raise.

About Silicon Ranch

Founded in 2011, Silicon Ranch is a fully integrated provider of customized renewable energy, carbon, and battery storage solutions for a diverse set of partners across North America. The company is one of the largest independent power producers in the country, with a portfolio that includes more than five gigawatts of solar and battery storage systems that are contracted, under construction, or operating across the U.S. and Canada. Silicon Ranch owns and operates every project in its portfolio and has maintained an unblemished track record of project execution, having successfully commissioned every project it has contracted in its history. Silicon Ranch has the largest utility scale agrivoltaics portfolio in the country under Regenerative Energy® its nationally recognized holistic approach to project design, construction, and land management. This model incorporates regenerative ranching and other regenerative land management practices to restore livelihoods and soil health, biodiversity, and water quality. In 2021, Silicon Ranch acquired Clearloop, which sells up-front carbon credits to businesses of all sizes, enabling them to reclaim their carbon footprint by helping to build new solar projects and bring renewable energy and economic development to distressed communities. To learn more, visit siliconranch.com, regenerativeenergy.org, and clearloop.us. Follow Silicon Ranch on Facebook, Instagram, Twitter, and LinkedIn.

About First Solar, Inc.

First Solar is a leading American solar technology company and global provider of responsibly-produced eco-efficient solar modules advancing the fight against climate change. Developed at R&D labs in California and Ohio, the Company’s advanced thin film photovoltaic (PV) modules represent the next generation of solar technologies, providing a competitive, high-performance, lower-carbon alternative to conventional crystalline silicon PV panels. From raw material sourcing and manufacturing through end-of-life module recycling, First Solar’s approach to technology embodies sustainability and a responsibility towards people and the planet. For more information, please visit www.firstsolar.com.

Media:
Katie Jacobs
Quarter Horse PR for Silicon Ranch
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First Solar Media
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MORGES, Switzerland--(BUSINESS WIRE)--#energystorage--Intelligent power management company Eaton today announced its involvement in a pan-European research and innovation project to develop seamless IT infrastructure for energy storage systems.

Launched on January 1 and scheduled to run for three years, the InterSTORE project (“Interoperable open-source tools to enable the hybridization, utilization and monetization of storage flexibility”) is supported by the European Union’s Horizon Europe Research and Innovation program. Eaton joins 11 other members in the project consortium, which is coordinated by RWTH Aachen University and includes academic partners, as well as other companies, industry associations and standards organizations.

The mass adoption of energy storage is vital to enabling Europe’s energy transition, and this demands both standardization and interoperability. To maximize benefits for operators, vendors, suppliers and end users, energy storage equipment and systems must be able to communicate seamlessly, irrespective of their age or manufacturer. To this end, the InterSTORE project aims to achieve four key goals:

• Provide four open-source software tools for assuring interoperability, flexibility and data standardization;
• Consider all relevant aspects of the flexible use of hybrid energy storage systems in four principal areas of application (electric vehicles, industrial, residential and commercial);
• Demonstrate seven high-impact use cases in four real-life laboratories;
• Deploy beyond state-of-the-art methods to enable the hybridization, utilization and monetization of flexible storage, while also ensuring standardization across the data space.

“The sun doesn’t always shine and the wind doesn’t always blow—so widespread energy storage is vital to Europe’s successful transition to renewables and the electrification of everything,” says Dominik Laska, director, Eaton European Innovation Center. “However, today’s solutions are very diverse and often incompatible. To enable widescale adoption, we need a unified approach to energy storage management. I’m delighted we’re joining forces with our expert InterSTORE partners to help develop an innovative and agnostic solution that can support third-party software or hardware and so deliver a significant real-world impact.”

Currently, Eaton’s Energy Management System (EMS) is designed to optimize GreenMotion EV chargers, xStorage Compact battery packs, and photovoltaic panels. As part of the InterSTORE consortium, Eaton will work with other EMS providers to identify differences and synergies between their solutions. Novel optimization concepts will then be developed and incorporated to enable the integration of different types of energy storage, such as heat pumps and electrolyzers. Eaton’s concepts and control algorithms will also be validated and demonstrated at the Forschungszentrum Jülich research institute.

“As a member of the InterSTORE project, our goal is to create seamless solutions that can support multiple types of energy storage, while also building a rock-solid commercial case for mass adoption,” says Anne Lillywhite, senior vice president and general manager, Energy Transition, Digital & Services, Electrical Sector, EMEA. “Our engineers will develop a toolkit for EMS interoperability, as well as a deeper understanding of user requirements and possible business models. In today’s environment of rising energy prices, tighter emissions regulation, and increasingly eco-conscious consumers, this is a fantastic opportunity to pioneer crucial new technologies that will contribute to decarbonization and a more sustainable future.”

Eaton is an intelligent power management company dedicated to improving the quality of life and protecting the environment for people everywhere. We are guided by our commitment to do business right, to operate sustainably and to help our customers manage power ─ today and well into the future. By capitalizing on the global growth trends of electrification and digitalization, we’re accelerating the planet’s transition to renewable energy, helping to solve the world’s most urgent power management challenges, and doing what’s best for our stakeholders and all of society.

Founded in 1911, 2023 marks Eaton's 100th anniversary of being listed on the New York Stock Exchange. We reported revenues of $20.8 billion in 2022 and serve customers in more than 170 countries. For more information, visit www.eaton.com. Follow us on Twitter and LinkedIn.

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Brand trust, operational efficiencies, and cost savings among key drivers of sustainability programs

NEW YORK--(BUSINESS WIRE)--An IDC-led survey of 800 global executives commissioned by UiPath (NYSE: PATH), a leading enterprise automation software company, found that 54% of organizations are already using enterprise automation technologies to help implement sustainability initiatives, and another 24% plan to do so in the coming two years. The IDC study¹ also shows that organizations which have established intelligent automation practices are also more mature in terms of their sustainability efforts.

Sustainability—viewed by IDC through a triple-bottom-line lens of maximizing benefits to, and minimizing negative impacts on, the economy, society, and the environment—is a leading priority for organizations. Yet significant cost and complexity challenges make progress difficult.

“Sustainability is a major strategic priority for businesses, and organizations the world over are moving quickly to define sustainability goals and incentives. However, when it comes to operationalizing sustainability initiatives, there are significant business and technology challenges that make progress difficult," said Neil Ward-Dutton, Vice President of Automation, Analytics, and AI at IDC Europe. "With automation's ability to increase an organization's agility, efficiency and speed to value, enterprise automation platforms and practices can help address many of these challenges, and have strong roles to play in unlocking the potential of sustainability initiatives."

“Automation fills an organization’s operational gaps and makes sustainability initiatives actionable at a time where sustainability is a leadership and management priority,” said Rob Enslin, Co-CEO at UiPath. “Every organization has a responsibility to be a responsible corporate citizen for its community, its employees, and the environment. The insights are relevant for all businesses. Enterprise automation is ideal for unlocking the potential of sustainability initiatives across the organization and for overcoming technical barriers.”

The survey reveals:

Sustainability investments are a major priority, but present challenges

Global executives noted that the top drivers for their sustainability initiatives were operational efficiencies and cost savings (40%), and enhanced brand value and trust (33%). Additionally, 68% said that they have a board member specifically responsible for sustainability.

Regarding sustainability program priorities, more than one-third of respondents highlighted the importance of IT efficiency. Twenty-eight percent indicated responsible sourcing as their main concern, and 27% reported that both overall energy efficiency and employee well-being, health, and safety were top of mind.

However, 35% of respondents indicated that dispersed/siloed resources were the main organizational challenges they faced when attempting to become more sustainable, followed by difficulty identifying appropriate KPIs (33%) and a lack of operational technology (32%).

Automation for sustainability offers substantial benefits

To introduce and manage sustainability initiatives, organizations are leveraging automation to drive agility and ensure quality of information and measurement. Organizations are using automation to more easily extract data from human-readable documents and to source data quickly. Another top automation use case for sustainability is process improvement (45%).

When weighing the benefits automation could bring to their organizations in the future, more than half of all executives indicated the value of enabling workers to do more meaningful work and increasing employee satisfaction as the top potential advantage. Other potential benefits included more easily sourcing data (55%); the ability to develop new value propositions, products, and services (53%); and easier understanding of operational performance and improvement areas (52%).

The IDC study commissioned by UiPath polled 800 global executives in C suite-level and senior management roles at companies with more than 250 employees in September 2022 to understand their organizations’ attitude and approach to automation and sustainability practices. For more insights, guidance on using automation to improve sustainability outcomes, and use case examples, please visit: https://afs.idcinteractive.net/.

About UiPath

UiPath has a vision to deliver the Fully Automated Enterprise™, one where companies use automation to unlock their greatest potential. UiPath offers an end-to-end platform for automation, combining the leading Robotic Process Automation (RPA) solution with a full suite of capabilities that enable every organization to rapidly scale digital business operations.

__________________________

Media
Pete Daly
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Investor Relations
Kelsey Turcotte
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DUBLIN--(BUSINESS WIRE)--The "Global Internet of Things (IoT) in Oil and Gas Market Research Report: Forecast (2023-2028)" report has been added to ResearchAndMarkets.com's offering.

The Internet of Things (IoT) in the oil & gas industry is beneficial for creating a network of physical objects connected to the Internet. With the help of IoT, these objects can communicate and manage data with other connected devices.

Companies Mentioned:

• Intel Corporation
• Amazon Web Services, Inc.
• IBM Corporation
• Microsoft Corporation
• Alphabet Inc.
• Cognizant
• Siemens AG
• Rockwell Automation Inc.
• General Electric Company
• Wipro Limited
• SAP SE
• Cisco Systems, Inc.
• HCL Technologies Ltd.
• Telit Communications PLC
• PTC Inc.

The analyst presents a detailed research report on the Internet of Things (IoT) in Oil and Gas Market, exhibiting a deep-driven analysis of the changing dynamics of the industry, growth drivers & challenges, and key trends & opportunities, among various other aspects.

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The Internet of Things (IoT) in Oil and Gas Market analysis, 2023, also integrates insights on the Covid-19 pandemic and its consequence on the industry, in both positive & negative parameters.

Since the global crisis introduced dynamic changes in the operations of the market in a plenty way and brought numerous unprecedented challenges, the insights by the research team offer a comprehensive evaluation of the impact enfolding in the recent report.

Segmentation Analysis:

by Solution

• Communication
• Sensing
• Data Management
• Cloud and Edge Computing

by Industry Stream

• Upstream
• Downstream
• Midstream

by Application

• Preventive Maintenance
• Pipeline & Equipment Monitoring
• Fleet and Asset Management
• Security Management
• Asset Management
• Others (Data Management and Hazardous Management)

by Region

• North America
• South America
• Europe
• Middle East & Africa
• Asia Pacific

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• Detail-driven knowledge of the dynamic effects of the Covid-19 pandemic on the Internet of Things (IoT) in Oil and Gas Market during & after the crisis.
• The present analysis of the various external environmental factors and the impact on the dynamics of the market, using tools like PESTEL
• Include a detail-oriented insight on the prominent growth factors, key developments, trends, challenges, opportunities, & threats, among other parameters behind the fluctuations in the Internet of Things (IoT) in Oil and Gas Market.
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For more information about this report visit https://www.researchandmarkets.com/r/3y471e-internet?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.

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The fully autonomous, lightweight T4 robots to provide modules cleaning and optimize production at the Coya Solar PV Plant.

TEL AVIV, Israel--(BUSINESS WIRE)--#Ecoppia--Ecoppia (TASE: ECPA), the world’s leader in robotic cleaning solutions for photovoltaic solar, announced another significant collaboration with ENGIE, in its 181.25 MWac/199.8MWdc Coya Solar PV Plant in Chile’s Antofagasta region, the energy company’s largest project in northern Chile.

ENGIE’s collaboration with Ecoppia marks the continuation of a successful relationship between the two companies, with their fourth joint project in different regions of the world. The project is expected to generate 7.2M US$ in revenue for Ecoppia over the course of the projects’ lifecycle.

The Coya Solar PV Plant is located in one of the driest regions in the world. Ecoppia’s water-free robotic cleaning solutions are ideal for the challenges the region presents, as they allow effective, frequent, and autonomous cleaning, in areas with water scarcity and high soiling. Ecoppia’s advanced cloud-based platform allows continuous monitoring and remote management of the robots, as well as an advanced preventive maintenance program – demonstrating the highest availability rates in the market for a decade.

Ecoppia has recently opened its South American office, expanding its local support and addressing the massive demand in the region. “South America is a fast-growing region for renewable energy, and Ecoppia is excited to play such a vital role in ensuring high energy outputs of solar sites despite the local challenges,” says Ecoppia’s CEO, Jean Scemama. “We are happy to collaborate with ENGIE once again, as ENGIE is a forward-thinking company that understands automation is a necessity for large-scale site management, as they know our solutions help IPPs reach lower LCOE.”

About Ecoppia

For nearly a decade, with over 16GW of signed agreements, Ecoppia has been the pioneer and world leader in robotic cleaning solutions for PV. Offering a cloud-based platform and a suite of advanced solutions, Ecoppia’s fully autonomous robots cost-effectively maximize the performance of utility-scale PV sites all over the world. Remotely managed and controlled, the Ecoppia platform allows solar sites to maintain peak performance with minimal costs and human intervention. The company is a publicly traded company with offices in Asia, the Middle East, Europe and LATAM.

Ecoppia in Numbers
+ 3,900MW deployed / under deployment
+ 16,000MW signed agreements
+ 30 large scale projects in 4 continents
+ 8 billion panels cleaned

Michelle Harel
Marketing Director
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HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) today announced that the 2022 tax packages, including Schedule K-1s, are now available online. They may be accessed through the K-1 Partner Relations support website at www.PartnerDataLink.com/Genesis or through the Quick Link on the Home page at www.genesisenergy.com. The partnership expects to complete mailing of the 2022 Genesis Energy, L.P. tax packages by Monday, March 6, 2023 and expects to make the Schedule K-3 available electronically by the end of June 2023. For additional information, unitholders may call Partner DataLink toll free at 855-502-0936.

Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, marine transportation and onshore facilities and transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.

Genesis Energy, L.P.
Dwayne Morley
VP – Investor Relations
(713) 860-2536

WALTHAM, Mass.--(BUSINESS WIRE)--Global Partners LP (NYSE: GLP) (“Global” or the “Partnership”) today reported financial results for the fourth quarter and full year ended December 31, 2022.

“Our fourth-quarter and full-year 2022 performance demonstrates the resilience of our business model, the strength of our assets and the value that our team delivers for customers at our gas stations, convenience markets and liquid energy terminals every day,” said Eric Slifka, the Partnership’s President and Chief Executive Officer. “We navigated a constrained supply chain and steep commodity price volatility throughout the year. Diligent planning, effective fuel inventory management and solid execution by the entire team allowed us to drive increased profitability, highlighted by healthy margin contributions from all three segments of our business.

“For the fourth quarter, our Wholesale segment product margin more than doubled from the same period in 2021, as market conditions and effective management of our inventories amid sustained backwardation in the distillates markets combined to drive strong margin capture. In our Gasoline Distribution and Station Operations (GDSO) segment, we continued to benefit from higher retail fuel margins and increased activity at our convenience stores, in part as a result of our recent acquisitions. Our Commercial segment also capped 2022 with a strong fourth quarter, as bunkering activity remained robust.”

Financial Highlights

Net income was $57.5 million, or $1.54 per diluted common limited partner unit, for the fourth quarter of 2022 compared with net income of $19.3 million, or $0.44 per diluted common limited partner unit, in the same period of 2021.

Earnings before interest, taxes, depreciation and amortization (EBITDA) was $105.3 million in the fourth quarter of 2022 compared with $65.7 million in the same period of 2021.

Adjusted EBITDA was $106.9 million in the fourth quarter of 2022 versus $66.0 million in the same period of 2021.

Distributable cash flow (DCF) was $57.3 million in the fourth quarter of 2022 compared with $30.5 million in the same period of 2021.

Gross profit in the fourth quarter of 2022 was $281.6 million compared with $193.1 million in the same period of 2021, driven primarily by increases in the GDSO and Wholesale segments.

Combined product margin, which is gross profit adjusted for depreciation allocated to cost of sales, was $303.8 million in the fourth quarter of 2022 compared with $214.4 million in the same period of 2021.

Combined product margin, EBITDA, Adjusted EBITDA, and DCF are non-GAAP (Generally Accepted Accounting Principles) financial measures, which are explained in greater detail below under “Use of Non-GAAP Financial Measures.” Please refer to Financial Reconciliations included in this news release for reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures for the three and twelve months ended December 31, 2022, and 2021.

GDSO segment product margin was $223.2 million in the fourth quarter of 2022 compared with $177.0 million in the same period of 2021. Product margin from gasoline distribution increased to approximately $156.0 million from $119.7 million in the year earlier period, primarily due to higher fuel margins (cents per gallon) and an increase in volume sold due to our recent acquisitions. Product margin from station operations increased to $67.2 million from $57.3 million in the fourth quarter of 2021, primarily due to increased convenience store sales in part as a result of the Partnership’s recent acquisitions.

Wholesale segment product margin was $70.7 million in the fourth quarter of 2022 compared with $32.6 million in the same period of 2021. The increase was primarily driven by more favorable market conditions in other oils and related products, primarily in distillates, partly offset by less favorable market conditions in gasoline and gasoline blendstocks, largely ethanol.

Commercial segment product margin was $9.9 million in the fourth quarter of 2022 compared with $4.8 million in the same period of 2021, primarily reflecting an increase in bunkering activity.

Total sales were $4.4 billion in the fourth quarter of 2022 compared with $4.1 billion in the same period of 2021. Wholesale segment sales were $2.6 billion in the fourth quarter of 2022 compared with $2.5 billion in the same period of 2021. GDSO segment sales were $1.5 billion in the fourth quarter of 2022 versus $1.3 billion in the same period of 2021. Commercial segment sales were $0.3 billion in each of the fourth quarters of 2022 and 2021.

Total volume was 1.4 billion gallons in the fourth quarter of 2022 compared with 1.5 billion gallons in the same period of 2021. Wholesale segment volume was 860.1 million gallons in the fourth quarter of 2022 compared with 1.0 billion gallons in the same period of 2021. GDSO volume was 419.3 million gallons in the fourth quarter of 2022 compared with 400.5 million gallons in the same period of 2021. Commercial segment volume was 100.6 million gallons in the fourth quarter of 2022 compared with 118.9 million gallons in the same period of 2021.

Recent Developments

• In December 2022, Global entered into a purchase agreement with Gulf Oil Limited Partnership pursuant to which Global will acquire five refined-products terminals for $273 million in cash. The terminals, located in Connecticut, Maine, Massachusetts and New Jersey, have an aggregate storage capacity of approximately 3.9 million barrels. The transaction is expected to close in the first half of 2023, subject to customary closing conditions, including regulatory approval.
• The Partnership donated $2 million to provide heating oil for communities in need across seven Northeast states. The donation, distributed to local nonprofit entities serving low-income households, will provide heating fuel for an estimated 4,000 households this winter.
• Global announced a cash distribution of $1.5725 per unit on all of its outstanding common units from October 1, 2022 through December 31, 2022, consisting of a quarterly distribution of $0.6350 per unit, or $2.54 per unit on an annualized basis, and a one-time special distribution of $0.9375 per common unit. The distribution was paid on February 14, 2023 to unitholders of record as of the close of business on February 8, 2023. Global GP LLC agreed to waive its incentive distribution rights with respect to the one-time special distribution.

Business Outlook

“Our vertically integrated assets, adaptable operating model and strong balance sheet position us well for 2023,” Slifka concluded. “While macroeconomic uncertainty remains, we continue to focus on driving returns for unitholders through a combination of organic growth, strategic acquisitions and operational efficiency.”

Financial Results Conference Call

Management will review the Partnership’s fourth-quarter and full-year 2022 financial results in a teleconference call for analysts and investors today.

Please plan to dial in to the call at least 10 minutes prior to the start time. The call also will be webcast live and archived on Global Partners’ website, https://ir.globalp.com.

About Global Partners LP

With approximately 1,700 locations primarily in the Northeast, Global Partners is one of the region’s largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to one of the largest terminal networks in New England and New York, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.

Use of Non-GAAP Financial Measures

Product Margin

Global Partners views product margin as an important performance measure of the core profitability of its operations. The Partnership reviews product margin monthly for consistency and trend analysis. Global Partners defines product margin as product sales minus product costs. Product sales primarily include sales of unbranded and branded gasoline, distillates, residual oil, renewable fuels and crude oil, as well as convenience store and prepared food sales, gasoline station rental income and revenue generated from logistics activities when the Partnership engages in the storage, transloading and shipment of products owned by others. Product costs include the cost of acquiring products and all associated costs including shipping and handling costs to bring such products to the point of sale as well as product costs related to convenience store items and costs associated with logistics activities. The Partnership also looks at product margin on a per unit basis (product margin divided by volume). Product margin is a non-GAAP financial measure used by management and external users of the Partnership’s consolidated financial statements to assess its business. Product margin should not be considered an alternative to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, product margin may not be comparable to product margin or a similarly titled measure of other companies.

EBITDA and Adjusted EBITDA

EBITDA and Adjusted EBITDA are non-GAAP financial measures used as supplemental financial measures by management and may be used by external users of Global Partners’ consolidated financial statements, such as investors, commercial banks and research analysts, to assess the Partnership’s:

• compliance with certain financial covenants included in its debt agreements;
• financial performance without regard to financing methods, capital structure, income taxes or historical cost basis;
• ability to generate cash sufficient to pay interest on its indebtedness and to make distributions to its partners;
• operating performance and return on invested capital as compared to those of other companies in the wholesale, marketing, storing and distribution of refined petroleum products, gasoline blendstocks, renewable fuels, crude oil and propane, and in the gasoline stations and convenience stores business, without regard to financing methods and capital structure; and
• viability of acquisitions and capital expenditure projects and the overall rates of return of alternative investment opportunities.

Adjusted EBITDA is EBITDA further adjusted for gains or losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges. EBITDA and Adjusted EBITDA should not be considered as alternatives to net income, operating income, cash flow from operating activities or any other measure of financial performance or liquidity presented in accordance with GAAP. EBITDA and Adjusted EBITDA exclude some, but not all, items that affect net income, and these measures may vary among other companies. Therefore, EBITDA and Adjusted EBITDA may not be comparable to similarly titled measures of other companies.

Distributable Cash Flow

Distributable cash flow is an important non-GAAP financial measure for the Partnership’s limited partners since it serves as an indicator of success in providing a cash return on their investment. Distributable cash flow as defined by the Partnership’s partnership agreement is net income plus depreciation and amortization minus maintenance capital expenditures, as well as adjustments to eliminate items approved by the audit committee of the board of directors of the Partnership’s general partner that are extraordinary or non-recurring in nature and that would otherwise increase distributable cash flow.

Distributable cash flow as used in our partnership agreement also determines our ability to make cash distributions on our incentive distribution rights. The investment community also uses a distributable cash flow metric similar to the metric used in our partnership agreement with respect to publicly traded partnerships to indicate whether or not such partnerships have generated sufficient earnings on a current or historical level that can sustain distributions on preferred or common units or support an increase in quarterly cash distributions on common units. Our partnership agreement does not permit adjustments for certain non-cash items, such as net losses on the sale and disposition of assets and goodwill and long-lived asset impairment charges.

Distributable cash flow should not be considered as an alternative to net income, operating income, cash flow from operations, or any other measure of financial performance presented in accordance with GAAP. In addition, distributable cash flow may not be comparable to distributable cash flow or similarly titled measures of other companies.

Forward-looking Statements

Certain statements and information in this press release may constitute “forward-looking statements.” The words “believe,” “expect,” “anticipate,” “plan,” “intend,” “foresee,” “should,” “would,” “could” or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on Global’s current expectations and beliefs concerning future developments and their potential effect on the Partnership. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting the Partnership will be those that it anticipates. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Partnership’s control) including, without limitation, uncertainty around the timing of an economic recovery in the United States which will impact the demand for the products we sell and the services that we provide, and assumptions that could cause actual results to differ materially from the Partnership’s historical experience and present expectations or projections.

For additional information regarding known material factors that could cause actual results to differ from the Partnership’s projected results, please see Global’s filings with the SEC, including its Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K.

Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Global undertakes no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise.

Gregory B. Hanson
Chief Financial Officer
Global Partners LP
(781) 894-8800

Sean T. Geary
Chief Legal Officer and Secretary
Global Partners LP
(781) 894-8800

HOUSTON--(BUSINESS WIRE)--Genesis Energy, L.P. (NYSE: GEL) announced today that it will host investor meetings at the following conferences:

• Barclays Select Series: Midstream Corporate Access Days in New York, New York on February 27, 2023
• J.P. Morgan Global High Yield & Leveraged Finance Conference in Miami, Florida on March 6-8, 2023

The Partnership’s latest presentation materials are available and may be downloaded by visiting the Partnership’s website at www.genesisenergy.com under “Presentations” under the Investors tab.

Genesis Energy, L.P. is a diversified midstream energy master limited partnership headquartered in Houston, Texas. Genesis’ operations include offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation and marine transportation. Genesis’ operations are primarily located in the Gulf Coast region of the United States, Wyoming and the Gulf of Mexico.

Genesis Energy, L.P.
Dwayne Morley
VP – Investor Relations
(713) 860-2536

DURHAM, N.C.--(BUSINESS WIRE)--Wolfspeed, Inc. (NYSE: WOLF), the global leader in Silicon Carbide technology and production, today announced its participation at the following investor conference:

• Neill Reynolds, chief financial officer, will participate in a fireside chat at the Morgan Stanley Technology, Media & Telecom Conference at 4:30 pm ET on March 7, 2023.

A live webcast of the presentation will be available on the Investor section of Wolfspeed’s website. To access the webcasts, please visit https://investor.wolfspeed.com/events-and-presentations/.

About Wolfspeed, Inc.

Wolfspeed (NYSE: WOLF) leads the market in the worldwide adoption of Silicon Carbide and GaN technologies. We provide industry-leading solutions for efficient energy consumption and a sustainable future. Wolfspeed’s product families include Silicon Carbide materials, power devices and RF devices targeted for various applications such as electric vehicles, fast charging, 5G, renewable energy and storage, and aerospace and defense. We unleash the power of possibilities through hard work, collaboration and a passion for innovation. Learn more at www.wolfspeed.com.

Wolfspeed® is a registered trademark of Wolfspeed, Inc.

Media Relations:
Melinda Walker
Director, Corporate Communications
818-261-4585
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Relations:
Tyler Gronbach
VP, Investor Relations
919-407-4820
This email address is being protected from spambots. You need JavaScript enabled to view it.

NEW YORK & OSLO, Norway & LUXEMBOURG--(BUSINESS WIRE)--FREYR Battery (NYSE: FREY) (“FREYR” or the “Company”), a developer of clean, next-generation battery cell production capacity, today reported financial results for the fourth quarter and full year of 2022.

Highlights of the fourth quarter 2022 and subsequent events:

• With factory acceptance testing completed and final equipment installations nearing completion, FREYR is on track to commence operations at the Customer Qualification Plant (“CQP”) in the first quarter of 2023 as previously communicated. The official opening of the CQP is scheduled for March 28^th, 2023, marking the start of the GWh scale era for the SemiSolid™ technology platform.
• In January 2023, FREYR announced the Company’s first E-Mobility offtake agreement with Impact Clean Power Technology (“Impact”) to supply 10 – 14 GWh of clean, next-generation, LFP-based battery cells from 2025 - 2030. The agreement will be based on the 24M Technologies, Inc. (“24M”) SemiSolid™ platform using a similar form factor to most of FREYR’s energy storage systems (“ESS”) offtake agreements. FREYR is targeting the commercial and passenger vehicle markets to complement the Company’s robust commercial traction in the rapidly growing ESS space.
• In December 2022, FREYR announced that the Company had finalized the formal establishment of a downstream joint venture with Nidec Corporation (TSE 6594) (“Nidec”). The joint venture, called Nidec Energy AS, is intended to develop and supply highly competitive, integrated battery energy storage solutions and products with low environmental impact.
• In December 2022, FREYR announced that as one of the prerequisites to establishing the Nidec Energy joint venture, a package of 24M sample cells was sent to a leading independent third-party laboratory for testing on behalf of Nidec. The sample cells exhibited top quartile gravimetric energy density performance for LFP graphite batteries, demonstrated very similar and stable behavior across the cells over several cycles, and exhibited best-in-class performance for thermal stability, indicating robust safety characteristics.
• In December 2022, FREYR priced and closed an underwritten public offering of 23 million Ordinary Shares at a public offering price of $11.50 per share before underwriting discounts. The gross proceeds of the offering, which closed on December 5, 2022, were $264.5 million.
• The Company appointed Jason Forcier and Dr. Dan Steingart as independent members of FREYR’s Board of Directors effective December 21, 2022, and January 9, 2023, respectively. Mr. Forcier and Dr. Steingart collectively bring decades of industry, technical, and advisory experience in the lithium-ion battery sector to FREYR.
• On November 11th, 2022, FREYR announced the selection and purchase of the 368-acre site for the Company’s Giga America clean battery manufacturing project in Coweta County, Georgia. The project is expected to be developed in multiple phases beginning with an initial battery cell production module of approximately 34 GWh at a preliminarily estimated capital investment of $1.7 billion. Giga America is supported by a combined state and local incentive package of approximately $410 million over the multiple phase life of the project.

“The fourth quarter was punctuated by our successful secondary equity offering and the launch of our expansion into the U.S., which we have since decided to accelerate further,” remarked Tom Einar Jensen, FREYR’s Co-Founder and CEO. “Turning our attention to the road immediately ahead, we are announcing the operational startup of the CQP on March 28th, which represents the inaugural launch of clean, next-generation battery technology production on the 24M platform at GWh scale marking a fundamental milestone for the SemiSolid™ Technology platform.”

“We expect 2023 to be a truly exciting and transformative year for FREYR and our 24M licensing partners as we move into live battery production. Our teams are working tirelessly to achieve key milestones that include, among other things, producing testable batteries from the CQP, continuing the construction of Giga Arctic, running several financing processes in parallel, developing new strategic relationships, and bringing initial production from Giga America online as fast as possible. We ended the year with a nearly identical cash balance to what we started with in 2022 and have in the meantime made strong progress across our entire value chain with an opportunity set in front of us which is more robust than ever.” concluded Jensen.

Business Update

• FREYR is on track to start operations of the CQP in 1Q 2023 as previously communicated. The Company has successfully completed all 14 of 14 factory acceptance tests and 10 of 14 site acceptance tests. The projected ramp of production at the CQP following operational startup is expected to mark initial production of the 24M SemiSolid^TM technology and document the viability of the platform at GWh scale.
• FREYR is accelerating the Company’s expansion in the U.S. by evaluating multiple options to fast-track the start of production at Giga America. The decision to accelerate development to a targeted 2025 start of production in the U.S. is intended to maximize the financial benefits of the Inflation Reduction Act (“IRA”) incentive package; aligns with surging customer demand for dedicated ESS cell production; and is consistent with broadening interest from third parties to explore strategic and/or financial partnerships.
• The State of Georgia and Coweta County financial assistance packages tied to FREYR’s Giga America development are currently in various stages of proceedings and approvals through the relevant channels. On February 15th, 2023, the Coweta County authorities closed a tranche of Industrial Revenue Bonds that are associated with an estimated $227 million of tax abatements over a 20-year Giga America project time horizon. Additionally, the Coweta County Superior Court has validated an approximately $20 million grant to assist with FREYR’s U.S. plant development, with closing anticipated in short order. Total incentives from the state and county amount to approximately $410 million over multiple phases under certain conditions.
• As the Company approaches the start of operations at the CQP, several advanced financing processes are ongoing with strategic, financial, and government stakeholders to explore funding solutions for key growth initiatives to drive parallel giga scale development and supply chain localization in the U.S., Norway, and the Nordic region.
• FREYR is working closely with key stakeholders in Norway and the European Union (“EU”) to unlock a targeted response to the incentives under the U.S. IRA. In anticipation of further regulatory clarity in 2023, the Company is continuing to develop Giga Arctic at a measured pace to facilitate optimization of project economics from localized incentives.
• FREYR’s corporate, operational, and technical development is benefiting from deepening collaboration with partners across the growing global 24M licensee ecosystem. With the initial projected start of giga scale production on the 24M platform at FREYR’s CQP nearing, the strategic alignment throughout the 24M network is expected to yield continued learnings and strategic partnership opportunities.

Results Overview, Financing, and Liquidity

• FREYR reported net income attributable to ordinary shareholders for the fourth quarter of 2022 of $25.3 million, or $0.20 per diluted share compared to a net loss for the fourth quarter 2021 of $(28.9) million or $(0.24) per diluted share. The net gain in the fourth quarter of 2022 was due in part to a non-cash $59.8 million gain on the fair value adjustment to our warrant liability. This adjustment can vary materially from period-to-period based on several factors, including changes to FREYR’s stock price.
• For the full year ended December 31, 2022, FREYR reported net loss attributable to ordinary shareholders of $(98.8) million, or $(0.83) per diluted share. The net loss was due to corporate overhead, spending to support FREYR's projects and business development activities, and research and development spending, partially offset by gains on changes in warranty liabilities.
• As of December 31, 2022, FREYR had cash, cash equivalents, and restricted cash of $563.0 million.

Business Outlook

FREYR is focused on advancing the following strategic mandates and milestones over the next 12 months:

• Successfully complete the start of operations at the CQP in 1Q 2023. The capability to produce sample cells from the CQP is expected to accelerate and cement customer dialogues, fortify FREYR’s competitive position, demonstrate the scalability of the 24M manufacturing process, and satisfy key technical performance milestones.
• Accelerate the Company’s expansion in the U.S. with a new targeted start of production of 2025 for Giga America to address customer inquiries for fit-for-purpose ESS solutions and to maximize the financial impact of the IRA along with state and local tax incentive packages. FREYR is pursuing fast-tracked development of the previously planned Giga America project schedule to commence production by 2025.
• Work with leading strategic, financial, and government stakeholders to advance FREYR’s capital formation journey. FREYR’s intensifying financing processes include prospective project and/or parent-level investment discussions; initial engagement with the U.S. Department of Energy to secure a financial assistance package; advancing the Giga Arctic project financing, and a range of industrial partnership opportunities.
• Progress construction on the Giga Arctic development while prudently managing capital spending in advance of the anticipated close of the project financing and expected Norwegian and/or EU responses to the IRA.
• Advance discussions that will further FREYR’s ambition to be an industrial scaling partner of choice for leading complementary technology platforms that target distinct and additional end market applications across the ESS, passenger EV, and commercial electric mobility markets.
• Continue to broaden and augment FREYR’s value proposition with the intention to maximize sustainable long-term shareholder value and enhance the Company’s competitive position. Key objectives in accordance with this strategy are to continue to forge new strategic and financial partnerships that advance and accelerate the Company’s industrialization plan and capital formation.

Presentation of Fourth Quarter and Full Year 2022 Results

A presentation will be held today, February 27, 2023, at 7:30 am Eastern Standard Time (1:30 pm Central European Time) to discuss financial results for the fourth quarter and full year 2022. The results and presentation material will be available for download at https://ir.freyrbattery.com.

To access the conference call, listeners should contact the conference call operator at the appropriate number listed below approximately 10 minutes prior to the start of the call.

Participant conference call dial-in numbers:

United Kingdom: 020 3936 2999
United States: 1 (646) 664 1960
All other locations: +44 20 3936 2999

The participant passcode for the call is: 649807

A webcast of the conference call will be broadcast simultaneously at https://streams.eventcdn.net/freyer/freyr-battery-q4-2022-earnings-conference-call on a listen-only basis. Please log in at least 10 minutes in advance to register and download any necessary software.

A replay of the webcast will be available at https://ir.freyrbattery.com/events-and-presentations/Events-Calendar/default.aspx.

About FREYR Battery

FREYR Battery aims to provide industrial scale clean battery solutions to reduce global emissions. Listed on the New York Stock Exchange, FREYR’s mission is to produce green battery cells to accelerate the decarbonization of energy and transportation systems globally. FREYR has commenced building the first of its planned factories in Mo i Rana, Norway and announced potential development of industrial scale battery cell production in the U.S. and Vaasa, Finland. FREYR intends to deliver a minimum of 50 GWh of battery cell capacity by 2025, over 100 GWh of annual capacity by 2028, and over 200 GWh of annual capacity by 2030. To learn more about FREYR, please visit www.freyrbattery.com.

Cautionary Statement Concerning Forward-Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, including, without limitation, statements regarding the development, construction, timeline, capacity, and other usefulness of FREYR’s CQP, Giga Arctic, Giga America, and other planned or future production facilities or Gigafactories (collectively, the “FREYR Facilities”); Giga America’s initial battery cell production module of approximately 34 GWh; the progress and expected outcomes of FREYR’s industrialization plans and capital formation; FREYR’s targeted start and ramp up of sample cell production in 1Q 2023; the progress and development of FREYR’s strategic and financial partnerships; the progress and development of FREYR’s joint ventures and partnerships; exploration of or progress toward additional debt or equity capital raises, including securing financial support to fund FREYR’s planned expansion; FREYR’s ability to advance strategic initiatives to further its aspirations to become an industrial partner of choice in the clean battery space; FREYR’s commitment to accelerating its development plans in the U.S. based on the financial incentives attendant to the proposed Inflation Reduction Act or from any state or local governments; the expectation that the sample cells from the CQP will accelerate customer dialogues, fortify FREYR’s competitive position, demonstrate the scalability of the 24M manufacturing process, and satisfy key technical performance milestones; the progress of discussions that will further FREYR’s ambition to be a scaling partner of choice for leading parallel technology platforms that target distinct and complimentary end market applications across the ESS, passenger EV, and commercial electric mobility spaces; FREYR’s intention to maximize sustainable long-term shareholder value and enhance its competitive position; FREYR’s intention to establish decarbonized and localized supply chains; the development of 24M Technologies, Inc.’s technologies and their use in the FREYR Facilities; and the attainment of operational milestones are forward looking statements.

These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from the expected results. Most of these factors are outside FREYR’s control and are difficult to predict. Additional information about factors that could materially affect FREYR is set forth under the “Risk Factors” section in (i) FREYR’s Registration Statement on Form S-3 filed with the U.S. Securities and Exchange Commission (the “SEC”) on September 1, 2022 and (ii) FREYR's Annual Report on Form 10-K for the year ended December 31, 2022 that is expected to be filed with the SEC on February 27, 2023, available on the SEC’s website at www.sec.gov.

Except as otherwise required by applicable law, FREYR 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 of this press release. Should underlying assumptions prove incorrect, actual results and projections could differ materially from those expressed in any forward-looking statements.

Investor contact:
Jeffrey Spittel
Vice President, Investor Relations
This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel: (+1) 281-222-0161

Media contact:
Katrin Berntsen
Vice President, Communication
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Tel: (+47) 920 54 570

• United Climate is a 50:50 joint venture between United Benefits Holding and Rhomberg ventures
• United Climate assists portfolio owners in strategically optimizing ESG factors in real estate, and guarantees implementation by affiliated companies
• With a holistic approach and extensive ESG expertise, United Climate is taking radical action to combat the “climate risk is financial risk” threat posed by climate change.
• United Climate’s target groups are commercial and institutional portfolio owners, foundations and family offices as well as new-build developers

VIENNA--(BUSINESS WIRE)--Comprehensive disclosure requirements, complex ESG standards, rising stranding risks: With property owners and developers facing multiple challenges in the wake of climate change and increasing financial market regulation, United Benefits Holding and Rhomberg ventures, two real estate companies specializing in sustainability, have founded the one-stop solution United Climate. The 50:50 joint venture takes a holistic development approach to existing and new construction projects. United Climate seeks to offer a full range of processes along the entire value chain – from consulting and planning to implementation with directly and indirectly affiliated companies. Its goal is to help other companies optimize their existing and new construction projects in environmental, social and economic terms.

Michael Klement, CEO of United Benefits Holding: “For years, both companies have shared a common strategy: creating long-term value by applying top sustainability standards. United Climate brings together two strong partners who will apply their know-how for the benefit of investors, the environment and society, and offer not only consulting services but also full implementation.

Hubert Rhomberg, CEO of Rhomberg ventures: “Regulatory requirements and the increasing demand among investors for sustainable projects are a veritable challenge for portfolio owners and new-build developers. We want to help these companies comprehensively optimize their real estate projects and manage ESG risks through our holistic approach and comprehensive ESG expertise. Sustainability should not be a regulatory burden, but an investment in the future that leads to long-term financial benefits.”

Investing sustainably for long-term benefits.

How does the “United Climate + one-stop shop” concept work? United Climate manages the full sequence of activities, from inventory through analysis to strategy planning. As a consulting company, it defines concrete construction measures, including time and cost indications, and then coordinates implementation by affiliated companies, including controlling and reporting. For the client, this ensures that the project is optimized in a uniform and consistent manner. Along with United Climate’s products, the key tools applied are the comprehensive expertise and high standards in the field of digitalization provided by both groups of companies and their subsidiaries. Compliance with the highest ESG standards in new build projects and efficient ESG optimization are achieved by reducing carbon emissions in the design, construction and operation phases. In addition to user-oriented project planning, the construction process is also optimized. This facilitates lower operating costs and higher rental income. Instead of having to accept high losses due to stranded assets, United Climate’s method with its optimal “green” implementation strategy provides the basis for a healthy increase in the value of a property.

Climate risk = financial risk

The new company anticipates an enormous potential because 40 percent of all carbon emissions can be traced back to the activities of the construction industry alone. However, there is frequently a lack of knowledge regarding implementation. “This is the dilemma we intend to resolve. For the companies – and for future generations,” says Klement. The climate crisis has a particularly strong impact on the real estate sector. Since the Paris Agreement (COP21) was concluded in 2015, the framework conditions for the construction industry have been tightened with a view to securing an environmentally friendly future. At present, the EU Taxonomy Regulation, Corporate Social Responsibility (CSR), Corporate Sustainability Reporting Directives (CSRD), Insurance Distribution Directives (IDD) and Markets in Financial Instruments Directives (MIFiD2) determine the legal foundations of the economy and the construction industry. Climate change is creating new valuation scales for the profitability of real assets. Today, climate risk = financial risk. United Climate has worked with its cooperation partners, who are industry pioneers in the field of sustainable real estate development, to develop an efficient “manage to ESG” strategy. Pooling the expertise of United Benefits Holding and Rhomberg ventures has resulted in a holistic one-stop shop that manages long-term value creation for real estate in accordance with strict environmental and climate protection standards, from a single source, for commercial and institutional portfolio owners, foundations and family offices as well as project developers of new buildings, renovations and construction in existing buildings, and investors: United Climate offers a high-performance, comprehensive package for optimizing real estate projects in social, economic and environmental terms.

United Benefits Holding is based in Vienna. It was founded in 2020 after two decades of developing real estate projects. Under the management of CEO Michael Klement, the holding company creates holistic, intelligent concepts for sustainable real estate. The dynamic holding company team develops a shared strategy, shared ESG guidelines and shared goals for the subsidiaries and all areas of activity of the entire Group in the German-speaking world. United Benefits Holding comprises several subsidiaries: project developer Invester, asset manager Ekazent, and investment manager WEALTHCORE with its Green Impact fund series as defined by Article 9 of the EU Disclosure Regulation.

Rhomberg ventures is based in Bregenz. Headed by CEO Taras Rebet, the company addresses global issues and develops sustainable, responsible and economic solutions in the fields of PropTech and ClimateTech. Rhomberg ventures’ solutions include, in particular, the holistic CREE building concept for timber hybrid construction using prefabricated components. It can also be used for other building types. CREE also incorporates detailed considerations of space, waste and resource management. Rhomberg ventures works closely with Rhomberg Group companies such as WoodRocks and Renowate.

About United Benefits Holding

United Benefits Holding is an independent real estate service provider with a holistic approach. In cooperation with its subsidiaries INVESTER United Benefits (Development), EKAZENT Asset Management and WEALTHCORE Investment Management, the Group initiates, develops, realizes and manages real estate investments in the German-speaking market and provides a full range of services and processes along the entire value chain of property investments. In line with the company’s clear ESG strategy, all investments focus on independence, transparency and social justice, as well as on reducing carbon emissions and creating sustainable value. The group employs approximately 90 people and manages a volume of some 1.8 billion euros.

For more information, please see www.ub-holding.com.

About Rhomberg ventures

Rhomberg ventures was founded by Hubert Rhomberg to promote innovations and business ideas that are genuinely sustainable. Genuinely sustainable means meeting environmental and social as well as economic sustainability criteria. The company’s investment activities focus on the three areas of Urban Development, Real Estate and Construction, and Infrastructure and Mobility. They are marketed under “Building. Space. Community”.

For more information, please see www.rhombergventures.com

SCRIVO Public Relations
Agency contacts: Tristan Thaller
Tel: + 49 89 45 23 508 15
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Website: scrivo-pr.de/

United Benefits Holding GmbH
Company contact: Sarah Gallei
Tel: + 43 664 805 33 240
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: ub-holding.com

Rhomberg ventures GmbH
Company contact: Mona Egger-Grabher
Tel.: +43 5574 403-2200
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Website: rhombergventures.com

HOUSTON--(BUSINESS WIRE)--$HESM--Hess Midstream LP (NYSE: HESM) (“Hess Midstream”), announced the filing of its annual report on Form 10-K for the fiscal year ended December 31, 2022 with the Securities and Exchange Commission on February 27, 2023. A copy of the annual report is available on Hess Midstream’s website, www.hessmidstream.com, by selecting “Investors” and then “SEC Filings.”

Shareholders may request printed copies of our annual report on Form 10-K, which includes Hess Midstream’s complete audited financial statements, free of charge by emailing Investor Relations at: This email address is being protected from spambots. You need JavaScript enabled to view it..

About Hess Midstream

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

Investor:
Jennifer Gordon
(212) 536-8244

Media:
Robert Young
(713) 496-6076

LIBERTY LAKE, Wash.--(BUSINESS WIRE)--Itron, Inc. (NASDAQ:ITRI), which is innovating the way utilities and cities manage energy and water, announced today financial results for its fourth quarter and full year ended Dec. 31, 2022. Highlights for the quarter and full year include:

• Quarterly and full year revenue of $467 million and $1.8 billion;
• Quarterly and full year gross margin of 30.1% and 29.1%;
• Quarterly GAAP net income of $22 million and a full year loss of $(10) million;
• Quarterly GAAP diluted earnings per share of $0.49 and a full year loss per share of $(0.22);
• Quarterly and full year non-GAAP diluted earnings per share of $0.71 and $1.13;
• Quarterly and full year adjusted EBITDA of $34 million and $95 million; and
• Total backlog of $4.6 billion.

"Strong market demand continued in the fourth quarter with our total backlog setting a new record for the third consecutive quarter,” said Tom Deitrich, Itron’s president and CEO.

“Our fourth quarter results were a step in the right direction. The supply environment remains volatile but is showing signs of improvement.”

Summary of Fourth Quarter Consolidated Financial Results

(All comparisons made are against the prior year period unless otherwise noted)

Revenue

Total revenue of $467 million decreased 4% compared with the fourth quarter of 2021, or flat excluding the impact of changes in foreign currency exchange rates. Revenue declined due to the sale of the C&I gas business in our Device Solutions segment, offset by higher sales in the Network Solutions and Outcomes segments.

Outcomes revenue increased 4% driven by higher software license and product sales, partially offset by the decline in EMEA prepay business. Networked Solutions revenue increased 14% primarily due to higher volume and improved pricing. Device Solutions revenue decreased (36%). Normalized for the sale of the C&I gas business and changes in foreign exchange rates, Devices revenue was down (11%).

Gross Margin

Consolidated gross margin of 30.1% increased 510 basis points compared with the fourth quarter of 2021 driven by favorable mix, partially offset by elevated component costs.

Operating Income (loss), Net Income (loss) and Earnings (loss) per Share (EPS)

GAAP operating income of $12 million compared with an operating loss of $(107) million in 2021. The increase was primarily due to lower GAAP operating expenses driven by less restructuring and divestiture activities. The increase was also driven by higher gross profit in Q4 2022.

Non-GAAP operating income of $25 million compared with non-GAAP operating loss of $(7) million in 2021. The increase was due to higher gross profit and lower non-GAAP operating expenses.

GAAP net income attributable to Itron, Inc. for the quarter was $22 million, or $0.49 per diluted share, compared with a net loss of $(59) million, or $(1.30) per share, in 2021. The increase in net income and EPS was primarily due to higher GAAP operating income, partially offset by a lower tax benefit.

Non-GAAP net income was $32 million, or $0.71 per diluted share, compared with $34 million, or $0.75 per diluted share in 2021. The decrease was due to a prior year non-GAAP tax benefit driven by the impact of certain transfers of business activities and assets, partially offset by higher non-GAAP operating income.

Cash Flow

In the fourth quarter, net cash provided by operating activities was $(13) million compared with $14 million in 2021. Free cash flow was $(18) million compared with $7 million in the prior year. The decrease in cash flow was due to working capital outflow, partially offset by higher non-GAAP EBITDA.

Other Measures

Bookings in the fourth quarter totaled $898 million driving a book to bill ratio of 1.9 to 1. Ending total backlog is at a new record level of $4.6 billion, at the end of the quarter.

Financial Guidance

Itron’s guidance for the full year 2023 is as follows:

• Revenue between $1.85 and $1.95 billion
• Non-GAAP diluted EPS between $0.70 and $1.10

Guidance assumes an average euro to U.S. dollar foreign currency exchange rate of $1.05 in 2023, diluted weighted average shares outstanding of approximately 45.7 million for the year, and a non-GAAP effective tax rate for the year of approximately 28%.

Given the supply environment, our outlook for the first quarter of 2023 is as follows:

• Revenue between $460 and $475 million
• Non-GAAP diluted EPS between $0.05 and $0.15

A reconciliation of forward-looking non-GAAP diluted EPS to the GAAP diluted EPS has not been provided because we are unable to predict with reasonable certainty the potential amount or timing of restructuring and acquisition and integration related expenses and their related tax effects without unreasonable effort. These items are uncertain, depend on various factors and could have a material impact on GAAP results for the guidance period.

Other Events

The company announced a new restructuring plan to optimize global supply chain and manufacturing operations and to reduce company overhead.

Earnings Conference Call

Itron will host a conference call to discuss the financial results and guidance contained in this release at 10 a.m. EST on Feb. 27, 2023. The call will be webcast in a listen-only mode. Webcast information and conference call materials will be made available 10 minutes prior to the start of the call and will be accessible on Itron’s website at http://investors.itron.com/events.cfm. A webcast replay of the conference call will be available through Mar. 4, 2023 and may be accessed on the company's website at http://investors.itron.com/events.cfm.

About Itron

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

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

Cautionary Note Regarding Forward Looking Statements

This release contains, contains, and our officers and representatives may from time to time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are neither historical factors nor assurances of future performance. These statements are based on our expectations about, among others, revenues, operations, financial performance, earnings, liquidity, earnings per share, cash flows and restructuring activities including headcount reductions and other cost savings initiatives. This document reflects our current strategy, plans and expectations and is based on information currently available as of the date of this release. When we use words such as "expect", "intend", "anticipate", "believe", "plan", "goal", "seek", "project", "estimate", "future", "strategy", "objective", "may", "likely", "should", "will", "will continue", and similar expressions, including related to future periods, they are intended to identify forward-looking statements. Forward-looking statements rely on a number of assumptions and estimates. Although we believe the estimates and assumptions upon which these forward-looking statements are based are reasonable, any of these estimates or assumptions could prove to be inaccurate and the forward-looking statements based on these estimates and assumptions could be incorrect. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Actual results and trends in the future may differ materially from those suggested or implied by the forward-looking statements depending on a variety of factors. Therefore, you should not rely on any of these forward-looking statements. Some of the factors that we believe could affect our results include our ability to execute on our restructuring plans, our ability to achieve estimated cost savings, the rate and timing of customer demand for our products, rescheduling of current customer orders, changes in estimated liabilities for product warranties, adverse impacts of litigation, changes in laws and regulations, our dependence on new product development and intellectual property, future acquisitions, changes in estimates for stock-based and bonus compensation, increasing volatility in foreign exchange rates, international business risks, uncertainties caused by adverse economic conditions, including, without limitation those resulting from extraordinary events or circumstances such as the COVID-19 pandemic and other factors that are more fully described in Part I, Item 1A: Risk Factors included in our Annual Report on Form 10-K for the year ended Dec. 31, 2021 and other reports on file with the Securities and Exchange Commission. Itron undertakes no obligation to update or revise any information in this press release.

Non-GAAP Financial Information

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